Economics and thermodynamics

Economics and thermodynamics

Steve Keen has often said, the problem with economics in, it ignores thermodynamics. That’s not always been the case. Georgescu-Roegen, a Romanian economist, wrote The Entropy Law and the Economic Process in 1971, which embraced the orle of energy and waste in economics. But we’ve taken backward steps since then. This week Phil Dobbie asks Steve Keen to explain what thermodynamics is and why it is critical to the forward direction for economics. Without it, can we really save the planet?

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The Burnham Factor

The Burnham Factor

Andy Burnham is now the British Prime Minister but, Phil asks, aside from convening cabinet meetings in the north, will he do anything different to his predecessor. No, he will follow the same neoclas...

21 Heinä 45min

The unrelenting progress of winner takes all economics

The unrelenting progress of winner takes all economics

This week Phil and Steve talk about the staggering accumulation of capital, which has ratcheted up since the pandemic. In the US the top 0.1 percent of companies hold 88 percent of all corporate asset...

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This week Phil and Steve confront the mathematical and environmental reality of a "zero growth" future, sparked by a debate over the deflationary traps of finite currency systems like Bitcoin. Steve t...

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Challenges for the reserve currency

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2 Heinä 39min

The world’s anti-migration shift to the right

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23 Kesä 48min

GDP is hopelesss as a relative measure

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17 Kesä 45min

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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%...

10 Kesä 44min

Hedging an Uncertain Future

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This week Phil challenges Steve on how the futures market handles terminal risk, pointing out that oil prices slope downward over time simply because traders blindly assume the Strait of Hormuz will r...

20 Touko 38min

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