Economics In Ten is your go-to podcast if you want to learn about the lives, times and ideas of the world's greatest economic thinkers. Each episode is a fun ex...
All countries seem to have economic growth as their primary economic objective and the received opinion is that the best way to do this is through international trade. Since the end of the Second World War this trade has been facilitated by trade agreements brokered first by the ad hoc assemblies to promote the General Agreement on Tariffs and Trade (GATT) and later via the auspices of the permanently instituted World Trade Organisation (WTO). The man behind the idea of an organisation to encourage trade was Nobel Prize winner James Meade, a real economists’ economist. Throughout his life, he worked on numerous areas of economics and had a personal crusade to prevent the malaise of unemployment, With even a cursory look at his thought you can see how influential he is or might be today's world in a broad range of areas e.g. in his prescient ideas about an Universal Basic Income (UBI) In this third episode of Season 8 of their award winning podcast, your friendly neighbourhood economists, Pete and Gav, dive into the world of Angus Deaton’s (a fellow Nobel Prize winner) favourite economist. Along the way, you will get a cheese recommendation, a rather coarse quiz and so many policy ideas, you won’t know what to do with them all. Technical support as always comes from our good friend Nic.
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1:24:14
Supply Side Economics Special
How do you achieve the magic formula of low inflation and economic growth? In the 1970s this was beginning to move further and further away from the reach of policy makers using the traditional approach of ‘demand management’, In the post-war era fiscal and monetary policy to manage the vagaries of the economic cycle but this approach was undermined by the curse of "stagflation". The late 1970s and 1980s so the emergence of a "new" approach and policy-making saw a big swing towards the use of what became known as supply-side policies. On both sides of the Atlantic Thatcherism and Reaganomics introduced ‘trickle-down’ economics to the world and a whole suite of new policies to manage (or not manage!) the economy - but what were they trying to do and did they actually work? In this new special by Pete and Gav, your friendly neighbourhood economists, we dive into the world of supply-side economics. As always we discuss 10 questions that we hope will give you a good overview of what supply-side policies are and the key debates surrounding them. Along the way, you will come across a ‘supply’ quiz and find out which economist has actually seen one of our paintings of them! Technical support as always comes from Nic. Enjoy and afterwards, you might think about what kind of graph you might draw on a napkin that would change economics forever!
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1:27:33
Season 8 - Episode 2 - Edith Penrose
What makes firms grow? This appears to be an important question, particularly with governments looking for GDP growth to be driven by firms. The normal vehicle for exploring this in Economics would be to use the 'classical' Theory of the Firm but in terms of growth, it doesn’t really have any answers or at least answers that provide any concrete implications for real-world decision-making. It was this question that the late, great Edith Penrose decided to answer and through doing this, created the Resource Based View (RBV) approach to help explain why firms grow (and some of course do not!). In this second episode of Season 8 of their award winning podcast, your friendly neighbourhood economists Pete and Gav, dive into the world of one of Diane Coyle’s favourite economists - Edith Penrose. Discover how Edith Penrose could be described as the Forrest Gump of economics and see how she challenged the economics orthodoxy of her time. Sadly there is no quiz this time but still there is poetry, food recommendations and plenty of bonhomie. Technical support comes from our own RBV Nic.
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1:27:07
Cambridge Walk Special
Have you ever wanted to walk in the footsteps of the great economists? Do you want to breathe the same air they breathed? Do you want to be inspired by the ghosts of Economics past? Well now's your chance. Cambridge is rich with economic history and in this podcast special, recorded on the hoof, your friendly neighbourhood economists, Pete and Gav, take you on a 4 mile journey around Cambridge. Starting at Keynes’ family home and ending at Jesus College, you will find out why certain landmarks are important within the world of economics. It should take you 90 minutes to walk and on the journey, you can pay homage to the likes of Robinson, Marshall, Deaton and Malthus. Technical support as always comes from 'I think they are usable' Nic.
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Season 8 - Episode 1 - Herbert Simon
One of the fundamental principles of orthodox economics the idea that all economic agents "maximise" - consumers aim to maximise utility (econ speak for happiness) and producers profit. Nobel Prize winning economist Herbert Simon challenged this assumption and in doing so coined a new verb, ‘to satisfice’ to show how consumers and producers in the ‘real world’ behave somewhat differently. This is the first episode of Season 8 of our award winning podcast, with the theme of the season being "the economists' economist'. In this episode, your friendly neighbourhood economists, Pete and Gav, enter the world of Ha-Joon Chang’s favourite economist - Herbert Simon. In the course of our journey of discovery we will meet a robot named after Herb, suggest the perfect past-time for long train journeys and discover Simon's surprising and unusual sartorial choices. As always there is a challenging quiz and lashings of bonhomie. Technical support comes from our muse Nic.
PS You may hear background vocals from baby Henry during the course of the episode and we would correct the following errata which occurred during the course of enthusiastic discussions:
Tom Swift was a character from American teen sci-fi books
Mr Miyagi of Karate Kid fame was, in fact, Japanese
Economics In Ten is your go-to podcast if you want to learn about the lives, times and ideas of the world's greatest economic thinkers. Each episode is a fun exploration of a famous economist using ten different questions. Presented by Pete and Gav, your friendly neighbourhood economists, with technical support from Nic and music from Jukedeck - create your own at http://jukedeck.com
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