The ‘science’ behind economics explains the big problems we face
Zero: The Climate Race
Bloomberg
4.7 • 219 Ratings
🗓️ 23 October 2025
⏱️ 45 minutes
🧾️ Download transcript
Summary
From trade wars to skyrocketing tech valuations, governments and investors seem to be making economically irrational moves. As the world heads into another global climate summit, there is a need for fresh thinking to bring countries back to work on the urgent challenge of climate change. This week on Zero, political economist Abby Innes tells Akshat Rathi what governments are getting wrong about addressing the problems we face and how to reimagine economics for the climate era.
Explore further:
- Abby’s book, Late Soviet Britain
Zero is a production of Bloomberg Green. Our producer is Oscar Boyd. Special thanks to Eleanor Harrison Dengate, Sommer Saadi, Mohsis Andam, Laura Millan and Sharn Chen. Thoughts or suggestions? Email us at [email protected]. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.
See omnystudio.com/listener for privacy information.
Transcript
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| 0:00.0 | Hello, I'm Caroline Hepka, introducing you to the new Stockmovers report from Bloomberg. |
| 0:08.0 | There are so many big names in equities to keep track of, and our Stockmovers report is the best way to find out which individual names are making the biggest moves every day. |
| 0:18.6 | Stock Movers consists of short audio reports, they're five minutes or less, |
| 0:23.4 | delivered right to your podcast feed throughout the day. We'll bring you conversations on the |
| 0:28.1 | day's biggest winners and losers in equity markets and explain the news and the data |
| 0:32.9 | that's driving those gains and losses. Listen a couple of times throughout the day to find out what's |
| 0:38.4 | moving equities and why. Just search for stock movers on Spotify, Apple Podcasts or anywhere you listen. |
| 0:46.5 | Get the latest stock news and data backed by reporting from Bloomberg's 3,000 journalists and |
| 0:51.7 | analysts across the globe. Subscribe to Stockmovers wherever you get your podcasts. |
| 0:58.7 | Welcome to Zero. I am Akshatrati. |
| 1:01.6 | This week, Rethinking Economics. |
| 1:20.6 | Thank you. As I've watched world events unfold this past year, I've been surprised by the many seemingly economically irrational moves that governments and investors around the world are making. |
| 1:26.6 | The prime examples are coming from the US, with President Donald Trump's trade war or attacks |
| 1:31.7 | on clean energy. But there are many others. The incredible valuation of AI companies, |
| 1:38.5 | Argentina's extreme austerity, inclusion of defense companies in ESG funds, the European Union's promise to buy $750 billion of liquefied natural gas. |
| 1:50.0 | The list is long. |
| 1:52.0 | Each of these can be explained in different ways. |
| 1:55.0 | Perhaps it was for a political win, or it was an ideological choice, or short-term thinking, or investments made because of a fear |
| 2:03.8 | of missing out, or some combination of those excuses. But what if the main reason for these |
| 2:11.9 | irrationalities is much deeper? That's what Abby Innes thinks. She's an associate professor of political economy |
| 2:19.0 | at the London School of Economics, and she came to that conclusion while writing her book |
| 2:23.5 | Late Soviet Britain. As unlikely as it might seem, her central thesis is that the UK and other |
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