A world in economic crisis

About

My name is Margaret O’Hearn. I am a Bachelor of Economics and Commerce (Melb 1975), with majors in Economics, Commercial Law and Accounting.

Due to the timing of my graduation from University I did not have a real career in my chosen field. Instead I became a housewife for 10 years, raising three sons before going into the workforce. My first job was in the Australian Public Service as a clerical assistant. It was a really crappy job, and within a short time I ended with an injury to my shoulders (perhaps the cause of my shoulder bursitis).  My career started to take off when I became a Graduate Administrative Assistant in the now defunct Department of Administrative Services. My public service career ended because of a move from Canberra to Sydney. During that period I studied to become a CPA which I achieved with 2 honors for units completed.

My private sector career was not stellar since I was palmed into jobs related to credit collections and accounts receivable with a bit of reconciliations work thrown in for good measure. My career ended when I had an accident that resulted in fracturing my coccyx for the second time. After that we moved from Sydney and back to Canberra. There was no way I was going back to the Public Service so I chose to stay home.

I started to blog when I took an interest in Teri Schiavo. I admit this was at first a grudging interest because I believed the newspaper stories about the matter. It was only when I began to look into the case that I discovered the real truth. There was simply no way that I could accept that the woman was in that condition because of any heart attack (which she did not have) or as a result of bulimia. My late sister had suffered from bulimia so I did know a little bit about the disease, and things were not adding up for a variety of reasons. This is when I began my blogging career.

Prior to blogging I was involved in some theological debate type groups. It is where I began to hone my research and other writing skills. I continue to belong to a few of these groups but I am less active these days. In my real life I took time to do some Bible study but now I am back in Canberra I am no longer able to continue with those studies.

I discovered traffic exchanges as a result of my blogging. I did learn quite a bit about them as a result of my exposure to exchanges such as Traffic Era, Lords-of-Traffic and similar. Again I am not so active with these exchanges at the present time.

My interest in economics and in particular Economic History has been rekindled as a result of the global financial crisis. This crisis did hit on a personal level, with my husband being made redundant for the first time in his life after he joined QANTAS – well QANTAS did cut off their nose to spite their face because they ruined a profitable business unit because of their crappy decisions. My husband was not left without work because his skills are in reasonable demand.

The reason for the name of my blog as “australianstagflation” should be self-evident. The first period of stagflation hit in the early 1970s when I was studying economics, and in fact it was mentioned during my second year at university for the very first time. The period of stagflation in Australia was prolonged as a result of the poor economic decisions made by Gough Whitlam’s government as well as the decisons made in the last budget of the previous government (it was expansionary). Today I find that there are similar conditions around the world, thus I believe that the stimulus packages that we have seen in Australia, UK, USA and elsewhere happened to be the wrong prescription for the particular situation.

This has spurred me to look once again at the subject of stagflation since it is a subject that is poorly understood. My aim is to research the economic conditions that brought about the stagflation of the 1970s. It is not easily explained since even the first oil shock is not an adequate explanation as to why the world plunged into a recession at the time.

3 Responses

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  1. papundits said, on March 28, 2010 at 1:44 pm

    Margaret,
    I’m impressed!
    I wish 1/2 or even 1/4 of us Americans had your knowledge and ability to root out the truth.
    Keep up you good work!
    Ed

  2. Howard said, on September 9, 2013 at 11:44 pm

    I wish to inform you, regrettably, the sad news that Dr. Charles Rowley had passed away:
    http://newsdesk.gmu.edu/2013/08/university-mourns-passing-of-economics-professor-charles-rowley/

    (Please remove this reply; I am his former student and know that you were following his blog).

    Regards,
    Howard Wu

    • Aussie said, on September 10, 2013 at 11:15 am

      Howard, thank you for letting me know about the passing of Professor Rowley. I was not a student of his, but I was enriched because of him.


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