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- Title
The Economic Public Interest in a World of Oligopoly<sup>*</sup>.
- Authors
Garnaut, Ross
- Abstract
The Australian economy has performed well compared with comparable countries over the last three decades only if we average the excellent performance in the 1990s and the poor performance over the past decade. Real wages over the past decade have stagnated—to an extent without historical parallel. We cannot understand the economy's underperformance without recognising the increasing claims of economic rents on national income. Correction of weaknesses requires coordination of many policy instruments including measures to reduce the prevalence of rents (competition policy and regulation of oligopoly where competition is not feasible or inefficient) and changes in taxation arrangements to shift the burden of business taxation from firms in competitive activities to firms relying heavily on economic rents.
- Subjects
RENT (Economic theory); BUSINESS tax; PUBLIC interest; MEASURING instruments; REAL wages; OLIGOPOLIES; NATIONAL income
- Publication
Economic Papers, 2024, Vol 43, Issue 1, p1
- ISSN
0812-0439
- Publication type
Article
- DOI
10.1111/1759-3441.12403