Australia is the only country in the world not to have experienced a recession in 26 years. Why?

Thanks, Joyson, for sharing this video:

Do watch it in full.

I actually agree with it, despite the fact that I see (from the vantage point I occupy in economic policy making in Victoria) HUGE opportunities for improvement in Australia.

Yes, compared with the rest of the world (including Singapore), Australia is a better place to live in.

BECAUSE IT REWARDS GOOD IDEAS IN PUBLIC POLICY.

It does not have any remarkably great economist, and not a single person I’d rank in the top 10 thinkers of the world. As a whole, it is a highly insular society with absolutely no interest in anyone else.

And yet, both its leading political parties generally (not always!!) reward good – textbook – policy ideas.

In other words, if one suggests textbook public policy ideas in Australia, one is not thrown out or ignored.

On the other hand, Indians are always busy trying to cook up ideas that “are indigenous to India” – and they have NO IDEA about basic economics. As a result, there is not ONE good public policy in India.

EVERYTHING AROUND YOU BEGINS AND ENDS WITH PUBLIC POLICY.