How Economists Invented Austerity & Paved the Way to Fascism
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This week the IMF released its latest World Economic Outlook. And the outlook is dire. Economic growth around the world was downgraded with recession-like conditions being predicted for many advanced economies including the USA, UK and much of the EU.
The post With a global recession looming the cure of inflation looks to be worse than the disease appeared first on The Australia Institute.
International trade has led countries to specialize. While this has made the average consumer better off, specialization also makes countries more vulnerable to foreign shocks.
In my latest article I look at the growing evidence that the US strategy in Ukraine may be aimed not only at weakening Russia — but Germany as well. While last week I looked at the UK’s mini-budget hysteria, and why the the government’s plan wasn’t attacked because of the tax cuts (which were bad) but because …
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The government's human services department is in desperate need of reform after struggling to assist a nation in crisis. read now...The Stage 3 tax cuts will only balance out the tax increase from the end of the low-middle income tax offset for those earning above $97,000
The post After the Stage 3 tax cuts only the top 10% highest paying occupations will be better off appeared first on The Australia Institute.
Before continuing with posts on this topic I want to note: I started these posts with a twitter comment by Nathan Tankus on replacing the dollar in international trade. That thread continues – that he foresees “a world of swap lines as alliance politics… Swap lines may seem like technocratic high politics now but it’s … Continue reading The Two Families of Global Reserve Proposals & Swap Lines
This food timeline started as a way to explore the revolution in Australian food that has occurred during the baby-boomers’ lifetime, but has since expanded to include more about the previous decades (and century) as well. Also included are overseas events and trends that had an impact here. The entries are brief, but there are lots of links if you want more information.
In the 2020s the new food influencers are all using Tic Toc. And on 15 September 2022, one of the craziest (my view) TicToc ideas suddenly went viral: the butter board. It started with a post by New York cook Justine Doiron, who happens to be a member of the “U.S. Dairy Dream Team” of […]
Ben Bernanke, Douglas Diamond, and Philip Dybvig were honored for their work on financial instability
Congratulations to Ben Bernanke, Douglas Diamond, and Philip Dybvig for winning the 2022 Nobel Memorial Prize in Economic Sciences (2022). “I have had the great pleasure of working with Bernanke and Dybvig, and all three economists have impressed me with their pioneering research on banks and financial crises,” said INET President Rob Johnson on the occasion of the award’s announcement. INET Research Director Thomas Ferguson echoed the sentiment, commenting that "financial stability has been a key concern of our organization from the beginning and that the research of these economists had helped advance the field."
The Australia Institute surveyed a nationally representative sample of 1,003 Australians about the circumstances under which the National Anti-Corruption Commission (NACC) should be allowed to hold public hearings. The results show that most Australians support the NACC being permitted to hold public hearings under more circumstances than in the currently tabled legislation. Key Results: More
The post Only 1 in 5 Support ‘Exceptional Circumstances’ Restriction on NACC Public Hearings appeared first on The Australia Institute.
I’m getting a prize in economics myself this week—the Friede-Gard Prize for Sustainable Economics—and I was going to ignore the Nobel Prize for Economics, which is always awarded to economic insiders rather than rebels like me. But then they gave it to Ben Bernanke. This was just too much: to me, it was like awarding … Continue reading "The Nobel Prize for Mediocrity and Irrelevance Goes To…"
In my last post, I wrote about growing concern that the Federal Reserve’s rate hikes could trigger a financial accident that spills over into financial markets. With yesterday’s award in honor of Alfred Nobel, I found myself thinking a lot about Hyman Minsky.
The COVID-19 pandemic influenced several instances of unusual economic activity, one of which was the growth of new business applications.
House of Lords Speech: 10 October 2022 My Lords, the twin problems to which the mini-Budget was addressed were near-zero growth and a relentless rise in prices. I doubt whether it will do very much for the first—certainly not in time to offset the second. In the short run, what we face is not a … Continue reading Economy: The Growth Plan 2022
Organizers across the country are deploying a multitude of tools to help people imagine and enact a vision for the world we are building, using community surveys, participatory budgeting and People’s Movement Assemblies.
By connecting small-scale local farmers directly with bakeries and restaurants, Al Barakeh is transforming the city’s economic model.
The end of the Low-Middle Income Tax Offset will deliver a tax increase of up to $1,500 for people earning under $90,000 - a 3% tax rise for someone on $50,000
The post Low and middle income earners about to be hit with a massive tax increase appeared first on The Australia Institute.
Bruno Latour, the preeminent sociologist, original anthropologist, and highly influential thinker, dies aged 75. This is devastating news and an enormous loss.If there is a scholar whose tremendous contribution would be simply impossible to describe in a short blog post — this would be Latour’s. Even the Holberg Prize‘s – the most important award in […]