It is known as the Nudge unit; a government behavioural insights team, that draws on theories popularised in a bestselling book from Yale. Following much hype and publicity, the behavioural insights team…
How did the Australian economy, which boasts the best performance of the major advanced economies, end up with an estimated budget deficit of A$19 billion this year and an estimated debt of $178 billion…
Economists understand greed very well; after all, the urge to get rich is our discipline’s main explanation for human actions. Economists further recognise that greed can be good. When our greedy urges…
Last week we learned a famous 2010 academic paper, relied on by political big-hitters to bolster arguments for austerity cuts, contained significant errors; and that those errors came down to misuse of…
The economic literature is full of excellent articles that are not read outside small academic circles. There are, however, important exceptions. “Growth in a Time of Debt”, by Carmen R. Reinhart and Kenneth…
One certainty about economic forecasts is that, almost certainly, they will prove to be incorrect. The best forecasters can hope for is not to make systematic errors – to get it right on average – and…
The economic profession lacks a unified theory of economic growth. Textbooks and academic journals contain a plethora of models and paradigms which generate different (and sometimes contradictory) predictions…
In a rare volte-face, the International Monetary Fund this week admitted that it grossly underestimated the impact of the austerity regime it advised Europeans to adopt. A paper authored by IMF chief economist…
The last Space Shuttle recently returned to Earth. That reminded me that 45 years ago I was undertaking a PhD in physics at Australian National University, investigating the re-entry of the space shuttle…
Music fans may have noticed something odd when their favourite artists release new “best-of” compilations or remaster back catalogues for CD or iTunes. Over successive reissues, the same songs sound worse…
Universities and macro-economists still haven’t found a way to solve the crisis of economics that was triggered by the global financial meltdown says economist Martin Wolf. Speaking to an audience of economics…
The Nobel prize for economics is often awarded for relatively abstract theoretical work. Rather less often, it is awarded for work with clear practical relevance. This year, the committee responsible for…
The collapse of the child-care business ABC Learning in 2010 was an extraordinary chapter in Australian corporate history. Colourful Queensland businessman Eddy Groves, built the world’s largest publicly…
The majority of Australians would prefer higher living standards. This can take the form of better access to better healthcare services and education, better environmental outcomes, more time for friends…
Renewable energy sources such such as solar photovoltaic and onshore wind could generate the lowest electricity costs in Australia by 2030, according to a report released today by the Bureau of Resources…
Comments by Campbell Newman that Queensland was on the way to bankruptcy are, unfortunately, true. His comment that “Queensland does not have the money…” is globally true - but clearly specifically arguable…
Welcome to the latest in our In Conversation series, between former politician and economist Dr John Hewson, Australian National University (ANU) Crawford School Director of Policy Impact Professor Bruce…
Welcome to Some Sports Economics, a six-part video series explaining economic concepts through sport, by La Trobe University senior lecturer, Liam Lenten. In the sixth and final part of this series, Liam…
Welcome to Some Sports Economics, a six-part video series explaining economic concepts through sport, by La Trobe University senior lecturer, Liam Lenten. In the fourth part of this series, Liam explains…