Musing and Memories on the Introduction of HEC's and Where to Next on Income Contingent Loans

Robert Gregory

Australian Journal of Labour Economics (AJLE), 2009, vol. 12, issue 2, 237-243

Abstract: The Higher Education Contribution Scheme (HECS) is a rare example of an important, innovative, and imaginative policy instrument developed and applied within a relatively short time period. Looking back over Australian history, innovative policy instruments, with substantial tax revenue or expenditure implications, and introduced quickly, are rare. The short list would probably include the introduction of the old age pension, unemployment benefits and Medicare, although I am not sure of the length of the pre-introduction phrase associated with each of these innovations. Unlike HECS, however, almost all these policy innovations were introduced a long time ago. The size of the macro financial implications, the innovative nature and the speed of introduction and acceptance, suggest that some comments that extend beyond the usual economic discussions of asymmetric information, market failures and adverse selection might be useful.

Keywords: Economic History: Labour and Consumers, Demography, Education, Health, Welfare, Income, Wealth, and Religion: Africa; Oceania Positive Analysis of Policy-Making and Implementation Personal Income and Other Non-business Taxes and Subsidies; includes inheritance and gift taxes (search for similar items in EconPapers)
JEL-codes: D78 H24 N37 (search for similar items in EconPapers)
Date: 2009
References: Add references at CitEc
Citations:

Downloads: (external link)
http://ftprepec.drivehq.com/ozl/journl/downloads/AJLE122gregory.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ozl:journl:v:12:y:2009:i:2:p:237-243

Access Statistics for this article

More articles in Australian Journal of Labour Economics (AJLE) from Bankwest Curtin Economics Centre (BCEC), Curtin Business School Contact information at EDIRC.
Bibliographic data for series maintained by Sandie Rawnsley ().