German economist extraordinaire Reinhard Selten has died. Born October 1930, he was 85. In 1994 he was awarded the Nobel Memorial Prize in Economic Sciences which he shared with John Harsanyi and John Nash, three quarters of the NASH quartet of Nash, Aumann, Selten, Harsanyi that has been widely credited to have advanced decisively the…(Read More)

Peggy Noonan is a writer and columnist for the WSJ.  Part of her reputation stems from her writing speeches for Reagan and the elder Bush, and for coming up with memorable phrases. Some of these phrases apparently did not work out well for whom she coined them. Read my lips. In a recent WSJ opinion…(Read More)

Now that the election is done and sorted and there isn’t a hung parliament, it is time for Australia to get on to the job of urgent policy-making. There are lots of areas in need of help but I am going to focus here on one close to my heart: broadband. By any…(Read More)

I am seeking a lawyer to run an Adverse Action case connected to the recent Fair Work Commission verdict that found systematic breaches of procedures and procedural fairness in the University of Queensland’s actions against me following my research on racial attitudes in Brisbane. I first raised these breaches late 2013, but they were…(Read More)

I have been following the Australian election at a distance and it is amazing how much more policy-centered it is than elections taking place here in North America. There are so many policies it is easy to miss some. Thankfully an alert Twitter follower noticed something familiar about the ALP’s new policy with…(Read More)

Magda Szubanksi said she would consider leaving Australia if the Productivity Commission’s recommendations regarding parallel importing of books were to come into place. Leaving aside the notion that leaving Australia would make absolutely no positive difference to her income with or without Australia’s current laws — her core market is still Australians — this is…(Read More)

In a previous post I outlined a way of thinking about higher education financing that does not break the HECS income contingent loans model and does not break the government’s budget. I proposed a small change to the way things are presently done that seems obvious from a theoretical view point taking into account…(Read More)

As the old adage has it, before it gets better it will get worse. I have previously written about the deepening sense of crisis in economics and psychology (e.g., in The Conversation and in Core Economics Today – here and here and here) Three interesting recent exhibits The last couple of weeks we have seen…(Read More)

Ignore facts. Facts are pesky and quaint. They constrain your narrative and might constrain, oh my, your priors. And they might even make it necessary that you provide links. Which might actually be checked. So, don’t go there. If someone brings them (pesky and quaint facts) up, either ignore them and their facts or…(Read More)

Attention has recently been drawn, yet again, to the spectre of falling skills standards in Australia. This time, several commentators from inside and outside academia have picked up on a newly-released report by the Australian Industry group claiming that employers are loudly complaining about their workers’ literacy and numeracy skills. The AIG report contains…(Read More)

Warning: This is mostly a personal travelogue, with some generalizations and conjectures thrown in for good measure. A colleague of mine was so kind to comment on a draft and nonchalantly suggested that the title of the piece ought to be “Clueless Westerner hops off a plane and makes many random observations”. So there, I…(Read More)

Apple Pay is near ubiquitous in the US despite the relative lack of terminals to support them. But in Australia, those terminals are all over the place yet the only card accepted on Apple Pay is American Express; a card not issued by the major banks. Why? For those who don’t know, Apple Pay…(Read More)

I have been back in Australia this past week for the first time in over three years. Here are some brief impressions: The airports are great. Even better than before, Security is no issue (I passed through in 30 seconds) and Canberra airport is now fantastic — world class as they say. Why airline lounges…(Read More)

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An issue that has perplexed me over the last few weeks is why do the top universities in Australia continue teaching Australian undergraduates when the fees they get from these undergraduates are far lower than foreign fees. Further, there is no doubt in my mind that given the intense competition for hugely expensive research prestige…(Read More)

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For those of us outside the US, the Trump entry into the US Presidential race so many months out from the actual election has been entertainment heaven. Sure, he is destroying the fabric of a great nation by bring horrific stereotypes and misinformation to the fore, but sometimes that is the price to pay for…(Read More)

The deal yesterday morning between the Greek PM and the Eurozone Finance ministers is an agreement to reform before talks. By tomorrow evening, the Greek parliament has to accept 4 pieces of legislation on a large range of issues (pensions, labour markets, taxation), after which the other 19 Eurozone countries will start negotiations on another…(Read More)

The Greek referendum and the hype leading up to it have gone exactly according to my script of 8 days ago, where I predicted a resounding ‘no’ vote and a Grexit to stop the bank-run, with the other European politicians too offended and belittled by Tsipras and Varoufakis to organise another bailout. The Grexit…(Read More)

Greece owes the IMF 1.6 billion euro that it doesn’t have but is supposed to pay tomorrow. Unless the ECB lends it to the Greeks, effectively converting the IMF debt into an ECB debt, Greece is bankrupt tomorrow. In months to come, much bigger debt repayments are scheduled to the ECB-IMF in…(Read More)

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The traditional textbook model of competition in an oligopoly goes likes this. Firms choose prices and other variables (like product quality, advertising and R&D) to maximise their own profits and disregard the impact of their actions on (a) competing firms and (b) consumers; although with the latter since they want them to buy…(Read More)

Over the last 15-20 years academic school meetings have gone from rambling and unstructured brawls to dull “executive infomercials”. The former led to marathon meetings. The current model has led to a middle-management culture that often does not take advantage of the very valuable specialists skills of talented, highly trained (and experienced) scholars…(Read More)

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