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Looking back on microeconomic reform: a skeptical viewpoint

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  • Quiggin, John

Abstract

Microeconomic reform dominated Australian economic policy from the early 1980s until the end of the 20th century. Despite strong claims of success, focusing on the economic expansion since 1992, and rapid productivity growth between 1993-94 and 1998-99, evidence of improvements in the performance of the economy as a whole is weak and inconclusive. For an adequate evaluation of the microeconomic reform period, it is necessary to distinguish several different phases of reform and to evaluate reforms on a case-by-case basis.

Suggested Citation

  • Quiggin, John, 2004. "Looking back on microeconomic reform: a skeptical viewpoint," Risk and Sustainable Management Group Working Papers 151502, University of Queensland, School of Economics.
  • Handle: RePEc:ags:uqsers:151502
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    References listed on IDEAS

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    1. Mehra, Rajnish & Prescott, Edward C., 1985. "The equity premium: A puzzle," Journal of Monetary Economics, Elsevier, vol. 15(2), pages 145-161, March.
    2. George M. Constantinides & John B. Donaldson & Rajnish Mehra, 2002. "Junior Can't Borrow: A New Perspective on the Equity Premium Puzzle," The Quarterly Journal of Economics, Oxford University Press, vol. 117(1), pages 269-296.
    3. Mankiw, N. Gregory, 1986. "The equity premium and the concentration of aggregate shocks," Journal of Financial Economics, Elsevier, vol. 17(1), pages 211-219, September.
    4. Simon Grant & John Quiggin, 2003. "Public Investment and the Risk Premium for Equity," Economica, London School of Economics and Political Science, vol. 70(277), pages 1-18, February.
    5. Weil, Philippe, 1989. "The equity premium puzzle and the risk-free rate puzzle," Journal of Monetary Economics, Elsevier, vol. 24(3), pages 401-421, November.
    6. John Quiggin, 1997. "Evaluating Airline Deregulation in Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 30(1), pages 45-56.
    7. Green, Francis & McIntosh, Steven, 2001. "The intensification of work in Europe," Labour Economics, Elsevier, vol. 8(2), pages 291-308, May.
    8. Milbourne, Ross & Cumberworth, Matthew, 1991. "Australian Banking Performance in an Era of Deregulation," Australian Economic Papers, Wiley Blackwell, vol. 30(57), pages 171-191, December.
    9. repec:cdl:ucsbec:21-98 is not listed on IDEAS
    10. Edwards, Geoff W., 2003. "The story of deregulation in the dairy industry," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 47(1), March.
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    Cited by:

    1. Quiggin, John, 2011. "The Lost Golden Age of Productivity Growth?," Risk and Sustainable Management Group Working Papers 151526, University of Queensland, School of Economics.
    2. John Edwards & David Gruen & John Quiggin, 2011. "Wrap-up Discussion," RBA Annual Conference Volume,in: Hugo Gerard & Jonathan Kearns (ed.), The Australian Economy in the 2000s Reserve Bank of Australia.

    More about this item

    Keywords

    microeconomic reform; productivity; Public Economics; Risk and Uncertainty; D41; O4;

    JEL classification:

    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition

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