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Australias Economic Policies By Samuel A Raven Why is it important to increase efficiency levels in the Australian economy Before we discuss this it is important to define exactly what we mean when we say efficiency Do we mean technical efficiency and attempt to produce our output at the minimum price Perhaps we mean to increase allocative efficiency and distribute resources throughout the economy better in accordance with the demands of consumers We may even speak of dynamic efficiency and thus introduce new technology and new techniques in order to keep pace with changes in consumer demand However we cannot simply mean to increase one of these if we are to achieve maximum efficiency throughout our economy they all must be increased in order to maintain a balanced and efficient economy and to promote economic growth There are many policies to aid this that will be looked at during the course of this essay including privatization corporatisation deregulation and a host of others Privatization a political hot potato is at the same time both an economically sound but politically dangerous idea Privatization simply put is the transfer of the ownership of public assets to the private sector achieved generally by the sale of shares in said enterprise ie Telstra or by the straight out sale of the enterprise Privatization while practiced throughout the world did not begin on any truly significant scale until about 1990 and since then has grown exponentially Why do we privatize though Well primarily in order to expose the Industry to market forces in order to force it to be more efficient increase its growth and to better respond to the demands of the consumer Competition is the main market force that we wish to expose the industry to as a firm in an industry where it has competitors must be as efficient as possible so as to keep its prices costs low and its product
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