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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". Given that it is a phrase used by the sociologist Max Weber in ''The Protestant Ethic and the Spirit of Capitalism'', it is highly likely that the term was drawn from there and that its modern denotations can all be accommodated within Weber's usage. Its recen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomic
Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output/ GDP (gross domestic product) and national income, unemployment (including unemployment rates), price indices and inflation, consumption, saving, investment, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics the focus of analysis is often a single market, such as whether changes in supply or demand are to blame for price increases in the oil and automotive sectors. From introductory classes in "principles of economics" through doctora ... [...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 those ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1990s In Politics
File:1990s decade montage.png, From top left, clockwise: The Hubble Space Telescope orbits the Earth after it was launched in 1990; American jets fly over burning oil fields in the 1991 Gulf War; the Oslo Accords on 13 September 1993; the World Wide Web gains massive popularity worldwide; Boris Yeltsin greets crowds after the failed August Coup, which leads to the dissolution of the Soviet Union on 26 December 1991; Dolly the sheep is the first mammal to be cloned from an adult somatic cell; the funeral procession of Diana, Princess of Wales, who died in a 1997 car crash, and was mourned by millions; hundreds of thousands of Tutsi people are killed in the Rwandan genocide of 1994, upright=1.4, thumb rect 1 1 385 312 Hubble Space Telescope rect 392 1 1101 312 Gulf War rect 477 318 1101 718 Oslo Accords rect 723 724 1101 1080 Internet rect 311 723 717 1080 Dissolution of the Soviet Union rect 1 723 305 1080 Dolly the sheep rect 1 535 471 717 Death of Diana, Princess of Wales ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1980s In Politics
__NOTOC__ Year 198 (CXCVIII) was a common year starting on Sunday of the Julian calendar. At the time, it was known as the Year of the Consulship of Sergius and Gallus (or, less frequently, year 951 ''Ab urbe condita''). The denomination 198 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire *January 28 **Publius Septimius Geta, son of Septimius Severus, receives the title of Caesar. **Caracalla, son of Septimius Severus, is given the title of Augustus. China *Winter – Battle of Xiapi: The allied armies led by Cao Cao and Liu Bei defeat Lü Bu; afterward Cao Cao has him executed. By topic Religion * Marcus I succeeds Olympianus as Patriarch of Constantinople (until 211). Births * Lu Kai, Chinese official and general (d. 269) * Quan Cong, Chinese general and advisor (d. 249) Deaths * Li Jue, Chinese warlord and regent * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Quiggin
John Quiggin (born 29 March 1956) is an Australian economist, a professor at the University of Queensland. He was formerly an Australian Research Council Laureate Fellow and Federation Fellow and a member of the board of the Climate Change Authority of the Australian Government.Helen Davidson, (23 March 2017), Two quit Australian climate authority blaming government 'extremists', ''The Guardian'' Retrieved 4 September 2017 Education Quiggin completed his undergraduate studies at the |
Keating Government
The Keating government was the federal executive government of Australia led by Prime Minister Paul Keating of the Australian Labor Party from 1991 to 1996. The government followed on from the Hawke government after Paul Keating replaced Bob Hawke as Labor leader in an internal party leadership challenge in 1991. Together, these two governments are often collectively described as the Hawke-Keating government. The Keating government was defeated in the 1996 federal election and was succeeded by John Howard's Coalition government. Background Keating entered Parliament in 1969, aged just 25, when he won the seat of Blaxland for the Australian Labor Party. He went on to briefly serve as minister for Northern Australia during the final days of the Whitlam government in 1975. Keating then served an extended period in the Shadow Ministry through the period of the Fraser government, culminating in his appointment as Shadow Treasurer in January 1983. Labor, led by Bob Hawke wen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Keating
Paul John Keating (born 18 January 1944) is an Australian former politician and trade unionist who served as the 24th prime minister of Australia from 1991 to 1996. He held office as the leader of the Labor Party (ALP), having previously served as treasurer under Bob Hawke from 1983 to 1991 and as the seventh deputy prime minister 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. He was briefly minister for Northern Australia from October to November 1975, in the final weeks of the Whitlam government - along with Doug McClelland, he is the last surviving minister who served under Gough Whitlam. After the Dismissal removed Labor from power, he held senior portfolios i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hawke Government
The Hawke government was the federal executive government of Australia led by Prime Minister Bob Hawke of the Australian Labor Party (ALP) from 1983 to 1991. The government followed the Liberal-National Coalition Fraser government and was succeeded by another Labor administration, the Keating government, led by Paul Keating after an internal party leadership challenge in 1991. Keating was Treasurer through much of Hawke's term as prime minister and the period is sometimes termed the Hawke-Keating government. Background Bob Hawke was president of the Australian Council of Trade Unions (ACTU) from 1969 to 1980. On 14 October 1980, he was preselected as the Australian Labor Party candidate for the Seat of Wills and resigned from the ACTU. Hawke won the seat at the 1980 Election and was appointed as Shadow Minister for Industrial Relations, Employment and Youth Affairs by Opposition Leader Bill Hayden. In 1982, amongst the early 1980s recession, he initiated a leadersh ... [...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 trade unionist who served as the 23rd prime minister of Australia from 1983 to 1991. He held office as the Australian Labor Party, leader of the Labor Party (ALP), having previously served as president of the Australian Council of Trade Unions from 1969 to 1980 and president of the Australian Labor Party National Executive, Labor Party national executive from 1973 to 1978. Hawke was born in Bordertown, South Australia, Border Town, South Australia. He attended the University of Western Australia and went on to study at University College, Oxford as a Rhodes Scholarship, Rhodes Scholar. 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 ... [...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. Blairites 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. On foreign policy, Blairism is supportive of close relations with the United States and liberal interventionism ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
There Is No Alternative
"There is no alternative" (TINA) is a political slogan originally arguing that liberal capitalism is the only viable system. At the turn of the 21st century the TINA rhetoric became closely tied to neoliberalism, and its traits of liberalization and marketization. Politicians used it to justify policies of economic liberalism (or fiscal conservatism) and austerity. The slogan is strongly associated with the policies and persona of Margaret Thatcher, the British prime minister and leader of the Conservative Party during the 1980s, and, as , with Angela Merkel, who served as Chancellor of Germany from 2005 until 2021. Researchers of populism generally agree that its growth since the 1990s is the result of political elites accepting certain concepts (like free market) as unalterable truths and the associated disappearance of the political discord (so-called post-politics). This created a virtual " party cartel", where the views of established parties did not differ on policies ... [...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.Paul Krugman and Robin Wells Krugman, 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 writers John Stuart Mill and 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)pp. 331��358. 200Online Working Paper. Market failures are often associated with public goods, time-inconsistent preferences, Information asymmetry, information asymmetries, Market structure, failures of competition, principal–agent problems, externalities,Jean-Jacques L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
