Working Paper: NBER ID: w12116
Authors: Richard B. Freeman
Abstract: This paper argues that detailed studies of particular economies, such as Bob Gregory's work on Australia, are relevant to all of economics. The paper builds on the concept of a model species from biology to develop the notion of a model economy - one whose experiences illuminate fundamental economic issues; examines the criterion for an economy to serve as a model economy; and describes three areas - labour relations and the awards system of wage-setting, marketizing public services and growth through immigration and natural resources - where Australian experience provides insights into economic behaviour and the operation of markets broadly.
Keywords: No keywords provided
JEL Codes: No JEL codes provided
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Australia’s awards system of wage-setting (J38) | economic behavior and market operations (E44) |
| Australia’s awards system lowers wage dispersion (J31) | implications for equality and labor market dynamics (J70) |
| income contingent mode of funding higher education (I22) | increased university enrollments (I23) |
| income contingent mode of funding higher education (I22) | reduced state funding (H79) |
| Australia’s immigration policies (skilled workers) (J68) | economic growth (O49) |