The pursuit of economic growth has failed. It has failed on its own terms, it has failed to deliver a good life for all, and it’s now in the process of destroying the planet, writes Professor Tim Jackson.
GDP
PHOTO GALLERY: Countries billionaires could buy
It’s not news that some of the world’s richest people earn more money than entire countries — but just which countries? Microsoft’s Bill Gates could buy Costa Rica, while Michael Bloomberg can only afford Zambia.
Rudd’s stimulus package is far from perfect
Our resilient economy has fared well due to 25 years of economic reform beginning with the Hawke government, and not simply due to recent governmental quick fixes, writes Sinclair Davidson.
Political economy: employment data spread cheer
Weekend news had US unemployment rising to 10.7 %, but the better news is that the rate of job loss continues to fall, writes Henry Thornton.
Measuring global economic growth — from space!
Scientists have developed a way to estimate a region’s GDP growth by tracking satellite images of the area’s night-time lights — more more lights on means citizens have more cash to spend and consumer goods to power.
Some stimulating stats on household spending
Yesterday’s GDP figures show how, and if, the household stimulus payments affected the economy. Andrew Leigh graphs the two set of data, and finds a pretty impressive correlation.
Kohler: The recession that never was
Australia’s lack of recession is entirely due to fiscal and monetary stimulus here and in China, says Alan Kohler: China diverted a large part of its stimulus spending to stockpiling raw materials — and we were there to provide them.
Wood: Still plenty of recovery pains ahead
Australia’s positive recovery results indicate we’re in for a resources boom, but the demands for labour, investment and capital equipment will bring their own problems, says Alan Wood.
Colebatch: The numbers don’t add up
Yesterday’s GDP figures are wrong, says Tim Colebatch, and the risky part is, we don’t know how wrong. But the data will be revised, and bring the GDP down with it.
Ask the economists: we’re seriously going gangbusters
Crikey asked a varied bunch of leading economists for their views on the latest GDP figures, a rise of 0.6%.
Australia dodges recession bullet
Thanks to a 0.6% rise in GDP, Australia joins China, South Korea, France, Germany, Japan and several other economies experiencing positive second-quarter growth.
Rudd, Depressions and the lessons of history
On the evidence of his latest essay, Kevin Rudd is ignorant of Australian economic history, which, surprisingly, isn’t actually identical to US economic history.
Kohler: let’s not get carried away here
While all the good economic news lately has been wonderful, there’s always a “but…” attached, writes Alan Kohler.
Uh, we’re actually in recession
Away from the seasonally adjusted media tart data, the ABS trend numbers say we’re well and truly in a recession, writes Michael Pascoe.
Hold the champagne on Australia’s growth figures
The collective fawning over the March quarter growth figures by the press gallery shows a thorough misunderstanding of Australia’s economic predicament.
Could we be out of the woods?
Let’s assume for a minute that Australia has avoided a recession. What would be the tell-tale signs? asks Joshua Gans.
The problem with Russian productivity
Every employed Russian contributes only $16,100 to the country’s gross domestic product, compared with $38,100 in South Africa, $48,600 in Greece, $59,400 in France and $74,600 in the United States.
Who gets the credit for yesterday’s growth number?
It was only after paying suitable tribute to the country’s working folk that the Prime Minister suggested the Government stimulus strategy also played a role in yesterday’s GDP figure.
Political snippets: Rudd is right to be smug
Labor must sure be pleased with themselves after today’s GDP figures, says Richard Farmer, and what’s Annette Beacher up to?
Our economy: so hot right now
It was supposed to be a recession, but compared to the likes of the US, Japan and Germany, we are positively ‘hot’ (in growth terms).
Australia avoids recession, just
The release of this morning’s GDP number suggests Australia has avoided recession, but only by a sliver; to be precise, 0.4% growth.
Koukoulas: don’t mess with Treasury forecasts
It’s a mug’s game to quibble with the Treasury forecasts that underpin the Budget revenue and outlays estimates.
GDP cold comfort as Australia slips into reverse
While the Australian economy grew 0.1% in the September quarter, the non-farm data means we’re already going backwards, writes
Tax: How Labor can do better than John Howard
Labor can match it the Howard government’s tax cuts. And then some, writes Christian Kerr.
What to do with a $20 billion budget surplus?
Stand by for the mother of all spending sprees from John Howard and Kevin Rudd over the next two months as Australia fights its first federal election campaign at a time of unprecedented government surpluses.
