It is shown empirically that, for the US economy, fiscal stimulus has increased total consumption, but has depressed economic growth. Therefore, decades of fiscal stimulus has been a continual depressant on US economic growth and moved the economy closer to the Keynesian singularity defined as...

It is shown from empirical data that the Keynesian policy of continual stimulus of the US economy over decades has led to a mountain of debt and a destruction of economic growth. The causal mechanism of how this occurs has been identified. Excessive Keynesian monetary stimulation of aggregate...

The global financial crisis has provided clear evidence that the global financial system, including that of Australia, is founded on flawed economic theories. There is no scientific justification for sophisticated risk management, complex institutional structures or intrusive regulation....

The Keynesian intuition that increasing consumption can stimulate investment is verified empirically using US macroeconomic data. The investment multiplier is hypothesized to increase monotonically with the propensity to consume. However, the functional relationship is not that of the Keynesian...

Capitalism is defined here by the universal concept of private property, independent of time and geography, in purely economic terms, free from political ideology. Capitalism thus defined is antithetical to socialism, for which a metric has been introduced by the size of government measured as...

The public's positive impression of Australian superannuation comes from the rapid asset growth of the system and selective sampling inherent in focusing on performance of funds and options may over-estimate the performance of the whole system by two percent per annum due to survivorship bias....

It is shown empirically that for decades, the US economy has been in a state of stagflation which is defined by rising prices and simultaneously falling economic growth. It is a phenomenon involving not just “secular stagnation” (Summers, 2015) of low growth, but high inflation as well. A...

Classical, neoclassical and Austrian economists assume that self-interest in exchanges is alone sufficient to make markets work, because of the invisible hand of Adam Smith. This assumption has motivated market deregulation. On the contrary, we argue that Adam Smith was not assuming or...

Recent advances in investment performance measurement and cost analysis are applied to suggest ways to improve Australian pension management. Using empirical data collected by the Australian Prudential Regulation Authority in 2006, we show that investment performance of different types of...

Australian Prudential Regulation Authority (APRA) as the national statistical agency for the Australian financial sector, has undertaken an extensive survey in 2006 into Australian superannuation fund governance. This paper provides a summary of the results of the governance survey, which found...