With the voting booths closed we bid farewell to the latest election campaign with a series of articles discussing why Turnbull actually knows better than Abbot, why Australia has it pretty good in the grander scheme of things, the political skews of The Economist, as well as some of Rinehart’s latest shenanigans. Finally, we give a special shout out to Econlolcats! Read on for your latest fix of economics!
Australia, you don’t know how good you’ve got it – Joseph Stiglitz
As another federal election draws to a close, Stiglitz explains how the opportunity to base policy on sound investments to future-proof the Australian economy was once again overlooked. Instead, centre-stage was stolen by government debt and all of the accompanying stigma. The Nobel laureate makes a strong case that whoever forms government today should tread delicately in their economic policy, lest they risk compromising all of the Rudd government’s forgotten successes during the GFC.
Is The Economist left- or right-wing? – The Economist
The Economist may have come of age some time ago, but as the magazine reaches its 170th birthday it ruminates on exactly where it stands on the conservative-liberal spectrum. In a piece that invites a deeper exploration of the magazine’s philosophical heritage, it finds the terms left- and right-wing are far too reductionist for a publication that promotes individual liberty in orchestra with government intervention. Read on, as The Economist explains itself.
Why Turnbull knows better than Abbott: Part I – Tristan Edis
The political hypocrisy when it comes to an emissions trading scheme is rife on both sides of the Australian parliament. But Tristan Edis delves deeply into the cloaked disparity between the ‘liberal’ views of Malcolm Turnbull and Tony Abbott and decides that sometimes the leader’s analysis leaves us wanting, when his base logic just can’t compare to Turnbull’s seasoned economics.
Let criminals buy their way out of jail – Rinehart – Freya Petersen
In an interesting proposal to boost our tax base, Freya Petersen reports on Gina Rinehart’s suggestion that non-violent criminals should be taxed instead of serving time. Replicating a model already used in Texas, Rinehart, the Australian mining magnate, suggests that even those who cannot afford to pay, could even agree to give up their voting rights or passport. One user likened Rinehart’s proposal to the game of Monopoly, where we would have ‘our very own $200 get out of jail free card for free.’
Econlolcats – Various Cats
This week has seen the spectacular rise of econlolcats. Hitting the long under-served market that combines economics and cats, the editors at ESSA expect this latest venture to go far. Be sure to follow them on Twitter @Econlolcats and like their page on Facebook!