Episodes

  • 55: Turbocharging The Price You Pay In 170 Secs

    55: Turbocharging The Price You Pay In 170 Secs
    Mar 12 2024
    Key Points:

    • Traditionally, the law of supply and demand dictates prices in the marketplace, where buyers and sellers agree on a price based on publicly available information.
    • Dynamic Pricing, a system increasingly employed by sellers, adjusts prices continuously based on buyer demand. This dynamic nature allows sellers to maximize profits.
    • However, the twist comes when the purchase price isn't publicly visible. Imagine searching for an item online and the price presented to you is determined by complex algorithms analyzing your personal data.
    • This lack of transparency leaves consumers feeling uneasy, leading to calls for government intervention. But in a capitalist market economy, where willing buyers dictate prices, intervention becomes complicated.
    • The integration of algorithms and data mining into dynamic pricing turbocharges the traditional supply and demand law, promising benefits like reduced business risk, increased profits, employment, and tax revenue.
    • Yet, this advancement poses a significant challenge. With online spending skyrocketing, it becomes increasingly difficult for statistical agencies like the Australian Bureau of Statistics to produce accurate consumer price index (CPI) data. The CPI is crucial for economic policies, including setting mortgage rates by the Reserve Bank.

    Conclusion:
    As technology reshapes the way we buy and sell goods, the implications of dynamic pricing extend far beyond individual transactions. It challenges traditional economic models and raises questions about fairness and transparency in the marketplace.
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    4 mins
  • 54: Airline Tickets. Everyone isn't offered the same price?

    54: Airline Tickets. Everyone isn't offered the same price?
    Feb 27 2024
    Does Dynamic Ticket Pricing used by airlines lead to the passenger sitting next to you having paid a different price for their seat?

    Airlines are masters at gathering data. They can harvest your frequent flyer data and track your computer searches via cookies. How often is this data used to ‘tailor’ the price of your ticket?

    Can airline’s trawl your LinkedIn account matching a conference you may need to fly to and charge you more for that airline ticket?

    Is it common for an airline's app to show a different price than their own website?

    Methods airlines use in maximising revenue or reducing costs. Algorithms that at pre defined time assess whether passenger numbers on a flight aren’t great enough to meet revenue targets so automatically cancel a flight.

    What effect will artificial intelligence have on ticket pricing?

    Tips & tricks to reduce your exposure to higher ticket prices created through Dynamic Ticket Pricing.

    Who provides the best ticket price, availability and choice of cabin class, the travel agent or the airline site or a 3rd party booking site?
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    54 mins
  • 53: Good Or Evil Doesn't Win Wars. Only Economics Wins Wars. In 110 Seconds

    53: Good Or Evil Doesn't Win Wars. Only Economics Wins Wars. In 110 Seconds
    Dec 12 2023
    • Welcome to the latest episode of Burgernomics! Today, we delve into the harsh reality that economics, not notions of good or evil, often dictates the outcome of wars.
    • Recent developments, including Vladimir Putin allocating a staggering one-third of Russia's economic output to defense, highlight the economic dimension of modern warfare.
    Key Points:

    1. Russia's Economic Commitment:
      • Putin directs 33% of Russia's economic output to defense, amounting to $820 billion annually, 15 times more than Australia's projected defense expenditure.
      • The move underscores the role of economic decisions in shaping military capabilities and strategies.
    2. Volunteer Soldiers and Economic Incentives:
      • Russian volunteer soldiers enticed by substantial pay, earning four times the average monthly salary, will contribute to the military force.
      • Families of soldiers receive significant compensation if killed, creating a unique economic dynamic in the armed forces.
    3. Labor Shortages and Economic Impact:
      • The influx of men into the army leads to severe labor shortages across Russia, affecting not only the military but also the broader economy.
      • Even penal colonies are tapped for labor, illustrating the extent of the workforce mobilization.
    4. Economic Adaptability:
      • Russia's ability to redirect civilian production instantly for wartime needs contrasts with the challenge faced by market-based economies like Australia, which require years to shift supply chains to defense production.
    5. Chinese Naval Power:
      • A sobering thought from The Wall Street Journal: One Chinese nuclear submarine and civilian shipyard launch more ships annually than the entire U.S. in the last 30 years, emphasizing the global economic and military landscape.
    Conclusion:

    • Economic decisions play a pivotal role in determining military success. 
    • Thank you for tuning in to Burgernomics! If you enjoyed this episode, don't forget to subscribe, leave a review, and stay tuned for more intriguing conversations. 
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    3 mins
  • 52: Ukraines Battlefield Economics. Tactics When Your Enemy Has More.

    52: Ukraines Battlefield Economics. Tactics When Your Enemy Has More.
    Nov 28 2023
    Ukraines Battlefield Economics. Tactics When Your Enemy Has More.

    Retired Major General Mick Ryan takes us for a journey through the battlefields of Ukraine, the tactics, planning and munitions supply status.

    The economic theories of ‘supply & demand’ and the ‘allocation of scarce resources’ couldn’t be more applicable to the life and death struggle of war on a battlefield.

    A battlefield comprises adversaries who attempt to kill each other to occupy land and become victorious. This requires munitions and men.

    Victory is usually guaranteed to whomever has unlimited munitions and soldiers. But neither Russia or Ukraine have unlimited military resources.

    Two main economic principles will determine the battlefield victor.

    Firstly, who can best supply munitions to their troops to satisfy their demand, allowing them to achieve their battlefield objectives.

    Secondly, how politicians and commanders distribute the limited munitions for maximum effect  is crucial. Make tactical mistakes and those munitions are wasted

    Maj. Gen. Ryan discusses the tragic global ramifications if the West was to prioritise munitions for Israel’s war in Gaza over the war in Ukraine.

    He also outlines Australia’s current defence vulnerability in the face of our most critical strategic threats since World War 2.

    Mick Ryan takes the Burgernomics Test detailing the effects on the simple hamburger of the Ukraine / Russian war.

    Dive Deeper
    Articles relating to the economics of the battlefield.

    https://edition.cnn.com/2023/09/17/europe/ukraine-shell-supplies-intl/index.html

    https://www.economist.com/special-report/2023/07/03/the-war-in-ukraine-shows-how-technology-is-changing-the-battlefield

    https://www.mca-marines.org/wp-content/uploads/January-2021-2.pdf
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    45 mins
  • 51: A Fresh Angle. Beef Price Plunge. Supermarkets Profit. In 150 Seconds.

    51: A Fresh Angle. Beef Price Plunge. Supermarkets Profit. In 150 Seconds.
    Aug 29 2023
    Follow the beef money trail in 150 seconds. Beef producers doing it tough, supermarkets making huge beef profits, while cost of living increases smash their customers. Using basic economic principles to provide an insightful cut through of Australia's beef situation guaranteed to make you the instant expert.
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    3 mins
  • 50: Beef Drops 46%. But Not In Supermarkets. Why?

    50: Beef Drops 46%. But Not In Supermarkets. Why?
    Aug 15 2023
    Beef prices paid to the farmer have dropped 46% in 15 months.
    However retail prices for beef have not dropped anywhere near 46%.
    Why hasn’t the beef price drop been passed through to retail prices?
    Angus Gidley-Baird Senior Proteins Analyst for Rabo Bank and Burgernomics Podcast host Ross MacDowell explore the economic forces effecting Australia’s beef supply chain.
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    43 mins
  • 49: L.E.O’s Smashing The NBN In 96 Seconds

    49: L.E.O’s Smashing The NBN In 96 Seconds
    Aug 2 2023
    Low Earth Orbit Satellites are providing Australians the broadband service the NBN hasn't.
    This 96 second podcast makes you an instant expert on Low Earth Orbit Satellites. Great for dinner party conversations or to impress your boss.
    For a detailed examination of LEO's with telecommunications expert Paul Budde, please listen to the preceding podcast, Low Earth Orbit Satellites. Providing services NBN & Telstra promised but never delivered.
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    4 mins
  • 48: Low Earth Orbit Satellites. Delivering What NBN Hasn't.

    48: Low Earth Orbit Satellites. Delivering What NBN Hasn't.
    Jul 18 2023
    Podcast Discussion Points
    • What are LEO’s and why are they so revolutionary?
    • LEO benefits to the NBN.
    • Why hasn’t the NBN delivered the internet service originally promised?
    • LEO vs land based internet infrastructure?
    • Price and speed comparison.
    • Is launching a low earth orbit satellite less expensive than building land based infrastructure?
    • Could LEO’s deliver all of Australia’s total internet requirement?
    • Is 5g broadband an alternative to NBN fixed wire?
    • Is the Australian Government preparing to sell the NBN after writing down its value by $31bn?
    • The effects of low earth orbit satellites on a hamburger.
    Dive Deeper
    Paul Budde's broadband blog.
    https://paulbudde.com/category/blog/nbn-ftth-broadband/

    Starlink Availability
    https://www.starlink.com/map

    Vocus Starlink
    https://www.vocus.com.au/enterprise/connectivity/satellite-services/vocus-satellite-starlink?utm_campaign=fy23-starlink-dg&utm_medium=cpc&utm_source=google&utm_content=satellite&gclid=EAIaIQobChMInubhvY-GgAMVyKGWCh2Crgz4EAAYASAAEgL1xPD_BwE&gclsrc=aw.ds

    Asian Development Bank article on LEO's
    https://www.adb.org/news/features/five-ways-low-earth-orbit-satellites-impact-asia-pacific
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    45 mins