I did a livestream earlier today (Friday 3 December 2021) with my regular co-host Tim Hughes on the latest economic news of the week, including the latest US initial jobless claims confirming a strong US economy, the impact of the omicron COVID-variant on equity markets, and the September quarter Australian GDP figures which revealed the adverse impacts of NSW and Victorian lockdowns. You can click on and watch the video on YouTube below. You can also download the slides I showed.
In the livestream, from around 22:05, I reflected on the late Professor Tony Makin’s contributions to the Australian economic policy debate, particularly on whether we should worry about the current account deficit in the late 80s/early 90s and on the effectiveness of the Rudd Government’s fiscal stimulus. On the current account deficit, Tony’s articles, along with the contributions of John Pitchford, clearly led to a change in the policy consensus on the current account, so it was no longer something that would be a macroeconomic policy target. Sadly, Tony died unexpectedly earlier this week. This came as a huge shock to so many of us, and it’s obvious from all the conversations I’ve had about Tony over the last few days just how much respect and admiration his colleagues and former students had for him. Tony’s funeral is on Monday on the Gold Coast (see notice below).
Controversial US tax rules mean that tech titans and hedge fund managers can pay arguably a relatively low amount of tax, as Steve Rosenthal, Senior Fellow at the Urban Institute, explains to show host Gene Tunny in Economics Explored episode 114. Steve also talks with Gene about former President Trump’s tax affairs in this episode.
About this episode’s guest – Steven M. Rosenthal
Steve Rosenthal, a senior fellow in the Urban-Brookings Tax Policy Center at the Urban Institute, researches, speaks, and writes on a range of federal income tax issues, with a particular focus on business taxes. In 2013, he was the staff director of the DC Tax Revision Commission.
Before joining Urban, Rosenthal practiced tax law in Washington, DC, for over 25 years, most recently as a partner at Ropes and Gray. He was a legislation counsel with the Joint Committee on Taxation, where he helped draft tax rules for financial institutions, financial products, capital gains, and related areas. He is the former chair of the Taxation Section of the District of Columbia Bar Association.
Rosenthal holds an AB and JD from the University of California, Berkeley, and an MPP from Harvard University.
Economics Explored Live for 15 October 2021, the first edition of what I’m planning to be a weekly livestream, covered:
the growing concern internationally about accelerating inflation, prompted by the latest US CPI figures (see chart below;
the September ABS Labour Force data revealing big drops in hours worked and workforce participation in the locked-down economies of NSW and Victoria; and
my state of Queensland’s relatively low vaccination rate (72% for 1st dose vs 84% nationally) and what it could mean for the state’s reopening and the economy – it’s pretty obvious the Queensland Premier should set a date for re-opening ASAP to encourage people to get vaccinated promptly, as suggested by the Queensland branch of the Australian Medical Association.
Here’s the video of the livestream, which was streamed to YouTube and LinkedIn Live:
As brilliant and lucky as they have been, today’s generation of central bankers is afflicted with the same sense of denial that proved problematic in the 1970s. Due to a lack of experience and institutional memory of that tough period, the risk of another monetary policy blunder cannot be taken lightly.
Certainly, central banks have been running a massive monetary policy experiment with ultra-low interest rates and Quantitative Easing, which have been associated with double-digit growth rates in money stocks. I agree with Roach regarding the potential for a “monetary policy blunder”.
A Texas physician, university lecturer in medicine, and affiliate of a free market think tank Gilbert Berdine MD explains why he thinks COVID lockdowns have been “a disaster” and why he does not support vaccine mandates.
At a time when the COVID pandemic continues, and cities such as Sydney and Melbourne remain locked down, Gilbert Berdine MD from Texas Tech University Health Sciences Center shares his views on lockdowns and vaccine mandates with show host Gene Tunny. The conversation also explores Dr Berdine’s views on regulations regarding vaping or e-cigarettes.
About this episode’s guest – Gilbert G. Berdine MD
Associate Professor of Internal Medicine, Texas Tech University Health Sciences Center, Lubbock, TX
Faculty Affiliate, Free Market Institute, Lubbock, TX
Dr. Berdine earned his B.S. degrees in chemistry and life sciences from the Massachusetts Institute of Technology in Cambridge, MA and his M.D. degree from Harvard University School of Medicine in Boston, MA. He completed residency in Internal Medicine and fellowship in Pulmonary Diseases at the Peter Bent Brigham Hospital (now called Brigham and Women’s Hospital) in Boston, MA.
Dr. Berdine was a faculty member at the University of Texas Health Sciences Center in San Antonio from 1983-1989. He was in the private practice of medicine from 1989-2009 when he returned to academia as a faculty member of TTUHSC.
Dr. Berdine’s current teaching activities include lecturer for the respiratory blocks in the 1st year Major Organ Systems course and the 2nd year Systems Disorders 1 course. His clinical duties include staff attending physician for the inpatient Pulmonary Consult Service, inpatient Internal Medicine Floor Service, and the outpatient Pulmonary Fellow Clinic. He also sees patients in the Pulmonary Clinic for Texas Tech Physicians.
Dr. Berdine’s research interests include the application of Austrian Economics to health care delivery and consumption. Dr. Berdine has published articles on these topics in peer reviewed journals and is a contributor to the Mises Daily Wire and the American Institute of Economic Research.
So, for 35 and younger, the cumulative mortality including the overcounting is less than 1/10,000. If one looks at annual mortality, the figure for Under 45 including overcounting is likely less than 1/10,000. If one adjusts modestly for overcounting, the figure for Under 55 is likely less than 1/10,000.
Please get in touch with any questions, comments and suggestions by emailing us at firstname.lastname@example.org. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.
The European Union intends to impose a carbon border tax and the US is also considering one. What’s the justification for a carbon border tax and what could it mean for international trade? Episode 99 of Economics Explored features a conversation regarding the European Union’s proposed Carbon Border Adjustment Mechanism (CBAM), i.e. a carbon border tax, between show host Gene Tunny and his colleague Ben Scott, Research Officer at Adept Economics.
In Risk and the State, Professor Phillip LeBel argues the political legitimacy of governments worldwide is “under trial from questions of borders and national identity, from rising economic inequality, from the way in which information is gathered, managed, and disseminated, and from varying perceptions of risk.”
Phillip LeBel is Emeritus Professor of Economics at Montclair State University, NJ. With a career combining academic research and teaching with professional consulting, Professor LeBel has accumulated a record of economic expertise in a variety of domestic and international fields. Over the years, he has lived in and/or worked in 30 countries, including Africa, East Asia, Central America, and Latin America.
There are growing concerns over CPI inflation after all the money printing associated with the pandemic response.
Episode 89 of Economics Explored features a conversation on just how worried we should be about future inflation in this time of MMT and QE between Economics Explored host Gene Tunny and returning guest Darren Brady Nelson, chief economist of the Australian libertarian think tank LibertyWorks and a policy adviser to the Heartland Institute. Charts of data referred to in this episode:
Economics Explored episode 68 COVID and Wartime features a conversation on whether COVID can be compared to wartime, which considers the different scales and scopes of the shocks, and what it all means for prospects for economic recovery. Economics Explored host Gene Tunny, an Australian professional economist and former Treasury official, speaks with businessman Tim Hughes, also based in Brisbane, Australia.
Gene and Tim conclude that a comparison of COVID to wartime isn’t valid. One reason is that World War II required a complete reorganisation of the economy to maximise production for the war effort, while COVID has involved restrictions that have reduced economic activity.
It’s been a challenging year 2020, but one positive development is that regulators in the US and Australia have started challenging the Big Tech companies Google and Facebook over alleged misuses of market power. The US Department of Justice is taking on Google over its search dominance and the Federal Trade Commission is taking on Facebook over allegedly restricting competition by buying up potential competitors such as Instagram and WhatsApp. In Australia, the Media Bargaining Code designed to assist traditional media companies negotiate for a share of ad revenue with Big Tech is currently being considered by a Senate committee. In my latest Economics Explored podcast episode Regulating Big Tech, I provide an update on moves by governments and regulators, and I discuss the relevant economic concepts and policy issues.