10 easy economic principles

From Ross Gittins in the Sydney Morning Herald, summarizing Harvard economist Greg Mankiw.

Here's a way for the government to increase happiness

It comes from Ross Gittins:

Many people may doubt whether personal happiness is a matter governments should or could get involved in. Just how would governments go about increasing national happiness?

Well, one good way is to reduce egregious instances of unhappiness. And I'm pleased to see that the Productivity Commission, which you might have thought of as a leading advocate of economic growth as the cure to all ills, agrees with me - at least in relation to one great source of unhappiness: gambling.

According to the commission's draft report, Australians spend - that's to say, lose - about $18 billion a year on gambling. This is about as much as we spend on alcohol and represents about 3 per cent of consumer spending.

Yep; the suggestion is to reduce gambling. Excellent idea!

Two words: China, India

Ross Gittins explains why nothing we do about reigning in emissions here in Australia will make the faintest carbon smudge of difference.