The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Sunday, May 9, 2010

Good policies, good behaviour, good fortune: if only others could be as lucky

The Economist could be talking about Australia...But they are not. That's the point. There are others out there that got similarly favourable rolls of the die. One such country is called Canada. Their bankers and policymakers think they're geniuses as well. But like their Antipodean counterparts they are far from it. The Economist's article is yet another demonstration of why Australia's good fortune during the GFC had little to do with professional skill and/or foresight, and much to do with pure providence. Be warned--next time we may not be so lucky. Although given our extraordinary resources and world-beating human capital growth, the chances are we'll be alright for the foreseeable future.