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/

According to Andrea Borgarello at The World Bank, “A healthy ocean provides jobs and food, sustains economic growth, regulates the climate, and supports the well-being of coastal communities”. Our oceans and ocean economy have not only a distinct impact on global food production, but also provide us with incredible habitats and vibrant biodiversity. As the world’s largest carbon sink, we need to protect the oceans whilst still using it to provide for the approximately 600 million livelihoods globally that depend at least partially on fisheries and aquaculture. In today’s episode, I sit down to talk with Dr Ethan Addicott out of the University of Exeter to discuss the permitting of the fishing industry in Alaska and how such schemes affect the wider economy. His work combines theory with detailed biogeophysical and economic data to better understand changes in natural capital assets. Ethan frequently works with natural scientists and other economists to accelerate progress toward a sustainable future. Dr Ethan Addicott: https://business-school.exeter.ac.uk/people/profile/index.php?web_id=Ethan_Addicott Timestamps: 00:00 Opening 00:29 Introduction 01:05 Outline of Research Paper 02:47 Ocean Degradation 03:21 Why Fishing Permits? 09:39 Fisheries Spillovers 11:30 What are Fisheries? 17:06 Research Results 21:37 Other Research on Fisheries 27:03 Why Regulating a Technology Might Be Bad for a Resource? 30:33 Free Markets VS Regulation 33:52 Downsides of Fishery Permits 34:40 Data Collection/Analysis on Research Paper 36:10 New Policy Opportunities? 42:28 Opportunities for Future Research? 47:38 Ethan's Other Work 48:55 Outro Video References: 1) Dumped fishing gear is biggest plastic polluter in ocean, finds report, Sandra Laville, 2019 https://www.theguardian.com/environment/2019/nov/06/dumped-fishing-gear-is-biggest-plastic-polluter-in-ocean-finds-report 2) Identifying the potential for cross-fishery spillovers: a network analysis of Alaskan permitting patterns, Addicott, Kroetz, Reimer, Sanchirico, Lew and Huetteman, 2018 https://cdnsciencepub.com/doi/10.1139/cjfas-2017-0550 3) Lotka-Volterra Equations, Eric Weisstein, 2023 https://mathworld.wolfram.com/Lotka-VolterraEquations.html 4) What Is the Prisoner's Dilemma and How Does It Work?, Investopedia, 2023 https://www.investopedia.com/terms/p/prisoners-dilemma.asp 5) 30 Years of Limited Entry, Frank Homan, 2023 https://seagrant.uaf.edu/events/fish-com2/ppts/homan-limitedentry-summary.pdf 6) Can Catch Shares Prevent Fisheries Collapse?, Christopher Costello et al, 2008 https://www.science.org/doi/10.1126/science.1159478 7) Did NATIONALISATION Help the Rail Industry? | Marginal Babble Ep.6 with Dr Mark Casson, Maxwell Dorey, 2023 https://youtu.be/p8l9UwTHW6c 8) Being BETTER with Data Analysis! | Marginal Babble Ep.9 with Dr Shixuan Wang, Maxwell Dorey, 2023 https://youtu.be/0hT4Ly5fc80 9) Magnuson-Stevens Fishery Conservation and Management Act, NOAA Fisheries, 2007 https://www.fisheries.noaa.gov/resource/document/magnuson-stevens-fishery-conservation-and-management-act 10) Has the Brexit fishing promise come true?, Tamara Kovacevic, 2023 https://www.bbc.co.uk/news/64430216 11) United Nations Decade of Ocean Science for Sustainable Development (2021-2030), Unesco, 2023 https://en.unesco.org/ocean-decade 12) Coastal zone management, UN Environment Programme, 2023 https://www.unep.org/explore-topics/oceans-seas/what-we-do/working-regional-seas/coastal-zone-management 13) How climate change is re-allocating ocean wealth – and why it matters, Ethan Addicott, 2023 https://business-school-expertise.exeter.ac.uk/article/how-climate-change-is-re-allocating-ocean-wealth/ 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 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/

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/