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Redback Quarterly #8
Econobabble: How to Decode Political Spin and Economic Nonsense
What is econobabble? We hear it every day, when public figures and commentators use incomprehensible economic jargon to dress up their self-interest as the national interest, to make the absurd seem inevitable or the inequitable seem fair. This book is designed to expose the stupid arguments, bizarre contradictions and complete lack of evidence upon which much ‘common sense’ about the economy rests in Australia.
Econobabble is for those who, deep down, have never believed that it makes sense, economic or otherwise, to help poor people by slashing public spending on the services they need. It’s for those who have a sneaking suspicion that it would be cheaper to avoid the effects of climate change than to let them happen and then ‘adapt’. And it’s for those who think it would be more efficient to reduce unemployment than to ship jobs offshore or blame those who are out of work.
With acuity and precision, Richard Denniss demolishes the tired and misleading arguments of right-wing economic ‘experts’, empowering you to cut through the babble and reach the truth.
Econobabble is for those who, deep down, have never believed that it makes sense, economic or otherwise, to help poor people by slashing public spending on the services they need. It’s for those who have a sneaking suspicion that it would be cheaper to avoid the effects of climate change than to let them happen and then ‘adapt’. And it’s for those who think it would be more efficient to reduce unemployment than to ship jobs offshore or blame those who are out of work.
With acuity and precision, Richard Denniss demolishes the tired and misleading arguments of right-wing economic ‘experts’, empowering you to cut through the babble and reach the truth.
166 pages, Paperback
Published February 1, 2016
31 people are currently reading
299 people want to read
About the author
Richard Denniss
12 books44 followersRichard Denniss is the Chief Economist and former Executive Director of The Australia Institute. He is a prominent Australian economist, author and public policy commentator, and a former Adjunct Associate Professor in the Crawford School of Public Policy at the Australian National University in Canberra, Australia. Dr Denniss was described by Mark Kenny in the Sydney Morning Herald as "a constant thorn in the side of politicians on both sides due to his habit of skewering dodgy economic justifications for policy".
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Displaying 1 - 30 of 42 reviews
October 11, 2016
As I read this book, I took an economics class with Richard Denniss at the Australian National University. He's not your usual run-of-the-mill university academic, and a considerable degree of his personality is ingrained in his writing. Unfortunately what is also ingrained in both his lectures and his book is his blatant, unapologetic political bias. Econobabble is a robust analysis of the language used for political deception, and in that way a fantastic read for anyone out there who feels confused by some of the words used in everyday political discourse. However, the author's inherent partisanship detracts considerably from his mission to empower the public and increase the accountability of our political leaders.
Denniss presents 'econobabble' as a 21st-century version of George Orwell's 'newspeak', and he convincingly prosecutes the case for holding politicians and lobbyists to account for the BS they often spout at the public. Indeed, this is not a new problem, nor is it a problem unique to Australia. The author dedicates whole chapters to discrete topics including unemployment, climate change, free trade and market competition. Some are better posited than others, and worth noting are chapters 4 and 7 which respectively examine the governmental fear-mongering surrounding budget deficits, and the abhorrent abuse of economic modelling for political gain. Nevertheless, much of the the author's standing is eroded when he repeatedly fails to highlight that, for example, the reason coal companies continue to successfully mine coal is not exclusively because of conservative cronyism but also a consequence of the Labor Party succumbing to the interests of union power-brokers. Despite what the author might tell you, Conservatives are not the issue, but rather a prolonged absence of real political leadership.
As it stands, the author's continual bias is bothersome. If the book were any longer, it would be close to unbearable. All in all, however, the book ends positively by encouraging the reader to be an active participant in political debate, and to fight the disillusionment and apathy that often arises when political leaders resort to using language specifically designed to be divisive. A nice and approachable read for anyone feeling marginalised by the political class.
Denniss presents 'econobabble' as a 21st-century version of George Orwell's 'newspeak', and he convincingly prosecutes the case for holding politicians and lobbyists to account for the BS they often spout at the public. Indeed, this is not a new problem, nor is it a problem unique to Australia. The author dedicates whole chapters to discrete topics including unemployment, climate change, free trade and market competition. Some are better posited than others, and worth noting are chapters 4 and 7 which respectively examine the governmental fear-mongering surrounding budget deficits, and the abhorrent abuse of economic modelling for political gain. Nevertheless, much of the the author's standing is eroded when he repeatedly fails to highlight that, for example, the reason coal companies continue to successfully mine coal is not exclusively because of conservative cronyism but also a consequence of the Labor Party succumbing to the interests of union power-brokers. Despite what the author might tell you, Conservatives are not the issue, but rather a prolonged absence of real political leadership.
As it stands, the author's continual bias is bothersome. If the book were any longer, it would be close to unbearable. All in all, however, the book ends positively by encouraging the reader to be an active participant in political debate, and to fight the disillusionment and apathy that often arises when political leaders resort to using language specifically designed to be divisive. A nice and approachable read for anyone feeling marginalised by the political class.
August 4, 2021
I really appreciated the simplicity, yet nuance in the way Richard Denniss framed this book. As an economist he could have easily whipped out some complex graphs, equations and modelling but instead made this book an accessible piece to anybody interested in Australian policy debates. He successfully deconstructed flawed economic arguments continually perpetuated by the right of Australian politics surrounding the budget deficit, free trade, unemployment and climate policy. I think his chapter on the budget alone makes this book a must read, the way in which the Liberal party has continually confused and misled the public surrounding the deficit is appalling. They have framed a budget deficit as a bad thing, which with the dominance of the Murdoch media has been successful in brainwashing the public. A key reality check for everyone is that Scotty from Marketing knows as much about economics as the everyday person, if not less. We should never settle for these flawed economic assumptions as we all know that assumptions are the mother of all……. Denniss’ political leaning does however align with my own, so an underlying political bias is present but doesn’t take away from the brilliance of this book.
March 2, 2016
Richard Denniss is an economist whose main aim appears to be to cut through the jargon attached to political and economic issues, focusing on Australia, but with examples and application elsewhere.
His proposition is that people who talk about economics in the public sphere, particularly politicians, journalists and business leaders, are seduced by this jargon and don't investigate its truth and meaning.
For him, using it hides their lack of knowledge about several fundamental economic principles that would be known to undergraduate economics students and specifically identifies federal treasurers of the past couple of decades as being amongst those who use this obfuscatory language, deliberately or otherwise. A particular underpinning conservative ideology is identified. Adam Smith is one of those brought into his argument as a supporter of his thesis.
I've read a couple of Denniss' articles in the recent past and have enjoyed them immensely. His style is to cut to the chase as quickly as possible in clear sentences whose meaning is unmistakable. He doesn't suffer fools gladly and is pointing out in a particular way that the emperor has no clothes, in this regard at any rate.
A secondary but parallel purpose is to identify political spin, and in some respects this book doubles as a language text, along the lines of the "weasel word" approach from the historian, political and travel writer Don Watson, an elegant stylist.
These two themes, taken in tandem, identify specific issues of concern to those who are interested in democracy, the growing levels of inequality in such countries, and the ability of particular elites to express what amounds to an ideology or belief system in such a way that it controls debate on many issues, from the environment to wages, unemployment and the elderly. No matter where you come from, there's something in here that will make you think again about austerity government and similar projects. I
t's a great read, if you want to look at it that way, and easily consumed in the train and waiting for appointments.
His proposition is that people who talk about economics in the public sphere, particularly politicians, journalists and business leaders, are seduced by this jargon and don't investigate its truth and meaning.
For him, using it hides their lack of knowledge about several fundamental economic principles that would be known to undergraduate economics students and specifically identifies federal treasurers of the past couple of decades as being amongst those who use this obfuscatory language, deliberately or otherwise. A particular underpinning conservative ideology is identified. Adam Smith is one of those brought into his argument as a supporter of his thesis.
I've read a couple of Denniss' articles in the recent past and have enjoyed them immensely. His style is to cut to the chase as quickly as possible in clear sentences whose meaning is unmistakable. He doesn't suffer fools gladly and is pointing out in a particular way that the emperor has no clothes, in this regard at any rate.
A secondary but parallel purpose is to identify political spin, and in some respects this book doubles as a language text, along the lines of the "weasel word" approach from the historian, political and travel writer Don Watson, an elegant stylist.
These two themes, taken in tandem, identify specific issues of concern to those who are interested in democracy, the growing levels of inequality in such countries, and the ability of particular elites to express what amounds to an ideology or belief system in such a way that it controls debate on many issues, from the environment to wages, unemployment and the elderly. No matter where you come from, there's something in here that will make you think again about austerity government and similar projects. I
t's a great read, if you want to look at it that way, and easily consumed in the train and waiting for appointments.
September 1, 2022
“You do have to be a lawyer to become attorney-general, but you don’t have to be an economist to be the prime minister. Indeed, you don’t even have to be an economist to be the treasurer. Although most politicians have no training in economics, and sometimes lack even the most superficial knowledge of how the Australian economy works, they are often highly skilled in using economic language to bamboozle or silence the public.”
This is a book which should be read by every Australian. It was a great read from start to finish. It’s short, sharp and to the point, not a single page or word is wasted and it is easy to read, whilst remaining educational and very funny too. Denniss does a fine job in destroying the myth of the free market, free trade, economic modelling, debt, deficit and surpluses as well as exposing and laughing and so much more BS touted by Australian, and other politicians and spokespeople.
“It is a fallacy of composition to suggest that because we train people, jobs will be created for them.
They won’t, and to say otherwise is a cruel exercise in blaming the victim.”
In spite of what marketing and lobbying would suggest, the coal industry employs less than 1% of employed Australians and according to the Queensland budget papers, between 2008-09 and 2013-14 the taxpayers of the state spent $9.5 billion to build infrastructure needed by the coal mining industry. We are also told that in 2020-21 the Queensland government will earn more from speeding fines and car registrations than it does from the coal industry.
“Income tax and GST paid by healthcare and education workers provide more revenue to state and federal governments than the coal mining industry. According to the Queensland and Western Australian treasuries, the mining industry is a leech that is sucking their states dry.”
“When the economy is booming, you cut taxes for the wealthy. You tell people it will be ‘good for the economy’, and that ‘the markets will respond well’. A few years later, when the economy and tax revenue begin to falter, you say you have ‘no choice’ but to cut spending on the poor.”
Denniss also does a good job of explaining why successive governments have worked to ensure that the unemployment rate is maintained at around half a million (approx 5%), in order to keep wages and inflation from growing too fast. Therefore, the unemployed play an essential role as they keep inflation down for everyone else.
“Although most politicians have no training in economics, and sometimes lack even the most superficial knowledge of how the Australian economy works, they are often highly skilled in using economic language to bamboozle or silence the public. They use words like productivity when they mean profit. They say things like ‘the economy is overheated’ when they mean ‘I don’t think we should increase the minimum wage’.”
This is a refreshing book on economics in that is seen through an Australian lens. I love the straight talking, cut to the chase approach which favours concision and fact over more long-winded fare. His suggestion of replacing the words ‘the economy’ with ‘rich people’s yacht money’ also fell under the ‘it’s funny because it’s true' category. This is easily one of the most enjoyable books on economics I’ve ever read.
“Politicians and business people who think that their own personal story-or, worse, some story that they heard about someone else-qualifies them to participate in a public debate about how to tackle unemployment should be laughed off the stage.”
“Why do increases in wages supposedly cause inflation or harm our ability to export, but increases in profits are a sign that the economy is doing well? Why do we believe that record profits don’t also drive up the cost of living?”
“Catholic priests used to say mass in Latin, knowing full well that their mostly uneducated audiences had little idea what was being said. But the purpose of such sermons was not to explain or persuade. The purpose was to silence. How can you disagree with something you don’t understand?”
This is a book which should be read by every Australian. It was a great read from start to finish. It’s short, sharp and to the point, not a single page or word is wasted and it is easy to read, whilst remaining educational and very funny too. Denniss does a fine job in destroying the myth of the free market, free trade, economic modelling, debt, deficit and surpluses as well as exposing and laughing and so much more BS touted by Australian, and other politicians and spokespeople.
“It is a fallacy of composition to suggest that because we train people, jobs will be created for them.
They won’t, and to say otherwise is a cruel exercise in blaming the victim.”
In spite of what marketing and lobbying would suggest, the coal industry employs less than 1% of employed Australians and according to the Queensland budget papers, between 2008-09 and 2013-14 the taxpayers of the state spent $9.5 billion to build infrastructure needed by the coal mining industry. We are also told that in 2020-21 the Queensland government will earn more from speeding fines and car registrations than it does from the coal industry.
“Income tax and GST paid by healthcare and education workers provide more revenue to state and federal governments than the coal mining industry. According to the Queensland and Western Australian treasuries, the mining industry is a leech that is sucking their states dry.”
“When the economy is booming, you cut taxes for the wealthy. You tell people it will be ‘good for the economy’, and that ‘the markets will respond well’. A few years later, when the economy and tax revenue begin to falter, you say you have ‘no choice’ but to cut spending on the poor.”
Denniss also does a good job of explaining why successive governments have worked to ensure that the unemployment rate is maintained at around half a million (approx 5%), in order to keep wages and inflation from growing too fast. Therefore, the unemployed play an essential role as they keep inflation down for everyone else.
“Although most politicians have no training in economics, and sometimes lack even the most superficial knowledge of how the Australian economy works, they are often highly skilled in using economic language to bamboozle or silence the public. They use words like productivity when they mean profit. They say things like ‘the economy is overheated’ when they mean ‘I don’t think we should increase the minimum wage’.”
This is a refreshing book on economics in that is seen through an Australian lens. I love the straight talking, cut to the chase approach which favours concision and fact over more long-winded fare. His suggestion of replacing the words ‘the economy’ with ‘rich people’s yacht money’ also fell under the ‘it’s funny because it’s true' category. This is easily one of the most enjoyable books on economics I’ve ever read.
“Politicians and business people who think that their own personal story-or, worse, some story that they heard about someone else-qualifies them to participate in a public debate about how to tackle unemployment should be laughed off the stage.”
“Why do increases in wages supposedly cause inflation or harm our ability to export, but increases in profits are a sign that the economy is doing well? Why do we believe that record profits don’t also drive up the cost of living?”
“Catholic priests used to say mass in Latin, knowing full well that their mostly uneducated audiences had little idea what was being said. But the purpose of such sermons was not to explain or persuade. The purpose was to silence. How can you disagree with something you don’t understand?”
April 2, 2025
This book by economist Richard Denniss of the progressive think tank The Australia Institute was released four years ago during the era of the appalling Morrison government in Australia. But the points he makes about how politicians and journalists use jargon (‘econobabble’) to obscure the unbalanced power dynamics behind political and economic decision-making are even more important now.
With an election due here on May 3 and the two major parties both representing the interests of the same old sectional forces - the fossil fuel sector, defence industries, gambling and banking - it becomes even more important to expose how the powerful use obscure technical language to convince Australians they don’t have choices and that it always comes down to ‘we can’t afford it’.
“The primary purpose of the econobabble that fills our airwaves is to keep ordinary Australians out of the big debates about tax, fairness, climate change and the provision of essential services,” Denniss writes. “Like the congregation at a Latin mass, they can’t follow what the high priests are saying. And that’s just the way politicians and so-called business leaders like it.”
The dishonest, self-serving public ‘debate’ about how we should respond to climate change is a case in point. For years, sane policy outcomes were forestalled by cynical denialism funded by global fossil fuel interests and reduced via idiot mouthpieces like Tony Abbott to questions of ‘axing the tax’. Australia is effectively a carbon state and is seen by the mining industry as a sort of ground zero against effective action.
“Some fossil-fuel billionaires have spent decades, and a lot of money, telling us that dealing with climate change will hurt the poor, and, more bizarrely, that causing climate change is a good way to help the poor,” Denniss writes. “It’s not the fact that these people would lie to protect their interests that is surprising – it’s that anyone else, especially our elected representatives and media, takes their self-serving nonsense seriously.”
But portraying this self-pleading dressed up as public interest is exactly what these people do and they do so very successfully with the aid of deep pockets, a weakened and gullible media and a corrupt political class.
The way out of this mess, Denniss argues, is to refuse ti take seriously the bullsh&@t arguments and bogus economic modelling of well-funded vested interests. The electorate - and the media purportedly representing everyday people - has to insist on politicians using everyday language instead of hiding behind jargon.
“Those who want to change the world for the better by improving our social and environmental conditions are, at present, fighting an uphill battle against well-funded opponents,” he concludes “.Econobabble is the first line of defence used by those resisting changes that are both popular and equitable.”
“The Australian public will only elect people who care about the economy, but you don’t need to be an expert to ask simple questions about it. Whenever you hear a politician talking econobabble, just ask them to say it again in English. If you have listened closely and sought clarification and you still don’t understand, then the person moving their lips either doesn’t understand or is trying to pull the wool over your eyes. So the next time you hear someone talking econobabble bullshit, call it out for what it is.”
As a former financial journalist, all I can say is amen to that.
With an election due here on May 3 and the two major parties both representing the interests of the same old sectional forces - the fossil fuel sector, defence industries, gambling and banking - it becomes even more important to expose how the powerful use obscure technical language to convince Australians they don’t have choices and that it always comes down to ‘we can’t afford it’.
“The primary purpose of the econobabble that fills our airwaves is to keep ordinary Australians out of the big debates about tax, fairness, climate change and the provision of essential services,” Denniss writes. “Like the congregation at a Latin mass, they can’t follow what the high priests are saying. And that’s just the way politicians and so-called business leaders like it.”
The dishonest, self-serving public ‘debate’ about how we should respond to climate change is a case in point. For years, sane policy outcomes were forestalled by cynical denialism funded by global fossil fuel interests and reduced via idiot mouthpieces like Tony Abbott to questions of ‘axing the tax’. Australia is effectively a carbon state and is seen by the mining industry as a sort of ground zero against effective action.
“Some fossil-fuel billionaires have spent decades, and a lot of money, telling us that dealing with climate change will hurt the poor, and, more bizarrely, that causing climate change is a good way to help the poor,” Denniss writes. “It’s not the fact that these people would lie to protect their interests that is surprising – it’s that anyone else, especially our elected representatives and media, takes their self-serving nonsense seriously.”
But portraying this self-pleading dressed up as public interest is exactly what these people do and they do so very successfully with the aid of deep pockets, a weakened and gullible media and a corrupt political class.
The way out of this mess, Denniss argues, is to refuse ti take seriously the bullsh&@t arguments and bogus economic modelling of well-funded vested interests. The electorate - and the media purportedly representing everyday people - has to insist on politicians using everyday language instead of hiding behind jargon.
“Those who want to change the world for the better by improving our social and environmental conditions are, at present, fighting an uphill battle against well-funded opponents,” he concludes “.Econobabble is the first line of defence used by those resisting changes that are both popular and equitable.”
“The Australian public will only elect people who care about the economy, but you don’t need to be an expert to ask simple questions about it. Whenever you hear a politician talking econobabble, just ask them to say it again in English. If you have listened closely and sought clarification and you still don’t understand, then the person moving their lips either doesn’t understand or is trying to pull the wool over your eyes. So the next time you hear someone talking econobabble bullshit, call it out for what it is.”
As a former financial journalist, all I can say is amen to that.
May 10, 2021
so fucking sexy - anyone who has an interest in politics and thinks we can do better needs to read this book.
The perfect book to debunk any cringe arguments your middle-class conservative uncle who reads The Australian every week makes.
Extremely refreshing to hear someone say that economics *actually* matters and is important on the progressive side of the political debate - owning the fact that debt in the economy or regulation isn't a bad thing.
A very, very good book debunking the hypocrisy of conservative governments who claim tackling climate change or properly funding our essential services is too costly, yet will spend billions on defence spending and tax-cuts for the wealthy.
Also gives a pretty good overview of some fundamental micro/macro 101 theories and why people shouldn't be scared to speak up in economic debates, despite the fierce rhetoric of neoliberals, libertarians and conservatives alike.
The perfect book to debunk any cringe arguments your middle-class conservative uncle who reads The Australian every week makes.
Extremely refreshing to hear someone say that economics *actually* matters and is important on the progressive side of the political debate - owning the fact that debt in the economy or regulation isn't a bad thing.
A very, very good book debunking the hypocrisy of conservative governments who claim tackling climate change or properly funding our essential services is too costly, yet will spend billions on defence spending and tax-cuts for the wealthy.
Also gives a pretty good overview of some fundamental micro/macro 101 theories and why people shouldn't be scared to speak up in economic debates, despite the fierce rhetoric of neoliberals, libertarians and conservatives alike.
December 11, 2023
An immensely readable and enjoyable book about how politicians and big business uses the language of economics to deflect and deceive- I.e. econobabble. Full of interesting titbits like, “If you could bring yourself to read economic modelling reports carefully you would be rewarded with some good laughs. For example, you would discover that the economic modelling used to predict the impact of the carbon price on the Australian economy assumed that, as the carbon price rose, the volume of farts per sheep would decline.”
September 4, 2017
This is the second book I've read specifically on economics, and as such I don't have a great deal to compare it to. No doubt for a serious student the information and arguments would be too simplistic. However I imagine that I'm more of the target audience- generally interested in economics and politics, but also generally ignorant.
After having read Ha Joon Chang's "Economics- The user's guide" I was looking for a contemporary Australian-centric look at economic issues. I've read several other book from the Redback imprint and have been impressed, so I picked this up from my local book store. This book delivered an easy to read and understandable overview of a collection of issues important to the Australian public- unemployment, free trade, the free market, climate change and the budget deficit. All of these are talked about in relation to the political spin/economic jargon that is used to advance (generally conservative) political agendas and designed to keep the general public out of the debate. Like Chang, Denniss is trying to advance the general public's grasp of economics so that we can, in Denniss' words, "call out the bullshit when you hear it."
While the arguments presented in the book don't have much depth- this is a lot of content to cover in 150 pages- it was a pretty lively sort of introduction to the issues, and I can think of worse ways to start getting people engaged and interested in economics and government policy. Certainly for me it has inspired me to continue on with my interest in learning more about economic issues. It's not a definitive or important book, but as a gentle, general introduction it works quite well.
After having read Ha Joon Chang's "Economics- The user's guide" I was looking for a contemporary Australian-centric look at economic issues. I've read several other book from the Redback imprint and have been impressed, so I picked this up from my local book store. This book delivered an easy to read and understandable overview of a collection of issues important to the Australian public- unemployment, free trade, the free market, climate change and the budget deficit. All of these are talked about in relation to the political spin/economic jargon that is used to advance (generally conservative) political agendas and designed to keep the general public out of the debate. Like Chang, Denniss is trying to advance the general public's grasp of economics so that we can, in Denniss' words, "call out the bullshit when you hear it."
While the arguments presented in the book don't have much depth- this is a lot of content to cover in 150 pages- it was a pretty lively sort of introduction to the issues, and I can think of worse ways to start getting people engaged and interested in economics and government policy. Certainly for me it has inspired me to continue on with my interest in learning more about economic issues. It's not a definitive or important book, but as a gentle, general introduction it works quite well.
July 2, 2016
Richard Denniss is a writer to watch. "Econobabble" spends its 158 pages very deliberately, but with a light, humourous tone and a refusal to talk down. Indeed, talking down is pretty much what this book takes aim at: it seeks to translate the economic jargon so often used to bluff the public into silence and acquiescence into everyday terms. Which is to say: this book is going to make you angry, whatever your politics, at how we're being lied to and why.
September 2, 2017
This is a great book for working class Australians to get their heads around in order to be able to understand what the mainstream press and politicians are talking about or trying to deflect attention from. The concept of NAIRU alone is worth reading about as it is a bi-partisan policy which ensures that 5.7% of the workforce must remain unemployed in order to keep the inflation rate down to the 2% target level.
October 20, 2016
I didn't necessarily disagree with much of the content of this book, but it was the most patronising thing I've ever read. I have no idea who the target audience is, at one point I thought maybe high school students, but they wouldn't put up with it either.
January 30, 2023
For a book that purports to help you see through political bias and spin, Econobabble spends a lot more time attacking conservative view points and LNP policy decisions than progressive ones. Don't get me wrong, I agree with most of what he's saying, but it feels kind of arrogant to treat your side of politics as undeserving of criticism.
To be fair to Denniss, Labor use a fair few of these spin tactics as well and he does provide examples of that once or twice. I suppose the book is focusing on the sound bites and arguments that are most often used by politicians and media pundits, and it just so happens that the politicians of both major political parties tend to advance neoliberal policies, and the bulk of the Australian media landscape (when not focused on culture wars) is run by Costello, Murdoch, or Packer. Progressive politicians are rarely in a position to have their policies enacted or even taken seriously by the media, and so the only "econobabble" that's relevant is the chorus of "we can't afford it" and "we need to consult the market".
Some highlights of the book for me:
To be fair to Denniss, Labor use a fair few of these spin tactics as well and he does provide examples of that once or twice. I suppose the book is focusing on the sound bites and arguments that are most often used by politicians and media pundits, and it just so happens that the politicians of both major political parties tend to advance neoliberal policies, and the bulk of the Australian media landscape (when not focused on culture wars) is run by Costello, Murdoch, or Packer. Progressive politicians are rarely in a position to have their policies enacted or even taken seriously by the media, and so the only "econobabble" that's relevant is the chorus of "we can't afford it" and "we need to consult the market".
Some highlights of the book for me:
- explaining how those who claim to hate regulation and red tape often love regulation if it suits them or increases their profits, and only dislike the regulation that pulls them into line. "If you haven't noticed, most shock-jocks claim to hate 'nanny-state regulation', but they simultaneously claim to love 'law and order'."
- pointing out the hypocrisy of crying "we can't afford it" when it comes to health, education, or environmental policy whilst simultaneously spending that money on tax cuts and fossil fuel subsidies.
- how economic modelling is "garbage in, garbage out", especially when it is conducted on the basis that the assumptions are commercial-in-confidence instead of being open and transparent about the assumptions made.
- reframing the narrative around spending to be because it's the right thing to do, not because it is profitable ("the main reason we should spend more money on [preventative health measures] is that it helps people avoid needless pain and suffering... it is wrong to withhold treatment from vulnerable groups when we know the long-term consequences of this. The fact that well-designed preventive health measures can save our nation a lot of money down the track is a bonus - it's not the main reason we should invest in them.")
January 27, 2024
A great intro to how economic language is weaponised in the Australian political arena to obfuscate and deflect and perpetuate damaging rhetoric about how the country's budget and public spending should be used.
This book was written at a certain point in time when a certain conservative government was in power so it's angled strongly to call out that government, but I think it's instructional still when progressive governments sometimes do acrobatics with economic language to try and justify particular policy decisions that don't appear to be in the public interest (i.e not taking action on climate change).
Great book, has piqued my interest in economics, and is a great tool for anyone who believes funding our public services and institutions is important and wants to be armed with the ability to be engaged in political debates in an economically informed way.
This book was written at a certain point in time when a certain conservative government was in power so it's angled strongly to call out that government, but I think it's instructional still when progressive governments sometimes do acrobatics with economic language to try and justify particular policy decisions that don't appear to be in the public interest (i.e not taking action on climate change).
Great book, has piqued my interest in economics, and is a great tool for anyone who believes funding our public services and institutions is important and wants to be armed with the ability to be engaged in political debates in an economically informed way.
July 10, 2021
Started reading this after hearing the author on a podcast I really like. I know nothing about economics and it hasn't historically interested me that much. I kind of assumed it was mostly a tool used for bad -- especially in a world post-COVID where the economy is presented as the opposite to public health. This book does a great job of explaining that it's not the tool that's the issue, rather the way it's used and spin doctored.
I feel like I have a bit more of an understanding now of what actually is going on when politicians talk about the economy, and why they talk about it in such a way.
I really highly recommend for people who might not "know" anything about economics but have an interest in the way this country is run. :)
I feel like I have a bit more of an understanding now of what actually is going on when politicians talk about the economy, and why they talk about it in such a way.
I really highly recommend for people who might not "know" anything about economics but have an interest in the way this country is run. :)
September 23, 2022
To think this is overtly partisan is to be taken in by the dominant conservative political narrative in Australia (and much of the west). All that is done in this book is truly calling out bullshit, hypocrisy and blatant lies. From any objective perspective this is really just saying the emperor has no clothes, not saying that we should have one emperor over another.
Each chapter had its merits but the one that stuck out to me was on unemployment. It is truly cruel how inhumanely we treat unemployed people, when we have a federal policy designed to keep half a million Australians out of work.
Each chapter had its merits but the one that stuck out to me was on unemployment. It is truly cruel how inhumanely we treat unemployed people, when we have a federal policy designed to keep half a million Australians out of work.
July 4, 2018
I'd give it 5 stars if it was a little more educative. While it's not the goal of the book, I would like it to teach what the econobabble actually means, and why it means that.
Otherwise, so long as you're a lefty wanting advice on how to cope with folk who won't say what they mean, covering it up with veneer of economics that they either don't understand or hope that you don't, then this is definitely the book for you.
Otherwise, so long as you're a lefty wanting advice on how to cope with folk who won't say what they mean, covering it up with veneer of economics that they either don't understand or hope that you don't, then this is definitely the book for you.
June 7, 2021
A brilliant read!
I bought this book after attending an event where Richard Deniss was the main guest speaker.
He has managed to discuss important political and economic topics in a simple, fun and witty way.
I would highly recommend this read to people who don’t feel too confident engaging in debates but are curious and willing to understand a bit more about what is going on in Australian politics.
I bought this book after attending an event where Richard Deniss was the main guest speaker.
He has managed to discuss important political and economic topics in a simple, fun and witty way.
I would highly recommend this read to people who don’t feel too confident engaging in debates but are curious and willing to understand a bit more about what is going on in Australian politics.
March 12, 2023
While I agree in principle with the author’s partisan comments peppered throughout the book, I feel they were unnecessary and would render the book only accessible/picked up by those who already share the same political views… it’s a shame because the premise is something that everyone should be aware of, not just those who are already sick of the agenda driven by one certain side of the political spectrum
October 20, 2021
Great book, does exactly what it aims to do, picks apart a lot of prevailing wisdom espoused by the ruling class and the media and presents it in an extremely accessible manner. Would recommend this as a good primer for people who are interested in understanding how our society is run but aren't overly keen on reading dense works of political science, sociology or history.
February 12, 2022
I wonder what political debate would look like in Australia if this was a standard text in Aussie high schools? It is unapologetically skewed to the left but the points Denniss makes are all very valid and made in a way that is easy for the layman to understand - just thought it would be nice to see him call out the bs on both sides of the political spectrum.
December 9, 2021
a necessary addition to the Australian polity: everyone should read this - whether they are savvy with Economics or not. As promised, this is accessible and very easy to follow. 2020 edition is updated version.
July 4, 2022
If I had a nickel for every time Richard Denniss confuses correlation and causation in pursuit of a
'gotcha' one-liner, I'd be a millionaire after finishing this book.
A series of great thought-provoking points lost in an ocean of attempted zingers.
'gotcha' one-liner, I'd be a millionaire after finishing this book.
A series of great thought-provoking points lost in an ocean of attempted zingers.
December 31, 2023
Interesting easy read
This book is interesting, easy to read and flows nicely. Even if your not fully interested in the economy (which you should be) you will still find the read interesting as it breaks all the BS down into simple English.
This book is interesting, easy to read and flows nicely. Even if your not fully interested in the economy (which you should be) you will still find the read interesting as it breaks all the BS down into simple English.
December 3, 2024
Want to cut through the bullsh!t voiced by Politicians, Bankers, CEOs and Financiers?
Read this book.
Demystifies and clarifies jargon used to make economics seem like “something I’ll never understand”, which is, by the way, the exact reason they make it so opaque.
Read this book.
Demystifies and clarifies jargon used to make economics seem like “something I’ll never understand”, which is, by the way, the exact reason they make it so opaque.
February 24, 2018
Illuminating, easy read. Very useful for the non-economist in the run-up to the next election.
August 12, 2019
3.5 stars
September 13, 2021
Extremely biased book. You will love it if you are a far left extremist.
October 17, 2021
Ah, so that's what's going on. A book about economics well worth reading.
December 29, 2021
Admirably explains, in plain language, how public debate surrounding social issues is stifled through a recurring set of disingenuous economic arguments.
March 14, 2022
A source of Econobabble, seemingly to cure the Econobabble spread by others, others who are not blessed with government grants.
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