What differentiates this text from other texts on the market is that it takes current Australian economic practise as its goal. It then builds up a mental framework to understand and participate in Australian economic debates. The text begins with six theory chapters in which only economic ideas that show up in Australian economic policy practise are explained, including the core traditional theory of efficient markets and market failures, as well as a detailed examination of creative destruction and the role of business links in the economy. These selected core economic ideas are utilised throughout the text to explain Australian labour market policy, environmental policy, taxation policy, regulation policy, monetary policy, fiscal policy and trade policy.
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