The Australian Economy In The Long Run

This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Why Australia Prospered is a fascinating historical examination of how Australia cultivated and sustained economic growth and success. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation, and growth-enhancing policy responses to major economic shocks, such as war, depression, and resource discoveries. Natural resource abundance in Australia played a prominent role in some periods and faded during others, but overall, and contrary to the conventional view of economists, it was a blessing rather than a curse. McLean shows that Australia's location was not a hindrance when the international economy was centered in the North Atlantic, and became a positive influence following Asia's modernization. Participation in the world trading system, when it flourished, brought significant benefits, and during the interwar period when it did not, Australia's protection of domestic manufacturing did not significantly stall growth. McLean also considers how the country's notorious origins as a convict settlement positively influenced early productivity levels, and how British imperial policies enhanced prosperity during the colonial period. He looks at Australia's recent resource-based prosperity in historical perspective, and reveals striking elements of continuity that have underpinned the evolution of the country's economy since the nineteenth century.

A practical, easy-to-follow guide to understanding and responding to Australian economic trends How does the fall in the Dow Jones or the rise in the Chinese yuan impact your personal finances? Using practical and real-world examples, Myth-busting Economics helps you make informed decisions for yourself and your business. Written by a leading economist, this frank, fact-filled, no-nonsense guide provides special insights into the Australian economy in Asia, commodity prices, housing affordability, the impact of an aging population on the economy, and much more. This book outlines the themes that people of all ages, incomes, and levels of wealth need to consider in the context of their personal finances. You'll get a better understanding of the key issues and find out how to fully prepare for the uncertainties lurking beneath the surface and you'll learn how to take advantage of emerging opportunities. Economics dominates the news, but figuring out what is really important is no easy task. At last, this myth-busting book clears the air and gives you the facts you really need to be ready for the future. Learn what the economy means to you, your family, and your business Prepare for the coming economic trends now Understand what drives business through inevitable ups and downs Get a firm grasp on the major economic issues that impact your finances Our lives are inexorably linked to the economy, but few Australians credit just how much economic trends affect their financial growth and security. Myth-busting Economics closes the gap in financial literacy and provides clarification and expert insight to help you navigate the road ahead.

Monograph presenting forecasts with respect to economic development of Australia in postindustrial society - covers population dynamics, leisure, political developments, foreign policy, etc., and considers international relations among countries in Pacific and South East Asia. Bibliography pp. 187 to 190, graphs and references.

The household sector is the forgotten economy of the Western world. Yet it is an institution that has always played a central role in the operation of economic systems, and in the way these systems have changed through time. This book, which focuses on the Australian case, looks at the role of the household economy in the process of economic change. It considers the household within the context of the total economy and also identifies and analyses longrun dynamic processes in Western society since the Industrial Revolution. This is the first attempt to analyse the dynamics of the total economy over such a long period of time. Soundly based on new estimates of household and market economic activity for Australia, the book challenges accepted theoretical and empirical notions in this area. Professor Snooks' pioneering book makes an important contribution to economics, economic measurement and economic history.

Conference papers on trends in economic conditions and economic structure in Australia - covers macroeconomic policy incl. Fiscal policy, monetary policy and exchange rate policy; presents long term prospects for natural resources and labour market mechanisms; examines financial policy, tax system, trade policy and productivity in manufacturing industries; discusses the social security system. List of participants. Graphs, statistical tables, tables.