John Quiggin

Today I sent off the corrected proofs of Economics in Two Lessons to the publishers, Princeton University Press. They won’t look at it until New Year, but it doesn’t matter. The book is done, and I can sit down to Christmas dinner with the family knowing it’s off my hands. Like this:Like Loading...

Donald Trump’s sudden decision to withdraw all US troops from Syria (and a large number from Afghanistan) has provoked plenty of criticism, not reduced by the enthusiastic support he has received from Vladimir Putin. Rather than go over the arguments in detail, I’d like to make a point that seems to be missed nearly all the time. Whether acting for good or ill, the history of US involvement in the Middle East has been one of consistent failure at least for the last 40 years. The last...

Inside Story runs an annual feature in which contributors nominated new and interesting books that may have been overlooked in 2018. I picked Fictions of Sustainability: The Politics of Growth and Post-Capitalist Futures by Boris Frankel. Like this:Like Loading...

On 29 March this year[1,2], if nothing else changes, the UK will leave the European Union under the terms of Article 50. Unsurprisingly, lots of scenarios are being scripted, but the one I see as most likely doesn’t seem to be among them. I expect that nothing much will happen until about 28 March. May won’t get a deal that can pass through Parliament. If she allows a vote at all, it won’t be until late January and it won’t pass. At that point, or possibly before, Labor will try a...

The Voyager 2 spacecraft has just passed through the heliopause and into interstellar space, forty years after it was launched. On the one hand that’s a stunning technological achievement and a reminder of the wonderful universe we live in. On the other, it’s a reminder that humans will never go out to explore this universe, or even leave Earth in significant numbers. Although Voyager 2 has passed the heliopause it is still within the gravitational field of the sun. It would take...

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

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 Like this:Like Loading...

The market price of Bitcoin and other cryptocurrencies is plummeting, having dropped by 10 per cent just today, and 50 per cent over the past month. The bubble that reached maximum expansion a year ago is gradually deflating. The good news is that a lower Bitcoin price makes the energy-wasting process of Bitcoin mining unprofitable for many, so lots of miners are turning off their servers.  Most estimates of the marginal cost of mining are around $4500 per coin, but the market price has...

This story about the four-hour abalone fishing season in WA is reminiscent of a number of similar cases discussed in my soon-to-be-published book, Economics in Two Lessons (extract over the fold). However, it turns out to be something of a special case: a recreational fishery where economising on effort isn’t really relevant, and where the activity is culturally significant, mainly for people of Asian background. In these circumstances, a short season, with open access, makes good...

Carbon dioxide emissions rose strongly last year after several years of a near plateau. It appears that the main factor was increased use of oil, mainly as motor fuel. I’ll try to do a more detailed analysis later, but the central element of the required response is obvious. Just like coal-fired power stations, petrol-driven motor cars need to be phased out, as quickly as possible. Australia, as an oil importer with no domestic car production is in a position to pursue this target...