Economic Rockstar

Connecting Brilliant Minds in Economics and Finance

085: Michael Roberts on Understanding Karl Marx and His Thinking on Capitalism

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085: Michael Roberts on Understanding Karl Marx and His Thinking on Capitalism

Michael Roberts

Michael Roberts has worked as an economist for over 30 years in the City of London. He is author of The Great Recession: Profit cycles, economic crisis A Marxist View and The Long Depression: Marxism and the Global Crisis of Capitalism.

Economics:

In this episode, Michael mentions: Marxism, capitalism, Austrian economics, GDP, multinationals, inflation, printing of money, booms, busts, profitability, recession, depression, inequality, wealth, means of production, private property, competition, externalities, unintended consequences, bailout, austerity and unemployment.

Economists:

In this episode, Michael mentions: Karl Marx, Friedrich Hayek, Adam Smith, John Maynard Keynes, Brad DeLong and Paul Mattick.

Links:

Books:

 

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083: Stephen Kinsella on Stock Flow Models, Rent Controls and Being the Green Lantern of Economics

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083: Stephen Kinsella on Stock Flow Models, Rent Controls and Being the Green Lantern of Economics

Stephen Kinsella is a Senior Lecturer in Economics at the Kemmy Business School, the University of Stephen KinsellaLimerick in Ireland and a Research Fellow at the Geary Institute at University College Dublin. He is currently visiting Professor of Economics at Université Paris.

Stephen has two PhD’s, is well published in many Economics Journals and has won several grants worth around 1.5 million Euro.

Stephen’s area of expertise is in the study of the Irish and European economies.

He has written 4 books:

Stephen is a weekly columnist for the Sunday Business Post newspaper and he also has his own website stephenkinsella.net which is amazingly rich in content, covering issues on the Irish and European economy as well as material he covers in his lectures.

Economics:

In this episode, Stephen mentions: stock flow consistent models, rent controls, GDP, wealth, consumption, government expenditure, investment, net exports, debt-to-GDP, stock of unemployed-to-flow of the labor force, taxes, austerity, QE, pro-cyclical policy, unemployment, automatic stabilizers, Brexit, foreign direct investment, hyperinflation, purchasing power of money, housing, pricing mechanism and money supply.

Economists:

In this episode, Stephen mentions: Wynne Godley, Lance Taylor, Marc Lavoie, Kevin O’Rourke, Philip Lane, Dermot McAleese, Edward Nell, Carmen M. Reinhart, Kenneth S. Rogoff and Joseph Stiglitz.

In this episode you will learn:

  • how and why Stephen completed two PhD’s and how he completed his first within 12 months.
  • about stock flow consistent models.
  • about the features of a stock flow model.
  • why the Irish government bailed out the banks.
  • how Ireland received ‘help’ from international economies, particularly the US and the UK, to quickly move out of a recession since the Great Financial Crisis.
  • whether Ireland will suffer if the UK left the EU in the so-called Brexit.
  • how rent controls lead to an inefficient market outcome.

Links:

Papers:

Books: 

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070: Chronis Lalas on Prospect Theory and ‘Making a Behavioral Economist’

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070: Chronis Lalas on Prospect Theory and ‘Making a Behavioral Economist’

Chronis Lalas is an aspiring Behavioral Economist who is researching and publishing about the applications of chronis lalasBehavioral Economics in the real world. Chronis is a recent graduate of the University of Macedonia, Greece with a BA in Economics.

Chronis blogs at The Newbie Economist and aspires to be a behavioral economist that will optimize Fortune 500 corporations’ marketing campaigns through analyzing their existing customers’ behavior.

He aims to bring a fresh perspective to traditional economics by optimizing in consumer behavior analysis and brand management. As a young economist, his vision is to inspire students and the young generation to take on Behavioral Economics. His work has been published, amongst others, in the Online Political and Economic Newspaper The European Sting.

Economists:

In this interview, Chronis mentions: George Lowenstein, Dilip Soman, Leigh Caldwell, Yoram Bauman, Steve Keen and Dan Ariely.

Economics:

In this interview, Chronis mentions: behavioral economics, prospect theory, confirmation bias, loss aversion, financial crisis, capital controls, austerity, nudge and utility theory.

Who Chronis Would Love to Collaborate with:

Dan Ariely, Rory Sutherland of Ogilvy and Nir Eyal.

In this episode you will learn:

  • what is Prospect Theory.
  • about the infamous Prospect Theory graph.
  • about loss aversion and how Prospect Theory differs to Bernoulli’s Utility Theory.
  • how Prospect Theory is observed in Greece post the financial crisis.
  • about the reciprocity shown by TOMS shoes in Thessaloniki.
  • what makes consumers buy.
  • how consumer behavior can be influenced by manipulating their subconscious through a creatively built environment.
  • How playing French music influences the purchase of French wine.
  • How the names of products and how they are pronounced can change the way consumers think about the product.
  • why and how companies should consider a brand name for their product or service so as to maintain long-term customer loyalty.
  • about the plans that Chronis is undertaking including his behavioral economics comic.

Prospect Theory Paper and Graph:

  • Kahneman, D. and Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), pp. 263-291.

Books:

Blog:

Links:

Research:

Where to Find Chronis:

Credits:

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