Watch CBSN Live

The Dumbed-Down Economics Debate | BTalk


Ian McAuley

(Episode 561; 15 minutes 51) Economics is all about reducing government debt and getting the budget back into surplus. That seems to be the belief of the media, the politicians and the majority of the electorate. But would you run a business that way? If you didn't have much in the way of assets to help develop growth, wouldn't you be borrowing to develop the means for future production?

Australia is enjoying high revenue from the minerals boom, but have we future-proofed the economy for when demand slides? Ian McAuley, a Fellow of the Centre for Policy Development, says he'd like to see more journalists asking our politicians want we plan to do when the minerals boom is over.

In this edition of BTalk Ian discusses how the media has played a role in dumbing down economic discussions to the point where the focus is really on minute details on the balance sheet. Where's the real debate on strategy? He likens our potential future to that of Nauru --- perhaps a bit extreme, but listen to the podcast and you'll see his point.

See also:
Has Keynes Had His Day? | BTalk - Dr Steven Kates explains how a focus on Keynesian economics has seen governments waste money on a process that will only slow the recovery.

More Debt. Are We Nuts? | BTalk - The indications are that Aussie households are ready to start spending again, dipping further into debt as they go.

Opinion Polls and Share Prices Are Killing Our Future | BTalk - Australia's Prime Minister was given the nudge primarily because he was rating poorly in opinion polls. Isn't this a sad indictment of how public policy is now driven by short-term thinking.

How Would You Stop a Two-Speed Economy? - The government's intended mining super profits tax was designed to reduce the impacts of Australia's two-speed economy. So, does the problem exist and, if so, how is it impacting us?

View CBS News In