November 2008, Queen Elizabeth visited the London School of Economics and asked why no economist saw the financial crisis coming. Since that exchange, the realisation has dawned on many that it is the discipline of economics itself that is the problem. Until economics is fixed, mainstream economists will continue to fly blind. And we will continue to foot the bill. Economist and author of ‘Doughnut Economics’, Kate Raworth, calls for ‘an economics reformation’.
Your car gets counted once when it is built, not when it is driven. Your clothes, your bicycle, your furniture, all get counted once when they are manufactured, and not again when they are worn, ridden, or sat on. But homes are counted twice in GDP, writes Dr Cameron Murray: Once when they are constructed, and again when they are occupied. If we are going to count housing in GDP, shouldn’t we count it just once?
With house prices dropping, anemic growth and terrible productivity figures, it seems that developed economies are heading toward another financial fallout – having not yet paid for the last one. On this show from Merthyr Tydfil, Wales, we ask whether we are heading towards another crisis, and if so, what can be done about it? […]
Economist Dr Steven Hail on how Japan has managed to avoid another financial crisis without creating a major private debt problem, while America and Australia… have not.
Can a country suffer from a Finance Curse? We are joined by Richard Werner and David Buik to discuss.