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Implications for Australia of Cross‐Country Comparisons in Economic Performance

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  • W. E. NORTON
  • ROBIN McDONALD

Abstract

What can be learnt about the economic experience of Australia in the 1970s by comparing the performances of other countries with that of Australia? In particular, what do those comparisons suggest about the nature of and reasons for, the Australian outcomes for prices, production and employment? These are the main questions addressed in this paper. In Section II, comparisons are made for several indicators between the experiences of Australia and nine other countries. In Section III the outcomes are analyzed and in Section IV some implications for Australia are drawn.

Suggested Citation

  • W. E. NORTON & ROBIN McDONALD, 1981. "Implications for Australia of Cross‐Country Comparisons in Economic Performance," The Economic Record, The Economic Society of Australia, vol. 57(4), pages 301-318, December.
    • Handle: RePEc:bla:ecorec:v:57:y:1981:i:4:p:301-318
    DOI: 10.1111/j.1475-4932.1981.tb01067.x
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    1. Vining, Daniel R, Jr & Elwertowski, Thomas C, 1976. "The Relationship between Relative Prices and the General Price Level," American Economic Review, American Economic Association, vol. 66(4), pages 699-708, September.
    2. Rik Hafer, 1981. "The impact of energy prices and money growth on five industrial countries," Review, Federal Reserve Bank of St. Louis, vol. 63(Mar), pages 19-26.
    3. Michael Porter, 1978. "External shocks and stabilization policy in a small open economy: The Australian experience," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 114(4), pages 709-735, December.
    4. Jeffrey D. Sachs, 1979. "Wages, Profits, and Macroeconomic Adjustment: A Comparative Study," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(2), pages 269-332.
    5. Jonson, Peter D. & Taylor, John C., 1978. "Inflation and economic stability in a small open economy: A systems approach," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 8(1), pages 289-323, January.
    6. Dreze, Jacques H. & Modigliani, Franco, 1981. "The trade-off between real wages and employment in an open economy (Belgium)," European Economic Review, Elsevier, vol. 15(1), pages 1-40.
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