|
August 6, 2009
What are the chances of Malcolm Turnbull surviving as the leader of the Liberal Party and winning the next election? It's zilch on the latter. It is extremely unlikely that Malcolm will ever became PM. His ambition will be thwarted as the Liberals look to be going backwards after the attempt to king hit Rudd and Swan in the Ozgate episode backfired so spectacularly:
They need to do everything in their power to reduce the electoral damage. The Australian will continue to campaign for Turnbull to be dumped, whilst the Nationals will continue to distance themselves from the Liberals as they realize that they need to develop a more independent political profile to survive.
Will the Liberals rethink their faith in self-correcting neoclassical economic model--question the elegant self-correcting free-market equilibrium theory?
Or will they continue to cover up the anomalies with the theory with the claim, along with the IPA that the current economic crisis is due to regulatory, and not market, failure and that we are witnessing the financial market self-correct in the most dramatic of fashions. Those who think otherwise express an anti-market bias The anti-market bias is the tendency to under-estimate the benefits of the market mechanism. The corollary is that the benefit of government intervention is over-estimated.What we can infer from this is that most macroeconomists are still blinded by the idea that efficient markets will take care of themselves.
Will the Liberals continue to defend big central government in opposition to the small government ethos in classical economic liberalism and neo-classical economic theory. Just how committed to liberalism are the Liberals?
|
Senator Eric Abetz should fall on his sword to protect his noble leader. I'd like to see it as a public performance in a tabloid style. That would give the LIberals a lift in the polls.