Is our dependence on mining a sign of economic weakness? Is Australia suffering from the “resource curse”? This idea is a strong theme in Ken Henry’s address to the Royal Society of New South Wales: Inequality in Australia. The mining industry is “the basis of our strong economy”. That’s hardly a contentious assertion: many would see Continue reading »
Economic Policy
Just like in the US , the next Australian election will be decided by the cost of living. Both the US and Australian economies have performed quite well, in difficult circumstances. However, the lesson from the US election is that both Governments need to tell their story better. It seems likely that the core issues Continue reading »
Restoring the rate of productivity growth is critical to future living standards, but unless technological change accelerates living standards may not increase as fast as we are used to in future. Recent history of productivity growth Through history the reason why living standards have risen over time is almost entirely due to increased labour productivity. Continue reading »
Considerable heat has been generated lately about whether the treasurer should have the power to override Reserve Bank policy where it is deemed necessary. Howls of protest can be heard from the defenders — most economists among them — of Reserve Bank independence, that such a possibility could even be considered. The notion that the Continue reading »
Much of the expert commentary on Australia’s monetary policy settings is guided by what is happening in other countries. However, monetary tightening can have a markedly different impact in different countries, and while Australia appears to have been more cautious, so far it seems to have managed well. A brief history of recent monetary policy Continue reading »
by Daniel Wortel-London
Working long hours? You aren’t alone. Forty-one percent of U.S. workers reported working more than 45 hours a week in 2021. Sixteen percent said they spent more than 60 hours per week at work. Working long hours has been shown to degrade quality of life and productivity. But there’s a bigger problem with full-time employment: It isn’t environmentally sustainable.
Additional economic growth is the only way to generate full-time employment.
The post Introducing a Different Type of 32-Hour Workweek Act appeared first on Center for the Advancement of the Steady State Economy.
by Gary Gardner
Mention the steady state economy at a gathering of friends and a predictable concern is sure to arise. “I couldn’t possibly manage on a flat income, much less a reduced one. I can barely make ends meet now!” Heads will nod all around. The idea of a nongrowing economy—not to mention degrowth—quickly sours the party mood.
The objection is understandable from people long accustomed to ever-greater levels of consumption.
The post Rendering the Economic Fat for a Steady State Economy appeared first on Center for the Advancement of the Steady State Economy.
The Australian government needs to stand up against growing global protectionism and make some hard budgetary choices between guns and butter, defence and welfare, and the need to reform taxes if it is to avoid taking on too much at once in a world economy characterised by uncertainty and geopolitical tensions, and in an Australian Continue reading »
The opinion polls tell us that cost-of-living pressures are the number one political issue. This is the obvious reason why the Liberals under Dutton are rising in the polls, and Labor is losing ground electorally. Furthermore, while many of us readers of Pearls & Irritations feel that Dutton has made a complete fool of himself Continue reading »
Let me be the last to tell you the economy has almost ground to a halt and is teetering on the edge of recession. This has happened by design, not accident. But it doesn’t seem to be working properly. So, what happens now? Until we think of something better, more of the same. Since May Continue reading »