In standard economic theory monopolies are generally seen as leading to "sub-optimal outcomes" (they are bad!). However in their own discipline one could argue we have seen one particular approach to economics dominate over recent decades. Is this sub-optimal? One economist in particular, Jayati Ghosh, would argue yes, and point to the negative impacts of having just one "voice" dominate theoretical and policy discussions. The work of Jayati Ghosh highlights irony and suggests that through this monopolisation, economics finds itself in a situation where few new ideas can emerge that might work more effectively than the current offer, especially in a time of rampant inequality, stagnant growth and global warming. As an Asian, female economist, Ghosh offers a different perspective to many Western economists. She has done some outstanding work focusing on the area of unpaid care work but it doesn’t stop there with numerous and substantial contributions to both macro and microeconomics, particularly in the development sphere. In this fifth episode of season 8 of their award winning podcast, your friendly neighbourhood economists, Pete and Gav explore one of Kate Raworth’s favourite economists - Jayti Ghosh. Not only will you discover a more pluralist approach to the subject but you’ll also find out why, through a rather painful experience, she ended up learning the piano and not the violin, how the James Bond theme relates to the Indian classical raga and a super quiz on all things India. Technical support as always comes from ‘buy-me-a-tortoise’ Nic.
Paul Samuelson once said ‘I don’t care who writes a nation’s laws or crafts its advanced treatises if I can write its economics textbooks’ and boy did he write the book! Samuelson understood the power of economics and his best selling textbook called (surprisingly) ‘Economics’ was read by millions across America and influenced a number of the economists and policy makers that shape economic policy today. This was far from being his only claim to fame though and throughout his lifetime he wrote an extraordinarily large number of influential papers across a range of micro and macroeconomic topics (in cricket terms he was very much and all rounder or for baseball fans a 'two way player'. His neoclassical synthesis that combined Keynesianism with New Classical theory was a particularly influential advance. He is also seen as the man who brought a far greater mathematical rigour to economics, an approach which has very much outlived him.In this fourth episode of Season 8 of their award winning podcast, your friendly neighbourhood economists, Pete and Gav, dive into the world of Paul Krugman’s (a fellow Nobel Prize winner) favourite economist. Along the way, you will find out about AMSR, a trivia quiz that features a ‘joke’ question that Samuelson got right and so many ideas, you won’t know what to do with them all. Technical support as always comes from our good friend Nic.
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!
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.
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.
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.
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...
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!
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!
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.
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!
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.
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.
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!
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!!
'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!
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.
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
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
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!
John J Edmund
can you lose the bell? I tend to listen to you guys with BT buds, and the bell is starting to cause me physical and emotional pain. More so than failing macro freshman year from a take home final.
Victor Minjares
I found your podcast BECAUSE you decided to discuss Veblen! So carry on!