Tag: Economics
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Tasmania’s Interim Budget: Dire Yet Fixable — Economists Warn of Big Repairs Ahead
Overview: A budget that is less bad than feared, but far from good Tasmania’s interim budget arrived with cautious optimism from some quarters and a blunt warning from economists: this is not a solved crisis. The treasurer termed it an “interim” document, signaling that the state’s debt, deficits, and long-term liabilities require decisive action. The…
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Tariffs Bring Billions in Revenue but Pay the Price in Broad Economic Costs
Overview: A Revenue Engine with Side Effects Tariffs have emerged as a key, yet controversial, source of federal revenue. By raising duties on imported goods, the government collects billions of dollars that fund programs and priorities. But the financial upside for the Treasury comes with a cluster of economic costs that ripple through households, firms,…
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Supreme Court Faces High-Stakes Tariffs Case: Economic and Presidential Power Implications
Overview: A Case That Could Reshape Tariff Policy The Supreme Court is taking up a consequential case on tariffs, the classic tool courts rarely redefine. Arguments unfolded in the highest court as justices grapple with questions about presidential power to impose import duties, the limits of congressional oversight, and the real-world impact on prices for…
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RBA SMP: Pain, Growth, and the Risk of No More Rate Cuts
Overview: What the RBA’s SMP Signals The Reserve Bank of Australia’s latest quarterly Statement on Monetary Policy (SMP) arrives with a mix of encouraging signs and persistent headwinds. As Australia’s central bank held the cash rate steady, economists and markets weigh whether the door remains open for further easing or if policy is transitioning to…
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UK set to be second-fastest growing G7 economy, IMF projects
Overview: UK poised for modest growth in a volatile global climate The United Kingdom is forecast to be the second-fastest growing economy among the world’s leading advanced economies, the IMF said in its latest World Economic Outlook. Growth is projected at about 1.3% for both 2025 and 2026, a pace that outstrips most G7 peers…
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Canadian Economist Peter Howitt Among Three Nobel Winners in Economics for Innovation-Driven Growth
Canada’s Peter Howitt Among Nobel Laureates in Economics for Innovation-Driven Growth In a landmark announcement, the Royal Swedish Academy of Sciences recognized Canadian economist Peter Howitt as one of three researchers awarded the Nobel Memorial Prize in Economics for their work on innovation-driven economic growth and the concept of creative destruction. The laureates—Peter Howitt of…
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Innovation-Driven Growth: Nobel Laureates Explain Sustained Economic Progress
From stagnation to ongoing growth: what really drives progress Over the last two centuries, the world has witnessed unprecedented economic growth. This ascent rests on a steady stream of technological innovation and the ability for new ideas to replace older methods—a process economists describe as creative destruction. The 2025 Nobel Prize in Economic Sciences was…
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Nobel Prize in Economics Awarded for Innovation-Driven Growth Insight
Nobel Prize Highlights for Innovation-Driven Growth The Royal Swedish Academy of Sciences announced the 2025 Nobel Prize in Economic Sciences, awarding Joel Mokyr, Philippe Aghion and Peter Howitt for their influential work on innovation-driven growth. The trio’s research illuminates how technological breakthroughs, creative destruction, and institutional context propel sustained economic expansion. The prize, formally known…
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Canadian Peter Howitt Among 3 Nobel Winners in Economics: A Spotlight on Innovation-Driven Growth
Three Laureates Highlight Innovation-Driven Economic Growth In a landmark announcement, the Royal Swedish Academy of Sciences recognized a trio of economists for their work on how innovation fuels long-run economic growth. Canadian-born Peter Howitt joined Joel Mokyr of Northwestern University and Philippe Aghion of the College de France and the London School of Economics as…
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Innovation-Driven Growth: From Stagnation to Sustained Economic Progress
Introduction: Why sustained growth matters Over the last two centuries, the world has seen unprecedented economic progress, driven by a continuous flow of technological innovation. This process—often described through the lens of creative destruction—replaces old technologies with better ones, enabling living standards to rise steadily. The Nobel Prize in Economic Sciences this year highlights three…