Debunking Economics - the podcast cover art

Debunking Economics - the podcast

Debunking Economics - the podcast

By: Steve Keen & Phil Dobbie
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 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. Economics Science Social Sciences
Episodes
  • Understanding the Value of Value

    Understanding the Value of Value
    Mar 31 2026
    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 models often fail mathematical rigor, the cost-plus approach reflects how real firms operate. The pair discusses the critical role of innovation and market segmentation, noting that while competition typically forces margins back toward production costs over time, elite brands like Ferrari can maintain high markups by intentionally limiting supply and occupying unique segments where value is tied to exclusivity. Ultimately, they conclude that while short-term utility and innovation drive initial pricing, the long-term evolutionary dynamic of capitalism is anchored by the actual costs of production.

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    39 mins
  • Compound Growth in a Finite World

    Compound Growth in a Finite World
    Mar 24 2026
    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 provided the physical growth and energy consumption necessary to support such financial claims. The duo highlights the systemic risk posed by the expectation of permanent improvement in living standards, noting that while interest rates may not have an inherent limit, the biosphere certainly does.

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    41 mins
  • Paying a war

    Paying a war
    Mar 17 2026
    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 expenditure flows to major defense contractors like Lockheed Martin and Northrop Grumman, often resulting in "corporate welfare" where increased military budgets are prioritized over social welfare. Steve says that while money creation is theoretically limitless for the US, the real-world constraint lies in physical production capabilities and the availability of essential materials like rare earth elements, which are largely refined in China. This strategic dependence on foreign resources, combined with the inflationary pressures that can arise from massive government spending, suggests that a nation's ability to sustain a war is ultimately determined more by its domestic manufacturing capacity and resource security than by its purely financial reserves.

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

Great podcast

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

Interesting economic analysis

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