%0 Report
        %A Gregory, Bob
        %T Then and Now: Reflections on Two Australian Mining Booms
        %D 2011
        %8 2011 Sep
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 5969
        %U https://www.iza.org/publications/dp5969
        %X Australia is experiencing its largest mining boom for more than a century and a half. This paper explores, from a national perspective, important economic differences that arise when a mining boom, such as the current one, is generated by export price increases (trading gains) rather than export volume increases. Terms of trade changes - through their direct trading gain effect and indirect real GDP effect, primarily through increased employment levels - have increased Australian living standards. The increase, relative to the US, is about 25 per cent; an increase which probably places Australian living standards well above those of the US.
        %K resource booms
%K terms of trade
%K real GDP
%K economic growth