economics How Victoria should tax property Many may be surprised to learn that Victoria has a land tax on the books. However, the low rates mean the revenue raised is far from substantial, and the numerous exemptions, not least of which is that of the primary residence, mean that the supposed efficiency gains from the tax
economics The layered reality behind youth employment The August release of the Australian Bureau of Statistics’ (ABS) labour market data estimated that of the 2,085,201 strong labour force of people aged 15-24 in Australia, 13.4% of them are unemployed, and another 17.1% are underemployed. Put together, these two figures essentially mean that 30.
economics Different approaches to modern freedom: neo-liberalism and neo-republicanism Unless you genuinely consider yourself an anarchist or a communist, or some other particular extreme, chances are your general philosophical position regarding the relationship between the individual, society and the state, will fall into one of two categories: neo-liberalism or neo-republicanism. They are essentially the modern manifestations of two different
competition Harping on about productivity The newly established review into competition policy chaired by Professor Ian Harper could be more of an economic opportunity for Australia than many realise. There is a strong connection between an effective competition framework and growth in productivity that is particularly pertinent to Australia’s current situation. History can tell
economics Pluralism in economics part 2: the broader benefits My first piece on this topic argued that a more pluralistic curriculum in economics would mean a richer and more stimulating academic experience and graduates that are equipped with the diverse range of skills that employers are seeking. However the benefits of pluralism in economics run far, far deeper than
business Economic pluralism part 1: why students benefit Two weeks ago I had the privilege of attending a conference held to mark the retirement of Professor John King of La Trobe University. One of the themes of the conference was pluralism in economics. Many economists from Australian and overseas universities spoke about the benefits of incorporating alternative political
data Did Reaganomics kick-off with a Keynesian stimulus? Ronald Reagan was elected in 1980 on a radically new economic platform promising an end to the 1970s stagflation and the perceived failures of Keynesian demand management. Among his promises were drastic cuts to taxes and government spending, and a balanced budget by 1984. Upon entering office in early 1981,
class Central command and five year plans: Soviet industrialisation under Stalin Born in 1878 in present day Georgia, Joseph Stalin was the ruler of the Soviet Union from the mid 1920’s until his death in 1953. Infamous as one of the most brutal dictators in recorded history, Stalin was also the figure ultimately responsible for the economic framework that would
affluence Government and the public purpose in Australia This article was featured as part of ESSA’s annual Equilibrium publication. Australia is an incredibly affluent nation, enjoying immense prosperity and one of the highest standards of living in history. Such a state of affairs is rare. With the monetary and political capability to address growing inequalities, one would
ageing population Reflections on Australia’s first public policy case competition This year ESSA, in partnership with the Boston Consulting Group and the Grattan Institute, ran Australia’s first ever public policy case competition. The topic was “Superannuation: Australia’s retirement plan”. The ageing population presents a long-term, complex and challenging policy task for present day Australia. Teams were asked to
australian economy The underemployment problem It is unambiguous that the Australian economy is in an enviable state. All the key parameters—inflation, unemployment, growth—are more or less where we want them. However, where Australia falls away from being a world leader is in the often forgotten measurement of underemployment. The Australian Bureau of Statistics
economic theory Testing the means-testing debate This article forms part of an ongoing series looking at economic issues as Australia heads into the Federal Election. More coverage can be found on the Election 2013 page of ESSA’s website. One of the greatest accomplishments of the 20th century was undoubtedly the conceptualisation and implementation of what
automotive Planning for a Soft Landing Like most debates that enter the political sphere, the discussion around the demise of the Australian car manufacturing industry is plagued by emotionally charged falsehoods, meaningless rhetoric and ideological blinkers. A more impartial analysis suggests that while there is a case to be made for the free market to take
child abuse The Economic Cost of Child Abuse It is often said that an affluent society is best judged by how it treats its most vulnerable citizens. This honourable barometer tends to bring to mind notions of charity and generosity rather than a contemplation of the broader social benefits of investing in the underprivileged. When in fact, expenditure
animal spirits Gold Class Animal Spirits In his 1936 book ‘The General Theory of Employment Interest and Money’ John Maynard Keynes outlined how rather than being independently rational, investors were often prone to erratic herd-like behaviour. He argued that macroeconomic stability is inherently vulnerable to the ‘animal spirits’ of speculators. The recent deflation of the post
AFL The Perverse Incentive of the AFL Draft: Rationally Uncompetitive On February 19th, the Australian Football League (AFL) handed down the third biggest fine in its history of $500,000 to the Melbourne Football Club. The fine was the result of a seven month investigation into allegations the club took deliberate action to lose matches toward the end of the
