Debunking Economics - the podcast cover art

Debunking Economics - the podcast

Debunking Economics - the podcast

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

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Copyright 2016 . All rights reserved. Economics Science Social Sciences
Episodes
  • The world’s anti-migration shift to the right

    The world’s anti-migration shift to the right
    Jun 23 2026
    Phil and Steve confront the global surge in anti-immigration rhetoric and right-wing political momentum, tracing its roots to the structural failures of neoliberalism rather than the actions of migrants themselves. Steve dissects how decades of fiscal paranoia, deregulation, and slashed public spending on health, welfare, and education systematically eroded working-class security, turning migrants into easy scapegoats for falling real wages and housing shortages. They evaluate how corporate-led migration has been historically weaponized by business elites to depress labour costs at the expense of local training, while contrasting the economic benefits of "capital deepening" through technology against raw "capital broadening" through rapid population expansion. Ultimately, it paves the way for Pauline Hanson and Nigel Farage tocapitalise on very real working-class anxieties, but their adherence to the exact same deficit-obsessed economic playbooks will only invite further structural chaos.

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    48 mins
  • GDP is hopelesss as a relative measure

    GDP is hopelesss as a relative measure
    Jun 17 2026
    Steve and Phil critique our systemic over-reliance on Gross Domestic Product (GDP) as the definitive baseline for comparing global economies and measuring societal well-being. The discussion underscores a fundamental flaw in neoclassical modeling: while GDP measures raw industrial output, it completely fails to reflect actual public welfare due to stark differences in income distribution, unpriced volunteer and domestic labour, and varying national structures of public service delivery. For instance, a per-capita GDP comparison artificially flatters the United States over Europe or China simply because American citizens are forced to spend massive out-of-pocket sums on privatised health care, transport, and education—essential services that are heavily subsidised or provided entirely free by the state elsewhere. Would it be more worthwhile to measure something fundamental, like the relative happiness of a nation. Steve argues that GDP still has a place, but it should never be used on its own. That’s just lazy.

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    46 mins
  • Is Labour right to cut tax incentives for housing speculators?

    Is Labour right to cut tax incentives for housing speculators?
    Jun 10 2026
    This week Phil and Steve dig into the storm of controversy over Australia's new budget rules targeting property speculators. The Labor government has scaled back negative gearing and abolished the 50% capital gains tax discount for established dwellings—major tax shelters that have historically rewarded people for gambling on rising asset prices rather than working productive jobs. Steve demonstrates that the country's absurd house-price-to-income ratio is driven entirely by the acceleration of private mortgage debt, heavily fueled by decades of destructive government policies designed to protect the wealth of baby boomers. Phil notes that while these changes may discourage real estate hoarding, Australia's massive, housing-reliant pool of intergenerational wealth still avoids inheritance taxes. So, is this a smart move by the Australian government, and could curbing the rentier class finally force the financial system to back local innovation instead of property speculation?

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    45 mins
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I haven’t read the book yet but will be getting it! Enjoyed listening to the analysis of recent economic affairs. Accessible and informative.

Interesting economic analysis

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Great podcast offering some heterodox economic analysis. A recommended listen for everyone in the UK especially.

Great podcast

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