Comments on: Oznomics

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By: simmo

simmo — Tue, 11 Dec 2007 05:47:11 +0000

Weak review Andrew… very weak

By: JC

JC — Thu, 19 Jul 2007 04:13:30 +0000

The economy is “managed” by the millions of people who buy and sell what it produces. What the government does is pretty much incidental, especially during the good times.

True. But bad government policy wrecks economies. See the Whitlam venture for the perfect case study on how not to govern.

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Agree James. 100%

Only thing is Kim Carr would even do more damage.
The current crop do run an Industry policy of sorts but pretend they don’t.

The other side are openly for large scale industry policy. Watch the rent seekers get a taste of it soon enough.

By: The Hippocratic Economist

The Hippocratic Economist — Thu, 19 Jul 2007 03:53:06 +0000

If anyone is interested, I have posted a review of Ozonomics at my brand spankin’ new blog: The Hippocratic Economist. http://hippocraticeconomist.blogspot.com/

By: JamesP

JamesP — Wed, 18 Jul 2007 06:43:25 +0000

This car industry stuff is unbearable. Ford’s decision to close its engine factory has very little to do with price-competition (something that increasing tariffs would presumabley address). The primary cause of the plant closure is a poorly selected mix of products on behalf of Ford - they didn’t identify the trend towards smaller cars with smaller engines. Government assistance and protection will do nothing to stop private companies making bad decisions - if anything, it makes it worse as companies become complacent and confident that if they do make bad decisions, they’ll be bailed out.

That says nothing about the damage done to the wider economy by propping up an ailing industry. Given most of the workers at the Geelong plant are semi-skilled machinists, they could very easily retrain and seek employment in related fields with serious skills shortages and do very well for themselves. Government support (like the much-touted Federal $7.3 billion Automotive Competitiveness Scheme) just delays the inevitable.

By: Spiros

Spiros — Wed, 18 Jul 2007 06:21:12 +0000

The Howard government deserves all the sniping it gets on this topic. How often do we hear some Howard booster breathlessly congratulate Howard and Costello on how good they are at “managing Australia’s $1 trillion economy”, as if the economy is one big company and they are the CEO and CFO.

The economy is “managed” by the millions of people who buy and sell what it produces. What the government does is pretty much incidental, especially during the good times.

By: Richard

Richard — Mon, 16 Jul 2007 07:42:44 +0000

Charlton also has a piece in today’s SMH. He argues that the idea that governments can “manage” the economy is a myth.

I agree, but would add an important caveat: governments *can* mismanage the economy. It takes a bit of skill and political discipline not to stuff things up and implement bad policies.

By: Vee

Vee — Mon, 16 Jul 2007 02:55:14 +0000

Sandbagging will work in the regions such as the floods we’ve had recently and the 98 floods in some areas