Stephen Kinsella talks Economics

We’ve broken this recording into 3 parts at 20 minutes each. Author and University of Limerick lecturer Stephen Kinsella gives us his insight into Economics and the role of the economist in Irish Society. You can find his website at and his latest book here

The chat:

Dermot Casey >> (All): Hi Guys, just want to listen in
online >> (All): cool Dermot
online >> (All): will you tweet it Dermot ?
Dermot Casey >> (All): sure
>> (All): This meeting is now being recorded.
LorcanRK >> (All): Morning all, ahving camera probs, so will just keep be lurking..
online >> (All): cool Lorcan
Tim Nelligan >> (All): Similar here, Lorcan and all; can’t watch the whole thing, so glad it is being recorded. Greetings to all, btw.
LorcanRK >> (All): Isn’t scenario planning the job of people like Jim O’Neill at Goldman Sachs?
iain >> (All): Doesn’t scenario planning require something along the lines of GES to exist before we can start such policies?
LorcanRK >> (All): Yes, but people at IBs are driven by longer investment horizons that politically funded organisations? (which are normally driven by political cycles)
iain >> (All): Government Economic Service
Tim Nelligan >> (All): Really interesting discussion, Stephen; sorry I can’t stay. Will listen-back later. Thanks.
online >> (All): put 40 economists in a room and they’ll all have a different opinion ? 🙂
LorcanRK >> (All): There is lots of confusion among non economists on the difference between economics and finance though. Finance is so complex these days,often a degree in economics doesn’t necessarily lead to an understanding of modern complex financal operations.
Stephen Byrne >> (All): Do you think that the government makes enough use of academics in this country? For instance in America they have people like Stiglitz address congress.
iain >> (All): Stephen, would you recommend that undergrads in economics should be given a detailed, rigourous training in mathematics as is the case in the top UK/US colleges?
LorcanRK >> (All): The problem with things like EMH is that the economist’s labatory is the economy. Models (Black Scholes comes to mind) are always tested to destruction. Maybe the trick is to abandon models just when they appear to be working best..
LorcanRK >> (All): Patrick Honohan was Fitzgerald’s economic advisor in the 1980s. The current government would have found it hard to touch him (until it was much too late)
Anton Mannering >> (All): Sound gone?
online >> (All): no anton
LorcanRK >> (All): Loud and clear
iain >> (All): sound is fine
Anton Mannering >> (All): Ok back
LorcanRK >> (All): “Sexy dataset” lol, only an economist could say that..
fiscalstudent >> (All): do you not think mcwilliams dumbs everything down with his childish analogys?
LorcanRK >> (All): Tickets fir the play onsale now..
fiscalstudent >> (All): should there be finance taught as a subject much earlier in education system, should it be compulsory?
Dermot Casey >> (All): sound gone this end
online >> (All): your side dermot
Dermot Casey >> (All): doubt its bandwidth unless HEANet not paying its bills
frank hannigan >> (All): sounds fine here
LorcanRK >> (All): @fiscalstudent, perhaps might be more important to teach politics to students. Then people might have a better understanding of the apparent gulf between political decisions and good economic sense
fiscalstudent >> (All): business book I had was exact same, teacher told us to answer leaving cert in bullet points!
LorcanRK >> (All): you’re telling that to a guy doing a PPE degree at the moment..
online >> (All): any last questions… ?
Anton Mannering >> (All): Feed Irish people?
iain >> (All): How do you feel about sociological commentators imposing ‘binding’ constraints on behaviour, without any detailed empirical basis. In a manner somewhat similar to what Frank just did there?
Chris Byrne >> (All): Efforts like this are much appreciated and hope we see more. You do make a difference.
LorcanRK >> (All): ANy comment onthe Eurozone setting up a SPV which is basically Eurozone countries guaranteeing themselves? Are we seeing the end game in the current debt cycle?
frank hannigan >> (All): hehe
Stephen Byrne >> (All): Do you think that Universities, given the cutbacks that are coming, will edge out things like philosophy, that are deemed “unnecessary”. I’m thinking about Tom Garvin!
Dermot Casey >> (All): Assumes that you can really distinguish between Winners and Losers other than LUCK 🙂
fiscalstudent >> (All): Final Q. Are BOI existing shareholders screwed?
iain >> (All): not as screwed as AIB’s!
fiscalstudent >> (All): what about buying at 57cents?
iain >> (All): no
online >> (All): thats a wrap..
LorcanRK >> (All): Nope, Thanks stephen
frank hannigan >> (All): cheers Stephen – that was very valuable
Dermot Casey >> (All): when is the next book out
Anton Mannering >> (All): Very cool
Stephen Byrne >> (All): Yeat thanks a million
fiscalstudent >> (All): thanks
Dermot Casey >> (All): Thanks Stephen.
>> (All): This meeting is no longer being recorded.
online >> (All): thanks Dermot.. Stephen

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