Discuss the below:
1. What is meant by the term, ‘path dependency'? Discuss how path dependency has effected the development of two major Australian economic institutions.
2. What is the role of Fair Work Australia? Why does Australia have such a powerful labour market regulator?
3. What is industry policy? How have government policies and changes in the regulation of secondary industry changed the balance between the primary, secondary and tertiary/quaternary sectors?
4. What is ‘the farm problem'? Why does this problem occur? What impact has the deregulation of the rural sector had on the farm problem?