The art of a good recession

'Work for the dole' schemes punish the young, rather than address the structural causes of their joblessness. A more creative approach is needed.

When Saxo Bank’s chief economist Steen Jakobsen predicted a week ago that Australia would fall into recession in 2015, he added two positive qualifiers.

Firstly, he said, the shock of a short recession would snap Australia out of its current policy paralysis, and “kickstart a lot of positive processes”.

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