Economics In Ten
By Economics In Ten
Economics In TenAug 07, 2023
Season 7 - Episode 2 - Robert Lucas Jr
Abraham Lincoln once said “You can fool some of the people all of the time, and all of the people some of the time, but you cannot fool all of the people all of the time.” This quote has been wheeled out to the point of cliche but we believe it epitomises the work of Nobel Prize winning economist Robert E Lucas Jr. The (perhaps reluctant?) leader of the New Classical school of economics, he made his name with his deceptively simple analysis of "rational expectations" and was lauded (at least by some) for putting Keynesianism to the sword after its long period of ascendancy in the post-war era. In this second episode of Season Seven your friendly neighbourhood economists, Pete and Gav explore his life and ideas and explain the various economic phenomena that have Lucas in their name - his wedge, paradox and most famously his "Lucas critique". Ardent fans will be delighted by our usual quiz, which this time is based around the number 50, as this is the fiftieth episode of our show. You will also be the grateful recipients of a poem and more book recommendations than you can shake a stick at! Technical support as always comes from our homeboy Nic.
Season 7 - Episode 1 - Hyman P. Minsky
At the height of the financial crisis in 2008, the late Queen Elizabeth II asked economists at the London School of Economics the obvious question "why did nobody notice it?". Doubtless there was much muttering and shuffling of feet at that point but there was at least one economist who had predicted what would happen (albeit some years earlier), namely Hyman P. Minsky. Before the Credit Crunch Minsky had been largely ignored by mainstream economists but now was his "Minsky Moment". His slogan that "stability created instability" was now taken up with some enthusiasm; his recommendation that it was essential that governments tightly regulated financial markets perhaps less so. In this first episode of Season Seven, your friendly neighbourhood economists, Pete and Gav explore Minksy’s life and ideas and explain what a ‘Minsky Moment’ is. Along the way you will consider whether you are a fox or a hedgehog, reflect on which parent had more influence on your social or political ideas and take part in a quiz which will establish your knowledge of financial innovations. Technical support as always comes from Nic The Ledge!
Shakespeare Special: The Seven Ages of Man
In Shakespeare’s ‘As You Like It’, the seven ages of man are described by "melancholy Jacques" the professional misery-guts killing the mood in the Forest of Arden. To celebrate the Bard’s birthday, your friendly neighbourhood economists have produced a Shakespearian special that focuses on some economics associated with each of these seven ages. Pete and Gav will be your guides through each stage of life from "mewling and puking" through to "mere oblivion", to see what Economics can teach us. Along the way you will learn about the economy of Shakespeare’s England, how Pete was an imperious King Malcolm in "the Scottish Play" and how teenagers undermine conventional economics. As always there is a challenging quiz and a stirring modern makeover of the seven ages verses in one of Gav's unforgettable poems. Technical support comes from ‘All the world's a stage’ Nic.
Season 6 - Episode 5 - Leon Walras
Leon Walras was described as ‘the greatest economist’ by Joseph Schumpeter and in his own lifetime he struggled to have his unique voice heard by economists in his native France, let alone those colleagues across the Channel and the Atlantic. So what were the ideas touted by Walras that would force such a claim from Schumpeter? This is what your friendly neighbourhood economists, Pete and Gav explore in our last episode of our sixth season. You will discover how Walras helped kick-start the ‘Marginal Revolution’ and laid out the groundwork for the theory that has captured the attention of many mathematically-minded economists - General Equilibrium Theory. You will also hear some of the worst French spoken in history, a rant by Pete about the state of economics today and another wonderful poem that describes the life and ideas of Walras in rhyming couplets! What more could you want from a podcast? Technical support comes from "Franglais" Nic.
Season 6 - Episode 4 - Herman Daly
Have you ever found yourself considering the "economic" view of the world with a sense that something vital is missing? This was very much Herman Daly's viewpoint. He wondered why economic models didn’t include where resources came from and where they went afterwards, once used. This surprisingly caused quite a lot of controversy and so did his call for a ‘steady-state’ economy. He also coined the distinctly unfashionable term ‘uneconomic growth’. In this episode, your friendly neighbourhood economists, Pete and Gav, take you on a journey to explore the life and ideas of the founding father of Ecological Economics, Herman Daly and ask why his ideas have never been fully accepted by the economics profession. Along the way, you’ll find out about famous people who suffered from polio, why BP and Shell are not helping as much as they could be with regards sustainability and of course, you’ll hear a wonderful poem about our economist. Technical support as always comes from ‘Mr San Francisco’ Nic.
Season 6 - Episode 3 - Irving Fisher
Irving Fisher was once lauded by fellow economist Joseph Schumpeter as the ‘greatest economist America has ever produced’. This is high praise indeed but one could easily argue that the most recent Economic Nobel Prize laureates owe Fisher a considerable debt for their award. The financial crisis of 2008 spurred a renewed interest in Fisher’s work after what could be seen as a lengthy period of neglect. In his own life-time he went from being the first "celebrity economist" to seeing his reputation in tatters after some overly optimistic and in hindsight ill-advised comments on what was to turn out to be the eve of the Great Depression. In this episode, your friendly neighbourhood economists, Pete and Gav, take you on a journey or rediscovery to find out more about this fascinating man and his ideas. We suspect you will find yourself agreeing at least in part with the accolade Schumpeter laid at his feet. Along the way, you’ll find out why it’s important to chew your food for your health and wellbeing, who the mysterious ‘Bonesmen’ are and why AI can’t yet match the poetry skills of our economists. Technical support as always comes from ‘Chatbot’ Nic.
Fiscal Policy Special
When it comes to influencing the macroeconomy, governments have two big levers at their disposal - monetary policy and fiscal policy. In this new special by Pete and Gav, your friendly neighbourhood economists, we delve into the second of these, fiscal policy. As always we discuss 10 key questions, which will hopefully give the listener a good overview of what fiscal policy is and provide some insight into some of the key debates surrounding how it is used (and abused). Along the way, you will come across a quiz about fiscal policy including questions about the Chancellor's famous ‘red box’ and other historical minutiae about the UK Treasury. As always you will come away confidently armed with the economic terminology needed to bust through the jargon and engage more fully in economic debate (this is as close as we get to a mission...). We even finish triumphantly with a poem about Fiscal Policy that is even worse than our Monetary Policy one! Technical support as always comes from Nic. Enjoy.
PS The well-worn maxim that a "week is a long time in politics" has perhaps never been more appropriate when looking at UK politics so please forgive the references to the short-lived Truss/Kwarteng partnership that now seems like a distant memory...
PPS When Gav refers to John Lanchester's book 'Whoops!' he meant to refer to 'How to Speak Money' although both are excellent recommended reads!
Season 6 - Episode 2 - Corrado Gini
When economists discuss inequality, they often quote the Gini Coefficient, but who was the man behind the maths? In this episode, your friendly neighbourhood economists, Pete and Gav investigate the life and ideas of Corrado Gini. Was he on the side of good or evil? Along the way, you will find out about his often over-looked association with Mussolini and the discredited "science" of eugenics, Pete’s love of Stanley Tucci, our catchy slogan to conserve energy within the home and why Gini would have made a great Bond villain given his somewhat sinister love of Perspex boxes. There is also a quiz and given Gini's Italian background, you’ll be unsurprised to hear that it’s based around pasta! Technical support as always comes from ‘Norovirus’ Nic.
Footnote: Gini died in 1965 and was 81 - we know at least one of our listeners is keen on these biographical facts and we forgot this detail...
Monetary Policy Special
When it comes to economic policy making, there are two big levers that a government can pull - monetary policy and fiscal policy. In this new special by your friendly neighbourhood economists Pete and Gav, they delve into the first of these, monetary policy. As always 10 questions are discussed and this will give the listener a good overview of what monetary policy is and some of the controversies surrounding its use. Along the way, you will come across a quiz based on a recent visit to the Bank of England museum and you can even learn about some Greek legends! It even finishes on a poem all about Monetary Policy. Technical support as always comes from Nic. Enjoy.
PS In the current turbulent world that is the UK economy it is more relevant than ever to have a good grasp of the basic of economics. To recall the late, great Joan Robinson "The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to avoid being deceived by economists."
Season 6 Episode 1 - A W "Bill" Phillips
An economist that hunted crocodiles? An inventor who constructed prison camp radios and hydraulic models of the economy? An adventurer that could speak five different languages and was arrested for spying? Who is this ‘Indiana Jones of Economics’ as he was once described? We discuss in this episode the remarkable life and times of A.W. Phillips or ‘Bill’ as he was known to his friends. He has one of the most incredible life stories of any of the economists we have covered in our show whilst remaining immensely relevant to modern economic discussion. His formulation of a curve bearing his name still helps form the framework for debates about trade-offs in the macroeconomy. In this podcast from your friendly neighbourhood economists, Pete and Gav, you will discover all about the life of A.W. Phillips and his contribution to economics. There is a quiz as always and a great poem that ends the episode! Technical support as always comes from ‘Del Boy’ Nic, who this time, next year, will be a millionaire!
Summer Reading Special 2022
George R R Martin once wrote “A reader lives a thousand lives before he dies . . . The man who never reads lives only one.” Here at EconomicsInTen we have always been keen to share our love of reading (and economics), therefore once again, Pete and Gav, your friendly neighbourhood economists have put together another Summer Reading special for you to enjoy. In a change from our usual format we ask each other the same simple question 10 times; what book would you recommend to read this summer and tell our listeners why they should read it? All the books are linked to economics in some way and if you read them all, you will become a better economist and who knows, perhaps a better human being too! So while away those long summer days catching up with our podcast and reading these beauties. As always, this podcast comes with technical support from the great Nic. Hopefully these gems will see you through to Autumn and beyond!
NB At one point Gav refers to Bank of England economist and author as Jack Andrew rather than Jack Meaning. Apologies - must be the heat!
Season 5 Episode 5 - Millicent Fawcett
In 1890, the British Economic Association was formed, which would later become the Royal Economic Society. At that meeting was Millicent Fawcett and ten or eleven other women. Better known as one of the foremost leaders of the movement for women's suffrage, she was also at the heart of the economic establishment of the late nineteenth and early twentieth centuries, not only through her marriage to renowned economist Henry Fawcett but also, as is less well known, as author of one of the most popular economics textbooks of the day. In this podcast from your friendly neighbourhood economists, Pete and Gav, you will find out about the life of Millicent Fawcett and her contribution to economics. Along the way, you can find out more about the forgotten women of the world of Victorian economics and also dip a toe into the modern day field of Feminist Economics. There is a quiz as always and technical support comes from chief wizard Nic, pulling another podcast rabbit out of his hat.
Cost of Living Special
At the moment everyone seems to be talking about the cost of living crisis and it's not hard to see why. Drive past a garage forecourt in the UK and you'll see that petrol prices have reached their highest average on record. Energy bills are rocketing making some households reluctant to put on the heating. The cost of your weekly shopping bill is more expensive than last week and yet this seems to be happening EVERY week!!! Other countries around the world are seeing a similar reduction in the spending power of their hard-earned cash with levels of inflation not seen for decades. So, in this 'cost of living' special, your friendly neighbourhood economists, Pete and Gav, answer 10 questions that help explain why this is occurring now and also discuss what the solutions might be to stop this from happening again in the future. Along the way there is a quiz based on 1992 (the last time inflation was this high) and a new poem linked to a famous Budweiser advert. Technical support as always comes from covid Nic.
NB: When Gavin says regressive when we discuss the rise in national insurance he meant progressive. Sorry!
Season 5 Episode 4 - Arthur Pigou
What should governments do to stop problems such as consumers overeating or producers polluting? Many economists would encourage what is known as a Pigouvian tax that increases the price, reduces demand and creates revenue for the government, all at the same time. But why is it known as a Pigouvian tax? In this podcast from your friendly neighbourhood economists, Pete and Gav, you will find out about the life and ideas of Arthur C. Pigou, who the tax is named after. The man who bridged the gap between Marshall and Keynes, Pigou is sometimes the forgotten man of economics and was probably the last of the classical economists but arguably his ideas about market failure are more relevant than ever. Along the way, you can test your knowledge on famous Olympians, consider whether Pigou was a misogynist and wonder how good you would be at Cumberland wrestling! As always technical support comes from Nic ‘Brailsford’ and music comes from Jukedeck. You can make your own at Jukedeck.com.
Season 5 Episode 3 - James M Buchanan
What do we expect from our public servants? We assume they do their jobs in order to make the world a better place and improve the welfare of society but James M Buchanan had other ideas. He saw those in power looking to do what’s best for them rather than for the people they represent and unfortunately the news cycle seems to support this seemingly cynical view. Public Choice Theory won Buchanan the Nobel Prize in Economics and in this third episode of our fifth season, your friendly neighbourhood economists Pete and Gav, take you through the life and ideas of James Buchanan. Along the way, you can test your knowledge on middle names, consider the viewpoint that the free market is the most ethical economic system and whether you would like to drink zucchini wine! As always technical support comes from Nic and music comes from Jukedeck. You can make your own at Jukedeck.com.
Christmas Special 2021
It's Christmas!!! AGAIN! And what more could you want this festive season than another Economics In Ten Christmas Special...it's almost becoming a tradition! So grab a mulled wine and a mince pie and listen to your friendly neighbourhood economists, Pete and Gav, discuss 10 questions that will teach you some economics and give you some festive cheer. Although take note...you will hear the most depressing Christmas poem ever!! Sorry. As always, there is a festive quiz and some wonderful present suggestions. Technical support (and jingle bells) as always come from Father to 3 Christmas Nic and music comes from Jukedeck. You can create your own at Jukedeck.com. Merry Christmas everyone!!! HO! HO! HO!
Food and Drink Special
As they sing in Oliver! - Food, glorious food...and we LOVE our food. We love being in the kitchen, we love coming up with recipe ideas and we love gifting food-related books like Snoop Dogg’s glorious cookbook... but what can food (and drink) teach us about economics? Lots of course! In this special, Pete and Gav, your friendly neighbourhood economists, stuff so much economics into ten questions about 10 ingredients, you’ll have to loosen your belt to take it all in! And at the end, there are even ideas for a four course meal based around the ingredients mentioned. Wow! How good is that? Technical support as always comes from Marco Pierre Nic. Music comes from Jukedeck and you can create your own at jukedeck.com. Bon Appetit everyone!!
Season 5 Episode 2 - E F Schumacher
'A Study of Economics as if People Mattered' was the subtitle of E F Schumacher's most famous work, 'Small is Beautiful'. It might seem jarring to non-economists that people might not "matter" in economic theory but Schumacher's contention was that the "simplifying" assumptions of mainstream economics were decidedly non-trivial - they were "assuming away" the very essence of our humanity. Seen by many as the godfather of the modern environmental movement Schumacher viewed with alarm the alienation caused by the rapid industrialisation of the modern era and with even greater concern the devastating ecological impact of mankind's frenetic race to produce more and more. On the eve of COP26 Schumacher's ideas are arguably more relevant that ever. In the second episode of our fifth season, your friendly neighbourhood economists, Pete and Gav, take you on a journey through the colourful life and evolving intellectual landscape of Ernst Friedrich Schumacher. Along the way you can test your knowledge on other famous Schumachers and debate the ethics of naming a child after an old flame... As always, technical support is provided by Mr Shingles and music comes from jukedeck. You can make your own at jukedeck.com.
PS Pete prematurely refers to the COP27 rather than COP26 meetings throughout - apologies!
Season 5 Episode 1 - Simon Kuznets
To establish whether you are in good shape a doctor might take your pulse. In economics, Gross Domestic Product (aka GDP) is the go-to metric for determining economic health. Governments can be toppled off the back of disappointing GDP data - think recessions (or even worse the dreaded double-dip recession!). But who was the man behind the creation of this powerful if often misunderstood concept and what might he make of the latter-day uses and abuses of GDP today? In the first episode of our fifth season, your friendly neighbourhood economists, Pete and Gav, explore the life and ideas of Simon Kuznets. A man of mystery, they hunt down how he became such a hugely influential figure in the world of economics and how he ended up having at least two curves named after him, the ultimate if unspoken dream of every academic economist. Along the way, you can test your knowledge of Belarus, the birth place of Kuznets and hear us (!) eating some food related to his Jewish background. As always, technical support is provided by a very tired Nic and music comes from Jukedeck. You can create your own at Jukedeck.com.
Summer Reading Special 2021
“A word after a word after a word is power.” – Margaret Atwood. Many of the great economists we have looked at in our past episodes were voracious readers, and whilst we in no way put ourselves in their company we are great believers in reading widely. Simply put we at EconomicsInTen are great believers in the power of reading and the power of words. Therefore in this sequel to the first Summer Reading special, your friendly neighbourhood economists Pete and Gav answer one simple question 10 times. What book would they recommend and why? All the books are linked to economics in some way and if you read them all, you will become a better economist and who knows, perhaps a better human being too! So while away those long summer days catching up with our podcast and reading these beauties. As always, this podcast comes with technical support from the great Nic and comes with music from Jukedeck – create your own at jukedeck.com. PS Apologies for the delay in this episodes release; we hoped to get it out at the start of summer but have been hit by "pings", mic problems and various other modern ills. These books will keep you going well into the Autumn!
Season 4 Episode 5 - Esther Duflo
Have you heard of the ‘Randomistas’? Seemingly they are taking the economics world by storm and at the heart of this group of research economists is a French-American named Esther Duflo. With her husband Abhijit Banerjee and colleague Michael Kremer, she became only the second woman to win the Nobel Prize for Economics, for her use of Randomised Control Trials, aimed at testing the efficacy of different social policies in combatting poverty and other ills in the developing (and in parts of the developed) world. Lauded by world leaders (and philanthropists with deep pockets) they have put forward a vision of economics unclouded by prejudice and politics. But in a profession seemingly divided between free marketeers and interventionists, does she successfully cut through the noise by dealing only in the data? In other words is it possible or even desirable to be free of ideology in the pursuit of economic truth and "what works"? This question and many more surrounding the life and ideas of Duflo, are discussed as always by your friendly neighbourhood economists, Pete and Gav. Technical support is provided by Nic and music comes from Jukedeck. You can create your own at Jukedeck.com
Season 4 Episode 4 - Muhammad Yunus
Quiz Question: Who is the only economist to win the Nobel Peace Prize? Answer: Muhammad Yunus.... and yet strangely he has never been in the running to win the equivalent Economics Prize. Is there a reason why his ideas, and those of the institution he founded - The Grameen Bank - have been so welcomed by US Presidents and other dignitaries and yet not been as well received by his peers? It could be the fact that microfinance, his big idea to solve poverty, has proved somewhat controversial in the world of development economics... Whatever you believe we think you will find Yunus's life and thoughts fascinating, particularly if you have ever struggled to get credit or been a member of the Scout Movement. Warming themselves around the podcast campfire as always are Pete and Gav, your friendly neighbourhood economists. Technical support is provided by "Akela" Nic and music comes from Jukedeck. You can create your own at Jukedeck.com
Season 4 Episode 3 - Amartya Sen
How do you know if a country is "doing well" economically? How can we say that one country is "more developed" than another? For many years incomes (GDP) and other measures of how much "stuff" a country was making were the standard yardstick but then along came Amartya Sen and changed our viewpoint on how development was measured forever. Those ideas, shaped by a childhood that spanned the partition of India, would eventually win him the Economics Nobel Prize but there is so much more to the man, even though he rejected 'The Mother Teresa of Economics' moniker. Guiding you through Sen's life and ideas as always are Pete and Gav, your friendly neighbourhood economists. Technical support is provided by 'WD40Man' Nic and music comes from Jukedeck. You can create your own at Jukedeck.com
Note - in our India quiz, Pete gets 3 out of 5 correct. In the boardgame question, there are in fact two right answers. Apologies...do not shout at the podcast when the error arises!
Season 4 Episode 2 - Hernando de Soto
Are you lucky enough to own your own home or business? But do you ever stop and think about what you would do if someone tried to take it from you, or bulldoze it? Do you ever stop and reflect on the economic power that legally protected property gives you? It's very easy to take property rights for granted but one economist is convinced that they are the key to the success of capitalism and unlocking the entrepreneurial power of the developing world; his name is Hernando de Soto. So if you are interested in the ideas of the man Bill Clinton calls 'the world's greatest living economist' then have a listen and discover the potential power of 'dead capital'! Guiding you through as always is Pete and Gav, your friendly neighbourhood economists. Technical support is provided by our good friend Nic (or 'The Weaver' as we like to call him) and music comes from Jukedeck. You can create your own at Jukedeck.com.
Have you ever wanted to know about inequality but didn’t know where to start? In this latest special by Pete and Gav, your friendly neighbourhood economists, you will be guided through the economics of inequality. Along the way you will come across stocks and flows, a curve that looks like an elephant and a coefficient that has nothing to do with Aladdin but everything to do with an Italian economist. As always, it comes with lots of suggested reading and if you ever end up in government, ideas that might help to reduce inequality. Technical support is provided as always by our good friend Nic and music comes from Jukedeck. You can create your own at Jukedeck.com.
Season 4 Episode 1 - Daniel Kahneman
Did you hear about the psychologist that won the Nobel Prize for Economics? Sounds like the start of a joke doesn’t it? But in 2002 Daniel Kahneman won the award for the revolutionary work on "prospect theory" carried out with his colleague and friend Amos Tversky. Their work changed the course of economics by introducing the world to behavioural economics. So if you’ve ever felt like you have been tricked into buying something at a higher price or have fallen into the trap of just following the crowd, then you could do with knowing some of the behavioural biases that mean you don't quite conform to the model of homo economicus aka rational economic man (or woman). Guiding you through Kahneman’s life and ideas as always are Pete and Gav, your friendly neighbourhood economists. Technical support is provided by our good friend Nic and music comes from Jukedeck. You can create your own at Jukedeck.com
Christmas Special 2020
It’s Christmas!!!! But slightly different in 2020. With the coronavirus still here and a full rollout of a vaccine still distant, there might be many who face Christmas on their own or not seeing many people. Therefore Pete and Gav thought it would be the right thing to do and create another economics of Christmas! So sit down with your drink of choice, get in your favourite chair and listen to your friendly neighbourhood economists as they go through 10 questions that will teach you some economics and provide some festive cheer! You can even have a go at a Christmas quiz - can you recognise ‘Merry Christmas’ in 10 different languages or at least beat Pete’s score? Technical support (and jingle bells) as always comes from St. Nic. Music comes from Jukedeck and you can create your own at jukedeck.com. Have a merry Christmas everyone!!!
Season 3 Episode 5 - Thomas Robert Malthus
When Thomas Carlyle famously described Economics as ‘the dismal science’ it was said that it was inspired by the writing of Thomas Malthus. His doom and gloom essay on population was to have a legacy that lasted his lifetime and beyond but were his predictions correct? And if he wasn’t, why do we still talk about ‘Malthusian’ economics now? As always, your friendly neighbourhood economists, Pete and Gav will be guiding you through the numerous arguments surrounding Bob’s work and wondering whether he was just a mild-mannered vicar, a headline-grabbing egotist or just a son who wanted to prove his dad wrong. Technical support as always comes from the Drop Down Thread tea maker Nic and music comes from Jukedeck. You can create your own at jukedeck.com.
Season 3 Episode 4 - Ibn Khaldun
Who is the founding father of Economics? Adam Smith you say? Who told you that? We did!?! Well…do you remember that famous quote attributed to Keynes (via Paul Samuelson)? It was ‘when the facts change I change my mind, what do you do?’ and it seems that the facts may have changed. We say changed but maybe simply forgotten or ignored. Some are now making a case for Ibn Khaldun, an Islamic scholar, as the great-great-grandfather of our beloved discipline. Make up your own mind after hearing more about this fascinating man. As always your friendly neighbourhood economics Pete and Gav will guide you through the arguments and discuss how Ibn Khaldun may have got there first with many of the concepts which are are still central to Economics today. Technical support as always come from Nic and music comes from Jukedeck. You can create your own at jukedeck.com.
The summer of 2020 was the festival of sport that was never was. Many have tried to fill this gap, some with more success than others…I mean, who hasn’t enjoyed watching Simon Anthony complete a Sudoku puzzle on YouTube? Or been gripped by kitchen darts? But now it’s our turn to step up to the plate! Yes…here it is…the economics of sport. There are 10 thought provoking questions as always and guiding you through are your friendly neighbourhood economists, Pete ‘The Greatest’ and Gav ‘The Golden Boy’. Learn how John Nash might have taken a penalty and why Gav wears lucky socks. Technical support and sound effects as always comes from ‘Hands of Stone’ Nic and music comes from Jukedeck – you can create your own at jukedeck.com.
PS - Gav does know that Brazil is not in Africa!
Season 3 Episode 3 - Joseph Schumpeter
The chances are you have heard the phrase ‘creative destruction’ but what do you know about the man that coined it? In this podcast you will find out about Joseph Schumpeter, an economist who was hard to categorise but had plenty to say. In a world where ‘secular stagnation’ has arguably become the norm, his work on entrepreneurship and innovation are as important as ever. As well as being an influential economist Schumpeter also lived what might be called a 'colourful life' which may have helped to shape his unique perspective on economics. Guiding you through as always are Pete and Gav, your friendly neighbourhood economists. Technical support as always comes from Nic - ‘The Big Dawg’ and music comes from Jukedeck. You can create your own at jukedeck.com.
Season 3 Episode 2 - Alfred Marshall
Demand and Supply – the cornerstone of economics! But how much do you know about Alfred Marshall, the first man to draw the ‘Marshallian Cross’ that we all use today? Some argue his ‘Principles of Economics’ was the most influential book of the 19th Century and set the template for every economics textbook that followed. This episode is jam-packed with economics and guiding you through as always are Pete and Gav, your friendly neighbourhood economists. Technical support as always comes from b-boy Nic and music comes from Jukedeck and you can create your own at jukedeck.com.
Season 3 Episode 1 - Milton Friedman
Want to know more about Milton Friedman? The marmite of economics! You may have noticed that people either love him or hate him. Mrs Thatcher lauded him as the quintessential ‘intellectual freedom fighter’ but for others he’s the architect of a damaging neoliberalism ideology, the so-called "shock doctrine" that has damaged many societies around the world. Arguably both views are too simplistic in a world that has become increasingly binary in its thinking; perhaps there is a middle ground.
Dubbed the most influential economist of the late 20th Century, there is much to say about Friedman (as you’ll discover) and trying to guide you through as always, in an even handed manner, are Pete and Gav, your friendly neighbourhood economists. Technical support as always comes from master mixer Nic and music comes from Jukedeck and you can create your own at jukedeck.com.
The coronavirus has meant misery for many and lockdown has been unsettling for all but in many respects, it’s created an opportunity to stop and think about what kind of world we want to live in. Covid-19 has led to the world being rebooted and there are many positives that have come from lockdown that we want to share and discuss. From the darkness, we want to shine a light. In a survey commissioned by the RSA, many people have made radical lifestyle changes and 85% want those changes to continue. This is a positivity podcast and when lockdown finally ends, we want you coming out, brimming with ideas on how to make the world a better place. We only ask one question but we do it ten times in this Economics in Ten special and guiding you through as always are Pete and Gav, your friendly neighbourhood economists. Technical support comes as always from Nic, who prefers ‘Call of Duty’ to decorating and music is by Jukedeck and you can create your own at jukedeck.com. Economics in Ten – The PodBible Independent Podcast of the Year 2019.
NB - their may be the occasional audio issue; remote working has had to lead to innovations in our podcast set up!
The coronavirus crisis represents a huge challenge for humanity. We are seeing policy making at the national level that is unprecedented outside of war-time - so what might it mean for the future of economics and society in general? Will the pandemic shift the ‘Overton window’, the spectrum of “acceptable” government policies? Or will we see ‘disaster capitalism’ take advantage of the current economic breakdown? Graffiti in Hong Kong stated ‘We can’t return to normal, because the normal that we had was precisely the problem.’ but is that true? All of these questions and more will be discussed in this Economics in Ten special and guiding you through as always are Pete and Gav, your social distancing, friendly neighbourhood economists. Technical support comes as always from #boredathome Nic and music is by Jukedeck and you can create your own at jukedeck.com. Economics in Ten – The PodBible Independent Podcast of the Year 2019.
NB - for the occasional audio issues - there is the occasional lack of sync between our voices; we are still getting used to “remote working” like the rest of the country/world!
Season 2 Episode 5 - Joan Robinson
George Bernard Shaw once noted: ‘The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.’ What George forgot though was unreasonable women and when it comes to Economics, Joan Robinson was the unreasonable, brilliant woman and wow…did she make progress! Sadly in the male dominated economics world, she’s rather over-looked and this needs to change. She changed the way we thought about markets, she challenged economic orthodoxy, was part of Keynes’ inner circle and offered up her own growth theories. In this new podcast, you will find out all this and more! Guiding you through as always are Pete and Gav, your friendly neighbourhood economists with technical support from Nic (check out his app – cheeky fingers). Music comes from Jukedeck and you can create your own at jukedeck.com.
PS Apologies for a brief sound outage that occurs around the 20 minute mark. You might think the podcast is over at this point but fear not you have another hour of fun/learning about the great Joan to go....
What does the dismal science have to say about the affairs of the heart? More than you imagine... You will be amazed at how much economics can teach you about love, lust and other four letter words. . In the latest of our Economics In Ten specials you'll discover how the insights of behavioural economics can help you decide whether you are with 'the one', whether capitalism is bad for your love life and most importantly how to win Love Island (with special thanks to John Forbes Nash Junior). The course of true love may never run smooth but to to help it along the way you have your friendly neighbourhood economists (and incurable romantics) Pete and Gav. As always we draw upon the technical support of the Economics in Ten team casanova Nic. Music comes from Jukedeck and you can make your own sweet music at jukedeck.com.
Economics in Ten - The PodBible Independent Podcast of the Year 2019.
Season 2 Episode 4 - John Forbes Nash Jr
We all like games don’t we? But in order to win games you need the best strategy and there is one economist who is synonymous with games and more specifically ‘game theory’. You might know him from the award winning film ‘A Beautiful Mind’ but there is so much more to know about John Nash Jr. and the Economics in Ten team want to share that with you. Along the way you will find out the best way to win ‘Rock, Paper, Scissors’, discover the huge cost (or benefit) of the nuclear arms race and what’s the market rate for a Nobel Prize medal at auction. Guiding you through as always are Pete and Gav, your friendly neighbourhood economists with technical support from our yellow trainered friend Nic. Music comes from Jukedeck and you can create your own at jukedeck.com. Economics in Ten – The Oh.My.Pod. PodBible Independent Podcast of the Year 2019.
Christmas Special 2019
It’s Christmas!!!! But what does Christmas have to teach us about economics? Well…quite a lot in fact as you’ll soon find out as you listen to this festive special by the Economics in Ten team. What’s the best present you can give according to economists? Should you get a real tree or a plastic one from an environmental economics perspective? What can the ‘12 Days of Christmas’ teach us about inflation? There are plenty more festive questions to be answered plus you get our guide to the top gifts to satisfy the budding economist in your household. Guiding you through as always are Pete and Gav, your friendly neighbourhood economists with technical support (and jingle bells) from Nic. Music comes from Jukedeck and you can create your own at jukedeck.com. Have a merry Christmas everyone!!!
Season 2 Episode 3 - Sir Arthur Lewis
Sir Arthur Lewis was a pioneer. The first black man to win the Economics Nobel Prize, the first black man to be a professor of any university and in any field in the UK and the economist largely seen as the first major thinker in the field of development economics. His "two sector" model is taught across the world - but who was the man behind the model and why does he have a building and a mascot named after him at the University of Manchester? What is his (spurious) link with Mancunian musical legends MC Tunes and A Guy Called Gerald. Guiding you through these questions and many more (as always) are Pete and Gav, your friendly neighbourhood economists. Technical support comes from Nic and the music from Jukedeck - you can create your own at jukedeck.com.
Season 2 Episode 2 - Elinor Ostrom
Season 2 Episode 1 - Thorstein Veblen
Summer Reading Special
“The more that you read, the more things you will know. The more that you learn, the more places you’ll go.” – Dr. Seuss
If you want to be a great student of economics or just be well-informed about the world, then reading widely is without question the magic ingredient. We at EconomicsInTen are great believers in the power of reading. Therefore in this Summer Reading special, your friendly neighbourhood economists Pete and Gav answer one simple question 10 times. What book would they recommend and why? All the books are linked to economics in some way and if you read them all, you will become a better economist and who knows, perhaps a better human being too! So while away those long summer days catching up with our podcast and reading these beauties. As always, this podcast comes with technical support from the great Nic and comes with music from Jukedeck – create your own at jukedeck.com.
Season 1 Episode 5 - Karl Marx
Interested in Karl Marx? Want to know what Marxism might be? Ever wondered what the impact of 'The Communist Manifesto' and 'Das Kapital' have been on the world? And have you ever considered that Dolly Parton may have been a closet Marxist? Then listen to this episode and find out more about the man who was far more influential after death than in his own lifetime and still provokes strong feelings. Along the way you'll also find out about "the most beautiful girl in Trier", his best mate Engels and how, according to Pete and Gav, your friendly neighbourhood economists, they were the original Justice League! As always with technical support from Nic and music from Jukedeck - create your own at Jukedeck.com.
This is the last in our first series (barring another sneaky special) so please do send us any feedback and ideas for future episodes to email@example.com
Thank you for your company over our first series - we will back with some other great economists later in the year.
This week we are once again moving away from our coverage of economic titans and sharing with you another of our topical "specials".
Climate change…it’s a hot topic but what light if any can conventional economics shed on it? In this environmental special, your friendly neighbourhood economists Pete and Gav look at various different theories that try to address how economics can solve the existential problem of environmental destruction! So if you want to know what steady-state economics is or have wondered what the ‘tragedy of the commons’ means, then have a listen. And who knows, by the end, you might have more inclination to become vegan (or at least cut down on your meat consumption). vowed to use public transport more and be itching to find out what your carbon footprint is. As always with technical support from Nic and music from Jukedeck - create your own at Jukedeck.com.
Season 1 Episode 4 - David Ricardo
Globalisation…it’s a hot topic in economics but why do so many economists emphasise the importance of trade? Many would argue that this began with David Ricardo and his Theory of Comparative Advantage, leading to the interdependence between countries that we see today. Who was Ricardo and how did he develop his ideas? What would he have made of today's global economy? And what is his very tenuous connection to fish and chips? Listen to this episode to find out more about this famous economist and his impact on the world today, whilst being entertained and informed by Pete and Gav throughout. Technical support comes from Nic and music from Jukedeck – create your own at jukedeck.com
Season 1 Episode 3 - Friedrich Hayek
Want to know who Friedrich Hayek was? Batman had the Joker. Holmes had Moriarty. Emu had Grotbags. And in the world of Economics, Keynes had Hayek. But who was this man? How did he contribute to the world of economics? And how did he arguably become the most important economist of the 20th Century? Listen to this episode to find out more and decide which side of the debate you are on. Hopefully Pete and Gav will keep you entertained and informed throughout, whilst you make up your mind. Technical support comes from Nic and music from Jukedeck – create your own at jukedeck.com.
This week we are departing temporarily from our coverage of great economists for the first of our "Economics in Ten Specials" with a look at the growing field of Happiness Economics.
Are you a student and worried that you won’t be able to buy a house before you retire? Are you unhappy because you are not losing weight fast enough? Want to know what music to put on to make you happier? In this special episode of the Economics in Ten podcast, Pete and Gav, your friendly neighbourhood economists, take you on a journey through economics and show you how the ‘dismal science’ can improve your happiness, boost your well-being and definitely save you from boredom. With technical support from Nic and music from Jukedeck – create your own at jukedeck.com.
Season 1 Episode 2 - John Maynard Keynes
Want to know who John Maynard Keynes was? How he contributed to the world of economics? And more importantly what was he chowing down on at his secret society? Listen to this episode to learn more. Keynes once said ‘in the long run we are all dead’ and after this extended episode you might have sympathy with his thoughts but hopefully Pete and Gav will keep you entertained and informed throughout. Technical support comes from Nic and music from Jukedeck – create your own at jukedeck.com
Season 1 Episode 1 - Adam Smith
Want to know who Adam Smith was? How he contributed to the world of economics? And, more importantly, what would his walk on music be if he was a professional boxer? Listen to this episode to learn more about the father of modern economics (or, as the kids might say, the original G) from Pete and Gav, your friendly neighbourhood economists. With technical support from Nic and music from Jukedeck - create your own at jukedeck.com