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
  • Does monetary policy work?

    Does monetary policy work?
    Feb 11 2026
    In this episode we ask whether monetary policy actually works, as the RBA lifts rates to 3.85%—well above other advanced economies—despite inflation being driven by capacity constraints rather than excess demand. We explore why higher rates may worsen the problem by choking investment and productivity, why the quantity‑of‑money story doesn’t hold when spending velocity rises, and how fiscal tools could target inflation far more precisely. Steve argues that Australia’s deeper issue is its housing‑debt machine: high house prices, bank‑driven mortgage lending, and a credit‑fuelled economy that rate hikes can’t fix and may even reinforce.

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    44 mins
  • Learning from Iceland

    Learning from Iceland
    Feb 4 2026
    Phil Dobbie talks to Prof Steve Keen about the one modern economy that actually let its banks fail — Iceland — and what the rest of the world should have learned from it. They unpack how a tiny country ended up with banks eleven times the size of its GDP, fuelled by high interest rates, foreign borrowing, and a carry‑trade frenzy that made Iceland look less like a nation and more like a hedge fund with a flag. When the krona collapsed, imports doubled in price, inflation exploded, and the banking system imploded — yet Iceland refused to socialise the losses, letting foreign creditors take the hit while rebuilding with new domestic banks, capital controls, and a currency so cheap it sparked a tourism boom. Phil and Steve contrast that with Ireland, Greece, and Cyprus, where governments guaranteed bank debts, couldn’t devalue, and ended up trapped in austerity. The episode asks the big question: what’s the real lesson from Iceland’s crash — and why did so few countries follow it?

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    36 mins
  • Can the EU take on the US?

    Can the EU take on the US?
    Jan 21 2026
    This week Phil and Steve explore who would be hit hardest by a full‑blown US–EU trade war, and how the escalating Greenland dispute exposes Europe’s dependence on American defence and technology. They examine whether Europe could credibly build its own security architecture — from a eurozone‑funded army to a rapidly expanding domestic arms industry — and how tariff retaliation, energy costs, and the dominance of US big tech complicate the picture. With studies suggesting EU exports to the US could halve under 25% tariffs, and with Europe still buying billions in American weaponry each year, the discussion asks whether a strategic reset is inevitable, and what it would take for Europe to stand on its own economically, militarily, and digitally.

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    37 mins
All stars
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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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