The Economic Consequences of Mr Trump and Mr Biden |
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| Authors: | Ross Garnaut |
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| Affiliation: | 1. University of Melbourne, Victoria 3100, Australia;2. email <3. ross.garnaut@unimelb.edu.au>4. . This is an edited version of the 2023 Corden Lecture given at the University of Melbourne. Editor's note: The lecture was delivered just 10 days before Max Corden's death on 20 October 2023. He was 96. With Max's passing the world has lost one of its most influential and most respected economists. In this article, Ross Garnaut, who was a close friend and colleague, provides insights into Corden's approach to economics. |
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| Abstract: | Max Corden and Ross Garnaut published ‘The Economic Consequences of Mr Trump’ in this journal in 2018. This paper examines what has transpired in the US economy against that article. It notes continuity in budget and trade policy from the Trump Presidency to the Biden Presidency. The continuity in macro-fiscal and trade policies is accompanied by a significant departure in the focus of fiscal expansion: Mr Biden's strong support for decarbonisation. The article applies Max Corden's approach to international economics to the question: should Australia emulate Mr Biden's combination of budget, protection and decarbonisation policies? |
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