September 24, 2015

We are pleased when the Reserve Bank keeps interest rates on hold at their low, low levels. For we know that low interest rates encourage consumer spending and that is good for the economy. Where did we learn these fallacies? And why are they perpetuated by our politicians and financial journalists?

 

Our new Prime Minister, Malcolm Turnbull, has indicated that he wants us to be optimistic about the future and his government’s ability to create a prosperous, high wage economy.

 

Now a high wage economy cannot be achieved by fiat. It cannot be achieved by increasing the minimum wage and having that...

June 7, 2015

In Australia, over the past fifty years, average household income, in constant prices, more than doubled. We live in one of the freest and most prosperous societies in the history of mankind. Why should we be so lucky?

 

Prior to 1800, most people lived subsistence existences. Dirt poor, their lives a drudgery, they suffered high rates of child mortality, starvation in poor seasons and ever present violence. It had been that way for centuries. As Hobbes put it, life was solitary, poor, nasty, brutish, and short.

 

Since then, the wealth of the average person has increased twelve-fold. (See Mark Ro...

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