137. Rethinking Economics: Why economic indicators don't tell the whole story

Today’s episode will be part of a 3-part series where I, your host, Nathan Greene, interview a group of my current professors here at Clark University.  I was first introduced to the concept of development in my economic growth and development course at St. John’s University. There, we explored how economic growth led to improvements in living standards that allowed people to achieve their full potential. This is what Nobel Laureate Amartya Sen calls his capability approach: when societies are able to produce the conditions necessary for people to flourish. But, since coming to Clark, my idea of development has changed. I began to separate economic development from general development. Growth wasn’t always desirable, and could even lead to entrenched inequalities, environmental degradation, or accumulation by dispossession. So I want to ask you, what does development mean to you? Is it different from economic growth? Are the two mutually exclusive? And, should we even strive for economic growth? To answer these questions, I’ve enlisted the help of three professors, who helped shape my understanding of development. Today, we’ll be speaking with Dr. Denise Bebbington to get a macro-level understanding of the impacts of economic growth. Dr. Denise Bebbington is currently a research associate professor at Clark University, where she is the co-director of the Center for the Study of Natural Resources Extraction and Society, a research institute within Clark. Before she became a professor, Dr. Bebbington worked as a representative to Peru for the Inter-American Foundation, South American regional sub-director for Catholic Relief Services, and Latin America Program Coordinator for the Global Greengrants Fund. She has extensive on-the-ground experience working on development projects in South America, especially when it comes to democratization and strengthening institutions. Her research focuses on the political ecology of Latin America’s extractives industries and how it impacts indigenous communities. Her writings explore the intersection of gender, the environment, and development. She has authored and coauthored numerous books and articles for publications such as Environmental Science and Policy, World Development, the European Review of Latin American and Caribbean Studies, as well as many others. She earned her bachelor's degree from UC Berkeley in history, her master’s in Development Management from American University, and her PhD in Development Policy and Management from the University of Manchester.  Together we discussed why conventional economic indicators like GDP fail to capture the true development story of a country, Latin America’s growth in the 21st century, and why large-scale infrastructure projects tend to be disruptive to peoples’ way of living. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

Today’s episode will be part of a 3-part series where I, your host, Nathan Greene, interview a group of my current professors here at Clark University.  I want to preface this series by asking you what you think development is. Currently, I’m in my last semester of a master’s in International Development at Clark University, where I’ve begun to question my own assumptions of what development is.  I was first introduced to this concept of development in my economic growth and development course at St. John’s University. There, we explored how economic growth led to improvements in living standards that allowed people to achieve their full potential. This is what Nobel Laureate, Amartya Sen, calls his capability approach: when societies are able to produce the conditions necessary for people to flourish. But, since coming to Clark, my idea of development has changed. I began to separate economic development from general development. Growth wasn’t always desirable, and could even lead to entrenched inequalities, environmental degradation, or accumulation by dispossession. So I want to ask you again, what does development mean to you? Is it different from economic growth? Are the two mutually exclusive? And, should we even strive for economic growth? To answer these questions, I’ve enlisted the help of three of my professors, who have helped shape my understanding of development. The first person we’ll be speaking to is Dr. Jude Fernando, who will tell us about his research on Microfinance and small-scale solutions to societal improvement. The second person we’ll speak with is Dr. Denise Bebbington to get a macro-level understanding of the impacts of economic growth. We’ll then conclude with Dr. Dave Bell, who will give us a more metaphysical analysis of development and how the concept has changed over time.  Dr. Jude Fernando is currently a professor at Clark University and has held professorships at multiple institutions such as the University of Arizona, Dordt College, and the University of Colombo in Sri Lanka. His research work focuses on Microfinance and the role NGOs play in development. His research has earned him consulting roles at global institutions such as the International Fund for Agricultural Development, the Asia Foundation, and the World Bank. Dr. Fernando is the founder of the Alfa Children and Youth Training Institute in Sri Lanka, an NGO established to help children impacted by the Southeast Asian Tsunami of 2004. He has written many journal articles and book contributions but is also the author of The Political Economy of NGOs: State Formation in Sri Lanka and Bangladesh. Dr. Fernando earned his bachelor's degree in applied economics from the University of Peradeniya in Sri Lanka; and his PhD in economics, anthropology, and south asian history from the University of Pennsylvania. For today’s episode, we’ll discuss Microfinance and its criticisms, small- versus large-scale change, and why economists should rethink the importance of the solidarity economy.  To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

Today’s discussion comes from our most recent annual conference “Existential Crises: Is the Georgist Paradigm Part of the Solution?” and was recorded in July of 2024. This is the final panel of our conference content on the polycrisis afflicting the globe. Thus far, we have discussed the four most important crises, followed by how Georgism can alleviate these crises, which was then be followed by how to make Georgism more politically palatable, and will now conclude with different Georgist policy solutions. Today’s panelist is part of our fourth and final panel, “The Policy Options.” Our speaker for today’s episode is Bryan Kavanagh. Mr. Kavanagh has extensive experience as a real estate evaluator working for the Commonwealth Bank of Australia, as well as its Taxation Office. After many years in the public sector, Bryan went on to establish his own real estate evaluation firm Westlink Consulting. He is a research associate at the Land Values Research Group, a publisher of land-value-based economic research. Mr. Kavanagh is also an Executive Committee member of Prosper Australia, an international NGO committed to economic justice via land redistribution as proposed by Henry George. We were joined by Bryan to discuss how real estate prices impact the boom-bust cycle, why economic crises repeat themselves throughout history, and why economists are not so great at making predictions.  To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

Today’s discussion comes from our most recent annual conference “Existential Crises: Is the Georgist Paradigm Part of the Solution?” and was recorded in July of 2024. This is the penultimate panel of our conference content on the polycrisis afflicting the globe. Thus far, we have discussed the four most important crises, followed by how Georgism can alleviate these crises, which was then be followed by how to make Georgism more politically palatable, and will now conclude by with different Georgist policy solutions. Today’s panelist is part of our fourth and final panel, “The Policy Options.” Our speaker for today’s episode is Professor Roger Sandilands. Professor Sandilands is the president of the Scottish League for Land Value Taxation and Professor Emeritus of Economics at the University of Strathclyde in Glasgow, Scotland. Dr. Sandilands has held numerous research and teaching positions focusing on monetary and international economics at Simon Fraser University in Canada, National University of Singapore, Lund University in Sweden, and Sophia University in Japan, as well as others. He is the author of two books: The Life and Political Economy of Lauchlin Currie and Monetary Correction and Housing Finance in Colombia, Brazil and Chile, as well as numerous journal articles. He also served as the Managing Editor of the Journal of Economic Studies. Professor Sandilands earned his bachelor's and Ph.D. from the University of Strathclyde. Together, we discussed land redistribution, why the supply of land is considered to be fixed, and how land value taxes can spur entrepreneurship. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

Today’s discussion comes from our most recent annual conference “Existential Crises: Is the Georgist Paradigm Part of the Solution?” and was recorded in July of 2024. For the next two weeks, our discussions will revolve around the polycrisis afflicting the globe with four subtopics. The first will be the four most important crises, followed by how Georgism can alleviate these crises, which will then be followed by how to make Georgism more politically palatable, and will conclude by discussing different Georgist policy solutions. Today’s panelist is part of our third panel, “Recalibrating the Advocacy of Georgism.” Our speaker for this episode is Dr. Dirk Löhr. Dr. Löhr is a professor of Taxation and Ecological Economics at the Trier University of Applied Sciences and an Associate Professor at Ruhr-University in Bochum, Germany. His career spans both academic and practical roles, including work as a tax adviser, lecturer at the Center for Urban and Real Estate Management in Switzerland, and consultant for German International Cooperation (GIZ) in Cambodia. Dr. Löhr has also held key management positions within the Deutsche Bahn AG, which is a German railroad company. He also currently serves as president of the Association of Social Sciences, a research institution that conducts studies on infrastructure. Dr. Löhr extensive academic contributions include publications on business economics, land taxation, and environmental economics. Together, we discussed why liberals and conservatives tend to get tax policy wrong, the difference between taxes and contributions in Germany, and how land value taxes can reorient revenue to better pay for redistributive policies. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

Today’s discussion comes from our most recent annual conference “Existential Crises: Is the Georgist Paradigm Part of the Solution?” and was recorded in July of 2024. For the next seven weeks, our discussions will revolve around the polycrisis afflicting the globe with four subtopics. The first will be the four most important crises, followed by how Georgism can alleviate these crises, which will then be followed by how to make Georgism more politically palatable, and will conclude by discussing different Georgist policy solutions. Today’s panelist is part of our third panel, “Recalibrating the Advocacy of Georgism,” and our speaker is Mr. Ian Kirkwood. Mr. Kirkwood is a freelance graphic designer who has most recently focused his work on land and tax reform in Scotland. He is currently the Director of the Scottish Land Revenue Group, an organization that promotes land value tax as a solution to shrinking public services while also reducing income taxes. In 2020, Ian wrote an article titled, “After the crisis we need to create jobs, not a tax on wealth” which was published in The Times, one of England’s oldest newspapers.  Together, we discussed how traditional forms of taxation disincentivize productivity, how a land value tax can replace other forms of taxes, and how Georgists can improve rhetoric around land value taxes to make them more appealing. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

Today’s discussion comes from our most recent annual conference “Existential Crises: Is the Georgist Paradigm Part of the Solution?” and was recorded in July of 2024. For the next eight weeks, our discussions will revolve around the polycrisis afflicting the globe with four subtopics. The first will be the four most important crises, followed by how Georgism can alleviate these crises, which will then be followed by how to make Georgism more politically palatable, and will conclude by discussing different Georgist policy solutions. Today’s panelist is part of our second panel, "Is the Georgist Paradigm Part of the Remedy?” Our speaker is a returning guest and long-time Georgist, Dr. Nicolaus Tideman. Dr. Tideman is a Georgist economist whose family have been Georgists for generations. He has spent his career immersed in economics, teaching at numerous universities such as Harvard, the University of Buckingham, and Virginia Tech, where he currently teaches. Dr. Tideman reached the pinnacle of his career in the 1970s working for the president's council of economic advisers. He has held advisory positions within the Office of Management and Budget as well as the Treasury Department. He is the author of many journal publications and of two books: Collective Decisions and Voting and Land and Taxation; both examine collectivist economic models and decision-making. He received his bachelor’s degree in mathematics and economics from Reed College and his Ph.D. in economics from the University of Chicago. Together, we got into the weeds of a land value tax, the privatization of rent, and how the end of fractional reserve banking can reduce inequality. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

Today’s discussion comes from our most recent annual conference “Existential Crises: Is the Georgist Paradigm Part of the Solution?” and was recorded in July of 2024. For the next nine weeks, our discussions will revolve around the polycrisis afflicting the globe with four subtopics. The first will be the four most important crises, followed by how Georgism can alleviate these crises, which will then be followed by how to make Georgism more politically palatable, and will conclude by discussing different Georgist policy solutions. Today’s panelist is Dr. Kris Feder. Dr. Feder is a recently retired professor at Bard College, where she taught courses on environmental, urban, and ecological economics. She has held numerous fellowships and taught at multiple universities such as West Chester University, Temple University, and Franklin and Marshall College. Dr. Feder has contributed to and coauthored three books: The Corruption of Economics, Beyond Neoclassical Economics: Heterodox Approaches to Economic Theory, and Critics of Henry George. She earned her bachelor's degree from the University of Pennsylvania and her Ph.D. from Temple University.  Together, the Henry George School joined Dr. Feder to discuss modern monetary theory, the benefits of The Green New Deal, and how a land-value tax can be used to pay for its initiatives. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

Today’s discussion comes from our most recent annual conference “Existential Crises: Is the Georgist Paradigm Part of the Solution?” and was recorded in July of 2024. For the next ten weeks, our discussions will revolve around the polycrisis afflicting the globe with four subtopics. The first will be the four most important crises, followed by how Georgism can alleviate these crises, which will then be followed by how to make Georgism more politically palatable, and will conclude by discussing different Georgist policy solutions. Today’s panelist is Dr. Franklin Obeng-Odoom, professor of Global Development Studies at the University of Helsinki in Finland.  Dr. Obeng-Odoom is a Fellow at the Ghana Academy of Arts and Sciences and has received numerous awards for his scholarship and teaching. He is the author of several books, including Global Migration Beyond Limits; The Commons in an Age of Uncertainty; and Property, Institutions, and Social Stratification in Africa. A productive author, Dr. Obeng-Odoom has authored dozens of journal articles and is on the American Journal of Economics and Sociology editorial board.  We were lucky enough to join Dr. Obeng-Odoom to discuss climate refugees, why environmental justice must include land tenure, and how Georgist philosophy can be broadened to better consider the environment.  To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

Today’s discussion comes from our most recent annual conference “Existential Crises: Is the Georgist Paradigm Part of the Solution?” and was recorded in July of 2024. For the next eleven weeks, our discussions will revolve around the polycrisis afflicting the globe with four subtopics. The first will be the four most important crises, followed by how Georgism can alleviate these crises, which will then be followed by how to make Georgism more politically palatable, and will conclude by discussing different Georgist policy solutions.  Our first panelist will be Mr. Fred Harrison, a long-time friend of the Henry George School, who will be discussing the four biggest threats emerging from the global polycrisis. Mr. Harrison received his bachelor’s from Oxford University and his master’s from the University of London. He is a veteran journalist who has served in multiple news agencies such as The People and Wellington Journal. In 1988 he became the Research Director of the Land Research Trust, London, and has advised several corporations and international governments on tax and economic policy. Fred places an emphasis on the housing market and its interaction with the economy as a whole. He is the author of many books, including The Corruption of Economics, The Power in the Land, and A Philosophy for a Fair Society, all of which critique mainstream economic thinking. Together, we discussed how the current tax system worsens inequality, why Georgist policies can reduce these inequalities, and Boston’s stark disparities in life expectancy. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support