Treating federal budgets like that of a household has starved economies of precious resources and has facilitated unprecedented levels of private and household debt. Editor-in-chief Claire Connelly explores the consequence of this logical fallacy in an excerpt of her upcoming book, How The World Really Doesn’t Work.
Economist Dr Steven Hail on how Japan has managed to avoid another financial crisis without creating a major private debt problem, while America and Australia… have not.
By their own metrics, classical economists have failed to deliver on the promises they made back in the 1970s and 80s. Economist Dr Steven Hail has the charts to prove it.
When governments fund decades-long loss-making ventures that expand the economy’s production capabilities, we call it industrial policy. When a billionaire does it, we say it is markets at work. Dr Cameron Murray explores what effective industrial policy should look like.
You wouldn’t know it from the way the government – and press – refer to the economy, but Australia is in a recession again. Technically…