Chalmers' challenge: why the treasurer's words on the economy carry so much weight

By Mark Kenny, Professor, Australian Studies Institute, Australian National University

When Bill Clinton’s campaign manager, James Carville, scrawled, “the economy, stupid” on a sign in 1992, he merely wanted the campaign volunteers to stick to their presidential candidate’s talking points.

After Clinton became president, Carville’s axiom – by then lengthened to “it’s the economy, stupid” – seemed pitch-perfect for the pro-market zeitgeist taking hold in most Western democracies.

Policy initiatives were increasingly dashed against this irreducible metric. The economy was emerging as an end in itself – as if separate from the people and reified as the foundation…

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