At The Margin

Episode 9 features Dr. Benjamin Bodirsky of the Potsdam Institute for Climate Impact Research. Benjamin has done a lot of research modelling the global food system. Such modelling is important to figure out how the system will be able to support changes in population growth, changes in dietary preferences and respect environmental constraints.

In this podcast, we discuss the current trends in global food demand and how this has changed. We discuss the implications this will have for global food and climate systems and what needs to be done to stay within environmental limits. We also discuss some of the implications for policy in Ireland, Germany and elsewhere.

This is the last episode of the podcast for series one. If you haven't done so already, please share with friends and family and tag us @IrishEconPod. As always, we want to get the word out to as many as possible so please help us grow a solid fanbase in preparation for series two.

Thanks!

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In Episode 8, I am joined by Dr. Darragh Flannery of the University of Limerick. Darragh is an expert in the economics of education. We discuss why economists need to study education and different ways in which one can conceptualise investment in education. We discuss the implications for policy and how these ideas inform public support for education.

Darragh has done research on third level funding options and we discuss the merits of different proposals currently being considered in Ireland. We also discuss the impact location has on the accessibility of Irish students to third level education and touch on potential policy options to overcome growing hurdles for those in rural areas.

For further information on the topics discussed, go to IrishEconPod.com where there will be links to Darragh's research in this area.

If you are enjoying the podcast, please tell your friends. If social media is your poison, tag us in @IrishEconPod on twitter, instagram or facebook. Hearing the positive feedback makes it all worthwhile!

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In this episode, I am joined by Prof. Stephen Kinsella of the Kemmy Business School at the University of Limerick. Stephen has turned his hand to many topics, most notably applying novel method to the task of understanding the macroeconomy.

It has been said that the economic crisis was a crisis for macroeconomics. We probe elements of this statement in this episode. We begin by discussing what economists mean by macroeconomics and the history of macroeconomic model development. We discuss some of the simplifications required given technical constraints and how these have been gradually overcome as technology has developed. We discuss some of the novel approaches taken by Stephen and his team in an effort to further develop this field.

We discuss the importance of thinking about globalisation from different perspectives - geographers, anthropologists and political scientists have important things to say about the macroeconomy. This is an especially pertinent field of enquiry given the current political climate. We wrap up by discussing the importance of interpersonal linkages in understanding economic impacts - how important are personal relationships and interactions in determining economic performance?

Thank you to Stephen for offering his time.

And thank you to everyone who has sent good wishes and provided such overwhelmingly positive feedback over the past few weeks. There are 2, maybe 3, more episodes left in this first series and I really want to get as many listeners on board as possible before it draws to a close. So if you have friends colleagues who may be interested, or if you are at school or college – please, please mention the podcast.

Please tag @IrishEconPod on Twitter, Instagram or Facebook and mention your favourite episode. A tweet on twitter or a tag on Instagram always leads to new listeners! Thanks for all your help!

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Episode 6 features Professor Eoin Reeves and Dr. Donal Palcic who are experts in analysing the financing of public infrastructure. We discuss the economics behind 'public-private partnerships' (PPPs) which are a common way for the private sector to participate in the provision of public infrastructure such as roads, hospitals and more recently, broadband. PPPs have been the subject of much debate. Eoin and Donal provide an excellent overview of the pros and cons of these methods of funding.

We discuss why PPPs have proved a popular means for public investment in recent years. We go through their use in the current national broadband plan and discuss the aspects that deserve further scrutiny, with some excellent insight offered.

We discuss the methods of financing public roads and how there is a move away from a model of tolling roads. Eoin and Donal explain the economic rationale behind this shift.

We finish up by discussing the privatisation of Eircom. We learn about the repeated mismanagement of this company and the lasting legacy that we see today, where our telecoms infrastructure is lagging behind other countries.

My thanks to Prof. Reeves and Dr. Palcic for their time and insight. Links to their papers on PPP can be found on IrishEconPod.com, including their overview of the privatisation of Eircom which is a particularly interesting read.

If you like the podcast, make sure to tell colleagues/classmates/friends/enemies. We have received a great response so far but still need to get the word out to other interested listeners. Follow us on @IrishEconPod on Twitter, Instagram or Facebook. There are updates and from time to time, other related content that may be of interest to listeners. Thanks!

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This episode provides an overview of energy economics.

I take a slightly different format this week. I offer some insight into the Irish electricity market, inspired by some requests from Twitter followers (@IrishEconPod). Alongside this, Dr. Jacquelyn Pless of the Sloan School of Management at the Massachusetts Institute for Technology (MIT) and Dr. Muireann Lynch of the Economic and Social Research Institute (ESRI) offer their expert insight into various aspects of energy economics.

This episode begins with a discussion of the Irish electricity market, its development and how a liberalised electricity market operates. Dr. Muireann Lynch then offers some insight into recent changes to the market structure.

The operation of the electricity market as we approach full renewable penetration is something that can be very confusing. I give some insight into how new technologies will be required to achieve renewables targets. Dr. Jacquelyn Pless offers her expertise on the various policy options that can be used to incentivise more R&D to develop these technologies.

Finally, we discuss the operation of electricity markets once smart technologies and household-level generation takes off. Are we all going to become electricity traders? What should policymakers do to avoid very real pitfalls and ensure that these development benefit consumers?

If you'd like to learn more about the topics discussed, further information is available on IrishEconPod.com under the 'contributors' section.

Please remember to follow @IrishEconPod on Twitter, Facebook and Instagram for updates. If you like the podcast, tell your friends! An apple podcast review will be very important in helping us secure a second series so a 5-star rating would help a lot. Thanks!

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Ep. 4 discusses behavioural science - the psychology of decision-making. Economics has a reputation for not fully appreciating the complexities of human decision-making. Many economic theories assume that we all make 'rational' decisions - that we can perfectly process all the details like a computer and come up with the best outcome (or, in econ-speak, we 'maximise utility').

In this episode, I am joined by Prof. Liam Delaney of the UCD Geary Institute. Liam explains that this simplification was not always present and that somewhere in the early stages of the discipline, the psychology fell by the wayside, only to be re-introduced very recently. We discuss this development, taking a detour to discuss Longford's under-appreciated Francis Edgeworth (often overshadowed locally by his Aunt Maria!) and his contribution to the development of economics.

We discuss the various psychological factors that affect our decision-making and how behavioural economists try to understand them. We discuss nudging - how public bodies can use psychology to guide us towards choices that are in our best interest (like taking out a pension or eating a healthy diet) and touch on the ethical issues of these policies. We also consider the risk that firms may use this knowledge to 'nudge' us towards outcomes that are not necessarily in our interest.

We wrap up by discussing how working in this field has affected Liam's decision-making.

Professor Liam Delaney is the AIB Chair of Behavioural Economics at the UCD Geary Institute and Visiting Professor of Economics at Stirling University. Some of the papers mentioned in the interview are available in the 'Contributors' section of IrishEconPod.com.

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Dr. Muireann Lynch joins to discuss why economists love carbon taxes so much. We go through the economic reasoning behind a carbon tax, we discuss why a carbon tax is better than a subsidy and we debate the various ways carbon tax revenues can be redistributed to householders.

Practice often differs to theory and we discuss some of the peculiarities surrounding carbon taxation in Ireland and the EU. We explain the waterbed effect and why renewable energy subsidies do not necessarily reduce emissions. We also discuss the pitfalls of renewable energy promotion as a means of industrial strategy and Ireland's close call with wave energy.

Links to some of Muireann's papers on this topic are available on IrishEconPod.com

Please subscribe and spread the word. This is an independent podcast so all comments you can offer will help us to keep going for series two! Thanks!

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Episode 2 of the Irish Economics Podcast addresses the strategy behind the Brexit decisions. Edgar Morgenroth, professor of economics at DCU joins as we discuss Brexit decision making from the beginning. Was Brexit inevitable, given anti-EU sentiment, or could David Cameron have taken a different approach? How much of Theresa May's woes were down to poor decision-making and how much was down to being faced with a problem that has no solution? And what is Boris Johnson's strategy, an especially curious question given his recent actions. We probe the strategy behind the decisions and try to place a likelihood on various potential outcomes.

Edgar has carried out a number of research projects assessing the impacts of a no-deal Brexit and we discuss these at the end. If you would like to know more, I have included links to various papers on the website http://www.IrishEconPod.com.

If you enjoyed this episode, please tell your friends and show your support with a few words in the iTunes reviews.

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We have a very special first episode as Prof. John FitzGerald joins to discuss Ireland's economic history. John has been involved in Irish economics in one shape or another since he joined the department of Finance in 1972. John takes us through Ireland's divorce bill - when Ireland's national debt burden became intertwined with how the Northern Ireland border was to be drawn. We discuss the implications of poor economic performance up to the late 50s and the role T.K. Whitaker had in turning this around in the 60s and beyond. John gives us insight into the leadership qualities of Whitaker and what it was like working in Irish economics in the 70s and 80s.

If you would like to learn more, there are links to John's papers on Ireland's divorce bill and John's macroeconomic modelling work available on the website http://www.IrishEconPod.com

If you liked this episode, please show your support with a few nice words in an iTunes review.

John FitzGerald is adjunct professor in Economics at TCD and a former research professor at the Economic and Social Research Institute.

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