In this episode of the Debunking Economics podcast, Phil Dobbie and Steve Keen explore the core of economic theory: the definition of value. They contrast the classical cost of production theory with the neoclassical focus on subjective utility, arguing that while neoclassical mo ...Show more
Compound Growth in a Finite World
This week Phil and Steve examine the concept of compound interest and its inextricable link to exponential growth in a world with finite resources. They discuss how interest was historically viewed as a sin—the crime of usury—across major religions until the industrial revolution ...Show more
Paying a war
Phil points out that the US is likely to spend $1.5 trilion on defense/offense spending this year. Acknowledging that sovereign currencies can essentially create money to fund defense, doesn’t there get a point where too much is just too much? A significant portion of this expend ...Show more
Beyond the Barrel: Should We Windfall Tax Big Tech and Banks?
This week Phil and Steve dive into the mechanics, ethics, and economic consequences of a Windfall Tax.The discussion starts with the UK’s energy levy on North Sea oil and gas producers, questioning why these taxes are often temporary "clunky" fixes rather than permanent structura ...Show more
Is education wasted on the young?
In this episode of the Debunking Economics podcast, Phil and Steve Keen explore the shifting value of higher education, questioning whether the move toward commercialization and high student debt is fundamentally undermining the learning experience. Steve reflects on the decay of ...Show more