ECONOMICS: US-Australia free trade negotiations based on dubious assessments*

Recently the Australian Financial Review published a quite useful set of articles about the modelling techniques associated with the attempts to justify a Free Trade Agreement between the US and Australia, and how these produced contradictory outcomes. This modelling involved calculations – based on necessarily arbitrary assumptions – to evaluate the net benefit to Australia of a free trade agreement with the United States.Such calculations can deliver only mere approximations.As a starting poin…

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