Justin Wolfers Delivers the 2025 Boyer Lecture: Australia is Freaking Amazing

The 2025 Boyer Lectures, Keynote Lecture by Justin Wolfers What truly explains Australia’s remarkable economic success—natural resources and luck, or the “rules of the game”? Economist Justin Wolfers makes the case that inclusive, well-designed institutions are the hidden engine of national prosperity, stability, and trust. Comparing Australia to peers and foils—from the Koreas to Argentina—he shows how electoral design, an independent public service, and evidence-based policymaking keep delivering for ordinary Australians. Wolfers explains: • How "baking a cake" is like the neoclassical production function • Why “recipes,” not just resources, drive long-run growth • Why institutional design beats culture or resources as a driver of growth • Lessons for Australia from Korea’s divergence and Argentina’s missed chances • How inclusive vs. extractive institutions shape incentives and outcomes • How Australia’s voting rules encourage persuasion over polarization • How expert-led policy has helped Australia navigate crises • How resilient institutions cushioned the shocks due to the global financial crisis, and later the covid pandemic • Why defending the RBA reforms and rule-of-law norms matters now Stakes: Weakening inclusive institutions risks lower growth, higher conflict, and lost trust. 👉 Key takeaway: Prosperity follows when institutions reward baking more cake, not grabbing bigger slices. Subscribe for more clear-eyed economic analysis with Justin Wolfers. ABC Australia, aired October 18 2025