"Nobel laureate Joseph Stiglitz has warned about a “crisis Down Under”. Stiglitz is particularly worried about “deficit fetishism”. The candidates seem obsessed with who’s spending a couple of billion dollars more than the other. Short-term thinking in Canberra risks shortchanging high-return investments in technology, education, broader internet access, and a state-of-the-art rail and highway system. Australia needs to make these kinds of investments now if it’s ever to develop a growth strategy that doesn’t depend on digging stuff out of the ground and shipping it to China."
Posted on: Tue, 03 Sep 2013 03:07:45 +0000
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