Schooling the policymakers on the economy

A severely flawed assumption about national income is driving a doomsday view of the economic outlook.

It’s quite clear that the Australian economy’s strength has taken most commentators and economists by surprise. Indeed it’s an alarming fact that through most of the post-GFC world, analysts appear to have largely missed the underlying dynamism of the economy. It consistently manages to outperform.

So why the ongoing drama? Surely if the downturn call has proven to be wrong in each and every year for the last six years, people would learn from that, right? Wrong.

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