Category Archives: Economics and economy

Australia’s Workplace Relations Framework: the Case for Reform

Martin Ferguson and Jennifer Hewett at the Sydney Institute. The podcast. See Bill Hutt in Revivalist 4 for some historical background on the role of trade unions in relation to wage fixing, law and order and productivity.

Posted in Economics and economy, Rafe, Unions | 2 Comments

The Economist discusses Say’s Law

From the latest Economist: Say’s law: supply creates its own demand. Even before I have begun to read what is written, let me point out that Say didn’t invent “Say’s” Law nor did he understand it properly. And to begin … Continue reading

Posted in Classical Economics, Economics and economy | 14 Comments

Government drives up prices – you heard it here first

This morning The Australian had a wonderful story about government and price increases. Here’s a startling contrast: the cost of goods and services with prices set by the private sector has increased by just 5 per cent during the past … Continue reading

Posted in Economics and economy | 33 Comments

Australia’s Workplace Relations Framework: the Case for Reform

Off to the Sydney Institute in their new premises, high in the air in the Governor Phillip Tower in the city to hear Martin Ferguson launch a new round of reform in industrial relations. Perhaps. Tomorrow his talk will be … Continue reading

Posted in Economics and economy, Rafe, Unions | 22 Comments

Falling real wages and the stimulus

If you are an economist who looks at things from the demand side, then this is a puzzle: Most Australians have not had a pay rise in real terms in years in the face of an assault on wages which … Continue reading

Posted in Classical Economics, Economics and economy | 20 Comments

15 more years, and something about car prices

So here is a story that will warm Steve’s heart. In the dramatic crescendo of the 2016 elections that gave Trump to the United States and the world, very possibly for sixteen years (the President’s re-election committee is already hard … Continue reading

Posted in American politics, Economics and economy | 39 Comments

Australia doesn’t have an inequality problem

I have an oped (ungated here) in the AFR today responding to an oped by Richard Denniss. Sigh. Yet another round of debate on “inequality”. Yesterday Richard Denniss was warning us that even those “lefties” at the IMF thought inequality could … Continue reading

Posted in Economics and economy | 72 Comments

A government cryptocurrency?

This story is a few days old but one of the advantages of being on holiday is that you can catch up on reading. Perhaps most notable are Medcraft’s comments on the idea that centrally-issued cryptocurrencies present an attractive way to … Continue reading

Posted in Economics and economy | 44 Comments

More evidence that Keynesian theory is junk science

Here’s the story: Economists Hilariously Over-Predicted Economic Growth Under Obama. What does an economist using modern macro know about how an economy works? To find out, continue below. White house economists overestimated annual economic growth by about 80 percent on … Continue reading

Posted in Economics and economy, Economics on the left | 15 Comments

A virtual wages debate

Last week the Financial Review carried a story about comments made by the RBA governor on Australian wages.  As is often the case, he probably said far more interesting things in the Q&A session and it is those comments that … Continue reading

Posted in Economics and economy | 26 Comments