Max sits down with Professor Sheheryar Banuri to discuss his research on transgender healthcare outcomes in Pakistan. Dr Sheheryar Banuri is an internationally recognized behavioural economist and author. He is currently a By-Fellow, Dean of College and Tutor at Hughes Hall, University of Cambridge, and an Associate Professor of Economics at the University of East Anglia. He is a pioneer in the field of behavioural development economics, specializing in motivation, governance, and discrimination, and an expert on incentive design. He has nearly two decades of research experience and has provided policy guidance to government agencies. He routinely consults for multilateral organizations, providing policy advice and intellectual support. His work has been published in leading academic journals in Economics, Computer Science, Medicine, and Psychology, and is a co-author of the World Bank’s influential 'World Development Report 2015: Mind, Society, and Behaviour'. He is also the author of two popular books on decision-making: Good Decisions for Strange Situations and The Decisive Mind (shortlisted for the Best Behavioural Science book award by the Global Association of Applied Behavioural Scientists).Professor Sheheryar Banuri:https://research-portal.uea.ac.uk/en/persons/sheheryar-banuriTimestamps:00:00: Background to Sheheryar's Research05:21: Designing the Study / Hiring Actors15:24: Surprising Outcomes of the Study18:52: Subtle Discrimination23:18: Use of Placebo 'Medicines'30:13: Future Policy Changes?33:33: Churn in Low-Cost Clinics / Pakistan Healthcare Industry37:41: Link to Behavioural Economics44:22: Could the Findings Apply to Western Healthcare?50:21: Future Research that Could Build Upon the Findings52:36: Ethics of the Study55:08: Sheheryar's Other ResearchResearch Paper:'Discrimination in healthcare: A field experiment with Pakistan's Transgender community'https://www.sciencedirect.com/science/article/pii/S0927537123001653Socials: TikTok: https://www.tiktok.com/@marginalbabble Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/ Website: https://marginalbabble.com/

Max sits down with Professor Arpad Abraham out of Bristol University to discuss cycles in tax policy, the effects of volatility to the economy and how UK tax policy will likely change in the near future. Professor Arpad Abraham: https://www.bristol.ac.uk/people/person/Arpad-Abraham-fa5c4209-a7ba-48dc-adf4-5cb9a893e722/ Timestamps: 00:00: Why Can't Governments Leave Tax Policy Alone? 03:59: Arpad's Research 06:37: Tax Pragmatism 10:21: Is Tax Policy a Prisoner's Dilemma? 10:58: The Administrative Burden of Taxes 12:06: Wealth Taxes on the Rise? & Private Equity 16:30: Measuring Wealth Effectively 19:33: Norway's Wealth Taxes & Broader Economy 24:30: Arpad's Social Security Research 30:41: Volatility & Uncertainty in Tax Policy 35:44: Cycles of Economic Shocks & Growth 40:39: Do Policy Makers Misjudge Risk? 49:42: How Will UK Taxes Change in the Next 10 years? 53:02: Future Research to Build Upon Arpad's Work Arpad’s Research: CAPITAL TAX REFORMS WITH POLICY UNCERTAINTY https://research-information.bris.ac.uk/en/publications/capital-tax-reforms-with-policy-uncertainty On the optimal design of a Financial Stability Fund https://research-information.bris.ac.uk/en/publications/on-the-optimal-design-of-a-financial-stability-fundEfficient risk sharing and separation https://research-information.bris.ac.uk/en/publications/efficient-risk-sharing-and-separation Socials: Tiktok: https://www.tiktok.com/@marginalbabble Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/ Website: https://marginalbabble.com/

Max and Professor Barsbai sit down to discuss the effects recession have for migrants moving in these time periods, as well as the economic effects of migrants across America and Europe in the current day. Professor Toman Barsbai: https://sites.google.com/view/tomanbarsbai/ Timestamps: 00:00: Introduction. 00:28: What Factors Drive the Economic Integration of Migrants? 05:55: Business Cycle Effects on Migrants. 10:58: Non-Economic Outcomes on Migrants. 11:55: Methodologies of Toman's Research. 15:31: Types of Visas/Migration Paths and Their Impact. 20:19: Why Aren't Asylum Seekers Permitted to Work? 22:10: How Many Refugees are Allowed to Move? 24:14: What is Resettlement & What is the Impact of the Scheme? 26:23: What Policies Could Help Economic Integration of Migrants? 37:22: UK VS EU Refugees. 39:11: Internationally Transferable Qualifications (Under-skilling Issue). 43:44: What Research Toman Would Like to See Conducted in the Future. 45:26: Toman's Other Research. Toman's Research Mentioned: 1) Immigrating into a recession: https://drive.google.com/file/d/1d9z6Ir4huSsI-DZ6Mr9q79Yp8WW8HgQm/view?usp=share_link 2) Pre-departure information for Filipino immigrants to the U.S.: https://drive.google.com/file/d/1K-6AJO_dl5IDCwiQlkgn4ivEx8jTyEMW/view?usp=share_link 3) Mistreatment of migrant workers: https://drive.google.com/file/d/1iu7S3qRASs2gHESaiSj08Q_uXsOIDjbj/view?usp=sharing Socials: Tiktok: https://www.tiktok.com/@marginalbabble Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/ Website: https://marginalbabble.com/

1 in 20 people aged 16 and over experienced some form of Domestic Violence and Abuse in 2021/2022 in the UK, per the Office of National Statistics. In light of these numbers, and the impacts of another economic recession in the UK looming large, Max and Professor Sid Bandyopadhyay sit down to discuss the impacts of Domestic Violence on the socio-economic environment. Enjoy! Professor Sidd Bandyopadhyay: https://www.birmingham.ac.uk/staff/profiles/business/bandyopadhyay-siddhartha References 1) Unemployment substantially increases domestic violence, new study finds, CAGE Research Centre, 2021 https://warwick.ac.uk/fac/soc/economics/research/centres/cage/news/05-10-21-unemployment_substantially_increases_domestic_violence_new_study_finds/ 2) Domestic abuse prevalence and trends, England and Wales: year ending March 2021, Office for National Statistics, 2021 https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice/articles/domesticabuseprevalenceandtrendsenglandandwales/yearendingmarch2021 3) Crime in England and Wales: year ending September 2021, Office for National Statistics, 2021 https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice/bulletins/crimeinenglandandwales/yearendingseptember2021 4) Coronavirus: Domestic abuse offences increased during pandemic, BBC News, 2020 https://www.bbc.co.uk/news/uk-55073229 5) The Rise of Intimate Partner Violence During the Great Recession, Mel Policicchio, 2016 https://spia.princeton.edu/news/rise-intimate-partner-violence-during-great-recession 6) About CARA, projectcara.org.uk, 2024 https://projectcara.org.uk/about/ 7) Batterer Intervention Program (BIP), Cunha & Caridade, 2023 https://link.springer.com/referenceworkentry/10.1007/978-3-030-85493-5_88-1 8) Impact evaluation and economic benefit analysis of a domestic violence and abuse UK police intervention, Karavias et al, 2023 https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2023.1063701/full 9) Regional ethnic diversity, Gov.uk, 2022 https://www.ethnicity-facts-figures.service.gov.uk/uk-population-by-ethnicity/national-and-regional-populations/regional-ethnic-diversity/latest/# 10) Costs per place and costs per prisoner by individual prison, Ministry of Justice, 2023 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1140557/costs-per-place-and-costs-per-prisoner-2021-to-2022-summary.pdf 11) How Norway turns criminals into good neighbours, BBC News, 2019 https://www.bbc.co.uk/news/stories-48885846 12) Cost of living: Why are things so hard for so many people?, BBC News, 2022 https://www.bbc.co.uk/news/uk-62128069 13) NHS backlog data analysis, British Medical Association, 2024 https://www.bma.org.uk/advice-and-support/nhs-delivery-and-workforce/pressures/nhs-backlog-data-analysis 14) Crime in England and Wales: year ending September 2021, Office for National Statistics, 2021 https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice/bulletins/crimeinenglandandwales/yearendingseptember2021 15) Crime in England and Wales: year ending September 2021, Office for National Statistics, 2021 https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice/bulletins/crimeinenglandandwales/yearendingseptember2021

In real terms, house prices in the UK have risen considerably over the past several decades, particularly when compared to average incomes. This not only affects the ability of first-time buyers to get on the property ladder, but impacts consumer spending and other aspects of the economy. In this episode of the Marginal Babble Podcast, I sit down with Professor David Miles CBE to discuss real house price inflation and the role interest rates are playing in this regard. David is a professor of financial economics at Imperial university, has held the position of Chief UK Economist at both Merrill Lynch and Morgan Stanley investment banks and was a member of the Monetary Policy Committee at the Bank of England from 2009 to 2015. As ever, referenced research material is included below. Enjoy! Professor David Miles CBE: https://www.imperial.ac.uk/people/d.miles References: 1) UK Interest Rate History / Graph & Facts, propertyinvestmentproject.co.uk, 2024 https://www.propertyinvestmentproject.co.uk/property-statistics/uk-interest-rate-history-graph/ 2) Official Bank Rate history, Bank of England, 2024 https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp 3) United Kingdom Historical Inflation Rates, inflationtool.com, 2024 https://www.inflationtool.com/rates/uk/historical 4) Gross domestic savings (% of GDP) – China, World Bank, 2024 https://data.worldbank.org/indicator/NY.GDS.TOTL.ZS?locations=CN 5) Countries in the world by population (2024), worldometers.info, 2024 https://www.worldometers.info/world-population/population-by-country/ 6) Car parc in China from 2011 to 2022, Statista, 2024 https://www.statista.com/statistics/285306/number-of-car-owners-in-china/ 7) UK house prices and three decades of decline in the risk‑free real interest rate, David Miles & Victoria Monro, 2019 https://www.bankofengland.co.uk/working-paper/2019/uk-house-prices-and-three-decades-of-decline-in-the-risk-free-real-interest-rate 8) Countries by Population Density | Countries by Density 2024, worldpopulationreview.com, 2024 https://worldpopulationreview.com/country-rankings/countries-by-density 9) Map of London's Green Belt including sites threatened with development, London Green Belt Council, 2024 https://londongreenbeltcouncil.org.uk/ 10) urban sprawl, John Rafferty, 2024 https://www.britannica.com/topic/urban-sprawl 11) U.K. Fertility Rate 1950-2024, macrotrends.net, 2024 https://www.macrotrends.net/countries/GBR/united-kingdom/fertility-rate 12) What is RAAC concrete and why is it a safety risk?, BBC News, 2023 https://www.bbc.co.uk/news/education-66669239 13) Grenfell Tower inquiry: 9 things we now know about the cladding, Tom Symonds, 2021 https://www.bbc.co.uk/news/uk-56403431 14) 6 Crazy Facts About Tokyo's Population (2021) - Inside the World’s Top Megacity, livejapan.com, 2021 https://livejapan.com/en/in-tokyo/in-pref-tokyo/in-tokyo_suburbs/article-a0002533/ 15) HS2 explained: Why people are fighting the UK’s ‘weak’ and ‘inept’ new railway, Shannon McDonagh, 2021 https://www.euronews.com/green/2021/09/13/hs2-explained-why-people-are-fighting-uk-s-weak-and-inept-new-railway 16) HS2: What is the route and why is the Manchester link scrapped?, BBC News, 2023 https://www.bbc.co.uk/news/uk-16473296 17) UK house prices and three decades of decline in the risk‑free real interest rate, David Miles & Victoria Monro, 2019 https://www.bankofengland.co.uk/working-paper/2019/uk-house-prices-and-three-decades-of-decline-in-the-risk-free-real-interest-rate 18) House price to income ratio in United Kingdom (UK) from 1st quarter 2012 to 3rd quarter 2022, statista.com, 2024 https://www.statista.com/statistics/591728/house-price-to-income-ratio-the-uk/ 19) par excellence, Cambridge Dictionary, 2024 https://dictionary.cambridge.org/dictionary/english/par-excellence 20) First-time buyer statistics and facts: 2023, Claire Flynn, 2023 https://www.money.co.uk/mortgages/first-time-buyer-mortgages/statistics

With the landmark American overturning of ‘Roe vs Wade’ on 24th June 2022, greater focus than ever is being placed on the impacts and arguments surrounding abortion policy. This is further evidenced by how over 60 countries have changed their national abortion policies in the last 30 years alone. In the midst of this controversy, Max and Professor Clarke sit down to discuss his research into the effects of more liberal abortion policies being initiated in Mexico, as well as other evidence to the effects of abortion policy on economic development indicators. Professor Clarke is an Associate Professor in the Department of Economics at the University of Exeter and University of Chille, is a Research Fellow at IZA, and an affiliate with the Millennium Institute for Research in Market Imperfections and Public Policy. As ever referenced research material is included down below. Enjoy! Professor Damian Clarke: https://business-school.exeter.ac.uk/economics/research/subject-themes/profile/index.php?web_id=Damian-Clarke http://damianclarke.net/ References: 1) US supreme court overturns abortion rights, upending Roe v Wade, Glenza et al, 2022 https://www.theguardian.com/world/2022/jun/24/roe-v-wade-overturned-abortion-summary-supreme-court#:~:text=The%20supreme%20court%20has%20ruled,fracture%20reproductive%20rights%20in%20America. 2) WHERE DO ABORTION RIGHTS STAND IN THE WORLD IN 2023?, focus2030.org, 2023 https://focus2030.org/Where-do-abortion-rights-stand-in-the-world-in-2023#:~:text=The%20vast%20majority%20of%20countries,strictly%20prohibited%20in%2024%20countries. 3) Abortion Law: Global Comparisons, Women and Foreign Policy, 2023 https://www.cfr.org/article/abortion-law-global-comparisons#:~:text=In%20the%20last%20thirty%20years,women%20can%20access%20abortion%20services. 4) Taylor Rule Definition, Adam Hayes, 2023 https://www.investopedia.com/terms/t/taylorsrule.asp 5) Nobel Prize: Claudia Goldin wins 2023 award for economics, Arthur Sullivan, 2023 https://www.dw.com/en/nobel-prize-claudia-goldin-wins-2023-award-for-economics/a-67021919 6) fertility rate, Natalie Smoak, 2023 https://www.britannica.com/topic/fertility-rate 7) Fertility rate, total (births per woman), World Bank, 2022 https://data.worldbank.org/indicator/SP.DYN.TFRT.IN?view=map 8) UK population pyramid, Office for National Statistics, 2023 https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/articles/ukpopulationpyramidinteractive/2020-01-08 9) French plan to raise retirement age by two years to 64, Williamson & Fouche, 2023 https://www.bbc.co.uk/news/world-europe-64229379 10) Romania’s abortion ban tore at society, a warning for U.S, Gail Kligman, 2022 https://www.washingtonpost.com/made-by-history/2022/09/15/romania-exposes-how-abortion-bans-kill-women-rip-society-apart/ 11) What Argentina’s ‘green handkerchief’ movement is all about, Jill Filipovic, 2020 https://edition.cnn.com/2020/12/30/opinions/argentina-abortion-legalization-significance-filipovic/index.html 12) Are Abortions Linked to an Increased Risk of Breast Cancer?, Alex Kasprak, 2017 https://www.snopes.com/fact-check/abortion-breast-cancer-link/ 13) End Poverty: Millennium Development Goals and Beyond 2015, un.org, 2023 https://www.un.org/millenniumgoals/ Socials: Tiktok: https://www.tiktok.com/@marginalbabble Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/ Website: https://marginalbabble.com/

Can we be guided to 'better' decision making? and should we... In this episode of the Marginal Babble Podcast, I sit down with Dr Jingnan (Cecilia) Chen to discuss behavioural nudges, how they can be used to guide our decision making and the ethical questions they pose. Dr Chen has a PhD in Economics from George Mason University, and her research focuses on Behavioural Economics and Game Theory. As ever referenced research material is included below. Enjoy! Timestamps: 00:00 Opening 00:30 Introduction 01:12 What is a ''Nudge"? 02:01 Examples of Nudges 03:59 Ethics of Nudge Use 08:01 "When a nudge is (not) enough" Research Discussion 16:56 What is a Prisoners Dilemma? 20:21 Prisoners Dilemma in the Research 24:35 Takeaways from the Study 29:35 Is the use of Students Compromising Scientific Research? 31:43 Governmental Use of Nudges 34:28 Are Nudges Cost-Effective? 38:39 Should Nudge Use Be Regulated? 40:24 Subscription Auto-Renewals 45:52 What Behavioural Economics Research Should Be Conducted in the Future? 48:55 Cecilia's Other Research 50:23 Outro Dr Cecilia Chen: https://business-school.exeter.ac.uk/people/profile/index.php?web_id=Cecilia_Chen References: 1) When Choice is Demotivating: Can One Desire Too Much of a Good Thing?, Iyengar & Lepper, 2000 https://faculty.washington.edu/jdb/345/345%20Articles/Iyengar%20%26%20Lepper%20(2000).pdf 2) The meaning of default options for potential organ donors, Davidai et al, 2012 https://www.pnas.org/doi/10.1073/pnas.1211695109 3) How to Spot—and Avoid—Dark Patterns on the Web, Eric Ravenscraft, 2020 https://www.wired.com/story/how-to-spot-avoid-dark-patterns/ 4) When a nudge is (not) enough: Experiments on social information and incentives, Jingnan (Cecilia) Chen et al, 2021 https://www.sciencedirect.com/science/article/abs/pii/S0014292121000647 5) Prisoner’s Dilemma, CFI, 2023 https://corporatefinanceinstitute.com/resources/economics/prisoners-dilemma/ 6) Pareto Efficiency, Game Theory 101, 2023 https://gametheory101.com/courses/game-theory-101/pareto-efficiency/ 7) Sustainable Development of the Ocean Economy! | Marginal Babble Ep.11 with Dr Ethan Addicott, Marginal Babble Podcast, 2023 https://youtu.be/hrGOEvdgOfU 8) “Nudge Unit”, Jill Rutter, 2020 https://www.instituteforgovernment.org.uk/article/explainer/nudge-unit 9) Behavioural Economics - What is Loss Aversion?, tutor2u.com, 2023 https://www.tutor2u.net/economics/reference/behavioural-economics-loss-aversion 10) How Much Choice is Too Much? Contributions to 401(k) Retirement Plans, Iyengar et al, 2004 https://academic.oup.com/book/36222/chapter-abstract/315665311?redirectedFrom=fulltext&login=false 11) Axioms of Consumer Preference and Theory of Choice, David Autor, 2010 https://dspace.mit.edu/bitstream/handle/1721.1/109484/14-03-fall-2010/contents/lecture-notes/MIT14_03F10_lec03.pdf 12) The Prize in Economic Sciences 2017, nobelprize.org, 2023 https://www.nobelprize.org/prizes/economic-sciences/2017/popular-information/ 13) Subscription Businesses Are Booming. Here’s How to Value Them, McCarthy & Fader, 2017 https://hbr.org/2017/12/subscription-businesses-are-booming-heres-how-to-value-them 14) She uncovered key drivers of gender differences in the labour market, nobelprize.org, 2023 https://www.nobelprize.org/prizes/economic-sciences/2023/press-release/ 15) How Much Will Climate Change Reduce Productivity in a High-Technology Supply Chain? Evidence from Silicon Wafer Manufacturing, Chen et al, 2023 https://link.springer.com/article/10.1007/s10640-023-00803-4 Socials: Tiktok: https://www.tiktok.com/@marginalbabble Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/

Global population has exploded over the last 50 years, and with it, our demand for food production. This time-period has also seen a tremendous increase in acknowledgement of how we as the human race are impacting the global environment and the countless species that inhabit it. In today’s episode I sit down with Professor Ian Bateman OBE to discuss how modern farming and agricultural practices are impacting biodiversity across the globe. Despite numerous measures and policies initiated by world governments, Professor Bateman outlines to me how such measures have not been as effective as we might have expected and how they must change if we want to preserve biodiversity on our planet. Ian is an environmental economist whose research covers the issues of ensuring sustainable wellbeing, particularly with regard to decision making and policy. Ian is also a member of the First Minister's Environmental Council advising the Scottish Government and was awarded his OBE in 2013 for services to environmental science and policy. As ever referenced research material is included below. Professor Ian Bateman OBE: https://business-school.exeter.ac.uk/people/profile/index.php?web_id=Ian_Bateman References 1) Population, total, worldbank.org, 2023 https://data.worldbank.org/indicator/SP.POP.TOTL 2) Soy, wwf.panda.org, 2023 https://wwf.panda.org/discover/our_focus/food_practice/sustainable_production/soy/ 3) Trophic levels in an ecosystem – AQA: Transfer of biomass, BBC Bitesize, 2023 https://www.bbc.co.uk/bitesize/guides/zs7gw6f/revision/3 4) ‘We have to pay more for food’: Britain’s biggest tomato farmer on the runaway costs of growing, theguardian.com, 2023 https://www.theguardian.com/business/2023/feb/23/we-have-to-pay-more-for-food-britains-biggest-tomato-farmer-on-the-runaway-costs-of-growing 5) UK has 'led the world' in destroying the natural environment, Josh Davis, 2020 https://www.nhm.ac.uk/discover/news/2020/september/uk-has-led-the-world-in-destroying-the-natural-environment.html 6) Organic farming, yara.co.uk, 2023 https://www.yara.co.uk/grow-the-future/sustainable-farming/organic-farming/ 7) How Sri Lanka Went Bankrupt, Waez Asif Sattar, 2022 https://oxfordpoliticalreview.com/2022/07/30/how-sri-lanka-went-bankrupt/ 8) Prisoner’s Dilemma, corporatefinanceinstitute.com, 2023 https://corporatefinanceinstitute.com/resources/economics/prisoners-dilemma/ 9) Climate change already worse than expected, says new UN report, Kieran Mulvaney, 2022 https://www.nationalgeographic.com/environment/article/climate-change-already-worse-than-expected-un-report 10) A nationwide study of factors associated with household car ownership in China, Le Vine et al, 2018 https://www.sciencedirect.com/science/article/pii/S0386111217300614 11) Per capita greenhouse gas emissions 2021, Jones et al, 2023 https://ourworldindata.org/grapher/per-capita-ghg-emissions 12) GDP (current US$) – China, worldbank.org, 2023 https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=CN 13) World Poverty Rate 1981-2023, macrotrends.net, 2023 https://www.macrotrends.net/countries/WLD/world/poverty-rate 14) 30 by 30 explained, NatureScot.com, 2023 https://www.nature.scot/professional-advice/protected-areas-and-species/30-30-and-nature-networks/30-30-explained 15) Rich landowners paid millions in farming subsidies, BBC News, 2012 https://www.bbc.co.uk/news/uk-17225652 16) EU plans CAP reforms for 'greener' farm subsidies, BBC News, 2011 https://www.bbc.co.uk/news/world-europe-15272815 Socials: Tiktok: https://www.tiktok.com/@marginalbabble Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/

In today’s episode I sit down to talk with Dr Shixuan Wang out of the University of Reading, to discuss econometrics, data analysis and how businesses can incorporate better analytics into their operations. As always links to referenced research material are included in the description and without further ado lets get into the episode, enjoy! References: 1) Volume of data/information created, captured, copied, and consumed worldwide from 2010 to 2020, with forecasts from 2021 to 2025, Statista.com, 2023 https://www.statista.com/statistics/871513/worldwide-data-created/ 2) What Is Big Data? Definition, How It Works, and Uses, Troy Segal, 2022 https://www.investopedia.com/terms/b/big-data.asp 3) What It Means When a Variable Is Spurious, Ashley Crossman, 2020 https://www.thoughtco.com/spuriousness-3026602 4) Policy, Risk and Spillover Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach, Francis Vitek, 2017 https://www.imf.org/-/media/Files/Publications/WP/2017/wp1789.ashx 5) Mostly Harmless Econometrics: An Empiricist's Companion, Angrist & Pischke, 2008 https://books.google.co.uk/books?id=ztXL21Xd8v8C&pg=PA227&redir_esc=y#v=onepage&q&f=false 6) Modelling Australian electricity prices using indicator saturation, Apergis, Pan, Reade & Wang, 2023 https://centaur.reading.ac.uk/111043/ Socials: Tiktok: https://www.tiktok.com/@marginalbabble Instagram: https://www.instagram.com/marginalbabblepodcast Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/

With the European continent seemingly in the midst of its largest military conflict since WW2, Max and Dr Mihailov sit down to discuss the changing public opinion towards the EU, the impact of the Russo-Ukrainian war and the future that’s coming on the horizon. References: See YouTube Video description for full references list.

https://youtu.be/ck3KexYdnAY

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In 1807, Britain passes the 'Abolition of the Slave Trade Act' which formally outlaws the buying and selling of enslaved people within the British empire. Although this took several more decades to effectively implement, it did eventually abolish slavery across the empire. What resulted in its wake however was the use of periodic labour contracts where individuals were required to work for a specific period, generally for no or very little money. This became to be known as 'Indentured Labour' and to many is considered the start of what we would call today 'Modern Slavery'. In today’s episode I sit down and talk to Professor Uma Kambhampati about Indian Indentured labour, it’s links to modern slavery, as well as the labour economics facing India in the current day. Uma is head of the School of Politics, Economics and International Relations at Reading University and holds a PhD in Economics from Cambridge university. Uma’s research as a whole focuses on applied development economics with particular focus in recent years on inequalities relating to gender. Professor Uma Kambhampati: https://www.reading.ac.uk/economics/our-staff/uma-kambhampati As always referenced research material is included below . Enjoy! References: 1) The Sweet and Sour History of Sugar Prices, winton.com, 2017 https://www.winton.com/longer-view/the-sweet-and-sour-history-of-sugar-prices 2) Between unfreedoms: The Role of caste in decisions to repatriate amount indentured workers, Hui & Kambhampati, 2021 https://onlinelibrary.wiley.com/doi/10.1111/ehr.13115 3) Asymmetric Information in Economics Explained, Bloomenthal, 2021 https://www.investopedia.com/terms/a/asymmetricinformation.asp 4) Over 180 Years of Indians in the Caribbean, Wilson, 2021 https://exceptionalcaribbean.com/2021/05/28/over-180-years-of-indians-in-the-caribbean/ 5) Modern slavery cases rise in Lancs as Home Office accuse victims of 'abusing system', Farnworth, 2022 https://www.lancashiretelegraph.co.uk/news/23060146.modern-slavery-cases-rise-lancs-home-office-accuse-victims-abusing-system/ 6) India's jobs crisis is more serious than it seems, Biswas, 2022 https://www.bbc.co.uk/news/world-asia-india-59870297 7) India: Youth unemployment rate from 1999 to 2021, statista.com, 2023 https://www.statista.com/statistics/812106/youth-unemployment-rate-in-india/ 8) Underemployment: Definition, Causes, and Example, Chen, 2022 https://www.investopedia.com/terms/u/underemployment.asp 9) India unveils higher spending for infrastructure in growth budget, Monnappa et al, 2022. https://www.reuters.com/markets/europe/view-india-unveils-higher-spending-infrastructure-growth-budget-2022-02-01/ 10) India: extreme inequality in numbers, oxfam.org, 2023 https://www.oxfam.org/en/india-extreme-inequality-numbers 11) Marginal Propensity to Consume (MPC) in Economics, With Formula, investopedia.com, 2022. https://www.investopedia.com/terms/m/marginalpropensitytoconsume.asp 12) Ease of Doing Business rankings, The World Bank, 2019 https://archive.doingbusiness.org/en/rankings Socials: Tiktok: https://www.tiktok.com/@maxwelldorey?lang=en Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/

With approximately 1.7bn individual journeys in 2019, the rail industry forms a significant factor in how people and goods flow around the UK economy. Given the recent headlines and press coverage of the sector, Max and Dr Mark Casson sit down to discuss the history of the British rail industry, it’s nationalization in the early 20th century and how the modern economic climate will affect the network in the near future! Referenced Research Material: 1) Losses of Water in the Canal System, TheConstructor.org, access date 08.04.2023. https://theconstructor.org/water-resources/losses-of-water-in-the-canal-system/37896/#:~:text=Evaporation%20and%20seepage%20loss%20in,the%20design%20of%20channel%20capacity. 2) Railways Act 1921, gov.uk https://www.legislation.gov.uk/ukpga/Geo5/11-12/55/enacted 3) HS2 Project Update, hs2.org.uk, 2023 https://www.hs2.org.uk/what-is-hs2/hs2-project-update/#:~:text=HS2%20is%20Britain's%20new%20high,social%20regeneration%20project%20in%20decades. 4) Photographs from the surplus vehicle boneyards of World War Two, 1945-1948, rarehistoricalphotos.com, 2023 https://rarehistoricalphotos.com/surplus-boneyards-world-war-two/

5) Concerns raised over rail electrification pace with only 2.2km of track added in last year, newcivilengineer.com, 2023 https://www.newcivilengineer.com/latest/concerns-raised-over-rail-electrification-pace-with-only-2-2km-of-track-added-in-last-year-31-01-2023/#:~:text=At%20the%20current%20glacial%20rate,was%20achieved%20in%202020%2F21. 6) Rail fares across Europe: The countries with the most expensive train tickets, euronews.com, 2023 https://www.euronews.com/travel/2023/01/09/rail-fares-across-europe-the-countries-with-the-most-expensive-train-tickets 7) East coast mainline pays taxpayers £1bn sparking fresh reprivatisation fury, theguardian.com, 2014 https://www.theguardian.com/uk-news/2014/aug/04/east-coast-mainline-fury-reprivatisation-plan 8) UK holidaymakers face ‘green premium’ for travelling by train, inews.co.uk, 2021 https://inews.co.uk/news/environment/uk-holidaymakers-face-green-premium-for-travelling-by-train-1101572?ico=in-line_link 9) Elon Musk’s The Boring Company to take on hyperloop project, techcrunch.com, 2022 https://techcrunch.com/2022/04/24/elon-musks-the-boring-company-to-take-on-hyperloop-project/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAB5m-hnKTlzr3umagUe7sMmmoli1XK6kVK_5QgaV2f09itzE2-oopa6ga-q6aXflTTPnSr2xRsTXUndd-R3-yM9fVnyPvPaBTYrbQErPqOaPB3rFCAnH8RqTC_YZLVLnA4Xm1htHuD1UQn4HKWGoYMJaSJpSdmhBXT27oiQk9gVG 10) Elizabeth Line: More than 100 million journeys on Elizabeth Line, says YouGov, BBC News, 2023 https://www.bbc.co.uk/news/uk-england-berkshire-64702518 11) World's First Railway System: Enterprise, Competition, and Regulation on the Railway Network in Victorian Britain, Mark Casson, 2009 https://www.amazon.co.uk/Worlds-First-Railway-System-Competition/dp/0199213976 Socials: Tiktok: https://www.tiktok.com/@maxwelldorey?lang=en Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/

Why is it that banks do not lend to real businesses? What caused the 2008 financial crisis? Why do modern macro-economic models so often fail? In this episode of the Marginal Babble Podcast I sit down with Dr Sheri Markose to discuss these questions and find out why so often economic policy fails in achieving its objectives. Sheri has been a Professor at the Essex University Economics Department since 2006 and has a PhD in Economics from the London School of Economics. Referenced Research Material: 1) Bank Lending To The Real Economy by finance-watch.org https://www.finance-watch.org/uf/bank-lending-to-the-real-economy/ 2) The great mortgaging, by Moritz Schularick, Alan M. Taylor & Oscar Jorda, 2014 https://cepr.org/voxeu/columns/great-mortgaging 3) Global Financial Stability Report, October 2008: Financial Stress and Deleveraging Macro financial Implications and Policy, 2008 https://www.imf.org/en/Publications/GFSR/Issues/2016/12/31/Global-Financial-Stability-Report-October-2008-Financial-Stress-and-Deleveraging-Macrofi-22027 4) Modeling Rational Players: Part I, by Ken Binmore, 2008 https://www.cambridge.org/core/journals/economics-and-philosophy/article/abs/modeling-rational-players-part-i/C7D2FE263BD21AAF0BAEF8856CEDA3FB 5) Multi-Agent Financial Network (MAFN) Model of US Collateralized Debt Obligations (CDO): Regulatory Capital Arbitrage, Negative CDS Carry Trade and Systemic Risk Analysis, by Sheri M. Markose, Bewaji Oluwasegun & Simone Giansante, 2012 https://repository.essex.ac.uk/3712/1/dp714.pdf 6) Banking on the State by Piergiorgio Alessandri & Andrew G Haldane http://qed.econ.queensu.ca/faculty/milne/870/Bank%20on%20the%20State.pdf 7) Papers by Sheri Markose Complexification of eukaryote phenotype: Adaptive immuno-cognitive systems as unique Gödelian blockchain distributed ledger, by Sheri Markose, 2022 https://www.sciencedirect.com/science/article/pii/S0303264722001022 Genomic Intelligence as Über Bio-Cybersecurity: The Gödel Sentence in Immuno-Cognitive Systems, by Sheri Markose, 2021 https://pubmed.ncbi.nlm.nih.gov/33805411/ 8) Complex type 4 structure changing dynamics of digital agents: Nash equilibria of a game with arms race in innovations, by Sheri Markose, 2017 https://www.aimsciences.org/article/doi/10.3934/jdg.2017015 9) Early warning of systemic risk in global banking: eigen-pair R number for financial contagion and market price-based methods, by S Markose, S Giansante, NA Eterovic & M Gatkowski, 2021 https://link.springer.com/article/10.1007/s10479-021-04120-1 10) Cantor’s Diagonal Lemma https://mathworld.wolfram.com/CantorDiagonalMethod.html 11) The Sensory Order: An Inquiry into the Foundations of Theoretical Psychology by F. A. Hayek, https://www.abebooks.co.uk/9780226320946/Sensory-Order-Inquiry-Foundations-Theoretical-0226320944/plp 12) The White Paper by Satoshi Nakamoto https://books.google.co.uk/books/about/The_White_Paper.html?id=5BFDvAEACAAJ&source=kp_book_description&redir_esc=y 13) Network Effects On Cash Card Substitution In Transactions And Low Interest Rate Regimes by Sheri M Markose & Yiing Jia Loke, 2003 https://scholar.google.com/citations?view_op=view_citation&hl=en&user=iQeWUloAAAAJ&cstart=20&pagesize=80&sortby=pubdate&citation_for_view=iQeWUloAAAAJ:u-x6o8ySG0sC 14) The impact of quantitative easing on UK bank lending: Why banks do not lend to businesses? By Mahmoud Fatouh, Sheri Markose & Simone Giansante, http://repository.essex.ac.uk/24409/1/FatouhMarkoseGiansanteImpactofQEWhybanksdonotlendtobusi nesses1-s2.0-S0167268119300538-main.pdf 15) The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb https://www.goodreads.com/book/show/242472.The_Black_Swan Socials: Tiktok: https://www.tiktok.com/@maxwelldorey?lang=en Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/

Where did money originate from? Were government Covid-19 policies effective? What do banks actually do? In this episode of the Marginal Babble Podcast Max sits down with Dr Lukas Altermatt out of the University of Essex to discuss the banking industry and how it has changed over time. Dr Lukas Altermatt: https://www.essex.ac.uk/people/alter16801/lukas-altermatt References: 1) Bank runs, deposit insurance, and liquidity, by Diamond, D W, & Dybvig, P H, 1983 https://www.jstor.org/stable/1837095 2) Financial intermediation and delegated monitoring, by Diamond, D W, 1984 https://www.researchgate.net/publication/4782653_Financial_Intermediation_and_Delegated_Monitor 3) Home Price to Income Ratio (US & UK), by longtermtrends.net https://www.longtermtrends.net/home-price-median-annual-income-ratio/ 4) Median annual earnings for full-time employees in the United Kingdom from 1999 to 2022, by Statista, 2022 https://www.statista.com/statistics/1002964/average-full-time-annual-earnings-in-the-uk/ 5) United Kingdom Interest Rate, by tradingeconomics.com https://tradingeconomics.com/united-kingdom/interest-rate 6) Value of quantitative easing measures by the Bank of England (BoE) in the United Kingdom from November 2009 to November 2020, by Statista https://www.statista.com/statistics/1105570/value-of-quantitative-easing-by-the-bank-of-england-in-the-united-kingdom/ 7) Economic modelling of forced saving during the coronavirus (COVID-19) pandemic, Office for National Statistics, 2022 https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/economicmodellingofforcedsavingduringthecoronaviruscovid19pandemic/2022-06-06 8) Russia, China may be preparing new gold-backed currency, but expert assures US dollar 'safest' currency today, By Fox Business, 2022 https://www.foxbusiness.com/economy/russia-china-may-be-preparing-new-gold-backed-currency-expert-assures-us-dollar-safest-currency-today Further Reading: The laureates explained the central role of banks in financial crises https://www.nobelprize.org/uploads/2022/10/popular-economicsciencesprize2022-2.pdf On the Instability of Banking and Other Financial Intermediation https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3599252 Socials: Tiktok: https://www.tiktok.com/@maxwelldorey?lang=en Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/

Although initially simply representing a measure of “happiness” as part of the theory of Utilitarianism, the term ‘utility’ has been adapted and reapplied within neoclassical economics as a function that represents a consumer's preference ordering over a set of choices. Being a key turning point in the way we examine economics, Max and Dr Freer sit down to discuss the role utility plays in economic theory and how the concept has adapted and changed over time.

Dr Mikhail Freer is a Lecturer in the Department of Economics at the University of Essex and has published numerous research papers regarding utility, particularly relating to ‘revealed preferences'.

https://www.essex.ac.uk/people/freer98100/mikhail-freer

Episode Reference List:

1) Nudge: Improving Decisions About Health, Wealth, and Happiness

by Richard H. Thaler, Cass R. Sunstein

https://www.goodreads.com/book/show/3450744-nudge

Explaination:

https://www.tutor2u.net/economics/reference/what-is-a-behavioural-nudge

2) The behavioural effect of electronic home energy reports: Evidence from a randomised field trial in the United States

by Marisa L. Henrya, Paul J. Ferrarob, Andreas Kontoleon, 2019

https://www.sciencedirect.com/science/article/abs/pii/S0301421519304094

3) How your Behaviour affects Economics!?... I Marginal Babble Ep. 2 with Dr Valerio Capraro

https://www.youtube.com/watch?v=O4habCFsn7I

4) Who Is (More) Rational?,

by Syngjoo Choi, Shachar Kariv, Wieland M ̧ller, and Dan Silverman, 2013

https://escholarship.org/content/qt4w36q52q/qt4w36q52q.pdf

5) Revealed differences

by Marco Castilloa & Mikhail Freer, 2018

http://repository.essex.ac.uk/25353/1/document.pdf

6) The Graph Coloring by Tutorials Point

https://www.tutorialspoint.com/the-graph-coloring

7) Sin Taxes and Self-Control,

by Renke Schmacker & Sinne Smed, 2020

https://rationality-and-competition.de/wp-content/uploads/2020/07/250.pdf

8) Alcohol Frequent Attenders in Emergency Departments: An Unexplored Patient Population,

by Society for the Study of Addiction, 2019

https://www.addiction-ssa.org/knowledge-hub/alcohol-frequent-attenders-in-emergency-departments-an-unexplored-patient-population/

9) Sin Tax by Corporate Finance Institute, 2022

https://corporatefinanceinstitute.com/resources/accounting/sin-tax/

   10) Environmental Kuznets Curve by David I. Stern,

https://www.sciencedirect.com/topics/earth-and-planetary-sciences/environmental-kuznets-curve

11) Gender and Growth in Sub-Saharan Africa by Mark Blackden, Sudharshan Canagarajah, Stephan Klasen, and David Lawson, 2006

https://www.econstor.eu/bitstream/10419/63512/1/513089136.pdf

12) Germany's gender pay gap higher than EU average, by dw.com, 2020

https://www.dw.com/en/germanys-gender-pay-gap-shrinks-but-still-higher-than-eu-average/a-55860947

13) The Impact of No-Fault Unilateral Divorce Laws on Divorce Rates in Mexico, by Lauren Hoehn-Velasco and Jacob Penglase, 2021

https://www.journals.uchicago.edu/doi/epdf/10.1086/706826

14) Wages, Experience and Training of Women over the Lifecycle, by Richard Blundell et al, 2020

https://www.dropbox.com/s/czq6ccfr0e71r31/w25776%281%29.pdf?dl=0

15) The Retention of Women in the Private Practice of Criminal Law: Research Report, by Dr Natasha S. Madon, 2016

https://criminallawyers.ca/wp-content/uploads/2016/03/CLA-Womens-Study-March-2016.pdf

16) Global evidence on the selfish rich inequality hypothesis, by Ingvild Almås Et al, 2021

https://www.pnas.org/doi/epdf/10.1073/pnas.2109690119

17) Which way did you vote in the Brexit referendum? by Statista Research Department, 2016

https://www.statista.com/statistics/520954/brexit-votes-by-age/

18) On Welfare Analysis under Limited Attention, by Mikhail Freer & Hassan Nosratabadi, 2022

https://arxiv.org/abs/2208.07659

Ever wondered if your behavior is ever truly rational? ever wondered why making a decision is so difficult ? Max and Dr Valerio Capraro discuss behavioural economics, what it is and how it affects the daily lives of the public. 

#economics #behavioralscience #psychology #podcasts    

Dr Capraro's research:   

"Do the Right Thing: Experimental evidence that preferences for moral behavior, rather than equity or efficiency per se, drive human prosociality" 

https://scholar.google.co.uk/citations?view_op=view_citation&hl=en&user=tILfWO0AAAAJ&citation_for_view=tILfWO0AAAAJ:ldfaerwXgEUC  

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