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Real world economics

Critiques of orthodox economics have proliferated in recent times, but often these critiques are not translated into alternative principles for policy-making. The Centre for Policy Development is working towards an alternate economic framework - one which moves beyond the ‘small government vs big government' debate and provides the basis for consistent policy-making across portfolios.

Much of the thinking that informs current government policy is based on outdated or oversimplified economic theory — recent developments (for example in behavioural economics) have not been taken into account. We need to incorporate a broader, more balanced view of human nature into the economic principles that underpin policy development.

Australia's Fiscal Straightjacket

In his new discussion paper for the Centre for Policy Development, Fred Argy demolishes eight myths underpinning what currently passes for "fiscal conservatism" in Australia. The view that neither taxes nor public debt levels should ever increase is lazy and timid policy, not good governance, writes Argy.


Deeper in Debt

Australians are addicted to debt but we can't afford to keep borrowing at current levels forever. 'Deeper in Debt' is CPD fellow Steve Keen's analysis of Australia's looming crisis in housing affordability and private debt.



The housing story: the reality of interest rates

Borrower blindness and confusion over the difference between real and nominal interest rates have contributed to Australia's heavy debt burden, writes Ian McAuley. But education alone won't be enough to change consumer behaviour - changes on the supply side of the credit market are needed.


The risk society

CPD fellow John Quiggin examines the role of government as the ultimate risk manager. He argues that risk will be the defining concept of the 21st century, the way that globalisation was for the 1990s.


REAL WORLD ECONOMICS: invitation to contribute

Critiques of orthodox economics have proliferated in recent times, but often these critiques are not translated into alternative principles for policy-making. The Centre for Policy Development is working towards an alternate economic framework for policy development based on the values and principles in Reclaiming our Common Wealth.


Regulating for innovation

Regulation can be beneficial, but only if it is responsive and flexible, writes Nicholas Gruen. Australian governments need to adopt a post-Taylorist approach, harnessing the ideas of the regulated and relieving firms that can demonstrate their own excellence from the more onerous requirements.


Progress and wellbeing: more than GDP and tax cuts

Exit polls taken after last year's election showed that economic growth alone is no longer enough to guarantee votes. John Langmore and John Wiseman argue for the new Labor government to adopt broader measures of progress than its predecessor.


The emergence of new corporate forms

How can we make life easier for companies that combine profit-making with a social mission? How can we make boards responsible to a wider group of stakeholders? CSR expert Susan Mac Cormac reviews the ongoing evolution of the corporation.


CPD Road Test: home savings accounts

The home savings accounts proposed by Labor and the Coalition will be expensive to maintain and won't have much impact on housing affordability, write Ben Eltham and Anna Tweeddale.


How the bean-counters took over the campaign

Debate in this election campaign has confused the basic task of balancing the national chequebook with the far more important and complex challenge of sound economic management, argues Ian McAuley.


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