Economics Explained

Gene Tunny and John Humphreys dissect the causes behind Australia's productivity slump, analysing recent GDP data, labour market policies, and regulatory constraints. They debate whether tax cuts should precede spending cuts and question the effectiveness of central planning and government intervention (i.e. ‘picking winners') in driving innovation. John is Chief Economist at the Australian Taxpayers' Alliance (ATA). This episode is the audio of an ATA livestream on 12 June 2025.Please email Gene your thoughts on this episode via contact@economicsexplored.com.TimestampsNational Accounts and Productivity Concerns (0:00)Government's Productivity Roundtable and Regulatory Reforms (4:34)Economic Policy and Institutional Reforms (8:19)Challenges in Private Investment and Productivity Measures (13:56)Industrial Relations and Labour Market Reforms (18:14)Housing Market and Regulatory Barriers (22:56)Tax Reforms and Fiscal Responsibility (29:59)Superannuation Tax Changes and Political Implications (47:15)Conclusion and Future Prospects (57:22)TakeawaysAustralia is in an 8-year productivity slump, with minimal growth in GDP per hour worked and GDP per capita declining in most recent quarters.The Albanese Government's proposed productivity roundtable is met with scepticism, particularly due to its unwillingness to touch industrial relations.Private investment remains weak, threatening future economic growth despite government spending and immigration-fueled expansion.Superannuation changes are controversial, especially the proposal to tax unrealised gains and the lack of indexation, prompting fears of unfair treatment of self-managed funds.Regulation, housing policy, and taxation are significant barriers to productivity; both speakers call for serious reform and question whether centralisation in Canberra helps or hinders progress.Links relevant to the conversationATA livestream (i.e. video of this episode):https://www.youtube.com/live/lDlner_PHc0?si=1M9krIiPwvIcFxLsATA website:https://www.taxpayers.org.au/Australia's National Accounts:https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/latest-releaseLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Gene Tunny and Darren Brady Nelson delve into the gold reserves at Fort Knox, exploring whether the gold is as pure as expected and what the implications might be for the U.S. dollar if it's not. They cover the history of gold confiscation, central bank policies, and the enduring allure of gold in uncertain economic times. This episode was inspired by a question Gene received at a talk he gave to the AusIMM Sydney branch in April 2025. Darren is currently the Chief Economist at Fisher Liberty Gold. This episode contains general information only, and nothing in this episode should be considered as investment or financial advice.  Please email Gene your thoughts on this episode via contact@economicsexplored.com.TimestampsDarren Brady Nelson's Role at Fisher Liberty Gold (0:00)Investing in Gold Through Fisher Liberty Gold (3:00)The Gold in Fort Knox: Historical Context and Implications (5:11)The Quality and Purity of Gold in Fort Knox (7:58)The Role of Gold in Economic Uncertainty and Impact of Tariffs (28:57)Central Banks' Role in Gold Markets (34:08)The Future of Gold and Monetary Policy (38:37)The Independence of Central Banks (40:53)The Role of Government in Economic Growth (48:46)Final Thoughts and Future Topics (53:41)TakeawaysFort Knox's Gold Purity Questioned: Much of the U.S. gold reserve came from coin melts, meaning it may fall short of the “Good Delivery” standard of 99.5% purity.Audit Calls from High Places: Figures like Trump, Elon Musk, and Rand Paul have recently advocated for a Fort Knox audit.Central Banks Stockpile Gold: Global central banks are shifting reserves from U.S. dollars to gold, with 1,000 metric tons of gold purchases expected in 2025.Gold as Growth, Not Just Protection: Darren's modelling shows gold may outperform the S&P 500 over the long term.Audit the Fed?: The episode concludes with a discussion on Ron Paul's push to audit the Federal Reserve and whether central banks should remain as independent as they are.Links relevant to the conversationFisher Liberty Gold:https://www.fisherlibertygold.com/Mises Institute article “The Gold at Fort Knox Was Stolen from Americans”:https://mises.org/mises-wire/gold-fort-knox-was-stolen-americansMises Institute article “How Much Gold Does the US Government Own, and Where Is It?”:https://mises.org/power-market/how-much-gold-does-us-government-own-and-where-itReuters report on central bank gold purchases:https://www.reuters.com/world/india/central-banks-track-4th-year-massive-gold-purchases-metals-focus-says-2025-06-05/Bernanke's apology for Great Depression on behalf of the Fed to Milton Friedman:https://www.federalreserve.gov/boarddocs/speeches/2002/20021108/Perth Mint:https://www.perthmint.com/In Gold We Trust report:https://ingoldwetrust.report/?lang=en   Peter Bernstein's book “The Power of Gold”:https://www.amazon.com.au/Power-Gold-New-Foreword-Obsession/dp/111827010XLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Emmanuel Daniel, founder of the Asian Banker, explains how global economic dynamics are shifting. The discussion covers the decline of multilateral trade arrangements, the strategic blunders in U.S. tariff policy, why a BRICS currency won't replace the US dollar as the global reserve currency, and the rise of domestic fintech infrastructures that challenge Western dominance in financial services. For example, the challenges Visa and Mastercard face in Indonesia are explored. Emmanuel Daniel, founder of the Asian Banker, explains how global economic dynamics are shifting. The discussion covers the decline of multilateral trade arrangements, the strategic blunders in U.S. tariff policy, why a BRICS currency won't replace the US dollar as the global reserve currency, and the rise of domestic fintech infrastructures that challenge Western dominance in financial services. For example, the challenges Visa and Mastercard face in Indonesia are explored. Please email Gene your thoughts on this episode via contact@economicsexplored.com.TimestampsGlobal Economic Trends and Trade Wars (0:00)Impact of Trump's Trade Policies on the US (3:11)Evolution of the US Economy and Services Industry (6:19)Concerns About US Recession and Consumption (11:53)Reactions from Exporting Countries (14:56)Challenges for US Corporations in Emerging Markets (22:37)BRICS and the Future of the US Dollar (27:55)Geopolitical Implications of Trade Policies (39:12)Long-Term Economic Trends and AI (39:33)Final Thoughts and Future Prospects (42:18)How would you rate this summary?TakeawaysCapital Flows Over Trade: The U.S.'s remaining global leverage lies in capital flows—not trade—due to its deep, open financial markets and dominance in dollar-based transactions.Tariff Tactics Are Backfiring: Trump's tariff policies lack coherence and are harming U.S. markets and consumers. There's no clear playbook, only reactionary moves.BRICS Currency Is a Mirage: Internal distrust among BRICS nations and incompatible fiscal policies make a unified currency unfeasible, at least in the near future.Global Shift in Financial Services: Countries like Indonesia and India are creating their own payment systems, sidelining U.S. giants like Visa and MasterCard in favor of local fintech solutions. We're in a New Multipolar Era: Similar to pre-WWI geopolitics, the world is entering a new phase of power realignment—this time driven by technology, information, and AI.Links relevant to the conversationAbout this episode's guest Emmanuel Daniel:https://www.emmanueldaniel.com/biography-and-contact/Previous episode on real time payments featuring World Bank expert:https://economicsexplored.com/2025/04/03/inside-project-fastt-real-time-payments-for-all-ep278/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Kim Flynn, President of XA Investments, discusses her 25-year career in asset management, focusing on alternative investments. She highlights the challenges faced during the 2008 financial crisis at Nuveen Investments, where she refinanced $15 billion in frozen auction rate securities. Flynn explains the structure and benefits of closed-end funds, particularly interval funds, which offer periodic liquidity. She details XA Investments' three SEC-registered closed-end funds with $900 million in assets, emphasizing private credit strategies with yields ranging from 9% to 15%. Flynn also explores the potential of alternative investments like farmland, infrastructure, and crypto, noting their role in portfolio diversification and income generation. Note: this episode contains general information only and is not financial or investment advice. Please let Gene know your thoughts on this episode by emailing him at contact@economicsexplored.com.About Kimberly Ann FlynnKimberly Ann Flynn is a President at XA Investments. She is a partner in the firm and responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.Previously, Kim was Senior Vice President and Head of Product Development for Nuveen Investments' Global Structured Products Group. In her 11 years at Nuveen, she helped develop over 40 closed-end funds, raising approximately $13 billion in capital. In her leadership role at Nuveen, Kim was responsible for asset-raising activities through the development of new, traditional and alternative investment funds, including CEFs, ETFs, UITs and commodity pools.Kim received her MBA degree from Harvard University, where she was a William J. Carey scholar and President of the HBS Volunteers. Before attending Harvard Business School, Kim spent three years working in Morgan Stanley's Investment Banking Division (1999-2002) in their Chicago office. She earned her BBA in Finance and Business Economics, summa cum laude, from the University of Notre Dame in 1999 where she was a valedictorian candidate, Rhodes Scholar finalist and the first recipient of the Paul F. Conway Award, given to a senior in the Department of Finance who embodies Notre Dame's tradition of excellence and who enriches the ideals of the university.Kim was recently selected to serve on the Notre Dame Wall Street leadership committee. She also serves on the board of the Women in ETFs Chicago chapter as Head of the Mentorship Committee and on the advisory board of Youth Guidance's Becoming A Man program. She is an active member of the University Club of Chicago and the Harvard Club of New York City, where she conducts regular business. Kim and her family - husband, Leo; son, Teddy; and daughter, Rose - live in Lincoln Park.TimestampsIntroduction (0:00)Kim Flynn's Career Journey (3:09)Experience During the 2008 Financial Crisis (4:41)Development of New Financial Products Post-Crisis (7:17)Understanding Closed-End Funds and Interval Funds (8:48)Investment Strategies and Alternative Assets (21:01)Energy Investments and ESG Considerations (29:02)Gold, Crypto, and the Role of FinTech (31:36)Evaluating Asset Managers and Investment Strategies (35:03)Investment Outlook and Market Dynamics (47:07)TakeawaysAlternative Investments Offer Diversification: Kim Flynn explains that alternative investments, including real estate, private credit, and farmland, provide diversification benefits, reducing reliance on traditional stocks and bonds.Liquidity Management is Crucial: Interval funds allow limited liquidity for investors, making them suitable for illiquid asset classes like private equity and real estate.Lessons from the 2008 Crisis: Kim shares her experience during the financial crisis, where she managed funds impacted by frozen liquidity, highlighting the importance of flexibility and innovation.Private Credit and Farmland Are Popular: Kim notes that private credit and farmland investments have seen significant interest due to their yield potential and inflation protection.Understanding Liquidity Premiums: Kim emphasizes that investors should seek a 300-400 basis point premium for illiquid investments compared to equivalent public market assets.Links relevant to the conversationKim's bio on the XA Investments website:https://xainvestments.com/team/US Treasury webpage on the Troubled Asset Relief Program (TARP):https://home.treasury.gov/data/troubled-asset-relief-programLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Gene Tunny interviews William ‘Bill' Welser IV, the visionary behind Lotic, an AI startup designed to transform personal data into actionable insights while protecting user privacy. Bill discusses how Lotic's AI-powered digital companion is designed to help users make better decisions, improve mental health, and understand their behavior patterns. The episode dives into ethical considerations, data security, and the economic implications of widespread AI adoption.Please let Gene know your thoughts on this episode by emailing him at contact@economicsexplored.com.TimestampsIntroduction (0:00)Bill Welser's Vision for Lotic AI (3:14)Data Collection and User Interaction (6:18)Behavioral Insights and Health Applications (14:20)Privacy and Legal Considerations (32:51)User Demographics and Market Reach (34:58)Startup Journey and Future Plans (44:12)TakeawaysPersonalized AI as a Digital Companion: Lotic aims to transform individuals from passive data subjects into active agents by providing personalized insights. The AI helps users understand themselves better, make small behavioral changes, and potentially improve mental health, relationships, and job satisfaction.Privacy and Ethical Data Collection: Bill Welser emphasizes a deliberate, privacy-first approach to data collection. Lotic uses advanced cryptography, blockchain technology, and user-controlled data sharing to protect personal information, ensuring users have agency over their data and insights.Potential Economic Impact of AI: Welser suggests that as AI disrupts traditional job markets, individuals could leverage their personal data as a form of currency. He believes creating comprehensive, discrete personal data sets could help mitigate potential unemployment waves and provide new economic opportunities for people.Links relevant to the conversationLotic website:https://www.lotic.ai/CEO Magazine profile of Bill Welser IV:https://digitalmag.theceomagazine.com/william-welser-iv/?r=globalEverybody Lies: Big Data, New Data, and What the Internet Can Tell Us about Who We Really Arehttps://www.amazon.com.au/Everybody-Lies-Internet-About-Really/dp/0062390856Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Kevin Kennon, an award-winning architect, discusses the future of cities, housing affordability, and the role of architecture in urban life. He emphasizes the importance of smarter density, mixed-use developments, and integrating residential, commercial, and community spaces. Kennon highlights the impact of tariffs on housing costs and the need for free trade. He also discusses the benefits of prefabricated components over modular housing and the role of urban transport in housing affordability. Kennon advocates for architects to have a greater role in shaping public policy to improve livability and economic vitality in cities.Please let Gene know your thoughts on Trump's tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.About Kevin KennonKevin Kennon is an internationally renowned architect with over 40 years of experience, specializing in environmentally sustainable and innovative design. As the founder and CEO of Beyond Zero DDC Inc., Kevin leads the development of zero-carbon emission luxury eco-resorts in remote wilderness locations worldwide, merging design excellence with ecological responsibility. His extensive portfolio includes projects like the 1.5 million square foot Barclays North American Headquarters, the Rodin Museum in Seoul, and multiple award-winning Bloomingdale's stores. Additionally, he led United Architects, a finalist in the prestigious World Trade Center design competition, further solidifying his impact on architectural innovation.  Kevin's expertise spans adaptive reuse, urban planning, and large-scale developments, with projects featured in the permanent collection of MoMA, New York. He has earned over 40 international design awards and is a sought-after thought leader, contributing to discussions on urban development, climate change, and sustainable architecture. His work extends beyond architecture; as an expert witness and lecturer at leading institutions like Yale and Columbia, he brings a multidisciplinary approach to his craft. TimestampsIntroduction (0:00)Kevin Kennon's Journey into Architecture (2:53)Economic Considerations in Architecture (7:13)Impact of Tariffs on Housing Affordability (11:22)Challenges in Housing Development (15:53)NIMBY Issues and Urban Development (18:19)Principles of Better Urban Design (21:00)Social Housing and Public Investment (33:01)Role of Urban Transport in Housing Development (38:05)Modular Housing and Productivity (44:12)TakeawaysSmarter Density is Key: Cities should move away from rigid zoning that separates residential and commercial spaces, instead creating mixed-use developments that blend different functions and create more vibrant, integrated neighborhoods.Architecture is About Imagining the Future: Architects are not just solving spatial problems, but are critical thinkers who can help design more livable, affordable, and sustainable urban environments that address complex social and economic challenges.Economic Considerations Drive Urban Design: Real estate development is deeply influenced by economic factors like tariffs, interest rates, and investment strategies, which significantly impact housing affordability and urban development.User Control Enhances Productivity: Workplace design should focus on giving people greater control over their environment, including temperature, lighting, and space configuration, which can improve overall productivity and satisfaction.Modular Housing Has Limitations: While prefabricated housing components show promise for reducing construction costs, they are not a magic bullet for housing affordability. Successful solutions require a holistic approach considering local conditions, transportation, and community needs.Links relevant to the conversationKevin's Wikipedia entry:https://en.wikipedia.org/wiki/Kevin_KennonEconomics Explored episode w/ Natalie Rayment, YIMBY QLD on the Missing Middle in housing:https://economics-explained.simplecast.com/episodes/missing-middle-housing-other-urban-planning-issuesLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Nineteenth-century American economist Henry George blamed poverty and depressions on landlords. George argued that their rents were associated mainly with public investments and should be shared with the community. Show host Gene Tunny speaks with returning guest John August about Georgism—the economic philosophy of Henry George that advocates for a single tax on land value. They explore the ethical and economic arguments behind taxing land, its historical popularity, and how it is perceived today. The discussion covers economic rent, speculation, tax distortions, and housing policy, critically examining Georgism's assumptions and limitations. John is the Fusion Party candidate for Bennelong in the upcoming Australian federal election. Please let Gene know your thoughts on Trump's tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.TimestampsIntroduction (0:00)John August's Background and Campaign (4:19)Georgism and Its Influence (7:25)Economic Theory and Georgism (11:35)Critique of Georgism (16:19)Land Value Taxation and Economic Rent (23:15)Impact of Georgism on Economic Policy (31:54)Conclusion and Future Discussion (49:33)TakeawaysGeorgism, developed by Henry George in the 19th century, proposes a radical approach to taxation by advocating for a single tax on land values to address economic inequality and reduce speculation.While most economists reject Georgism, the theory continues to have passionate advocates who argue that land value taxation could create a more productive and just economic system.The Georgist perspective highlights how public infrastructure and community development can increase land values, creating unearned income for property owners without compensating the broader community.Modern Georgists have moved away from the original concept of a 100% land value tax, instead advocating for a significant increase in land value taxation as part of a broader tax reform strategy.The theory raises important questions about property speculation, economic rent, and the potential for less distortionary forms of taxation that could promote more equitable economic development.Links relevant to the conversationJohn's federal election campaign website: John August for Bennelonghttps://www.fusionparty.org.au/john_august_bennelongGrand Pursuit: The Story of Economic Genius - Nasar, Sylviahttps://www.amazon.com.au/Grand-Pursuit-Story-Economic-Genius/dp/0684872986Fixing Australia's Housing Crisis: Fusion's Plan w/ Owen Miller – EP277https://economicsexplored.com/2025/03/27/fixing-australias-housing-crisis-fusions-plan-w-owen-miller-ep277/Trent Saunders and Peter Tulip's RBA Discussion Paper “A Model of the Australian Housing Market”:https://www.rba.gov.au/publications/rdp/2019/2019-01/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Gene Tunny and Nicholas Gruen dive deep into the economic implications of Trump's sweeping tariffs. They explore the micro and macroeconomic dimensions—from optimal tariff theory to trade deficits and geopolitical fallout. With humour, clarity, and urgency, they unpack why these tariffs will do more harm than good, both economically and politically. A video version of this episode will appear as an episode of the Uncomfortable Collisions with Reality podcast on Nicholas's YouTube channel. Please let Gene know your thoughts on Trump's tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.Update: As of Friday morning (GMT+10), 11 April 2025, Trump's reciprocal tariffs on countries other than China have been delayed 90 days. TimestampsIntroduction and Purpose of the Podcast (0:00)Micro and Macroeconomics of Tariffs (3:17)Optimal Tariff and Economic Models (6:30)Challenges of Tariffs and Adjustment Costs (49:45)International Macroeconomic Implications (50:06)Historical Context and Policy Responses (1:06:52)Conclusion and Future Outlook (1:10:22)TakeawaysTariffs Are a Tax—Mostly Paid by Domestic Consumers: While Trump claims foreigners pay, economic models show that domestic consumers typically bear the burden.Optimal Tariff Theory Has Limits: While large economies might, in theory, benefit from some tariffs, real-world retaliation, adjustment costs, and supply chain complexities negate most benefits.Rule of Law Undermined: Trump's unilateral imposition of tariffs under national security justifications breaks trust in U.S. international agreements and damages credibility.Macroeconomic Drivers Are Key to Trade Deficits: Tariffs are a microeconomic tool used to address a macroeconomic problem—high consumption and low savings—which misses the real issue.Supply Chains Suffer from Tariff Shock: Modern manufacturing depends on intricate global supply chains. Tariffs disrupt production and create uncertainty for businesses.Links relevant to the conversationNicholas Gruen and Gene Tunny's article “Why Trump's tariffs are better than you think — and much worse”:https://www.crikey.com.au/2025/03/06/donald-trump-tariffs-impact-global-economy/Nicholas's YouTube channel which hosts his Uncomfortable Collisions with Reality podcast:https://www.youtube.com/@NicholasGruenLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Are Trump's tariffs a masterstroke of economic negotiation or a blunder with global consequences? Show host Gene Tunny and returning guest Darren Brady Nelson debate the rationale behind punitive tariffs, the backlash from markets, and whether this is all part of a broader deal-making strategy. They also discuss Elon Musk's DOGE initiative and Darren's run-in with a wild turkey on Wisconsin's special elections campaign trail.Please let Gene know your thoughts on Trump's tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.TimestampsIntroduction and Market Reaction to Trump's Tariffs (0:00)Darren Brady Nelson's Run-In with a Wild Turkey (1:45)Assessment of Trump's Tariffs (6:51)Formula for Calculating Tariffs (12:26)Impact on Consumers and Businesses (19:59)National Security Considerations (37:06)DOGE's Role in Identifying Waste and Fraud (44:07)Wisconsin Special Election and Voter ID Law (55:14)Australian Election Predictions (1:00:42)Final Thoughts and Closing Remarks (1:05:44)Links relevant to the conversationTrump's Executive Order “Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits”:https://www.whitehouse.gov/presidential-actions/2025/04/regulating-imports-with-a-reciprocal-tariff-to-rectify-trade-practices-that-contribute-to-large-and-persistent-annual-united-states-goods-trade-deficits/Statement by IMF Managing Director Kristalina Georgieva:https://www.imf.org/en/News/Articles/2025/04/03/pr2587-statement-by-imf-managing-director-kristalina-georgievaDarren's 2018 article “Trumpʼs tariffs: free, fair or foul trade?”, in which he discusses Adam Smith and free trade: https://drive.google.com/file/d/1xQEt4n1bJ-W3RN2-H7_0w3q6vcI3eBCc/view?usp=sharingDan Mitchell's “Six Visuals to Understand Trump's Suicidal Tax Increase on Trade”:https://www.imf.org/en/News/Articles/2025/04/03/pr2587-statement-by-imf-managing-director-kristalina-georgievaCNN reporting, “This is the dubious way Trump calculated his ‘reciprocal' tariffs”:https://edition.cnn.com/2025/04/03/economy/reciprocal-tariff-math/index.htmlAxios reporting, “Trump's surprisingly simple tariff math”:https://www.axios.com/2025/04/03/how-trump-calculated-tariffs-trade-deficitCNBC reporting, “Trump open to tariff negotiations, contradicting White House aides”:https://www.cnbc.com/2025/04/03/trump-tariffs-live-updates-stock-market-trade-war.htmlNote this reporting: ‘Top Trump trade advisor Peter Navarro denied that Trump's new tariffs are being used as a tool to negotiate better trade terms with other countries.'Great Reset discussion with Darren from 2020:https://economics-explained.simplecast.com/episodes/the-great-resetDOGE's reported savings:https://doge.gov/savingsLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny and the World Bank's Nilima Ramteke delve into the transformative impact of fast payments. They discuss how Project FASTT (Frictionless Affordable Safe Timely Transactions) bridges financial gaps and drives inclusive economic development worldwide. For example, they cover how QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.TimestampsIntroduction (0:00)Overview of Project FASTT (2:28)Benefits and Implementation of Fast Payment Systems (7:50)Challenges in Implementing Fast Payment Systems (14:51)Role of Central Banks and Trust in Fast Payment Systems (20:33)Impact of Fast Payment Systems on Cryptocurrencies (25:53)Conclusion (31:36)TakeawaysFast payments enable 24/7, low-cost, secure, real-time transactions, making them vital for financial inclusion.Project FASTT provides a toolkit and support for implementing fast payment systems globally.Central banks, in collaboration with private sectors, play a key role in designing and implementing fast payment systems.QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.Fast payments offer an alternative to cryptocurrencies in emerging markets, significantly where volatility and regulatory risks hinder crypto adoption.Links relevant to the conversationWorld Bank Project FASTT website: https://fastpayments.worldbank.org/World Bank paper on “What Does Digital Money Mean for Emerging Market and Developing Economies”:https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099736004212241389/p17300602cf6160aa094db0c3b4f5b072fcLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

There's an upcoming election in Australia, and housing will be a big issue. Show host Gene Tunny chats with Fusion Party candidate Owen Miller about Fusion's sweeping housing policy proposals. Topics include eliminating negative gearing, taxing capital gains on owner-occupied homes, and increasing public housing. They also discuss ideas like charter cities, high-speed rail, and a government-run real estate platform.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About Owen MillerOwen Miller grew up in Sydney and has long been interested in science fiction, ultimately leading to the study of mechatronics (robotics & control systems) and computer science at the University of Sydney.After working in different software roles in Sydney and even dealing Blackjack for some months, Owen moved to Seattle to work on the recommender systems at Amazon. Owen later moved to New York and was involved in smaller startups, especially in hospitality. Although the start-ups didn't take off, this rite of passage involved less shielding from the real world and helped clarify the roles of the market and the state in the provision of essential aspects of life, such as software and social cooperation.In 2020, Owen started the Non-Human Party; a vision for an opt-in online nationality that would optimise the existence of robots and animals, in addition to humans.Upon moving to Melbourne in 2022, Owen became the Registered Officer of Fusion, with the hope of enabling Australia to reach its full potential as a wealthy, sustainable and harmonious paradise; a beacon for the rest of the world. He currently serves as Fusion's Convenor.Owen was Fusion's candidate for the 2023 Aston federal by-election.In 2024, he ran as a candidate for local council in Merri-bek (for the Bulleke-Bek ward).He will again be running as a federal candidate in 2025, this time in Wills.In 2024, Spotify classified Owen as belonging to the top 0.05% of Kylie Minogue fans.Source: https://www.fusionparty.org.au/owen_millerTimestampsIntroduction (0:00)Relationship Between Fusion Party and Pirate Party (3:07)Fusion Party's Housing Policy Goals (4:04)Comparisons with Other Countries and Tax Policy (6:19)Immigration and Housing Policy (9:09)Owner-Occupier Capital Gains Tax and Land Tax (12:53)Renter's Rights and Social Housing (17:16)Supply-Side Housing Policies (27:49)Liberté Account and Open Source Real Estate Listings (38:24)Final Thoughts and Wrap-Up (51:02)TakeawaysTax reform is central to Fusion's housing strategy — They propose reducing capital gains tax discounts and phasing in land tax for all properties, including owner-occupied homes.Fusion supports a major investment in social housing — Advocating a jump from 3.2% to 10% of housing stock as public housing.Tenant rights need an upgrade — Fusion argues for banning no-fault evictions and establishing minimum standards like clean air and energy efficiency.Livret A accounts could revolutionize infrastructure funding — A French-style citizen savings bond to fund high-speed rail and public housing projects.Urban sprawl isn't the answer — Fusion favors infill development and transport-driven decentralization over expanding city fringes.Links relevant to the conversationFusion's housing policy:https://www.fusionparty.org.au/housing_as_a_homeLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny speaks with Louis O'Connor, CEO of Strategic Metals Invest, about the increasing demand for strategic metals like gallium, hafnium, and indium—essential for modern technology. They discuss China's dominance in rare earth processing, the geopolitical stakes, and how supply chain vulnerabilities could impact global markets. Louis also shares insights into investing in these scarce resources.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.TimestampsIntroduction to Strategic Metals and Geopolitical Implications (0:00)Overview of Strategic Metals Invest (2:53)China's Dominance in Rare Earths (4:00)Characteristics and Importance of Strategic Metals (14:55)Investment in Strategic Metals (16:11)Geopolitical Risks and Supply Concentration (23:33)Private Investment and Market Opportunities (32:45)Historical Context and Future Outlook (43:09)Market Volatility and Investment Strategies (46:49)Partnership Opportunities and Future Growth (49:46)TakeawaysStrategic metals are crucial – Essential for semiconductors, defence, and energy transition, these metals are essential for modern technology.China dominates rare earth processing – While reserves exist elsewhere, China leads in refining, creating supply chain risks.Investing in scarcity – Private investors can own and store strategic metals, profiting from increasing demand and limited supply.Geopolitical tensions impact prices – Trade restrictions and conflicts can drive scarcity-driven price spikes.The West is racing to catch up – The U.S., Australia, and Europe are working to develop independent supply chains, but progress is slow.Links relevant to the conversationStrategic Metals Invest website:https://strategicmetalsinvest.com/Lynas Rare Earths (Australia's Leading Rare Earth Producer):https://lynasrareearths.com/US DoD article “Securing Critical Minerals Vital to National Security, Official Says”:https://www.defense.gov/News/News-Stories/Article/Article/4026144/securing-critical-minerals-vital-to-national-security-official-says/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, Gene Tunny interviews Prof. Adam Boddison, CEO of the Association for Project Management. They explore why projects—whether in construction, IT, or public infrastructure—often go over budget and run late. Adam shares insights on project planning, risk management, and the importance of stakeholder engagement. They also discuss real-world case studies, including the Sydney Opera House and the Channel Tunnel, highlighting how long-term benefits sometimes outweigh initial budget overruns.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode's guest: Prof (Dr) Adam Boddison OBE Adam is Chief Executive of the Association for Project Management. He has a non-executive director portfolio that has previously included being Chair of the Corporation for a Further Education college and a Trustee for a multi-academy trust providing education for 32,000 pupils across 58 primary, secondary and specialist settings. Adam is also a Visiting Professor at Stranmillis University College (Queens University Belfast) and the University of Leicester (School of Business).Prior to this, Adam held a number of executive leadership roles including Chief Executive for nasen (National Association for Special Educational Needs), Director of the Centre for Professional Education at the University of Warwick and Academic Principal for IGGY (a global educational social network for gifted teenagers). He has published a range of education books and mathematics text books and is a qualified clinical hypnotherapist.Adam has a particular interest in leading organisations that deliver societal benefit.Source: https://www.adamboddison.com/Timestamps for EP275Introduction and Importance of Project Management (0:00)Overview of the Association for Project Management (2:59)Professional Qualifications and Training (5:58)Critical Chain Project Management (11:15)Challenges and Successes in Project Management (14:29)Examples of Successful Projects (26:16)Risk Management and Judgment in Project Management (30:40)Mega Projects and Project Management Literature (34:52)Adam's work which led to his OBE award (39:00)TakeawaysMost projects fail at the start, not the end. Poor initial planning and unrealistic expectations often set projects up for failure.Stakeholder engagement is critical. Involving the right people from the beginning can prevent costly mistakes later.Project success is about more than time and budget. Long-term benefits, such as economic impact and societal improvements, should be factored in.Mega-projects are prone to overruns. Large-scale projects often face budget and timeline issues due to political, technical, and financial uncertainties.The "Pre-Mortem" approach helps mitigate risk. Imagining a project's worst-case scenario before starting can identify potential pitfalls early.Links relevant to the conversationAssociation for Project Management:https://www.apm.org.uk/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny sits down with Professor Cordelia Fine to discuss her latest book, Patriarchy Inc. Professor Fine argues gender biases are embedded in jobs and organizational structures, affecting women's career prospects. Topics include ‘greedy jobs,' the undervaluation of feminized professions, the limits of diversity programs, and the role of evolutionary psychology in shaping gender assumptions. Whether you agree or disagree, this discussion offers a fresh perspective on gender in the modern economy.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode's guest: Professor Cordelia FineCordelia Fine is a Canadian-born British academic and writer. Her work analyses scientific and popular biological explanations of behavioural sex differences and workplace gender inequalities, explores the effects of gender-related attitudes and biases on judgements and decision-making, and contributes to debates about workplace gender equality. She is the author of three popular science books, published in 13 languages. Among other accolades, Testosterone Rex won the Royal Society Insight Investment Science Book Prize. She is currently a professor in the History & Philosophy of Science in the School of Historical & Philosophical Studies at the University of Melbourne.Timestamps for EP274Introduction (0:00)Cordelia Fine's Background and Interests (2:44)Defining Patriarchy and Its Persistence (4:45)Gender Pay Gap and Job Selection (12:03)Impact of Gender Norms and Stigma (23:09)Diversity, Equity, and Inclusion (DEI) Programs (33:01)Market Thinking vs. Relations Thinking (40:07)Alternative Evolutionary Perspectives (1:05:11)Conclusion and Recommendations (1:14:11)TakeawaysThe Gender Pay Gap Is Complex – It's not just about discrimination; factors like ‘greedy jobs' (roles demanding long, inflexible hours) and the devaluation of feminized jobs play a major role.Diversity Initiatives Have Limits – Many corporate DEI (Diversity, Equity, and Inclusion) programs focus on ‘fixing' women rather than addressing structural workplace issues.Workplace Norms Favor Men – High-status, high-paying jobs often assume an ‘ideal worker' who can dedicate unlimited hours—an assumption that disadvantages women with caregiving roles.Traditional Economic Models Miss the Full Picture – Traditional market-based explanations of wage determination often overlook workplace hierarchies, organizational power dynamics, and societal gender norms.Evolutionary Psychology Oversimplifies Gender – Popular claims that men and women have biologically determined career preferences are challenged by alternative theories emphasizing cultural and social learning.Links relevant to the conversationCordelia Fine's website:http://www.cordelia-fine.com/Patriarchy, Inc.:https://www.amazon.com.au/Patriarchy-Inc-Wrong-Gender-Equality/dp/1838953345Research showing increasing returns to overwork over time:https://journals.sagepub.com/doi/full/10.1177/0003122414528936The Gender Pay Debate: Understanding the Factors Behind the Gap w/ Dr Leonora Risse – EP230https://economicsexplored.com/2024/03/10/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Kate Schecter, CEO of World Neighbors, returns to the show and reveals how empowering local communities leads to long-term self-sufficiency in developing economies. She explains that roads connecting isolated communities to local markets can massively improve opportunities. She also explains that even modest interventions, like access to municipal water, can have profound impacts. From disaster preparedness in Indonesia to sustainable farming in Africa, Kate illustrates how World Neighbors helps communities build resilience.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode's guest: Dr Kate SchecterKate Schecter, Ph.D., joined WN as President and Chief Executive Officer in June, 2014. Dr. Schecter is responsible for managing World Neighbors' programs and operations in 14 countries in Asia, Africa, Latin America, and the Caribbean. In her previous position, she worked for the American International Health Alliance (AIHA) for 14 years.  As a Senior Program Officer at AIHA, she had responsibility for managing health partnerships throughout Eurasia and Central and Eastern Europe.  Through her work with over 35 partnerships addressing healthcare and treatment, she has extensive experience successfully implementing AIHA's health partnership model.From 1997 to 2000, Dr. Schecter worked as a consultant for the World Bank specializing in healthcare reform and child welfare issues in Eurasia and Eastern Europe.  She taught political science at the University of Michigan in Ann Arbor for four years (1993-1997).  She has written extensively about healthcare in post-Soviet states, and has made three documentary films for PBS. Over the past eight years at World Neighbors, Dr. Schecter has authored or co-authored 21 articles about the challenges of international development in very poor rural countries, the impact of climate change, and how to help alleviate mass migration through effective international aid.Dr. Schecter holds a Ph.D. in political science from Columbia University and an M.A. in Soviet Studies from Harvard University. She is a member of the Council on Foreign Relations and served on the Board of Children's National Medical Center in Washington, D.C. from 2010 to 2018.Timestamps for EP273Introduction (0:00)World Neighbors' Geographical Reach and Recent Developments (2:34)Improving Climate Resilience in Agriculture (6:03)Disaster Preparedness and Community-Based Approaches (9:57)Connecting Communities with National and Regional Administrations (14:05)Funding and Operational Efficiency (23:21)Impact and Future Plans (27:08)Conclusion and Final Thoughts (29:24)TakeawaysInfrastructure can be transformative – Building a simple road or bridge can unlock market access for rural farmers, dramatically improving incomes and food security.Local savings and credit groups empower communities – These groups help farmers and entrepreneurs access capital for investments without relying on exploitative lenders.Disaster preparedness saves lives – Teaching communities to plan for floods, earthquakes, and other disasters helps them recover quickly and with fewer casualties.Indigenous crops can boost resilience – Reviving traditional drought-resistant crops helps communities adapt to climate change and maintain food security.Links relevant to the conversationKate's previous appearance on the show:https://economicsexplored.com/2022/05/23/economic-development-through-savings-and-credit-groups-w-world-neighbors-ceo-kate-schecter-ep140/World Neighbor's website:https://www.wn.org/Francis Fukuyama's book Trust:https://www.amazon.com/Trust-Social-Virtues-Creation-Prosperity/dp/0029109760Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Is free trade always good for workers? Gene Tunny explores the Stolper-Samuelson theorem, which shows how trade can lower wages for some while benefiting others. He discusses key economic insights from Wolfgang Stolper and Paul Samuelson, real-world historical examples, and the implications for today's global trade debates. If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.Timestamps for EP272Introduction (0:00)Explanation of Comparative Advantage and Free Trade (1:50)Background on Wolfgang Stolper and Paul Samuelson (5:50)The Heckscher-Ohlin Model and Indirect Factor Arbitrage (16:37)Stolper-Samuelson Theorem and Its Implications (26:35)Empirical Evidence and Historical Applications (31:53)Conclusion and Future Directions (32:19)TakeawaysFree Trade Creates Winners and Losers – The Stolper-Samuelson theorem predicts that free trade benefits the owners of a country's relatively abundant factors (e.g., capitalists in capital-rich countries) but can harm the owners of relatively scarce factors (e.g., workers in industrialised economies).Economic Theory Still Favors Free Trade Overall – While trade can hurt specific groups, economists argue that overall national income rises, making it possible (though not always politically feasible) to compensate the losers.Historical Evidence Supports the Underlying Theory – Examples from 19th-century trade patterns show factor price convergence, with land rents rising in the U.S. while falling in Britain due to increased trade.Trade Policy Shapes Political Alliances – Farmers in land-rich nations like Australia and the USA often supported free trade, while industrial workers in capital-rich nations tended to favor protectionism.Links relevant to the conversationThe previous episode with Ian Fletcher:https://economicsexplored.com/2025/01/21/industrial-policy-vs-free-trade-w-ian-fletcher-coalition-for-a-prosperous-america-ep271/Stolper and Samuelson's 1941 paper “Protection and Real Wages”:https://academic.oup.com/restud/article-abstract/9/1/58/1588589William Bernstein's book “A Splendid Exchange: How Trade Shaped the World”:https://www.amazon.com.au/Splendid-Exchange-Trade-Shaped-World/dp/0802144160Roger Backhouse's book “Founder of Modern Economics: Paul A. Samuelson: Volume 1: Becoming Samuelson, 1915-1948”:https://www.amazon.com.au/Founder-Modern-Economics-Samuelson-1915-1948/dp/0190664096Edward Leamer's paper on the Hecksher-Ohlin model in theory and practice:https://ies.princeton.edu/pdf/S77.pdfLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Ian Fletcher, co-author of Industrial Policy for the United States, published by Cambridge University Press, joins the show to argue that free trade does not always serve national interests. Fletcher defines industrial policy as government intervention to support better industries, emphasizing that some industries are inherently more valuable. He highlights successful industrial policies in Japan, Korea, and Germany. Fletcher also discusses the role of tariffs in protecting domestic industries, using the example of U.S. electric vehicle tariffs on Chinese imports.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode's guest: Ian FletcherIan Fletcher is an Advisory Board Member for Coalition for a Prosperous America. He is the author of Free Trade Doesn't Work (2010) and a co-author of The Conservative Case Against Free Trade. He was Senior Economist at the Coalition for a Prosperous America and a Research Fellow at the US Business and Industry Council. He was educated at Columbia and Chicago.Timestamps for EP271Introduction (0:00)Defining Industrial Policy (3:31)Ian Fletcher's Journey into Industrial Policy (6:48)Better Industries and Manufacturing (11:27)Arguments Against Free Trade (18:10)Case Studies and Successes of Industrial Policy (28:07)Tariffs and Modern Industrial Policy (48:21)Taiwan's Success Story (51:46)Conclusion and Final Thoughts (53:51)TakeawaysIndustrial Policy Defined: Industrial policy focuses on nurturing high-value industries that provide higher wages and foster innovation.Free Trade Critique: While free trade reduces consumer costs, it can lead to job losses, regional economic disparities, and reliance on foreign manufacturing.Global Lessons: Successful industrial policies in countries like Taiwan and Germany show strategic government intervention can be successful in some instances, while failures in the UK and India underscore the risks of mismanagement.Technology Pipeline: Ian Fletcher argues that a robust pipeline connecting scientific research to commercialization is critical for maintaining competitiveness in manufacturing and innovation.Links relevant to the conversationIan's book “Industrial Policy for the United States: Winning the Competition for Good Jobs and High-Value Industries”:https://www.amazon.com.au/Industrial-Policy-United-States-Competition/dp/1009243071Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Donald Chew discusses the evolution of corporate finance, emphasizing the shift from old-fashioned corporate finance, which focused on steady earnings growth, to modern corporate finance, which aims for high returns on capital. He highlights the decline of conglomerates in the 1970s and the rise of private equity. Despite criticism, Chew argues that modern corporate finance has been a success story, citing the doubling of U.S. public company market capitalization in the 1980s and the significant correlation of R&D and selling, general and administrative expenses (SG&A) expenses with corporate value. He also addresses the financial crisis, arguing it was due to mispriced mortgages and government policies, not market inefficiencies.  Donald Chew is the founding editor of the Journal of Applied Corporate Finance, and joins show host Gene Tunny to discuss his latest book, The Making of Modern Corporate Finance, published by Columbia University Press.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode's guest: Donald ChewDon Chew is the founding editor and Editor-in-Chief of the Journal of Applied Corporate Finance (JACF), a publication he started almost 30 years ago. He has published over ten books on corporate finance, including The New Corporate Finance: Where Theory Meets Practice and The Revolution in Corporate Finance (with Joel Stern), which are both widely used in business schools throughout the United States and Europe. Don has both a Ph.D. in English and an MBA in finance from the University of Rochester.Timestamps for EP270Introduction (0:00)The Decline of Conglomerates and the Rise of Modern Corporate Finance (5:58)The Role of Private Equity and Corporate Governance (14:25)The Impact of Modern Corporate Finance on Corporate Value (15:03)The Future of Corporate Finance and Productivity Measurement (16:37)The Role of Corporate Finance in Economic Growth (19:27)The Critique of Modern Corporate Finance and Corporate Social Responsibility (27:26)The Financial Crisis and the Role of Government Policy (35:40)The Future of Corporate Finance and the Role of Private Equity (43:21)TakeawaysModern Corporate Finance Principles: The shift from prioritizing steady earnings growth to maximizing long-term firm value has reshaped corporate strategies globally.The Importance of R&D: Increases in R&D and SG&A spending are now critical indicators of corporate value and long-term success, according to Don Chew.Private Equity's Role: Private equity has transformed underperforming companies, streamlining operations and reallocating capital for growth.The Evolution of Corporate Governance: Shareholder activism has replaced hostile takeovers as the primary tool for enforcing corporate accountability.ESG and Value Creation: Enlightened value maximization is the idea that corporations can address societal concerns while enhancing long-term profitability.Links relevant to the conversationDon Chew's new book The Making of Modern Corporate Finance:https://www.amazon.com.au/Making-Modern-Corporate-Finance-History/dp/0231211104Econometric study of benefits to consumers of Wal-Mart:https://onlinelibrary.wiley.com/doi/abs/10.1002/jae.994Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Gene Tunny and Darren Brady Nelson discuss the economic legacy of President Jimmy Carter, highlighting his deregulation efforts, particularly in aviation, which led to increased competition and significant cost savings. They also touch on Carter's appointment of Paul Volcker as Federal Reserve Chairman, credited with fighting inflation. The conversation shifts to the America Fest conference in Phoenix, where key speakers included Charlie Kirk, Tucker Carlson, and Glenn Beck. They discuss the tensions within the MAGA movement, particularly around immigration policies. Lastly, they explore the intersection of Christian economics and competition, emphasizing its ethical foundations and the potential for a moral case for free markets.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.Timestamps for EP269President Jimmy Carter's Legacy and Deregulation (0:00)Carter's Economic Policies and Personal Anecdotes (5:16)America Fest Conference in Phoenix (14:36)Trump's Speech and MAGA Movement Dynamics (27:46)Christian Economics and Competition (36:34)Darren's Critique of Mainstream Economics and Antitrust Regulation (51:22)Regulatory Challenges and Natural Monopolies (55:55)Final Thoughts and Future Directions (59:26)TakeawaysJimmy Carter's Deregulation Impact: Carter's policies in aviation, trucking, and beer production revolutionized U.S. markets, creating long-lasting consumer benefits.MAGA's Immigration Debate: Tensions exist between Bannon's nationalist stance and Musk's globalist vision for high-skilled immigration policies.The Role of Competition: Darren highlighted the economic and ethical importance of competition, criticizing overreach in antitrust regulations.Links relevant to the conversationMises Institute article “Jimmy Carter's Legacy Is Much More than Good Deeds Done in His Later Years”:https://mises.org/mises-wire/jimmy-carters-legacy-much-more-good-deeds-done-his-later-yearsThe previous episode with Darren:https://economicsexplored.com/2024/11/10/trump-2-0-w-top-wisconsin-door-knocker-economist-darren-brady-nelson-ep261/Great Reset discussion with Darren from 2020:https://economics-explained.simplecast.com/episodes/the-great-resetLarry Reed, President Emeritus of FEE, speaking about the Parable of the Vineyard Workers:https://economicsexplored.com/2022/02/05/price-controls-to-fight-inflation-a-bad-idea-infrastructure-lessons-from-potus-21-ep125/Darren's articles in Concurrences on competition and antitrust (paywalled, alas):https://www.concurrences.com/en/page/recherche/?recherche=darren+nelson#Alfred Kahn's Economics of Regulation:https://www.amazon.com.au/Economics-Regulation-Principles-Institutions/dp/0262610523Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny discusses the ineffectiveness of the U.S. debt ceiling, citing its frequent increases and the political grandstanding it entails. He notes that since 1960, Congress has amended the debt limit 78 times. Tunny argues that the debt ceiling does not enforce fiscal discipline and highlights the need for better fiscal rules, such as the Swiss Debt Brake or the Taxpayer Bill of Rights. He also shares his experience with Australia's debt ceiling during the late 2000s financial crisis. Tunny concludes that Trump's criticism of the debt ceiling is justified.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.Timestamps for EP268US Debt Ceiling Overview (0:00)Historical Context and Modern Monetary Theory (4:09)Ineffectiveness of the Debt Ceiling (7:07)Australian Experience with the Debt Ceiling (13:00)Conclusion and Alternative Fiscal Rules (24:49)TakeawaysDebt Ceilings Are Ineffective: The US debt ceiling fails to control spending or debt accumulation, as it is consistently raised to avoid financial crises.Alternative Fiscal Rules: Spending caps or frameworks like Switzerland's debt brake are more effective at managing fiscal discipline than nominal debt ceilings.Political Grandstanding: The debt ceiling often serves as a stage for political drama rather than meaningful fiscal reform.Modern Monetary Theory Critique: Printing money to avoid debt constraints, as proposed by some MMT advocates, risks inflation and economic instability.Lessons from Australia: Australia abolished its debt ceiling a decade ago after recognizing its downsides, offering a model for US fiscal policy reform.Links relevant to the conversationUseful information on the US debt and deficit from the US Treasury:https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit (discusses how many times the debt ceiling has been amended)https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/ (contains the spending, revenue, and deficit figures that Gene mentions)Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Coffee prices have surged dramatically over the past year, with green coffee increasing by 78%. In this episode, International Coffee Traders GM Raihaan Esat joins hosts Gene Tunny and Tim Hughes to explore the key drivers behind this spike, including harvest shortages, supply chain disruptions, and geopolitical factors. Discover why your morning brew may soon cost more and how the coffee industry is navigating these challenges.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About our guest: Raihaan Esat, General Manager, International Coffee TradersRaihaan Esat is a passionate and seasoned coffee professional with extensive experience across the coffee industry. From working in bustling espresso bars and competing at the highest levels of barista competitions to managing roasteries and developing quality control systems, Raihaan has cultivated a deep understanding of every facet of coffee craftsmanship.As General Manager of International Coffee Traders (ICT), a green coffee sales business, Raihaan connects both commercial and home roasters with premium green beans and equipment, sharing his love for exceptional coffee. Inspired by mentors like Phillip Di Bella and a history of innovation, Raihaan is also spearheading coffee events at The Coffee Commune, fostering a thriving community of coffee enthusiasts. Dedicated to excellence and driven by a lifelong passion, Raihaan continues to inspire others through mentorship, entrepreneurship, and a relentless pursuit of the perfect cup.Source: https://www.roastmagazine.com/roastsummit/events/raihann-esatTimestamps for EP267Coffee Market Overview and Initial Discussion (0:00)Factors Contributing to Coffee Price Increases (7:36)Quality Concerns and Market Dynamics (19:41)Consumer Behavior and Market Volatility (26:44)Impact on Coffee Shops and Consumers (47:07)Geopolitical and Weather Impact on Coffee Prices (54:20)TakeawaysGreen Coffee Prices Surge: Over the past 12 months, green coffee prices have increased by 78%, impacting every part of the supply chain.Major Producers Facing Challenges: Brazil and Vietnam, responsible for a large share of global coffee production, are experiencing lower yields due to weather conditions and harvest quality issues.Geopolitical Factors: Disruptions in trade routes, such as those caused by Middle East conflicts, have further strained the coffee supply chain, driving up costs.Changing Consumer Expectations: As prices rise, consumers may need to reconsider what they expect for a $5 cup of coffee and the value they receive in return.Sustainability of Cafes: For cafes to survive, they need to adjust their pricing to reflect increasing costs in labor, rent, and coffee supplies.Links relevant to the conversationOur previous conversation with Raihaan, “The Future of Coffee: Climate Change & Rising Prices w/ Raihaan Esat, International Coffee Traders  – EP217”:https://economicsexplored.com/2023/12/06/the-future-of-coffee-climate-change-rising-prices-w-raihaan-esat-international-coffee-traders-ep217/Raihaan's slide explaining factors driving up coffee prices:https://drive.google.com/file/d/1JAhmCl_TmfSoWRkh9wF9fDFU395mPnyL/view?usp=sharingChart of the green coffee price:https://drive.google.com/file/d/1qnX28VagJ3FtD40JntMujADsNKI-NhBs/view?usp=sharingInternational Coffee Traders at the Coffee Commune:https://www.coffeecommune.com.au/international-coffee-traders/ABC News article “Coffee prices hit record high after bad weather”:https://www.abc.net.au/news/2024-12-11/coffee-prices-hit-record-high-after-bad-weather/104711708Greensquare coffee roaster app:https://www.greensquare.co/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode explores the economic implications of Trump's re-election, France's political deadlock under Macron, and the future of global capitalism. Jean-Baptiste Wautier, a private equity investor and World Economic Forum speaker, shares insights on trade wars and deficits. He argues that short-term profit motives undermine the global capitalist system. Jean-Baptiste also discusses AI's transformative potential. Please note this episode was recorded on 11 December 2024, before French President Macron appointed François Bayrou as the new PM.  If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.Timestamps for EP266Introduction (0:00)Economic Implications of Trump's Re-Election (2:55)Potential Global Trade War (5:50)Global Trade and Economic Interdependence (8:29)Challenges Facing France and the Fifth Republic (13:55)Risks to the Eurozone (20:07)Flaws in Global Capitalism and Potential Solutions (27:34)Examples of Enlightened Capitalism (33:01)The Impact of Artificial Intelligence on Jobs (39:59)Final Thoughts and Future Directions (44:50)TakeawaysTrump's Second Term Risks: His proposed tax cuts and tariffs could reignite inflation and exacerbate the US federal deficit, leading to global economic consequences.France's Political Instability: Macron's government faces gridlock, which could potentially destabilize the Eurozone due to France's growing budget deficit and political deadlock.Global Trade War Unlikely: Despite harsh rhetoric, economic interdependence makes a full-scale global trade war improbable, in Jean-Baptiste's view.Capitalism's Short-Term Focus: Jean-Baptiste argues the current capitalist model prioritizes short-term profits over long-term sustainability, causing inefficiencies and negative externalities like mental health crises and economic inequality.The Role of AI: AI is transforming industries at an unprecedented speed, raising concerns about job displacement and the need for economic adjustments, possibly extending to UBI (Universal Basic Income), depending on the scale of the displacement.Links relevant to the conversationJean-Baptiste Wautier's website:https://wautier.co.uk/EXPLAINER: Why is natural gas still flowing from Russia to Europe across Ukraine?https://apnews.com/article/russia-ukraine-war-natural-gas-f9f00df7195d01404f8cb2a43152a8b1Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Host Gene Tunny discusses significant economic issues from the year. He features clips from interviews with experts on various topics, including the economic consequences of Donald Trump's re-election, the U.S. budget deficit, the gender pay gap, and environmental impact. President Reagan's budget director David Stockman criticizes Trump's policies for being anti-capitalist, citing a $8 trillion increase in public debt. Fiscal policy wonk Dan Mitchell argues that higher taxes are not the solution to the U.S. budget deficit, as spending is the primary issue. Leonora Risse (Assoc. Prof., University of Canberra) explains the concept of "greedy jobs" contributing to the gender pay gap. Marion Tupy of the Cato Institute discusses the long-term decline in commodity prices, and Daniel Lawse of Verdis Group emphasizes the need for sustainable, long-term thinking in business and policy. Daniel also reflects on the modest lifestyle of Warren Buffett, another Omaha resident. John August discusses the impact of immigration on Australia's housing crisis.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.Timestamps for EP265Introduction (0:00)David Stockman (6:20)Dan Mitchell (11:20)Leonora Risse (23:50)Marian Tupy (32:15)Daniel Lawse (41:49)John August (48:06)Links relevant to the conversationEpisodes featuring the clips:https://economicsexplored.com/2024/01/28/reagans-budget-boss-david-stockman-on-trumps-economic-policies-ep224/https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/https://economicsexplored.com/2024/03/10/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230/https://economicsexplored.com/2024/10/16/abundance-mindset-exploring-the-super-abundance-thesis-w-marian-tupy-cato-institute-ep258/https://economicsexplored.com/2024/06/01/helping-seattle-aquarium-others-go-to-net-zero-and-beyond-w-daniel-lawse-verdis-group-ep242/https://economicsexplored.com/2024/04/17/housing-crisis-and-immigration-australias-tough-choices-w-john-august-ep236/Leonora's review of Career and Family: Women's Century-Long Journey toward Equity, by Claudia Goldinhttps://onlinelibrary.wiley.com/doi/abs/10.1111/1475-4932.12716?domain=author&token=UPATKK2WTIAEZ49UMRMVPrinciple of Charity podcast episodes on degrowth:https://podcasts.apple.com/au/podcast/can-degrowth-save-the-planet/id1571868650?i=1000674757240https://podcasts.apple.com/au/podcast/can-degrowth-save-the-planet-pt-2-on-the-couch/id1571868650?i=1000675655623Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Professor Amar Bhidé of Columbia University discusses his new book “Uncertainty and Enterprise”, published by Oxford University Press. It emphasizes the limitations of standard economic models that rely on probability distributions. He argues that entrepreneurship involves dealing with unique, non-quantifiable uncertainties, which require imagination and narrative skills. Bhide critiques the over-reliance on incentives and statistical analysis, advocating for a more imaginative and contextual approach. He highlights the importance of routines and the need for accountability in expert decision-making, particularly in areas like public health and monetary policy. Bhide also discusses the role of narratives in business success and the challenges posed by tech monopolies.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode's guest Professor Amar BhidéProfessor of Health Policy and Management at Columbia University Irving Medical CenterBhidé has researched and taught about innovation, entrepreneurship, and finance for over three decades. He now focuses on teaching, developing, and disseminating case histories of transformational technological advances.A member of the Council on Foreign Relations, a founding member of the Center on Capitalism and Society at Columbia – and a founding editor of Capitalism and Society, Bhide is the author of the forthcoming book Uncertainty, Judgment, and Enterprise (Oxford). His earlier books include A Call for Judgment: Sensible Finance for a Dynamic Economy (Oxford, 2010), The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World (Princeton, 2008), The Origin and Evolution of New Businesses (Oxford, 2000) and Of Politics and Economic Reality (Basic Books, 1984). Starting in the early 1980s, he has written numerous articles for the Harvard Business Review, the Wall Street Journal, the New York Times, and The Financial Times. He has periodically appeared on Bloomberg TV and CNBC.Bhidé was previously the Lawrence Glaubinger Professor of Business at Columbia University and the Thomas Schmidheiny Professor of Business at Tufts University. He has also taught at Harvard Business School (as an Assistant, Associate, and Visiting Professor)and at the University of Chicago's Booth School of Business.His professional experience includes directorship of a FTSE 100 company. In the 1980s, Bhidé was a Senior Engagement Manager at McKinsey & Company, a Proprietary Trader at E.F. Hutton, and served on the Brady Commission staff, investigating the 1987 stock market crash.Bhidé earned a DBA and MBA from Harvard Business School with High Distinction and a B. Tech from the Indian Institute of Technology (Bombay).LinkedIn: https://www.linkedin.com/in/amar-bhide-8202ba10/Timestamps for EP264Uncertainty in Economic Theory and Practice (0:00)The Role of Imagination in Economic Decision-Making (6:44)Narrative and Storytelling in Entrepreneurship (15:01)The Impact of Narratives on Markets and Investment (25:29)Challenges of Regulating Tech Monopolies (32:34)Accountability and Expertise in Governance (41:04)Building Narrative Skills for Entrepreneurs (48:31)Final Thoughts (52:14)TakeawaysThe Distinction Between Risk and Uncertainty: Frank Knight's distinction highlights that risk is quantifiable, but uncertainty involves unknowns, requiring judgment and imagination.The Importance of Narrative in Business: Entrepreneurs use storytelling to make ventures plausible to investors and stakeholders, even when data is incomplete or speculative.Imagination is Key to Profit: Success in entrepreneurship often depends on the ability to imagine scenarios, adapt to setbacks, and create compelling business models.Challenges of Accountability in Modern Institutions: Bhide critiques the lack of accountability among experts in fields like public health and monetary policy, advocating for more robust governance structures.The Role of Plausibility in Decision-Making: Investors and entrepreneurs alike rely on plausible, if not always precise, projections to guide business choices.Links relevant to the conversationAmar's new book Uncertainty and Enterprise:https://www.amazon.com.au/Uncertainty-Enterprise-Venturing-Beyond-Known/dp/0197688357/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=&sr=Corralling the Info-Monopolists (Project Syndicate Op-ed):https://sites.tufts.edu/amarbhide/2018/05/14/corralling-the-info-monopolists-project-syndicate-op-ed/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Dr Vuk Vukovic, economist and founder of Oraclum Capital, joins Gene Tunny to discuss elite networks, their economic impact, and the future of democracy. Delving into his research, Dr Vukovic examines how political connections affect income inequality and corporate success. He shares his innovative Bayesian approach to predicting financial and political trends, offering a glimpse into his hedge fund's methods. The episode also tackles the dangers of centralized political power and explores solutions for empowering communities and fostering trust in democratic institutions. If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.About this episode's guest Dr Vuk VukovicIn brief: an academic and practitioner​Academic...Oxford PhD, LSE Masters, Harvard, Berkeley5-year university teaching experiencePublished in top journals, published a book (@Oxford University Press) => Elite NetworksExpert member of Parliament committeePractitioner...Running a hedge fund in NYC, Oraclum Capital (ORCA), based on our scientific innovation in network theory Before that, founded two companies: market research consultancy & boutique rating agencyMacro-based trader & investor for over 10 years (learning by doing: lots of mistakes, lots of helpful lessons).Timestamps0:00 - Gene introduces Vuk and his work on elite networks and Bayesian analysis3:54 - Vuk explains how they use social network analysis to identify "super forecasters"7:47 - Vuk discusses the performance of his hedge fund Oraclum Capital9:29 - Vuk goes into more detail on their social network survey approach12:54 - Gene and Vuk discuss Vuk's thesis on how political connections contribute to inequality20:21 - Discussion of Lina Khan and potential risks of Trump-Musk connections25:02 - Vuk discusses how corruption and concentrated power can lead to poor economic outcomes33:30 - Vuk outlines recommendations for decentralizing political power and re-empowering citizens39:13 - Vuk's final thoughts on the role of elites and the need for system design to channel their influence positivelyTakeawaysElite Networks Drive Inequality: Dr Vukovic's research shows that corporate executives with political connections earn significantly higher salaries, fueling income inequality.Bayesian Analysis Enhances Forecasting: Dr Vukovic argues his approach improves financial and political predictions by weighting opinions based on network diversity and historical accuracy.Centralization vs. Decentralization: Dr. Vukovic argues for reducing centralized political power to lower inequality and enhance democratic processes.Democracy's Resilience: While acknowledging current challenges, Dr Vukovic remains optimistic about democracy's ability to adapt through trial and error.Links relevant to the conversationInfo on Dr Vuk Vukovic:https://www.vukvukovic.org/Elite Networks book:https://www.amazon.com.au/Elite-Networks-Political-Economy-Inequality/dp/0197774237Oraclum Capital:https://oraclumcapital.com/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Explore the mechanics of decentralized finance (DeFi) with Professor Evgeny Lyandres, who breaks down how decentralized exchanges work and how VirtuSwap stands out in providing liquidity for small-cap crypto assets. With insights into the challenges and future of tokenization, this episode offers a clear view of where DeFi may be heading. Evgeny is Professor of Finance and Head of the Blockchain Research Institute at Tel Aviv University. Disclaimer: This podcast episode contains general information only and is not financial or investment advice. If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.Timestamps for EP262Introduction to Decentralized Exchanges and Their Potential (0:00)The Evolution and Functionality of Decentralized Exchanges (6:38)Challenges and Solutions in Decentralized Finance (22:18)The Future of Crypto and Decentralized Finance (43:32)Optimizing Liquidity and the Role of AI in Decentralized Exchanges (55:15)TakeawaysTokenization of traditional assets, such as stocks or real estate, is a future possibility for DeFi that could expand its impact well beyond the current crypto market.Liquidity pools and smart contracts are essential to DeFi, providing a protocol-based framework where trades occur automatically based on programmed rules.VirtuSwap's unique pool structure, including virtual liquidity reserves, is designed to address the liquidity challenges for less-traded assets in DeFi.With the aid of AI-driven systems like Minerva, DeFi platforms can optimize liquidity allocation, potentially offering higher returns for liquidity providers and more efficient trades for users.Links relevant to the conversationEvgeny's academic web page:https://lyandres.sites.tau.ac.il/VirtuSwap website: https://virtuswap.io/Previous episodes on web3, DeFi, crypto or blockchain:The Future of VC: Blockchain, Web3, and Emerging Markets w/ Qin En Looi, Partner, Saison Capital – EP256https://economicsexplored.com/2024/10/01/the-future-of-vc-blockchain-web3-and-emerging-markets-w-qin-en-looi-partner-saison-capital-ep256/Navigating Volatile Crypto Markets & Avoiding Scams w/ Ben Simpson, Collective Shift – EP249  https://economicsexplored.com/2024/08/14/navigating-volatile-crypto-markets-avoiding-scams-w-ben-simpson-collective-shift-ep249/Digital Money Demystified w/ Prof. Tonya Evans – EP216https://economicsexplored.com/2023/11/30/digital-money-demystified-w-prof-tonya-evans-ep216/Crypto arbitrage searcher Dave Belvedere on crypto and dApps such as Wizards & Dragons – EP178https://economicsexplored.com/2023/03/08/crypto-arbitrage-searcher-dave-belvedere-on-crypto-and-dapps-such-as-wizards-dragons-ep178/Bitcoin & books w/ author & ex-fighter pilot Lars Emmerich – EP157https://economicsexplored.com/2022/09/18/bitcoin-books-w-author-ex-fighter-pilot-lars-emmerich-ep157/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Economist and returning guest Darren Brady Nelson shares insights from his time as the top door-knocker for the Trump campaign in the battleground state of Wisconsin. He explains why Trump's messages on inflation, immigration, and cultural issues resonated with voters. He breaks down Trump's economic vision for the second term, including plans for Elon Musk to lead a government reorganisation. Show host Gene Tunny and Darren discuss the prospects for repairing the US budget and the possible economic implications of Trump's fiscal and trade policies. If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. Timestamps for EP261Introduction (0:00)Darren's experience as Trump's top doorknocker in Wisconsin (3:00)Why Trump won (11:40)Illegal immigration (15:05)Trump and monetary policy (27:30)Elon Musk and government efficiency (33:00)Trump and trade (48:15)Final Thoughts (57:00)Links relevant to the conversationBio for Darren Brady Nelson available here:https://economicsexplored.com/regular-guests/Statistics on illegal immigration in the US:https://cmsny.org/us-undocumented-population-increased-in-july-2023-warren-090624/https://lamborn.house.gov/issues/illegal-immigrationStanford University briefing on China's Use of Unofficial Trade Barriers in the U.S.-China Trade War:https://sccei.fsi.stanford.edu/china-briefs/chinas-use-unofficial-trade-barriers-us-china-trade-warRelevant previous episodes:Is Uncle Sam Running a Ponzi Scheme with the National Debt? w/ Dr Dan Mitchell – EP235 - https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/US infrastructure: lessons from Australia, with Darren Brady Nelson - https://dashboard.simplecast.com/accounts/a4c530a8-52a1-4290-95a3-19c00e80602c/shows/a3789cf6-a26b-464a-ab7f-551db331ee09/episodes/6134a946-eab5-4a0c-bbe3-dfae5a6bf200/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Wharton Professor Michael Useem joins host Gene Tunny to discuss his new book, Resolute Japan, which unveils Japan's emerging shift in management practices fueling a corporate revival. Japanese companies are adopting ambidextrous management, empowering frontline employees, and embracing Western practices while retaining stakeholder-first traditions. He emphasizes the importance of top management in driving change and the potential for Japan to regain global economic prominence by learning from domestic and international best practices.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. Timestamps for EP260Introduction and Overview of the Podcast (0:00)Japan's Economic Downturn and Resurgence (3:30)Methodology and Interview Process (5:44)Innovative Management Practices in Japan (11:29)Ambidextrous Management and Global Influence (21:51)Challenges and Opportunities for Japan (42:36)Economic Research on Management Impact (42:58)Final Thoughts and Recommendations (52:47)TakeawaysJapanese companies are adopting innovative management practices, such as empowering frontline employees and embracing the "gemba walk" to better understand operations.Japanese companies are retaining their commitment to stakeholders, including employees, the community, and the country, while also becoming more open to adopting Western-style management principles.The concept of "ambidextrous management" is emerging, where companies are exploring new industries while exiting declining ones, demonstrating a willingness to adapt to changing market conditions.There is an increasing openness among Japanese companies to learn from and adopt best practices from other countries, which is helping drive their resurgence.The impact of top management changes can significantly influence a company's performance, suggesting the importance of resolute leadership in driving change and improvement.Links relevant to the conversationProfessor Michael Useem's profile:https://mgmt.wharton.upenn.edu/profile/useem/Resolute Japan book:https://www.amazon.com.au/Resolute-Japan-Leaders-Corporate-Resurgence/dp/1613631820OECD Economic Surveys - Japan 2024:https://www.oecd-ilibrary.org/economics/oecd-economic-surveys-japan-2024_41e807f9-enLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Ken Wilcox, former CEO of Silicon Valley Bank, discusses his book "The China Business Conundrum" and the challenges of doing business in China. He explains the concept of "one bed, two dreams," highlighting the disparity in goals between western and Chinese joint venture partners. Wilcox details his bank's entry into China, emphasizing the strategic invitations and control exerted by the Chinese Communist Party. He recounts the extensive regulations and control mechanisms, including a three-year restriction on using Chinese currency. Despite the challenges, Wilcox values the experience, noting the complex interdependence between the U.S. and China.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. About this episode's guest: Ken WilcoxKen Wilcox was the CEO of Silicon Valley Bank (SVB) from 2001 to 2011, then the CEO of SVB's joint venture with Shanghai Pudong Development Bank (SPDB-SVB) in Shanghai until 2015, followed by four years as its Vice Chairman. He currently serves on the boards of the AsiaSociety of Northern California, the Asian Art Museum, and UC San Diego's 21st Century China Center, as well as Columbia Lake Partners, a European venture-debt fund. He is on the Board of Advisors of the Fudan University School of Management in Shanghai and an Adjunct Professor at U.C. Berkeley.Ken holds a PhD in German from Ohio State University and an MBA from Harvard Business School. He has given numerous speeches in both English and Chinese, published a variety of articles in the banking press, and recently wrote the management book Leading Through Culture: How Real Leaders Create Cultures That Motivate People to Achieve Great Things (Waterside Productions, 2020) and its accompanying workbook, How About You? (Waterside Productions, 2023). His account of establishing an innovation bank in China, The China Business Conundrum: Ensure that Win-Win Doesn't Mean Western Companies Lose Twice, is forthcoming from Wiley.To connect with Ken, please visit: www.linkedin.com/in/kenwilcoxsvb/Timestamps for EP259Introduction and Overview of the Podcast (0:00)Ken Wilcox's Journey into China (4:40)Challenges and Strategic Invitations in China (8:10)Guanxi and Corruption in Business Relationships (14:13)State Control and Joint Venture Challenges (20:42)Impact of SVB's Collapse and Final Reflections (40:02)TakeawaysJoint ventures in China often suffer from differing goals between Western companies and their Chinese partners, a phenomenon Ken Wilcox refers to as "One Bed, Two Dreams."The Chinese Communist Party (CCP) holds significant control over both private and state-owned companies, making it difficult for foreign businesses to operate independently.Guanxi, a system of mutual obligation and trust, plays a critical role in business relationships in China, but it often involves navigating corruption and complex social expectations.Foreign companies entering China are often targeted for their intellectual property, and the CCP uses strategic partnerships to gain technological insights.Ken Wilcox's experience with Silicon Valley Bank in China illustrates the frustrations foreign firms face due to slow regulatory processes and overwhelming state control.Links relevant to the conversationKen's book “The China Business Conundrum”:https://www.amazon.com.au/China-Business-Conundrum-Win-Win-Companies/dp/1394294166Previous Economics Explored episodes on China:China's Economic Future Under Xi & the Australia-China Relationship w/ Emmanuel Daniel – EP253 https://economicsexplored.com/2024/09/17/chinas-economic-future-under-xi-the-australia-china-relationship-w-emmanuel-daniel-ep253/Enterprise China: what western businesses need to know w/ Prof. Allen Morrison  – EP171https://economicsexplored.com/2022/12/26/enterprise-china-what-western-businesses-need-to-know-w-prof-allen-morrison-ep171/Why we're in the Decisive Decade with China & what the West should do w/ Dr Jonathan D. T. Ward – EP182https://economicsexplored.com/2023/04/09/why-were-in-the-decisive-decade-with-china-what-the-west-should-do-w-dr-jonathan-d-t-ward-ep182/China, Taiwan & the Indo-Pacific w/ Dr Greta Nabbs-Keller – EP146https://economicsexplored.com/2022/07/04/china-taiwan-the-indo-pacific-w-dr-greta-nabbs-keller-ep146/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Marian Tupy, a senior fellow at the Cato Institute, discusses his book "Super Abundance" with Gene Tunny. Tupy argues that resources are becoming more abundant relative to global population, a concept he calls "super abundance." He explains that human ingenuity has led to cheaper commodities over time. Tupy refutes Malthusian predictions of resource scarcity, citing examples like the Haber-Bosch process for synthetic fertilizer. He also addresses environmental concerns, emphasizing that economic growth and technological advancements can mitigate issues like ocean and air pollution and resource depletion.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. About this episode's guest: Marian Tupy, Cato InstituteMarian L. Tupy is the founder and editor of Human​Progress​.org, and a senior fellow at the Cato Institute's Center for Global Liberty and Prosperity.He is the co-author of the Simon Abundance Index, Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet (2022) and Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting (2020).His articles have been published in the Financial Times, the Washington Post, the Los Angeles Times, the Wall Street Journal, The Atlantic, Newsweek, the U.K. Spectator, Foreign Policy, and various other outlets both in the United States and overseas. He has appeared on BBC, CNN, CNBC, MSNBC, Fox News, Fox Business, and other channels.Tupy received his BA in international relations and classics from the University of the Witwatersrand in Johannesburg, South Africa, and his PhD in international relations from the University of St. Andrews in the United Kingdom.Source: https://www.cato.org/people/marian-l-tupyTimestamps for EP258Introduction and Overview of the Podcast (0:00)Explaining the Concept of Super Abundance (2:30)Methodology and Stylized Facts (6:48)Julian Simon and the Bet with Paul Ehrlich (9:46)Future Prospects and Human Ingenuity (12:45)Environmental Concerns and Degrowth (22:59)Population Growth and Resource Use (33:11)Final Thoughts and Future Prospects (34:08)TakeawaysTupy argues that human ingenuity continuously expands the resource base, making resources more abundant even as populations grow.The concept of "time prices" shows that resources are becoming cheaper relative to wages, supporting the thesis of super abundance.The famous Simon-Ehrlich bet demonstrates that commodities became cheaper over time, disproving doomsday predictions about resource depletion.Technological advancements, such as desalination and agricultural productivity, are key to sustaining resource abundance.Economic prosperity and technological innovation are essential for environmental protection.Links relevant to the conversationMarian's book Superabundance:https://www.amazon.com.au/Superabundance-Population-Growth-Innovation-Flourishing/dp/1952223393Simon–Ehrlich wager Wikipedia entry:https://en.wikipedia.org/wiki/Simon%E2%80%93Ehrlich_wagerRegarding the question, “Is it true that the majority of plastic in the oceans comes from Asia and Africa?” see:https://www.perplexity.ai/search/is-it-true-that-the-majority-o-3aYOSMTyT6m9CcULDm7IugLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

In this episode, Gene Tunny dives into a recent Universal Basic Income (UBI) experiment funded by Sam Altman, CEO of OpenAI. Gene explores the key findings of the randomised controlled trial and discusses whether the positive outcomes are enough to convince sceptics. Are UBI recipients more financially secure, or are there deeper concerns about its impact on labour force participation and long-term wealth? Get Gene's balanced analysis of this major UBI trial and its broader implications.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. Timestamps for EP257Introduction (0:00)Defining Universal Basic Income (UBI) (4:21)Overview of the OpenAI UBI Experiment (8:09)Positive Findings from the OpenAI UBI Experiment (13:54)Concerns and Criticisms of the OpenAI UBI Experiment (21:55)Financial Impact of UBI on Household Net Worth (22:50)Gene Tunny's Skepticism About UBI (34:17)Closing Remarks and Previous Episode Clips (37:57)TakeawaysMixed Outcomes of UBI: The experiment showed some positive effects, such as increased financial flexibility and well-being, but also concerning results, such as a slight decrease in labour market participation.Spending Behavior: UBI recipients spent more on necessities like food and rent; interestingly, they were more likely to help others financially.Limited Educational and Employment Impact: Younger participants showed interest in further education, but there was no significant boost in human capital or labour productivity.Debate Over Financial Impact: UBI did not lead to clear improvements in recipients' financial health. The study found increased debt in some cases, raising questions about UBI's long-term benefits.AI and UBI: As technological advancements continue, UBI is seen by some as a solution to technological unemployment, though Gene and some experts remain sceptical about the scale of potential job loss.Links relevant to the conversationBloomberg article “Sam Altman-Backed Group Completes Largest US Study on Basic Income”:https://www.bloomberg.com/news/articles/2024-07-22/ubi-study-backed-by-openai-s-sam-altman-bolsters-support-for-basic-incomeOpenResearch's website:https://www.openresearchlab.org/Pete Judo's video on UBI experiment failing:https://youtu.be/oyoMgGiWgJQ?si=j3T-3yaEL5RajcpwNBER working papers on the studyThe Employment Effects of a Guaranteed Income: Experimental Evidence from Two U.S. States:https://www.nber.org/papers/w32719The Impact of Unconditional Cash Transfers on Consumption and Household Balance Sheets: Experimental Evidence from Two US States:https://www.nber.org/papers/w32784Two Computer Scientists Debunk A.I. Hype with Arvind Narayanan and Sayash Kapoor:https://youtu.be/M3U5UVyGTuQ?si=qcqSflHCf837GisAAI can do only 5pc of jobs, says MIT economist who fears crash:https://www.afr.com/world/north-america/ai-can-do-only-5pc-of-jobs-says-mit-economist-who-fears-crash-20241003-p5kfilPrevious episodes:https://economicsexplored.com/2022/05/03/a-ubi-advocate-on-its-benefits-and-costs-ep137-show-notes-transcript/https://economicsexplored.com/2022/02/13/ubi-universal-basic-income-w-ben-phillips-anu-ep126/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Qin En Looi, a partner at Saison Capital, discusses the venture capital landscape, particularly in emerging markets like Southeast Asia, India, and Latin America. Saison Capital, backed by Credit Saison, focuses on early-stage investments and has $150 million in assets under management. The firm has seen three exits and emphasizes the potential of Web3 and decentralized finance (DeFi). Looi highlights the efficiency and cost advantages of DeFi, citing examples like Thala, a decentralized currency exchange, and Helix, which tokenizes private credit. He also notes the geopolitical implications, such as near-shoring to Mexico, and the positive impact of the recent Fed rate cut on private investments. NB This episode contains general information and should not be considered financial or investment advice. If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. About Qin En Looi, Partner at Saison CapitalQin En Looi is a seasoned venture capitalist with a wealth of experience in fintech, B2B commerce, and web3 startups. At Saison Capital, he leads pre-seed and seed investments and advises multiple Southeast Asia-based web3 startups. His previous roles include co-founding Glints, the leading talent ecosystem in Southeast Asia, and earning recognition from Forbes 30 Under 30. Qin En is also the creator and host of the successful podcast “Parents in Tech.”Timestamps for EP256Introduction (0:00)Venture Capital Terminology and Investment Strategy (3:19)Evolution of Venture Capital and Web3 (5:49)Qin En Looi's Journey into Venture Capital (9:56)Investment Focus on Web3 and Decentralized Finance (12:29)Helix and the Future of Private Credit (20:02)Geographic Expansion and Global Opportunities (26:34)Concerns About Geopolitical and Economic Tensions (33:59)Impact of Fed Rate Cuts on Private Investments (36:40)Final Thoughts and Future Outlook (39:27)TakeawaysWeb3 Opportunities in Emerging Markets: Southeast Asia and Latin America are ripe for blockchain and decentralized finance innovations, with venture capitalists looking to capitalize on these growing markets.Blockchain and Financial Inclusion: Qin En argues Blockchain technology offers faster and more efficient financial services, helping to increase financial inclusion in underserved regions.Decentralized Finance (DeFi) as a Game Changer: Qin En argues DeFi platforms such as decentralized exchanges are transforming traditional financial models by enabling permissionless, trustless transactions.Private Credit on Blockchain: According to Qin En, tokenizing real-world assets like private credit offers new ways to reduce costs and increase liquidity, opening up more investment opportunities.Geopolitical Risks and Global Expansion: VC firms like Saison Capital are navigating geopolitical tensions by expanding into new markets such as Mexico, taking advantage of nearshoring trends.Links relevant to the conversationSaison Capital: https://www.saisoncapital.com/Information on United States-Mexico-Canada Agreement (USMCA) which replaced NAFTA:https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreementLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED  

Chris Ball, CEO of Hoxton Wealth, discusses the company's focus on wealth management for internationally mobile individuals, particularly in Dubai. Hoxton Wealth, with offices globally, offers fee-based services to high net worth and mass affluent clients, emphasizing comprehensive financial planning. Ball highlights the use of AI for administrative tasks and the challenges of property investing in the current political climate. He also addresses the debate on retirement income withdrawal rates, advocating for a balanced approach between needs and wants. Ball mentions the impact of geopolitical risks and economic trends on their business and the importance of risk-tailored investment strategies. NB This episode contains general information and should not be considered financial or investment advice. If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. Timestamps for EP255Introduction (0:00)Hoxton Wealth's Services and Client Base (4:59)Challenges in Property Investing and Political Climate (5:14)Client Profiles and Financial Planning (5:28)Investment Strategies and Risk Management (14:43)Cryptocurrency and Geopolitical Risks (20:35)Economic and Demographic Trends (23:59)AI in Wealth Management (31:58)Technology and Client Communication (34:37)Final Thoughts and Contact Information (35:44)TakeawaysThe complexity of Global Wealth Management: Managing assets across multiple jurisdictions requires expertise in different tax regimes and regulatory environments, especially for high-net-worth individuals and ex-pats.AI's Role in Financial Planning: While AI may not replace human financial advisors, it helps streamline administrative tasks, reduce costs, improve efficiency, and allow advisors to serve more clients.Property Investment Challenges: Rising interest rates and increasing regulation make property investments less attractive, especially for those looking for passive income in retirement.Retirement Strategies Vary: Wealth management clients need personalized plans that balance their wants and needs for a comfortable retirement.Crypto's Place in Wealth Management: Chris Ball believes cryptocurrencies are here to stay. However, investors need to be prepared for volatility and risk with crypto, making it unsuitable for many traditional clients.Links relevant to the conversationChris's business, Hoxton Wealth: https://hoxtonwealth.com/Chris's bio: https://hoxtoncapital.com/staff/chris-ball/Chris Ball's LinkedIn page: https://www.linkedin.com/in/chrisballhx/Fundsmith Equity Fund, mentioned by Chris in the episode: https://www.fundsmith.co.uk/Controversy over Dave Ramsey's retirement withdrawal rate recommendation:https://youtu.be/Rc1nJj4vE_w?si=_7fVgjShgFKg6VX-https://youtu.be/kghKiz1Mi_8?si=2jAP9DtWKN-LoR50https://youtu.be/dM6Jqm7PPpg?si=pPvYh08bieusPBzOInfo on tax in UAE:https://taxsummaries.pwc.com/united-arab-emirates/individual/taxes-on-personal-income  Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Show host Gene Tunny responds to listener feedback about the private versus public sector's role in wealth creation, particularly addressing externalities like environmental harm and whether governments should fund facilities like Men's Sheds. He also explores the efficiency of the private sector compared to government spending.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. Timestamps for EP254Introduction (0:00)Externalities and Market Efficiency (4:47)Government's Role in Addressing Externalities (11:30)Coase Theorem and Market Failures (19:43)Government Spending and Efficiency (26:31)Men's Sheds and Government Support (32:51)Scott Prasser's Critique of Government Spending (39:43)Balancing Government and Private Sector Roles (45:49)TakeawaysExternalities in Wealth Creation: Private markets can overlook externalities such as pollution or public health impacts, justifying government intervention in some cases.Incentives for Efficiency: Due to market competition, the private sector generally has stronger incentives for efficiency, while government projects typically lack the same discipline.Government Spending Criticism: Many government projects, particularly those done for political reasons, are inefficient and do not consistently deliver expected benefits.Cost-Benefit Analysis is Crucial: Government spending should be evaluated through cost-benefit analysis to avoid wasting public funds.Coase Theorem and Market Solutions: While private negotiation can theoretically resolve externalities (as per the Coase Theorem), it typically does not work in practice due to high transaction costs and imperfect information.Links relevant to the conversationRelevant previous episodes:Government vs Private Sector in Wealth Creation:https://economicsexplored.com/2024/07/05/government-vs-private-sector-who-generates-wealth-ep247/White Elephant Stampede:https://economicsexplored.com/2022/10/17/white-elephant-stampede-w-scott-prasser-ep161/Coase theorem paper - “Does the Coase theorem hold in real markets? An application to the negotiations between waterworks and farmers in Denmark”https://www.sciencedirect.com/science/article/pii/S0301479711003331Urbis review of Men's Sheds:https://www.health.gov.au/sites/default/files/documents/2022/01/review-of-support-for-the-men-s-shed-movement-current-state-report_0.pdfBeyond Blue Report on Men's Sheds:https://mensshed.org/wp-content/uploads/2022/05/Ultrafeed-beyondblue-Mens-Shed-in-Australia-Final-Executive-Report-2013.pdfLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Show host Gene Tunny talks with Emmanuel Daniel, founder of The Asian Banker, about China's evolving economic policies under Xi Jinping. They explore China's state intervention, the country's property sector, and the global implications of Xi's economic vision. Emmanuel also shares insights into Southeast Asia's rise, focusing on Indonesia's growth prospects. The conversation concludes with a discussion of Australia's role in the region, its economic ties with China, and its alliance with the US and UK.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP253Introduction (0:00)China's Property Sector and Economic Challenges (6:32)State's Role in Economic Development and Social Infrastructure (15:20)China's Economic Growth and Productivity (29:15)China's Geopolitical Challenges and US Relations (35:58)Southeast Asia and the Rise of the Rest (44:50)Australia's Role in the Region and Economic Ties with China (53:38)Final Thoughts and Future Directions (56:07)TakeawaysChina's State Activism: The Chinese state has reasserted itself in the economy, implementing policies restricting private sector growth with the objective of promoting long-term social stability.Challenges of State-Led Development: There are limitations to what the state can achieve compared to the dynamism of private markets, especially in frontier technologies.The Socialist-Capitalist Tension: China's current policies reflect a unique blend of socialism and capitalism (aka socialism with Chinese characteristics), with the state playing a more prominent role than in Western economies.Global Implications: China's economic trajectory under Xi Jinping will profoundly affect global markets, particularly as the state asserts more control over private companies.Rise of Southeast Asia: Countries like Indonesia are emerging as economic powerhouses, with domestic consumption and political stability driving their growth.Links relevant to the conversationAbout this episode's guest Emmanuel Daniel:https://www.emmanueldaniel.com/biography-and-contact/Economics Explored ep171 on the Enterprise China model:https://economicsexplored.com/2022/12/26/enterprise-china-what-western-businesses-need-to-know-w-prof-allen-morrison-ep171/Reuters report “Indonesia minister says Musk to consider offer to build EV battery plant in country”:https://www.reuters.com/business/autos-transportation/indonesia-minister-says-musk-consider-building-ev-battery-plant-country-2024-05-20/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Show host Gene Tunny interviews Russell Harrison, CEO of Spartans Boxing Club. They discuss the rise of boutique boxing gyms, the benefits of boxing for fitness and mental health, and the challenges of expanding a fitness franchise globally. Russell describes how Spartans uses technology to enhance the member experience and how boxing training can benefit corporate executives and employees. Hear from Russell about Spartans' "White Collar Boxing" events, where high-performing corporate executives and professionals undergo 12 weeks of boxing training, culminating in a black-tie gala event. If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP252Introduction (0:00)Ensuring Safety in Boxing (3:13)Fitness Benefits of Boxing (6:01)Training and Techniques at Spartans Boxing Clubs (8:32)Expansion into the Australian Market (10:20)Boutique Fitness Market and Franchise Model (13:43)Gender Balance and Market Demographics (35:03)Corporate Wellness and Holistic Health (35:20)White Collar Boxing (43:10)Final Thoughts and Future Plans (45:16)TakeawaysCommunity-Driven Gyms: Spartans Boxing Club focuses on creating accessible, community-oriented gyms that cater to a wide demographic, including families and professionals.Franchise Success: Spartans Boxing's franchise model is designed to be mutually beneficial, with a focus on providing value and support to franchisees.Holistic Wellness: Beyond physical fitness, Spartans Boxing integrates mental health programs, showing the importance of a holistic approach to well-being.Global Expansion: Spartans Boxing has successfully expanded into multiple countries by adapting its business model to local markets and regulations.Boutique Fitness Trends: The rise of boutique gyms like Spartans Boxing reflects a shift towards more personalised, community-focused fitness experiences.Links relevant to the conversationSpartans Boxing Club:https://spartansboxing.com/A study reporting “Boxing appears to be an effective treatment for persons with Parkinson's disease”:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9837687/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

This episode delves into the work of Good Business Lab (GBL), co-founded by Professor Achyuta Adhvaryu. GBL focuses on innovative workplace interventions to improve worker well-being and firm productivity, and it typically evaluates these interventions using Randomized Controlled Trials (RCTs). Show host Gene Tunny and Ach discuss the effectiveness of soft skills training programs and the importance of worker voice in creating a more engaged and productive workforce. They discuss methodological issues regarding RCTs and whether the Hawthorne effect is a concern. Ach is Tata Chancellor's Professor of Economics and Director of the 21st Century India Center at UC San Diego.If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. About this episode's guest: Professor Achyuta AdhvaryuAchyuta Adhvaryu is the Tata Chancellor's Professor of Economics at the School of Global Policy and Strategy and is the inaugural director of the 21st Century India Center at UC San Diego. Adhvaryu's research interests are in development economics, organizational economics and health economics, and his experience in organizational development make him well-suited to lead our new center. Prior to this role, Adhvaryu was a professor at the University of Michigan and an assistant professor at the Yale School of Public Health.https://gps.ucsd.edu/faculty-directory/achyuta-adhvaryu.htmlWhat's covered in EP251Introduction. (0:00)Achyuta's Early Career and Research in East Africa (1:53)Historical Examples of Private Sector Impact (17:03)Good Business Lab's Approach and Findings (21:45)Methodology and Measurement of Impact (37:56)Hawthorne Effect and Replication of Findings (43:33)Economic Development and Convergence (49:44)TakeawaysSoft skills training can significantly improve productivity, even in blue-collar settings.Worker voice, when effectively harnessed, can reduce turnover and absenteeism while boosting productivity.Good Business Lab demonstrates the practical value of academic research when applied to real-world business challenges.A growing body of evidence supports the integration of worker wellbeing initiatives into business strategies globally.Links relevant to the conversationGood Business Lab:https://goodbusinesslab.org/UC San Diego 21st Century India Center that Ach directs:https://india.ucsd.edu/Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Show host Gene Tunny and Morgans Chief Economist Michael Knox explore the recent insights Reserve Bank of Australia Deputy Governor Andrew Hauser shared on monetary policy at the 2024 Economic Society of Australia (QLD) business lunch. They examine the RBA's data-driven approach to interest rates,  the equilibrium real interest rate concept, and the impacts of Quantitative Tightening (QT). Michael is one of Australia's leading market economists and RBA watchers, and he led the Q&A session with the Deputy Governor at the lunch. If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP250Introduction. (0:00)RBA's monetary policy decisions and the influence of high US debt on interest rates. (4:13)The equilibrium real interest rate. (10:29)Monetary policy, inflation, and interest rates. (14:16)Central bank balance sheet unwind and its potential impact on interest rates. (21:42)US budget deficits, bond yields, and quantitative tightening. (27:09)Chinese RMB's decline in international reserve currency status. (34:18)TakeawaysRBA's Data-Driven Approach: The Reserve Bank of Australia relies on actual data more than forecasts when making interest rate decisions.Criticism of Overconfidence: RBA Deputy Governor Andrew Hauser criticised the unwarranted confidence with which some commentators argue for monetary policy moves.Implications of Quantitative Tightening (QT): The recent period of quantitative easing has complicated the relationship between government budget deficits and bond yields. However, there are concerns that as QT continues and deficits remain high, this relationship could reassert itself and lead to higher long-term interest rates than otherwise.Links relevant to the conversationRBA Deputy Governor Andrew Hauser's Beware False Prophets speech:https://www.rba.gov.au/speeches/2024/sp-dg-2024-08-12.htmlChris Joye's article ‘Arrogant RBA boss should stop trying to muffle opponents':https://www.afr.com/policy/economy/arrogant-rba-boss-should-stop-trying-to-muffle-opponents-20240813-p5k25pKevin M Warsh: Financial market turmoil and the Federal Reserve – the plot thickens https://www.bis.org/review/r080415e.pdfFull transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Ben Simpson, founder of Collective Shift, a crypto education and research company, shares valuable insights into the volatile world of cryptocurrency. Because the crypto field is filled with misinformation and scams, Ben emphasises the need for comprehensive education and reliable research before making investment decisions. He emphasises the importance of understanding the risks and potential of Bitcoin and other digital assets. He also discusses the regulatory landscape in Australia and the disruptive potential of decentralised finance (DeFi). NB This podcast episode contains general information only and should not be considered financial or investment advice.If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP249Introduction. (0:00)Crypto market volatility and how to navigate it. (1:40)Bitcoin as a digital gold with potential for long-term growth. (6:54)Crypto regulation, tax treatment, and education. (12:21)Investing in cryptocurrency, avoiding scams, and seeking professional help. (16:44)Bitcoin ETFs and investment options in Australia. (21:06)Crypto market volatility, correlation with the stock market, and investment strategies. (25:20)Crypto investing and decentralised finance with Ben Simpson. (31:03)TakeawaysUnderstanding Crypto Volatility: Cryptocurrency markets, especially Bitcoin, are highly volatile. Investors must be prepared for significant price swings and understand the underlying factors driving these fluctuations.Importance of Education: The crypto space is filled with misinformation and scams. Ben emphasises the need for comprehensive education and reliable research before making investment decisions.Regulatory Landscape: The regulatory environment for cryptocurrencies, particularly in Australia, is still evolving. While Bitcoin and Ethereum are generally considered safe from a regulatory standpoint, many other cryptocurrencies could face challenges.Decentralised Finance (DeFi): DeFi has the potential to disrupt traditional banking by offering financial services without intermediaries. This space is growing and may offer exciting opportunities for investors.Safe Investing Strategies: Ben advises new investors to start with Bitcoin and be cautious of lesser-known cryptocurrencies, many of which may lack real value and be risky investments.Links relevant to the conversationCollective Shift: https://collectiveshift.io/Ben's YouTube channel: https://www.youtube.com/@BenCollectiveShiftBen and Bergs podcast: https://open.spotify.com/show/5xir3V8fvtmHTAQy2D9dQdFull transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Gene Tunny welcomes Dr Nicholas Gruen from Lateral Economics to explore the decline of Australia's policy exceptionalism. They delve into the era of microeconomic reforms, the role of neoliberalism, and the challenges current policymakers face. Nicholas provides a historical perspective and discusses potential ways forward. He shares insights from his time advising the Hawke and Keating governments, discussing the successes and failures of Australia's economic reforms from the 1980s and 1990s.This is the last episode before a four-week break. Economics Explored will return in August 2024. If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP248Introduction to Australia's loss of policy exceptionalism. (0:00)Regulation, economics, and politics in Australia in the 1960s and 1970s. (4:59)Early Australian economic reform and its challenges. (10:45)Australian economic reform under Hawke and Keating governments. (16:20)Car industry policy. (21:36)Free education vs HECS - why was HECS a good reform? (32:06)Airline deregulation. (36:48)Privatisation of public assets and its consequences. (42:55)Economics of toll roads (48:18)TakeawaysSince the early 2000s, Australia seems to have lost the problem-solving spirit and policy exceptionalism of the 1980s and 1990s, struggling in various policy areas like energy.Impact of Neoliberalism: Neoliberal reforms, initially embraced by the left, significantly improved Australia's economic landscape but also led to unintended consequences.Key reforms included cutting tariffs, higher education policy changes, airline deregulation, and other competition policy reforms, but some privatised infrastructure assets have not been appropriately regulated post-privatisation.Challenges in Current Policy: Australia faces challenges in various policy areas, including energy and housing, indicating a need for renewed reform efforts.Moving forward will require reinvigorating honest, evidence-based policy conversations focusing on problem-solving rather than fixed ideological positions.Links relevant to the conversationNicholas's YouTube channel where Uncomfortable Collisions with Reality episode will be published:https://www.youtube.com/@NicholasGruenNicholas's Club Troppo post on economic reform featuring Colin Clark quote:https://clubtroppo.com.au/2008/03/01/compare-and-contrast/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, Gene Tunny explores the relationship between government spending and wealth creation. He talks about President Obama's memorable expression, “You didn't build that”, and how economists think about the role of government and wealth creation. Gene discusses the roles of both the government and private sector in generating wealth and their impact on productivity, GDP and living standards.  If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP247Government role in the economy - private sector vs public sector. (0:00)Government spending and its impact on the economy. (5:52)Keynesian economics and the role of aggregate demand in determining GDP. (11:51)Government spending and its impact on productivity. (18:13)Government intervention in the economy, with a focus on public goods and cost-benefit analysis. (25:11)Government's role in the economy, potential for crowding out the private sector. (31:32)Government impact on the economy and living standards. (38:20)TakeawaysGovernment Spending and GDP: Government expenditures can contribute to GDP, but their efficiency and the type of spending critically determine their economic impact.Private Sector's Role: The private sector is essential in wealth creation due to its efficiency incentives, but it also depends on government-provided infrastructure and services.Crowding-out Effect: Excessive government spending can crowd out private investment, potentially reducing overall economic efficiency and growth.Cost-Benefit Analysis: It is vital to conduct thorough cost-benefit analyses for government projects to ensure that public funds are used effectively and do not become a drain on the economy.Links relevant to the conversationDan Mitchell's article on the impact of government spending on economic growth:https://www.heritage.org/budget-and-spending/report/the-impact-government-spending-economic-growthDan's article “OECD Economic Research Finds that Government Spending Harms Growth”https://danieljmitchell.wordpress.com/2016/11/28/oecd-economic-research-finds-that-government-spending-harms-growth/Episode on Alvin Hansen and Evsey Domar:https://economicsexplored.com/2024/06/19/popularizing-keynes-how-alvin-hansen-and-evsey-domar-shaped-post-war-macroeconomics-ep245/Episode on Thatcher:https://economicsexplored.com/2020/12/06/ep64-adam-smith-margaret-thatcher-with-dr-eamonn-butler/Bacon and Eltis's 1978 book “Britain's Economic Problem: Too Few Producers”:https://link.springer.com/book/10.1007/978-1-349-15863-8 Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode features a conversation between Gene Tunny and Stephen Kirchner about the US dollar's dominance in global finance. They examine the reasons behind the dollar's strong position, the effects of US fiscal policy and public debt, and the debate over its future role. Kirchner explains how the US's status as a net oil exporter influences currency dynamics and global trade.If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. About Stephen KirchnerStephen Kirchner is the Senior Economist at the Business Council of Australia, the former Program Director for Trade and Investment at the United States Studies Centre at the University of Sydney, and a Senior Fellow of the Fraser Institute. An expert in monetary and fiscal policy, financial markets, and trade economics, Mr. Kirchner was formerly a research fellow at Australia's Centre for Independent Studies, an economist with Action Economics, LLC and a former director of economic research with Standard & Poor's Institutional Market Services, based in Sydney and Singapore. He has also worked as an advisor to members of the Australian House of Representatives and Senate.Mr. Kirchner holds a BA (Hons) from the Australian National University, a Master of Economics (Hons) from Macquarie University, and a PhD in Economics from the University of New South Wales. He blogs at www.institutional-economics.com and is active on Twitter (@insteconomics).What's covered in EP246US dollar's global role as reserve currency, benefits, and potential challenges. (0:00)US fiscal policy and its impact on the US dollar's global role. (8:40)Monetary vs fiscal policy dominance in determining interest rates and exchange rates. (14:39)US dollar's role in global finance and its potential replacement by other currencies. (20:39)China's economy, currency, and trade agreements. (29:59)TakeawaysThe US dollar's dominant role in global finance is largely due to the unparalleled size, depth, and liquidity of US capital markets.Despite concerns about the US fiscal position, the demand for US assets remains strong, which supports the dollar's value.Other economies, like the Eurozone and China, face challenges in rivaling the US dollar due to less developed capital markets.The US becoming a net oil exporter has altered the traditional relationship between the US dollar and commodity prices.Fiscal policy in the US, while concerning, does not currently pose an immediate threat to the dollar's global dominance due to strong international demand for US assets.Links relevant to the conversationStephen's post on dollar dominance:https://stephenkirchner.substack.com/p/dollar-dominance-if-you-can-keepStephen's US Studies Centre article “The ‘reserve currency' myth: The US dollar's current and future role in the world economy”:https://www.ussc.edu.au/the-reserve-currency-myth-the-us-dollars-current-and-future-role-in-the-world-economyStephen's post on how the US dollar is now a commodity currencyhttps://stephenkirchner.substack.com/p/why-is-the-australian-dollar-so-weakLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, show host Gene Tunny explores the influential theories of economists Alvin Hansen, the “American Keynes", and Evsey Domar. The episode was inspired by a first edition copy of Hansen and Perloff's 1944 book “State and Local Finance in the National Economy” that Gene was gifted. It includes a handwritten inscription from Hansen to Domar, his student at Harvard. Key topics include the Keynesian IS-LM model, the secular stagnation hypothesis, and the Harrod-Domar growth model. The episode provides a rich historical context and examines the relevance of these theories to today's economic challenges.If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP245Book by Alvin Hansen and Harvey Perloff on State and Local Finance in the National Economy. (0:00)Alvin Hansen's contributions to economics, including popularizing Keynes's theory and teaching influential students such as Paul Samuelson and Evsey Domar. (5:06)IS-LM model. (11:13)Keynesian economics and secular stagnation hypothesis. (17:42)Fiscal policy and its impact on the economy. (25:28)Domar's life and growth model. (32:29)Harrod-Domar model and its implications for economic policy. (39:00)Economic growth models and their limitations. (45:22)TakeawaysSecular Stagnation Hypothesis: Hansen's theory suggesting that mature economies could face prolonged periods of low growth due to structural factors.IS-LM Model: Developed by Hansen and Hicks, this model became a foundational tool in macroeconomics for analyzing the effects of fiscal and monetary policy.Fiscal Perversity Hypothesis: Hansen and Perloff's analysis showing that state and local fiscal policies can sometimes exacerbate economic downturns.Harrod-Domar Growth Model: An important Keynesian model that emphasizes the relationship between investment and economic growth, though not fully explaining long-term growth.Legacy and Influence: Both Hansen and Domar significantly shaped the development of economic theory and policy, influencing key areas such as social security and public investment strategies.Links relevant to the conversationInscription from Hansen to Domar on Gene's copy of State and Local Finance in the National Economy:https://drive.google.com/file/d/167cJbNhxBJpsKRwSYGHxbjupX1Q3Iacx/view?usp=sharingWilliam Easterly's paper on the Harrod-Domar model:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=11020Fiscal perversity papers:Fabrizio Carmignani's article “Can public expenditure stabilize output? Multipliers andpolicy interdependence in Queensland and Australia”:https://www.sciencedirect.com/science/article/abs/pii/S0313592615300242?via%3DihubTamim Bayoumi and Barry Eichengreen's paper “Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization”:https://www.elibrary.imf.org/view/journals/024/1995/001/article-A002-en.xmlAn abridged version of Skidelsky's three-volume biography of Keynes:https://www.penguin.com.au/books/john-maynard-keynes-9780143036159Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Darren Brady Nelson joins Gene Tunny to discuss the evolution of competition policy in Australia over the past few decades. Darren draws on his experience as an economist in the NSW Treasury and the Queensland Competition Authority. Gene and Darren reflect on the successes of the original National Competition Policy reforms and assess the more limited scope of the subsequent competition policy review. Darren analyzes CPI data to understand rising living costs and argues for reducing government interventions. The conversation also covers unintended policy consequences (e.g. fraud in disability services provision), the US Founding Fathers' vision for limited government, and debates around the appropriate roles and sizes of government in Australia and the US. If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP244Australian competition policy history and reforms. (0:00)Free market competition and its impact on living standards. (7:56)Economic policy and its impact on individuals, including a tragic story from Karen Chester illustrating the costs of high tariffs. (12:31)Economic policy reforms in Australia during the 1980s and 1990s, including the Hilmar report and National Competition Policy (16:08)The benefits and costs of National Competition Policy in Australia. (23:36)Sequels and the original, with examples from movies and economics. (31:51)Competition policy and its benefits, challenges, and potential reforms in Australia. (35:27)Cost of living and government interventions. (40:12)Government intervention in various sectors, including energy, childcare, and alcohol/tobacco. (44:42)Government policies and their unintended consequences, including fraud in disability support programs. (49:23)The size and role of government in Australia and the US, focusing on the founding fathers' intentions. (53:43)Competition policy in Australia and the US, focusing on regulation and deregulation. (1:00:10)Economics, regulation, and antitrust law with a focus on Australia and the US. (1:06:07)TakeawaysNational Competition Policy (NCP) significantly improved economic efficiency and consumer benefits in Australia.Reforms under NCP included corporatization and privatization of government-owned businesses, and opening up markets such as telecommunications and airlines to competition, leading to lower prices and better services in many cases.Despite being from a traditionally left-wing political party, the Hawke-Keating Government was crucial in initiating market-friendly reforms.Future competition policy reforms face challenges due to political and lobbying pressures, especially in regulated sectors like pharmacies.Transparent and rational community service obligations were key to ensuring fair distribution of competition policy benefits. Links relevant to the conversationWhere you can find Darren's submission to the Productivity Commission's National Competition Policy analysis inquiry:https://www.pc.gov.au/inquiries/current/competition-analysis/submissionsAFR article “PC's Karen Chester's love of economics born of despair” (pay-walled):https://www.afr.com/politics/pcs-karen-chesters-love-of-economics-born-of-despair-20161206-gt4pohWhitlam Era book featuring Gene's article on Whitlam and the Economy:https://www.connorcourtpublishing.com.au/THE-WHITLAM-ERA-A-REAPPRAISAL-OF-GOVERNMENT-POLITICS-AND-POLICY_p_511.htmlProductivity Commission's 2005 NCP review:https://www.pc.gov.au/inquiries/completed/national-competition-policy/report/ncp.pdfEpisode featuring John Nantz, Free Markets & Limited Government: Lessons from the Founding Fathers for Today  – EP218: https://economicsexplored.com/2023/12/14/free-markets-limited-government-lessons-from-the-founding-fathers-for-today-ep218/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode explores the resurgence of industrial policy in the US and Australia. We critically analyze whether government interventions can truly shape industries or if they are doomed to repeat past mistakes, such as those experienced during the 1970s and with the Concorde project. The episode includes clips featuring Saxon Davidson from the Institute of Public Affairs and Eamonn Butler from the Adam Smith Institute. If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP243Introduction to Industrial policy and its potential consequences. (0:00)Budget, inflation, and economic policies in Australia. (8:34)Climate change policy and government incentives for renewable energy. (13:59)Australian economy, productivity, and government intervention. (19:44)UK's economic struggles in the 1970s, including strikes. (29:41)The failure of the Concorde supersonic jet project. (35:59)Failures of activist industrial policy - e.g. in Australia's car industry. (49:16)TakeawaysRevival of Industrial Policy: Governments in the US and Australia are reintroducing industrial policies to shape their economies, sparking debate among economists.Historical Lessons: The economic turmoil of the 1970s and failures such as the Concorde serve as cautionary tales against heavy government intervention in industry.Climate Policy Challenges: The push for renewable energy in Australia raises concerns about the rapid transition and its impact on the economy and energy grid reliability.Productivity Focus: Effective economic policies should enhance productivity through structural reforms rather than picking winners.Government's Role: While there is a place for government to address market failures, extensive intervention often leads to inefficiencies and unintended consequences.Links relevant to the conversationAustralian Taxpayers' Alliance Budget Chat:https://www.youtube.com/live/MYX35Lk_ZYA?si=0kJzBt47Yh_5sUnSGene's CIS issues analysis paper on the Australian budget, co-authored with Robert Carling:https://www.cis.org.au/publication/budget-fails-important-policy-tests/Episode with Eamonn Butler on Thatcher:https://economics-explained.simplecast.com/episodes/adam-smith-and-margaret-thatcher-with-dr-eamonn-butler-1oXNvQg_Episode on Concorde:https://economicsexplored.com/2022/03/20/concordes-economic-lessons-a-closer-look-ep131/Previous episodes on Australia's energy transition:https://economicsexplored.com/2023/08/24/australias-net-zero-transition-successes-challenges-w-andrew-murdoch-arche-energy-ep202/https://economicsexplored.com/2022/12/19/aussie-energy-crisis-net-zero-transition-w-josh-stabler-energy-edge-ep170/Australia's Hydrogen Production and Critical Minerals Tax Incentives:https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/hydrogen-production-and-critical-minerals-tax-incentivesLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee until 30 June 2024.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Daniel Lawse, Chief Century Thinker at Verdis Group, helps many organizations, such as Seattle Aquarium, become more sustainable and contribute positively to the environment. Daniel joins Gene Tunny to discuss how organisations can make meaningful climate and environmental actions. They cover regenerative practices, the journey from sustainability to net-zero emissions, and the crucial role of long-term strategic planning. They also discuss the degrowth movement and how Warren Buffett's annual Berkshire Hathaway meeting boosts local businesses in Omaha, where Verdis Group is based.  If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP242Introduction. (0:00)Climate action plans and sustainability implementation for organizations. (3:05)Regenerative systems, circular economy, and ecosystem types. (10:29)Sustainability and environmental economics, enlightened self-interest and long-term thinking. (16:09)Sustainable growth and development, comparing nature's regenerative approach with human economies. (23:15)Growth vs degrowth. (29:20)Warren Buffett's impact on Omaha. (34:20)TakeawaysThrough climate action plans, organizations can take practical steps to reduce their environmental impacts and work towards goals like net zero emissions.Shifting mindsets from short-term to long-term thinking and considering impacts on future generations can drive more sustainable decision-making.Nature provides many examples of regenerative and circular systems that organizations can learn from using approaches like biomimicry.Enlightened self-interest and purpose-driven values can be strong motivators for sustainability action in addition to regulatory requirements.Balancing economic and environmental considerations is an important topic for debate.Links relevant to the conversationVerdis Group: https://verdisgroup.com/Seattle Aquarium case study: https://verdisgroup.com/case_studies/seattle-aquarium/Patagonia - Don't Buy This Jacket, Black Friday and the New York Times: https://www.patagonia.com.au/blogs/stories/don-t-buy-this-jacket-black-friday-and-the-new-york-timesBooks on the role of energy in growth and relevant to the degrowth debatehttps://www.e-elgar.com/shop/gbp/the-economic-growth-engine-9781849804356.htmlhttps://www.amazon.com.au/Civilization-Distinguished-Professor-Emeritus-University/dp/0262035774https://www.amazon.com.au/Growth-Microorganisms-Megacities-Vaclav-Smil/dp/0262042835Previous episode on degrowth:https://economicsexplored.com/2023/10/06/growth-or-degrowth-w-oliver-hartwich-nz-initiative-ep208/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee until 30 June 2024.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Consumers have noticed bags of chips, chocolates, and many other products have shrunk, but prices have not come down. This episode of Economics Explored features a detailed discussion on shrinkflation with Gene Tunny and Arturo Espinoza Bocangel. They analyze various examples of shrinkflation and its impact on the cost of living. The episode also considers the potential for regulatory and other measures to address this practice. For instance, a US Senator wants to outlaw shrinkflation, and a French supermarket chain puts a sticker on shelves identifying shrunken products. Gene and Arturo also consider the high degree of market concentration in the grocery sector and what the FTC in the US and the ACCC in Australia can do about it.If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP241Introduction to Shrinkflation (product shrinking in size while price remains the same). (0:00)Shrinkflation in the food industry, with examples of product size reductions and price increases. (5:04)Senator Casey's proposal to stop corporations from deceiving consumers through shrinkflation. (10:05)Shrinkflation and its impact on consumer prices. (13:38)Shrinkflation as a business strategy. (19:10)Market power and concentration in the Australian supermarket industry. (25:25)Supermarket competition in Australia, with a focus on Coles and Woolworths. (30:12)Supermarket power and calls for regulation. (35:47)Coles and Woolworths' market power and supplier squeeze. (40:41)TakeawaysShrinkflation Explained: Shrinkflation occurs when manufacturers reduce the size of products while maintaining the same price, effectively increasing the unit price without consumers' direct awareness.Impact on Consumers: This practice can be deceptive, as it often goes unnoticed by consumers who end up paying more for less, affecting their purchasing power and overall cost of living.Supermarket Power: Large supermarkets like Coles and Woolworths have significant market power, which they can use to negotiate lower prices from suppliers. There are allegations of unfair use of this market power and there are a couple of government inquiries investigating this among other market power issues. Regulatory Responses: There are ongoing discussions and legislative efforts, such as those led by Senator Bob Casey in the US, to classify shrinkflation as a deceptive practice and regulate it more strictly.Market Concentration: The high level of market concentration in the supermarket sector, particularly in Australia and to an extent in the US, means that major supermarkets can allegedly make it harder for new entrants like Aldi and Costco to compete effectively.Links relevant to the conversationSenator Casey's Report on Shrinkflation: https://www.casey.senate.gov/imo/media/doc/shrinkflation_report.pdfABS on how shrinkflation is accounted for in CPI calculation:https://www.abs.gov.au/articles/quality-change-australian-cpiCarrefour's Shrinkflation Warning:https://www.bbc.com/news/business-66809188  Sanjoy Paul's article on eight ways Woolworths and Coles squeezed their suppliers and customers:https://theconversation.com/8-ways-woolworths-and-coles-squeeze-their-suppliers-and-their-customers-223857Details on the exchange between the Woolworths CEO and an Australian Senator during an inquiry - “Greens senator threatens Woolworths CEO with six months in prison for contempt of Senate”:https://www.abc.net.au/news/2024-04-16/woolworths-ceo-threatened-with-contempt-by-senate-committee/103728244Bloomberg report on Lina Khan and FTC:https://www.theguardian.com/us-news/2024/mar/09/lina-khan-federal-trade-commission-antitrust-monopoliesPrevious episodes discussing supermarkets and market power with Simon Cowan and Danielle Wood:https://economicsexplored.com/2023/08/31/how-to-improve-housing-affordability-and-why-the-greedflation-thesis-is-wrong-w-simon-cowan-cis-ep203/https://economicsexplored.com/2024/03/12/from-the-vault-antitrust-with-danielle-wood-now-australian-productivity-commission-chair/Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee until 30 June 2024.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Stephen Brittain, co-founder of Insurtech Gateway, explains how insurance technology, ‘insurtech,' provides solutions to real-world problems. From aiding farmers in India to deal with the ‘hot cow' problem to rethinking commercial flood insurance in the US, startups incubated by Insurtech Gateway are crucial players in helping people and businesses better handle risks.If you have any questions, comments, or suggestions, please email us at contact@economicsexplored.com  or send a voice message via https://www.speakpipe.com/economicsexplored. What's covered in EP240Introduction. (0:00)Incubating startups in the insurance industry, reducing early stage risk. (4:53)Innovation in insurance industry, including use of data and AI to predict risk and personalize policies. (9:40)Using parametric insurance to manage flood risk. (14:28)Flood insurance and risk management using technology. (19:36)Using technology to mitigate risks in agriculture and the insurance industry. (24:44)Disrupting the insurance industry with new technologies and innovations. (31:21)De-risking climate innovation and insuring against natural disaster risks. (37:17)Using technology to manage natural disaster risks. (40:48)TakeawaysInsurtech is leveraging technology to fundamentally change the relationship between insurers and customers, focusing on transparency and proactive risk management.Technological advances in the insurance sector are now tackling real-world problems by enhancing predictive models and using data more effectively to mitigate risks.InsurTech innovations improve customer service and efficiency and can also address big challenges such as climate change and disaster management.Collaboration between tech innovators and traditional insurance companies can potentially redefine industry standards and expectations, leading to more tailored insurance products.Regulatory challenges remain significant, but the evolving landscape of insurtech suggests a promising future.Links relevant to the conversationInsurtech Gateway website:https://www.insurtechgateway.com/ (scroll down for the video summary of what they do)Article about the cost-benefit analysis Gene did for IND Technology:https://adepteconomics.com.au/early-fault-detection-for-rural-power-lines-can-reduce-bushfire-risk/FloodFlash:https://floodflash.co/us/Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode delves into Adam Smith's four maxims of taxation and examines their relevance in today's economic environment. Host Gene Tunny explores the balance between efficiency and equity, discussing historical perspectives and contemporary debates, such as the proposed billionaire tax.Please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored  with any questions, comments, or suggestions. What's covered in EP239Introduction. (0:00)Important taxation principles. (5:33)Taxation principles and maxims from Adam Smith's "The Wealth of Nations". (13:19)Wealth inequality and proposed taxes on billionaires. (20:30)A classically liberal perspective from Simon Cowan. (28:33)Taxation principles, including horizontal and vertical equity, convenience, and efficiency. (33:29)Taxation and its impact on economic activity. (41:19)Adverse impacts of high taxes: example from Australia's tobacco industry. (47:54)Wrap up of taxation principles from Adam Smith's "Wealth of Nations." (54:04)TakeawaysAdam Smith's maxims of taxation remain highly relevant, advocating for efficiency, equity, certainty, and convenience in tax systems.Contemporary tax debates often reflect a trade-off between efficiency (minimizing economic distortions) and equity (ensuring fairness across different income groups and treating similar people in the same way).The episode highlights the potential adverse consequences of high taxation, such as reduced economic growth and black markets and organized crime.Discussions on billionaire taxes illustrate ongoing disagreements about how to design tax systems that balance economic incentives and equity.The taxation principles discussed are essential for understanding governmental approaches to raising revenue while minimizing negative economic impacts.Links relevant to the conversationRecent episode with Dan Mitchell on US debt:https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/Episode featuring Simon Cowan on tax:https://economicsexplored.com/2024/02/23/the-tax-reform-debate-cutting-through-the-spin-w-simon-cowan-cis-ep228/Episode with Miranda Stewart on Billionaire and inheritance taxes:https://economicsexplored.com/2021/11/06/ep112-taxing-the-rich-billionaire-and-inheritance-taxes/Episode with Steve Rosenthal on Tax rules benefiting tech titans and hedge fund managers:https://economicsexplored.com/2021/11/22/ep114-tax-rules-benefiting-tech-titans-and-hedge-fund-managers/Adam Smith's The Wealth of Nations: Books IV-V: https://www.amazon.com.au/Wealth-Nations-Books-IV-V/dp/0140436154One of Dan Mitchell's posts at International Liberty on the adverse impact of taxation on economic growth:https://danieljmitchell.wordpress.com/2018/03/10/new-imf-study-shows-u-s-would-benefit-from-lower-tax-rates-and-less-government-spending/Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode explores the profound influence of Reaganomics and its enduring legacy in American economic policy with tax expert and former US Treasury attorney Ed Oswald. He is the author of a new book, “From Ronald to Donald: How the Myth of Reagan Became the Cult of Trump”. Oswald discusses the transition from Reagan's tax reforms to Trump's tax policies, highlighting the continuity in supply-side economics and its implications for fiscal policy and the national debt.Please email us at contact@economicsexplored.com or send a voice message via https://www.speakpipe.com/economicsexplored  with any questions, comments, or suggestions. About this episode's guest: Edwin G. OswaldEdwin G. Oswald is a partner with the law firm of Orrick, Herrington & Sutcliffe LLP, resident in Washington D.C. He served as an attorney-advisor in the United States Treasury's Office of Tax Legislative Counsel during the Clinton Administration. He is a Fellow of the American College of Tax Counsel and a frequent lecturer on financing State and local infrastructure and the federal taxation of municipal debt. The book is a personal project of Mr. Oswald's and the views and opinions expressed herein are those of the co-authors and do not represent the views and opinions of Orrick.What's covered in EP238Reagan's economic policies and their impact on the US deficit. (0:00)Supply-side economics and its impact on US deficits. (6:55)Reaganomics and its impact, and the impact of Clinton administration policies (e.g. NAFTA, repeal of Glass-Steagall). (16:14)Reagan and Trump similarities, tax cuts, and budget. (26:24)Tax policy and its impact on the economy. (33:22)TakeawaysReagan's economic policies, particularly his tax cuts, have had a lasting influence on American politics, setting a precedent followed by later administrations, including Trump's.Ed Oswald argues that supply-side economic policies from Reagan to Trump show a consistent belief in tax cuts for the wealthy as a means to stimulate economic growth, despite debates about their effectiveness and impact on the national debt.In Ed's view, addressing the US debt will likely require a balanced approach of tax increases and spending cuts.Links relevant to the conversationEd's book: https://www.amazon.com.au/Ronald-Donald-Reagan-Became-Trump/dp/1476690324Ed's bio: https://www.edwingoswald.com/Recent episode with Dan Mitchell on US debt:https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/

According to the Wall Street Journal, this episode's guest, Andy Lee, is “The Tax Whiz With the Strangest Hustle on Wall Street”. He's the founder and CIO of Parallaxes Capital, and he joins us to talk about tax receivable agreements (TRAs). Andy explained what TRAs are, how they come about for companies going public such as Shake Shack in 2015, and why he's investing in them. Disclaimer: Nothing in this episode should be construed as financial or investment advice.  Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode's guest: Andy Lee,  Founder and CIO of Parallaxes CapitalAndy founded Parallaxes Capital in 2017. Previously, he was with Lone Star Funds, focused on investing in the Americas. He began his career at Citigroup.Andy graduated from the University of Illinois at Urbana-Champaign with a Masters in Accountancy and a Bachelors in Finance and Accountancy.Andy has been featured in publications including Wall Street Journal, Capital Allocators, Institutional Investor, NBC, Forbes, ReOrg Radio and Fitch's LevFin Insights. He has spoken at events and conferences for organizations such as the Association of Asian American Investment Managers (“AAAIM”) and leading academic institutions including the University of Illinois, University of Pennsylvania and Texas Christian University (“TCU”)When Andy is not working, he enjoys taking his corgi (Taco) on long walks.Fun Fact: Andy, rarely one to back down from highly ambitious goals, ran a marathon less than 180 days from ACL, MCL and PCL surgery.Source: https://parallaxescapital.com/our-team/What's covered in EP237Introduction. (0:00)TRAs for companies going public in the US. (6:18)TRAs agreements and their value for private equity investors (i.e. pre-IPO owners). (12:52)Tax refunds, risk management, and investment opportunities. (19:57)TRAs and investment strategies. (24:47)TRAs and their potential as a diversified investment. (30:55)TakeawaysTRAs convert future corporate tax savings (e.g. from depreciation expenses) into current income streams.TRAs provide long-dated, typically 15-year income streams that can be sold by pre-IPO owners (e.g., private equity investors).   Private equity firms use TRAs to increase their earnings from the sale of businesses they've invested in. Ideal Candidates for TRAs are large, stable companies with predictable long-term profitability (e.g. Shake Shack), rather than high-growth tech startups which often lack immediate profitability.US tax expertise is required to properly analyze and invest in TRAs.Links relevant to the conversationWSJ article about Andy, “The Tax Whiz With the Strangest Hustle on Wall Street”: https://www.wsj.com/finance/investing/tax-whiz-strange-hustle-wall-street-d51ddbc6Parallaxes Capital: https://parallaxescapital.com/Lumo Coffee promotionLumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024.Thanks to Obsidian Productions for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.