Posts Tagged ‘Australia’

Kangaroos hopping through the Australian snow

August 25, 2019

This video was shot about two weeks ago in New South Wales, Australia, where it is, of course, winter.

I understand that it’s a mistake to attribute human emotions to animals, but these guys sure look like they’re having a good time.

China economic strategy outmatches US military

December 22, 2014

Silk-Road-Map1

China represents an economic challenge to American world power.  The USA is trying to meet that challenge with a military response.  It won’t work.

The United States builds military bases and deploys troops all over the world, while allowing public infrastructure and public services to decline.  China is investing in its manufacturing industry, building infrastructure and expanding its trade to all corners of the world.

trainRoutePROJ-2300Pepe Escobar reported that China now has trains that deliver containerized freight from its Pacific Coast to Madrid.  China plans a network of highways, railroad and oil and gas pipelines that will give it access to all of the interior of Asia and bring to the threshold of Europe and the Middle East.

American spending for military and covert operations drains our national strength.  Chinese spending for construction builds up its national strength.

China has displaced the United States as the world’s largest economy.  It has replaced the United States as the largest trading partner of Australia, India, many countries of Africa and Brazil, Chile and Venezuela. America.

The U.S. government tries to enforce its will on other countries by means of our military and economic clout.  The Chinese government tries to win the friendship of other countries by means of construction projects, increased trade and befriending nations alienated from the USA.

The U.S. government is unequaled in history in its power to spread death and destruction.  The Chinese government cannot and does not compete on that level.  Instead it leverages its power to build—a power we Americans could duplicate if we so desired.

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An economics lesson from a kangaroo

August 19, 2013

australia.minimum.wage

This is true, although in terms of purchasing power, the Australian minimum wage for fast-food workers is more like $12 in the United States. Click on Australia minimum wage for details from the Real News Network.

Many economists say, without any empirical evidence, that an increase in the minimum wage will automatically result in increased unemployment.  This is because it is a basic principle of economics that if you increase the price of something, people will buy less of it, and so it is with wages.

Under certain conditions, that would be true.  Fewer people would be hired for minimum wage jobs if, say, the U.S. minimum wage was raised to $72.50 an hour.  But there is no evidence that any of the actual increases in the minimum wage have had any adverse measurable effect on U.S. employment.  Indeed, the number of minimum wage and near-minimum wage jobs has increased dramatically since 2007-2009, when the minimum wage was increased from $5.15 to $7.25 an hour.

The basic concept of economics—that the law of supply and demand describes how people respond to economic incentives—is true as far as it goes.  This concept has such beauty and explanatory power that it is easy to forget the other dimensions of human behavior.   Economists who forget this wind up like the physicist in the joke, who could infallibly predict the outcome of horse races, provided there were spherical horses racing in a vacuum.