Australia In The Global Economy, 2021 Edition PDF by Tim Dixon and John O’mahony

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Australia In The Global Economy, 2021 Edition

By Tim Dixon and John O’mahony

Australia In The Global Economy, 2021 Edition PDF by Tim Dixon and John O’mahony

Table of contents

TOPIC 1 THE GLOBAL ECONOMY

Chapter 1 Introduction to the Global Economy

1.1 The global economy 4

1.2 Globalisation 5

1.3 The international and regional business cycles 17

Chapter 2 Trade in the Global Economy

2.1 Advantages and disadvantages of free trade 23

2.2 Reasons for protection 25

2.3 Methods of protection 28

2.4 Trade agreements 32

2.5 International organisations 39

2.6 Government economic forums 44

Chapter 3 Globalisation and Economic Development

3.1 Introduction 48

3.2 Differences in income and economic growth 49

3.3 Differences in economic development 51

3.4 Categories of development in the global economy 54

3.5 Causes of inequality in the global economy 56

3.6 The impact of globalisation 64

COVID-19: The economic dimensions of a global pandemic 75

Case Study: Brazil 77

Case Study: Indonesia 91

TOPIC 2 AUSTRALIA’S PLACE IN THE GLOBAL ECONOMY

Chapter 4 Australia’s Trade and Financial Flows

4.1 Understanding Australia’s place in the global economy 108

4.2 Trends in Australia’s trade patterns 108

4.3 Trends in Australia’s financial flows 113

4.4 The balance of payments 114

4.5 Trends in Australia’s balance of payments 120

4.6 The consequences of a high CAD 128

Chapter 5 Exchange Rates

5.1 Introduction 133

5.2 Australia’s floating exchange rate system 134

5.3 Reserve Bank intervention in the foreign exchange market 140

5.4 Fixed exchange rate systems 142

5.5 Exchange rates and the balance of payments 143

Chapter 6 Protection in Australia

6.1 Introduction 148

6.2 Government initiatives to reduce protection 149

6.3 Australia’s free trade agreements 151

6.4 Implications of a reduction in protection levels for the Australian economy 153

6.5 The impact of international protection levels on Australia 157

6.6 The future of Australian industry in the global economy 160

TOPIC 3 ECONOMIC ISSUES

Chapter 7 Economic Growth

7.1 Introduction 166

7.2 Economic growth and aggregate demand and supply 167

7.3 The components of aggregate demand 168

7.4 Changing levels of growth: the multiplier process 171

7.5 The role of aggregate supply 174

7.6 The effects of economic growth 175

7.7 Recent economic growth trends 177

7.8 Policies to sustain economic growth 181

COVID-19: The impacts on the Australian economy 185

Chapter 8 Unemployment

8.1 Introduction 187

8.2 Measuring the level of unemployment 187

8.3 Recent unemployment trends 189

8.4 The main types of unemployment 191

8.5 The non-accelerating inflation rate of unemployment 194

8.6 The causes of unemployment 195

8.7 The impacts of unemployment 199

8.8 Policies to reduce unemployment 202

Chapter 9 Inflation

9.1 Introduction 208

9.2 Measuring the rate of inflation 208

9.3 Recent trends in inflation 210

9.4 The main causes of inflation 211

9.5 The effects of inflation 214

9.6 Policies to sustain low inflation 216

Chapter 10 External Stability

10.1 Introduction 220

10.2 Australia’s current account deficit 221

10.3 Australia’s foreign liabilities 225

10.4 Australia’s exchange rate 228

10.5 Policies to achieve external stability 231

Chapter 11 Distribution of Income and Wealth

11.1 Introduction 235

11.2 Measuring the distribution of income and wealth 236

11.3 Sources of income and wealth 240

11.4 Trends in the distribution of income and wealth 242

11.5 The costs and benefits of inequality 250

11.6 Government policies and inequality 255

Chapter 12 Environmental Sustainability

12.1 Introduction 261

12.2 Ecologically sustainable development 262

12.3 Market failure: private benefits and social costs 263

12.4 Public and private goods 266

12.5 Major environmental issues 266

12.6 Government policies and environmental sustainability 272

TOPIC 4 ECONOMIC POLICIES AND MANAGEMENT

Chapter 13 The Objectives of Economic Policy

13.1 Introduction 278

13.2 The objectives of economic management 278

13.3 The goals of government policy in 2021 281

13.4 Conflicts in government policy objectives 284

13.5 The economic policy mix 285

Chapter 14 Fiscal Policy

14.1 The meaning of fiscal policy 289

14.2 Budget outcomes 290

14.3 Changes in budget outcomes 292

14.4 Methods of financing a deficit 295

14.5 The current stance of fiscal policy 298

14.6 The impact of recent fiscal policy 302

Chapter 15 Monetary Policy

15.1 Introduction 310

15.2 The objectives of monetary policy 311

15.3 The implementation of monetary policy 313

15.4 The impact of changes in interest rates 318

15.5 The stance of monetary policy in Australia 321

Chapter 16 Microeconomic and Environmental Policies

16.1 Microeconomic policies and aggregate supply 326

16.2 Microeconomic policies and individual industries 329

16.3 Environmental management policies 336

Chapter 17 Labour Market Policies

17.1 Introduction 345

17.2 The role of national and state industrial systems 346

17.3 Australia’s wage determination system 347

17.4 Dispute resolution 353

17.5 Decentralisation of the labour market 355

17.6 Education, training and employment programs 357

17.7 Evaluating labour market outcomes in Australia 361

Chapter 18 Effectiveness and Limitations of Economic Policy

18.1 An overview of the effectiveness of economic management 365

18.2 Limitations of economic policy 370

18.3 Evaluating the effectiveness of specific policies 375

APPENDICES

Appendix A Key Economic Skills

A.1 Introduction 384

A.2 Drawing and interpreting economics diagrams 386

A.3 Equations and calculations in economics 391

A.4 Interpreting economic data and information 393

Appendix B Advanced Economic Analysis

B.1 Comparative advantage and gains from trade 396

B.2 Income-expenditure diagram 400

B.3 Long-run Phillips curve 402

B.4 Limitations of macroeconomic policy 404

Glossary 407

Index 420

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