Debunking Economics - the podcast

By: Steve Keen & Phil Dobbie
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  • Summary

  • Economist Steve Keen talks to Phil Dobbie about the failings of the neoclassical economics and how it reflects on society.

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    Copyright 2016 . All rights reserved.
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Economics Science Social Sciences
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Episodes
  • What do central banks do?

    What do central banks do?
    Dec 18 2024
    When central banks declare a new interest rate, how does that magic into existence? Steve explains how they trade in bonds, to drive yields close to their target rate. If they are buying up bonds held by pension funds and the like, are they also adding to the money supply? Could that have more impact on the health of the economy than playing with interest rates? But the problem is, the money created is circulating in the financial sector. If the central bank really wanted to boost the economy, it should find ways of pushing new money to those less well off.

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    39 mins
  • Banks, reserves, lending and money supply

    Banks, reserves, lending and money supply
    Dec 11 2024
    There’s a common myth around banks. That banks are the intermediaries who collect deposits from customers, keep a bit in reserve, then lend out the rest at a higher interest rate. That argument then extends to a multiplier effect, where the money loaned out is deposited in banks, freeing up more money for further loans. The multiplier is how textbooks argue that banks create new money for the economy. This week Steve argues that the multiplier doesn’t exist. Not in that way anyway. And banks create money, not by lending out deposits, but by creating new money to lend out, which appears as deposits in the bank’s balance sheet. This week Phil brings the textbook arguments to the table for Steve to shout them down.

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    45 mins
  • Government debt, bonds and money supply

    Government debt, bonds and money supply
    Dec 4 2024
    Does government debt expand the supply of money? According to Modern Monetary theory, yes it does. It’s all down to simple double-entry book-keeping and an understanding of the role of financial equity. As Steve explains, in this step-by-step guide, for the private sector to experience positive equity, the government sector has to have negative equity. In other words, without the government sector spending more than it’s earning, there’s no new money being added to the private sector. As Stephanie Kelton puts it, their red ink is our black ink. This is one episode to share with your friends.

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    42 mins

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Interesting economic analysis

I haven’t read the book yet but will be getting it! Enjoyed listening to the analysis of recent economic affairs. Accessible and informative.

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Great podcast

Great podcast offering some heterodox economic analysis. A recommended listen for everyone in the UK especially.

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