section: Economics

  • ECONOMICS

    Brake failure on the economic freeway

    • Neil Ormerod
    • 26 October 2009

    Even if we understand the intelligiblity of an automobile, we can still drive badly. With the GFC, the argument is not that better theories will ensure everyone behaves properly, but that without a proper economic theory even people of good will cannot work to achieve the good.

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  • ECONOMICS

    Why ignorance, not greed, caused the GFC

    • Neil Ormerod
    • 20 October 2009
    2 Comments

    Sixty years ago, Jesuit Bernard Lonergan developed an analysis of the boom and bust cycles of economy. He often asked, 'Where were the Christian counter-parts of Karl Marx, sitting in the British Museum voraciously reading and relentlessly studying about political economy?'

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  • ECONOMICS

    Mum and dad investors cop economic tough love

    • Catherina Toh
    • 03 August 2009
    8 Comments

    An ethos of tough love balks at taxpayer subsidies for anyone foolish or unlucky enough to make the wrong investment decision. In Australia we prefer to see people as victims and expect the government to clean up the mess.

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  • ECONOMICS

    Toxic economies in history

    • Thomas Sullivan
    • 29 May 2009
    8 Comments

    In the 16th century, following its conquest of Latin America, Spain drained the area of its gold and silver. One might suspect that this windfall turned Spain into an economic powerhouse. But some funny things happened when the easy money arrived.

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  • ECONOMICS

    Broadband deal better late than never

    • John Wicks
    • 08 April 2009
    6 Comments

    Australia has spent the past decade in a consumer frenzy, while social infrastructure vital to our wellbeing has been neglected. The Government's belated $40 billion National Broadband Network will have many long-term benefits.

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  • ECONOMICS

    The crash of the can market

    • Julian Butler
    • 18 February 2009
    6 Comments

    Some of the soup van's clients collect cans to sell to a scrap dealer. The work supplements their welfare income and provides a sense of fulfillment. Since the global market crash business has been slow: 'China doesn't want aluminium now.'

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  • ECONOMICS

    The chuckling economist

    • Brownyn Lay
    • 05 January 2009
    3 Comments

    On the day the markets bled we rushed to hear Stiglitz's diagnosis. The Nobel Laureate used to be Chief Economist of the World Bank, ending his term in fisty cuffs with the IMF and the US over their financial bullying of developing nations. Stiglitz had schadenfreude written all over his face. (October 2008)

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  • ECONOMICS

    A frugal Christmas story

    • Margaret Rice
    • 16 December 2008
    3 Comments

    This time of year is marked by a fraught pre-Christmas anxiety, exacerbated this year by the economic crisis. My daughter Rachel lost her part-time job last week. Her loss is slight compared to her employer's, a young mother who works in the finance industry.

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  • ECONOMICS

    Workers' solution for fallen childcare empire

    • Cameron Durnsford
    • 03 December 2008
    4 Comments

    After the 2001 Argentine economic disaster, workers' collectives organised to autonomously run their enterprises. The collapse of the ABC Learning empire should not be seen as a total calamity, despite the obvious potential for fallout.

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  • ECONOMICS

    Imagination spent on global financial solutions

    • Colin Long
    • 27 November 2008
    20 Comments

    The outcomes of the G20 meeting this month demonstrate the limited vision of many of the world's politicians in confronting the global financial crisis. If our leaders can't imagine a different future, it is up to us to do so.

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  • ECONOMICS

    Bankers conspire to cover their assets

    • Les Coleman
    • 22 October 2008
    3 Comments

    Circumstantial evidence suggests that during the past few weeks we have seen a massive manipulation of monetary policy to support US bank stocks. The manipulation has been played out in plain view, which, of course, is the best place to hide a secret.

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  • ECONOMICS

    Wall Street Blues

    • Jim McDermott
    • 20 October 2008
    6 Comments

    As I walk the streets of Manhattan, things seem much the same as always. Yet newspapers are peppered with references to the market 'cratering', a term that conjures the desolate landscape of the moon. A friend suggested another interpretation: 'A crater is what's left after a massive explosion.'

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