Public Investment for a Balanced Economy: A Thermodynamic Perspective

Gregory O Smith; Tony Ramsay

Public Investment for a Balanced Economy: A Thermodynamic Perspective

Gregory O Smith
, Tony Ramsay

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

Abstract

Public sector investment has traditionally been conceded a role in moving the economy towards full employment. This role has been exemplified to useful effect in the aftermath of the recent financial crisis. The contention of this paper, however, is that public investment has an important balancing role to play alongside private investment in an economy operating at or close to full employment. There are investments with long time horizons and positive externalities where call for realisation via the public use of funds. These matters, however, are not agreed upon with the primacy of private sector investment and the case for the retreat of government is still being pushed. In this paper, investments with long-time horizons and positive externalities are ultimately advocated via the adoption of a thermodynamic perspective. In this way, renewable energy and energy efficiency investments can be argued for to lead the public investment thrust in an attempt to break free of the constriction imposed by fiscal conservatives.

Original language	English
Title of host publication	The Way Forward: incorporating the 13th Path to Full Employment Conference and 18th National Conference on Unemployment : 7-8 December 2011, the University of Newcastle, Australia : proceedings : refereed papers
Editors	Graham Wrightson
Place of Publication	Callaghan, Australia
Publisher	University of Newcastle, Centre of Full Employment and Equity (CoFEE)
Pages	205-208
ISBN (Print)	9780987114341
Publication status	Published - 2011
Event	13th Path to Full Employment Conference and 18th National Conference on Unemployment - Newcastle, Australia Duration: 7 Dec 2011 → 9 Dec 2011

Conference

Conference	13th Path to Full Employment Conference and 18th National Conference on Unemployment
City	Newcastle, Australia
Period	7/12/11 → 9/12/11

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 7 Affordable and Clean Energy
SDG 8 Decent Work and Economic Growth

Keywords

Public Policy

Access to Document

https://hdl.handle.net/1959.11/9371

Handle.net

Persistent link

Cite this

Smith, G. O., & Ramsay, T. (2011). Public Investment for a Balanced Economy: A Thermodynamic Perspective. In G. Wrightson (Ed.), The Way Forward: incorporating the 13th Path to Full Employment Conference and 18th National Conference on Unemployment : 7-8 December 2011, the University of Newcastle, Australia : proceedings : refereed papers (pp. 205-208). University of Newcastle, Centre of Full Employment and Equity (CoFEE). https://hdl.handle.net/1959.11/9371

Smith, Gregory O ; Ramsay, Tony. / Public Investment for a Balanced Economy : A Thermodynamic Perspective. The Way Forward: incorporating the 13th Path to Full Employment Conference and 18th National Conference on Unemployment : 7-8 December 2011, the University of Newcastle, Australia : proceedings : refereed papers. editor / Graham Wrightson. Callaghan, Australia : University of Newcastle, Centre of Full Employment and Equity (CoFEE), 2011. pp. 205-208

@inproceedings{8eb98e2e478e4a40b11aa83acdbc0ee3,

title = "Public Investment for a Balanced Economy: A Thermodynamic Perspective",

abstract = "Public sector investment has traditionally been conceded a role in moving the economy towards full employment. This role has been exemplified to useful effect in the aftermath of the recent financial crisis. The contention of this paper, however, is that public investment has an important balancing role to play alongside private investment in an economy operating at or close to full employment. There are investments with long time horizons and positive externalities where call for realisation via the public use of funds. These matters, however, are not agreed upon with the primacy of private sector investment and the case for the retreat of government is still being pushed. In this paper, investments with long-time horizons and positive externalities are ultimately advocated via the adoption of a thermodynamic perspective. In this way, renewable energy and energy efficiency investments can be argued for to lead the public investment thrust in an attempt to break free of the constriction imposed by fiscal conservatives.",

keywords = "Public Policy",

author = "Smith, \{Gregory O\} and Tony Ramsay",

year = "2011",

language = "English",

isbn = "9780987114341",

pages = "205--208",

editor = "Graham Wrightson",

booktitle = "The Way Forward: incorporating the 13th Path to Full Employment Conference and 18th National Conference on Unemployment : 7-8 December 2011, the University of Newcastle, Australia : proceedings : refereed papers",

publisher = "University of Newcastle, Centre of Full Employment and Equity (CoFEE)",

note = "13th Path to Full Employment Conference and 18th National Conference on Unemployment ; Conference date: 07-12-2011 Through 09-12-2011",

}

Smith, GO & Ramsay, T 2011, Public Investment for a Balanced Economy: A Thermodynamic Perspective. in G Wrightson (ed.), The Way Forward: incorporating the 13th Path to Full Employment Conference and 18th National Conference on Unemployment : 7-8 December 2011, the University of Newcastle, Australia : proceedings : refereed papers. University of Newcastle, Centre of Full Employment and Equity (CoFEE), Callaghan, Australia, pp. 205-208, 13th Path to Full Employment Conference and 18th National Conference on Unemployment, Newcastle, Australia, 7/12/11. <https://hdl.handle.net/1959.11/9371>

Public Investment for a Balanced Economy: A Thermodynamic Perspective. / Smith, Gregory O; Ramsay, Tony.
The Way Forward: incorporating the 13th Path to Full Employment Conference and 18th National Conference on Unemployment : 7-8 December 2011, the University of Newcastle, Australia : proceedings : refereed papers. ed. / Graham Wrightson. Callaghan, Australia: University of Newcastle, Centre of Full Employment and Equity (CoFEE), 2011. p. 205-208.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - Public Investment for a Balanced Economy

T2 - 13th Path to Full Employment Conference and 18th National Conference on Unemployment

AU - Smith, Gregory O

AU - Ramsay, Tony

PY - 2011

Y1 - 2011

N2 - Public sector investment has traditionally been conceded a role in moving the economy towards full employment. This role has been exemplified to useful effect in the aftermath of the recent financial crisis. The contention of this paper, however, is that public investment has an important balancing role to play alongside private investment in an economy operating at or close to full employment. There are investments with long time horizons and positive externalities where call for realisation via the public use of funds. These matters, however, are not agreed upon with the primacy of private sector investment and the case for the retreat of government is still being pushed. In this paper, investments with long-time horizons and positive externalities are ultimately advocated via the adoption of a thermodynamic perspective. In this way, renewable energy and energy efficiency investments can be argued for to lead the public investment thrust in an attempt to break free of the constriction imposed by fiscal conservatives.

AB - Public sector investment has traditionally been conceded a role in moving the economy towards full employment. This role has been exemplified to useful effect in the aftermath of the recent financial crisis. The contention of this paper, however, is that public investment has an important balancing role to play alongside private investment in an economy operating at or close to full employment. There are investments with long time horizons and positive externalities where call for realisation via the public use of funds. These matters, however, are not agreed upon with the primacy of private sector investment and the case for the retreat of government is still being pushed. In this paper, investments with long-time horizons and positive externalities are ultimately advocated via the adoption of a thermodynamic perspective. In this way, renewable energy and energy efficiency investments can be argued for to lead the public investment thrust in an attempt to break free of the constriction imposed by fiscal conservatives.

KW - Public Policy

UR - http://e1.newcastle.edu.au/coffee/conferences/2011/index.cfm

M3 - Conference contribution

SN - 9780987114341

SP - 205

EP - 208

BT - The Way Forward: incorporating the 13th Path to Full Employment Conference and 18th National Conference on Unemployment : 7-8 December 2011, the University of Newcastle, Australia : proceedings : refereed papers

A2 - Wrightson, Graham

PB - University of Newcastle, Centre of Full Employment and Equity (CoFEE)

CY - Callaghan, Australia

Y2 - 7 December 2011 through 9 December 2011

ER -

Smith GO, Ramsay T. Public Investment for a Balanced Economy: A Thermodynamic Perspective. In Wrightson G, editor, The Way Forward: incorporating the 13th Path to Full Employment Conference and 18th National Conference on Unemployment : 7-8 December 2011, the University of Newcastle, Australia : proceedings : refereed papers. Callaghan, Australia: University of Newcastle, Centre of Full Employment and Equity (CoFEE). 2011. p. 205-208

Public Investment for a Balanced Economy: A Thermodynamic Perspective

Abstract

Conference

UN SDGs

Keywords

Access to Document

Handle.net

Fingerprint

Cite this