William Paul Bell Queensland University Researcher

Why is mainstream economics not a social science but ideological mathematics?

Archive for August 2012

Sustainability, social progress, environmental protection, economic growth and energy

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Sustainability, social progress, environmental protection, economic growth and energy are discussed using the sustainability framework in Figure 1, where sustainability is at the confluence of social progress, environmental protection and economic growth.

Figure 1 Sustainability framework

(Source: IUCN 2006)

There are designs being made toward Ecological Civilization and welcome moves to address the shortcomings of GDP in Completing the picture – environmental accounting in practice by the Australian Bureau of Statistics .  Extending the national accounts to include degradation of natural resources makes a measurable target for politicians to focus on rather than purely GDP.    However, there are problems when social progress is overlooked in the move toward more environmental protection. Read the rest of this entry »

Formation of the World Economics Association (WEA) a positive outcome from the Global Financial Crisis (GFC)

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One positive aspect of the global financial crisis (GFC) is the clarity of the failure of neoclassical economics to predict the crisis and of its complicity in fermenting the crisis.  This clarity of failure and complicity is positive because failure is a source of learning that is to take a new direction away from the neoclassical favoured by the American Economics Association and its journals and their hold on the profession. The newly formed World Economics Association  (WEA) provides the economics profession such an avenue.  An open letter to join the association is below. Read the rest of this entry »

The impact of a carbon price on electricity prices in Australia

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The University of Queensland News discusses the study ‘The Impact of Carbon Pricing on Wholesale Electricity Prices, CarbonPass-Through Rates and Retail Electricity Tariffs in Australia‘, stating that the study is the most accurate estimate to date for the impact of the carbon price on retail electricity prices and reveals the burden will vary considerably, depending on a household’s location.

Tasmanians, with a relatively low carbon footprint, are set to gain significantly from the carbon price once tax and pension changes are factored in, while Queenslanders — heavily dependent on coal to generate electricity — will wear the biggest increase in power prices, according to economic models run on “supercomputers” at The University of Queensland.

The study estimates an average 8.9 per cent increase for retail electricity prices in the five eastern states, due to the carbon price — below the 10 per cent rise estimated by the federal Treasury. This runs counter to claims that Treasury has underestimated the impact of the carbon price on the economy. Read the rest of this entry »