According to the Wall Street Journal, this episode’s guest, Andy Lee, is “The Tax Whiz With the Strangest Hustle on Wall Street”. He’s the founder and CIO of Parallaxes Capital, and he joins us to talk about tax receivable agreements (TRAs). Andy explained what TRAs are, how they come about for companies going public such as Shake Shack in 2015, and why he’s investing in them. Disclaimer: Nothing in this episode should be construed as financial or investment advice. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Andy Lee, Founder and CIO of Parallaxes Capital Andy founded Parallaxes Capital in 2017. Previously, he was with Lone Star Funds, focused on investing in the Americas. He began his career at Citigroup. Andy graduated from the University of Illinois at Urbana-Champaign with a Masters in Accountancy and a Bachelors in Finance and Accountancy. Andy has been featured in publications including Wall Street Journal, Capital Allocators, Institutional Investor, NBC, Forbes, ReOrg Radio and Fitch’s LevFin Insights. He has spoken at events and conferences for organizations such as the Association of Asian American Investment Managers (“AAAIM”) and leading academic institutions including the University of Illinois, University of Pennsylvania and Texas Christian University (“TCU”) When Andy is not working, he enjoys taking his corgi (Taco) on long walks. Fun Fact: Andy, rarely one to back down from highly ambitious goals, ran a marathon less than 180 days from ACL, MCL and PCL surgery. Source: https://parallaxescapital.com/our-team/ What’s covered in EP237 Introduction. (0:00) TRAs for companies going public in the US. (6:18) TRAs agreements and their value for private equity investors (i.e. pre-IPO owners). (12:52) Tax refunds, risk management, and investment opportunities. (19:57) TRAs and investment strategies. (24:47) TRAs and their potential as a diversified investment. (30:55) Takeaways TRAs convert future corporate tax savings (e.g. from depreciation expenses) into current income streams. TRAs provide long-dated, typically 15-year income streams that can be sold by pre-IPO owners (e.g., private equity investors). Private equity firms use TRAs to increase their earnings from the sale of businesses they’ve invested in. Ideal Candidates for TRAs are large, stable companies with predictable long-term profitability (e.g. Shake Shack), rather than high-growth tech startups which often lack immediate profitability. US tax expertise is required to properly analyze and invest in TRAs. Links relevant to the conversation WSJ article about Andy, “The Tax Whiz With the Strangest Hustle on Wall Street”: https://www.wsj.com/finance/investing/tax-whiz-strange-hustle-wall-street-d51ddbc6 Parallaxes Capital: https://parallaxescapital.com/ Lumo Coffee promotion Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024. Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode of Economics Explored features a deep dive into the ongoing housing crisis in Australia with John August, a Pirate Party of Australia official and Sydney radio host. Gene and John discuss the significant influence of immigration rates and building restrictions on housing availability and prices. They also consider potential policy solutions to ensure more equitable housing access, including developing a charter city named Turing. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: John August John August is the Treasurer of the Pirate Party Australia. John does computer support work in retail and shareholder communication. He is passionate about justice and ethics in our world, particularly as it plays out in law generally and intellectual property in particular. He has stood on behalf of the Pirate Party in the Federal seat of Bennelong and also as a Councillor for Ryde City Council. Along with technology and law John is also interested in spoken word and poetry. He broadcasts on community radio and hosts the program “Roving Spotlight” on Tuesdays from noon-2pm on Radio Skid Row Marrickville Sydney, and writes about his ideas on the website www.johnaugust.com.au. You can keep up to date with what John is up to via his Facebook page: https://www.facebook.com/profile.php?id=100063805005395 What’s covered in EP236 Introduction. (0:00) Housing crisis in Australia, with a focus on supply and demand issues, affordability, and government policies. (2:44) Population growth, immigration, infrastructure, and housing affordability in Australia. (8:04) Housing affordability and land value taxation. (13:40) A Georgist approach to taxing land. (22:05) Immigration and foreign aid in Australia. (31:24) Reducing immigration and addressing housing challenges in Australia. (37:46) Immigration policy, infrastructure, and zoning regulations in Australia. (41:45) Potential for charter cities (e.g. Turing) and high-speed rail links. (47:34) Foreign aid, shipping, and taxation. (53:35) Takeaways The housing crisis in Australia is exacerbated by high immigration levels and stringent building restrictions, which affect affordability. Policy debates are intensifying around whether to restrict immigration to ease housing demand or to relax zoning restrictions on development to boost supply. The concept of "upzoning," similar to Auckland’s approach, could be a viable solution to create more housing in existing urban areas. Proponents of high immigration levels often overlook the infrastructural and social costs associated with a rapidly increasing population through high immigration rates. The discussion of housing involves not only economic metrics but also the quality of life and housing accessibility for all population segments. Links relevant to the conversation Leith Van Onselen on immigration and housing: https://www.macrobusiness.com.au/2024/04/albo-lies-his-way-out-of-rental-crisis/ Previous episode with Natalie Rayment: https://queenslandeconomywatch.com/2021/04/16/missing-middle-housing-podcast-chat-with-natalie-rayment-of-wolter-consulting/ John’s conversation with Cameron Murray on housing: https://www.mixcloud.com/Johnorg/roving-spotlight-28-november-reviewing-a-pirate-look-at-the-housing-market-with-cameron-murray/ Freightened documentary about the cost of shipping: https://thoughtmaybe.com/freightened/ Lumo Coffee promotion Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024. Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, show host Gene Tunny engages with Dr Dan Mitchell in a frank discussion about the US’s looming debt crisis. The conversation covers Dan’s new book, co-authored with Les Rubin, The Greatest Ponzi Scheme on Earth: How the US Can Avoid Economic Collapse. In the episode, Dan talks about the unsustainable trajectory of federal debt, the consequences of government overspending, and the tough choices needed to avert economic disaster. Hear how Dan reacts to the Modern Monetary Theory view that debt and deficits aren’t a problem. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Dr Dan Mitchell Daniel J. Mitchell is a top expert on fiscal policy issues such as tax reform, the economic impact of government spending, and supply-side tax policy. Mitchell is a former senior fellow with The Cato Institute and The Heritage Foundation and served as an economist for Senator Bob Packwood and the Senate Finance Committee. His articles can be found in such publications as the Wall Street Journal, New York Times, Investor's Business Daily, and Washington Times. He is a frequent guest on radio and television and a popular speaker on the lecture circuit. Mitchell holds bachelor's and master's degrees in economics from the University of Georgia and a Ph.D. in economics from George Mason University. What’s covered in EP235 Introduction. (0:00) US government debt and entitlement programs. (4:48) Government spending and its impact on the economy. (9:05) US government spending, Social Security, and fiscal policy. (14:06) US retirement systems and entitlement programs. (18:32) Medicare reform and the federal budget. (24:05) US budget deficits and entitlement programs. (27:59) Taxes, spending, and economic growth. (33:01) Kyle Kulinksi clip. (38:11) Dan responds to Monetary Monetary Theory (41:00). Entitlement programs and government spending. (44:40) Takeaways The US federal debt is soaring, with projections showing a large increase in the debt-to-GDP ratio in the coming decades. Government spending, particularly on entitlement programs, is the primary driver of fiscal imbalance. Addressing the debt crisis requires significant policy changes, including reforming entitlement programs like Social Security and, to a lesser extent, Medicare and Medicaid. Reforming Social Security through personal retirement accounts could save trillions over the long run. Lessons from other countries show that fiscal discipline and restructuring can improve economic stability. Links relevant to the conversation The Greatest Ponzi Scheme on Earth: How the US Can Avoid Economic Collapse: https://www.amazon.com.au/Greatest-Ponzi-Scheme-Earth-Economic/dp/1637632770 Dan’s bio: https://mises.org/profile/daniel-j-mitchell Dan’s International Liberty blog: https://danieljmitchell.wordpress.com/ Dan’s post “OECD Economic Research Finds that Government Spending Harms Growth”: https://danieljmitchell.wordpress.com/2016/11/28/oecd-economic-research-finds-that-government-spending-harms-growth/ Dan’s post “The IMF, The Laffer Curve, And Supply-Side Economics”: https://freedomandprosperity.org/2022/blog/the-imf-the-laffer-curve-and-supply-side-economics/ Lumo Coffee promotion Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024. Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, we delve into the controversy surrounding the Prospera charter city in Honduras, which has embraced libertarian principles and adopted Bitcoin as legal tender and a unit of account. The city is currently embroiled in a legal battle with the Honduran government. Gene asks Jeffrey Mason, from Charter Cities Institute, what it all means for the future of charter cities. Jeffrey provides some good examples of how charter cities still have a lot of potential, and he talks about projects CCI is involved in in Africa, particularly in Zanzibar. Tune in to gain insights into the intersection of governance, economics, and innovation in the context of charter cities. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Jeffrey Mason, Head of Research, Charter Cities Institute Jeffrey joined CCI as a Researcher in 2019. His research interests include urban economics, structural transformation, special economic zones, and technology ecosystems. He has worked on policy advisory projects in Nigeria, Tanzania, Zambia, and Honduras, among other countries. Prior to joining the Charter Cities Institute, Jeffrey worked as an MA Fellow at the Mercatus Center at George Mason University. He holds a BA in economics from the University of Maryland and an MA in economics from George Mason University. His writing has been featured in publications including City Journal, Works in Progress, Investment Monitor, Quartz Africa, and The American Mind. What’s covered in EP234 Introduction. (0:00) Honduran ZEDEs: zones for employment and economic development. (4:12) Honduran ZEDEs and impacts on local communities. (9:41) Investor-state dispute settlement mechanisms. (15:15) Charter cities and their potential to improve governance and economic growth. (20:37) Charter cities and urban development in Zanzibar. (26:15) Affordable housing development in Zanzibar, Tanzania. (30:56) Urban development and new city projects. (39:27) Takeaways The controversy surrounding Prospera in Honduras highlights the risks and uncertainties involved in charter city projects. The concept of charter cities is evolving, with a growing emphasis on affordability, local engagement, and sustainable development to ensure their long-term success. Legal and political stability, along with government partnerships, are crucial for the success of charter cities, as demonstrated by the contrasting experiences of Prospera and the Zanzibar project, Fumba Town, that Charter Cities Institute is involved in. Links relevant to the conversation Jeffrey’s bio: https://chartercitiesinstitute.org/people/jeffrey-mason/ Ryan Grim’s report at the Intercept “Honduras Ratchets Up Battle With Crypto-Libertarian Investors, Rejects World Bank Court”: https://theintercept.com/2024/03/19/honduras-crypto-investors-world-bank-prospera/ Counter Points report “Honduras GOES TO WAR With Crypto Bros”, CCI's involvement with Fumba Town: https://chartercitiesinstitute.org/fumba-town/ Fumba Town: https://chartercitiesinstitute.org/fumba-town/ EP147 with Kurtis Lockhart on charter cities: https://economicsexplored.com/2022/07/11/charter-cities-a-public-private-partnership-ppp-model-w-kurtis-lockhart-ep147/ Lumo Coffee promotion Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024. Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Michael Johnston, CFA of WealthChannel and show host Gene Tunny dissect the pressing issues facing the US Social Security system. Amid predictions of future insolvency, they discuss the demographic trends, financial realities, and policy adjustments needed to safeguard retirement incomes for future generations. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Michael Johnston, CFA Michael Johnston, CFA is a financial industry veteran with a passion for improving outcomes for retail investors. Following stints in corporate finance and investment banking, Michael founded ETF Database (ETFdb) and grew it into the largest independent media property covering exchange-traded funds (ETFs). Under Michael’s leadership, the company achieved a commanding position within the ETF industry and played a key role in the “low cost revolution” that saw hundreds of billions of dollars flow from expensive mutual funds to low cost ETFs. ETFdb is now a part of TSX Group, a publicly-traded financial services company that operates the Toronto Stock Exchange. Michael co-founded WealthChannel with a mission of helping investors achieve financial independence by radically simplifying retirement planning and investing. Michael is responsible for WealthChannel’s content and education initiatives, including its flagship WealthChannel Academy. Michael graduated from the University of Notre Dame with a degree in finance, and now resides in Oregon with his wife and son. He is active in his community as a member of the Board of Directors of the Lane Regional Air Protection Agency (LRAPA) and a volunteer at Hosea Youth Services. What’s covered in EP233 [00:02:59] Sustainability of Social Security. [00:03:52] Retirement crisis in America. [00:09:43] Americans living longer. [00:13:25] Social Security trust fund depletion. [00:17:38] Social Security sustainability. [00:18:59] Social Security Funding Solutions. [00:24:36] Frankenstein policy solutions. [00:27:50] Immigration and Social Security. [00:30:46] Retirement age and social security. [00:35:54] Retirement savings statistics. [00:38:19] Retirement and financial literacy. [00:41:26] Retirement savings options in the States. [00:45:02] Social Security explained. [00:50:26] Social Security and retirement accounts. Takeaways Social Security Sustainability: The Social Security program in the US faces sustainability challenges due to changing demographics and financial dynamics. Retirement Crisis: There is a retirement crisis in the US, with nearly half of Americans having no retirement savings and relying heavily on Social Security for income in retirement. Potential Solutions: Various solutions were discussed, including raising the retirement age, adjusting cost-of-living adjustments, and increasing contributions to shore up the system. Individual Retirement Accounts: The US offers tax-effective retirement savings options like 401(k)s and Roth IRAs, but many Americans are not effectively using these tools. Comparison with Other Countries: The discussion highlighted differences in retirement systems between the US and countries like Australia, where superannuation accounts play a significant role in retirement planning. Links relevant to the conversation Michael Johnston’s bio: https://wealthchannel.com/about/michael-johnston/ Wealth Channel Academy, Michael Johnston's initiative to demystify retirement planning: https://wealthchannel.com Lumo Coffee, sponsor of the episode offering antioxidant-rich coffee:https://lumocoffee.com Social Security Administration: https://www.ssa.gov/ Millions of Americans nearing retirement age with no savings - CBS News: https://www.cbsnews.com/news/millions-of-americans-nearing-retirement-age-no-savings/ EP87 – Saving & investing for retirement: 401(k)s, IRAs, mutual funds, ETFs, etc: https://economicsexplored.com/2021/05/15/ep87-saving-investing-for-retirement-401ks-iras-mutual-funds-etfs-etc/ Lumo Coffee promotion Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024. Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode explores the crucial role of efficient financial management in driving business performance and productivity. Guest Andrew Walker, a seasoned financial consultant, shares his extensive experience advising businesses on utilizing data for improved cash flow and strategic decisions. Walker emphasizes the transformation from traditional bookkeeping to strategic financial planning as businesses scale. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Andrew Walker, CEO, Improcus Andrew, with over 30 years of executive management and accounting experience, across global and local markets, brings a depth of experience and credibility built across the manufacturing, retail, franchise, construction and transport sectors. Whether as CEO or on the shop floor, Andrew understands the challenges and demands of business. Andrew has an intuitive understanding of business in both financial and functional areas. His work experience includes: CEO of Improcus, a South East Queensland business improvement consultants company/business and has worked with 100 companies in 10 years with an aggregate annual turnover of $1.0b CEO of AAF Industries Plc, a London stock exchange listed company specialising in design, manufacture and installation of modular buildings in Europe. The Group also included a laboratory furniture manufacturing business and a scaffolding division. CFO BTR Dunlop Ltd, listed on the Johannesburg Stock Exchange, responsible for all South African operations and the Financial Controller for Africa reporting to BTR PLc. Turnover R1.0billion Divisional Finance Director of Dorbyl Automotive Components consisting of 16 divisions supplying various automotive components to OEM’s. Financial Controller for the Aberdare Power Group, the largest manufacturer of power cables in South Africa What’s covered in EP232 Introduction (0:00) Streamlining business processes to improve cash flow. (4:15) Automating business processes for efficiency and growth. (9:19) Improving business performance through financial analysis. (13:54) Financial management and growth in a business. (18:30) Financial management and business growth. (23:55) When businesses need a CFO or financial controller. (28:52) Private equity, AI, and business trends. (32:09) Business software and data analysis. (36:22) Business productivity, taxes, and insolvency. (42:37) Financial reporting and cash flow management in businesses. (46:54) Takeaways The Peter Principle in Finance: Promotion beyond competence in finance roles can critically hinder a business’s growth. It's crucial to elevate financial management capabilities as the business scales. Automation and Efficiency: Leveraging modern software and automating processes can significantly reduce time and errors in financial reporting, enabling quicker strategic decisions. Strategic Role of Chief Financial Officers: A CFO’s role transcends traditional bookkeeping, focusing on external growth opportunities, mergers, acquisitions, and stakeholder management. Understanding when to transition from a bookkeeper to a CFO is key for business evolution. Data Utilization for Decision Making: Effective use of data, including forecasting and performance analysis, is essential for driving strategic business decisions and identifying areas for improvement. Cash Flow Management: Proactive cash flow forecasting and management are critical for navigating financial challenges and seizing opportunities, underscoring the importance of a competent finance department. Abbreviations used in the show ATO - Australian Taxation Office BOM - Bill of materials CFO - Chief financial officer CV - constant velocity, as in CV joint DIFOT - Delivery in full on time ERP - Enterprise resource planning GST - Goods and Services Tax IPO - Initial public offering PAYG - Pay as you go Links relevant to the conversation Improcus Business Improvement Specialists Customer Success Stories – Get inspired by our customers (jedox.com) Why Jedox? | Simple – Adaptable – Integrated Alan Jackson (businessman) - Wikipedia Lumo Coffee Discount: Visit Lumo Coffee (lumocoffee.com) and use code EXPLORED20 for a 20% discount until April 30, 2024. Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com

Ben Fraser, Managing Director of Aspen Funds, argues, “There's a huge opportunity to get into fossil fuel production.” He discusses macro-driven alternative investments, investable megatrends, including the disruption to energy markets as advanced economies decarbonise, and the outlook for the US economy, particularly inflation. Disclaimer: this episode presents general information only and is not financial or investment advice. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: Ben Fraser Ben Fraser is the Chief Investment Officer at Aspen Funds, where he combines his analytical nature with a passion for delivering outstanding client service and strong returns through out-of-the-box investments. With a professional background that spans over a decade, Ben has become an expert in the field of investment management and has worked for several reputable financial institutions. Ben is the co-host of the Invest Like a Billionaire podcast, where he joins his father, Robert, co-founder and CFO of Aspen Funds, along with co-founder Jim Maffuccio, to discuss economic trends and best practices for alternative investing. Prior to joining Aspen, Ben served as a Commercial Lender at First Business Bank, one of the top SBA lenders in the nation. There, he specialized in government-backed loan originations, specifically SBA and USDA loans. Before that, he worked as a Commercial Credit Underwriter for Crossfirst Bank, where he personally underwrote over $125MM in C&I and CRE loans across various industries. Ben also has experience working in the asset management industry, having served as a key member of the team at Tortoise Capital Advisors. At Tortoise, he helped grow institutional managed accounts from ~$3BN AUM to ~$7BN AUM. Ben holds an MBA from Azusa Pacific University and a Bachelor of Science in Finance from the University of Kansas, where he graduated magna cum laude. Ben’s commitment to excellence and his ability to deliver strong returns for clients make him an invaluable asset to the Aspen Funds team. What’s covered in EP231 00:00:04 - Global Energy from Fossil Fuels (excerpt from interview) 00:00:33 - Introduction to Economics Explored Podcast 00:01:06 - Guest Introduction: Ben Fraser of Aspen Funds 00:02:08 - Aspen Funds' Investment Focus 00:05:17 - Accredited Investors and Investment Opportunities 00:06:04 - Expanding Accredited Investor Definitions 00:08:47 - Alternative Investments and Client Strategy 00:11:29 - Investable Megatrends for the Next Decade 00:13:03 - Inflation and Energy Market Outlook 00:15:37 - Private Credit in Real Estate 00:20:37 - Commercial Real Estate Market Dynamics 00:23:42 - Energy Investments and Fossil Fuel Outlook 00:29:10 - OPEC's Influence on Oil Prices 00:31:28 - Gold, Bitcoin, and Investment Hedges 00:35:09 - US Fiscal Policy and Debt Concerns 00:38:40 - Closing Remarks Takeaways Macro-Driven Alternative Investments: Aspen Funds focuses on macro-driven alternative investments, which involve understanding long-term economic trends to identify investment opportunities. Investable Megatrends: Aspen Funds has identified investable megatrends for the next decade, including higher inflation for longer and an energy crisis due to a transition to green energy. Opportunities in Real Estate: Aspen Funds sees opportunities in private credit within the real estate market, particularly in the midsection of the capital stack, where risk can be reduced while achieving good returns. Energy Market Insights: Ben Fraser discusses the impact of transitioning to green energy on fossil fuel production, highlighting potential supply shortages and investment opportunities in fossil fuel production. Views on Gold and Bitcoin: Ben Fraser comments on gold and Bitcoin as alternative investments, acknowledging their role as hedges against fiat currency but cautioning against heavy allocations due to the risks involved. Links relevant to the conversation Aspen Funds Invest Like a Billionaire Podcast Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode of Economics Explored analyzes Australia's new gender pay gap data reported by large companies. Are the data valuable or nonsense, as some critics have alleged? Host Gene Tunny interviews Dr Leonora Risse to discuss the report's methodology, findings, and criticisms. Risse provides context on factors influencing the gender pay gap, like occupational segregation. Tunny and Risse also debate the impact of societal norms and long work hours or ‘greedy jobs’. While acknowledging limitations, Risse argues the data highlights the need to address remaining gender inequities. Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest Dr Leonora Risse Dr Leonora Risse is an Associate Professor in Economics at the University of Canberra and a Research Fellow with the Women’s Leadership Institute Australia and serves as an Expert Panel Member on gender pay equity for the Fair Work Commission. She formerly held roles with the Women and Public Policy Program at Harvard University, the Australian Government Productivity Commission, and RMIT University. She earned her PhD in Economics from the University of Queensland. Leonora is a co-founder and former National Chair of the Women in Economics Network (WEN) in Australia. What’s covered in EP230 Introduction to the Episode and Topic (00:36) Overview of Gender Pay Gap Data Reporting (02:59) Calculation and Implications of Gender Pay Gap Data (04:48) Insights on Compositional Factors and Industry Dynamics (16:28 & 16:41) Critical Analysis of Gender Pay Gap Reporting (33:29) Claudia Goldin's Work and Nobel Prize Discussion (41:02) Takeaways The new gender pay gap data reveal significant disparities across companies in male and female median earnings, with factors like occupation and industry composition playing crucial roles. In Leonora’s view, transparency in reporting pay gaps is crucial for raising awareness but also poses some risks of normalization and misinterpretation. Leonora argues societal norms and gender biases significantly influence occupational choices and bargaining power, contributing to the gender pay gap. Future research and data analysis are essential for understanding the drivers of the gender pay gap. Links relevant to the conversation Link to WGEA Data Explorer (can look up each company’s pay gap and other gender equality statistics) https://www.wgea.gov.au/data-statistics/data-explorer Leonora’s Twitter exchange with Senator Matt Canavan https://x.com/leonora_risse/status/1762395543366717877?s=20 Gender wage transparency and the gender pay gap: A survey https://onlinelibrary.wiley.com/doi/full/10.1111/joes.12545 Do Firms Respond to Gender Pay Gap Transparency? https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.13136 Pay Transparency and Gender Equality https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3584259 Claudia Goldin's “Career and Family: Women’s Century-Long Journey toward Equity” https://press.princeton.edu/books/hardcover/9780691201788/career-and-family Leonora’s book review in Economic Record (copy attached) https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12716 Leonora’s Conversation article on WGEA pay gap data https://theconversation.com/qantas-pays-women-37-less-telstra-and-bhp-20-fifty-years-after-equal-pay-laws-we-still-have-a-long-way-to-go-223870 Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Andrew Einhorn from LevelFields shares insights into leveraging AI for financial market analysis. Their innovative platform is designed to detect critical events affecting stock prices, enabling investors to react swiftly. The conversation covers the benefits of AI in democratizing financial information and the future implications for investment strategies. Disclaimer: Nothing in this episode should be considered financial or investment advice. Always conduct your own research or consult a financial advisor before making investment decisions. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest Andrew Einhorn Andrew Einhorn is the visionary CEO and co-founder behind Level Fields, a groundbreaking company leveraging artificial intelligence (AI) to revolutionize the way investors interact with the stock market. With a career deeply rooted in technology and finance, Einhorn has dedicated himself to democratizing access to advanced investment strategies, making it possible for the average investor to make informed decisions swiftly and with confidence. Before establishing Level Fields, Einhorn led a successful event monitoring system company for a decade, serving publicly traded companies and offering insights into how market events affect stock prices. His passion for utilizing technology to enhance market transparency and fairness has led to the creation of Level Fields' AI-driven platform, designed to scan the market for events impacting stock prices, thereby leveling the playing field between retail investors and the larger, more resource-rich players in the market. What’s covered in EP229 Introduction. (0:00) Using AI to analyze financial news and announcements. (2:47) Using AI for stock market analysis and avoiding fraudulent companies. (7:19) AI applications and their limitations. (13:38) Using AI to analyze market data for investment insights. (18:24) AI-powered stock market analysis. (23:26) AI-powered investment research platform for retail investors. (28:01) Using AI to analyze audio transcripts for investment insights. (33:12) Using AI for event monitoring and investment analysis. (38:45) Using historical data for investment strategies. (44:10) AI's role in investing and the financial establishment's reaction. (49:19) Takeaways 1. AI can help democratize access to investment strategies by scanning vast amounts of market data and financial reports that individual investors cannot monitor themselves. 2. Understanding how historical events have impacted stock prices can provide insights on predicting future price movements and avoiding losses from overreacting to news. 3. While AI is not a crystal ball, it can be a useful tool for investors when combined with human judgment, by automating tedious research tasks and identifying potential opportunities that may otherwise be missed. Links relevant to the conversation LevelFields website: https://www.levelfields.ai/ Andrew’s interview on the Side Hustle City podcast: https://www.sidehustle.money/1350142/14348901-revolutionizing-investing-andrew-einhorn-unveils-levelfields-the-game-changing-tool-in-stock-market-analysis Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode examines the need for tax reform in Australia and reviews various options for overhauling the country's tax system. Simon Cowan joins host Gene Tunny from the Centre for Independent Studies to discuss issues like bracket creep, the tax system's progressivity, mining royalties, and negative gearing. They also analyse the political strategies around the stage three tax cuts and how expenditure reform, including controlling the growth of programs like the NDIS, is needed to reduce the tax burden. Cowan argues the tax system has become too reliant on income tax and higher-income individuals. Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest Simon Cowan Simon Cowan is Research Director at the CIS. He is a leading commentator on policy and politics, with a regular column in the Canberra Times newspaper, frequent interviews on Sky and the ABC, and multiple appearances before parliamentary committees discussing the budget, citizenship, taxation and health policy. He has written extensively on government spending and fiscal policy, with a specific focus on welfare and superannuation policy. He earlier work focused on government industry policy, defence and regulation. What’s covered in EP228 Australian tax system overhaul and cost of living relief. (0:04) Tax bracket creep and its impact on income. (5:14) Tax system and progressivity. (9:44) Tax cuts and political strategy in Australia. (15:29) Tax system in Australia, income tax reliance, and potential changes. (21:13) Taxation, welfare, and the burden on working-age population. (26:02) Tax reform and its challenges in Australia. (31:03) Taxation and resource extraction in Australia. (38:05) Australian tax system and potential reforms. (45:42) Takeaways 1. Australia's tax system has become overly reliant on income tax and needs to diversify its revenue sources. 2. Bracket creep is a real problem that has not been adequately addressed, particularly for higher-income earners. 3. Both major political parties have taken cynical, short-term positions on tax reforms that are not in the community's best interests. 4. Expenditure reform, including controlling the growth of programs like the NDIS, is needed to reduce the tax burden. 5. Lowering company taxes could boost business investment and economic growth in Australia. Links relevant to the conversation Simon’s article on the stage 3 tax cuts: https://www.cis.org.au/commentary/opinion/labors-tax-backflip-all-the-easier-against-an-opposition-with-no-spine/ AFR article (pay-walled) “Royalty hike and IR overhaul threaten critical mineral pipeline: BHP”: https://www.afr.com/policy/economy/royalty-hike-and-ir-overhaul-threaten-critical-mineral-pipeline-bhp-20231119-p5el3y QLD Government announcement on coal royalty hike: https://statements.qld.gov.au/statements/95467 Grattan Institute’s view on tax reform: https://grattan.edu.au/news/thats-not-tax-reform-this-would-be-tax-reform/ Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode of Economics Explored explores the theory of Ricardian equivalence, a proposition that fiscal policy measures like tax cuts or stimulus payments may not effectively boost the economy if households anticipate higher future taxes to pay off government debt. Host Gene Tunny explains the concept originating from David Ricardo and popularized by Robert Barro, involving ultra-rational consumer optimization over infinite time horizons. While an elegant theoretical model, Ricardian equivalence relies on unrealistic assumptions and fails empirical tests. Evidence shows households do increase spending after rebates or transfers, although not always by as much as policy makers would like. Ultimately, while the merits of discretionary fiscal policy are debatable, Ricardian equivalence is too extreme a hypothesis. Households do not behave as ultra-rational dynamic optimizing models predict. Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. You can listen to the episode via the embedded player below or via podcasting apps including Google Podcasts, Apple Podcast and Spotify. Takeaways Five takeaways from this episode are: 1. Ricardian equivalence is an elegant theoretical model but relies on unrealistic assumptions about rational consumer behavior. 2. Empirical evidence overwhelmingly finds that households do increase spending after tax rebates or fiscal stimulus, contrary to Ricardian equivalence predictions. 3. Related concepts like Friedman's permanent income hypothesis are more nuanced but also face limitations in fully explaining consumer decisions. 4. While fiscal policy faces challenges, Ricardian equivalence is not a compelling argument against its effectiveness due to failures of the underlying theory. 5. Examining economic models against real-world evidence is important for evaluating their validity and implications for policy. Timestamps Introduction. (0:00) David Ricardo's economic theories and their relevance today. (5:30) Ricardian equivalence in macroeconomics. (11:02) Consumption function and fiscal policy. (17:48) Rational economic models and their implications. (23:18) Ricardian equivalence theory and its limitations. (26:41) Ricardian equivalence theory and its empirical support. (33:59) Consumer spending after receiving tax rebates. (39:10) Ricardian equivalence in economics. (43:55) Links Previous episode in which Ricardian Equivalence was mentioned: https://economicsexplored.com/2024/01/11/the-limits-of-fiscal-policy-insights-from-tony-makin-alex-robson-others-ep222/ Robert Barro’s 1974 article “Are Government Bonds Net Wealth?” https://eml.berkeley.edu/~saez/course131/Barro74JPE.pdf James M. Buchanan on “Barro on the Ricardian Equivalence Theorem” https://www.journals.uchicago.edu/doi/abs/10.1086/260436 Geoffrey Brennan and James M. Buchanan on “The Logic of the Ricardian Equivalence Theorem” https://www.jstor.org/stable/40911555 John J. Seater on “Ricardian Equivalence” https://www.jstor.org/stable/2728152 T. D. Stanley on “New Wine in Old Bottles: A Meta-Analysis of Ricardian Equivalence” https://www.jstor.org/stable/1060788 Economist 2008 column “Ricardian equivalence is dead” https://www.economist.com/free-exchange/2008/05/19/ricardian-equivalence-is-dead Anrdrew Leigh’s paper “How Much Did the 2009 Australian Fiscal Stimulus Boost Demand? Evidence from Household-Reported Spending Effects” http://andrewleigh.org/pdf/FiscalStimulus.pdf Matthew D. Shapiro & Joel B. Slemrod’s study “Did the 2008 Tax Rebates Stimulate Spending?” https://www.nber.org/papers/w14753 Claudia R. Sahm, Matthew D. Shapiro and Joel Slemrod’s analysis “Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?” https://www.aeaweb.org/articles?id=10.1257/pol.4.3.216 Ikuo Saito’s paper “Fading Ricardian Equivalence in Ageing Japan” https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Fading-Ricardian-Equivalence-in-Ageing-Japan-44302 Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Show host Gene Tunny interviews UMass Amherst Professor Gerald Epstein about his new book "Busting the Bankers’ Club", which is about the powerful influence of banks in politics and regulation. Epstein argues the bankers’ club maintains control through political allies and regulators. The conversation also covers financial deregulation, insufficient Dodd-Frank reforms, Quantitative Easing impacts, and alternatives like public banking and non-profit financial institutions. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest Prof. Gerald Epstein Gerald Epstein received his Ph.D. in economics from Princeton University, is a professor of economics, and is a founding co-director of the Political Economy Research Institute (PERI) at the University of Massachusetts Amherst. He has published widely on various economic policy issues, especially in central banking and international finance. His most recent book, Busting the Bankers' Club: Finance for the Rest of Us, was forthcoming in January 2024 from the University of California Press. What’s covered in EP226 Banking industry's influence in politics and regulation. (0:04) Financial deregulation and its impact on the economy. (8:58) Financial system's impact on democracy and fairness. (13:24) Financial system issues and regulation. (16:24) Economic policy after the financial crisis, including impacts of Quantitative Easing. (22:50) Financial regulation and publicly owned institutions. (28:08) Public banking, crypto, and risk-taking in finance. (33:30) Takeaways Professor Epstein argues in this episode: The "bankers’ club" of allies including politicians, central banks, and economists helps sustain the power and influence of large banks. Financial deregulation in the US and weak Dodd Frank reforms failed to address issues like too-big-to-fail banks and accountability. Quantitative easing policies after the financial crisis disproportionately benefited wealthy asset holders over others. There is a need for more diverse public and non-profit financial institutions focused on social missions over profits. Crypto poses risks if it infects the core banking system or continues high-carbon polluting practices. Links relevant to the conversation Gerald Epstein’s book Busting the Bankers’ Club: Finance for the Rest of Us https://www.amazon.com/Busting-Bankers-Club-Finance-Rest/dp/0520385640 Working paper co-authored by Prof. Epstein “Did Quantitative Easing Increase Income Inequality?” https://www.ineteconomics.org/research/research-papers/did-quantitative-easing-increase-income-inequality Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny interviews Marcos Buscaglia, former head of the Latin America economics team at Bank of America Merrill Lynch, and author of the book "Beyond the ESG Portfolio, How Wall Street Can Help Democracies Survive." Buscaglia argues that, through their investment choices, many investors have inadvertently been supporting autocratic regimes, and he calls for a change in investment practices. Tune in to this thought-provoking episode to learn more about the ultimate impacts of our investments and how Wall Street can contribute to the survival of democracies. Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP225 Introduction to the episode. (0:03) Aligning investments with values and democratic growth. (4:32) Autocratic regimes, EU funding, and corruption in Hungary. (9:41) Investing in emerging markets while avoiding autocratic countries. (22:31) Economic sanctions, autocratic regimes, and investment strategies. (28:06) Economics, democracy, and the role of finance. Takeaways Investing in autocratic regimes can inadvertently support and strengthen those regimes. ESG (environmental, social, governance) investing should also consider whether countries are democratic. ESG metrics and indices currently do not prioritize democracy as a factor. There are limited investment options that exclude autocratic countries, but investor demand can drive change in this area. Sanctions can be an effective tool in limiting financial support to autocratic regimes. Links relevant to the conversation Marcos Buscaglia’s book: Beyond the ESG Portfolio: How Wall Street Can Help Democracies Survive https://www.amazon.com/Beyond-ESG-Portfolio-Democracies-Survive/dp/1265115605 Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Economics Explored host Gene Tunny speaks with David Stockman, President Reagan’s first Office of Management and Budget director. Stockman discusses his new book, "Trump's War on Capitalism," and shares his frank and fearless commentary on the former president's economic policies. In his foreword to the book, Robert F. Kennedy Jr wrote, “Stockman has become one of the nation’s most steadfast and eloquent crusaders against the corrupt merger of state and corporate power.” Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP224 Trump and capitalism. (0:04) Trump's fiscal and monetary policies. (4:41) Government spending and lockdowns during the Trump presidency. (10:04) Trump's handling of the COVID-19 pandemic and its economic impact. (15:06) COVID-19 response and blame game. (20:05) US economy under Trump, job growth, and performance. (25:51) Economic growth and tax cuts during Trump's administration. (30:10) Monetary policy and inflation during Trump's presidency. (36:26) Corruption in US government and military spending. (41:56) Alan Greenspan's legacy and economic challenges. (49:54) Takeaways David Stockman argues that while Trump portrayed himself as a capitalist, his fiscal and monetary policies like large tax cuts, increased spending and pressure on the Fed to keep rates low were reckless and a threat to capitalism. According to Stockman, the data shows the US economy was not in its strongest position ever pre-COVID, as Trump claimed, with key metrics like GDP growth, job growth and investment lower under Trump compared with some previous presidents. Stockman believes Trump bears responsibility for the unprecedented pandemic spending and deficits, as he could have resisted lockdowns but instead endorsed huge stimulus packages. Stockman views Trump as the worst president for sound money policy due to his pressure on the Fed to keep rates low. Links relevant to the conversation Amazon page for Trump’s War on Capitalism: https://www.amazon.com/Trumps-War-Capitalism-David-Stockman/dp/1510779329 William Greider’s famous 1981 Atlantic article “The Education of David Stockman”: https://www.theatlantic.com/magazine/archive/1981/12/the-education-of-david-stockman/305760/ Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

In this episode, host Gene Tunny sits down with Simon Schillebeeckx, co-founder of Handprint, a nature tech startup. Handprint aims to help companies profitably and seamlessly integrate planet-positive actions into business activities. Simon shares examples of companies that have gone above and beyond regulatory requirements to contribute to the environment positively. Among other questions, Gene asks Simon about the scalability of Handprint’s approach and the role of consumers in driving profit-maximizing businesses to make positive contributions. Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest, Dr Simon Schillebeeckx Simon is co-founder and Chief Strategy Officer of Handprint Tech. Published author, former sustainability consultant, TEDx speaker. Strategic Management Professor at Singapore Management University (SMU), specialising in Digital Sustainability. He holds a PhD in Innovation Management from Imperial College London. What’s covered in EP223 [00:01:18] Regenerative economy and business activities. [00:04:33] The concept of Handprint. [00:11:28] Capturing value through sustainability. [00:16:02] A-B testing to determine how consumers respond to sustainability measure. [00:18:30] Linking ads to social impact. [00:23:06] Gamifying sustainability initiatives. [00:26:31] The potential for Handprint. [00:32:45] Plastic pollution and its impact. [00:36:03] Regenerative practices in agriculture. [00:41:28] Trust in carbon crediting. [00:48:49] Large-scale mangrove conservation and afforestation. Takeaways According to Simon, companies are increasingly looking to go beyond just reducing their negative environmental impacts and instead create positive impacts through initiatives like planting trees or restoring coral reefs. Done right, these types of regenerative initiatives have the potential to improve business metrics like sales, click-through rates, and employee engagement. Handprint is working to make it easier for companies of all sizes to integrate positive impact actions into their business activities in a profitable way Handprint offers a marketplace for companies to invest in credible positive impact projects, such as mangrove restoration and carbon sequestration, and provides tools for companies to visualize and capture value from their positive impact initiatives. Links relevant to the conversation Handprint Tech website: https://handprint.tech/ Companies/organisations mentioned by Simon: https://www.sevencleanseas.com/ https://plasticbank.com/ https://oxcarbon.org/ https://globalmangrove.org/ Lumo Coffee (NB promo code for 20% discount on first order: EXPLORED20) https://lumocoffee.com/ Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode on the limits of fiscal policy features highlights from host Gene Tunny's past conversations with the late Australian economist Professor Tony Makin and former OECD Ambassador Alex Robson. In the discussions, Tony Makin provides a balanced and insightful analysis of Australia's fiscal response to the COVID-19 pandemic, critiquing programs like JobKeeper while recognizing some justification. He and Alex Robson discuss the importance of considering the open economy impacts of fiscal stimulus and the long-term burdens of debt. The episode looks to validate Makin's warnings about the limits of discretionary fiscal policy through subsequent evidence and events. Gene summarizes the JobKeeper evaluation results and what happened in the Australian housing market following the pandemic fiscal stimulus. Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP222 Fiscal policy limits and its impacts: introduction (0:03) Economic stimulus measures during the COVID-19 pandemic. (9:36) JobKeeper program design and targeting. (15:44) JobKeeper program's effectiveness and infrastructure spending challenges. (21:31) Keynesian economics and infrastructure spending. (27:50) Fiscal policy and its impact on the economy. (33:13) Fiscal policy and its unintended consequences. (40:12) The economic impact of public debt with Tony Makin and Alex Robson. (48:31) Fiscal policy and its impact on the economy: wrap up. (53:39) Takeaways Fiscal stimulus packages must be carefully designed and limited in size to avoid unintended consequences. The nature of the workforce is important to consider when implementing fiscal policy, as not all workers can easily transfer to different industries. The burden of public debt, including interest payments, can have long-term impacts on national income and economic growth. The effectiveness of fiscal policy in an open economy is influenced by factors such as capital mobility and exchange rates. Tony Makin was a leading advocate for sensible fiscal policy in Australia, and his contributions to the field are greatly missed. Episodes the highlights are clipped from EP119: What Tony Makin taught us about macroeconomics – Economics Explored A Fiscal Vaccine for COVID-19 with Tony Makin – new podcast episode | Queensland Economy Watch Links relevant to the conversation Fiscal policy papers by Tony Makin: The Effectiveness of Federal Fiscal Policy: A Review (PDF) Australia's Competitiveness: Reversing the Slide A Fiscal Vaccine for COVID-19 Treasury analysis of JobKeeper: Independent Evaluation of the JobKeeper Payment Final Report | Treasury.gov.au The employment effects of JobKeeper receipt | Treasury.gov.au News regarding unintended consequences of fiscal stimulus: Building company collapses into liquidation days before Christmas, impacting four Guzman Y Gomez sites Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode features highlights from the past 20 episodes. Economics Explored host Gene Tunny plays clips that illustrate key themes like using economics as a scientific framework, considering different perspectives, and remembering the limitations of models. The clips feature discussions on COVID policies, the role of experts, projections of resource depletion, nuclear energy, and the challenges of development economics. Gene hopes listeners find the highlights thought-provoking and looks forward to feedback on improving the podcast in the new year. Don't hesitate to contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP221 Economics and decision-making with a focus on open-mindedness. (0:03) Using experts in decision-making and tolerating dissent. (3:12) COVID-19 modelling and its limitations. (9:34) Economic development, critical thinking, and foreign aid. (12:41) The limitations of economics and the need for interdisciplinary approaches. (19:25) Takeaways 1. Economics is a powerful framework, but we should remember its limitations and consider insights from other disciplines like psychology. 2. We must be open-minded and tolerant of dissenting views when relying on experts to inform policy decisions. 3. Numerical models and projections should be viewed cautiously as they can exaggerate outcomes, given the complexity of real-world systems. 4. It's important to think critically about all options when analyzing issues and not come to them with preconceived notions or biases. 5. Effective policymaking requires understanding incentives, weighing tradeoffs, and considering how people may respond differently based on cultural and social factors. Episodes the highlights are clipped from https://economicsexplored.com/2023/11/09/is-the-american-dream-a-broken-promise-for-latinos-w-dr-paul-rivera-ep213/ https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/ https://economicsexplored.com/2023/10/06/growth-or-degrowth-w-oliver-hartwich-nz-initiative-ep208/ https://economicsexplored.com/2023/09/14/gigi-foster-estimates-covid-lockdowns-cost-young-people-116x-any-benefits-ep205/ https://economicsexplored.com/2023/08/24/australias-net-zero-transition-successes-challenges-w-andrew-murdoch-arche-energy-ep202/ https://economicsexplored.com/2023/08/19/the-role-of-experts-in-a-democracy-pandemics-monetary-policy-ai-w-peter-kurti-cis-ep201/ Links relevant to the conversation Article about the Second Fleet of convicts transported to Australia: https://www.themandarin.com.au/73989-contracts-and-convicts-how-perverse-incentives-created-the-death-fleet/ Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

John August, a Sydney radio host and Pirate Party of Australia official, returns to provide feedback on recent episodes about nuclear power, COVID policies, and government outsourcing and consulting. John discusses his generally positive view of nuclear energy with some qualifications and provides his thoughts on the analysis of COVID restrictions presented in a recent episode by Prof. Gigi Foster. John also weighs in on the challenges of government service delivery, noting potential upsides and downsides to outsourcing and cautioning against contractors dominating policy development. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: John August John August is the Treasurer of the Pirate Party Australia. John does computer support work in retail and shareholder communication. He is passionate about justice and ethics in our world, particularly as it plays out in law generally and intellectual property in particular. He has stood on behalf of the Pirate Party in the Federal seat of Bennelong and also as a Councillor for Ryde City Council. Along with technology and law John is also interested in spoken word and poetry. He broadcasts on community radio and hosts the program “Roving Spotlight” on Tuesdays from noon-2pm on Radio Skid Row Marrickville Sydney, and writes about his ideas on the website www.johnaugust.com.au. You can keep up to date with what John is up to via his Facebook page. What’s covered in EP220 00:04:08 - Discussion on Nuclear Energy 00:13:37 - Gigi Foster's COVID Analysis 00:25:58 - Economic Impact of COVID Restrictions 00:35:57 - Outsourcing and Consulting in Government 00:44:20 - Final Thoughts and Wrap-up Takeaways Nuclear power holds promise as an energy source, but challenges around risk management, technology development, and public perception still need to be addressed. In John’s view, there are reasonable arguments on both sides of the debate around COVID restrictions, with disagreement centring around difficult-to-determine counterfactual scenarios. Outsourcing can benefit the government, like additional capacity and fresh perspectives, but oversight is needed to avoid issues like mission creep or perverse incentives. Links relevant to the conversation Recent news about nuclear energy: First new U.S. nuclear reactor since 2016 is now in operation NuScale ends Utah project, in blow to US nuclear power ambitions | Reuters John talking about nuclear energy on his radio show: https://www.mixcloud.com/Johnorg/roving-spotlight-26-sept-23-nuclear-nuclear-more-nuclear/ Pirate Party position statement on bureaucracy and rent-seeking: https://pirateparty.org.au/wiki/Position_Statements/Government_Bureaucracy_Rent-Seeking Video mentioned by John: “The consulting industry has infantilised government” - Mariana Mazzucato on taking back control https://youtu.be/ycVBoWsGLJs?si=r7f5qIJds0dENPtI Review of Jobkeeper payment by Nigel Ray: https://treasury.gov.au/consultation/c2023-407908 Previous Economics Explored episodes mentioned this episode: https://economicsexplored.com/2023/07/27/sir-david-hendry-on-economic-forecasting-the-net-zero-transition-ep198/ https://economicsexplored.com/2023/09/14/gigi-foster-estimates-covid-lockdowns-cost-young-people-116x-any-benefits-ep205/ https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/ Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny interviews former investment banker Will Nutting, who runs the investment newsletter "Nutstuff”, to discuss emerging investment opportunities in 2024 and beyond. Will explains how he focuses on unloved areas like coal, uranium and cannabis that many investors overlook. He also emphasizes the importance of factoring geopolitical risks into investments and outlines opportunities that he sees in gold, Bitcoin, distressed debt, and investments in Russia. Will discusses how paying attention to geopolitics can provide an investment edge and outlines his process for gathering insights from his extensive network. Please note that the discussion is meant to provide general information and not specific investment advice. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest Will Nutting Will is the Founder and CEO of Nutstuff, a no-nonsense, investment newsletter with 2K+ subscribers, including CEOs and CFOs of some of the world’s biggest financial institutions, founders of the most exciting startups, investors at the highest performing funds across private and public markets, and HNWIs. Will has been writing about and investing in markets since the 1990s, focusing on U.S. and global equities, and has had the good fortune to interact with and exchange ideas with many smart investors. What’s covered in EP219 Investment banking, media analysis, and providing a better perspective. (1:59) Geopolitics, equity research, and market trends. (7:32) Potential peace treaty between Russia and Ukraine. (13:24) Geopolitical tensions, global debt, and the future of Western nations. (16:53) Investment strategies and geopolitical risks. (22:51) Energy policy, ESG investing, and the future of fossil fuels. (28:31) Investing in various market caps, including small and mid-cap stocks. (34:01) Crypto investing and market trends. (36:29) Geopolitics, investing, and global markets. (42:30) Investing in distressed debt and real estate. (47:29) Takeaways Will Nutting believes opportunities exist in unloved areas like coal, uranium, offshore drilling, and cannabis/marijuana stocks. Geopolitical risks like those in Ukraine, the Middle East, and China/Taiwan need to be factored into investments. Distressed debt could provide opportunities if the economic situation deteriorates. Will is positioning for 2024 by focusing on gold, Bitcoin, commodities producers, and select technology companies. Links relevant to the conversation Will Nutting’s newsletter Nutstuff: https://www.nutstuff.co.uk/ Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

The economic philosophy of America's Founding Fathers was centred around individual rights, limited government intervention, and a largely free market. In EP218 of Economics Explored, host Gene Tunny interviews John Nantz about his book, "Rediscovering Republicanism." John discusses the insights of the United States Founding Fathers, such as Ben Franklin and Thomas Jefferson, and how their ideas on limited federal power and local governance are still relevant today. John argues that the country needs to remember these insights and explore how we can apply them to our current situation. Gene asks John, among other questions, how the Founding Fathers tried to reconcile their beliefs with the slavery that existed in the Southern states. Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest John Nantz John Nantz is a Stanford-educated, McKinsey-trained strategy consultant and author of Rediscovering Republicanism. Through his book, John re-introduces Americans, particularly younger ones, to the inspiring founding values and ideas of their country. Also, based on his book, John started a highly popular TikTok series on American history that has earned over 4 million views. What’s covered in EP218 Rediscovering Republicanism's founding vision and values. (0:03) Rediscovering American republicanism and its values. (2:25) US history and political system. (7:21) US Constitution and citizen power. (10:23) The economic vision of the US Founding Fathers. (15:01) The Founding Fathers' views on slavery and the Constitution. (20:04) Slavery and political representation in the US Constitution. (25:04) US government role and individual rights. (30:05) Federalism, welfare programs, and state roles. (36:22) Poverty, government role, and healthcare in the US. (40:44) Healthcare and retirement systems in Australia and the US. (48:05) Takeaways The founders of the United States had a vision of limited central government power, with a focus on individual rights, state governments, and civil society taking on more responsibility for problem-solving. The current state of the United States has deviated from this vision, with a significant expansion of federal government power and involvement in various areas such as social welfare and education. John Nantz argues for a rediscovery of republicanism and a return to the original vision of the founders, with a focus on individual rights, competitive federalism, and a reduced role for the federal government in areas such as welfare programs. The author suggests that this approach could lead to better outcomes and more innovation in addressing complex social issues. Links relevant to the conversation Amazon page for John’s book Rediscovering Republicanism: https://www.amazon.com.au/Rediscovering-Republicanism-Renewing-America-Founding/dp/0761872337 Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.