The Governance Podcast

About the Talk How do we make reliable decisions when our scientific models cannot predict outcomes with absolute certainty? In this episode, Our Associate Director, Dr Roberto Fumagalli, sat down with the speaker of our first Public Lecture under the Market Economies and Green Ideals project, Prof Roman Frigg, to unpack the philosophy of science, physics, and environmental modeling. We explore why treating scientific models like literary fiction can actually improve our understanding of reality, the limits of climate predictions, and how policymakers and private insurers navigate deep uncertainty. The Guest Roman Frigg is Professor of Philosophy and Head of Department at LSE’s Department of Philosophy, Logic and Scientific Method. He is the winner of the Friedrich Wilhelm Bessel Research Award of the Alexander von Humboldt Foundation. He is a permanent visiting professor in the Munich Centre for Mathematical Philosophy of the Ludwig-Maximilians- University Munich, and he held visiting appointments in the Rotman Institute of Philosophy of the University of Western Ontario, the Descartes Centre for the History and Philosophy of the Sciences and the Humanities at the University of Utrecht, the Sydney Centre for the Foundations of Science of the University of Sydney, and the Department of Logic, History and Philosophy of Science of the University of Barcelona. He was associate editor of the British Journal for the Philosophy of Science and member of the steering committee of the European Philosophy of Science Association. He currently serves on a number of editorial and advisory boards. Roman holds a PhD in Philosophy from the University of London and masters degrees both in theoretical physics and philosophy from the University of Basel, Switzerland. His research interests lie in general philosophy of science and philosophy of physics, and he has published papers on climate change, quantum mechanics, statistical mechanics, randomness, chaos, complexity, probability, scientific realism, computer simulations, modelling, scientific representation, reductionism, confirmation, and the relation between art and science. His current work focuses on predictability and climate change, the foundation of statistical mechanics, and the nature of scientific models and theories.

About the Talk In this episode of The Governance Podcast, CSGS Director Mark Pennington discusses with Matthew Watson some key themes in Matthew’s new book False Prophets of Economics Imperialism. The discussion covers the tension in modern economic theory between mathematical modelling, axiomatic analysis, and their relevance to ‘real world’ empirical phenomena- and the key influencers in 20th Century economic thought that reflect this tension. The Guest Matthew Watson is Professor of Political Economy in the Department of Politics and International Studies at the University of Warwick. He is the author of numerous books and papers and coordinates and curates an ongoing project on ‘Rethinking the Market.’

About the Talk In this episode of the Governance podcast, our Director Mark Pennington speaks to Prof. William Easterly from New York University on liberal vs paternalist approaches to economic development policy. The Guest William Easterly is Professor of Economics at New York University and Co-director of the NYU Development Research Institute, which won the 2009 BBVA Frontiers of Knowledge in Development Cooperation Award. He is the author of three books: The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor (March 2014), The White Man’s Burden: Why the West’s Efforts to Aid the Rest Have Done So Much Ill and So Little Good (2006), which won the FA Hayek Award from the Manhattan Institute, and The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics (2001). He has published more than 60 peer-reviewed academic articles, and has written columns and reviews for the New York Times, Wall Street Journal, Financial Times, New York Review of Books, and Washington Post. He has served as Co-Editor of the Journal of Development Economics and as Director of the blog Aid Watch. He is a Research Associate of NBER, and senior fellow at BREAD. Foreign Policy Magazine named him among the Top 100 Global Public Intellectuals in 2008 and 2009, and Thomson Reuters listed him as one of Highly Cited Researchers of 2014. He is also the 11th most famous native of Bowling Green, Ohio.

About the Talk In this episode of the podcast, Prof. Mark Pennington interviews Prof. Adam Dixon on the contemporary relevance of the Scottish philosopher and political economist Adam Smith. The Guest Adam D. Dixon holds the Adam Smith Chair in Sustainable Capitalism at Adam Smith’s Panmure House, the last and final home of moral philosopher and father of economics Adam Smith. Professor Dixon is recognized as a world-leading scholar on the political economy of sovereign wealth funds, theories of state capitalism, and the intersection of markets and the state in the sustainability transition. His books include The Specter of State Capitalism (Oxford University Press, forthcoming 2024), Sovereign Wealth Funds: Between the State and Markets (Agenda, 2022), The Political Economy of Geoeconomics: Europe in a Changing World (Palgrave 2022), The New Frontier Investors: How Pension Funds, Sovereign Funds, and Endowments are Changing the Business of Investment Management and Long-Term Investing (Palgrave Macmillan 2016), The New Geography of Capitalism: Firms, Finance, and Society (Oxford University Press 2014) Sovereign Wealth Funds: Legitimacy, Governance, and Global Power (Princeton University Press, 2013), and Managing Financial Risks: From Global to Local (Oxford University Press, 2009). Trained as an economic geographer and political economist in the United States, Spain, France, and the United Kingdom, Adam brings an interdisciplinary perspective to this work. Previously, Adam worked at the University of Bristol and Maastricht University in the Netherlands, where he led a large European Research Council project on sovereign wealth funds. He holds a D.Phil. in economic geography from the University of Oxford, a Diplôme (Master) de l’Institut d’Etudes Politiques de Paris, and a BA in international affairs and Spanish literature from The George Washington University in Washington, DC.

About the Talk Can a moral or divine law independent of contingency accommodate the social and economic complexities of circumstance? Does a defense of custom necessarily repudiate the idea of immutable law applicable to all peoples and cultures? Is transcendent universality and spontaneous order reconcilable? This episode explores this age-old tension with reference to the intellectual origins of liberalism and conservatism. These ideologies are often said to derive from the French Revolution, but their roots trace back even further to the tension between reason and custom in the early modern period. Thinkers and jurists such as Richard Hooker, Edward Coke, and Matthew Hale defended custom for embodying the distilled wisdom of the generations, while the social contractarian tradition placed heavy stress on universal rationality and legislative sovereignty to instantiate the principles of individual autonomy and equality in civil society based on abstract reason. During the pamphlet wars in England over the Revolution, Edmund Burke, considered to be the godfather of conservatism, expanded on such early endorsements of custom to defend the cultural inheritance of European civilization. On the other hand, Richard Price and Thomas Paine, among various adversaries of Burke, intensified the early contractarians’ emphasis on abstract reason to support the Revolution and attack Burke’s defense of custom and just prejudice. This episode thus examines whether proto-conservatives, spanning from Hooker to Burke, and proto-liberals, spanning from Hobbes to Paine, persuasively harmonized their embrace of a universal moral law with their recognition of the complexity of social life. This inquiry will illustrate how the intellectual origins of conservatism and liberalism were premised on varying presuppositions about the sinful nature of man and the epistemological constraints of individual knowledge. The Guest Gregory M. Collins is a Lecturer in the Department of Political Science and Program on Ethics, Politics, and Economics at Yale University. His book on Edmund Burke’s economic thought, titled Commerce and Manners in Edmund Burke’s Political Economy, was published by Cambridge University Press in 2020. Greg’s scholarly and teaching interests include the history of political thought, the philosophical and ethical implications of political economy, American political development, constitutional theory and practice, and the political theory of abolition. He has published articles on Burke’s economic thought in Review of Politics; Adam Smith’s imperial political and economic thought in History of Political Thought; Burke’s and Smith’s views on Britain’s East India Company and monopoly in Journal of the History of Economic Thought; Frederick Douglass’ constitutional theory in American Political Thought; Burke’s plan for the abolition of the slave trade in Slavery & Abolition; and Burke’s intellectual relationship with Leo Strauss and the Straussian political tradition in Perspectives on Political Science. Greg won the 2020 Novak Award, awarded annually by the Acton Institute to one young scholar who conducts research on the intersection of liberty and virtue. His current book project is a study of the idea of civil society in African-American political, social, and economic thought.

On this week’s episode of the Governance Podcast, Mark Pennington, the Director at the Study of Governance and Society here at King College London, interviews Professor Diane Coyle. This episode is titled "The data that is and that data the isn't: the pitfalls of using big data", and discusses the various uses and implications of big data in society, and the many pitfalls that may arise. The Conversation ‘Big Data’ fuels AI models like ChatGPT and the machine learning systems that are generating much debate about their promise – and peril – for decision-making. The impact of the technology will depend on the character of the data used. While the issue of data bias is well-understood (although not solved), less attention has been paid to other aspects such as data quality (is the data an accurate measure of the underlying object?), missing data (do we have only part of the picture?), and the meaning of data (how are the underlying concepts represented by the data constructed and interpreted)? As AI models are advancing fast enough to be deployed increasingly widely in society, there is a pressing need to reflect on the perspective on our social world created for them through the data on which they are trained and updated. The Guest Professor Diane Coyle is the Bennett Professor of Public Policy at the University of Cambridge. Diane co-directs the Bennett Institute where she heads research under the themes of progress and productivity. Her latest book is ‘Cogs and Monsters: What Economics Is, and What It Should Be‘ on how economics needs to change to keep pace with the twenty-first century and the digital economy. Diane is also a Director of the Productivity Institute, a Fellow of the Office for National Statistics, an expert adviser to the National Infrastructure Commission, and Senior Independent Member of the ESRC Council. She has served in public service roles including as Vice Chair of the BBC Trust, member of the Competition Commission, of the Migration Advisory Committee and of the Natural Capital Committee. Diane was Professor of Economics at the University of Manchester until March 2018 and was awarded a CBE for her contribution to the public understanding of economics in the 2018 New Year Honours.

On this week’s episode of the Governance Podcast, Dr. Steven Klein interviews Prof. Martin Weale from the Department of Political Economy at King's College London. This episode is titled “UK Pensions Crisis and Central Banking”. This episode discusses the pension funds sell-off that occurred following the UK government's mini-budget in early October 2022 and which led to the Bank of England's intervention. The Guest Martin Weale is Professor of Economics at King's Busines School. Martin graduated in 1977 in Economics from Clare College, Cambridge. On graduating he took up an Overseas Development Institute Fellowship at the National Statistics Office in Malawi. He returned to Cambridge in 1979 to work on economic modelling projects directed by Sir Richard Stone and Professor James Meade, before becoming an Assistant Lecturer in 1987 and subsequently a Lecturer in the Faculty of Economics and Politics. He was elected a Fellow of Clare College in 1981. Martin is an applied economist with an interest in macro-economic and micro-economic problems. Recent work includes exploring the effects of the Bank of England’s asset purchase programme and an exploration of the relationship between the education of parents and that of their children. In 2016 he joined the Office for National Statistics Panel of Economics Experts and he is currently developing work on democratic measures of economic performance.

On this week’s episode of the Governance Podcast, our Director Mark Pennington interviews Dr. Danielle Guizzo from University of Bristol. This episode is titled “Cultures of Expertise in Economics”. This episode explores the way in which the discipline of Economics has evolved over the years, the way economists achieved their status as scientific experts, and how pluralism and diversity may be promoted within the wider discipline.

On this week’s episode of the Governance Podcast, our Associate Director Dr. Samuel DeCanio interviews historian Niall Ferguson from the Hoover Institution. This episode is titled “Counterfactual History with Niall Ferguson”.

On this week’s episode of the Governance Podcast, our Director Prof. Mark Pennington interviews Prof. Will Davies from Goldsmiths, University of London. This episode is titled “How Neo-Liberal are Contemporary Modes of Governance?”

On this week’s episode of the Governance Podcast, our Assistant Director Dr. Bryan Cheang interviews Prof. Daniel Smith from Middle Tennessee State University. This episode features his latest book Money and the Rule of Law, published by Cambridge University Press and co-authored with Alexander Salter and Peter Boettke. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. The authors argue that a rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic.

On this week's episode of the Counterintuitive Series on the Governance Podcast, Professor Mark Pennington (King's College London) argues that if not quite everything, then a great many things, ought to be legally for sale. From kidneys, to drugs, to sex, to votes, how much ought the market be allowed to freely trade in?

What can early modern practices of duelling teach us about the contemporary 'culture wars' over identity politics? According to Dr Clif Mark, a lot more than you might think. Join us for this episode of the Counterintuitive Series on the Governance Podcast.