Borrowing and business in Australia

Bibliographic data

Monograph

Identifikator:: 183051623X

URN:: urn:nbn:de:zbw-retromon-222122

Document type:: Monograph

Author:: Wood, Gordon L. http://d-nb.info/gnd/1239193688

Title:: Borrowing and business in Australia

Place of publication:: London

Publisher:: Oxford university press, H. Milford

Year of publication:: 1930

Scope:: xv, 267 Seiten; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The boom of 1890 and its economic consequences

Collection:: Economics Books

100 AUSTRALIA'S RELATIVE DISADVANTAGE IN justify the adoption of 114 as the employment norm for those years. After the series had been constructed, it was discovered that the Commonwealth Bureau of Census and Statistics had constructed an index at 5-year intervals after 1891, and the close agreement of the results from these independent investi- gations is a matter for satisfaction. It must still be emphasized, however, that the index is open to the rather grave criticism shat it takes no account of the exodus to the country as the smployment in manufacture fell away, nor of the extent of anemployment in the primary industries, which was, indeed, not very serious. It is now possible to construct an index of wages that is adjusted for (i) changes in the retail price-level, and (ii) fluctua- tions in employment. It must be noted that the fall in wages was accompanied by a fall in prices which, contrary to the usual experience in such circumstances, displayed very little ‘lag’. The fall in prices is, therefore, ‘masking’ the effect of unemploy- ment in the last two columns showing effective wages. The complete table is now given. Tare XIX Wages Index for Australia, 1886-96 V oar. 886 1887 1888 1889 1890 i891 1892 . 893 1894 . | 1895 . . 1808 Nominal | waaes. 1,000 321 48 931 44 384 371 346 727 387 707 Retail Drees: Effective wages. 1,000 1,000 928 992 924 1,262 912 1,023 912 1,035 398 984 385 | 083 362 083 757 960 746 | 921 7577 994 Effective wages allow- ing for un- employment. 1,000 1,007 1,282 1,013 1,018 1,016 1,015 997 976 944 D61 We are now in a position to measure quantitatively the rela- tive disadvantage in which Australia was placed with regard bo her overseas trade by the operation of the two main factors, excessive importation of capital in the first place and the fall in world prices, particularly for primary products, in the second.

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