Learning from Other Economies: The Unique Institutional and Policy Experiments Down Under

Richard B. Freeman

NBER Working Paper No. 12116
Issued in March 2006
NBER Program(s):   LS

This paper argues that detailed studies of particular economies, such as Bob Gregory’s work on Australia, are relevant to all of economics. The paper builds on the concept of a model species from biology to develop the notion of a model economy – one whose experiences illuminate fundamental economic issues; examines the criterion for an economy to serve as a model economy; and describes three areas – labour relations and the awards system of wage-setting, marketizing public services and growth through immigration and natural resources – where Australian experience provides insights into economic behaviour and the operation of markets broadly.

(172 K)

Published: Freeman, Richard B. "Learning From Other Economies: The Unique Institutional And Policy Experiments Down Under," Economic Record, 2006, v82(257,Jun), 195-206.

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