29 Sep 2015
by Jim Rose
in economic history, environmental economics, industrial organisation, politics - New Zealand, resource economics, survivor principle
Tags: agricultural economics, Landcorp, privatisation, state owned enterprises
Landcorp is a state-owned enterprise of the New Zealand government. Its core business is pastoral farming including dairy, sheep, beef and deer. In January 2012, Landcorp managed 137 properties carrying 1.5 million stock units on 376,156 hectares of land. Its total return to shareholders, the taxpayers, has been quite up-and-down in recent years.
Source: The New Zealand Treasury – data released under the Official Information Act.
Source: The New Zealand Treasury – data released under the Official Information Act.
Source: The New Zealand Treasury – data released under the Official Information Act.
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28 Sep 2015
by Jim Rose
in economic history, industrial organisation, politics - New Zealand
In addition to the $10+ billion write-off and collapsed to negative equity, KiwiRail has not paid any dividends for quite some time now to the taxpayer.
Source: The New Zealand Treasury – data released under the Official Information Act.
Source: The New Zealand Treasury – data released under the Official Information Act.
28 Sep 2015
by Jim Rose
in energy economics, industrial organisation, politics - New Zealand
Tags: expressive voting, privatisation, state owned enterprises
Leaving aside the fortunes and vicissitudes of the mining industry, Solid Energy’s numbers have been up and down by so much that if this was in a private company, you would start to wonder.
Source: The New Zealand Treasury – data released under the Official Information Act.
Taxpayers barely saw a cent of those multibillion-dollar valuations of just a few years ago for a company now under receivership. I doubt the ride was worth the price of passage for the taxpayer.
Source: The New Zealand Treasury – data released under the Official Information Act.
Source: The New Zealand Treasury – data released under the Official Information Act.
28 Sep 2015
by Jim Rose
in economic history, industrial organisation, politics - New Zealand
Tags: expressive voting, NZ Post, privatisation, state owned enterprises, sunset industries
New Zealand Post is slowly going out the door with declining dividends to taxpayers, a sustained decline in its commercial valuation and a negative or poor Total Shareholder Return. Letter volumes declined by a one-half in 10 years but the parcels business is growing because of the rise of e-commerce and Internet shopping.
Source: The New Zealand Treasury – data released under the Official Information Act.
Source: The New Zealand Treasury – data released under the Official Information Act.
Source: The New Zealand Treasury – data released under the Official Information Act.
26 Sep 2015
by Jim Rose
in economic history, gender, human capital, labour economics, labour supply, politics - New Zealand
Tags: female labour force participation, graduate premium, male labour force participation, postgraduate premium, reversing gender gap
There was rapid growth in the human capital of graduates and postgraduates in New Zealand between 1981 and 2001 according to the census data. The growth in female human capital was particularly rapid and especially so at the postgraduate level.
Source: Lˆe Thi. Vˆan Tr`ınh, Estimating the monetary value of the stock of human capital for New Zealand, thesis submitted in partial fulfilment of the requirements for the Degree of Doctor of Philosophy at the University of Canterbury (September 2006).
Source: Lˆe Thi. Vˆan Tr`ınh, Estimating the monetary value of the stock of human capital for New Zealand, thesis submitted in partial fulfilment of the requirements for the Degree of Doctor of Philosophy at the University of Canterbury (September 2006).
25 Sep 2015
by Jim Rose
in economic history, income redistribution, politics - Australia, Public Choice, public economics
Tags: Australia, incidence of taxation, social insurance, taxation and entrepreneurship, taxation and investment, taxation and labour supply, top 1%, top tax rates, welfare state
25 Sep 2015
by Jim Rose
in environmental economics, global warming, politics - Australia, politics - New Zealand, politics - USA, Public Choice
Tags: China, climate alarmism, climate treaties, global warming, green tariffs, Greenpeace, international environmental law, Paris Summit 2015, Twitter left
Greenpeace is right in saying in their open letter with others that New Zealand should not send a minister to the climate talks in Paris later this year. I agree for different reasons.
In common with many previous climate summits, the Paris talks will be a futile gesture that will have no significant effect on the pace of global warming and holding the summit is a waste of taxpayers money.
Nothing will come of them because the developing countries have no interest in postponing their development because of a minor inconvenience from global warming.
The easy way to tell if there is anything going to happen at a climate summit is the seniority of the delegation.
The Chinese made it clear at the Copenhagen summit in 2009 that they were not interested in an agreement by sending a Vice Minister of Foreign Affairs to a key side meeting of the American and French presidents, the British Prime Minister and the German Chancellor. All subsequent policy manoeuvrings by the Chinese on global warming are an attempt to head off green tariffs on their exports.
25 Sep 2015
by Jim Rose
in financial economics, industrial organisation, politics - New Zealand, public economics, rentseeking, survivor principle, transport economics
Tags: government ownership, KiwiRail, privatisation, rational ignorance, rational rationality, state owned enterprises, suppressive voting
The New Zealand Labour Party and New Zealand Greens both make much of the fact that when you privatise a state-owned enterprise the taxpayer is no longer entitled to dividends from the privatised business. The fact that the sale price is the net present value of those future dividends is a rating fallacy that is not the subject of this post.
Source: New Zealand Treasury – data released under the Official Information Act.
What is the subject of this post is whether there are indeed any dividends paid to taxpayers after capital injections. 2007 was the last year in which dividends to the taxpayer exceeded capital injections. The reason was that dog called KiwiRail.
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