Many of the economic ideas that attained dominance in the 1980s, not only privatisation, are subject to a new reckoning. Including the role of market forces in labour markets and supply chains. And the theory of shareholder value is now fighting to survive in the era of corporate social responsibility.
This is what happens when a “Political Editor” writes about economic policy.
Hartcher added this also:
Jim Chalmers has dubbed this phase in Australian politics to be the End of Complacency. Let it also be the end of dogmatism in the service of any ideology.
This is what happens when a graduate in political science, tries to manage the levers of national economic policy.
Everything in lift is a choice, a trade off. If Australian government wants to have high taxes, lots of regulations, big government - we can have that. But there is a price. Economic immiseration.
It’s not like we have never seen this before. In fact, we are seeing in now. In Australia with declining per capital GDP. That’s fancy speak for getting poorer.
Yet very little will be done about it, as His Majesty’s loyal Opposition, isn’t any more economically literate, nor willing to do what it takes and make the hard calls to turn the economy around
Both sides are merely hoping the resources boom continues indefinitely.