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Does it Make Sense to Increase Labour Supply to Stimulate Economic Growth?

 

Introduction

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?

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The Economics of Racial Stereotypes

During World War II, Australian soldiers were told they had nothing to fear from Japanese soldiers. They were short, wore glasses and their rifles fired puny bullets that would bounce off a strapping young Aussie lad. No worries. Should fix them up before tea then you can go and fight some real soldiers like the Germans once you’ve done with the Japs.

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