RadioMMT

What if everything you knew about supply and demand was a lie?In this episode, heterodox economics student Kent Getsinger introduces us to Fred Sterling Lee—the greatest economist you’ve never heard of. Lee didn't just question mainstream economics; he mathematically proved that the "law" of supply and demand does not exist. Stripping away orthodox ideology, this episode reveals the radical truth: the prices we pay aren't natural laws, they're the result of raw class power. Tune in for an economic reality check that’s like telling the Pope there is no God. Show Notes Public Money Public Good (PMPG) Fred Lee's 'grandiose' project: Towards a unified heterodox model? (presentation Kent Getsinger)Modern Money Lab (MML)Fred Lee's Last Graduate Heterodox Micro of 2013/2014 (video) Microeconomic Theory: A Heterodox Approach (book)By Frederic S. Lee, Tae-Hee JoPost Keynesian Price Theory (book)by Frederic S. Lee Frederic Sterling Lee (economist) The Code of Capital: How the Law Creates Wealth and Inequality (book)by Katharina Pistor Inquiry into Price Gouging and Unfair Pricing Practices (report, 2024)Findings of the Inquiry chaired by Professor Allan Fels AO – former chairman of the Australian Competition and Consumer Commission (ACCC) Other economists mentioned, in order of appearance:Alfred EichnerAllan G. GruchyThorstein VeblenRandall WrayStefanie KeltonFadel KaboubIsabella WeberFrançois QuesnayPiero SraffaBill MitchellDavid HarveyFrank Stilwel Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. Hey Yaba by Djawarrayfrom the album Magayin (Stand & Rise) Wulman Wulman by Djawarrayfrom the album Magayin (Stand & Rise)

Money is something we use everyday, and think about a lot, yet the real nature of money is shrouded in mystery. If you haven't come across MMT (Modern Monetary Theory), chances are, money remains an enigma. Even economists and financiers often get it wrong.The econo-babble surrounding money is no accident. We are not taught about money, or our monetary system. Economic literacy is not part of our general education. Not in the same way we are taught to read and write, or use a computer. Into this void step multiple pundits, doomsayers, gold bugs, misguided mavericks, and... mainstream economists.Anne and Kev set us on the right track by looking at four ways for thinking about money:     the Story of Money    money as an IOU    the monetary system as a pyramid of IOUs    money as like points in a football game Once you see it, you can't un-see it.  CreditsTheme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.https://edkuepper.comAdditional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.https://edkuepper.comhttps://orangefreesounds.comSongs and sound effects permitted for non-commercial use under license “Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)”

When supermarket giants control the food supply chain, shopping around won't save you. This episode, we go beyond standard supermarket bashing to look at the real culprit: a government that refuses to utilise countervailing power, and wants you to believe that more supermarket competition is the answer. Tune in to discover the public option future that could actually fix your grocery bill. Shownotes Supermarkets (articles) Mayor Mamdani Announces La Marqueta as First Site Identified for City’s Public Grocery Stores, April 14, 2026 (press release) In the Loop: Revolutionizing Public Finance, hosted by Scott Ferguson, Tyler Suksawat, and Will Beaman (podcast by Money On The Left) Public Money. Public Good. PMPG (events)Supermarkets Inquiry | Final Report, by the ACCC, 2025 Where your spend at Coles and Woolworths is really going, Mar 20, 2024 (article)John Kehoe, Economics editor The Australian Financial Review Local Food Connections (3CR): Katy Swain and Jessie Winter on the power of supermarkets over producers and suppliers of food (episode) And in case you are wondering about nationalised pubs...They nationalised a pub by Chris Spargo (video) And just for laughs...Discounts all round@ChrisKohlerNews Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. In Full: ACCC speaks after Coles found to have misled customers ABC News (Australia), May 14, 2026 Going Down (Live In Concert) by G3

Kev and Katy wrap up this series of shows with an overview of where neoliberal government and neoliberal institutions have failed, and what we can do about it at a grassroots level.ShownotesThe Heritage Foundation at WikipediaAmerica’s Golden Age: A Return to the Permanent Things, Heritage Foundation president Kevin Roberts' medieval Christian vision for the US. (Also expanded upon as a lecture on YouTube)."Attack on American Free Enterprise System" (aka. the Powell Memorandum) at the Internet ArchiveA review of Late Soviet Britain: why materialist utopias fail, by Abby Innes.How neoliberalism broke economics, an interview with Abby Innes:[Soviet and neoliberal economics] both operate with sort of closed system reasoning about the possibility of a completely efficient system. whether that's a completely efficient social plan or a completely efficient market. And then the dark historical joke is that they necessarily converge on the same statecraft. […The assumption is] that if you design regulations in the appropriate way, enterprises will only ever work in a way that is socially productive.Slashing support: How the NDIS is leaving the most vulnerable behind, by friend of the show James Rozier, explaining why healthcare doesn't work like a textbook market:So, why aren’t participants “disciplining the market” and seeking lower prices? When looking for a doctor, we tend to take the first appointment available. Then, we tend to stay with that doctor and trust their advice. These behaviours and trust relationships are particularly prevalent in healthcare. If we expect NDIS participants to drive down prices, we ignore such behavioural realities.Theme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.

Kev and Katy bring their white coats and stethoscopes to the task of examining Neoliberalism, "the rich bloke mind virus", as Elon Musk might describe it (but probably won't). How did it grow from a fringe philosophy nurtured by a handful of embittered cranks to bipartisan policy prescription in the world's wealthiest countries in the space of thirty years? And why, half a century later, are governments still clinging to it?ShownotesThe Path to a Sustainable Civilisation, Mark Diesendorf and Rod Taylor (2023), Palgrave Macmillan.For context, listeners might want to revisit our chat with Marcus Champ on the scale and efficacy of Australia's WWII economic management.How Neoliberalism Survived the Financial Meltdown (w/ Philip Mirowski) on the Majority Report w/ Sam Seder.Cory Doctorow on Milton Friedman and "ideas lying around".Rich countries drained $152tn from the global South since 1960, Jason Hickel, Dylan Sullivan and Huzaifa Zoomkawala in Al Jazeera.Ecological Unequal Exchange: Consumption, Equity, and Unsustainable Structural Relationships within the Global Economy, James RIce (2007).Public Money Public Good Workshop: How to resist the Con, Geelong Library & Heritage Centre, Saturday 5 September, 2026. (Tickets)Theme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.Ecstacy, by Lou Reed.