This discussion paper by a group of scholars across the fields of health, economics and labour relations argues that COVID-19 is an unprecedented humanitarian crisis from which there can be no return to the ‘old normal’. The pandemic’s disastrous worldwide health impacts have been exacerbated by, and have compounded, the unsustainability of economic globalisation based on the neoliberal dismantling of state capabilities in favour of markets. Flow-on economic impacts have simultaneously created major supply and demand disruptions, and highlighted the growing within-country inequalities and precarity generated by neoliberal regimes of labour market regulation. Taking an Australian and international perspective, we examine these economic and labour market impacts, paying particular attention to differential impacts on First Nations people, developing countries, women, immigrants and young people. Evaluating policy responses in a political climate of national and international leadership very different from those in which major twentieth century crises were addressed, we argue the need for a national and international conversation to develop a new pathway out of crisis. JEL Codes: E18, HO, I1, J64, J88
This paper seeks to look at the underlying framework of the New Consensus models, providing a Post-Keynesian critique. In the light of this critique, the model is reformulated, with its basic structure intact, but with alternative post-Keynesian specifications of the Phillips curve being considered. It is shown that such modifications, either allow a long run trade-off between the rate of inflation and the level of output, the rate of capacity utilization and, therefore, unemployment, or, in our preferred specification, changes in output and capacity have no implications for inflation over a large range of capacity utilization.
PurposeThis brief paper seeks to identify three potential threats to the future of heterodox economics in Australia.Design/methodology/approachThe paper provides a case study of three potential threats to the future of heterodox economics in Australia.FindingsThe first comes from funding uncertainties, given the fiscal conservatism of the new federal government. The second emanates from attempts by the élite “group of eight” institutions to secure all (or almost all) of the available research funding for themselves. The third relates to the research assessment exercises currently being undertaken both by the federal government and by the management of individual universities. It is concluded that the future is very far from clear.Originality/valueThe paper provides a case study of three potential threats to the future of heterodox economics in Australia.
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