Welcome to the fifth issue of Insights

Our last issue went to press when the financial crisis had burst onto the world. We were too late then to include the public lectures given to the Faculty – we make up for it in this volume. The substance of the crisis is represented dramatically on the cover by the panicking bull falling precipitously down the wall of the stock exchange; while the bear, its claws drawn open, rises aggressively to take its place.

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Inside the current issue, Volume 5 April 2009

Feature articles

The causes and consequences of the current financial turbulence
We should accept that competitive financial systems carry the risk that they will collapse periodically. The task should be how best to deal with this risk.
By Raghuram G Rajan

A tumultuous year
The crisis in global financial markets has raised a welter of critical issues for financial institutions, regulators and governments that cover all aspects of the financial industry and approaches to macroeconomic policy
By John A Fraser

Voodoo banking
Elite athletes often use performance enhancing drugs to boost performance. Voodoo banking operated similarly, enabling banks to enhance short-term performance whilst risking longer-term damage.
By Satyajit Das

Reversing the divergence of the bottom billion
What America did for Europe after 1945, we must now do for Africa
By Paul Collier

Reflections on microeconomic policy frameworks and a suggestion about fairness
In assessing economic efficiency, economists need to take into account that most people value losses more negatively than they value gains positively
By Jonathan Pincus

What’s been happening to United States income inequality?
Properly adjusted, for at least the bottom 99 per cent of the income distribution, the rise in income inequality since 1993 has been small
By Richard V Burkhauser

Occasional Addresses

Navigating the world of opportunity
Practical pointers to the challenge of navigation
By Anthony R Burgess

How your university experience will shape your future life and career
While education in the classroom is important, much of the learning at a university takes place outside the classroom
By Michael Andrew

On leading more than one life
Acknowledge the personal sacrifices of others, think creatively and be imaginative, give of yourself in public service and exercise humility
By Rupert Myer AM


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