Learning from Other Economies: The Unique Institutional and Policy Experiments Down Under

This paper argues that detailed studies of particular economies, such as Bob Gregory's work on Australia, are relevant to all of economics. The paper builds on the concept of a model species from biology to develop the notion of a model economy - one whose experiences illuminate fundamental economic issues; examines the criterion for an economy to serve as a model economy; and describes three areas - labour relations and the awards system of wage-setting, marketizing public services and growth through immigration and natural resources - where Australian experience provides insights into economic behaviour and the operation of markets broadly.