Economists in reverse over our car industry
I think the sentiments expressed in this column are quite valid.
In particular, I want to hear from small government, uber free market types, where they think Australian economic future lies. (I bet they shrug their shoulders and say something like "it's not up to me to decide, let the market work it out.")
The problems with letting long standing industries in manufacturing and food growing and processing die because of present difficulties not entirely within the industries' control are surely how quickly they can be replaced with alternatives, how viable the alternatives are in the long run, and whether you are allowing too much of a "monoculture" of economic activity to develop.
It seems to me that free marketeers have fanciful ideas that lowering wages enough, and de regulation, just magically leads to a wonderful diverse economic health, no matter which corner of the world you live in. I am very skeptical.