Increasing Australia's economic productivity by creating an entrepreneurial economy

By Almira De Vera

Almira attended the 2016 World Bank and IMF Annual Meetings in Washington D.C. She is studying a Bachelor of Laws and a Bachelor of Commerce at the University of South Australia.

Abstract

In order for Australia to maintain its economic prosperity, it is imperative to find new ways to stimulate productivity and encourage entrepreneurship and start-ups. Entrepreneurship propels innovation, job creation and competition which are integral for productivity growth. The Australian government is currently pursuing a number of entrepreneurial and innovative policies. To ensure the efficacy of these policy changes, an entrepreneurial mindset must be instilled in Australian culture. Introducing school programs and training into curriculum's is vital in motivating entrepreneurial initiatives. Creating a supportive and collaborative ecosystem involves working with the private sector, universities, industries, professional bodies and other start-ups. Sharing and recognising success can change the attitudes and perceptions of Australians starting their own business.

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The Entrepreneurship Solution: Meeting the Global Youth Unemployment Crisis

The Entrepreneurship Solution: Meeting the Global Youth Unemployment Crisis

By Erin Watson-Lynn

Erin was a Global Voices Y20 Delegate for 2015

Abstract

Globally, some 75 million young people are unemployed. The International Labour Organisation warns that this is an unprecedented crisis. High levels of unemployment mean that young people across the developed and developing worlds face increased precariousness, poverty and uncertainty. The result of this is the threat of intergenerational inequality not seen since the Great Depression. Given the stubborn persistence of youth unemployment, more policy attention is clearly needed. The Group of Twenty (G20) leaders have made some commitments to address this crisis. One of these is to promote enabling environments for entrepreneurship. Entrepreneurship is an attractive policy proposition with some best practice examples. However, the macroeconomic impact of these policies is difficult to measure, and there is an absence of empirical evidence that has attempted to do so. This paper establishes youth unemployment as a crisis, describes how entrepreneurship can act as a possible solution, and provides two examples of frameworks for understanding the policy across varying environments. Finally, the paper offers three policy recommendations. 

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