It was the playwright Bertolt Brecht who famously quipped, ‘Grub first, then ethics’. Indeed, the study of the production, distribution and consumption of goods and services has always been prominent in the annals of social science. Smith, Marx, Keynes and Friedman have taught, and politicians have learnt, that, as the saying goes, ‘it’s the economy, stupid’. Franklin D. Roosevelt went so far as to say, “True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made.” And so, the struggle to devise the best economic policies remains foremost on the national agenda and very much alive in the hearts of many. To paraphrase a medieval king, this is a topic that touches us all and should be discussed by all.
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In the wake of bank insolvencies overseas and bailouts by other governments, the Prime Minister announced a $10.4b stimulus package to stabilise and protect the Australian economy. A breakdown of the stimulus plan can be accessed here (via The Age, 14/10/08) and here (via The Australian, 14/10/08).
There are now concerns (The Australian, 15/10/08) that the plan will turn the sizeable budgetary surplus into a deficit. It has been reported (The Australian, 22/10/08) that the government is backing down from its initial promise to guarantee all bank deposits to avoid market distortions.
How do you rate the financial plan? What would you do?
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NO OF VIEWS: 792
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Some believe that the free operation of market forces results in the most efficient distribution of scarce resources whereas others hold that the government is in the best position to oversee and control the economy. Where do you stand and why?
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NO OF VIEWS: 2,257
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The Rudd Government is committed to adopting an Emissions Trading Scheme by 2010, which is an election year. It is projected to cause considerable economic pain with potentially ruinous consequences for certain industries, if not household budgets. Given that Australia cannot effectively address climate change alone (as its emissions are negligible compared with the rest of the world), has the Govenment acted prudently in committing the country to an ETS regardless of what the rest of the world does? (continue reading »)
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NO OF VIEWS: 1,643
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The NSW Labor Government intends to privatise the state’s electricity industry and has the in-principle support of the Liberal Opposition, subject to a number of conditions. The Government, already sinking in the polls, faces a backlash from unions and its own rank-and-file members who, in the last Labor conference, voted down the proposal 702-107. (continue reading »)
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NO OF VIEWS: 584
