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Jericho, Greg: Myths of the neoliberal economic model

Jericho, Greg

It’s time to expose the myths of the neoliberal economic model‘, Guardian Australia, 30 May 2016

Election commentary which takes a broad historical sweep. The writer looks at trend figures for GDP growth going back 20, 30 and 50 years, Australian exports and imports since the 1970s, and productivity comparisons with other countries.

Studies of neoliberal economic policies find it hard to discover evidence of them delivering increased growth but they find increased inequality which, in turn, damages growth rates, reduces demand and worsens employment and unemployment. The writer concludes that ‘lack of demand is a massive issue for our economy’. Beliefs that foreign investment, lower taxation and government spending will bring growth are not borne out by evidence.