Economics is called the dismal science in part because it is about hard choices — situations where we can't have our cake and eat it too. Last year it seemed as if COVID wasn't one of them. Keeping the virus at bay gave Australia one of the world's lowest death tolls and one of its shortest recessions. The Delta variant changed that and made the "costs" of fighting the pandemic much harder to bear. The Economists discusses the "trade offs" of the pandemic and the road ahead.Guests:Stephen Duckett, Health and Aged Care Program Director, Grattan InstitutePeter Harris, Former Productivity Commission chair, former CEO, National COVID-19 Coordination Commission Advisory Board

Economics is called the dismal science in part because it is about hard choices — situations where we can't have our cake and eat it too. Last year it seemed as if COVID wasn't one of them. Keeping the virus at bay gave Australia one of the world's lowest death tolls and one of its shortest recessions. The Delta variant changed that and made the "costs" of fighting the pandemic much harder to bear. The Economists discusses the "trade offs" of the pandemic and the road ahead. Guests: Stephen Duckett, Health and Aged Care Program Director, Grattan Institute Peter Harris, Former Productivity Commission chair, former CEO, National COVID-19 Coordination Commission Advisory Board

“Mugged by reality”: COVID choices that are hard to make

Richard Thaler

Professor Richard Thaler has spent his career investigating how people really behave – how we save for retirement, what we choose to eat, how we use energy. Through understanding the many reasons for human misjudgement, such as being too optimistic, or facing too many choices, Richard Thaler's work has helped people make better decisions. The concept is known as "nudge" and nudge units are now commonplace in governments and businesses around the world to develop better policy.Guest: Professor Richard Thaler, Professor of Behavioural Science and Economics, University of Chicago Booth School of Business, 2017 recipient of the Nobel Memorial Prize in Economic Sciences and co-author of "Nudge".

Professor Richard Thaler has spent his career investigating how people really behave – how we save for retirement, what we choose to eat, how we use energy. Through understanding the many reasons for human misjudgement, such as being too optimistic, or facing too many choices, Richard Thaler's work has helped people make better decisions. The concept is known as "nudge" and nudge units are now commonplace in governments and businesses around the world to develop better policy. Guest: Professor Richard Thaler, Professor of Behavioural Science and Economics, University of Chicago Booth School of Business, 2017 recipient of the Nobel Memorial Prize in Economic Sciences and co-author of "Nudge".

Richard Thaler on "Nudging" the pandemic, climate change and retirement saving

The underlying strength in the Australian economy has again beat many expectations; the nation's economy rose 0.7 per cent in the June quarter. However, the figures are like a look in the rear-view mirror and do not capture the full pain of the latest lockdowns. Is the latest economic news set to be as good as it gets? Guests:Josh Frydenberg, Federal TreasurerJo Masters, Chief Economist, EY Oceania

The underlying strength in the Australian economy has again beat many expectations; the nation's economy rose 0.7 per cent in the June quarter. However, the figures are like a look in the rear-view mirror and do not capture the full pain of the latest lockdowns. Is the latest economic news set to be as good as it gets? Guests: Josh Frydenberg, Federal Treasurer Jo Masters, Chief Economist, EY Oceania

GDP figures strong but difficult days ahead

Huge amounts of information, known as administrative data, are being used by government and researchers to know what you need, even before you need it.  How are linkages between data sets, and tracking types of people and businesses over time helping to improve decision making?  Guests:Dr David Gruen, Australian Statistician, Head of the Australian Bureau of StatisticsBob Breunig, Director, Tax and Transfer Policy Institute, Australian National University

Huge amounts of information, known as administrative data, are being used by government and researchers to know what you need, even before you need it.  How are linkages between data sets, and tracking types of people and businesses over time helping to improve decision making?   Guests: Dr David Gruen, Australian Statistician, Head of the Australian Bureau of Statistics Bob Breunig, Director, Tax and Transfer Policy Institute, Australian National University

Big data

A landmark report has urged the world's governments to come up with a better form of national accounting from GDP, to reflect the value and depletion of nature. Plus, an update on carbon markets and the emerging field of biodiversity offsets.Guests:Diane Coyle, Bennett Professor of Public Policy, University of CambridgeGeoff Summerhayes, Senior Advisor, Pollination, former executive board member, Australian Prudential Regulation Authority

A landmark report has urged the world's governments to come up with a better form of national accounting from GDP, to reflect the value and depletion of nature. Plus, an update on carbon markets and the emerging field of biodiversity offsets. Guests: Diane Coyle, Bennett Professor of Public Policy, University of Cambridge Geoff Summerhayes, Senior Advisor, Pollination, former executive board member, Australian Prudential Regulation Authority

Valuing nature

House prices in Australia are climbing at rates we’ve seldom seen. In all age groups, there is more renting and less home ownership than there used to be. Is housing supply part of the problem?Guests:Peter Tulip, Chief Economist, Centre for Independent Studies and former senior research manager at the Reserve Bank of AustraliaCameron Murray, Research Fellow, Henry Halloran Trust, University of SydneyRachel Ong ViforJ, Australian Research Council (ARC) Future Fellow, Professor at the School of Accounting, Economics and Finance, Curtin University

House prices in Australia are climbing at rates we’ve seldom seen. In all age groups, there is more renting and less home ownership than there used to be. Is housing supply part of the problem? Guests: Peter Tulip, Chief Economist, Centre for Independent Studies and former senior research manager at the Reserve Bank of Australia Cameron Murray, Research Fellow, Henry Halloran Trust, University of Sydney Rachel Ong ViforJ, Australian Research Council (ARC) Future Fellow, Professor at the School of Accounting, Economics and Finance, Curtin University

Why are home prices soaring?

China has argued the tariffs on Australian goods such as wine and barley, are justified by Australia “dumping” products at low cost on the Chinese market and propping up the sectors with unfair subsidies – claims Australia denies. What’s behind the complaints and is there an exit strategy to restore trade?Guests:Dr Craig Emerson, economic consultant, former Minister for TradeDavid Uren, Senior Fellow, Australian Strategic Policy Institute

China has argued the tariffs on Australian goods such as wine and barley, are justified by Australia “dumping” products at low cost on the Chinese market and propping up the sectors with unfair subsidies – claims Australia denies. What’s behind the complaints and is there an exit strategy to restore trade? Guests: Dr Craig Emerson, economic consultant, former Minister for Trade David Uren, Senior Fellow, Australian Strategic Policy Institute

Australia’s trade tensions with China

Australia's annual inflation rate has jumped to 3.8%, up from just 1.1%. Inflation is also rising in the United States – but is it really a worry? Plus, the Australian-led innovation to bring the Consumer Price Index into the 21st century.GuestsProfessor Kevin Fox, Director, Centre for Applied Economic Research, UNSW Business SchoolNicki Hutley, economic consultant, advisor to Social Outcomes and Climate Council, former Senior Partner, Deloitte Access Economics

Australia's annual inflation rate has jumped to 3.8%, up from just 1.1%. Inflation is also rising in the United States – but is it really a worry? Plus, the Australian-led innovation to bring the Consumer Price Index into the 21st century. Guests Professor Kevin Fox, Director, Centre for Applied Economic Research, UNSW Business School Nicki Hutley, economic consultant, advisor to Social Outcomes and Climate Council, former Senior Partner, Deloitte Access Economics

Is the inflation dragon coming back?

The closure of Australia’s border to immigration has provided a rare chance to assess in stark terms how important immigration is to Australia. So far, unemployment is at record lows and we’re spending money at home. While there may be short term benefits – what are the longer-term implications?Guests:Saul Eslake, Corinna Economic Advisory, former chief economist of ANZ Bank and of Bank of America Merrill LynchGabriela D'Souza, Senior Economist, Committee for Economic Development of Australia

The closure of Australia’s border to immigration has provided a rare chance to assess in stark terms how important immigration is to Australia. So far, unemployment is at record lows and we’re spending money at home. While there may be short term benefits – what are the longer-term implications? Guests: Saul Eslake, Corinna Economic Advisory, former chief economist of ANZ Bank and of Bank of America Merrill Lynch Gabriela D'Souza, Senior Economist, Committee for Economic Development of Australia

How is the immigration pause affecting Australia's economy?

Australia's unemployment rate has fallen to 4.9 per cent, with almost 30,000 jobs created in June according to the official Bureau of Statistics data. The last time it was this low was a decade ago. Can Australia get even more people into work?Guests:Emeritus Professor Sue Richardson, Flinders University, former director of the National Institute of Labour StudiesEmeritus Professor Bill Mitchell, Chair in Economics, Director of the Centre of Full Employment and Equity, University of Newcastle

Australia's unemployment rate has fallen to 4.9 per cent, with almost 30,000 jobs created in June according to the official Bureau of Statistics data. The last time it was this low was a decade ago. Can Australia get even more people into work? Guests: Emeritus Professor Sue Richardson, Flinders University, former director of the National Institute of Labour Studies Emeritus Professor Bill Mitchell, Chair in Economics, Director of the Centre of Full Employment and Equity, University of Newcastle

Unemployment: How low can we go?

The Economists uses the tools of economics to shine a light on life.

The Economists 

Planning for the management of health during the coronavirus requires more than solely a death toll.Measuring the costs of human suffering must also include mental illness, physical pain and a loss of quality of life that will follow this global crisis.This is where numbers play a role. Not to rate one life over another, but to limit the 'scarring effects' of this pandemic.David Johnston,  professor of health economics at Monash University.Quentin Grafton, professor of economics at the Crawford School of Public Policy, Australian National University.

Planning for the management of health during the coronavirus requires more than solely a death toll. Measuring the costs of human suffering must also include mental illness, physical pain and a loss of quality of life that will follow this global crisis. This is where numbers play a role. Not to rate one life over another, but to limit the 'scarring effects' of this pandemic. David Johnston,  professor of health economics at Monash University. Quentin Grafton, professor of economics at the Crawford School of Public Policy, Australian National University.

Surviving COVID-19: how much is a human life 'worth'?

Why is wage growth low and why is Australia's wage setting system so unusual? The Economists examine the wage and working policies of the major political parties.

Where's my pay rise? The economics of wages

When the rich look after the rich, how can the poor improve their lives?

Why we will never solve inequality

It's raining money. How much more should the government spend on cushioning the economy?Stephanie Kelton is a professor at Stony Brook University, a senior economic advisor to Bernie Sanders and author of The Deficit Myth: Monetary Theory and the Birth of the People's Economy.She says that yes indeed, the government does have the right to print money. It's just 'unfortunate that we have given it the name debt'If it is the 'job' of the people during a pandemic to stay home, then it is the job of the government to step in and pay them.

It's raining money. How much more should the government spend on cushioning the economy? Stephanie Kelton is a professor at Stony Brook University, a senior economic advisor to Bernie Sanders and author of The Deficit Myth: Monetary Theory and the Birth of the People's Economy. She says that yes indeed, the government does have the right to print money. It's just 'unfortunate that we have given it the name debt' If it is the 'job' of the people during a pandemic to stay home, then it is the job of the government to step in and pay them.

War chest or treasure chest? Is the answer to COVID-19 more debt?

If healthcare for one person has positive 'spillovers' for everyone, why is government arguing the toss of how much we spend on Medicare?

Is Medicare really 'unsustainable'?

Immigration is a major part of our economic success, but, fairly suddenly, it has become unpopular. Among the concerns are low wage growth, high house prices and overcrowded cities. Peter and Gigi search out what complaints are justified, what the parties are offering and what economics tells us about how many people we need.

Immigration nation

What are some of the practical things the returned Morrison government could do to make Australia better?

Productive ideas for the new government

How is Australia's historically robust economy slowing? What can be done to support the economy given global realities? And after a record three decades without a recession, can Australia make it to four?

Australia's post-election economic outlook: how to remain recession-free

Why being back in the black isn’t all it's cracked up to be.

Debt, deficits and good housekeeping: what's the fuss about?

What are the major political parties planning to do about the hot-button issues of climate change and energy?

Climate policy and Australia's energy future

If you are a cow, your milk is measured as part of the GDP. If you are a breastfeeding mother, yours is not.

The economics of gender and the invisible work force

Small business is just one of the victims of COVID-19. What if there is a way to hold off debt repayment until there is money in the bank to pay it?Bruce Chapman, professor at the ANU College of Business and Economics, says we can learn a lot from the HECS loan system he helped to implement in the 1980s.He believes that deferring loan repayments could be the key to economic recovery, especially for small business.

Small business is just one of the victims of COVID-19. What if there is a way to hold off debt repayment until there is money in the bank to pay it? Bruce Chapman, professor at the ANU College of Business and Economics, says we can learn a lot from the HECS loan system he helped to implement in the 1980s. He believes that deferring loan repayments could be the key to economic recovery, especially for small business.

It's not about the debt, it's the way that you pay it: economic survival in the age of coronavirus

Pandemics are not new but the way the world has responded is unprecedented.As country after country calls time-out on their daily lives, the global economy is in free-fall.Carmen Reinhart says it's wartime and we need to be better soldiers. Professor Gigi Foster agrees. We must aggressively quarantine and protect vulnerable people by day. Then go for a beer afterwards so the publican can pay his workers. Harvard Professor Carmen Reinhart, co-author of This time it’s different: an account of eight centuries of financial folly

Pandemics are not new but the way the world has responded is unprecedented. As country after country calls time-out on their daily lives, the global economy is in free-fall. Carmen Reinhart says it's wartime and we need to be better soldiers. Professor Gigi Foster agrees. We must aggressively quarantine and protect vulnerable people by day. Then go for a beer afterwards so the publican can pay his workers. Harvard Professor Carmen Reinhart, co-author of This time it’s different: an account of eight centuries of financial folly

As the coronavirus marches on, can wartime measures save us from a depression?

While the world responds to the health risks of COV19, no amount of hand sanitiser can protect the economy from what is ahead. Will Scott Morrison's stimulus package save us from the downward spiral of our trading partners?

While the world responds to the health risks of COV19, no amount of hand sanitiser can protect the economy from what is ahead. Will Scott Morrison's stimulus package save us from the downward spiral of our trading partners?

The contagious recession — Will coronavirus cause a global financial crisis?

Pandemics require individuals to contribute to the greater good.Behavioural economist, Stephen Whyte says that it is possible to 'nudge' people towards actions that improve their lives.Staying at home, social- distancing and downloading the COVIDSafe app are pro-social behaviours we can implement ourselves.But how do we incentivise big companies to put the necessary resources into finding a vaccine?Joshua Gans, author of Economics in the Age of COVID-19 explains.

Pandemics require individuals to contribute to the greater good. Behavioural economist, Stephen Whyte says that it is possible to 'nudge' people towards actions that improve their lives. Staying at home, social- distancing and downloading the COVIDSafe app are pro-social behaviours we can implement ourselves. But how do we incentivise big companies to put the necessary resources into finding a vaccine? Joshua Gans, author of Economics in the Age of COVID-19 explains.

Finding the right incentives to navigate COVID-19

LEAD

Competition in the free market is best for everyone. Except when it's not.In the time of COVID-19, it most definitely is not.Rod Sims is chairman of the Australian Competition and Consumer Commission. He says that when we are fighting a pandemic-induced war, the economy is flipped on its head.We must all work together to supply what people need, even if it involves co-operating with rival companies.But once all parties have sat at the same table, how do we prevent collusion after the 'war' is over?

Competition in the free market is best for everyone. Except when it's not. In the time of COVID-19, it most definitely is not. Rod Sims is chairman of the Australian Competition and Consumer Commission. He says that when we are fighting a pandemic-induced war, the economy is flipped on its head. We must all work together to supply what people need, even if it involves co-operating with rival companies. But once all parties have sat at the same table, how do we prevent collusion after the 'war' is over?

Will market co-operation lead to post-pandemic collusion?

Young people are most at risk as the global economy recovers from the coronavirus.Unlike the crises before it, the COVID-19 catastrophe is different.The speed at which it erupted and the magnitude of its reach have shocked the world.But Jeff Borland professor of Economics at the University of Melbourne, says that it is the asymmetry of its impact on certain groups, especially young people, that will cause the most problems. LINKSThe next employment challenge from coronavirus: how to help the young, Jeff Borland, The Conversation, April 15, 2020  Which jobs are most at risk from the coronavirus shutdown?, Jeff Borland, The Conversation, March 26, 2020The JobKeeper Program: A brief overview, Jeff Borland, Labour market snapshot #57, April 2020 Australia’s $130 billion JobKeeper payment: what the experts think, Steven Hamilton, Anthony Forsyth, David Peetz,  The Conversation, March 30, 2020     COVID-19 and the Australian labour market: The immediate impact,  Jeff Borland, Labour market snapshot #56, April 2020Hard times for the young in Australia’s labour market,  Jeff Borland, Labour Market Snapshot #55, March 2020  What we missed while we looked away – the growth of long‐term unemployment,  Jeff Borland, The Conversation, July 8, 2019 All of Jeff Borland's Labour Market Snapshots

Young people are most at risk as the global economy recovers from the coronavirus. Unlike the crises before it, the COVID-19 catastrophe is different. The speed at which it erupted and the magnitude of its reach have shocked the world. But Jeff Borland professor of Economics at the University of Melbourne, says that it is the asymmetry of its impact on certain groups, especially young people, that will cause the most problems. LINKS The next employment challenge from coronavirus: how to help the young, Jeff Borland, The Conversation, April 15, 2020   Which jobs are most at risk from the coronavirus shutdown?, Jeff Borland, The Conversation, March 26, 2020 The JobKeeper Program: A brief overview, Jeff Borland, Labour market snapshot #57, April 2020  Australia’s $130 billion JobKeeper payment: what the experts think, Steven Hamilton, Anthony Forsyth, David Peetz,  The Conversation, March 30, 2020      COVID-19 and the Australian labour market: The immediate impact,  Jeff Borland, Labour market snapshot #56, April 2020 Hard times for the young in Australia’s labour market,  Jeff Borland, Labour Market Snapshot #55, March 2020   What we missed while we looked away – the growth of long‐term unemployment,  Jeff Borland, The Conversation, July 8, 2019  All of Jeff Borland's Labour Market Snapshots

Why young people will struggle the most in the COVID-19 recovery

If you think the numbers that make up the GDP are slippery, you are right.Terry Rawnsley wades through the jargon to help us understand what the Gross Domestic Product is and why those numbers matter.Nicki Hutley interprets the financial growth results just handed down by Australian Treasurer Josh Frydenberg.

If you think the numbers that make up the GDP are slippery, you are right. Terry Rawnsley wades through the jargon to help us understand what the Gross Domestic Product is and why those numbers matter. Nicki Hutley interprets the financial growth results just handed down by Australian Treasurer Josh Frydenberg.

Dissecting the GDP 'sausage'- what do financial growth numbers actually mean?

The 'morality of tax' can be a confusing concept.

The joy of tax: why we are happy to pay it

Coronavirus is scaring the economy. How can we plan for financial fallout if we don't know how bad it's going to be?And although nobody wants to take responsibility for wage theft there are several persons of interest. It's time to name and shame.

Coronavirus is scaring the economy. How can we plan for financial fallout if we don't know how bad it's going to be? And although nobody wants to take responsibility for wage theft there are several persons of interest. It's time to name and shame.

How coronavirus is damaging the dollar and the 'wage theft' hot potato

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Best Episodes on Mental Health, Emotions & Thoughts

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