Miracles in Oz

This commentary suggests that the Aussie economic resilience is attributable (in part) to strong population growth.

Very interesting. If there’s one thing that Scott Sumner (gets the h/t here, too) has taught me, it is that we focus too much on real per capita figures too much. Sure they’re the best measure of progress, but that means they’re great yardsticks for output from the economy; it doesn’t suggest that they’re very good as inputs from the feedback loop.

Inputs are nominal.