Alan Kohler is one of Australia’s most experienced commentators and journalists. Alan is the founder of Eureka Report, Australia’s most successful investment newsletter, and Business Spectator, a 24-hour free business news and commentary website. He also hosts Inside Business, a half-hour Sunday programme on the ABC, is the finance presenter on the ABC News - and producer of the nightly graph (or two).
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Comments on this article
Comments PolicyIf the last few years have demonstrated anything it is the need to totally re-assess the parameters whereby we judge whether a nation's economy is flourishing or not. Stock exchange prices and the like really only indicate gambling trends.
Surely the parameters should be set around the living conditions of the people, including the size of the minimum incomes from whatever source, including welfare. These living conditions really indicate the state of the economy.
Is investment in public education at all levels in good order? Is infrastructure sufficient or even at a desireable level? On a day to day basis what is the quality of life, the state of medical services and availability of treatment?
How much do citizens possess? How drastic is the division between rich and poor. How well provided for are the disabled, the sick and the aged? How well are the unemployed treated - are retraing programmes in good order? Are our cities in a good state of maintenance and repair?
If our economies were more assessed in this fashion - quality of life - instead of in terms of the narrow spectrum of financial operation and movement of Capital, the attractiveness of particular nations for investment would naturally follow. Much investment seeks not just short term profit but stability and a secure buffer against inflation.
Maybe the days of vastly swinging and oscillating prices need to be over - replaced by steady growth that is based on genuine overall improvement in the quality of life for all our people. I would have thought this a far better way to assess what it a good economy and what is not
Shift the focus and that shift may well itself alter our behaviour patterns - and ultimately that is what we all need. (SCOREBOARD: Ready, steady, Europe, January 22).
Yes! Yes! Yes! To Phil Clarke comment..As for autonomy for the Bank of Japan, sound to me like they have already lost it (SCOREBOARD: Ready, steady, Europe, January 22).