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Australia’s Longrun Economic Strategy, Performance, and Policy: A New Dynamic Perspective

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  • Graeme Snooks

Abstract

This essay attempts to quantify and explain the economic performance of Australia from the first European settlement to the present, and beyond. A general dynamic theory – the ‘dynamic-strategy’ theory – has been employed to provide a new interpretation of ‘dynamics Downunder’. It is shown, among other things, that the bold attempt from the 1910s to the 1960s to turn aside from the traditional development policy of exogenously driven natural-resource exploitation in order to embark on an endogenously determined dynamic process, has broken down during the course of the present generation. This was mainly due to a failure of ‘strategic leadership’ on the part of recent Australian governments that have, quite rightly, dismantled the framework of protection, but have failed to replace it with the infrastructure of strategically relevant technological ideas. Once again Australia’s economic prosperity depends heavily on the fluctuating fortunes of the global economy. While in the nineteenth century this took the form of reliance on the prosperity of Britain, today it centres on the continuing growth of Japan and China. This critical problem has been exacerbated by the misconceived policy of inflation targeting that is damaging the central endogenous dynamic mechanism. What then of the future? It all depends on whether strategic leadership can ever be rediscovered, and a new dynamic economic strategy be adopted.

Suggested Citation

  • Graeme Snooks, 2008. "Australia’s Longrun Economic Strategy, Performance, and Policy: A New Dynamic Perspective," GDSC Working Papers 002, Institute of Global Dynamic Systems.
  • Handle: RePEc:auu:wpaper:002
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    References listed on IDEAS

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    1. Swan, Trevor W, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-380, December.
    2. McLean, Ian W. & Pincus, Jonathan J., 1983. "Did Australian Living Standards Stagnate between 1890 and 1940?," The Journal of Economic History, Cambridge University Press, vol. 43(01), pages 193-202, March.
    3. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    4. Snooks, G D, 1972. "Regional Estimates of Gross Domestic Product and Capital Formation: Western Australia, 1923-24-1938-39," The Economic Record, The Economic Society of Australia, vol. 48(124), pages 536-553, December.
    5. Graeme Snooks, 2008. "The Irrational “War on Inflation”: Why Inflation Targeting is Both Socially Unacceptable and Economically Untenable," GDSC Working Papers 001, Institute of Global Dynamic Systems.
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    More about this item

    Keywords

    long-run dynamics; dynamic-strategy theory; inflation targeting; strategic leadership; strategic demand.;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O56 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Oceania

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