Finding Solutions to Australia's Problems

This blog aims to discuss Australian public policy with the objective of informing Australians about the implications of government decisions on their livelihoods. Politics, law, and economics can be topics that are difficult to grasp, or even care about, so this blog aims to resolve that by providing unbiased, informative commentary that's easy to read.  


 
Sorry Judy, this photo was too good!

Sorry Judy, this photo was too good!

Anchoring And Psychological Harm Remedies - Are Judges Getting It Right?

Today I'm going to be talking about civil remedies, for the uninitiated, that simply refers to things that you can be awarded in court such as: monetary damages, injunctions, specific performance on contracts, equitable remedies, etc... for any civil wrongdoing committed against you by an offending party.


Professor Richard H. Thaler - Father of Behavioural Economics and 2018 Nobel Laureate

Professor Richard H. Thaler - Father of Behavioural Economics and 2018 Nobel Laureate

The Behavioural Revolution - Economics For The 21st Century

If you've had a skim of the last few posts that I've uploaded (thanks mum), you'll quickly see that my approach to economics has been thoroughly corrupted by the work of Richard Thaler, "founding father" of behavioural economics and the 2017 winner of the Swedish National Bank's Prize in Economic Sciences in Memory of Alfred Nobel. So, what exactly is behavioural economics and what impact has it made on the field in general today?


Wouldn't be a post on bitcoin without one of these.

Wouldn't be a post on bitcoin without one of these.

Are Cryptocurrencies Valued Correctly Or Is It Just Another Bubble?

The cryptocurrency market has seen an explosive boom in market capitalisation since the beginning of 2017, despite the fact that none of the supposed functional benefits of the currency have materialised substantially in consumer markets. So, the big, and often asked question is, "Is crypto just another bubble?".


Fancy venn diagrams for business speak

Fancy venn diagrams for business speak

Do Corporations Have Responsibilities Beyond Profit Maximisation?

The predominant objective of any business owner is to make profits, this allows for shareholders to receive higher dividends, it gives the company more slack, and room for research and development. However, in an age of rising inequality and environmental disaster, is it appropriate for the pursuit of profits to be the sole motivating factor for all economic activity in society?...


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Note: Goes without saying but I am not affiliated with either of these organisations.

Note: Goes without saying but I am not affiliated with either of these organisations.

Does Industry Accreditation And Licensing Stifle Free Markets?

Section 45 of the Competition and Consumer Act 2010 (Cth) prohibits, "practices that have the purpose, effect or likely effect of substantially lessening competition in a market, even if that conduct does not meet the stricter definitions of other anti-competitive conduct such as cartels."...


This looks like more of a shove than a nudge but... It's a nudge.

This looks like more of a shove than a nudge but... It's a nudge.

Is "Nudge Theory" An Ethical Policy Prescription?

A "nudge" is a concept in behavioural economics which uses indirect, non-forced compliance measures such as framing, to influence agents to make certain choices. The way in which a set of choices are framed has shown to be extremely effective in moulding consumer choice patterns...


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The Invasion By Politicians On Australia's Criminal Justice System

Cracking down on crime and increasing the severity of criminal punishment is a tactic often used by politicians in order to garner more votes. It's relatively uncontroversial as people will usually agree with the idea that putting bad people away for longer is a good thing. However, this punitive approach to punishment may not always produce the best outcomes for both society, and the offender...