Economics Explored

Show host Gene Tunny breaks down why price controls are one of the most consistently failed economic policies. Using vivid historical examples from the 1970s US, the Soviet Union’s command economy, and Venezuela’s toilet paper crisis, he illustrates how interfering with the price mechanism leads to shortages, inefficiency, and unintended consequences. Gene would love to hear your thoughts on this episode. You can email him via [email protected] to the Podcast and Episode Theme (0:00)Price Controls and Their Economic Implications (2:47)President Nixon's Wage and Price Controls (8:53)The Soviet Union's Central Planning System (18:20)Economic Inefficiency in the Soviet Steel Industry (29:24)Venezuela's Toilet Paper Crisis (31:57)TakeawaysPrice controls disrupt vital economic signals, leading to misallocation of resources and market inefficiency.Nixon’s wage and price freeze in the 1970s led to empty supermarket shelves, black markets, and farmers slaughtering livestock to cut their losses.Soviet central planning failed due to the absence of price signals, leading to constant shortages—even of basic goods like meat and bread.Venezuela’s price caps on essentials like toilet paper created massive shortages and forced the government to import millions of rolls.The price mechanism acts as a societal dashboard, helping balance supply and demand more efficiently than central planning or rationing.Links relevant to the conversationBen Bernanke’s book – 21st Century Monetary Policyhttps://www.amazon.com.au/21st-Century-Monetary-Policy-Inflation/dp/1324020466BBC News Article on Venezuela's Toilet Paper Crisis: "Venezuela aims to end toilet paper shortage"https://www.bbc.com/news/business-22621833Bread and Autocracy: Food, Politics, and Security in Putin’s Russiahttps://www.amazon.com.au/Bread-Autocracy-Politics-Security-Putins/dp/019768436XStephen Kotkin – Armageddon Averted: The Soviet Collapse 1970–2000https://www.amazon.com.au/Armageddon-Averted-Soviet-Collapse-1970-2000/dp/0195368630Friedrich Hayek – “The Use of Knowledge in Society”https://www.econlib.org/library/Essays/hykKnw.htmlLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

In this candid discussion, show host Gene Tunny joins a panel to expose the shortcomings of the Australian Government’s August 2025 economic reform summit. Topics include the high cost of energy, tax policy, the ballooning NDIS and big government generally, AI regulation, and Senator Matt Canavan’s rival roundtable, which Gene attended. This episode borrows the audio from Damian Coory’s The Other Side episode broadcast on YouTube on 22 August 2025. The other guests are Graham Young, Executive Director of the Australian Institute for Progress, and Dan Petrie, a data analyst and former editor at Bloomberg.  Please email Gene your thoughts on this episode via [email protected] Government's Economic Reform Roundtable Overview (0:00)Critique of the Official Roundtable (3:26)Challenges in Defining Productivity and Addressing Labor Market Issues (6:59)Impact of Government Spending and Energy Costs on Productivity (9:48)Innovation and Small Business Challenges (34:00)Taxation and Economic Reform Proposals (34:29)NDIS and Healthcare Funding Challenges (51:04)Final Thoughts on the Roundtable and Future Directions (51:15)TakeawaysThe Official Roundtable Lacked Focus & Diversity: Only six business leaders were among 30 participants — a serious oversight for a summit focused on productivity and economic reform.Energy Costs Are a Major Barrier: Australia’s rapid rollout of renewable energy is raising energy prices, affecting both consumers and heavy industries.Government Spending Is Too High: Public spending is nearing 40% of GDP, with half of Australians now receiving government income, raising concerns about sustainability and productivity.Small Business & Innovation Ignored: There was little meaningful discussion of the role of small business or innovation in driving productivity.AI Regulation Needs a Balanced Approach: The roundtable discussions on AI were dominated by union concerns, focusing on job protection rather than innovation. This risks stifling technological advancement and missing opportunities for productivity gains.NDIS Costs Are Spiralling Out of Control: The National Disability Insurance Scheme is growing at an unsustainable rate, with concerns about high eligibility and inadequate oversight. The government’s proposed changes lack proper consultation and shift costs to the states.Links relevant to the conversationThe Other Side episode - “AUSTRALIA's Decline - No Vision, No Innovation, Just MORE Big Government and Taxes”:https://youtu.be/FeicrCu2sO0?si=Rd8xZV_CsmLzikW0Senator Matt Canavan’s roundtable broadcast on Sky News - “Real Productivity Roundtable reveals four ways to save Australia:”https://youtu.be/4xBGcjIXgHU?si=Uk1kaqq92bhacSmaRobert Carling’s recent paper - “Leviathan on the Rampage: Government spending growth a threat to Australia’s economic future”:https://www.cis.org.au/publication/leviathan-on-the-rampage-how-the-growth-of-government-is-draining-australias-economic-vitality/Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED

Professor Chris Berg from RMIT University discusses the transformative potential of AI, likening it to the next industrial revolution. He argues that AI, particularly tools like ChatGPT, can boost white-collar productivity by up to 40%. Governments should cautiously avoid AI regulation to maximise these gains. Berg emphasises AI's bottom-up adoption and its exponential advancements. He also touches on the social implications, including the formation of parasocial relationships with AI and the potential for AI to displace certain jobs. The conversation, with ATA Chief Economist John Humphreys and Economics Explored host Gene Tunny, highlights AI’s dual promise of productivity gains and societal challenges.Please email Gene your thoughts on this episode via [email protected] to AI and Productivity (0:00)Government's Approach to AI Regulation (3:01)Bottom-Up Technology and Industrial Applications (9:40)Comparisons to Previous Industrial Revolutions (12:04)Social and Economic Implications of AI (16:46)AI and Human Labour (17:15)AI's Role in Public Policy Debates (35:41)Conclusion and Future Prospects (38:35)TakeawaysAI as “Infinite Intelligence” – Berg views AI, particularly LLMs like ChatGPT, as offering effectively infinite intelligence, capable of dramatically transforming productivity.White-Collar Disruption – AI is not just about automating manual labour. It poses a serious threat (and opportunity) for traditionally “smart” jobs like writing, research, and art.Regulatory Caution – While Europe has rushed to regulate AI, Australia hasn’t, allowing innovation and productivity gains to take root.Parasocial Relationships with AI – AI companions (e.g., AI-infused toys or assistants) may change human interaction, especially among children and vulnerable populations.Rethinking Migration via Robots – Remote-controlled humanoid robots may one day allow low-skilled workers in developing countries to "work" in advanced economies without leaving home.Links relevant to the conversationATA livestream on 21 August with Chris Berg:https://austaxpayers.substack.com/p/productivity-ideas-with-chris-bergLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Show host Gene Tunny and Australian Taxpayers’ Alliance Chief Economist John Humphreys tackle hot topics in Australian economic policy: the case for a cash flow company tax, the politics and maths of a gas ban, why stamp duty drags the economy, the growing size of government and the cost of living crisis.  Please email Gene your thoughts on this episode via [email protected] and Greens’ Gas Ban (0:00)Government Spending and Adverse Effects on Economic Dynamism (8:32)Stamp Duty and Efficiency Cost (19:42)Inflation Data and Cost of Living Crisis (25:39)Productivity Commission's Company Tax Reform (28:55)Workers' Compensation and Tax Incidence (43:11)Tariffs and Taxation (54:52)TakeawaysCash Flow Tax Reform – The Productivity Commission proposes cutting company tax to 20% for most firms, adding a 5% cash flow tax, and keeping the system revenue neutral—aimed at boosting investment.Gas Ban Impact – John argues the NSW Greens’ proposal would delay global warming by only 10 hours by 2100, even under optimistic assumptions, yet could raise costs for consumers and businesses.Stamp Duty Inefficiency – Economic modelling by the Centre of Policy Studies (CoPS) shows stamp duty’s deadweight loss at 70–80 cents per $1 raised, far worse than GST or income tax.Government Spending Growth – The CIS’s Robert Carling claims over half of Australians now earn primary income from government sources, raising concerns about productivity and political incentives.Hidden Tax Burdens – Workers’ compensation costs, though nominally paid by employers, often reduce workers’ wages in the long run, John argues.Links relevant to the conversationATA livestream on 7 August:https://austaxpayers.substack.com/p/australia-considers-cashflow-taxJohn’s article on Greens’ gas ban:https://austaxpayers.substack.com/p/greens-propose-gas-banPC’s cash flow tax proposal:https://www.pc.gov.au/inquiries/current/resilient-economy/interimLeviathan on the Rampage: Government spending growth a threat to Australia’s economic futurehttps://www.cis.org.au/publication/leviathan-on-the-rampage-how-the-growth-of-government-is-draining-australias-economic-vitality/CoPS on stamp duty: Some taxes are inefficient at any level. Even modest reforms will helphttps://www.vu.edu.au/about-vu/news-events/news/some-taxes-are-inefficient-at-any-level-even-modest-reforms-will-helpLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Kyle Touchstone, Director of Raleigh Economic Development, shares with us how Raleigh became the top-ranked large city in the US, according to the Milken Institute. Kyle and show host Gene Tunny discuss the city's success in biotech, AI, quantum computing, and advanced manufacturing—all underpinned by the world-class universities and innovation ecosystem of North Carolina’s Research Triangle. The conversation also explores Raleigh’s growing role in the gaming industry, including its connection to Epic Games—the creator of Fortnite—and the rise of eSports in the region.Please email Gene your thoughts on this episode via [email protected]'s Economic Growth and Milken Institute Ranking (0:00)Industry Sectors and Infrastructure in North Carolina (5:17)Significant Announcements and Investments (7:23)Population Growth and Quality of Life (12:23)Entrepreneurial Ecosystem and Community Support (15:08)Tax Policy and Economic Development (15:35)Quantum Computing and AI (19:49)Sports and Entertainment (43:40)eSports and Gaming (47:55)Lessons in Economic Development (50:39)TakeawaysTop Rankings: Raleigh was named the #1 best-performing large city by the Milken Institute and is part of the #1 state for business (North Carolina, per CNBC).Research Triangle Advantage: Home to NC State, Duke, and UNC Chapel Hill, the Research Triangle fuels innovation with top-tier talent and research.Massive Investment: Biotech firms, such as Biogen, Amgen, and Genentech, have invested billions, drawn by the infrastructure, affordability, and access to research.Quantum & AI Leadership: IBM’s quantum hub and regional AI focus are positioning Raleigh as a leader in next-gen computing.Entrepreneurial Ecosystem: Startups like Pendo and social enterprises like 321 Coffee thrive thanks to a strong support network and educational institutions.Links relevant to the conversationRaleigh, NC and Gainesville, GA Top Milken Institute’s 2025 Annual Ranking of Best-Performing Cities:https://milkeninstitute.org/content-hub/news-releases/raleigh-nc-and-gainesville-ga-top-milken-institutes-2025-annual-ranking-best-performing-citiesRaleigh Economic Development:https://www.raleighecondev.org/Zoom catch up with show host Gene TunnyJoin Gene and other listeners for a catch-up on Zoom on Thursday, 31 July at: 21.30 to 22.30 AEST/GMT+10 (Australian East Coast time)12.30 to 13.30 BST/GMT+1 (British Summer time)07.30 to 08.30 EDT/GMT-4 (US East Coast time)The link to the Zoom room is:https://us02web.zoom.us/j/9471595560RSVP by 20.00 GMT+10 on 31 July to [email protected] Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Show host Gene Tunny and colleague John Humphreys dissect Australia’s latest controversial Reserve Bank interest rate decision, debating inflation targeting and central bank independence. They challenge conventional economic thinking, particularly around the NAIRU—the Non-Accelerating Inflation Rate of Unemployment (NAIRU). The episode also tackles the implications of declining fertility rates globally, the controversial Tobin tax on financial transactions, and critiques current climate policies through an economic lens.Please email Gene your thoughts on this episode via [email protected] Bank of Australia's Interest Rate Decision and Inflation Targeting (0:00)Debate on RBA Independence and Inflation Targeting (8:12)Challenges Facing the Australian Economy (23:00)Libertarian Perspectives on Currency and Population Decline (35:33)Economic Implications of Declining Fertility (36:31)Tobin Tax and Its Economic Rationale, Pros and Cons (50:12)Conclusion and Future Topics (56:48)TakeawaysRBA Decision Controversy: The RBA's recent decision on interest rates highlights the complexity and uncertainty around inflation management.NAIRU Concept Critique: The Non-Accelerating Inflation Rate of Unemployment is flawed and may misguide policy, according to John Humphreys.Demographic Concerns: Declining fertility and aging populations could be the defining issue of the 21st century.Economic Impacts of Climate Policy: Current climate change actions often lack transparent cost-benefit analyses, raising economic risks.Risks of Tobin Taxes: Tobin taxes seem feasible at low levels but risk inefficiency, evasion, and global governance issues.Links relevant to the conversationFull ATA livestream “ATA Live #20: Tobin tax & interest rates”:https://www.youtube.com/live/34WBRZNbwwc?si=TPU14g7SffIXuWMPAustralian Taxpayers’ Alliance:https://www.taxpayers.org.au/Zoom catch up with show host Gene TunnyJoin Gene and other listeners for a catch-up on Zoom on Thursday, 31 July at: 21.30 to 22.30 AEST/GMT+10 (Australian East Coast time)12.30 to 13.30 BST/GMT+1 (British Summer time)07.30 to 08.30 EDT/GMT-4 (US East Coast time)The link to the Zoom room is:https://us02web.zoom.us/j/9471595560RSVP by 20.00 GMT+10 on 31 July to [email protected] Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Show host Gene Tunny delves into listener feedback on recent episodes regarding the feasibility of tax cuts preceding spending cuts ("starve the beast"), a capital gains tax on property, and the practicality of Georgist land taxes. He explores the complexities behind Australia's productivity challenges and regulatory capture issues raised by listeners.Please email Gene your thoughts on this episode via [email protected] from Listeners and Show Updates (0:00)Discussion on the Starve the Beast Theory (2:26)Listener Feedback from Australia (8:25)Georgism and Property Taxation (20:11)Feedback on Productivity and Regulatory Capture (26:25)NDIS and Labour Force Participation (30:16)Tax Reform and Efficiency (41:15)Closing Remarks and Future Plans (50:21)TakeawaysTax Cuts Need Matching Spending Cuts: The "starve the beast" theory—that tax cuts alone will force spending cuts—is usually ineffective, historically resulting in higher deficits and debt.Capital Gains Tax Controversy: Taxing capital gains on family homes would be politically unpopular and controversial.Productivity and NDIS Debate: Growth in social services sectors, such as Australia’s National Disability Insurance Scheme, may negatively impact productivity measures, although this growth may also bring social benefits.Avoid Regulatory Capture: Effective regulatory reform requires vigilance against corporate lobbying and vested interests to ensure regulations genuinely benefit the public.Links relevant to the conversationPrevious episodes: Australia’s productivity problem w/ John Humphreys:https://podcasts.apple.com/au/podcast/australias-productivity-problem-can-it-be-fixed-w-john/id1480645795?i=1000712724732Rethinking Property and Taxation: The Georgist Approach w/ John Augusthttps://podcasts.apple.com/au/podcast/rethinking-property-and-taxation-the-georgist-approach/id1480645795?i=1000703744281Fixing Australia’s Housing Crisis: Fusion’s Plan w/ Owen Millerhttps://podcasts.apple.com/au/podcast/fixing-australias-housing-crisis-fusions-plan-w-owen/id1480645795?i=1000700967776Livestream on superannuation with John Humphreys and Cameron Murray:https://www.youtube.com/live/SlGCSaiGCVU?si=sj-ySFaccJUm08sgArticles on the failure of the land value tax in the early 20th-century UK:https://marginalrevolution.com/marginalrevolution/2025/03/the-failure-of-the-land-value-tax.htmlhttps://worksinprogress.co/issue/the-failure-of-the-land-value-tax/Book review of Kaldor’s Expenditure Tax monograph:http://piketty.pse.ens.fr/files/Kaldor1955ExpenditureTaxDebate.pdfLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Rebecca Homkes of Duke Corporate Education and London Business School joins the show to discuss how economic and trade policy chaos is hindering strategic decision-making in global firms. Rebecca shares how to spot the CEOs who are genuinely thinking ahead—those who anchor their choices in beliefs and prepare to adapt as conditions change. We also explore AI’s real value in business: not just saving time, but repurposing it for higher-value work and strategic growth.Please email Gene your thoughts on this episode via [email protected] and Overview of the Podcast (0:00)Manufacturing Jobs vs. Manufacturing Capacity (1:03)CEO Strategic Paralysis and Policy Uncertainty (16:31)Regulation and Economic Policy (16:47)Vision for the Future and National Security Concerns (20:10)CEO Strategies in Uncertain Times (23:36)Exemplars of Strategic Preparation (28:08)Impact of AI on Business Strategy (36:56)Challenges in AI Adoption (47:51)Future of Jobs and AI (49:57)Conclusion and Final Thoughts (52:01)TakeawaysChaos breeds inaction – CEOs facing policy and geopolitical uncertainty often freeze, avoiding significant investments due to a lack of clarity.AI’s true value lies in repurposed time – Businesses should measure AI’s success not by time saved, but by how that time is used for higher-value tasks.Strategic beliefs drive resilient planning – The best-performing organisations base decisions on articulated beliefs, not reactive responses.Links relevant to the conversationRebecca’s website:https://www.rebeccahomkes.com/Rebecca’s book Survive, Reset, Thrive:https://www.surviveresetthrive.com/Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Gene Tunny and John Humphreys dissect the causes behind Australia's productivity slump, analysing recent GDP data, labour market policies, and regulatory constraints. They debate whether tax cuts should precede spending cuts and question the effectiveness of central planning and government intervention (i.e. ‘picking winners’) in driving innovation. John is Chief Economist at the Australian Taxpayers’ Alliance (ATA). This episode is the audio of an ATA livestream on 12 June 2025.Please email Gene your thoughts on this episode via [email protected] Accounts and Productivity Concerns (0:00)Government's Productivity Roundtable and Regulatory Reforms (4:34)Economic Policy and Institutional Reforms (8:19)Challenges in Private Investment and Productivity Measures (13:56)Industrial Relations and Labour Market Reforms (18:14)Housing Market and Regulatory Barriers (22:56)Tax Reforms and Fiscal Responsibility (29:59)Superannuation Tax Changes and Political Implications (47:15)Conclusion and Future Prospects (57:22)TakeawaysAustralia is in an 8-year productivity slump, with minimal growth in GDP per hour worked and GDP per capita declining in most recent quarters.The Albanese Government’s proposed productivity roundtable is met with scepticism, particularly due to its unwillingness to touch industrial relations.Private investment remains weak, threatening future economic growth despite government spending and immigration-fueled expansion.Superannuation changes are controversial, especially the proposal to tax unrealised gains and the lack of indexation, prompting fears of unfair treatment of self-managed funds.Regulation, housing policy, and taxation are significant barriers to productivity; both speakers call for serious reform and question whether centralisation in Canberra helps or hinders progress.Links relevant to the conversationATA livestream (i.e. video of this episode):https://www.youtube.com/live/lDlner_PHc0?si=1M9krIiPwvIcFxLsATA website:https://www.taxpayers.org.au/Australia’s National Accounts:https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/latest-releaseLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Gene Tunny and Darren Brady Nelson delve into the gold reserves at Fort Knox, exploring whether the gold is as pure as expected and what the implications might be for the U.S. dollar if it's not. They cover the history of gold confiscation, central bank policies, and the enduring allure of gold in uncertain economic times. This episode was inspired by a question Gene received at a talk he gave to the AusIMM Sydney branch in April 2025. Darren is currently the Chief Economist at Fisher Liberty Gold. This episode contains general information only, and nothing in this episode should be considered as investment or financial advice.  Please email Gene your thoughts on this episode via [email protected] Brady Nelson's Role at Fisher Liberty Gold (0:00)Investing in Gold Through Fisher Liberty Gold (3:00)The Gold in Fort Knox: Historical Context and Implications (5:11)The Quality and Purity of Gold in Fort Knox (7:58)The Role of Gold in Economic Uncertainty and Impact of Tariffs (28:57)Central Banks’ Role in Gold Markets (34:08)The Future of Gold and Monetary Policy (38:37)The Independence of Central Banks (40:53)The Role of Government in Economic Growth (48:46)Final Thoughts and Future Topics (53:41)TakeawaysFort Knox's Gold Purity Questioned: Much of the U.S. gold reserve came from coin melts, meaning it may fall short of the “Good Delivery” standard of 99.5% purity.Audit Calls from High Places: Figures like Trump, Elon Musk, and Rand Paul have recently advocated for a Fort Knox audit.Central Banks Stockpile Gold: Global central banks are shifting reserves from U.S. dollars to gold, with 1,000 metric tons of gold purchases expected in 2025.Gold as Growth, Not Just Protection: Darren's modelling shows gold may outperform the S&P 500 over the long term.Audit the Fed?: The episode concludes with a discussion on Ron Paul's push to audit the Federal Reserve and whether central banks should remain as independent as they are.Links relevant to the conversationFisher Liberty Gold:https://www.fisherlibertygold.com/Mises Institute article “The Gold at Fort Knox Was Stolen from Americans”:https://mises.org/mises-wire/gold-fort-knox-was-stolen-americansMises Institute article “How Much Gold Does the US Government Own, and Where Is It?”:https://mises.org/power-market/how-much-gold-does-us-government-own-and-where-itReuters report on central bank gold purchases:https://www.reuters.com/world/india/central-banks-track-4th-year-massive-gold-purchases-metals-focus-says-2025-06-05/Bernanke’s apology for Great Depression on behalf of the Fed to Milton Friedman:https://www.federalreserve.gov/boarddocs/speeches/2002/20021108/Perth Mint:https://www.perthmint.com/In Gold We Trust report:https://ingoldwetrust.report/?lang=en   Peter Bernstein’s book “The Power of Gold”:https://www.amazon.com.au/Power-Gold-New-Foreword-Obsession/dp/111827010XLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED