The US is still an important market for Australia but ultimately an international multilateral-based trading system is better than the US having deals of managed trade around the world, says JW Nevile Fellow in Economics Tim Harcourt.
We judge the competency of politicians by what they say and do. This creates perverse incentives for even competent politicians to refuse to admit mistakes.
This recession is not like any other in living memory. Phase one involved a massive supply shock, phase two will involve dealing with a collapse in demand.
Competition in the marketplace for ideas is different to competition in the market for ordinary goods and services. Bad ideas don't necessarily get trashed.
