14 March 2015
TPP: What's in it for Australia?
Still trying to get a handle on the notoriously secretive TPP. The whole thing is huge and indigestible, but here's a manageable takeaway:
An Australian National University study of the US-Australia Free Trade Agreement found there was very little in it for Australia. A recent US department of agriculture study found it would deliver a zero economic benefit to Australia and a zero economic benefit to the United States. For smaller nations the economic benefits are bigger which may explain why they are eager to join and why the US is driving a hard bargain on intellectual property and the rights of its pharmaceutical industry.
Productivity and Australia's future
From the national treasure Ross Gittins:
...what drives productivity? If you rely on the things economists say in public, you could be forgiven for not knowing that overwhelmingly – and for the past 200 years – it's technological advance. [bolding added]So... what excuse is there for not funding school science and R&D to the hilt?