The author surveys shifts in macro-economic policy and thought from Keynes and Kalecki to the present, tracking the changing climate of economic opinion. As Kalecki foresaw, the success of Keynesian demand management was undermined when, in an era of full employment, the power of labour threatened industrialists’ authority over the economy. From the 1970s, this led governments to introduce pro-capitalist measures. Countering recessions with budget deficits was now seen as irresponsible. The rise of globalisation meant that domestic demand management became less effective, especially in economies highly dependent on imports. Opening up economies meant that their exchange rates and stock markets became more vulnerable to capital flights. As the reach of finance became increasingly global, those private credit rating agencies became the game changers. Today private credit agencies, through their rating of the investment climate and sovereign risk of a country, in effect rate the quality of its government. Capitalist democracies are now dominated by private finance. Management of the investment climate is increasingly done through the virtual rather than the real economy, creating artificial financial asset and housing market bubbles. At the same time, in the neglected real economy, inequality and unemployment have increased, and living standards are falling.

This paper critically examines the key empirical evidence used to support the fiscal consolidation argument, complemented by a brief assessment of the limitations of the analytical foundation of the growth promoting benefits of the fiscal consolidation thesis. It also reviews the evidence on the debt-growth relationship at some length. It finds that the negative relationship between debt and GDP growth is influenced by outliers or exceptionally high debt-GDP ratios. It also points out that the composition of public debt matters. Additionally, the debt-GDP relationship appears to be non-linear—positive first and turning to negative, but there is considerable variation in the estimated turning or ‘tipping’ point, which is not helpful as a policy guide. Historical evidence does not lend support to the concerns that the current situation is likely to cause rapid upward spiraling of public indebtedness. Finally, the argument that fiscal consolidation is possible without adversely affecting growth is not based on robust empirical evidence. This conclusion is reinforced by a succinct overview of some country-specific experiences (Denmark, Ireland and United States).

‘Governance’ in its simplest form is the way that an organisation is directed and controlled, but the concept of governance also incorporates systems of rules, relationships, and processes to achieve that end. This article focuses on governance of sporting organisations in Australia. Sport in Australia is organised in a singular fashion when compared to other organisations and to sport in other countries. This has significant implications for assumptions about corporate structure, law and governance. The article examines governance of sporting organisations from a number of perspectives and draws distinctions between standard assumptions about governance and the realities of sports governance in Australia. It concludes that a number of assumptions made about organisations in law and governance theory do not apply to Australian sporting organisations. It asks how these anomalies in assumption and execution affect ultimate good governance in sport and impact on the way directors approach their duties.

The paper provides basic information on the operation of Australian player associations. In doing so it draws on the experience of player associations in English soccer and American baseball. England’s Professional Footballers’ Association acted as a beacon to various attempts by Australian soccer players to form associations. Its legal victory in Eastham, in 1963, where it challenged the retain and transfer system, has had a resonance in Australia with the 1971 decision of the High Court in Tutty which struck down the New South Wales Rugby League’s retain and transfer system. This and decisions by lower courts in other states aided Australian player associations in their dealings with their respective leagues. Information is provided on various failed beginnings prior to World War I, and subsequent successful attempts to establish player associations in Australia, the formation of confederations both domestic and international, details of the respective membership of associations, the average income of members and a measure of their ability to provide services for members.

The neoclassical theory of labour supply cannot unambiguously explain the decision of highly-skilled high-wage male workers to work longer and harder than their counterparts in the 1980s. We investigate the labour supply elasticities of these workers, over time, and across countries, within a ceteris paribus condition. The estimates reveal a shift rather than a movement along the supply curve. We find that ambiguities are due to the absence, in the theory, of a clear distinction between a change in consumption that is partly due to changes in the wage rate and partly due to changes in purchasing power. We apply a new pluralist approach to the standard income-leisure choice framework and provide for a more systematic and consistent method of measuring variations in labour supply, with policy implications.

The following is an edited version of a conversation between Jane Gleeson-White and Geoff Harcourt about Jane’s book, Double Entry. This conversation was part of UNSWriting and presented at Io Myers Studio by the Creative Practice and Research Unit in the School of the Arts and Media, Faculty of Arts and Social Sciences, UNSW. UNSWriting brings together writers, academics, and students of writing to facilitate the flow of ideas in and around the city, the country and internationally. The conversation was broadcast by the ABC as part of their Big Ideas program. Emeritus Geoffrey Harcourt is Visiting Professorial Fellow in the Australian School of Business, UNSW, Emeritus Reader in the History of Economic Theory, Cambridge University, Emeritus Fellow, Jesus College, Cambridge, and a leading post-Keynesian scholar.