Category Archives: Economics and economy

Scotty From Human Resources

   “There is no economic reason for you to go to work.”   LET it be said that the Prime Minister is now an impressive ringleader of exaggerated emergency. Authoritative in his delivery, nervously robust – if anything, thriving rudely – … Continue reading

Posted in Economics and economy, Finance, History | 38 Comments

I stand with Gigi II

So Gigi Foster is being harassed online again after appearing on 60 Minutes. Do desperate times call for desperate measures? As COVID-19 cases surge in Australia, is it now time to rethink our strategy to beat it? TONIGHT on #60Mins, … Continue reading

Posted in COVID-19, Economics and economy, Education | 26 Comments

It’s official: 88% of economists have no idea how an economy works

From Ross Gittens: This is why we don’t need to panic about record budget deficits. When the Economic Society of Australia polled 50 leading economists recently, 88 per cent of them agreed that governments should provide ongoing budgetary support to … Continue reading

Posted in Economics and economy | 17 Comments

Some COVID-19 economic statistics

The government put out an Economic and Fiscal Update today. In the table below I have collated some numbers from the EFU (today), the Mid-Year Economic and Fiscal Outlook (MYEFO) from December last year and the Pre-election Economic and Fiscal … Continue reading

Posted in COVID-19, Economics and economy | 21 Comments

“A Terrible Price”

The coronavirus is serious and represents a significant threat to specific individuals, notably the aged or those with existing serious conditions. But Governments around the world have been stampeded into drastic measures by excitable ‘experts’ using their precious modelling and … Continue reading

Posted in COVID-19, Economics and economy, Ethics and morality | 84 Comments

Explaining what is wrong with Magic Money Theory [MMT]

This was from Beachcomber in the comments: Hi Steve, I just read a fascinating essay by Peter Smith at Quadrant: Money printing in the age of Covid In the essay it states: In the age of COVID-19, bonds sold to … Continue reading

Posted in Economics and economy, Economics on the left, Market Economy, Politics of the Left | 42 Comments

Employment has just gone over a cliff IV

Updating my guesstimates of unemployment during the COVID-19 crisis. The ABS released unemployment data for June this morning. So – some good news. The number of hours worked rose in June compared to May. More work was done. This is good … Continue reading

Posted in COVID-19, Economics and economy | 10 Comments

Mostly empty (MMT)

There are a lot of cranks in economics, and it only gets worse all the time. I have been sent a copy of this editorial in The Oz yesterday which is a reminder of just how off the rails economists … Continue reading

Posted in Classical Economics, Economics and economy | 18 Comments

You do know that an increase in the GST from 10% to 12.5% would mean a 25% increase in tax revenue

At the moment the GST is 10%. On $1000 there is therefore a tax of $100. If the tax is raised to 12.5%, on $1000 the tax would be $125. $125 is 25% higher than $100. The increase is not … Continue reading

Posted in Economics and economy | 29 Comments

Chris Berg: Multi-sided market collapse in the newspaper industry

Everybody, whatever side of politics they are on, generally agrees that the media is one of the reasons that politics is so polarised right now. Agreeing on why the media has driven this is a little harder. Yes, the newspaper … Continue reading

Posted in Cross Post, Economics and economy, Media | 58 Comments