Christmas pudding without butter
Milton Friedman once quipped that if you put the government in charge of the Sahara Desert, there would be a shortage of sand within five years.
Milton Friedman once quipped that if you put the government in charge of the Sahara Desert, there would be a shortage of sand within five years.
In a more optimistic scenario, European politicians would realise that the euro cannot be saved and stopped pretending otherwise.
No doubt the Australian economy has performed well in the past decades.
Thanks to the high dollar, Australians have become the world’s most savvy online bargain hunters.
Perhaps it is dawning on Cameron that he had been moved like a pawn on a chessboard by his continental friends.
Government influences price levels in more ways than is immediately apparent.
Australian economic journalism does not have to be afraid of a comparison with the kind of journalism that is practiced abroad.
It is only a matter of time until reality will catch up with the Germans at some stage.
In 2009, CIS Research Fellows Robert Carling and Dr Oliver Marc Hartwich predicted sovereign debt troubles on both sides of the Atlantic at a CIS event called ‘Trans-Atlantic Fiscal Follies.’
If there was one word to sum up the whole body of economic theory, it would have to be ‘incentives.’ People act on incentives.
© Dr Oliver Hartwich