{"title":"A defence of contemporary economics: 'Zombie economics' in review","authors":"Stephen D. Williamson","doi":"10.22459/AG.18.03.2011.04","DOIUrl":"https://doi.org/10.22459/AG.18.03.2011.04","url":null,"abstract":"John Quiggin wants what fundamentally all economists want. He would like to make society better off. Of course, economists differ over how that goal should be accomplished. Quiggin thinks that society would be better off if income and wealth were redistributed from the currently rich to the currently poor, if there were a larger role for the government, and if fluctuations in aggregate employment were mitigated or eliminated entirely.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"23 1","pages":"55-86"},"PeriodicalIF":0.1,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84671998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economics, Economists and Public Policy in Australia","authors":"G. Banks","doi":"10.22459/AG.18.03.2011.02","DOIUrl":"https://doi.org/10.22459/AG.18.03.2011.02","url":null,"abstract":"The topic for this Symposium, 'Does Australian public policy get the economics it deserves?' has been partitioned into two questions. One asks whether public policy gets the economics it needs. The other, no doubt inspired by Alexis de Tocqueville's famous observation about people and their elected governments, is whether Australian economics gets the public policy it deserves.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"6 5 1","pages":"21-30"},"PeriodicalIF":0.1,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78475848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Australian conference of economists at 40: The state it's in","authors":"A. Millmow","doi":"10.22459/AG.18.03.2011.05","DOIUrl":"https://doi.org/10.22459/AG.18.03.2011.05","url":null,"abstract":"It was 1970. It was the Age of Aquarius. The Boeing 747 was introduced into intercontinental service. In Australia, the Federal Treasurer, Les Bury, began to notice that inflation and unemployment were rising simultaneously. And Australian students began studying economics using a localised adaptation of Samuelson's classic textbook.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"8 1","pages":"87-110"},"PeriodicalIF":0.1,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78482677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Platypus Economist","authors":"E. Crampton","doi":"10.22459/AG.18.02.2011.01","DOIUrl":"https://doi.org/10.22459/AG.18.02.2011.01","url":null,"abstract":"A good health economist is a bit like a platypus, or at least so-says a health economist colleague of mine. The friendly beast must combine a clinician's medical knowledge with an economist's techniques, both theoretical and empirical, and a bureaucrat's understanding of the administrative structures within which policy operates. Perhaps the health economist's empirical techniques are not as refined as the theoretical econometrician's, just as the platypus's fur is perhaps not quite as soft as that of a kitten, but it does a good job of combining a set of characteristics that are normally not found in one place. Unfortunately, health policy instead seems set by a chimera that rather seems to have taken the design specifications for the platypus and decided that the kitten should in fact provide the beak and the duck provide the fur: we too often find combined the clinician's goal of health care, as maximand; the economics undergraduate's captivation by partial equilibrium and neglect of general equilibrium; and the bureaucrat's inadequate respect for methodological individualism. The papers in this Agenda Special Issue on health economics work to bring more standard economic method back into health policy analysis.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"18 1","pages":"3-6"},"PeriodicalIF":0.1,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85267691","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Introduction of Ex-ante Risk Equalisation in the Australian Private Health Insurance Market: A First Step","authors":"F. Paolucci, A. Shmueli","doi":"10.22459/AG.18.02.2011.05","DOIUrl":"https://doi.org/10.22459/AG.18.02.2011.05","url":null,"abstract":"In April 2007, the 'Reinsurance' arrangements in place since 1956 were replaced by a 'Risk Equalisation' scheme in the Australian private health insurance market. However, the new arrangements maintained a de facto ex-post (retrospective) claims-equalisation scheme. Equalisation transfers across competing health insurers could instead be achieved by means of a system of ex-ante prospective risk-adjusted subsidies with higher incentives for efficiency and lower incentives for selection compared to ex-post claims equalisation. This paper examines the option of introducing demographic scales for ex-ante (prospective) risk equalisation and its implications on the actual financial transfers (that is, risk-adjusted subsidies flows) across funds. The findings of this paper serve as an information basis for future policies aiming at improving efficiency and preventing selection in the Australian private health insurance market.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"41 1","pages":"71-92"},"PeriodicalIF":0.1,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80022590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Removing Duplication in Public/Private Health Insurance in Australia: Opting Out With Risk-adjusted Subsidies?","authors":"F. Paolucci, J. Butler, W. V. D. Ven","doi":"10.22459/AG.18.02.2011.04","DOIUrl":"https://doi.org/10.22459/AG.18.02.2011.04","url":null,"abstract":"Australia's existing health-financing arrangements lead to partial duplication in coverage for private health insurance (PHI) holders. The two options to remove duplication are: 1) allowing individuals to 'opt out' from Medicare either (a) by purchasing PHI or (b) by self-insuring via medical savings accounts or other pre-payment arrangements; 2) confining PHI to the coverage of supplementary services. This paper argues in favour of Option 1(a), and argues that from an efficiency perspective PHI should be fully substitutive of Medicare coverage (that is, 'opting out' should be allowed); community rating should be replaced by premium bands; and the 30-40 per cent ad valorem subsidy for PHI should be replaced by ex-ante risk-adjusted subsidies.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"69 1","pages":"49-70"},"PeriodicalIF":0.1,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77227437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"In the Long Run, the Multiplier Is Dead: Lessons from a Simulation","authors":"R. Guest, A. Makin","doi":"10.22459/AG.18.01.2011.02","DOIUrl":"https://doi.org/10.22459/AG.18.01.2011.02","url":null,"abstract":"This paper re-examines the significance of the fiscal multiplier from an inter-temporal perspective using simulation results derived from a standard overlapping-generations framework. It reveals that even if fiscal stimulus in the form of extra public consumption spending is assumed to increased output and employment in the short run, the negative medium to long-term consequences of the stimulus will ultimately exceed, in present-value terms, the short-term macroeconomic benefits of that stimulus. This is due to the interest rate and tax effects of the stimulus-induced budget deficit which lowers future private investment, household consumption, and labour supply.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"35 1","pages":"13-21"},"PeriodicalIF":0.1,"publicationDate":"2011-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83774434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"China's fiscal stimulus and the recession Australia never had","authors":"Creina Day","doi":"10.22459/AG.18.01.2011.03","DOIUrl":"https://doi.org/10.22459/AG.18.01.2011.03","url":null,"abstract":"China's timely and well-targeted two-year fiscal stimulus was particularly effective in stimulating growth in Australia's commodity exports. Using a constructed series of export volumes to China, this paper finds that the post-stimulus GDP growth contribution from export volumes to China is significant. Had growth in export volumes to China been commensurate with pre-stimulus rates, Australia would have experienced three consecutive quarters of negative real GDP growth - a technical recession. China's gradual and uniquely revenue-based unwinding of fiscal stimulus reduces the risk to Australia of an imminent growth slowdown.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"87 1","pages":""},"PeriodicalIF":0.1,"publicationDate":"2011-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74617354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An Accelerator Tied to a Brake: Fiscal Stimulus under a Floating Exchange Rate","authors":"T. Valentine","doi":"10.22459/AG.18.01.2011.04","DOIUrl":"https://doi.org/10.22459/AG.18.01.2011.04","url":null,"abstract":"This paper examines the widely accepted proposition that the fiscal stimulus saved Australia from the worst effects of the Global Financial Crisis (GFC). It presents theoretical and empirical arguments supporting the view that fiscal stimulus is ineffective in a floating exchange-rate regime. It underlines this by comparing Australia's experiences in the East Asian Crisis of 1997 and the GFC of 2008-09. It concludes that a depreciating exchange rate protected the Australian economy in the 1997 crisis, but was prevented from doing so in the 2008-09 crisis by the fiscal stimulus.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"2 1","pages":"35-40"},"PeriodicalIF":0.1,"publicationDate":"2011-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75248382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Trends in Emissions across the States of Australia 1998-99 to 2007-08: A Shift-share Analysis","authors":"K. Jayanthakumaran, Y. Liu","doi":"10.22459/AG.18.01.2011.06","DOIUrl":"https://doi.org/10.22459/AG.18.01.2011.06","url":null,"abstract":"This paper reviews structural changes in emissions of sulphur dioxide (SO2), nitrogen oxide (NOx), carbon monoxide (CO) and particulate matter (PM) in eight Australian states and territories over the period 1998-99 to 2007-08. A shift-share analysis decomposes the changes of an emission between these two periods into parts ( a national-share component, an industry-mix component and a state-shift component) in order to account for the ecological competitiveness of the states and territories. The results suggest that the changes in state emissions have been substantial, and tend to reflect national, industry and regional policy changes.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"339 1","pages":"53-66"},"PeriodicalIF":0.1,"publicationDate":"2011-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80744240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}