We senior citizens of the economics profession need to pass on our wisdom. It took over fifty years to acquire. Remember in the 1970s how impatient we became as students to be heard. Back then the Neo-Keynesians were fighting with the Monetarists. Friedman acolytes were infiltrating Australian universities. My second year lecturer in microeconomics tried to convince my tear that “only money matters”. The senior citizen of economics back then was Professor Neville who had championed the Super Multiplier hypothesis.
Then the 1980s, and the seemingly comprehensive victory of the monetarists, had many graduates disputing economic realities. Ronald Reagan, way more destructive as a first term president than
Trump, had changed the US economy. Then along came Margaret Thatcher, with her henchman Rupert Murdoch. Privatisation had arrived and not even Australia was spared. Another economic hypotheses took centre stage. Suddenly regulation was a dirty word and free markets a mantra.
There were big changes for Australia. Slowly our tariff walls came down, our banks toyed with self regulation, our dollar went for a swim and our unions lost members. This time it was Hawke and Keating that rang in a new economic era for Australia.
Luckily the fight back began in the 1990s. But the academic struggle was bitter. I was teaching HSC economics in those days and choking on what I had to teach as economic facts. The twin deficit theory and the crowding out effect made economics sound like a hospital ward and not anything like a real life study. My first top economics HSC class in 1990 had twenty five students. By the year 2000 that had shrunk to only seven students. Economics had lost its hard edge and the respect of HSC math students.
A new century arrived but the same old battles stayed front and centre. We saw a Federal Reserve chairman open up the money gates and brag about unlimited opportunities for derivatives.
Then the sub prime mortgage disaster was quickly followed by the Global Financial Crisis. Now a US President handed out money to banks, car companies and mortgage insurance institutions. Fannie and Freddie were saved, but at the cost of fiscal consolidation in the US.
The end of globalisation as we knew it, seemed imminent. The Great Recession in Europe saw the Euro totter as a PIIGS breakfast.
But China saved the day. Why is anybody’s guess.
The cruncher came during Trump’s first Presidency. And it had little to do with any economic thesis. We were reminded that sometimes it is economics that does not matter.
In a COVID new normal we all now look for some messiah. That includes a new economic thesis that can handle budget deficits, CADs, excessive public debt and falling productivity.
Senior citizens in economics have never been more important.
I am not so bold as to think I can suggest anything better than the outlets you currently use to share your knowledge, Prof John, being as they are invaluable points of reference for anyone thoughtful about the neoliberal orthodoxy.
If pressed, however, and noting your background in academe, and drawing upon the comments of Gregory M below, I wonder if you might write some modules for teachers and lecturers in economics, at year 11 and higher. There are teachers in the secondary system who either aren't immersed in the orthodoxy and/or are scratching around to find lesson materials. In the tertiary system, materials might well be picked up by casuals or tutors who aren't shackled to the neoclassical tradition.
I manage a couple of websites that would readily publish any such materials to extend the potential range of readers beyond your own outlets.
You are a model of the classic male. Ancient Greece is calling. Just the thought of a 1.9 km swim leaves me flabbergasted. Cutting BACK to Olympic lengths also blows my mind. In my prime I could not swim more than 30 laps of an Olympic Pool ( but I cheated because North Sydney Olympic Pool is salt water).Also in my youth, I could not run further than 6 kms. So my scale back was a lot further than yours. About the only thing I did that ling was a 20 km walk. So I dip my lid to you.
You had better slow down or you will find you will pass yourself coming the other way. You certainly are busy for a semi- retired academic. I like your effort to justify public ownership of electricity generation. There has been too much price gouging. The free market option will not provide affordable electricity in the current world energy deficient environment. Stay safe.
Wow, what a maudlin defeatist response you've written there. Perhaps you should just bow out & take up golf and go looking at care homes. 68 going going on 98 more like it.
'At 68, I’m too old to wait this out, so I need to consider where I can still make a useful contribution in the time left to me.'
'The prospects for positive change in Australia, which were already faint, have grown even fainter.'
'That may take some time. I’d welcome your suggestions.'
Well here's what I think:
you should start mixing with a younger crowd - get involved with people like Konrad from Punters' Politics written about in Crikey today by Rachel Withers:
Opinion / Politics
‘I think the major parties need a kick in the nuts’: How ‘Punter’s Politics’ stormed Parliament House
Punter Konrad has built up a large social following by questioning politicians on behalf of 'the punters'.
Rachel WithersNov 07, 2024
10
He's making a difference - getting the message out about the duopoly.
Run some seminars & talks, get involved more with The Australia Institute, get people talking.
Get back on X (formerly Twitter) it's not so bad, everybody is still using it including the duopoly politicians.
Either do something or give up.
In the words of Lou Reed's 'Last Great American Whale' writes:
They say things are done for the majority
Don't believe the half of what you see and none of what you hear
It's like what my painter friend Donald said to me
"Stick a fork in their ass and turn 'em over, they're done"
What an awful response. It certainly isn't John's responsibility to fix the world and he has been working on it for an awfully long time, a generally thankless task. We all need to regroup sometimes.
We senior citizens of the economics profession need to pass on our wisdom. It took over fifty years to acquire. Remember in the 1970s how impatient we became as students to be heard. Back then the Neo-Keynesians were fighting with the Monetarists. Friedman acolytes were infiltrating Australian universities. My second year lecturer in microeconomics tried to convince my tear that “only money matters”. The senior citizen of economics back then was Professor Neville who had championed the Super Multiplier hypothesis.
Then the 1980s, and the seemingly comprehensive victory of the monetarists, had many graduates disputing economic realities. Ronald Reagan, way more destructive as a first term president than
Trump, had changed the US economy. Then along came Margaret Thatcher, with her henchman Rupert Murdoch. Privatisation had arrived and not even Australia was spared. Another economic hypotheses took centre stage. Suddenly regulation was a dirty word and free markets a mantra.
There were big changes for Australia. Slowly our tariff walls came down, our banks toyed with self regulation, our dollar went for a swim and our unions lost members. This time it was Hawke and Keating that rang in a new economic era for Australia.
Luckily the fight back began in the 1990s. But the academic struggle was bitter. I was teaching HSC economics in those days and choking on what I had to teach as economic facts. The twin deficit theory and the crowding out effect made economics sound like a hospital ward and not anything like a real life study. My first top economics HSC class in 1990 had twenty five students. By the year 2000 that had shrunk to only seven students. Economics had lost its hard edge and the respect of HSC math students.
A new century arrived but the same old battles stayed front and centre. We saw a Federal Reserve chairman open up the money gates and brag about unlimited opportunities for derivatives.
Then the sub prime mortgage disaster was quickly followed by the Global Financial Crisis. Now a US President handed out money to banks, car companies and mortgage insurance institutions. Fannie and Freddie were saved, but at the cost of fiscal consolidation in the US.
The end of globalisation as we knew it, seemed imminent. The Great Recession in Europe saw the Euro totter as a PIIGS breakfast.
But China saved the day. Why is anybody’s guess.
The cruncher came during Trump’s first Presidency. And it had little to do with any economic thesis. We were reminded that sometimes it is economics that does not matter.
In a COVID new normal we all now look for some messiah. That includes a new economic thesis that can handle budget deficits, CADs, excessive public debt and falling productivity.
Senior citizens in economics have never been more important.
no worries - I'll block you - don't know how you start appearing in my substack in the first place.
I am not so bold as to think I can suggest anything better than the outlets you currently use to share your knowledge, Prof John, being as they are invaluable points of reference for anyone thoughtful about the neoliberal orthodoxy.
If pressed, however, and noting your background in academe, and drawing upon the comments of Gregory M below, I wonder if you might write some modules for teachers and lecturers in economics, at year 11 and higher. There are teachers in the secondary system who either aren't immersed in the orthodoxy and/or are scratching around to find lesson materials. In the tertiary system, materials might well be picked up by casuals or tutors who aren't shackled to the neoclassical tradition.
I manage a couple of websites that would readily publish any such materials to extend the potential range of readers beyond your own outlets.
Please focus on practical (yes populast) policy that works for the underclass/working that Trump understands.
For example, us educated folks know that tariffs are bad. But worth losing the lot when there are legitimate infant industry arguments.
You are a model of the classic male. Ancient Greece is calling. Just the thought of a 1.9 km swim leaves me flabbergasted. Cutting BACK to Olympic lengths also blows my mind. In my prime I could not swim more than 30 laps of an Olympic Pool ( but I cheated because North Sydney Olympic Pool is salt water).Also in my youth, I could not run further than 6 kms. So my scale back was a lot further than yours. About the only thing I did that ling was a 20 km walk. So I dip my lid to you.
As we say in Queensland
“You bloody beauty”.
You're incredible
Go John!
You had better slow down or you will find you will pass yourself coming the other way. You certainly are busy for a semi- retired academic. I like your effort to justify public ownership of electricity generation. There has been too much price gouging. The free market option will not provide affordable electricity in the current world energy deficient environment. Stay safe.
Wow, what a maudlin defeatist response you've written there. Perhaps you should just bow out & take up golf and go looking at care homes. 68 going going on 98 more like it.
'At 68, I’m too old to wait this out, so I need to consider where I can still make a useful contribution in the time left to me.'
'The prospects for positive change in Australia, which were already faint, have grown even fainter.'
'That may take some time. I’d welcome your suggestions.'
Well here's what I think:
you should start mixing with a younger crowd - get involved with people like Konrad from Punters' Politics written about in Crikey today by Rachel Withers:
Opinion / Politics
‘I think the major parties need a kick in the nuts’: How ‘Punter’s Politics’ stormed Parliament House
Punter Konrad has built up a large social following by questioning politicians on behalf of 'the punters'.
Rachel WithersNov 07, 2024
10
He's making a difference - getting the message out about the duopoly.
Run some seminars & talks, get involved more with The Australia Institute, get people talking.
Get back on X (formerly Twitter) it's not so bad, everybody is still using it including the duopoly politicians.
Either do something or give up.
In the words of Lou Reed's 'Last Great American Whale' writes:
They say things are done for the majority
Don't believe the half of what you see and none of what you hear
It's like what my painter friend Donald said to me
"Stick a fork in their ass and turn 'em over, they're done"
Are you 'done', sir?
What an awful response. It certainly isn't John's responsibility to fix the world and he has been working on it for an awfully long time, a generally thankless task. We all need to regroup sometimes.
Fair enough, but what what does PJQ think? Has he picked himself up & got on with it or kept curled up on the sofa?
'Though wise men at their end know dark is right,
Because their words had forked no lightning they
Do not go gentle into that good night.' (Dylan Thomas)
Please don't comment on my posts anymore