The first industrial revolution was a comprehensive technological, cultural, social and economic overhaul. The technologies and processes introduced during the late 18th Century brought with them lasting changes in how society organised. Industry 1.0 welcomed machine production, steam power and the factory system. Each of these technologies displaced labour in some form or another. However,... Continue Reading →

Come next Friday, the US will impose tariffs on steel and aluminium imports heading into the USA. Some countries, including Australia, will be exempt. One of the justifications for imposing these tariffs is the persistence, size and nature the US’ trade deficit (its exports minus imports). From Bush 1 to present, our Country has lost... Continue Reading →

The Gutenberg printing press was a transformative technology that had a profound impact on human development. The printing press, invented in the 1440s, has been (contentiously) heralded as the technology that unlocked mass literacy across the globe. The printing press however, could not have had the impact it did, if it weren’t for another complementary... Continue Reading →

Estimates of the pay differential between men and women vary by sector, and range from between 6.8 and 26.1 per cent. The gap is influenced by a number of factors including: · discrimination and bias in hiring and pay decisions · women and men working in different industries and different jobs, with female-dominated industries and... Continue Reading →

Economists are experts at knowing tomorrow why the things they predicted yesterday didn’t happen today. In 2011, the IEA hypothesised about a golden age of gas. “The future for natural gas is bright” they wrote in their 2011 special report, pointing to a “strong post-crises recovery”, “mounting concerns over energy security and global climate change,... Continue Reading →

Figures came out yesterday reporting the 16th month of consecutive jobs growth. That’s the longest streak on record. In fact, you’d have to go back over 20 years to find anything comparable (there was a 15 month streak that ended in July 1994). The number of Australians employed now stands at 12.5 million — spot... Continue Reading →

Last week, the IMF upgraded its forecasts of global economic growth for 2018 and 2019 by 0.2 percentage points. The revision reflects better than expected activity levels around the world, but mostly it’s due to burgeoning US economy. In fact the IMF upgraded its expectations for US economic performance by a whopping 30 per cent... Continue Reading →

I am an iPencil — the high tech stylus designed familiar to all boys and girls and adults who can browse the Internet and post to social media. Writing is both my vocation and my avocation; that's all I do. You may wonder why I should write a genealogy. Well, to begin with, my story... Continue Reading →

The map below is a composite image of the Earth at night. It’s been produced using photos taken from 312 orbits of the planet to get enough using cloud-free satellite images to get a clear shot of every parcel of Earth’s surface. The earth at nightNotes: If you want to see something really amazing, check... Continue Reading →

It’s now 10 years since the rumblings of the Global Financial Crisis (GFC) first hit. In those 10 years, the economy has grown, but at a somewhat underwhelming pace. Business investment continues to be low. Real wages haven’t improved. And until only just recently, the labour market story has been one of excess capacity. The... Continue Reading →