To understand an economic reality where growth is increasingly more qualitative than quantitative and where environmental constraints need a careful understanding, economics needs a major overhaul.
Investors are increasingly concerned about climate change, but for the markets to deploy their full capacities, the dominant principles that guide them need to be revised.
Jim Stanford, University of Sydney and Richard Denniss, Crawford School of Public Policy, Australian National University
For economics to play a more helpful, critical role, it must abandon blind faith in the free market and embrace the social, historical, and environmental context in which economics actually happens.
Nothing has changed since the 2008 financial crisis. Orthodox theory continues to structure the entire financial industry, yet there is an urgent need to study the social and political nature of markets.
It’s not a scam. It also won’t make you fabulously wealthy. Initiative Q wants a stable private currency for payments processing rather than a vehicle for speculation.
The economic theory of comparative cost advantage is more akin to natural law – it can’t be wished away. And during the ongoing trade war ignited by Donald Trump, it has never been more relevant.
News that Australian CEO pay has soared to a 17-year high at a time when ordinary workers’ wages are flatlining is ultimately bad news for economic growth and prosperity.
The budget was extraordinary in many ways. It is an abandonment of restraint on taxes by a liberal government. It is nakedly populist and it also acknowledges that government debt can be productive.
If we continue to base our views of the charity sector on incorrect assumptions and perceptions we run the risk of doing considerable damage to a national asset.
Asymmetric information – where one party to a potential transaction knows more about the deal than the other – can cause markets to collapse. Luckily, we’ve invented a few tricks to deal with it.