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The world-wide chaos caused by the outbreak of the coronavirus has underlined a lesson that was only partly learned in the Global Financial Crisis of 2008. In a more interconnected world the understanding of system-wide risk needs to be much better than it is.
We live in an era of hyper-transactionalism, whereby most of what we do is subject to the exchange of money and market pricing. Whereas in the past much of humanity was bound to a political system, now most of us are bound to a globalised monetary system.
After taking account of housing costs, it is estimated that 3.24 million people, equating to more than one in eight people, are estimated to be living below the poverty line in Australia. For children, it is estimated to be one in six.
The Five Quintets is a long, conversational poem of almost 350 pages. In an age that focuses on detail, its topic is vast: the nature of Western modernity and its future. In a secular age its perspective is unobtrusively but deeply religious. It is therefore unlikely to make the best-sellers list. But it is an important and rewarding work.
The school funding battle has featured in the last two rounds of federal by-elections. Economics writer Ross Gittins has suggested the Catholics are trying to extract special deals. There are three principles of public policy at play in this ongoing saga, and the consistent and fair application of all three principles is a big political challenge.
The imposition of 'managerialism' or 'marketisation' on universities is disastrous. So why are academics so passive when their working lives are being immiserated by the imposition of ideas, mostly derived from business or economics, that are either patently false or poor?
The Vatican has launched a stringent critique of abuses in global economies, abuses that are driving astonishing inequality and threatening ecological sustainability. 'Oeconomicae et pecuniariae questiones' reiterates the call for an urgent dialogue between politics and economics to advance human life and wellbeing.
The recent furore about Donald Trump's imposing of tariffs on steel, from which Australian companies have been exempted, raises an interesting question about the economics discipline. Which is better, an oxymoron or a tautology?
At the heart of Pythagoras' contribution was wonder at a world in which human intelligence could understand and handle such different phenomena as music, architecture and the stars through mathematics. The cult of numbers in a cruder form remains characteristic of public life today. The most revered numbers are economic.
How is it we allow investors to leave units vacant in the Docklands while young people struggle to access housing in Melbourne? We have given legislators a free pass when it comes to economic policies that discriminate against those without means. This creates systemic inequality, and it needs to be addressed urgently.
'Francis' statement is not one merely for theological or academic contemplation. It is in effect Francis' call to establish a new benchmark for our economy, one where exclusion and inequality are no longer a natural and accepted consequence of its operation.' Director of Economic Policy for Catholic Social Services Australia addresses the CSSA annual conference in Melbourne, February 2018.
The World Day of Social Justice greets a year when social justice is returning to favour. Bank executives begin to own their social responsibilities. Liberal economics begin to be seen, not as the condition for a productive economy but as a barrier to it. That is the rhetoric. For governments, though, it is business as usual.
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