Economics Explored

The late Professor Tony Makin was a leading Australian economist who made major contributions to the economic policy debate in Australia on the balance of payments and the effectiveness of fiscal stimulus, of which Tony was highly sceptical. In Economics Explored EP119, Former Ambassador to the OECD for Australia Dr Alex Robson, now an Associate Partner at EY, reflects on Tony’s contributions to open economy macroeconomics and the policy debate. About this episode’s guest - Dr Alex RobsonDr Alex Robson is Associate Partner at EY. He has previously been Professor of Economics at Griffith University, Australian Ambassador to the OECD, Chief Economist for the Australian Prime Minister, a lecturer at ANU, and Director at Deloitte Access Economics. He is the author of Law and Markets, and has consulted to ASX 200 companies, Australian and NZ Government Departments and the OECD. Alex has a PhD and Masters in Economics from University of California, Irvine, USA.Links relevant to the conversationCelebrating the Life of Anthony John MakinGene’s Economic Explored conversation with Tony: A Fiscal Vaccine for COVID-19 with Tony Makin – new podcast episodeTony’s critique of the 2008-09 Australian Government fiscal stimulus: Did Australia’s Fiscal Stimulus Counter Recession?: Evidence from the National AccountsTony’s paper for the Minerals Council of Australia which prompted a critical response from the Australian Treasury: Australia’s Competitiveness: Reversing the SlideAustralian Treasury’s 2014 Response to Professor Tony Makin’s Minerals Council of Australia Monograph – ‘Australia’s Competitiveness: Reversing the Slide’Tony’s 2016 paper prepared for the Treasury reiterating the arguments he previously made about the ineffectiveness of fiscal stimulus: The Effectiveness of Federal Fiscal Policy: A ReviewAlex’s papers with Tony (NB full articles behind paywalls): Missing money found causing Australia's inflation, The Welfare Costs of Capital Immobility and Capital ControlsGene’s paper with Tony: The MMT HoaxThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please get in touch with any questions, comments and suggestions by emailing us at [email protected] or sending a voice message via https://www.speakpipe.com/economicsexplored. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

There is an eerie correlation between the construction of a new world’s tallest building and economic crisis, the so-called Skyscraper Curse. Prof. Mark Thornton, Senior Fellow at the Mises Institute, explains why this is so, drawing on his expertise in Austrian economics. About this episode’s guest - Mark ThorntonMark Thornton is the Peterson-Luddy Chair in Austrian Economics and a Senior Fellow at the Mises Institute. He serves as the Book Review Editor of the Quarterly Journal of Austrian Economics. His publications include The Economics of Prohibition (1991), Tariffs, Blockades, and Inflation: The Economics of the Civil War (2004), The Quotable Mises (2005), The Bastiat Collection (2007), An Essay on Economic Theory (2010), The Bastiat Reader (2014), and The Skyscraper Curse and How Austrian Economists Predicted Every Major Crisis of the Last Century (2018).Dr. Thornton served as the editor of the Austrian Economics Newsletter and was a member of the Editorial Board of the Journal of Libertarian Studies and several other academic journals. He has served as a member of the graduate faculties of Auburn University and Columbus State University. He has also taught economics at Auburn University at Montgomery and Trinity University in Texas. Mark served as Assistant Superintendent of Banking and economic adviser to Governor Fob James of Alabama (1997-1999), and he was awarded the University Research Award at Columbus State University in 2002. He is a graduate of St. Bonaventure University and received his PhD in economics from Auburn University. In 2014, he debated in opposition to the "War on Drugs" at Oxford Union.Links relevant to the conversationhttps://mises.org/Mark Thornton’s book The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last CenturyCantillon’s Essay on Economic Theory edited by Mark ThorntonThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please get in touch with any questions, comments and suggestions by emailing us at [email protected] or sending a voice message via https://www.speakpipe.com/economicsexplored. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

The COP26 climate change summit in Glasgow in 2021 disappointed many advocates for strong action on climate change. Economics Explored host Gene Tunny discusses whether COP26 should be perceived as a failure or, at best, a mild success with fellow Brisbane-based economist Scott Hook, who has attended several global climate change summits in the past. About this episode’s guest - Scott HookScott Hook has over 25 years of experience in policy, economic, environmental and financial analysis and in the development of Pacific regional, national and local government policy. He has also researched and written on the role of institutions in shaping policy implementation in Fiji and the Pacific, climate change and disaster risk and climate and security issues. He has a PhD from the University of Queensland that was completed in 2010. In the last decade he has worked extensively on infrastructure reform and policy, understanding and building resilience to climate and disaster risk and improving access to, and management of, climate change and disaster risk finance for Pacific island countries. He has supported Pacific Island Delegations in the Finance discussions of the UNFCCC Conference of the Parties negotiations as a technical adviser, coordinator and negotiator.He has experience with working with a range of partners and their modalities of engagement, such as. the Green Climate Fund (Forum Secretariat is a Readiness Partner and organising the 2015 and 2016 Pacific Roundtable Meetings), European Development Fund (design and governance for a €29 million energy programme), and a US$10 million regional programme of the Climate Investment Fund through the development of the Pacific component of the Strategic Program for Climate Resilience. He has worked closely with a wide range of partners including the Pacific Community, SPREP, DFAT, EU, NZAID, the ADB and World Bank.Links relevant to the conversationNew Zealand commits millions to climate relocation fund for FijiWorld’s First –Ever Relocation Trust Fund for People Displaced by Climate Change Launched by Fijian Prime MinisterPacific Adaptation for Climate Change (PACC) ProjectPrevious Economics Explored episodes on COP26:EP108 – COP26 climate change summit with Tony Wood, Grattan InstituteEP110 – COP26 Dissenting Voices Part 1: Dr Alan MoranEP111 – Australian Senator Matt Canavan – COP26 Dissenting Voices Part 2Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please get in touch with any questions, comments and suggestions by emailing us at [email protected] or sending a voice message via https://www.speakpipe.com/economicsexplored. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

What’s going on with the Great Resignation, the record numbers of people leaving jobs in the US and the UK? Will we see it in other countries such as Australia? What can employers do to hold on to staff? Economics Explored host Gene Tunny speaks with his serviced office neighbours Anthony Bersz and Louise Gibson from Remedy Resourcing, a Brisbane-headquartered recruitment firm.A video of this episode has been recorded and can be found, when available from approximately 6 December 2021, via www.economicsexplored.com. About this episode’s guests - Anthony Bersz and Louise Gibson, Remedy ResourcingAnthony Bersz is Managing Director of Remedy Resourcing and Director of Remedy Information Technology. Anthony’s recruitment career started in 2010 working for one of the world's leading recruitment agencies based in the UK. After a number of years supporting his candidates and clients throughout the North West of England, Anthony made the move to Brisbane, Australia. On arrival to Brisbane, Anthony continued his career within the same global brand supporting IT companies and professionals with their recruitment and career needs. After listening to the candidate and client frustrations of working with a large global agency, Anthony decided to create Remedy Resourcing to provide a more tailored and flexible approach.Email [email protected] Gibson is Director of Remedy Legal. Louise’s recruitment career began in 2001 (whilst living in the United Kingdom) and for the next several years, she recruited for one of the largest recruitment agencies in the world, before obtaining a Directorship in the North West’s leading taxation and legal search and selection firms. During this decade, Louise sourced both tax accountants and tax lawyers for Big 4 Accounting, magic circle law firms and other private practice and FTSE 100 companies.Louise moved to Brisbane in 2012 and returned to the same international agency for several years where she took responsibility for managing the legal, professional services and finance team for their Brisbane office. It was here in 2015 that she was awarded the Queensland state record for the highest fees billed in a single period since records began. At the end of 2015, Louise joined Remedy to head up and develop the Legal recruitment arm of the business.Email [email protected] relevant to the conversationGreat Resignation charts Gene refers to in conversationWho Is Driving the Great Resignation? HBR articleTop reasons for quitting jobs in the Great Resignation: health fears, burnout, and bad managers Washington Post articleThe Great Resignation Is Accelerating Atlantic Monthly articleAustralia's 'great resignation' is a myth — we are changing jobs less than ever before article by Mark Wooden showing Great Resignation hasn’t come to Australia yetEscape to the country: how Covid is driving an exodus from Britain’s cities (September 2020 Guardian article)Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please get in touch with any questions, comments and suggestions by emailing us at [email protected] or sending a voice message via https://www.speakpipe.com/economicsexplored. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

100,000 Americans have died of drug overdoses in a 12 month period, mostly with opioids. A conversation on the US Opioid crisis and the failed War on Drugs, and why a Harm Reduction approach is preferable, with Dr Jeffrey Singer MD from the Cato Institute. About this episode’s guest - Dr Jeffrey Singer MDJeffrey A. Singer is a senior fellow at the Cato Institute and works in the Department of Health Policy Studies. He is principal and founder of Valley Surgical Clinics Ltd., the largest and oldest group private surgical practice in Arizona, and has been in private practice as a general surgeon for more than 35 years.He is also a visiting fellow at the Goldwater Institute in Phoenix. Singer is a member of the Board of Scientific Advisors of the American Council on Science and Health. From 1994 to 2016, he was a regular contributor to Arizona Medicine, the journal of the Arizona Medical Association. He served on the Advisory Board Council of the Center for Political Thought and Leadership at Arizona State University from 2014 to 2018 and is an adjunct instructor in the Program on Political History and Leadership at ASU. He writes and speaks extensively on regional and national public policy, with a specific focus on the areas of health care policy and the harmful effects of drug prohibition.He received his BA from Brooklyn College (City University of New York) and his MD from New York Medical College. He is a fellow of the American College of Surgeons.Jeff is @dr4liberty on Twitter. Links relevant to the conversationThe North Carolina study:https://pubmed.ncbi.nlm.nih.gov/26333030/ The Harvard/Johns Hopkins study on misuse rates in opioid naive post-surgical patients:https://www.bmj.com/content/360/bmj.j5790 The Cicero study on the rise of heroin as the "gateway" drug:https://pubmed.ncbi.nlm.nih.gov/28582659/Jeff’s report in the Journal of Pain Research:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6369835/Jeff’s Quadrant article on e-cigarettes:https://quadrant.org.au/opinion/public-health/2021/10/whose-lungs-are-they-anyway/Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode.Please get in touch with any questions, comments and suggestions by emailing us at [email protected] or sending a voice message via https://www.speakpipe.com/economicsexplored. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Controversial US tax rules (e.g. carried interest, step up in basis) mean that billionaire tech titans and hedge fund managers pay arguably relatively low amounts of tax, as Steve Rosenthal, Senior Fellow at the Urban Institute, explains to show host Gene Tunny in Economics Explored episode 114. Steve also talks about former President Trump's tax affairs.About this episode’s guest - Steven M. RosenthalSteve Rosenthal, a senior fellow in the Urban-Brookings Tax Policy Center at the Urban Institute, researches, speaks, and writes on a range of federal income tax issues, with a particular focus on business taxes. In 2013, he was the staff director of the DC Tax Revision Commission.Before joining Urban, Rosenthal practiced tax law in Washington, DC, for over 25 years, most recently as a partner at Ropes and Gray. He was a legislation counsel with the Joint Committee on Taxation, where he helped draft tax rules for financial institutions, financial products, capital gains, and related areas. He is the former chair of the Taxation Section of the District of Columbia Bar Association.Rosenthal holds an AB and JD from the University of California, Berkeley, and an MPP from Harvard University.Links relevant to the conversationTax Fairness: President Donald Trump, a Case Study (Steve’s testimony before the U.S. House Ways and Means Oversight Subcommittee)Buy, borrow, die: How rich Americans live off their paper wealth (WSJ article)Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please get in touch with any questions, comments and suggestions by emailing us at [email protected] or sending a voice message via https://www.speakpipe.com/economicsexplored. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Lukasz Bednarski talks about his new book “Lithium: The Global Race for Battery Dominance and the New Energy Revolution” with show host Gene Tunny in Economics Explored episode 113. The blurb for Lukasz’s book reads:“A global energy revolution is unfolding before our eyes: ever-growing numbers of electric vehicles on our roads, laptops that last all day on a single charge and solar panels on our roofs, all reliant on lithium-ion batteries. This revolution is happening at breath-taking speed, with the potential to completely transform key industries and the way we live. For the first time in history, we can now actually store this green energy we talk so much about. Often referred to as ‘the new oil’, lithium allows large amounts of energy to be squeezed into a very small space.”About this episode’s guest - Lukasz BednarskiLukasz Bednarski is a battery materials analyst, founder of the lithium industry portal Lithium Today and a former commodity trader.Links relevant to the conversationLithium: The Global Race for Battery Dominance and the New Energy Revolution by Lukasz BednarskiAmazon page for Lukasz’s bookHow Tesla’s Battery Mastermind Is Tackling EV's Biggest ProblemAre aviation biofuels ready for take off?Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Please get in touch with any questions, comments and suggestions by emailing us at [email protected]. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Tax expert Prof. Miranda Stewart speaks with show host Gene Tunny about taxes on wealth, including inheritance taxes and the proposed billionaire tax in the United States. What is driving calls to “Tax the Rich” from politicians such as Alexandria Ocasio-Cortez and various commentators? Would it be sensible to do so? About this episode’s guest - Professor Miranda StewartMiranda Stewart is Professor of Law at the University of Melbourne Law School where she is Director of the Tax Group and is a Fellow at the Tax and Transfer Policy Institute at the Crawford School of Public Policy, The Australian National University. Miranda was the inaugural Director of the Institute from 2014 to 2017. Miranda has more than 25 years research, practical and leadership experience in tax law and policy in academia, government and the private sector.Links relevant to the conversationDeath duties: Why experts think this tax should be re-introduced (Australian media article quoting Prof. Stewart on inheritance tax)The coming boom in inherited wealth by John QuigginThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile here:https://www.upwork.com/o/profiles/users/~01ce8c1d226cc8909e/Please get in touch with any questions, comments and suggestions by emailing us at [email protected]. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Senator Matt Canavan, Australia’s most prominent critic of the Net Zero by 2050 policy to address climate change, speaks with show host Gene Tunny about the 2021 UN climate change summit, COP26 (i.e. the 26th Conference of the Parities). About this episode’s guest - Senator Matt CanavanMatt Canavan is a Liberal National Party Senator for the state of Queensland, Australia. Matt was first elected at the 2013 Australian federal election for the term beginning 1 July 2014. He was the Minister for Resources and Northern Australia between February 2016 and February 2020. Matt holds the degrees of Bachelor of Arts and Bachelor of Economics (Hons.) from the University of Queensland. He has professional experience working as an economist in Australia’s Productivity Commission, and he has also worked as a consultant at KPMG. Matt’s main office is in Rockhampton, in Central Queensland. He spoke with Gene over Zoom while located in his Parliament House office in Canberra, Australia. Links relevant to the conversationFLASHBACK: Queensland’s hydrogen-powered car | 7NEWSGlobal Coal Plant TrackerEP110 - COP26 Dissenting Voices Part 1 - Dr Alan MoranEP108 – COP26 climate change summit with Tony Wood, Grattan InstituteThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile.Please get in touch with any questions, comments and suggestions by emailing us at [email protected]. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Dr Alan Moran, prominent Australian critic of climate change and renewable energy policies, speaks with show host Gene Tunny about the 2021 UN climate change summit, COP26 (i.e. the 26th Conference of the Parities). About this episode’s guest - Dr Alan MoranDr Alan Moran is Director of Regulation Economics, a consultancy firm. He is a noted economist who, in his own words, “has analysed and written extensively from a free market perspective.” Dr Moran was the Director of the Deregulation Unit at the Australian Institute of Public Affairs from 1996 until 2014. He was previously a senior official in Australia’s Productivity Commission and Director of the Australian Government’s Office of Regulation Review. Subsequently, he played a leading role in the development of energy policy and competition policy review as the Deputy Secretary for Energy in the Victorian Government. Dr Moran was educated in the UK and has a PhD in transport economics from the University of Liverpool and degrees from the University of Salford and the London School of Economics. Links relevant to the conversationBeware a blind charge to net-zero emissions | The Spectator AustraliaAustralia’s Obscene Green Subsidy Machine – Quadrant OnlineThe Business Council of Australia’s green schizophrenia | The Spectator AustraliaBruce Mountain article The verdict is in: renewables reduce energy prices (yes, even in South Australia)Australia’s Renewable Energy Target (RET)EP108 – COP26 climate change summit with Tony Wood, Grattan InstituteThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile.Please get in touch with any questions, comments and suggestions by emailing us at [email protected]. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

In Economics Explored EP109, Dr John Atkins, philosopher and Honorary Research Fellow at the University of Queensland, provides great insights into the nature of truth, an important topic to discuss in this time of big debates over the pandemic and climate change, among other issues. Dr Atkins highlights the importance of trust, probabilistic thinking (i.e. thinking not necessarily about truth but our level of certainty in a fact), and the Socratic method. Show host Gene Tunny shares his own views on the nature of truth, including his commitment to being “radically open-minded”, a stance promoted by legendary investor Ray Dalio (see Principles). Also joining the conversation is regular Economics Explored guest Tim Hughes, Business Development Manager at Adept Economics and founder of Urban Ergo. About this episode’s guest - Dr John AtkinsDr John Atkins is an Honorary Research Fellow in the School of Historical and Philosophical Inquiry, Faculty of Humanities and Social Sciences, at the University of Queensland. His research interests include Wittgenstein, Quietism, and Institutional Integrity. He has a PhD from the University of Queensland.Links relevant to the conversationEP101 – How do we know what’s true or why trust science?Ray Dalio says going broke in 1982 was the ‘best thing that ever happened’ to himHelgoland by Carlo Rovelli (book on Heisenberg Uncertainty Principle and Quantum Physics mentioned by Gene)Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile here:https://www.upwork.com/o/profiles/users/~01ce8c1d226cc8909e/Please get in touch with any questions, comments and suggestions by emailing us at [email protected]. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Energy and climate change policy expert Tony Wood from the Grattan Institute explains what COP26 (the 2021 climate change conference in Glasgow) is all about and why it’s important. Tony discusses what Net Zero emissions means exactly, the prospects for nuclear energy, and implications for fossil fuel (e.g. coal) dependent economies, among other relevant issues.About this episode’s guest - Tony Wood AMTony Wood is Program Director for Energy and Climate Change at the Grattan Institute, a leading Australian public policy think tank. Tony has been a Program Director at Grattan since 2011 after 14 years working at Origin Energy in senior executive roles.From 2009 to 2014 he was also Program Director of Clean Energy Projects at the Clinton Foundation, advising governments in the Asia-Pacific region on effective deployment of large-scale, low-emission energy technologies. In 2008, he was seconded to provide an industry perspective to the first Garnaut climate change review.In January 2018, Tony was awarded a Member of the Order of Australia in recognition of his significant service to conservation and the environment, particularly in the areas of energy policy, climate change and sustainability. In October 2019, Tony was elected as a Fellow to the Australian Academy of Technology and Engineering.Links relevant to the conversationAustralia’s emissions strategy should be a countdown to zeroEP99 - Carbon border taxesEP92 – Nuclear energy and decarbonizing economiesEP86 – Decarbonizing the EconomyThanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile here:https://www.upwork.com/o/profiles/users/~01ce8c1d226cc8909e/Please get in touch with any questions, comments and suggestions by emailing us at [email protected]. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

There are gender differences in negotiation and these impact job market outcomes, as Dr Maria Recalde from the University of Melbourne explains. Dr Recalde speaks with show host Gene Tunny about her NBER working paper Gender Differences in Negotiation and Policy for Improvement, co-authored with Prof. Lise Vesterlund.About this episode’s guest - Dr Maria RecaldeDr Maria P. Recalde is a Lecturer (Assistant Professor) in the Department of Economics at the University of Melbourne, Australia. My main fields of interest are experimental and behavioral economics, public economics, and development.Links relevant to the conversation with Dr RecaldeGender Differences in Negotiation and Policy for ImprovementThe gender pay gap with Dr Leonora RisseGender and the Labor Market: What Have We Learned from Field and Lab Experiments?You can't ask this: the spread of salary history bans and what it means for employersLinks mentioned in Gene’s introduction relating to EP106At an Overrun ICU, ‘the Problem Is We Are Running Out of Hallways’Heartbreaking plea from ICU nurse: 'Bodies are piling up'Thanks to the show’s audio engineer Josh Crotts for his assistance in producing the episode. Check out his Upwork profile here:https://www.upwork.com/o/profiles/users/~01ce8c1d226cc8909e/Please get in touch with any questions, comments and suggestions by emailing us at [email protected]. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

At a time when the COVID pandemic continues, and cities such as Sydney and Melbourne remain locked down, Gilbert Berdine MD from Texas Tech University Health Sciences Center shares his views on lockdowns and vaccine mandates with show host Gene Tunny. Toward the end of the episode, the conversation turns towards Dr Berdine's thoughts on vaping regulations. About this episode’s guest - Gilbert G. Berdine MDAssociate Professor of Internal Medicine, Texas Tech University Health Sciences Center, Lubbock, TXFaculty Affiliate, Free Market Institute, Lubbock, TXDr. Berdine earned his B.S. degrees in chemistry and life sciences from the Massachusetts Institute of Technology in Cambridge, MA and his M.D. degree from Harvard University School of Medicine in Boston, MA. He completed residency in Internal Medicine and fellowship in Pulmonary Diseases at the Peter Bent Brigham Hospital (now called Brigham and Women’s Hospital) in Boston, MA.Dr. Berdine was a faculty member at the University of Texas Health Sciences Center in San Antonio from 1983-1989. He was in the private practice of medicine from 1989-2009 when he returned to academia as a faculty member of TTUHSC.Dr. Berdine’s current teaching activities include lecturer for the respiratory blocks in the 1st year Major Organ Systems course and the 2nd year Systems Disorders 1 course. His clinical duties include staff attending physician for the inpatient Pulmonary Consult Service, inpatient Internal Medicine Floor Service, and the outpatient Pulmonary Fellow Clinic. He also sees patients in the Pulmonary Clinic for Texas Tech Physicians.Dr. Berdine’s research interests include the application of Austrian Economics to health care delivery and consumption. Dr. Berdine has published articles on these topics in peer reviewed journals and is a contributor to the Mises Daily Wire and the American Institute of Economic Research.Contact: [email protected] relevant to the conversationCOVID-19 Vaccines and the Delta Variant – AIER article by Gilbert Berdine MDLockdowns of Young People Lead to More Deaths from Covid-19 – AIER article by Gilbert Berdine MDCovid Misclassification: What Do the Data Suggest? – AIER article by Gilbert Berdine MDSometimes hesitancy is justified by Gilbert Berdine MDVaping Laws and the Treachery of Good Intentions by Gilbert Berdine MDEP100 – Incentivizing Vaccinations or Cash for JabsCorrespondence from Dr Berdine on COVID mortality ratesFollowing the recording, Dr Berdine provided the following clarification regarding COVID-19 mortality in the USA to show host Gene Tunny:...the mortality rate has a range of over 1000:1 depending on your age. The average mortality is heavily determined by the number of people over age 80 in the population. Based on latest census data and current CDC figures for COVID deathshttps://www.census.gov/data/tables/2019/demo/age-and-sex/2019-age-sex-composition.htmlhttps://data.cdc.gov/NCHS/Provisional-COVID-19-Deaths-by-Sex-and-Age/9bhg-hckuMortality expressed as 1/mortality : Age: MortalityUnder 5: 124,1265 to 14: 283,02715 to 24: 32,46125 to 34: 7,85035 to 44: 2,84545 to 54: 1,08755 to 64: 47565 to 74: 21375 to 84: 8785 +: 31Cumulative AgeUnder 5: 124,126Under 15: 199,917Under 25: 64,258Under 35: 20,120Under 45: 8,681Under 55: 3,880So, for 35 and younger, the cumulative mortality including the overcounting is less than 1/10,000. If one looks at annual mortality, the figure for Under 45 including overcounting is likely less than 1/10,000. If one adjusts modestly for overcounting, the figure for Under 55 is likely less than 1/10,000.Please get in touch with any questions, comments and suggestions by emailing us at [email protected]. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

EP105 considers the persistence of bad social norms such as female genital mutilation (FGM). Show host Gene Tunny speaks with University of Queensland Lecturer (i.e. Assistant Professor) Dr David Smerdon about his experimental research on social norms, including fieldwork in Africa relating to FGM. About this episode’s guest - Dr David SmerdonDr David Smerdon is a Lecturer in the University of Queensland School of Economics. He primarily works in behavioral and development economics. His research involves theory and modelling, experiments in the lab and field, and microeconometric analysis in order to investigate topics at the intersection of these fields.David earned his PhD from the Tinbergen Institute and the University of Amsterdam (UvA) as a General Sir John Monash scholar, and afterwards worked as a PODER fellow at Bocconi University in Milan. Prior to his academic career, David spent three years working for the Australian Department of Treasury as a policy analyst. Aside from economics, David is also a chess Grandmaster and has represented Australia at seven chess Olympiads.Links relevant to the conversation‘Everybody’s doing it’: On the persistence of bad social norms (journal article co-authored by Dr David Smerdon, which contains details of the experiment he ran)The economic impact of female genital mutilation (an article by David on his FGM research project)The Institutional Revolution: Measurement and the Economic Emergence of the Modern World by Douglas W. Allen

On Economics Explored we’ve previously discussed the large economic and social costs that arise from criminalising drugs such as cannabis. In episode 104, show host Gene Tunny discusses the broader concept of victimless crimes with a highly-experienced lawyer, Marc J. Victor, President and Managing Partner of Attorneys for Freedom.About this episode’s guest - Marc J. VictorMarc J. Victor is President and Managing Partner of Attorneys for Freedom (https://attorneysforfreedom.com/). He is a certified Criminal Law Specialist in Arizona and is admitted to practise in Arizona and Hawai‘i. Over nearly three decades, Marc has represented clients in more than a thousand major felony cases. As a long-time freedom activist, Marc is regularly invited to speak to audiences across Arizona on a variety of issues including ending the drug war, the rights of gun owners, the free market, criminal justice issues as well as a variety of other criminal law related issues. Most recently, Marc has spoken on the Live and Let Live Principle, the foundation upon which he has established The World’s Only Real Peace Movement (www.liveandletlive.org).Marc has been quoted locally, nationally and internationally on radio, television, in print and in person as a legal commentator and expert on many local and national cases. He was an expert legal commentator for local NBC 12 News for the Jodi Arias case. Marc and firm partner Andrew Marcantel host The Peace Radicals Podcast with a new episode every Friday. The Peace Radicals is available on most streaming platforms including Apple Podcasts and Spotify and is also available to watch on YouTube.Links relevant to the conversationEconomics Explored episode 19: Cannabis with Dr Stephen ThorntonVictimless Crimes Are Not Really Crimes At All - Attorney Marc J. Victor - Attorneys For Freedom - YouTubeEnding the War on Drugs: By the Numbers - Center for American ProgressPeace Radicals Episode 36 - Mask Mandates, Vaccines, Lockdowns, and The Live and Let Live Philosophy

In Economics Explored Episode 103, Dr Michael Edelstein explains why Ayn Rand’s concept of self-esteem is unreasonable and unhelpful. Program host Gene Tunny asks Michael to explain his Three Minute Therapy approach, which is solidly based in Rational Emotive Behaviour Therapy (REBT). Michael R. Edelstein, Ph.D., has an in-person and telephone therapy practice in San Francisco. He is the author of Three Minute Therapy, a self-help book for overcoming common emotional and behavioral problems, for which he has been awarded Author of the Year. The book was a Quality Paperback Book Club/Book-of-the-Month Club Selection, a Behavioral Sciences Book Service Book Club Selection, and an Albert Ellis Institute Selection. His 2009 book, Stage Fright, includes interviews with Robin Williams, Jason Alexander, Melissa Etheridge, Maya Angelou, and others, relating their personal experiences and wisdom in coping with performance anxiety.Links relevant to the conversation:Michael’s website - http://threeminutetherapy.com/Michael Edelstein - Why Ayn Rand's Self Esteem is Unreasonable [Capitalism & Morality Seminar 2015] - https://www.youtube.com/watch?v=pMHFGfVnZQ0‘Fountainhead’ a good read beneath the controversy http://brandeishoot.com/2012/01/27/fountainhead-a-good-read-beneath-the-controversy/William F. Buckley Jr. speaks with Charlie Rose about Ayn Rand’s Atlas Shrugged - https://youtu.be/5KmPLkiqnO8

In Episode 102, Arrow's Impossibility Theorem is discussed by University of Queensland Senior Lecturer in Economics Dr Priscilla Man and Economics Explored host Gene Tunny.Links relevant to the conversationConversation article Gene mentions in intro: https://theconversation.com/kenneth-arrows-legacy-and-why-elections-can-be-flawed-73675The paradox of democracy: Arrow impossibility explained: https://youtu.be/dzS-RkzRRVMPlease send any questions, comments, or suggestions to [email protected].

In these times of intense debate over COVID-19 and climate change policies, it is important to ask what theories and evidence we can trust - i.e. how do we know what's true or why trust science? Economics Explored host Gene Tunny tackles this topic with returning guest Tim Hughes in a first instalment of what will probably end up being a multi-episode conversation. Links relevant to the conversation include:Why Trust Science? by Naomi Oreskes Naomi Oreskes: Why we should trust scientists - YouTubeWhat Is This Thing Called Science?What Seattle learned from having the highest minimum wage in the nation - Vox (NB Seattle minimum wage has been increased to $15/hr)What evidence should social policymakers use by Andrew LeighEP60 Minimum wages and employmentEP14 Randomised controlled trials & economic developmentPlease send any questions, comments, or suggestions to [email protected]. We'd love to hear from you.

Economist Isaac Katz discusses his proposed vaccination incentives with Economics Explored host Gene Tunny. You can read all about it in Isaac's discussion paper Incentives for achieving COVID 19 herd immunity through vaccination.Key features of Isaac's plan are:1. Rewards (incentives) could be in the form of payments to each vaccinated individual, and eligibility to win a significant lottery prize and smaller prizes. We will discuss shortly how these rewards should be designed and who pays for them.2. The incentives would only be payable if a specified national vaccination rate is met by a specified due date. Incentives would not be paid prior to the due date. This approach creates a focus on the objective – which is to maximise the national vaccination rate. Rewarding individuals for being vaccinated without recognising the national objective will fail to promote community based actions to increase vaccination rates (which we will discuss later).About this episode's guestIsaac Katz is a Director of Harding Katz Pty Ltd, a small consulting practice based in Melbourne specialising in utility regulation, energy market reform, business strategy and applied economics.Isaac was previously a Senior Manager with Cap Gemini Ernst & Young in Melbourne from October 1997 to September 2001. He has provided economic and regulatory advice to regulators, Government and regulated businesses on a wide range of strategy and policy issues.Prior to moving to Australia, Isaac worked as a senior economic assistant for the UK electricity regulator (now Ofgem); and as a pool price analyst for a regional electricity company. Isaac also worked as an economist for Railtrack plc, focusing on aspects of the regulatory framework prior to and immediately after privatisation.Isaac has a Master of Arts, Economics, from Cambridge University and a Master of Science, Business Economics, from Strathclyde University.Links related to the conversations include:https://theconversation.com/free-beer-doughnuts-and-a-1-million-lottery-how-vaccine-incentives-and-other-behavioral-tools-are-helping-the-us-reach-herd-immunity-160591https://www.bbc.com/news/world-us-canada-58020090

A conversation regarding the European Union's proposed Carbon Border Adjustment Mechanism (CBAM), a.k.a. a carbon border tax, between show host Gene Tunny and his colleague Ben Scott, Research Officer at Adept Economics.Links relevant to the conversationhttps://adepteconomics.com.au/what-does-the-eus-carbon-border-tax-mean-for-australia/https://www.diw.de/documents/publikationen/73/diw_01.c.812870.de/dp1935.pdfhttps://www.environment.gov.au/system/files/resources/f52d7587-8103-49a3-aeb6-651885fa6095/files/summary-australias-2030-emissions-reduction-target.pdfPlease send any questions, comments, or suggestions to [email protected]

In EP98 on political legitimacy, host Gene Tunny interviews Prof. Phillip LeBel, the author of a book published earlier this year by Brown Walker Press titled: Risk and the State: How Economics and Neuroscience Shape Political Legitimacy to Address Geopolitical, Environmental, and Health Risks for Sustainable Governance. Phillip LeBel is Emeritus Professor of Economics at Montclair State University, NJ. With a career combining academic research and teaching with professional consulting, Professor LeBel has accumulated a record of economic expertise in a variety of domestic and international fields. Over the years, he has lived in and/or worked in 30 countries, including Africa, East Asia, Central America, and Latin America.

David Graeber's BS jobs thesis (previously covered in EP95) lacks microeconomic foundations, according to Dr Nicholas Gruen. In EP97, Economics Explored host Gene Tunny speaks with Nicholas about BS jobs and also about Central Bank Digital Currency (CBDC). Nicholas is a big believer in the potential of CBDC, which he has written about in the Financial Times. About Dr Nicholas GruenDr Nicholas Gruen is a policy economist, entrepreneur and commentator on our economy, society and innovation. He is CEO of Lateral Economics, Visiting Professor at Kings College London Policy Institute and Adjunct Professor at UTS Business School.He was a Chairman of the Open Knowledge Foundation (Australia) (ending 2020), Chairman of international aged care management software provider Health Metrics (ending 2019), Council Member of the National Library of Australia (ending 2016), chaired the Federal Government’s Innovation Australia (ending 2014) and chaired the Australian Centre for Social Innovation (TACSI) (ending 2016).He was the founding chair of Kaggle which was sold to Google and is an investor in numerous other Australian and international start-ups. He was also founding chair of HealthKit (now Halaxy).He has advised Cabinet Ministers, sat on Australia’s Productivity Commission and founded Lateral Economics and Peach Financial in 2000.Links relevant to the conversationRe. BS jobs:https://queenslandeconomywatch.com/2021/07/10/people-escaping-bs-jobs-covered-in-my-latest-podcast-episode-and-going-into-business-for-themselves/#commentshttps://www.griffithreview.com/articles/trust-competition-delusion-gruen/Re: CBDCs:https://clubtroppo.com.au/2021/05/19/central-banks-get-serious-on-digital-currencies-2/https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asphttps://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economyPlease send any questions, comments, or suggestions to [email protected]

Rachel Nolan, a former Queensland Government finance minister, speaks with Economics Explored host Gene Tunny about how government budgets are developed and just how much flexibility governments actually have.Rachel Nolan is Executive Director of the McKell Institute and is an honorary Senior Lecturer in Philosophy at the University of Queensland. Rachel was a member of the Queensland Parliament for eleven years from 2001, when she was elected as the youngest woman ever. She is a former Minister for Finance, Transport, and Natural Resources and the Arts. Rachel was a member of the Queensland Government’s central budgetary decision making body, the Cabinet Budget Review Committee.Links relevant to this episode include:Budget of the U.S. GovernmentThe Federal Budget in Fiscal Year 2020: An InfographicEconomics Explored EP31 Paying for the Coronavirus rescue measures with Joe Branigan (Note we've changed the name of the show since this episode was recorded so it doesn't clash with a popular YouTube channel)

Is it possible that a large proportion of jobs in advanced economies such as the US, UK, and Australia are mostly BS or pointless, as the late David Graeber who was an Anthropology Professor at LSE, suggested in his 2018 book BS Jobs? Economics Explored host Gene Tunny discusses the controversial thesis of BS Jobs with his Adept Economics colleague Tim Hughes.Links related to the conversation include:37% of British workers think their jobs are meaningless2016-17 U.S. State of Enterprise Work ReportPlease send through any questions, comments, or suggestions to [email protected]

While the internet and social media have badly affected traditional media, they have led to the emergence of a rapidly growing new media or independent media sector.For instance, leading podcaster Joe Rogan was reportedly paid $100 million to move his hugely popular podcast to Spotify. And independent journalists like Matt Taibi, Bari Weiss, and Krystal Ball and Saagar Enjeti are making decent livings through Substack and Patreon subscriptions and via revenue from YouTube.Economics Explored host Gene Tunny chats about the economics of new media with Matt Wong, Founder of Discernable, a new media start up based in Melbourne, Australia. Discernable's interviews and explainer videos reach over 200,000 Australian views per week. We serve over 1.2 million minutes per month.Check out Matt's Discernable channel via:https://www.facebook.com/discernablehttps://www.youtube.com/discernablehttps://www.discernable.io/Please send any questions, comments, or suggestions to [email protected]

Economics Explored host Gene Tunny and Dr Brendan Markey-Towler discuss the theory of public choice, which assumes politicians and bureaucrats are self-interested and pursue their own agendas. They consider what this means for the growth of government and the types of political institutions we should have. Please send any comments or questions to [email protected]

A conversation on how nuclear energy can provide zero-carbon, reliable energy, and why it should potentially be considered as a key part of the world's response to climate change. A discussion between Economics Explored host Gene Tunny and Adept Economics Research Officer Ben Scott. Links relevant to the conversation include:Does nuclear energy have a future in Australia?What’s going on with the so-called hydrogen economy?OPAL multi-purpose reactorNuscale PowerPlease send any questions, comments or suggestions to [email protected] and we'll aim to address them in a future episode.

David Johnson of Stanford speaks about his work and teaching on Negotiation and Design Thinking (e.g. David's Stanford course Negotiation by Design: Applied Design Thinking for Negotiators). David provides some great insights into how design thinking can help improve our negotiating skills. As part of this discussion, host Gene Tunny and David reflect on how better negotiating skills, gained through design thinking, could help us solve important economic, social, and environmental challenges. Toward the end of the episode, David talks about a book he is currently writing on Climate Activism by Design.Other links relevant to the conversation include:Designing Online Mediation: Does “Just Add Tech” Undermine Mediation’s Ownmost Aim?Negotiation: From Boardroom To Bedroom with David Johnsond.school resourcesAbout this episode's guestDavid Johnson is a lawyer, writer and professor. He teaches Advanced Negotiation at Stanford Law School, and Design Thinking at the Hasso Plattner Institute of Design at Stanford. Across the last 20 years he has also practiced law in Silicon Valley, primarily as General Counsel for tech companies and, most recently, a non-profit foundation.He has testified before Congress and the California Assembly on law and technology issues. He has conducted dozens of trials and appeals, including two state Supreme Court arguments. His client list included some of the biggest names in science and technology: Apple, Caliper, Google, McKesson, Sankyo Pharma, and The Computer History Museum.In 2007 David completed a JSM in Law, Science and Technology. His thesis explored design methods for software and their potential application to systemic environmental issues. In 2014, David wrote, produced and delivered the world’s first free online course on Negotiation to some 5,000 students in 47 nations. General Electric thereafter licensed the course for a four-year run in their executive education program, “Brilliant U.” Last year, during sabbatical in Singapore, he wrote a keynote article for the Singapore Academy of Law, Design for Legal Systems. Now back at Stanford, David is working on a book applying design thinking to climate change activism, working title: Climate Activism by Design. In addition to writing and teaching, David is an avid skier and sailor, and a diligent but decidedly average tennis player.

Professor Douglas Allen from Simon Fraser University, Canada has concluded COVID lockdowns have been the greatest peacetime policy failure in Canada's history. Professor Allen speaks with Economics Explored host Gene Tunny in this episode of Economics Explored.Links relevant to the conversation include:Professor Allen's Lockdown CBA for CanadaEconomist: Lockdowns ‘Greatest Peacetime Policy Failure’ in Canada’s History - Foundation for Economic EducationOur World in Data - CoronavirusPlease get in touch with any questions, comments and suggestions by emailing us at [email protected].

A conversation on just how worried we should be about future inflation in this time of MMT and QE between Economics Explored host Gene Tunny and returning guest Darren Brady Nelson, chief economist of the Australian libertarian think tank LibertyWorks and a policy adviser to the Heartland Institute.Charts of data referred to in this episode:Charts on CPI, money supply, US 10 year bond yield, and asset pricesThis is the classic book by Milton Friedman and Anna J. Schwartz mentioned in this episode:A Monetary History of the United States, 1867-1960Please send through any questions, comments, or suggestions to [email protected] and we will aim to address them in an upcoming episode.

Dr Brendan Markey-Towler returns to the program to speak about the important insights of Evolutionary Economics, which owes a lot to Joseph Schumpeter's perspective on economic growth emphasising creative destruction.Brendan is the co-author of the 2020 book Economics of the Fourth Industrial Revolution Internet, Artificial Intelligence and Blockchain, published by Routledge. He has a PhD in Economics from the University of Queensland.Please send through any questions, comments, or suggestions to [email protected] relevant to the conversation:What is evolutionary economics - Brendan's Medium articleBooks with chapters on Schumpeter:Grand Pursuit: The Story of Economic GeniusThe Great EconomistsThe Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic ThinkersNelson and Winter's 1982 classic:An Evolutionary Theory of Economic ChangeVeblen's article:Why is Economics not an Evolutionary Science?

Economics Explored host Gene Tunny discusses saving and investing for retirement with Sarah Holden, Senior Director of Retirement & Investor Research at the Investment Company Institute (ICI). ICI is the leading association representing regulated funds globally, including US mutual funds and exchange-traded funds (ETFs). Sarah has a Ph.D. in economics and has studied retirement trends and policy, as well as the behavior of investors, for decades. She uses humor and plain English to make retirement and investment concepts clear. Sarah is based in Washington, DC and Gene spoke with her over Zoom on 12 May 2021. Please send through any questions, comments or suggestions to [email protected] and Gene will aim to address them in a future episode. Links relevant to the conversation include:http://icief.org/https://www.ici.org/401khttps://www.ici.org/irahttp://icief.org/investing/index.htmlA Random Walk Down Wall Street: The Time-Tested Strategy for Successful InvestingAustralia vs US: A scorecard on the Australian and US Defined Contribution Systems

Economics Explored host Gene Tunny talks about the big challenge of decarbonizing economies to respond to climate change. Among other issues he considers the uncertainty around the impacts of climate change, the future of coal, and optimal policy responses to climate change. Relevant links include:A Study of Long-term Global Coal Demand by Queensland TreasuryStructural Adjustment Policies Becoming Increasingly ImportantApocalypse NeverUnsettled: What Climate Science Tells Us, What It Doesn’t, and Why It MattersHow to Avoid a Climate Disaster by Bill GatesThe Spirit of Green by William Nordhaus

Discusses the requirements and process for the development of public infrastructure business cases in Australia, with a case study of a current business case process relating to an irrigation dam which program host Gene Tunny is involved in. While Australian examples are used, the insights and lessons are relevant internationally. In many respects, Australian processes and requirements for developing public infrastructure business cases are world-leading. Links relevant to the conversation:Business Case Development Framework of Building QueenslandParadise Dam Improvement Project$2.4 billion cost to economy if Paradise Dam not fixedAustralian lungfish

A conversation on economics and religion, including on whether Jesus was a socialist and whether religion influences economic growth. Economics Explored host Gene Tunny speaks with Darren Brady Nelson, Chief Economist of LibertyWorks, an Australian libertarian think tank, and a policy advisor to the Heartland Institute.Links related to the conversationDarren's articles on religion and economics:Murray Rothbard on Christianity, Catholicism, and theologyChristian liberty: are you serious??Other material:HuffPo article: Jesus was a SocialistRendering Unto Caesar: Was Jesus A Socialist?The Tribute Money (Titian)Is 'Render unto Caesar' really about taxes?Religion and Economic GrowthWhy is the Lord’s Day celebrated on Sunday instead of Saturday?

Cities such as Portland, USA are pushing back against NIMBYism and embracing medium-density development, the so-called Missing Middle Housing, while others such as Brisbane, Australia, are discouraging it. Economics Explored host Gene Tunny speaks with Australian urban planning expert Natalie Rayment about the economic and social costs and benefits of urban planning/zoning rules. About this episode's guest - Natalie Rayment, Executive Director of Wolter ConsultingNatalie has built a career in town planning over the last 25 years. Her experience in both the private and public sector has culminated in her role as Executive Director of Wolter Consulting Group. Natalie is a Registered Planner with the Planning Institute of Australia, a recognised expert town planning witness to the Court and specialises in statutory planning and development facilitation. Natalie is also a Member of the Property Council 2019/2020 Retirement Living Committee and Deputy Chair of the HIA Qld Planning Committee.In early 2016, Natalie co-founded YIMBY Qld, a not-for-profit public interest organisation, saying yes in my back yard to good development that makes for better living. And in 2019, she joined the Board of Beddown as Deputy Chair. Beddown is a charitable organisation providing pop-up accommodation hubs for those who are most vulnerable.Relevant linksNatalie's LinkedIn post on Missing Middle HousingThe Economist on House prices are going ballisticThe Effect of Zoning on Housing Prices5 Things You Should Know About Portland's New Housing ReformThe High Cost of Free ParkingCutters Landing History

Economics Explored host Gene Tunny speaks with Professor Gigi Foster of the University of NSW about her research on female breadwinning, where a woman earns more than her male partner. What does female breadwinning mean for relationship satisfaction and longevity? Does thinking about partnership formation as taking place in a market help us understand relationship choices and dynamics?About this episode's guest - Professor Gigi FosterGigi Foster is one of Australia’s leading economics communicators and a Professor at the UNSW School of Economics. She was named 2019 Young Economist of the Year by the Economic Society of Australia.A Professor in the School of Economics at the University of New South Wales, she was awarded a national Citation for Outstanding Contributions to Student Learning in 2017. Born in Pittsburgh, Pennsylvania in the United States, she received her BA from Yale (majoring in Ethics, Politics, and Economics), and her PhD in economics from the University of Maryland.Relevant linksDoes Female Breadwinning Make Partnerships Less Healthy or Less Stable?An Economic Theory of Greed Love Groups and Networks

In a March 2021 Financial Times article Dr Nicholas Gruen proposed an independent fiscal policy advisory body so that fiscal policy is freed from political tinkering. Economics Explored host Gene Tunny speaks with Dr Gruen about his proposal in this episode. Dr Gruen is CEO of Lateral Economics and a Visiting Professor at King's College, London. He has advised Australian Government Ministers, including an Australian Treasurer, and is a renowned angel investor (e.g. in Kaggle which was acquired by Google). Dr Gruen blogs regularly at Club Troppo.Links relevant to the conversation include:Dr Gruen's FT article:Fiscal policy should be freed of political tinkeringDr Gruen's 2001 OECD Journal of Budgeting paper:Greater Independence for Fiscal InstitutionsEdmund Burke quote

Brisbane, Australia looks set to host the 2032 Olympics. It's claimed there's a new model for delivering Olympics which will mean the host city will actually benefit from it. But can the claims be believed particularly given the experience of previous host cities such as Montreal and London, and when there are secret meetings of the City Council to finalise the bid? Economics Explored host Gene Tunny discusses the economics of the Olympics with Dr Alistair Robson, who is an adjunct senior lecturer with the University of NSW. Links relevant to the conversation include:Councillors to be briefed on secret Olympic bid details before voteJames Gieseke and John Madden study of Sydney Olympics in 20004 legacies of the 1976 Montreal Olympics you probably didn't know about | CBC NewsAustralia's Queensland state will bid for 2032 Olympics (re. KPMG's economic impact estimates)2032 Olympic and Paralympic Games Value Proposition Assessment

One year on from when many countries started imposing tough COVID-19 control measures, Economics Explored host Gene Tunny asks eminent Australian finance Professor Peter Swan whether lockdowns pass a cost-benefit analysis test. Professor Swan says he stands by his view expressed last year that they do not. Listen to this episode to hear why Prof. Swan believes this is so.About this episode's guest - Professor Peter SwanProfessor Peter Swan AO FRSN FASSA is currently in Banking and Finance, UNSW-Sydney Business School. Peter completed his Honours Economics Degree at ANU, his PhD at Monash and after a visiting position at the University of Chicago, joined the Economics faculty at ANU, then to a chair at AGSM (UNSW), and was foundation professor in the Finance Department at the University of Sydney prior to returning to UNSW in 2002 with a Scientia Professorial Award in 2003.He was elected a Fellow of the Academy of Social Sciences in Australia in 1997 and gained recognition in the Queen’s Birthday Honours lists in 2003 and 2016 with the Order of Australia (AM) and (AO), respectively. In 2018 he was elected a Fellow of the Royal Society of New South Wales (FRSN). His Officer of the Order of Australia (AO) Citation states: “For distinguished service to finance and commerce as a leading academic, journalist, and commentator on domestic investment, and on a range of political and economic issues.” His Member of the Order of Australia (AM) Citation states: “For services to academia as a scholar and researcher and through contributions to public policy in the fields of economics and finance”.Links relevant to this episodeProf. Swan's Quadrant article Run the Numbers, Survey the FollyOpen letter from 122 Australian economists: don't sacrifice health for 'the economy' (which Prof. Swan critiques in his Quadrant article and in this episode)COVID-19 deaths worldwide per million population as of March 19, 2021

What is Anarcho-capitalism? And what would a libertarian analysis of the COVID-19 pandemic tell us? Economics Explored host Gene Tunny has a thought-provoking conversation with Loyola University's Professor Walter Block, whose Wikipedia entry describes him as "an American Austrian School economist and anarcho-capitalist theorist." Regarding anarcho-capitalism check out Walter's books:The Privatization of Roads and HighwaysDefending the UndefendableMentioned in the discussion is the Homestead principle associated with John Locke. Regarding COVID-19, check out Walter's 2020 paper:A Libertarian Analysis of the COVID-19 PandemicAlso on COVID-19, check out this podcast discussion mentioned by Gene in his conversation with Walter:Lord Sumption: mass civil disobedience has begun

A conversation on the importance of the Treasury department to government and economic management. Economics Explored host Gene Tunny speaks with Paul Tilley about his 2019 book Changing Fortunes: A History of the Australian Treasury.Paul Tilley was an economic adviser to governments for 32 years, working at senior levels in all parts of Treasury, as well as other key agencies such as the Department of Prime Minister and Cabinet, the Treasurer’s office and the OECD. He is now a Senior Fellow at the Melbourne Law School, a Visiting Fellow at the Australian National University Tax and Transfer Policy Institute and works with a number of non-government organisations.Here's Paul's Melbourne Law School profile and here's Paul's ANU profile.Finally, here's a link to the Wikipedia article on the trillion-dollar coin Gene alludes to in the conversation.Get in touchGet in touch with Economics Explored host Gene Tunny with any comments, suggestions, or questions by emailing him via: [email protected]

QUT's Dr Stephen Whyte speaks with Economics Explored host Gene Tunny about insights from behavioural economics and science regarding COVID responses. Stephen is a Postdoctoral Research Fellow in Behavioural Economics in the School of Economics & Finance, QUT. His research focus explores large scale decision making in mate choice settings. His work takes a multi-disciplinary approach in studying key sex differences in human behaviour, with work that bridges the fields of applied micro-economics, personality & social psychology, and evolutionary biology. His most recent research has explored such diverse topics as sex differences in nonbinary gender identification, male & female decision making in assisted reproductive & donor insemination medical environments, and preferences vs choice in cyber dating markets.Material relevant to the discussionStephen's co-authored paper:Can Psychological Traits Explain Mobility Behavior During the COVID-19 Pandemic?Stephen's Brisbane ABC radio interview:COVID lockdowns prove Aussies aren't larrikins after allEconomics Explored interview with Stephen's colleague Prof. Benno Torgler:Certified Corona-Immunity as a Resource with Prof. Benno TorglerGet in touchGet in touch with Economics Explored host Gene Tunny with any comments, suggestions, or questions by emailing him via: [email protected]

Economics Explored host Gene Tunny discusses the US Fed's new approach to inflation targeting with Michael Knox, the Chief Economist of leading Australian wealth management firm Morgans. The approach implies the Fed will allow the economy to run hot for a while during the recovery from the pandemic recession. The conversation revolves around Michael's recent note:The Fed - Allowing the economy to run hotOther links relevant to the conversation include:Powell announces new Fed approach to inflation that could keep rates lower for longerBoskin Commission ReportFRED yield curve data showing steepening yield curve over late 2020/early 2021, as longer-term rates/yields (e.g. 10-year Treasury bond yield) increase relative to shorter-term rates (e.g. Federal Funds Rate)Michael Knox on Quantitative Easing as a long-term strategyRobert Heller's 1976 paper on International reserves, money, and global inflation

Economics Explored host Gene Tunny is joined by Darren Brady Nelson of LibertyWorks and the Heartland Institute to discuss the economics of industry assistance or so-called corporate welfare. Gene and Darren also consider the concept of crony capitalism. This episode’s topic was prompted by an interview request host Gene Tunny had from an Australian ABC journalist regarding the Australian Government’s generous tax incentives for the film industry (e.g. check out Australian Prime Minister Scott Morrison’s July 2020 announcement New $400 million incentive to boost jobs for screen industry).In 2019, Gene and Darren co-authored a paper on bad spending decisions made by the state of Queensland, Australia for Tax and Super Australia’s Special Centenary Publication: Government Waste, and identified generous spending on Screen Queensland and the state government paying for the construction of a new sound stage at Village Roadshow studios on the Gold Coast.Gene has previously written extensively on film industry assistance in Australia - e.g. this 2017 Centre for Independent Studies Policy paper: The case against film industry subsidies. On the experience of other jurisdictions with subsidies to the film industry, check out this Advocate article: Film tax break costs Louisiana millions, new study shows. Regarding what a refundable tax credit is, check out the IRS website. On trends in industry assistance in Australia, check out the Productivity Commission’s Trade and Assistance Review. Finally, check out Dan Mitchell’s write up of Milton Friedman’s matrix which Darren and Gene discuss in the episode. About this episode’s guest Darren Brady Nelson is an Austrian school economist who serves as the chief economist at LibertyWorks and as an associate scholar with the Center for Freedom and Prosperity. Nelson is also a policy advisor to The Heartland Institute.Since 1994, Nelson has worked as an economist in Australia, New Zealand, United Kingdom, and the United States. Nelson’s work in economics has focused on the energy, finance, government, transportation, water, and telecommunications industries.Nelson has also worked as a political and policy commentator since 2009. As a commentator, Nelson has written articles for numerous conservative and libertarian publications and think tanks, and he has appeared on countless podcasts, radio shows, and television programs.He is the author of the book Ten Principles of Regulation & Reform (Connor Court 2017), and is frequent public speaker and media commentator.Nelson has bachelor’s degree in economics (cum laude) from the Australian National University, where he majored in economic history. Nelson also earned a master’s degree in commerce (magna cum laude) from the University of New South Wales, where he majored in business law.

A conversation on fiscal stimulus and the government spending multiplier with Professor Fabrizio Carmignani, Dean (Academic) of Griffith Business School. Fabrizio and Economics Explored host Gene Tunny discuss: how the size of the multiplier (and the degree of crowding out) varies with the state of the economy;how vouchers might be a more effective stimulus than cash handouts;how governments really do need to run surpluses (or only very small deficits) when the economy recovers so the debt-to-GDP ratio can be stabilised and reduced in the long-term; andhow Modern Monetary Theory (MMT) isn't a theory, nor is it modern.Links relevant to the conversation include:Does Government Expenditure Multiply Output and Employment in Australia?Fiscal Multipliers in Recession and ExpansionHow Much Did the 2009 Australian Fiscal Stimulus Boost Demand? Evidence from Household-Reported Spending EffectsFabrizio's bioFabrizio Carmignani is Dean (Academic) and Professor of Economics in the Griffith Business School. His research is in the broad field of applied macroeconomics and applied econometrics. His recent publications are in the areas of conflict economics, tourism economics, policy modeling, spatial econometrics, and the economics of natural resources. He has also been appointed as a member of the ARC College of Experts from 2019 to 31 December 2021.He is a regular contributor to various media outlets, where he writes and speaks about fiscal and monetary policy issues in Australia and overseas. Between 2002 and 2009 he worked for the United Nations in various roles, including the position of First Economist in the Trade, Finance and Economic Development Division of the UN Economic Commission for Africa. Fabrizio holds a PhD from the University of Glasgow and a Research Doctorate from the Universita' Cattolica in Milano.

To what extent does Foreign Direct Investment create spillovers that boost the productivity of domestic businesses? Economics Explored host Gene Tunny speaks with the authors of a recent study addressing this question: Sara McGaughey, soon to take up a position as Professor at Copenhagen Business School, and Professor Pascalis Raimondos, Head of the School of Economics and Finance at QUT Business School in Brisbane, Australia. Sara and Pascalis have taken advantage of the huge Orbis business database which has allowed them to construct a panel dataset of nearly 576,000 manufacturing firms across 20 European countries. They find evidence that controlled foreign firms can boost the productivity of other firms in the same industry (horizontal spillovers), while previous studies had only convincingly found evidence of vertical spillovers, between foreign affiliates and their domestic suppliers. The study is titled Foreign Influence, control, and indirect ownership: Implications for productivity spillovers and was published in July 2020 in the Journal of International Business Studies.The authors can be contacted regarding their research via [email protected] get in touch with Gene, and to ask any questions or provide any comments or suggestions, please email him via [email protected] relevant to the conversationHow hiring this man gave Brisbane company an instant $100m windfallTesla’s 100% American Owned Factory In China Is A Big Deal Note from Pascalis and Sara on examples of indirectly controlled firmsBelow are two examples from our dataset where the foreign subsidiary is immediately owned by a firm resident in the same country, but ultimately owned (i.e. controlled with more than 50% voting equity) by a single foreign owner (i.e. the ultimate owner). In studies that look for an immediate direct foreign owner (rather than the ultimate owner) to identify a firm as ‘foreign’, our example firms will be classified as domestic – leading to significant mis-categorisation of what is a foreign firm.As you can see from our ‘egg’ figure in the paper, there are just as many of these ‘typically hidden’ foreign firms as those captured under an ‘immediate direct foreign owner’ definition. EXAMPLE 1Name: GTS IndustriesID: FR331620096Country: FranceOwner ID: FR562094425Owner Name: ARCELORMITTAL FRANCEOwner Country: FranceThe biggest direct owner is registered in France. Hence the company would be defined as domestic under the traditional (10%, influence) definitionUltimate Owner ID: DE7290116150Ultimate owner name: DHS DILLINGER HUETTE SAARSTAHL AGUltimate Owner country: GermanyEXAMPLE 2Name: STE DES ACIERS D'ARMATURE POUR LE BETON (SAM)ID: FR389517061Country: FranceDirect Owner: River AcierDirect Owner ID: FR344733803Direct Owner country: FranceDirect owner in the same country as the company, wherefore it is defined as domesticUltimate owner: ITMI0840952Ultimate owner name: Riva Family (PARTECIPAZIONI INDUSTRIALI S.P.A.)Ultimate owner country: Italy

How the retail sector has been transformed over the last two decades and how emerging retailers can thrive with high-touch service, customisation, and an optimised global value chain. Economics Explored host Gene Tunny speaks with Bruno Cortigiani, owner of up-and-coming made-to-measure menswear retailer Merlai.Check out Merlai on Instagram: @merlaiofficialRelevant links include:Photo of Bruno at the microphone for the podcast recordingStart with Why - Simon Sinek's TED talkThe E Myth Revisited Why Most Small Businesses Don't Work and What to DoAbout ItFletcher Jones (Australian entrepreneur) [NB toward the end of the episode, Gene spoke off the top of his head about the historical Fletcher Jones and didn't quite get the story right, so please check out the Wikipedia entry for the right story]

The concept of a Circular Economy is increasingly being mentioned in economic and environmental policy discussions. Economics Explored host Gene Tunny chats with Craig Lawrence of Lytton Advisory about what a Circular Economy would look like, and whether it is compatible with rational economic thinking.The takeaway is that there is some merit in the Circular Economy concept, but we need to apply hard-headed economic thinking when it comes to the specifics. Toward the end of the conversation, Craig notes:I think that there's an opportunity here [with the Circular Economy]. The linear concept, I don't think is sustainable. And so we need to do something different. But I don't think that there's a blanket solution or an easy panacea. And I still think the economist in me wants to analyse and collect data, and look at individual markets and look at specific opportunities and weigh them up…I don't want to be running or pushing a green solution for the sake of a green solution. I want to know that it's something that is actually workable, viable, something that is going to increase economic utility, consumption, and can also engage with business properly as well.About this episode’s guestCraig Lawrence is the Founder and Managing Director of Lytton Advisory Pty Ltd (2013 – present). He is also a founding Director of UTL Utilities Pty Ltd (2018 – present). He has over 30 years of experience across government and private sector projects, particularly in infrastructure, transport, and tourism. Between December 2018 and September 2019, Craig led the Economic and Social Infrastructure Program as its inaugural Managing Director. This $130m Australian program supports the planning, prioritisation, and delivery of key energy, telecommunications and water infrastructure in Papua New Guinea.Prior to establishing Lytton Advisory, Craig was Director – Infrastructure Policy at the Queensland Government Department of State Development, Infrastructure and Planning where he led a team of policy and regulatory analysts and economists looking at infrastructure prioritisation and resource region supply chain optimisation. He was previously Director – Economic Policy within the Department.Craig’s previous roles include as a senior consultant in several professional service firms and as an economic analyst in the Queensland and Australian Federal Government systems. His federal government experience includes extended periods in economic analyst and policy roles in the Treasury, Transport and Tourism portfolios during the 1990s.Links relevant to the conversationThe Circular Economy in detailAustralia’s National Tyre Product Stewardship Scheme'Right to repair' taken up by the ACCC in farmers' fight to fix their own tractorsCrude Oil Prices - 70 Year Historical Chart