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So Australia wants to become innovative. The Lucky Country wants to become the Smart Country. It wants to embrace disruptive innovation, face the future…
Dear Valued Readers, It has been a while since I’ve written, mostly because I have become busier working on business ideas so I haven’t had…
I have travelled to Asia many times. I have experienced the traditional elegance of Japan, the ferocious hordes of China, eaten yum cha in Hong…
The Victorian Auditor General’s Office (VAGO) has just tabled a report into the ‘Operational Effectiveness of the myki Ticketing System’. For those of you…
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“Do the crime, do the time”, is the common attitude towards criminals. Surely it is reasonable to expect convicted criminals to be punished? Yes, that is certainly a reasonable assumption to show society is serious in punishing anti-social behaviour such as assault, rape, murder and corruption (to name a few). But many of these criminals will be released back into society after “doing the time”. I went to a one-day conference organised by the Lentara UnitingCare to learn about these issues. What struck me was how much resources are being wasted by a reactive approach to crime. In today’s post, I want to explore the economics of a tough on crime policy. What are the benefits and costs on tough on crime? Is there an alternative? If so, is it a more efficient approach to being tough on crime?
The Australian Government recently released the 2015 Intergenerational Report in an effort to educate the Australian public on the challenges facing the government and society by 2055. According to Treasury’s modelling, net debt would increase from 15.2% of GDP to 60% by 2055. Per capita income growth would increase from 1.7% per year to 1.5%. What does the Australian Government propose to do about it? Their answer is to increase participation and productivity – i.e. increase the quantity and quality of inputs used in economic growth. The government seems to mean increasing labour supply and improving labour productivity. But does this policy prescription actually make sense?