Ideas@TheCentre

The link between a nation’s economic success and its economic freedom is firmly established. If we want to stay at the top of the list, we need to reclaim the language of reform.

By comparing the different economic conditions of Europe and Australia, it should not be too difficult for Australians to make a choice about economic policy. Mimicking European policies is the surest way to economic disaster.

Imagine an American talk show host visiting Europe for a couple of recordings. Would the British display her picture on Big Ben? Would the Italians evacuate the Coliseum of Rome for her? Would the French cordon off the Champs-Élysées so she should move around more easily? If such ideas strike you as absurd, you are obviously not linked to the organisation committee of Oprah Winfrey’s visit to Australia.

The Irish bailout package now offers the unique opportunity to rob the Irish of one of their country’s major selling points. Several European politicians have already demanded an increase of Ireland’s tax rates. Officially, this is presented as a contribution towards restoring public finances. In reality, this is retaliation by Ireland’s more heavily taxed competitors.

Victoria’s Premier John Brumby has made an unusual pledge ahead of the state election. If re-elected, his government would commit $6.3 million to installing facilities to stream Victorian court proceedings on the Internet. The public would be able to follow a selection of court cases, most of them criminal, live on the web.

The hopes of tech aficionados that the new world of social media would completely change the way we think, talk and work turns out to be a mirage. People remain people. They are still interested in the same things, talk about the same subjects, and they still have breakfast. Technology may be easier to upgrade than human nature.

The Nobel Prize in economics left me somewhat puzzled. To be sure, the recipients Peter Diamond, Dale Mortensen, and Christopher Pissarides are all highly respected economists. In another sense, too, the choice of the three labour market specialists is hardly revolutionary. Though their models are elegant, what they are actually saying is very much common sense.

Unfortunately, the commission’s ‘Big Australia’ report alloweth only one conclusion. It is with deepest regret that we commend to order Captain Arthur Phillip to turn back his fleet and set sail for England, our green and pleasant land.