Big data has contributed to a cultural shift towards evidence-based decision-making in academia, industry, and government, which prioritises empirical evidence over theory-based inquiry. It has also been associated with the boom in the publication of shorter journal articles and the decline in the publication of scholarly books, fuelled by the publish-or-perish academic rankings hamster wheel, Continue reading »
Economy
Mutual economic quandaries as both try to reshape their economies may force the two bitter rivals to learn to live with each other again. All is not well with Joe Biden’s attempt to reindustrialise the American economy. A new Financial Times report claims that 40 per cent of major manufacturing investments subsidised by his signature Continue reading »
Is China mired in economic misery while bogged down by old habits- or very successfully developing its exceptional manufacturing prowess as it expands and consolidates its influence across the Global South (and well beyond)? Never mind any apparent contradiction, one leading global weekly answers yes and yes to these two questions. As the Third Plenum Continue reading »
In the economy, as in life, it helps a lot if you learn from your mistakes. Or, if you’re in public life, from the mistakes of your predecessors. Accordingly, the caning that former Reserve Bank governor Dr Philip Lowe got for his assurance that interest rates wouldn’t rise before 2024 does much to explain why Continue reading »
The evidence shows that the only households whose living costs have risen faster than their incomes are those homeowners with a mortgage. For the other two thirds of households, their incomes have risen faster than their living costs. Policy should therefore focus on why mortgage costs have risen so dramatically. The cost of living crisis Continue reading »
Two news items last week completely reversed the economic outlooks in Australia and America. In Australia, the trimmed mean inflation rate for June was 3.8%, which was below the 4.0% expected. This convinced economist that the RBA won’t increase its cash rate in August but instead will reduce it later this year if inflation keeps Continue reading »
If it was panic last Friday, the Asahi Shimbun declared when the stock market fell more than 2,200 points, or 5.8 percent. It was double panic by this afternoon (Monday) when the market fell even more, by 3,800 points to the 31,000 mark. Reasons were various. The fall in the US Dow last week had Continue reading »
Australia has unveiled a new National Interest Framework which integrates security considerations into domestic economic policy, aiming to secure economic resilience and security amidst changing global power structures and increasing geopolitical tensions. But Australia has not yet placed strategic economic diplomacy at the forefront of the framework. Managing Australia’s security environment requires emphasising the importance Continue reading »
Accommodation for asylum seekers awaiting Home Office processing amounted to £6.4 billion of the overspend
The Roman emperor Nero was a horrible, horrible man, as Donald Trump might put it. His murderous reign of terror has certainly earned him a place in the history books, but the only thing most people believe about him is certainly false: that he played the fiddle while Rome burned. He may have strummed his Continue reading »