This personal biography by the son of GC Harcourt focuses mainly on the political aspects of the life and work of this important Australian and Cambridge economist.

Geoff Harcourt was a renowned economist and political activist who made a significant contribution to public policy, particularly in his home country of Australia. As a leading contributor to post-Keynesian theory, he believed a capitalist economy would not create full employment without significant policy intervention. On the labour market, he devised an approach to wage bargaining that integrated fairness with productivity growth in the context of Australia’s unique institutions of conciliation and arbitration. On tariff protection, he was agnostic, preferring a more proactive industry policy grounded in post-Keynesian principles and drawing on his early work on accounting theory and practice. His economic advice to the Australian Labor Party (ALP) Committee of Inquiry in 1979 refocused policy debate around the role of incomes policy, which became the centrepiece of the Hawke-Keating Government’s Accord with the trade union movement.

In this article, I share insights from the conversations I have enjoyed with my father GC Harcourt on gender, social justice, and economic policy in the last years of his long and fruitful life. Our conversations reflected our overlapping but at times divergent responses to the disruptions caused by environmental, climate, health, economic, and political crises. The article reflects on our conversations around population, alternatives, the pervasiveness of racism in Australia, and the recurring questions of how to bring about change and how to continue despite political disappointments. The article teases out in a gentle way how my perspective, as a feminist political ecologist, diverged from GC Harcourt’s views, and what our conversations together suggest as important challenges to overcome as we confront the current crises of modern capitalism.

GC Harcourt made many fundamental and essential contributions to the development of capital investment theory – most famously via his development of the Cambridge Capital Controversies, exposing conceptual and analytical flaws and contradictions in neoclassical approaches to defining and measuring capital. Relatedly, Harcourt also made essential contributions to our understanding of how accounting rules, used by real-world businesses to guide their investment decision-making, create anomalies and deficiencies in the accumulation of capital at a microeconomic level – with significant, deleterious consequences for the accumulation of capital at a macroeconomic level. In developing Harcourt’s contributions, this paper links Harcourt’s early insights about accounting rules with subsequent developments in behavioural economic models of business decision-making, thus aligning Harcourt’s contributions with insights from behavioural models of investment decision-making. These insights are then combined in showing how the misapplication of investment appraisal criteria at a microeconomic level contributes to under-investment and investment volatility in the macroeconomy, with negative implications for output, employment, labour productivity, wages and cyclical volatility.

Geoffrey Harcourt remained a steadfast left Keynesian all his life. He applied his economic analysis in framing policy recommendations targeting the welfare of the poor. He undertook incisive and comprehensive surveys of the work of Cambridge post-Keynesians, some of whom were involved intellectually or practically in the economics of developing economies. Keynes, remaining an imperialist as far as India was concerned, nevertheless produced a corpus which has been immensely helpful in understanding developing economies and prescribing policy solutions for them. First, Keynes created the modern macroeconomics discipline and refined the concept of national income, allowing methods of collecting and organising economic and social data enabling assessment of intersectoral impacts. Second, still relevant today is his idea of an International Clearing Union, disciplining countries with excessive balance of payments surpluses or deficits, even though American opposition at Bretton Woods prevented its adoption. Third, although an economist of the short run, Keynes took up issues of vital concern for the development of an underdeveloped economy, departing from his long-held fears about excessive population growth and contributing to policies for stabilising commodity prices. While Keynes remained a Eurocentric imperialist, his dreams for Europe in general and Britain in particular proved relevant for many developing countries today. He supported public investment and state involvement in solving problems of unemployment and industrial restructuring. His analysis of the instability of stock markets and dangers of financialisation remains highly relevant in a world experiencing major stock market crashes in almost every decade since the 1970s.

Samsung has largely shifted its electronics manufacturing out of China, and mostly to Vietnam. In that process, it has, to date, avoided local labour market (LLM) difficulties faced by its subsidiaries in industrial parks in China: in particular, pervasive skill shortages among the electronics assembly workers on whom Samsung’s manufacturing depends. Labour retention problems in China had significantly challenged its commitment to invest in necessary employee training. By contrast, Samsung’s domination of foreign direct investment (FDI) within particular Vietnamese industrial parks has removed the inter-employer competition it experienced in China. A deeper explanation involves Samsung’s development – as Vietnam’s largest single source of FDI, and major producer of that country’s exports – of synergistic and symbiotic relationships with Vietnam’s national and subnational governments. These relationships have allowed Samsung to influence development strategies for industrial parks and their LLMs. Samsung has invests expansively in forms of education and training whose benefits extend beyond the areas in which its manufacturing facilities operate, to populations that the company does not employ. Providing benefits beyond typical success criteria for FDI in developing economies, Samsung has helped Vietnam’s party-state meet its own legitimacy needs with its internal constituencies, contributing to a broader practical consensus in favour of the party-state’s development policies. This article therefore widens the perspective of FDI to embed it in national and subnational business–government relations.

In Australia and many other advanced economies, housing is playing a central role in accentuating and perpetuating inequality. This paper, drawing on primary and secondary data, discusses the various ways in which housing tenure in Australia contributes to wealth and income inequality. It argues that a neoliberal housing policy framework and accompanying financialisation of housing have facilitated a dramatic increase in house prices, the neglect of social housing, and a deepening wealth and income divide based on housing tenure. With respect to wealth, the key divide is between outright homeowners versus low-income private renters and low-income households in mortgage stress. The wealth of outright homeowners has grown substantially in recent decades and many have been able to acquire a holiday home and/or investment properties, thereby intensifying the wealth divide. Approximately a third of Australian households are now locked out of home ownership for an extended period or even lifelong. Housing tenure status also has an impact on the disposable income of households. For example, low-income outright homeowners are invariably in a far better position with respect to disposable income than their counterparts who have large mortgages or are private renters.

This article uses Loïc Wacquant’s concept of the centaur state to analyse symbolic framings of the meaning and future of work in the Australian policy response to COVID-19 in 2020. In contrast with historical conceptualisations anchored in rights and social security, contemporary Australian social welfare policy discourse is dominated by political representations of the imperative to work. For people currently outside of the labour market, self-reliance through paid work is a primary objective of social security policy. In 2020, economic impacts of national lockdowns were ameliorated by large transfers from the state to businesses and individuals. Concurrent announcements of plans for a ‘business-led’ post-pandemic economic recovery centred the message that the meaning of work lies in its individual and social utility. Prior to the pandemic, transformation of the modes of organisation of work had already brought into question normative claims about the meaning of work, and what is comprehended by the term ‘job’. Analysis of key ‘economic recovery’ policy initiatives illustrates that they combined considerable corporate welfare with a construction of job seekers as having unrealistic expectations of meaningful work, for which there could be no room in the institutional machinery driving economic recovery. In the policy trajectory of the Australian centaur state, the future of work for people currently unemployed is to serve as a resource to fuel the business-led recovery.

Commercial motor vehicle driving is one of the most dangerous occupations in the United States. The production of most trucking services takes places on public roadways, which makes commercial motor vehicle safety a topic of concern for industry stakeholders, supply chain operations, policy makers, and the general public. This study explores the relationship between new employee driver compensation and for-hire interstate truckload motor carrier crash incidence. The results suggest that, all else constant, higher benefits are associated with fewer crashes. While mileage pay rates predict crashes, we find that higher mileage rates can be correlated with either higher or lower crash frequency – depending on the carrier’s existing starting pay level. This may be due to pernicious incentives created by piece-rate pay structures, because drivers who have more unpaid non-driving work time may earn a slightly higher mileage pay rate, which only partially compensates them for unpaid labour time. Regardless, these results suggest that compensation is an important predictor of safety and the existing pay practices in the industry may be unsafe. It also suggests that the role of compensation in motor carrier safety performance deserves further exploration with better quality data–especially full documentation of hours of work and pay rates.

The compensating wage differential (CWD) for nonfatal injury and value of statistical life or injury in occupations have rarely been analysed separately by gender or race. This paper uses individual-level data from the 2012–2015 March Current Population Survey to estimate the CWD as well as the value of statistical injury (VOI) by race and gender. We find male workers command a positive risk premium, and this is higher when they are unionised. We also find a positive risk premium for White unionised workers and a slightly lower risk premium for White males. Like other investigators, we find that nonfatal risk is heterogenous, and its compensation is difficult to estimate using a standard wage equation, even with some smaller subsamples from our dataset that are gender- or race-specific. Our estimates of the VOI show us that male workers who are unionised have the highest VOI, followed by Hispanic union workers, and Black females. This last finding follows from Black females working in jobs that have the highest risk rates compared to White and Hispanic females.

A number of reports have shown that workers with certain characteristics are disproportionately affected by the COVID-19 pandemic. Since these characteristics are associated with vulnerable workers, we hypothesise that the income distribution in the pandemic era will be polarised compared to the pre-pandemic period. This article compares the pre-COVID income distribution (February 2020) with the one that prevailed just after the hard lockdown (April 2020). Consistent with the hypothesis, the result shows evidence of polarisation. Disaggregating the analysis by worker characteristics, we find that the polarisation was stronger in vulnerable groups. Our decomposition result suggests that, apart from job losses, returns to gender and job characteristics explain the location and shape differences in the COVID-19 era income distribution. Although this analysis only looks at the short-term effect of the pandemic on income distribution, the result suggests that the structure of labour markets in developing countries is not conducive to a future of work where disruptions (or pandemics) may become more frequent.

In the aftermath of the COVID-19 pandemic and amid the present reconfiguring of corporate purpose, there is an opportunity to realign actions focused on prolonging working lives. We put forward a transformative agenda concerned with workforce ageing that aligns with contemporary expectations regarding sustainability, inequality, and emerging conceptualisations of management. In this article, the new concept of Common Good human resource management (HRM) is utilised as a potential means of encouraging business responses focused on grand challenges such as population ageing. We suggest how these principles might be applied to the issue of managing age in workplaces, to recast debate about issues of age and work, to be used as an advocacy tool encouraging employer engagement, while providing a framework that might direct organisational leadership.