Public investment and the risk premium for equity

Analysis of the equity premium puzzle has focused on private-sector capital markets. However, the existence of an anomalous equity premium raises important issues in the evaluation of public-sector investment projects. These issues are explored below. We begin by formalizing the argument that an equity premium may arise from uninsurable systematic risk in labour income, and show that, other things being equal, increases in public ownership of equity will improve welfare, up to the point where the equity premium is eliminated. Finally, we consider policy implications and the optimal extent of public ownership.

'Suitable mothers': lesbian and single women and the 'unborn' in Australian parliamentary discourse

Throughout the latter months of 2000 and early 2001, the Australian public, media and parliament were engaged in a long and emotive debate about motherhood. This debate constructed the two main protagonists, the unborn 'child' and the potential mother, with a variety of different and often oppositional identities. The article looks at the way that these subject identities interacted during the debate, starting from the premise that policy making has unintended and unacknowledged material outcomes, and using governmentality as a tool through which to analyse and understand processes of identity manipulation and resistance within policy making. The recent debate concerning the right of lesbian and single women to access new reproductive technologies in Australia is used as a case study. Nominally the debate was about access to IVF technology; in reality, however, the debate was about the governing of women and, in particular, the governing of motherhood identities. The article focuses on the parliamentary debate over the drafting of legislation designed to stop lesbian and single women from accessing these technologies, particularly the utilization of the 'unborn' subject within these debates as a device to discipline the identity of 'mother'.