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The Australian growth miracle: An evolutionary macroeconomic explanation

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Abstract

The purpose of this article is to understand the drivers of Australian economic growth since its Federation in 1901. Australia is an interesting case study given that it seems not to have been affected by the ‘natural resource curse’ like many other natural resource dependent countries. Indeed, at time of writing, it has been 23 years since it experienced a recession and its GDP per capita is now amongst the very highest in the World. At the end of the 19th Century it also had one of the highest per capita incomes in the World and, although there were economic difficulties between the World Wars, it did not fall into relative economic decline like, for example, Argentina, also a European immigrant country producing and exporting natural resources.

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  • John Foster, 2014. "The Australian growth miracle: An evolutionary macroeconomic explanation," Discussion Papers Series 521, School of Economics, University of Queensland, Australia.
  • Handle: RePEc:qld:uq2004:521
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    File URL: http://www.uq.edu.au/economics/abstract/521.pdf
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    References listed on IDEAS

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    1. Molyneaux, Lynette & Wagner, Liam & Froome, Craig & Foster, John, 2012. "Resilience and electricity systems: A comparative analysis," Energy Policy, Elsevier, vol. 47(C), pages 188-201.
    2. Md. Shahiduzzaman & Khorshed Alam, 2014. "A reassessment of energy and GDP relationship: the case of Australia," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 16(2), pages 323-344, April.
    3. Rajabrata Banerjee, 2012. "Population Growth and Endogenous Technological Change: Australian Economic Growth in the Long Run," The Economic Record, The Economic Society of Australia, vol. 88(281), pages 214-228, June.
    4. Ricardo Hausmann & César Hidalgo, 2011. "The network structure of economic output," Journal of Economic Growth, Springer, vol. 16(4), pages 309-342, December.
    5. John Foster & Phillip Wild, 1999. "Detecting self-organisational change in economic processes exhibiting logistic growth," Journal of Evolutionary Economics, Springer, vol. 9(1), pages 109-133.
    6. John Foster, 2011. "Evolutionary macroeconomics: a research agenda," Journal of Evolutionary Economics, Springer, vol. 21(1), pages 5-28, February.
    7. Dodgson, Mark & Hughes, Alan & Foster, John & Metcalfe, Stan, 2011. "Systems thinking, market failure, and the development of innovation policy: The case of Australia," Research Policy, Elsevier, vol. 40(9), pages 1145-1156.
    8. Jakob Madsen & James Ang & Rajabrata Banerjee, 2010. "Four centuries of British economic growth: the roles of technology and population," Journal of Economic Growth, Springer, vol. 15(4), pages 263-290, December.
    9. Foster, John & Wild, Phillip, 1999. "Econometric Modelling in the Presence of Evolutionary Change," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 749-770, November.
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    Cited by:

    1. John Foster, 2017. "Prior Commitment and Uncertainty in Complex Economic Systems: Reinstating History in the Core of Economic Analysis," Scottish Journal of Political Economy, Scottish Economic Society, vol. 64(4), pages 392-418, September.

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