Thursday , July 9 2020
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John Quiggin

John Quiggin

He is an Australian economist, a Professor and an Australian Research Council Laureate Fellow at the University of Queensland, and a former member of the Board of the Climate Change Authority of the Australian Government.

Articles by John Quiggin

Masks (repost from a month ago)

2 days ago

Now that the World Health Organization has finally endorsed a recommendation for wearing masks in public, it’s time for Australia to do the same.

The most important case is that of public transport including air travel. Urban public transport is vital, but until we take the necessary steps on masks, we will be stuck with recommendations to avoid peak hour travel, guaranteeing a return to private cars and congestions

The airlines have been the biggest transporters of the pandemic and have continued to behave irresponsibly, packing planes as full as possible without any requirement for masks. It’s time for government to step in and order them to require masks as a condition of travel.

Update: Obviously, the Victorian outbreak has increased the urgency of this. The Rail,

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Shellenberger

3 days ago

Michael Shellenberger’s “apology essay” is the last gasp of “ecomodernism”

Although ecomodernists make a lot of claims, the only one that is distinctive is that nuclear power is the zero-carbon “baseload” energy source needed to replace coal, and that mainstream environmentalists have wrongly opposed it.

Historically, there is something to this. It would have been better to keep on building nuclear plants in the 1980s and 1990s than to switch from oil to coal, and it was silly for Germany to shut down nuclear power before coal

. But none of that is relevant anymore, at least in the developed world. Solar PV and wind, backed up storage are far cheaper than either nuclear or coal. As a result, there have been very few new coal or nuclear plants constructed in developed

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The Economic Consequences of the Pandemic

3 days ago

That’s the title of a book I’ve agreed to write for Yale University Press (their editorial director) Seth Ditchik commissioned my previous two books, Zombie Economics and Economics in Two Lessons when he was at Princeton UP.

When we first discussed the book, I took the view that most of the writing would have to be done after November, since the outcome of the US presidential election would be crucial to developments in the US and globally. I’m now working on the assumptions that(a) Biden will be the next president(b) he will have a workable majority in Congress.(c) mainstream Democrats recognise the need for radical change, and Biden will align with the mainstream position as he always has done

The first of these assumptions was problematic until recently, but seems safe

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Monday Message Board

3 days ago

Back again with another Monday Message Board.

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link

http://eepurl.com/dAv6sX You can also follow me on Twitter @JohnQuiggin, at my Facebook public page   and at my Economics in Two Lessons page
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Trumpism after Trump

10 days ago

Predicting election outcomes is always risky (for example, the People’s Action Party could lose the current election in Singapore), but life involves taking some risks. So I’m going to predict that Trump is going to lose in November, and lose badly*. He is far behind in the polls, substantially further than in 2016. More relevantly perhaps, the resurgence of the pandemic in Arizona, Florida and Texas has ended any chance that the economy will be successfully reopened and the pandemic clearly under control by November, not to mention giving the citizens of those states very personal reasons to vote against him.

What will happen to Trumpism after Trump’s defeat, in the US and globally? Here are some very disorganised thoughts.

A big part of Trump’s appeal is that he is a winner,

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Monday Message Board

10 days ago

Back again with another Monday Message Board.

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link

http://eepurl.com/dAv6sX You can also follow me on Twitter @JohnQuiggin, at my Facebook public page   and at my Economics in Two Lessons page
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If we could design JobKeeper within weeks …

11 days ago

… , we can exit coal by 2030. Here’s how to do it.

That’s the title of my recent article in The Conversation. It’s a summary of a report, titled Getting Off Coal: Orderly, Early Transition to Minimise Impact for Australian Economy which was published recently by The Australia Institute.
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STEM (from Twitter via spooler)

11 days ago

A striking thing about Tehan’s university reform. Conservatives hate science even more than humanities, & feeling is mutual. Every scientist I know loathes them. Polling says my colleagues are a good sample. Only 6 per cent of US scientists are Republicans (huffingtonpost.com.au/entry/only-six…)

Rightists like technological goodies, but even there they want to fight culture wars, against renewable energy for example. In this context, is there a non-racist version of the “cargo cult” trope? It would be applicable here.

Twitter thread here
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The simple but difficult physics of losing weight

14 days ago

Following up this CT post on health living,, everyone has their own story and their own health. That’s true, but we are all subject to the same physical laws. So, here’s my story and some thoughts on the physics.

I managed to lose about 12 Kg over a couple of years, almost entirely through exercise.

The basic physics is simple(1) weight loss = (kilojoules burnt – kilojoules consumed)*k,(2) kilojoules burnt = base metabolism + work done

where k ≃ 0.025 is a constant reflecting the rate at which your body converts kilojoules of food energy into kilograms of fat. If you can alter the right hand side of (1) through any combination of diet and exercise then you will lose weight.

The problem is that altering either of these, or even altering while holding the other constant is

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Monday Message Board

17 days ago

Back again with another Monday Message Board.

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link

http://eepurl.com/dAv6sX You can also follow me on Twitter @JohnQuiggin, at my Facebook public page   and at my Economics in Two Lessons page
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Post-pandemic, here’s the case for a participation income

20 days ago

That’s the headline for my latest piece in Inside Story.

Here’s the standfirst

For less than the cost of the Coalition’s Stage 3 tax cuts, Australians can be paid adequately to look for work or participate in socially useful activities
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Sandpit

21 days ago

A new sandpit for long side discussions, conspiracy theories, idees fixes and so on.

To be clear, the sandpit is for regular commenters to pursue points that distract from regular discussion, including conspiracy-theoretic takes on the issues at hand. It’s not meant as a forum for visiting conspiracy theorists, or trolls posing as such.
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Mr Dooley, right again (crosspost from Crooked Timber)

22 days ago

The decision of the US Supreme Court, that the Civil Rights Act prohibits discrimination based on sexual orientation and gender identity was entirely predictable, based on the century old observation of the fictional Irish-American bartender Mr Dooley observed “The Soopreme Court follows the illiction returns.” As I said in 2018

At most, the court constitutes a veto point, able to block legislation that can be represented as violating constitutional protections. But most of the progressive agenda is clearly within the power of the legislature and executive. If the Democrats win the next few elections, the Roberts Court will be as much of a disappointment to its creators as the Warren Court in the 1960s

A decision restricting the interpretation of the Civil Rights Act would

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Monday Message Board

24 days ago

Back again with another Monday Message Board.

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link

http://eepurl.com/dAv6sX You can also follow me on Twitter @JohnQuiggin, at my Facebook public page   and at my Economics in Two Lessons page
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Erasure (crosspost from Crooked Timber)

27 days ago

As statues of slavers are pulled down around the world*, we are getting the usual stuff from the political right about rewriting history and so on. This is obviously silly. Less than twenty years ago, the same people were thrilled by (misleadingly edited) images of US forces pulling down a statue of Saddam Hussein. A bit before that, Lenin and Stalin had their turn.

Wondering about other cases, I looked at Wikipedia to find out about memorials to the personification of treachery against the United States, Benedict Arnold, who won a number of military victories for the American side in the Revolutionary War, before changing sides. It turns out that there are a couple, but he is never mentioned by name and, in one case, is represented by an empty niche. As Wikipedia observes, this

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Adani news, June 2020

27 days ago

Amid the coronavirus pandemic, the climate crisis rolls on, slowed a bit by the economic impact of travel restrictions. The campaign to stop carbon dioxide emissions, including those from the Adani Carmichael project, has to continue as well.It’s now almost a year since Adani Mining gained the final environmental approvals for the construction of the Carmichael mine and rail project. At the time, the company promised to ramp up construction in a matter of weeks, with at least 1500 jobs in prospect during the construction phase. What has happened in the subsequent year. Three points stand outFirst, the project is proceeding, but it can still be stopped. Work on the site continues and contracts said to total $1 billion have been announced. Nevertheless, the progress so far has been

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Sandpit

June 8, 2020

A new sandpit for long side discussions, conspiracy theories, idees fixes and so on.

To be clear, the sandpit is for regular commenters to pursue points that distract from regular discussion, including conspiracy-theoretic takes on the issues at hand. It’s not meant as a forum for visiting conspiracy theorists, or trolls posing as such.
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Monday Message Board

June 8, 2020

Back again with another Monday Message Board.

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link

http://eepurl.com/dAv6sX You can also follow me on Twitter @JohnQuiggin, at my Facebook public page   and at my Economics in Two Lessons page
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Help me fight MS

June 8, 2020

I’ve done my first 60km ride to support this appeal. Need to do 6 more this month to meet my 400km goal, and raise $481 to meet my $1000 fundraising goal. Please give to encourage me and help people living with MS

https://www.brissietothebay.com.au/fundraisers/johnquiggin/brissie-to-the-bay
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Masks

June 7, 2020

Now that the World Health Organization has finally endorsed a recommendation for wearing masks in public, it’s time for Australia to do the same.

The most important case is that of public transport including air travel. Urban public transport is vital, but until we take the necessary steps on masks, we will be stuck with recommendations to avoid peak hour travel, guaranteeing a return to private cars and congestions

The airlines have been the biggest transporters of the pandemic and have continued to behave irresponsibly, packing planes as full as possible without any requirement for masks. It’s time for government to step in and order them to require masks as a condition of travel.

Update: I checked and Rex is doing the right thing here, upsetting some passengers who

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Suppress, trace, test, repeat

June 3, 2020

When the Covid-19 pandemic started, it was generally assumed that the only serious policy option was to “flatten the curve”: that is, keep the spread slow enough that the hospital system was not overwhelmed, until either a vaccine was developed and generally available or most of the population had caught the disease giving rise to herd immunity. Both approaches looked likely to take at least a couple of years to work.

In retrospect, this assumption was surprising. China suppressed the initial outbreak in Wuhan, as well as the spread to other provinces, and held case numbers close to zero thereafter. But for a variety of reasons, good and bad, people either distrusted Chinese numbers or thought that the lockdown measures used there couldn’t be applied elsewhere.

It’s now

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Would freezing minimum wages help recovery ?

June 3, 2020

I’ve just responded to a poll of economists, run by The Conversation and The Economic Society of Australia on this question. Here’s my response

No There has been extensive debate on the effects of minimum wages on labor demand. Over the last 25 years, the general conclusion has been that these effects are relatively small.However, these questions are irrelevant in the current context. The pace of economic recovery will be determined entirely by macroeconomic conditions, including fiscal and monetary policy, continued success in suppressing the pandemic, developments overseas and consumer confidence. In this context, an increase in minimum wages will have a modest positive effect in bolstering demand.In the longer term, the costs of the pandemic will have to be shared across the

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Modern Monetary Theory: Neither modern, nor monetary, nor (mainly) theoretical ?

May 31, 2020

I’ve been working for some time on a review of the first full-length text based on Modern Monetary Policy, Macroeconomics by William Mitchell, Randall Wray and Martin Watts. A near-final draft is over the fold

Macroeconomics – Review

Voltaire once said of the Holy Roman Empire that it was “Neither Holy, nor Roman, nor an Empire”. Something similar might be said of Modern Monetary Theory, which has shot to prominence in policy debates recently. It is neither modern, nor genuinely monetary, and it is at least as much a set of policy proposals as a theory.It might be thought that “modern” refers to the fiat money world in which we have lived since major currencies broke with gold convertibility in the 1930s (the final vestiges of the gold standard disappeared with the end of

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Sandpit

May 31, 2020

A new sandpit for long side discussions, conspiracy theories, idees fixes and so on.

To be clear, the sandpit is for regular commenters to pursue points that distract from regular discussion, including conspiracy-theoretic takes on the issues at hand. It’s not meant as a forum for visiting conspiracy theorists, or trolls posing as such.
Like this:Like Loading…

Read More »

Monday Message Board

May 31, 2020

Back again with another Monday Message Board.

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link

http://eepurl.com/dAv6sX You can also follow me on Twitter @JohnQuiggin, at my Facebook public page   and at my Economics in Two Lessons page
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UQ and China

May 30, 2020

A colleague wrote to me today asking about the case of Drew Pavlou, a student suspended by the University of Queensland for two years as a result of actions in the course of protests against the policies of the Chinese government in Hong Kong. Here’s my reply

I don’t know any more about it than what I read in the papers, but it certainly looks bad for UQ. To the extent that anything has come out about the reasons for suspending the student, they seem to be political stunts that are fairly typical of student activists. A sensible university management would ignore this kind of thing, not make a martyr of the student.As you say, the more the Chinese regime deteriorates into a personal dictatorship, the more problematic it is to bend (or be seen to bend) to pressure in matters of

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Can we beat influenza

May 29, 2020

Following my post on pandemic whataboutery, James Joyner had some interesting thoughts, noting that

Interestingly, Quiggin doesn’t circle back to the third example from his introduction: influenza. Will Americans, having been conditioned to lockdowns during this pandemic, be more likely to implement them again for lesser ones? Or will this be a Never Again moment?

I was thinking over a post on this topic when I read that New Zealand is planning to use the testing contact tracing system set up for the coronavirus to stamp out sexually transmitted infections. So, the idea is obviously in the air.

Unless we get a perfect vaccine, it’s likely that we will be dealing with both Covid and influenza for the foreseeable future. So, I’m going to assume we maintain social

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Monday Message Board

May 24, 2020

Back again with another Monday Message Board.

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link

http://eepurl.com/dAv6sX You can also follow me on Twitter @JohnQuiggin, at my Facebook public page   and at my Economics in Two Lessons page
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MWW on MMT (from Twitter via Spooler)

May 23, 2020

Mitchell, Wray and Watts Macroeconomics p 323, give a the correct version of the #MMT position on budget aggregates .

Taxes create real resource space in which the government can fulfil its socio-economic mandate. Taxes reduce the non-government sector’s purchasing power and hence its ability to command real resources for the government to command with its spending. Take a situation where the national government is spending around 30 per cent of GDP, while its tax revenue is somewhat less, say 27 per cent. The net injection of spending coming from the national government is thus about 3 per cent of GDP. If we eliminated taxes (and held all else constant) the net injection rises towards 30 per cent of GDP. That is a huge increase in aggregate demand and could cause inflation.

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A pre-pandemic energy policy

May 21, 2020

The government has released a report on energy policy it commissioned from former Origin Energy boss Grant King. I prepared a brief response for the Australian media science centre

The government’s thinking remains five to ten years behind the times.  Although the idea of new coal-fired power stations seems finally to have been abandoned, the report focuses heavily on technology options that seemed promising in the past but have now been abandoned everywhere in the developed world, such as nuclear power and carbon capture and sequestration. More important is the failure to recognise that gas-fired electricity generation is increasingly being supplanted by the combination of renewables and battery storage. The policy remains fixated on extractible resources such as coal and gas,

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