Debunking Economics - the podcast

By Steve Keen & Phil Dobbie

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

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How many episodes does Debunking Economics - the podcast have?

The podcast currently has 645 episodes available.

Debunking Economics - the podcast episodes:

April 30, 2026 Beating inflation?
Phil and Steve analyze the 2026 return of double-digit inflation, characterizing it as a structural cost-push crisis rather than the result of excess consumer demand. Keen argues that with Brent crude hitting $100 a barrel due to the Strait of Hormuz blockade, energy costs have become a fundamental driver of prices that central bank interest rate hikes are fundamentally powerless to resolve. He delivers a scathing critique of current monetary policy, suggesting that raising rates acts as a "debt tax" that exacerbates the real income shock for households while failing to address the underlying energy supply bottlenecks. To truly "beat" this inflation, he advocates for moving beyond interest rate orthodoxy toward direct energy price interventions and an accelerated transition to energy sovereignty to decouple the economy from global fossil fuel volatility.
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39min
April 22, 2026 More Central Bank Independence?
In this episode, Phil Dobbie and Steve Keen dissect Bank of England Governor Andrew Bailey’s push for greater central bank independence, a move Bailey claims is necessary to shield price stability from politically motivated meddling. Steve Keen, however, isn't buying the mainstream narrative, arguing that central banks are operating on a "fantasy" model that ignores the actual mechanics of money creation and the volatile role of private debt. The discussion ranges from the "policy ineffectiveness" of interest rate hikes to the historic failures of central banks to act as anything more than a "Greenspan put" for a fragile banking system. Ultimately, they suggest that instead of doubling down on flawed independence, central banks should stop pretending they can micromanage GDP and start acting as a realistic police force for financial stability—before the next "unforeseen" crisis hits.
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41min
April 14, 2026 Energy - the AI Achille's Heel
In this episode of the Debunking Economics podcast, Phil Dobbie and Professor Steve Keen explore the precarious intersection of the ongoing global energy crisis and the massive resource demands of the AI revolution. The conversation traverses a landscape of geopolitical instability—from Iranian influence in the Strait of Hormuz to the vulnerabilities of Western microchip manufacturing—while questioning whether the "AI promise" can survive a world of dwindling energy supplies and extreme inequality. Professor Keen offers a provocative comparison between the disruptive force of political volatility and the impending reality of global warming, arguing that without a fundamental shift toward collective economic stability and energy self-sufficiency, the high-tech future envisioned by "Tech Bros" may be sidelined by the urgent requirements of human survival.
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40min
April 07, 2026 The looming diesel disaster
Phil and Steve discuss the escalating global energy crisis and Australia’s precarious response. They critique the government’s move to lower fuel prices by cutting excise taxes and GST, arguing that while it offers short-term relief to the working class, it fails to address the critical issue of supply and consumption. The conversation highlights a significant vulnerability: Australia maintains only a 30-day onshore reserve of petroleum, far below the International Energy Association's 90-day requirement. Steve warns that a total depletion of diesel reserves could lead to a domestic famine, as the nation's food distribution rely almost entirely on trucking. To mitigate future shocks, they explore the necessity of strategic rationing, the potential for a "carbon coupon" parallel currency, and the urgent need for a massive, publicly funded shift toward electrification.
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37min
March 31, 2026 Understanding the Value of Value
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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39min
March 24, 2026 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 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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42min
March 17, 2026 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 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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36min
March 11, 2026 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 structural policies. They explore the fundamental disconnect between international corporate profits and the national resources they exploit, comparing the UK's approach to the nationalized success of nations like Saudi Arabia, Kuwait, and Norway.

The conversation expands beyond fossil fuels to ask: Should the same logic apply to the "tech bros" of Silicon Valley or the banking sector, both of which benefit from network effects and central bank policies that create massive profit "windfalls" without a corresponding increase in production costs?

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43min
March 03, 2026 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 academic standards over the last thirty years, arguing that universities have transformed from centers of scholarship into profit-driven credential mills that prioritize enrollment numbers over depth of thought. They discuss the rising financial burden on graduates—averaging £53,000 in the UK—and compare the declining real-term starting salaries of academics and white-collar professionals with the robust earnings of skilled tradespeople like plumbers. The conversation also tackles the looming threat of AI, which Steve fears will amplify the trend of superficial learning by replacing critical thinking and clerical skills, ultimately risking the creation of an "uneducated community" more focused on paying off debt than engaging in meaningful discovery.
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33min
February 24, 2026 The word from the World Forum
Phil and Steve Keen discuss Steve’s recent experience at the World Forum in Berlin, which he frames as a progressive "antidote" to the World Economic Forum. Their conversation touches on a wide range of global issues, including the conflicted leadership in the Palestinian Authority and Israel, the necessity of a two-state solution in Gaza, and the controversial role of figures like Hillary Clinton and Bob Geldof. A significant portion of the dialogue focuses on Steve’s proposal to expand the legal definition of ecocide to include criminal negligence, arguing that economists and corporations should face personal liability for their role in climate change. Phil remains sceptical of the practical enforceability of such laws given the entrenched interests of powerful nations, but both agree that current international agreements like COP are largely ineffective, serving more as a venue for fossil fuel lobbying than real environmental progress.
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33min

FAQs about Debunking Economics - the podcast:

How many episodes does Debunking Economics - the podcast have?

The podcast currently has 645 episodes available.

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