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clock Created with Sketch. 13/05/24
14:34
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"Jim Chalmers is ripping up the economic textbook. The Labor treasurer is embracing a bigger role for government to direct capital and allocate resources in Tuesday’s federal budget.
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"David Pearl, a former Treasury assistant secretary who was also an adviser to former Labor leader Kevin Rudd, says: “The so-called new economic orthodoxy is not new and nor is it economics. It’s mercantilism, the belief that betting taxpayer money on firms that can’t cut it on the market will somehow come up trumps."
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Like their recent $1B bet on some quantum computing company, they really do believe they're smarter than the markets ... and it's going to cost tax payers BIG TIMEeconomy/jim-chalmers-rips-up-paul-keating-s-economic-playbook-20240510-p5jcjw
