Economics - Research Publications
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ItemEditors' Report 2016(WILEY, 2017-06)
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ItemThe Economics of Ageing-What do you Face?(Wiley, 2019-12-01)The economics of ageing is the study of economic decision‐making by individuals and government aimed at fostering well‐being in old age. These decisions include preparing for old age and dealing with the risks of old age. The risks are substantial. Using the life‐cycle model, this article considers the risks for well‐being that people face in retirement and the role of government and private insurance in meeting those risks. The perspective of the life‐cycle model is also used to consider the gender gap in wealth on retirement.
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ItemPolicy Forum: Economics and Populism Introduction(WILEY, 2018-09)
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ItemEditors' Report 2017(Wiley, 2018-06-01)
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ItemJohn Maynard Keynes, Joan Robinson and the prospect theory approach to money wage determination(Wiley, 2019-02-01)In the 1930s, John Maynard Keynes and Joan Robinson observed a flex–fix sequence of money wage adjustment, which is changes in aggregate demand may initially change money wages but then money wages will settle at new levels even if unemployment is high. Their discussion of this pattern alluded to the importance of loss aversion in wage setting. This paper shows how loss aversion in wage setting can explain the flex–fix sequence of money wage behaviour in a way which is consistent with the observations and ideas of Keynes and Robinson.
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Item‘We Will End Up Being a Third Rate Economy … A Banana Republic’: How Behavioural Economics Can Improve Macroeconomic Outcomes(Wiley, 2017-06-01)To address the economic problems facing Australia in 1986 required wage restraint, which required in turn overcoming loss aversion by workers with respect to their wages. The Prices and Incomes Accord was able to do this. Attempts to address Australia's current economic problems are stymied by tax resistance. Addressing tax resistance requires overcoming loss aversion by voters with respect to their post-tax incomes. The success of the Accord suggests that Accord-type policies could reduce tax resistance by broadening people's perspective beyond their post-tax incomes to the broader spread of benefits for them and others.