Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/283542 
Authors: 
Year of Publication: 
2024
Series/Report no.: 
IZA Policy Paper No. 208
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
Economists have played a powerful role in shaping modern Australia. Drawing on my experience as an academic economist and an economic policymaker, I outline ten principles to guide economists seeking to maximise their impact. These are to (1) Focus on wellbeing, not just dollars; (2) Think comparative advantage; (3) Ignore sunk costs; (4) Optimise, subject to constraints; (5) Use the best evidence; (6) Consider expected value; (7) Think in magnitudes, not just in signs; (8) Channel a libertarian; (9) Remember equity; and (10) Incentives matter.
Subjects: 
economic policy
role of economics
relation of economics to social values
JEL: 
A11
A13
D04
E60
Document Type: 
Working Paper

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