Economics In Ten

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.

Imagine a world where Santa was forced to put shareholder value ahead of spreading joy to millions of children across the world. In this new play by your friendly neighbourhood economists, Pete and Gav, this scenario is explored... and along the way modern day business practices are discussed and the economics of Christmas are "mulled" over. Tensions rise... Will Santa embrace the ‘enshittification’ of Christmas or will he find the true meaning of Christmas once more? Listen to the play and see what you think and try to spot the four Christmas cracker jokes within! Thanks always goes to Nic for sprinkling Christmas magic all over it and to Kate for being the narrator. And thanks to the Bella the Cat for the merciless heckling as the play reaches its climax.

In 1925, on the 13th October, a daughter was born to Alfred Roberts and his wife Beatrice Stephenson - she was named Margaret Hilda Roberts. The world would get to know her as Mrs Thatcher or ‘The Iron Lady’ and 100 years later, whether you loved or hated her, she is still being discussed and her influence is evident in the economics and politics of today. In this special episode by Pete and Gav, your friendly neighbourhood economists, you will dive into the economics of ‘Thatcherism’ and discover what made her economic world tick! Not only you will learn about MV=PT and the Laffer Curve but you’ll also be able to hear two limericks about her rise and fall and have a go at the obligatory quiz. Technical support comes from Nic, the Norman Tebbit of the team!!!