 |  Applied Economics and Australian Business | Item number: 68691844 |
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Preface
The economic events of 1986 were perhaps the most significant of the last four decades. During the year Australians were confronted with the fact that their economy was in trouble and that far from being the lucky country it was hovering on the edge of a major crisis. After four decades of rising living standards and a widely held view that the economy was among the strongest in the world, the news that there would have to be both a willingness to accept lower living standards for a period and a fairly radical reorganisation of the economy caused a considerable loss of confidence. Particularly as the same politicians and media outlets that heralded the bad news had been expressing a confidence in the economy throughout 1985 and into the first part of 1986. The combined effects of lower demand for Australia\'s mineral and agricultural exports, the decline of its manufacturing sector, high levels of overseas debt, and basic imbalances in the economic structure of the country had combined to cause serious trade and production problems. High inflation and unemployment, interest rates that hovered around 16 to 20 per cent, a rapid fall in the price of the Australian dollar on international markets, and cutbacks in public services were all visible effects of the economic difficulties the country faced in 1986.
As serious as the economic problems facing the nation were in 1986, they were clearly not terminal. If appropriate economic decisions are made by government and firms in the private sector in the remaining years of this decade the country could emerge with a better?balanced and stronger economy. Hence in the current environment affecting business and the public sector a knowledge of economics is even more vital than in the past. While those individuals and managers without an awareness of interest rates, exchange rates, government taxation policy, or other economic events will perhaps survive, they will do so in a fog of ignorance and more by luck than good judgment. At the very least an understanding of economics means that the rhetoric of politicians and the summaries of events in the media can be analysed from a background in the subject.
Excellent condition
Hard cover
Let me know if you buy more, bulk postage is cheaper
Postage in postal satchel = $8.80 ONLY post in Australia
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