Thatcherism
In this country we are blessed with some outstanding economists. But can they be collectively wrong? The Gillard Government thinks not. They claim that no economist is backing the Coalition’s Direct Action Plan, which therefore proves that it is the wrong policy. Case closed.
Gillard’s claim is false: there are economists who back alternative approaches to her carbon tax including Nobel laureates and Reserve Bank board members. However, even when there is a massive consensus among economists, history shows that they can be wildly off the mark.
A prominent example of this was the letter that 364 economists signed against Margaret Thatcher’s Budget in 1981. Thatcher broke economic orthodoxy by cutting borrowings with aggressive fiscal measures in order to make it easier to control monetary policy and get inflation under control.
Continue reading "Believe it or not, economists have been wrong before" »
Facebook Recommendations
Read all about it
Punch live
Up to the minute Twitter chatter
Recent posts
The latest and greatest
The Punch is moving house
Good morning Punchers. After four years of excellent fun and great conversation, this is the final post…
Will Pope Francis have the vision to tackle this?
I have had some close calls, one that involved what looked to me like an AK47 pointed my way, followed…
Advocating risk management is not “victim blaming”
In a world in which there are still people who subscribe to the vile notion that certain victims of sexual…
Nosebleed Section
choice ringside rantings
From: Hasbro, go straight to gaol, do not pass go
Tim says:
They should update other things in the game too. Instead of a get out of jail free card, they should have a Dodgy Lawyer card that not only gets you out of jail straight away but also gives you a fat payout in compensation for daring to arrest you in the first place. Instead of getting a hotel when you… [read more]From: A guide to summer festivals especially if you wouldn’t go
Kel says:
If you want a festival for older people or for families alike, get amongst the respectable punters at Bluesfest. A truly amazing festival experience to be had of ALL AGES. And all the young "festivalgoers" usually write themselves off on the first night, only to never hear from them again the rest of… [read more]Gentle jabs to the ribs
Superman needs saving
Can somebody please save Superman? He seems to be going through a bit of a crisis. Eighteen months ago,… Read more
Latest 2 of 42 comments
View all commentsAdd your comment