Economics In Ten

How do you solve the problem of transactions having impacts on 3rd parties, so-called externalities? Government intervention of course - tax, subsidies and regulation! That was the classic remedy prescribed by Arthur Pigou and others with broad acceptance from mainstream economists. Ronald Coase had other ideas though... Could there be, with the establishment of property rights, a more market-friendly solutions? The need for government involvement could potentially be vastly reduced and more efficient outcomes could potentially arise This is what is at the heart of Coase Theorem - a description of his work that the Nobel Prize winner himself didn't like! In this fourth episode of Season 9, your friendly neighbourhood economists Pete and Gav, discuss the (very long) life and times of Ronald Coase and explore his lasting influence on economic thought. As always there is a quiz, some musical suggestions and an explanation as to why we've been teaching Economics incorrectly these years!!! Technical support comes from our good friend Nic who has the best chance of getting to Coase's age.
PS Sadly lacking is the usual "food suggestion" from Pete - are 3rd parties to blame? Or just sheer idleness? - listen and find out.

Which books have been the biggest bestsellers in the history of economic thought? You might be surprised to find out that one contender is ‘Progress and Poverty’ by Henry George which at the time of its release, was second only to the bible in terms of sales, selling over 6 million copies. His central idea of a ‘single tax’ led to a movement called ‘Georgism’ (and his ideas were immortalised in the game ‘Monopoly’ by one of his followers Lizzee Magee). Clearly Henry George was a big thinker back in his day but what has happened since? Have his idea proved naive or impractical? Or inconvenient for the monied, landed classes? The rise of the billionaire class in the 21st century has arguably lead to a revival of the single tax idea, as we shall see. In this third episode of Season 9, your friendly neighbourhood economists Pete and Gav, discuss the life and times of Henry George and look at his influence today. As always there is a quiz, some musical suggestions and the story of two drinks - one delightful and one disgusting. Technical support comes from our good friend Nic who needed a welcome distraction.

How do countries grow and develop most rapidly? Most economists would argue that openness to trade is an absolutely key factor, with specialisation leading to greater living standards for all. What happens though if your specialism is in something that doesn’t earn enough to buy you the imports that you need? In other words are some specialisms superior? Could this lead to an unhealthy dependency on other countries? These challenges to conventional thought were raised by the Argentinian economist Raul Prebisch in the early 20th century. In this second episode of Season 9, your friendly neighbourhood economists Pete and Gav, discuss the life and times of this ‘outsider’ and look at his continued influence today. As always there is a quiz, some musical suggestions and a discussion about the derivation of the word 'chimichurri'. Technical support as always comes from our good friend Nic - the Mario Kempes of the team.

Behavioural economics can explain an awful lot about how governments, media and businesses can manipulate your day-to-day choices and habitual thinking to their advantage (and your disadvantage!). This new special by your friendly neighbourhood economists Pete and Gav lifts the lid on common heuristics and biases (aka "rules of thumb" or "mental shortcuts") that influence your thinking and ultimately our world. Whether it’s getting you to spend more than you intend to in the shops or being caught up in a Ponzi scheme (or buying an NFT - remember them?) because someone famous and/or beautiful told you to do so - this is a top ten of behavioural economics that may help you catch yourself in time before you take an unfortunate and potentially expensive plunge. Guided by our insights you won’t get caught out again or at least recognise when you need to slow down your thinking to improve your decision-making.
Enjoy Pete and Gav living their dreams of being Top of the Pops DJs as they run down their Top Ten! Technical support comes from Nic, our very own Mark Ronson.

‘On Liberty’ by JS Mill is beloved by libertarians across the world - it championed the freedom of the individual in the face of growing state power. This individualism is at the heart of orthodox economic thought with Mill's ideas arguably acting as a guard rail against the malign actions of ‘the nanny state’ . However, as we will demonstrate,  Mill was a complex thinker whose thinking evolved over time. Mill had an "interesting" childhood with an intellectual hot-housing that a modern day tennis dad would find extreme. Not long out of the nursery he would be constructing Latin poetry, writing commentaries on Greek philosophy and going on long walks in the country where he mused on the thoughts of our old friend David Ricardo. A perhaps inevitable breakdown in early adulthood led to a major change of heart and thought. Mill developed into a wide ranging thinker whose ideas at times can come across as almost socialist, jarring with the more common image of Mill as libertarian champion as beloved by free market think tanks. In this first episode of Season 9, your friendly neighbourhood economists Pete and Gav, discuss the life and times of this stern looking man. As always there is a quiz, some musical suggestions and books galore to hunt down. Technical support as always comes from our good friend Nic.