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Books and reports: Losing Sight of the Lodestar of Economic Freedom: A Report Card on New Zealand's Economic Reforms
1 December 2002, Wolfgang Kasper
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In Losing Sight of the Lodestar of Economic Freedom Wolfgang Kasper looks at New Zealand's economic performance since the reforms of the 1980s and explores why the economy has not produced faster and more sustained growth. Even though a recent New Zealand Treasury briefing to the incoming government reports that "? New Zealand's growth performance over the 1990s has been significantly better than in the previous two decades" and "good policy foundations and favourable external conditions have lifted New Zealand's growth rate towards the OCED average", living standards in New Zealand remain well below those of more affluent countries. Losing Sight of the Lodestar of Economic Freedom examines the institutions and policies that govern changes to economic growth and asks, among other things, if they have been universal, consistent, transparent and well explained. Kasper follows this with a series of questions and answers on New Zealand's economic record and, whilst taking into account the level of economic freedom and the social and political aspects of economic reform, rates New Zealand's performance as a bare 'Pass'. He puts this performance into perspective by comparing it with that of Australia, which in its report card for 1980 to 2002 he awards a 'Credit' score. Kasper concludes that the New Zealand public will have to choose between rapid growth that challenges and changes established structures and requires a willingness to accept the costs and risks of new ideas, or slow growth with the safety of redistribution and protective governmental intervention. Wolfgang Kasper is emeritus professor of economics, University of New South Wales, and senior fellow, Centre for Independent Studies, Sydney, Australia. |
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