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Risk Shifts in Australia: Implications of the Financial Crisis

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  • Quiggin, John

Abstract

‘Risk’ has become a central theme in 21st-century policy thinking. In particular, there has been considerable discussion of the ‘Great Risk Shift’, that is, the process by which the burden of risk has been shifted away from governments and employers and on to workers and households. The financial crisis that began in 2007 has fundamentally transformed the problem of social and economic risk management. The outcomes remain hard to discern, but the central ideas of economic liberalism, dominant since the mid-1970s have clearly failed.

Suggested Citation

  • Quiggin, John, 2008. "Risk Shifts in Australia: Implications of the Financial Crisis," Risk and Sustainable Management Group Working Papers 151520, University of Queensland, School of Economics.
    • Handle: RePEc:ags:uqsers:151520
    DOI: 10.22004/ag.econ.151520
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    File URL: https://ageconsearch.umn.edu/record/151520/files/WPP09_1.pdf
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    References listed on IDEAS

    as
    1. Barr, Nicholas, 2001. "The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State," OUP Catalogue, Oxford University Press, number 9780199246595.
    2. Heifetz, Aviad & Meier, Martin & Schipper, Burkhard C., 2006. "Interactive unawareness," Journal of Economic Theory, Elsevier, vol. 130(1), pages 78-94, September.
    3. Simon Grant & John Quiggin, 2005. "Learning and Discovery," Risk & Uncertainty Working Papers WP7R05, Risk and Sustainable Management Group, University of Queensland.
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    More about this item

    Keywords

    Financial Economics; Risk and Uncertainty;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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