Boyer Lectures 01 | Professor Justin Wolfers: Australia is freaking amazing
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Oct 18, 2025 
Justin Wolfers, a Professor of Economics and Public Policy, shares insights on Australia's unique political institutions and their role in national prosperity. He argues for ‘conservative radicalism’ to protect these institutions while enhancing inclusivity. Larissa Behrendt, a distinguished law professor, emphasizes the importance of evaluating democracy based on outcomes for vulnerable groups and suggests learning from Aboriginal governance to foster inclusion. Together, they explore how strong institutions can navigate challenges like AI governance and civic trust.
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Institutions Drive National Prosperity
- Justin Wolfers argues Australia's democratic and economic institutions are unusually inclusive and drive prosperity.
- He frames institutions as the fundamental driver because they shape incentives to invest in better 'recipes' for growth.
Recipes Explain Productivity Gains
- Wolfers describes productivity as better 'recipes' that transform inputs into more valuable output.
- He uses silicon to illustrate how new combinations create vastly different economic value.
Natural Experiments Reveal Institutional Effects
- Historical natural experiments show institutions, not culture or geography alone, determine divergent growth.
- Wolfers cites Korea's postwar split to show how different rules produced starkly different outcomes.
