The Productivity Commission deputy chairman has warned that the economic policies promoted by Treasurer Jim Chalmer’s favoured economist have “substantial risks”.
“Carefully constructed markets are a positive and powerful tool,” Dr Chalmers noted.“As the influential economist Mariana Mazzucato has explored in her work, markets built in partnership through the efforts of business, labour and government are still the best mechanism we have to efficiently and effectively direct resources.“And while the 2008 crisis finally exposed the illegitimacy of this approach, no fresh consensus has yet taken its place.
Dr Chalmers has pledged to modernise the Productivity Commission after it was accused by trade unions of promoting “neoliberal” ideology on industrial relations and other policy areas. , his former boss in Labor treasurer Wayne Swan’s office, Chris Barrett, who is due to start at the commission in September.
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