Nicholas Gruen | My Favourite Economist

New Pod: Nicholas Gruen - Economist

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Pokies, Citizen Juries, Institutional Lethargy, Superannuation & The HALE Index

I joined the Australian economist Nicholas Gruen recently in his Melbourne home to host his first 'long-form' podcast (although I'm not sure at what hour it goes from short to long)

At the core of Gruen's worldview is the “un-seriousness” he levels at Australian politics, the media landscape, institutions and in a word... bureaucracies.

From his creation of the HALE Index to his decades inside Australia’s public institutions, Nicholas continuously challenges orthodox thinking.

The podcast covers the (in my opinion) radical yet (Nicholas's opinion) ancient idea of citizens’ juries as a second pillar of representation, the reasons bold policy rarely survives bureaucratic reality, and how lessons from the Toyota production system could help governments actually listen to people at the bottom of the hierarchy.

Along the way, Gruen takes us from Australia’s superannuation system to pokies, from the mental health crisis to the subtle erosion of public-spiritedness inside organisations. 

To be specific, these are all the topics covered in this chat.

  • The HALE Index of Well-being – Why GDP misses the mark, how HALE works, and what it reveals about Australia’s progress.

  • Measuring What Matters – The limits of subjective well-being metrics, correlations between indicators, and why faux indexes mislead policymakers.

  • Indigenous Policy Contradictions – The tension between material “gap closing” and self-determination, and why policy rarely confronts it.

  • Citizens’ Juries & Political Reform – Introducing random selection into governance and how it could act as a check on elected officials.

  • Goodhart’s Law in Action – How turning measures into targets corrupts them, and the problem of gaming metrics in education and beyond.

  • Internal vs External Goods – Alasdair MacIntyre’s framework and its relevance to public service, corporate culture, and motivation.

  • Institutional Stagnation – Why promising initiatives stall, and how bottom-up programs could scale without being crushed by bureaucracy.

  • Toyota Production System Lessons – Building respect for frontline workers into systems and how it transforms performance.

  • Australia’s Superannuation System – Strengths, inefficiencies, unfair taxation, and misaligned regulation of self-managed super funds.

  • Compulsory Voting & Preferential Systems – How they shape Australia’s political centre and guard against extreme populism.

  • Universities Today – The shift from idea-driven discourse to metric-chasing careerism, especially in economics.

  • Trade-offs vs Synergies – Why economics often overemphasises trade-offs, and examples of where quality and cost improve together.

‘Show me the incentive and I’ll show you the outcome’ - Charlie Munger (goat of pithy quotes)

I want to grow this newsletter and I want to grow this podcast. Typically, fellow creators in my position will offer you (my dear reader/listener) some reward whereby, if you refer x amount of people I will send you y reward.

For every 5 people you bring to the newsletter, I’d send you custom merch (or something along these lines)

Now, as you know, I work full time at Quartr which means after a long days work, I am booking, researching, recording, editing and publishing a podcast plus (everything on this newsletter), and therefore only left with a few minutes for everything else that makes up a life.

And as such, setting up some type of rewards program hasn’t eventuated. BUT with that being said, I would nonetheless try to do something to incentivise you to share the show.

For the sake of transparency - about 5000 people follow the podcast across both Spotify & Apple, and several hundred subscribe to this newsletter. Not everyone listens to every episode, but so far in a 4 year lifetime I’m extremely chuffed with every new person - and I notice every. single. new. person

To get to the point where things are monetised I’d say tripling both of those metrics is necessary.

But for now, all I can offer is camaraderie - if you are reading this now you are, and will remain the most important viewership I will ever get… and this is because you are the early adopters. So all I can do is ask… if you enjoy this and if you know anyone who think might enjoy it as well - share it with them one at a time and share it on your socials to the masses. Follow the podcast wherever you listen to it and subscribe to this newsletter and bare with me, not everything will be directly interesting to you, but I endeavour that some of it definitely will be.

So pump your juice, send this to all your mates - and one day you’ll be able to say you were onto all this ‘Curious Worldview’ stuff from day 1.

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