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'Labor problem in a nutshell': ALP don't understand difference between 'cost and price'

The article from MSN discusses the Australian Labor Party's (ALP) apparent misunderstanding of the economic concepts of cost and price, as highlighted by a recent policy decision. It critiques the ALP's approach to economic policy, particularly focusing on their handling of the cost of living crisis. The piece argues that the ALP conflates the cost of production with the price consumers pay, leading to policies that might not effectively address inflation or the financial burdens on citizens. It points out that while the government has the power to influence costs through subsidies or taxes, the market ultimately determines prices. The article suggests that this confusion could lead to misguided economic strategies that fail to tackle the root causes of economic issues, potentially exacerbating problems like inflation and not providing relief where it's most needed.

Read the Full MSN Article at:
[ https://www.msn.com/en-au/politics/government/labor-problem-in-a-nutshell-alp-don-t-understand-difference-between-cost-and-price/ar-AA1wQ7sa ]