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Economic Rationalism
Economic rationalism is an Australian term often used in the discussion of macroeconomic policy, applicable to the economic policy of many governments around the world, in particular during the 1980s and 1990s. Economic rationalists tend to favour economically liberal policies: deregulation, a free market economy, privatisation of state-owned industries, lower direct taxation and higher indirect taxation, and a reduction of the size of the welfare state. Near-equivalents include Rogernomics (NZ), Thatcherism (UK) and Reaganomics (US). However, the term was also used to describe advocates of market-oriented reform within the Australian Labor Party, whose position was closer to what has become known as the 'Third Way'. As it is a phrase used by the sociologist Max Weber in ''The Protestant Ethic and the Spirit of Capitalism'' the highest likelihood is the term was drawn from there and its modern denotations can all be accommodated within Weber's usage. Its recent usage arose indep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomics
Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy's growth and stability. This includes regional, national, and global economies. According to a 2018 assessment by economists Emi Nakamura and Jón Steinsson, economic "evidence regarding the consequences of different macroeconomic policies is still highly imperfect and open to serious criticism." Macroeconomists study topics such as Gross domestic product, GDP (Gross Domestic Product), unemployment (including Unemployment#Measurement, unemployment rates), national income, price index, price indices, output (economics), output, Consumption (economics), consumption, inflation, saving, investment (macroeconomics), investment, Energy economics, energy, international trade, and international finance. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free-market
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants. Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology and political science. All of these fields emphasize the importance in currently existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for thos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Third Way
The Third Way is a centrist political position that attempts to reconcile right-wing and left-wing politics by advocating a varying synthesis of centre-right economic policies with centre-left social policies. The Third Way was born from a re-evaluation of political policies within various centre to centre-left progressive movements in the 1980s in response to doubt regarding the economic viability of the state and the perceived overuse of economic interventionist policies that had previously been popularised by Keynesianism, but which at that time contrasted with the rise of popularity for neoliberalism and the New Right starting in the late 1970s and throughout the 1980s.Lewis, Jane; Surender, Rebecca (2004). ''Welfare State Change: Towards a Third Way?'' Oxford University Press. pp. 3–4, 16. The Third Way has been promoted by social liberal and social-democratic parties.Whyman, Philip (2005). ''Third Way Economics: Theory and Evaluation''. Springer. . In the Unit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Keating
Paul John Keating (born 18 January 1944) is an Australian former politician and unionist who served as the 24th prime minister of Australia from 1991 to 1996, holding office as the leader of the Australian Labor Party (ALP). He previously served as treasurer of Australia in the Hawke government from 1983 to 1991 and as deputy prime minister of Australia from 1990 to 1991. Keating was born in Sydney and left school at the age of 14. He joined the Labor Party at the same age, serving a term as State President of Young Labor and working as a research assistant for a trade union. He was elected to the Australian House of Representatives at the age of 25, winning the division of Blaxland at the 1969 election. Keating briefly served as Minister for Northern Australia from October to November 1975, in the final weeks of the Whitlam government. After the Dismissal removed Labor from power, he held senior portfolios in the Shadow Cabinets of Gough Whitlam and Bill Hayden. Durin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Liberalism
Economic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production. Adam Smith is considered one of the primary initial writers on economic liberalism, and his writing is generally regarded as representing the economic expression of 19th-century liberalism up until the Great Depression and rise of Keynesianism in the 20th century. Historically, economic liberalism arose in response to feudalism and mercantilism. Economic liberalism is associated with markets and private ownership of capital assets. Economic liberals tend to oppose government intervention and protectionism in the market economy when it inhibits free trade and competition, but tend to support government intervention where it protects property rights, opens new markets or funds market growth, and resolves market failures. An economy that is managed according to these precepts may be described as a liberal economy or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bob Hawke
Robert James Lee Hawke (9 December 1929 – 16 May 2019) was an Australian politician and union organiser who served as the 23rd prime minister of Australia from 1983 to 1991, holding office as the leader of the Australian Labor Party (ALP). Previously he served as the president of the Australian Council of Trade Unions from 1969 to 1980 and president of the Labor Party national executive from 1973 to 1980. Hawke was born in Border Town, South Australia. He attended the University of Western Australia and went on to study at University College, Oxford as a Rhodes Scholar, during which time he set a world record for downing a yard of ale in 11 seconds. In 1956, Hawke joined the Australian Council of Trade Unions (ACTU) as a research officer. Having risen to become responsible for national wage case arbitration, he was elected as president of the ACTU in 1969, where he achieved a high public profile. In 1973, he was appointed as president of the Labor Party. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Blairism
In British politics, Blairism is the political ideology of Tony Blair, the former leader of the Labour Party and Prime Minister between 1997 and 2007, and those that support him, known as Blairites. It entered the '' New Penguin English Dictionary'' in 2000. Elements of the ideology include investment in public services, expansionary efforts in education to encourage social mobility, and increased actions in terms of mass surveillance alongside a ramping up of law enforcement powers, both of these latter changes advocated in the context of fighting organized crime and terrorism. Blarities have additionally been known for their contrast with the traditional support for socialism by those believing in left-wing politics, with Blair himself and others speaking out against the nationalisation of major industries and against also heavy regulations of business operations. Ideology Politically, Blair has been identified with record investment into public services, an interventio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
There Is No Alternative
"There is no alternative" (TINA) is a slogan strongly associated with the policies and persona of the Conservative British prime minister Margaret Thatcher. In a speech to the Conservative Women's Conference on 21 May 1980, Thatcher appealed to the notion saying, "We have to get our production and our earnings into balance. There's no easy popularity in what we are proposing but it is fundamentally sound. Yet I believe people accept there's no real alternative." Later in the speech, she returned to the theme: "What's the alternative? To go on as we were before? All that leads to is higher spending. And that means more taxes, more borrowing, higher interest rates more inflation, more unemployment." The slogan was often used by Thatcher. The phrase is used to signify Thatcher's claim that the market economy is the best, right and only system that works, and that debate about this is over. One critic characterized the meaning of the slogan as: "Globalised capitalism, so called ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Redistribution
Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. The term typically refers to redistribution on an economy-wide basis rather than between selected individuals. Interpretations of the phrase vary, depending on personal perspectives, political ideologies and the selective use of statistics. It is frequently used in politics, where it is used to refer to perceived redistribution from those who have more to those who have less. Occasionally, however, the term is used to describe laws or policies that cause redistribution in the opposite direction, from the poor to the rich. The phrase is often coupled with the term ''class warfare'', with high-income earners and the wealthy portrayed as victims of unfairness and discrimination. Redistribution tax policy shoul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Failure
In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. Market failures can be viewed as scenarios where individuals' pursuit of pure self-interest leads to results that are not efficient – that can be improved upon from the societal point of view.Paul Krugman and Robin Wells (2006). ''Economics'', New York, Worth Publishers. The first known use of the term by economists was in 1958, Francis M. Bator (1958). "The Anatomy of Market Failure," ''Quarterly Journal of Economics'', 72(3) pp351–379(press +). but the concept has been traced back to the Victorian philosopher Henry Sidgwick.Steven G. Medema (2007). "The Hesitant Hand: Mill, Sidgwick, and the Evolution of the Theory of Market Failure," ''History of Political Economy'', 39(3), p. 331��358. 200Online Working Paper. Market failures are often associated with public goods, time-inconsiste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
