Please use this identifier to cite or link to this item: https://hdl.handle.net/1959.11/9371
Title: Public Investment for a Balanced Economy: A Thermodynamic Perspective
Contributor(s): Smith, Gregory O  (author); Ramsay, Tony  (author)orcid 
Publication Date: 2011
Handle Link: https://hdl.handle.net/1959.11/9371
Abstract: Public sector investment has traditionally been conceded a role in moving the economy towards full employment. This role has been exemplified to useful effect in the aftermath of the recent financial crisis. The contention of this paper, however, is that public investment has an important balancing role to play alongside private investment in an economy operating at or close to full employment. There are investments with long time horizons and positive externalities where call for realisation via the public use of funds. These matters, however, are not agreed upon with the primacy of private sector investment and the case for the retreat of government is still being pushed. In this paper, investments with long-time horizons and positive externalities are ultimately advocated via the adoption of a thermodynamic perspective. In this way, renewable energy and energy efficiency investments can be argued for to lead the public investment thrust in an attempt to break free of the constriction imposed by fiscal conservatives.
Publication Type: Conference Publication
Conference Details: 13th Path to Full Employment Conference and 18th National Conference on Unemployment, Newcastle, Australia, 7th - 9th December, 2011
Source of Publication: The Way Forward: incorporating the 13th Path to Full Employment Conference and 18th National Conference on Unemployment : 7-8 December 2011, the University of Newcastle, Australia : proceedings : refereed papers, p. 205-208
Publisher: University of Newcastle, Centre of Full Employment and Equity (CoFEE)
Place of Publication: Callaghan, Australia
Fields of Research (FoR) 2008: 160510 Public Policy
Socio-Economic Objective (SEO) 2008: 940203 Political Systems
Peer Reviewed: Yes
HERDC Category Description: E1 Refereed Scholarly Conference Publication
Publisher/associated links: http://e1.newcastle.edu.au/coffee/conferences/2011/index.cfm
WorldCat record: https://www.worldcat.org/title/881266274?oclcNum=881266274
Appears in Collections:Conference Publication

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