{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff31507\deff0\stshfdbch31505\stshfloch31506\stshfhich31506\stshfbi0\deflang3081\deflangfe3081\themelang3081\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f34\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria Math;}
{\f37\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri{\*\falt Calibri};}{\f40\fbidi \fswiss\fcharset0\fprq0{\*\panose 00000000000000000000}Calibri,Bold{\*\falt Calibri};}
{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fhimajor\f31502\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri{\*\falt Calibri};}{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\f217\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\f218\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\f220\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\f221\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\f222\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\f223\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\f224\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\f225\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\f557\fbidi \froman\fcharset238\fprq2 Cambria Math CE;}{\f558\fbidi \froman\fcharset204\fprq2 Cambria Math Cyr;}{\f560\fbidi \froman\fcharset161\fprq2 Cambria Math Greek;}
{\f561\fbidi \froman\fcharset162\fprq2 Cambria Math Tur;}{\f564\fbidi \froman\fcharset186\fprq2 Cambria Math Baltic;}{\f587\fbidi \fswiss\fcharset238\fprq2 Calibri CE{\*\falt Calibri};}{\f588\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr{\*\falt Calibri};}
{\f590\fbidi \fswiss\fcharset161\fprq2 Calibri Greek{\*\falt Calibri};}{\f591\fbidi \fswiss\fcharset162\fprq2 Calibri Tur{\*\falt Calibri};}{\f594\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic{\*\falt Calibri};}
{\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}
{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}
{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE{\*\falt Calibri};}{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr{\*\falt Calibri};}{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek{\*\falt Calibri};}
{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur{\*\falt Calibri};}{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic{\*\falt Calibri};}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}}{\colortbl;\red0\green0\blue0;\red0\green0\blue255;\red0\green255\blue255;\red0\green255\blue0;\red255\green0\blue255;\red255\green0\blue0;\red255\green255\blue0;
\red255\green255\blue255;\red0\green0\blue128;\red0\green128\blue128;\red0\green128\blue0;\red128\green0\blue128;\red128\green0\blue0;\red128\green128\blue0;\red128\green128\blue128;\red192\green192\blue192;}{\*\defchp 
\fs22\loch\af31506\hich\af31506\dbch\af31505 }{\*\defpap \ql \li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 }\noqfpromote {\stylesheet{\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \fs22\lang3081\langfe3081\loch\f31506\hich\af31506\dbch\af31505\cgrid\langnp3081\langfenp3081 \snext0 \sqformat \spriority0 Normal;}
{\*\cs10 \additive \ssemihidden \sunhideused \spriority1 Default Paragraph Font;}{\*
\ts11\tsrowd\trftsWidthB3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\trcbpat1\trcfpat1\tblind0\tblindtype3\tscellwidthfts0\tsvertalt\tsbrdrt\tsbrdrl\tsbrdrb\tsbrdrr\tsbrdrdgl\tsbrdrdgr\tsbrdrh\tsbrdrv \ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \fs22\lang3081\langfe3081\loch\f31506\hich\af31506\dbch\af31505\cgrid\langnp3081\langfenp3081 
\snext11 \ssemihidden \sunhideused \sqformat Normal Table;}{\s15\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af40\afs24\alang1025 \ltrch\fcs0 
\fs24\cf1\lang3081\langfe3081\loch\f40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 \snext15 \spriority0 Default;}{\s16\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe3081\loch\f40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 \sbasedon15 \snext15 CM1;}{\s17\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe3081\loch\f40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 \sbasedon15 \snext15 CM4;}{\s18\ql \li0\ri0\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe3081\loch\f40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 \sbasedon15 \snext15 CM2;}{\s19\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe3081\loch\f40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 \sbasedon15 \snext15 CM5;}{\s20\ql \li0\ri0\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 
\fs24\lang3081\langfe3081\loch\f40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 \sbasedon15 \snext15 CM3;}}{\*\rsidtbl \rsid1855746\rsid6846573}{\mmathPr\mmathFont34\mbrkBin0\mbrkBinSub0\msmallFrac0\mdispDef1\mlMargin0\mrMargin0\mdefJc1
\mwrapIndent1440\mintLim0\mnaryLim1}{\info{\title Consumer sovereignty in an age of republicanism}{\subject Ruby Hutchison Memorial Lecture speech given in Sydney on Monday June 6 2011}{\author Ross Gittins}
{\keywords Ruby Hutchison Memorial Lecture, speech}{\operator macim}{\creatim\yr2011\mo6\dy9\hr14\min16}{\revtim\yr2013\mo2\dy20\hr13\min3}{\version3}{\edmins3}{\nofpages6}{\nofwords3652}{\nofchars18472}{\nofcharsws22080}{\vern32773}}
{\*\xmlnstbl {\xmlns1 http://schemas.microsoft.com/office/word/2003/wordml}}\paperw11900\paperh17340\margl1279\margr1109\margt1900\margb928\gutter0\ltrsect 
\widowctrl\ftnbj\aenddoc\trackmoves1\trackformatting1\donotembedsysfont0\relyonvml0\donotembedlingdata1\grfdocevents0\validatexml0\showplaceholdtext0\ignoremixedcontent0\saveinvalidxml0\showxmlerrors0\horzdoc\dghspace120\dgvspace120\dghorigin1701
\dgvorigin1984\dghshow0\dgvshow3\jcompress\viewkind1\viewscale110\rsidroot6846573 \fet0{\*\wgrffmtfilter 2450}\ilfomacatclnup0\ltrpar \sectd \ltrsect\linex0\sectdefaultcl\sftnbj {\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2
\pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6
\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang 
{\pntxtb (}{\pntxta )}}\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af40\afs24\alang1025 \ltrch\fcs0 \fs24\cf1\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {
\rtlch\fcs1 \af40 \ltrch\fcs0 \insrsid6846573 
\par }\pard\plain \ltrpar\s17\qc \li0\ri0\sa245\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {\rtlch\fcs1 \af31507 
\ltrch\fcs0 \insrsid6846573 \hich\af40\dbch\af31505\loch\f40  }{\rtlch\fcs1 \ab\af40\afs22 \ltrch\fcs0 \b\fs22\cf1\insrsid6846573 \hich\af40\dbch\af31505\loch\f40 CONSUMER SOVEREIGNTY IN AN AGE OF REPUBLICANISM }{\rtlch\fcs1 \af40\afs22 \ltrch\fcs0 
\fs22\cf1\insrsid6846573 
\par }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 Ruby Hutchison Memorial Lecture, Sydney, Monday, June 6, 2011 
\par \hich\af37\dbch\af31505\loch\f37 Ross Gittins, Economics Editor, The Sydney Morning Herald 
\par }\pard\plain \ltrpar\s16\qc \li0\ri0\sa705\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {\rtlch\fcs1 \af37\afs22 
\ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 Website: rossgittins.com 
\par }\pard\plain \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {\rtlch\fcs1 
\af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 I\hich\f37 \rquote \loch\f37 
m honoured to be invited to deliver the Ruby Hutchison Memorial Lecture. I want to talk about consumer sovereignty, in a couple of senses. Conventional economists believe the consumer is king \-and should be king. Keynes said th
\hich\af37\dbch\af31505\loch\f37 at \hich\f37 \lquote \loch\f37 consumption -to repeat the obvious -is the sole end and objective of all economic activity\hich\f37 \rquote \loch\f37 
. Production, in other words, is not an end in itself, but merely a means to an end, that end being consumption. It follows that, in regulating the economy, gov\hich\af37\dbch\af31505\loch\f37 e\hich\af37\dbch\af31505\loch\f37 
rnments ought always to favour the interests of consumers over the interests of producers. And, indeed, the founder of modern economics, Adam Smith, said as much in a famous quote: \hich\f37 \lquote \loch\f37 
consumption is the sole end and purpose of all production and the welfare\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer
\hich\f37 \rquote \loch\f37 . Takeaway message: get your priorities right, the interests of the consumer come first. And if you think I\hich\f37 \rquote \loch\f37 m reading too much into that quote, \hich\af37\dbch\af31505\loch\f37 t
\hich\af37\dbch\af31505\loch\f37 ry this one -equally famous: \hich\f37 \lquote \loch\f37 
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.\hich\f37 \rquote \loch\f37  
\par \hich\af37\dbch\af31505\loch\f37 In another, narrower sense, consumer sove\hich\af37\dbch\af31505\loch\f37 reignty is an assertion that, in a well-functioning market economy, the consumer }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 
\f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 is }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
king: consumers, not producers, determine exactly what producers produce and in what quantities. Why? Because consumers seek to maximise their utility, while producers seek\hich\af37\dbch\af31505\loch\f37 
 to maximise their profits, and the only way for producers to maximise their profits is to produce exactly what consumers, in their efforts to maximise their utility, choose to consume. There is a large element of truth in this proposition. You do go bank
\hich\af37\dbch\af31505\loch\f37 r\hich\af37\dbch\af31505\loch\f37 upt if you produce things no one wants to buy. And we know that, each year, manufacturers bring on to the market a large number of new products in the hope of catching the consumer
\hich\f37 \rquote \loch\f37  fancy, only to abandon many of them when it\hich\f37 \rquote \loch\f37 s discovered they aren\hich\f37 \rquote \loch\f37 t part\hich\af37\dbch\af31505\loch\f37 i\hich\af37\dbch\af31505\loch\f37 cularly popular. 
\par \hich\af37\dbch\af31505\loch\f37 Even so, we know that, in practice, consumers don\hich\f37 \rquote \loch\f37 
t get it all their own way. They often face a fairly narrow choice. There may be a range of producers in a particular field, but they each produce a remarkably similar product, thus render\hich\af37\dbch\af31505\loch\f37 
ing the choice more apparent than real. While in the textbook ideal producers between them make sure every niche is covered, in practice competition can have the perverse effect of causing rival firms to offer the same product. In the classic case of two 
\hich\af37\dbch\af31505\loch\f37 i\hich\af37\dbch\af31505\loch\f37 
ce cream sellers on a beach, assuming you have an oblong beach with bathers spread roughly evenly over the area, the ideal place for the two sellers is at the quarter and three-quarter marks, thus ensuring that no bather has to walk more than a quarter of
\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 the length of the beach to get an ice cream. But human nature doesn\hich\f37 \rquote \loch\f37 
t work the way the model assumes and the two sellers usually position themselves, in the classic phrase, \hich\f37 \lquote \loch\f37 back-to-back in the middle of the beach\hich\f37 \rquote \loch\f37 . Why? Because in their competitive zeal,
\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 producers don\hich\f37 \rquote \loch\f37 
t focus on the convenience of the customers, but rather on the performance of their competitors. And whereas the model tells us firms will seek to beat their competitors, in practice their highest priority is, rather, not to be beaten by the
\hich\af37\dbch\af31505\loch\f37 m\hich\af37\dbch\af31505\loch\f37 . If so, there\hich\f37 \rquote \loch\f37 ll be a strong tendency for firms to offer the same products at the same locations. 
\par }\pard \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\pagebb\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 {\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
The notion of consumer sovereignty comes from the model of \hich\f37 \lquote \loch\f37 perfect competition\hich\f37 \rquote \loch\f37  -a collection of assumptions about how markets work that\hich\f37 \rquote \loch\f37 s a kind of textbo
\hich\af37\dbch\af31505\loch\f37 ok ideal which has never existed or even been approximated in real life. One of its many assumptions is \hich\f37 \lquote \loch\f37 atomistic competition\hich\f37 \rquote \loch\f37 
 -so many, small firms in a market that no individual firm has the power to influence the price. This notion may have been less \hich\af37\dbch\af31505\loch\f37 u\hich\af37\dbch\af31505\loch\f37 
nrealistic at the time when economists were formalising this model, in the second half of the 19th century. Today, however, most markets are characterised by oligopoly \-a small number of very big firms. Why? Because that\hich\f37 \rquote \loch\f37 
s where more than a century of see\hich\af37\dbch\af31505\loch\f37 k\hich\af37\dbch\af31505\loch\f37 ing and exploiting economies of scale has left us. The unending search for scale economies is no bad thing: it\hich\f37 \rquote \loch\f37 
s one of the primary reasons we\hich\f37 \rquote \loch\f37 re so much more prosperous today that we were a century ago, with the lion\hich\f37 \rquote \loch\f37 s share of those savings flowing to t\hich\af37\dbch\af31505\loch\f37 h
\hich\af37\dbch\af31505\loch\f37 e consumer in the form of lower prices in real terms. There is, however, a price to be paid for having a smaller number of firms producing on much higher scales: those firms acquire a degree of market power. They\hich\f37 
\rquote \loch\f37 re more easily able to engage in non-price\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 forms of competition, they\hich\f37 \rquote \loch\f37 re more likely to offer a very similar range of products and they
\hich\f37 \rquote \loch\f37 re able to offer their goods and services on terms and conditions that suit their own purposes. Were we ever actually to read the fine print of the contracts we s\hich\af37\dbch\af31505\loch\f37 i
\hich\af37\dbch\af31505\loch\f37 gn we\hich\f37 \rquote \loch\f37 
d discover them to be extraordinarily one-sided, written by lawyers whose only goal is to protect their client from every adverse eventuality. You and I know full well that, were we to say we were prepared to buy the product provided they struck out
\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 clause C on page five, we\hich\f37 \rquote \loch\f37 d be told to take it or leave it. That being so, it\hich\f37 \rquote \loch\f37 s actually rational }{\rtlch\fcs1 \af37\afs22 
\ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 not }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
to waste time reading the fine print. And here we see why consumers need the protection of common law and consumer law to even up the bargaining power. 
\par }\pard \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 {\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 O\hich\af37\dbch\af31505\loch\f37 
ne of the assumptions of perfect competition is \hich\f37 \lquote \loch\f37 perfect knowledge\hich\f37 \rquote \loch\f37 
 -both the buyer and the seller know all they need to know about the nature of the product, its quality and the full range of prices being offered by other sellers. In truth, of course, kn\hich\af37\dbch\af31505\loch\f37 o\hich\af37\dbch\af31505\loch\f37 
wledge is always far from perfect, and is usually asymmetric -one side (the seller) usually knows far more than the other (the buyer). This asymmetry arises because the sellers are professional, whereas the buyers are amateur. }{\rtlch\fcs1 \af37\afs22 
\ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 I }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 sell fridges for a living, \hich\af37\dbch\af31505\loch\f37 
so it pays me to know all about them, including the quality of particular models and the range of prices my competitors are charging; }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 you }{\rtlch\fcs1 
\af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 buy a fridge only once every 10 years, so you wouldn\hich\f37 \rquote \loch\f37 t know much about fridges and it wouldn\hich\f37 \rquote \loch\f37 
t make sense for you to k\hich\af37\dbch\af31505\loch\f37 now as much about them as I do. The model assumes information is costless whereas, in reality, gathering information can be costly in time and money. This means it\hich\f37 \rquote \loch\f37 
s often not rational for consumers to gather all the knowledge they need to live up to the \hich\af37\dbch\af31505\loch\f37 e\hich\af37\dbch\af31505\loch\f37 conomists\hich\f37 \rquote \loch\f37  injunction of \hich\f37 \lquote \loch\f37 caveat emptor
\hich\f37 \rquote \loch\f37  (let the buyer beware). 
\par }\pard\plain \ltrpar\s18\ql \li0\ri0\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {\rtlch\fcs1 
\af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 Finally, another reason the consumer isn\hich\f37 \rquote \loch\f37 t king is our susceptibility to the blandishments of advertising. I can\hich\f37 \rquote \loch\f37 
t remember ever meeting an economist who disapproved of advertising, but that\loch\af37\dbch\af31505\hich\f37 \rquote \loch\f37 
s because it suits economists to assume the role of advertising is purely informational: merely to inform potential customers of the availability, characteristics and price of their product. In truth, blind Freddy knows the primary purpose of advertising
\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 is to persuade us to buy things by playing on our emotions and delusions. Often we end up buying things we don\hich\f37 \rquote \loch\f37 t really want. 
\par }\pard\plain \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\pagebb\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {
\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 So far, I\hich\f37 \rquote \loch\f37 ve outlined what you might call the }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 
\hich\af37\dbch\af31505\loch\f37 conventional }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 weaknesses in the proposition that the consumer is king. But over the \hich\af37\dbch\af31505\loch\f37 
past 20 or 30 years a branch of economics called behavioural economics has been studying all the }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 unconventional }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 
\f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 weaknesses in the conventional model. It\hich\f37 \rquote \loch\f37 s a study of all the respects in which the bedrock assumption of neo-classical economics is wrong. This
\hich\af37\dbch\af31505\loch\f37  is the assumption that we\hich\f37 \rquote \loch\f37 re \hich\f37 \lquote \loch\f37 rational\hich\f37 \rquote \loch\f37 
 -coldly calculating and self-interested in all the decisions we make. Behavioural economics draws heavily on cognitive psychology and neuroscience. It\hich\f37 \rquote \loch\f37 s the systematic study of things marketers understand intuitive
\hich\af37\dbch\af31505\loch\f37 l\hich\af37\dbch\af31505\loch\f37 y. Many of its findings turn on the fact that humans simply don\hich\f37 \rquote \loch\f37 
t have the neural processing power to think through all the thousands of decisions we make each day, weighing all the pros and cons. A huge proportion of the decisions we make -even the decis\hich\af37\dbch\af31505\loch\f37 i
\hich\af37\dbch\af31505\loch\f37 ons we make in shops about which one to buy -are instinctive and unconscious. Often we don\hich\f37 \rquote \loch\f37 t }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 
\hich\af37\dbch\af31505\loch\f37 know }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
why we jumped the way we did, though our brains are adept at articulating plausible after-the-fact explanations of why we did. 
\par }\pard \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 {\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 We\hich\f37 \rquote \loch\f37 re not good at assessing th
\hich\af37\dbch\af31505\loch\f37 
e strengths and weaknesses of more than two things at a time, which makes it easy for salespeople to manipulate our choices. Economists assume the wider the range of items to choose from the better off we are. Choice is obviously a good thing -but only up
\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 to a point. Studies show that where the choice is too wide people find it hard to make up their mind and often avoid making a decision. Another finding is that we\hich\f37 \rquote 
\loch\f37 re quite bad at predicting how we\hich\f37 \rquote \loch\f37 ll feel about the actions we take. We tend to expect nice \hich\af37\dbch\af31505\loch\f37 t\hich\af37\dbch\af31505\loch\f37 
hings to give us more satisfaction than they do, while expecting bad things to be worse than they are. This says we often suffer \hich\f37 \lquote \loch\f37 buyer\hich\f37 \rquote \loch\f37 s remorse\hich\f37 \rquote \loch\f37 . The economists\hich\f37 
\rquote \loch\f37  model assumes we know a lot about the quality of the things we buy and this knowledge is re\hich\af37\dbch\af31505\loch\f37 f\hich\af37\dbch\af31505\loch\f37 lected in the prices we\hich\f37 \rquote \loch\f37 
re prepared to pay. It turns out that, often, we }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 don\hich\f37 \rquote \loch\f37 t }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 
\hich\af37\dbch\af31505\loch\f37 know much about the quality of what we\hich\f37 \rquote \loch\f37 re buying and simply work on the assumption that the higher the price we pay the better the quality must be. So the model assumes our know
\hich\af37\dbch\af31505\loch\f37 ledge of quality determines the price, whereas in reality it\hich\f37 \rquote \loch\f37 
s often the reverse: the price determines our perception of quality. This makes us susceptible to manipulation by marketers -often they can actually sell more of something (cosmetics, for exampl\hich\af37\dbch\af31505\loch\f37 e
\hich\af37\dbch\af31505\loch\f37 ) by charging a higher price for it. 
\par }\pard\plain \ltrpar\s18\ql \li0\ri0\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {\rtlch\fcs1 
\af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 It\hich\f37 \rquote \loch\f37 s because we often know little about the quality of what we\hich\f37 \rquote \loch\f37 re buying that }{\rtlch\fcs1 \af37\afs22 
\ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 brands }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
are so powerful: they act as a guarantee of quality, consistency, reliability and refunds where goods prove unsatisfactory. Firms wor\hich\af37\dbch\af31505\loch\f37 k hard to preserve the value of their brands by making sure they don\hich\f37 \rquote 
\loch\f37 t disappoint their customers. But brands give firms market power, allowing them to charge higher prices than they otherwise could. Too often, too many of us become too reliant on brands -\hich\af37\dbch\af31505\loch\f37 
too often reluctant to try the no-frills product (which in some cases may be identical to the branded product). This reluctance adds to the brand-owner\hich\f37 \rquote \loch\f37 
s pricing power. Another aspect of branding is that people often buy prestigious brands as a sign of th\hich\af37\dbch\af31505\loch\f37 e\hich\af37\dbch\af31505\loch\f37 
ir success and superior status. This explains why the cost of an Alfa Romeo in Australia compared with in Italy can\hich\f37 \rquote \loch\f37 t be explained by freight costs and differences in taxes etc. It\hich\f37 \rquote \loch\f37 
s possible that, were the Australian distributors of Alfas to cut their pr\hich\af37\dbch\af31505\loch\f37 i\hich\af37\dbch\af31505\loch\f37 ces they\hich\f37 \rquote \loch\f37 
d sell fewer cars. Is it a bad thing for firms to charge a high premium for selling status symbols? In a sense, it\hich\f37 \rquote \loch\f37 
s what the customer wants. It also raises questions about whether the pursuit of economic growth, and the elevation of consumption \hich\af37\dbch\af31505\loch\f37 a\hich\af37\dbch\af31505\loch\f37 
bove all else, is a particularly worthy objective. If our growing affluence merely allows us to devote more of our incomes to the purchase of \hich\f37 \lquote \loch\f37 positional goods\hich\f37 \rquote \loch\f37 
 (goods that demonstrate our superior position in the pecking order) -a zero-sum game if ever t\hich\af37\dbch\af31505\loch\f37 h\hich\af37\dbch\af31505\loch\f37 ere was one -how is this game socially beneficial? 
\par }\pard\plain \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\pagebb\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {
\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 It turns out that the way we react to propositions (including sales propositions) is heavily influenced by the way they\hich\f37 \rquote \loch\f37 
re presented to us -the way they\hich\f37 \rquote \loch\f37 re \hich\f37 \lquote \loch\f37 framed\hich\f37 \rquote \loch\f37  as the psychologists put it; by the con\hich\af37\dbch\af31505\loch\f37 text in which they\hich\f37 \rquote \loch\f37 
re put. This explains the literal importance of packaging, and much else. Studies have shown people react very differently to propositions which, when you examine them carefully, are actually identical. This aspect of the way our brains
\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 work also creates obvious scope for marketers to manipulate our choices. 
\par }\pard \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 {\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 There\hich\f37 \rquote \loch\f37 
s much more I could say about the findings of behavioural economics, but I\hich\f37 \rquote \loch\f37 ll limit myself to one more issue: self-control. Because so many of our decisions are instinctive and\hich\af37\dbch\af31505\loch\f37 
 unconscious, all humans have problems with self-control: we\hich\f37 \rquote \loch\f37 re always finding ourselves doing things that, in our cooler, more reflective moments we know we shouldn\hich\f37 \rquote \loch\f37 
t do. We have problems controlling our consumption: how much TV we watch, how much we eat,\hich\af37\dbch\af31505\loch\f37 
 how much we drink, how much we smoke, how much we spend on the pokies, how much we put on our credit cards, how little we save. This is a big issue, to which I\hich\f37 \rquote \loch\f37 ll return. 
\par }\pard \ltrpar\s19\ql \li0\ri107\sa197\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin107\lin0\itap0 {\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 But that\hich\f37 \rquote \loch\f37 
s enough about why the economists\hich\f37 \rquote \loch\f37  model of consumer sovereignty isn\hich\f37 \rquote \loch\f37 t wor\hich\af37\dbch\af31505\loch\f37 king as it\hich\f37 \rquote \loch\f37 s supposed to. Now let\hich\f37 \rquote \loch\f37 
s turn to why the political model often doesn\hich\f37 \rquote \loch\f37 t put the interests of consumers first, either. In theory, since our democracy is organised on the basis of one adult consumer, one vote, you\hich\f37 \rquote \loch\f37 
d expect politicians always to pu\hich\af37\dbch\af31505\loch\f37 t\hich\af37\dbch\af31505\loch\f37  the consumers\hich\f37 \rquote \loch\f37 
 interests first. In practice, however, governments frequently put the interests of producers ahead of consumers, making life easier for producers by raising the prices faced by consumers. Why does this happen? One very basic and powerful r
\hich\af37\dbch\af31505\loch\f37 e\hich\af37\dbch\af31505\loch\f37 
ason is that producers usually have a lot more skin in the game, so it makes sense for them to fight harder than consumers do. Some measure to reduce the degree of competition in an industry may offer considerable benefit to a relatively small number of p
\hich\af37\dbch\af31505\loch\f37 r\hich\af37\dbch\af31505\loch\f37 
oducers, while increasing the prices paid by each of the huge number of consumers by just a little. Similarly, some reform aimed at increasing competition and thus reducing excessive profits and prices threatens to hit the small number of producers much h
\hich\af37\dbch\af31505\loch\f37 a\hich\af37\dbch\af31505\loch\f37 
rder than it would benefit each of the huge number of consumers. The information asymmetry comes into play: producers are far better informed about how they would be affected than consumers are, since the issue lodges far lower in the hierarchy of a consu
\hich\af37\dbch\af31505\loch\f37 m\hich\af37\dbch\af31505\loch\f37 er\hich\f37 \rquote \loch\f37 
s many concerns. Thus producer lobbies find it much easier to organise and raise funds for a campaign for or against some measure than consumer organisations do. 
\par }\pard \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 {\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
Even so, it remains true that consumers have far more votes than big business does, and po\hich\af37\dbch\af31505\loch\f37 
liticians care ultimately about votes. This is why the main tactic used by producer lobby groups is to persuade consumers to change sides and back their campaigns, to convince consumers it\hich\f37 \rquote \loch\f37 
s they, rather than the producers, who stand to lose most from the\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 measure. Often, this is achieved by slick advertising campaigns. \hich\f37 \lquote \loch\f37 
This measure would involve huge costs, all of which would be passed on to customers. I\hich\f37 \rquote \loch\f37 m not worried for myself, just for my customers.\hich\f37 \rquote \loch\f37  (In which case, why are you fighting so hard?) Many 
\hich\af37\dbch\af31505\loch\f37 v\hich\af37\dbch\af31505\loch\f37 
oters know little about how economies work, so when business people tell them some measure (the resource super-profits, for instance) would wreak havoc on the economy and cost a lot of TV viewers their jobs, they\hich\f37 \rquote \loch\f37 
re inclined to be believed. 
\par }\pard \ltrpar\s19\ql \li0\ri107\sa197\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin107\lin0\itap0\pararsid6846573 {\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 Industry lobbi
\hich\af37\dbch\af31505\loch\f37 
es often start by exaggerating the risk that their own employees will lose their jobs, so unions often join with employers in supporting measures that would reduce the competition in an industry or in opposing measures that would increase competition. Thi
\hich\af37\dbch\af31505\loch\f37 s\hich\af37\dbch\af31505\loch\f37 
 is where it has to be acknowledged that many consumers are also producers -in the sense that they earn their living working for particular industries. People probably pay more attention and are easier to mobilise when wearing their producer hat than thei
\hich\af37\dbch\af31505\loch\f37 r\hich\af37\dbch\af31505\loch\f37  consumer hat. And politicians are no doubt aware that a threat to a voter\hich\f37 \rquote \loch\f37 
s job will be taken by that voter a lot more seriously than a modest threat -or benefit -to their pocket. In the effort to turn consumers into defenders of producers\hich\f37 \rquote \loch\f37  interests, no\hich\af37\dbch\af31505\loch\f37  
\hich\af37\dbch\af31505\loch\f37 one does it better than the doctors: with any threat to their remuneration -such as the Rudd government\hich\f37 \rquote \loch\f37 s abandoned attempt to cut the Medicare rebates paid to ophthalmologists\hich\f37 \rquote 
\loch\f37  for eye operations, following technological advances that made surgery much e\hich\af37\dbch\af31505\loch\f37 a\hich\af37\dbch\af31505\loch\f37 
sier and faster -all they have to do is wind up their patients and send them out to do battle with the pollies. 
\par \hich\af37\dbch\af31505\loch\f37 All these are the reasons the political model isn\hich\f37 \rquote \loch\f37 t advancing the interests of consumers the way it ought to. So what can we do about it? My fi\hich\af37\dbch\af31505\loch\f37 
rst suggestion is that those charged with protecting the interests of consumers, and those who advocate on behalf of consumers, be bolder in their willingness to propose intervention in the market. We live in an age where the rise of economic rationalism 
\hich\af37\dbch\af31505\loch\f37 a\hich\af37\dbch\af31505\loch\f37 nd the politically-driven libertarian think tanks has made intervention unfashionable and put consumer advocates much more on the defensive. But as we\hich\f37 \rquote \loch\f37 
ve seen, the }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 conventional }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
case for the existence of significant areas of market failure remains strong. I\hich\af37\dbch\af31505\loch\f37 n this ever-more busy and complex world, it\hich\f37 \rquote \loch\f37 
s simply idle to merely warn consumers to beware. Government intervention }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 is }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 
\hich\af37\dbch\af31505\loch\f37 often justified to help consumers overcome the extreme information asymmetry and to even up the wide gap between producers\hich\f37 \rquote \loch\f37  and individ\hich\af37\dbch\af31505\loch\f37 ual consumers\hich\f37 
\rquote \loch\f37  bargaining power. 
\par }\pard \ltrpar\s19\ql \li0\ri107\sa197\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin107\lin0\itap0 {\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
Further, the case for intervention is greatly strengthened by the more recent evidence provided by behavioural economics. The rationalists\hich\f37 \rquote \loch\f37  case against intervention rests heavily on the assumption that consumers are ratio
\hich\af37\dbch\af31505\loch\f37 nal, but the evidence of hard science shows us how laughable that assumption is. If consumers really were rational -if we really were able to think like Albert Einstein, store as much memory as IBM\hich\f37 \rquote 
\loch\f37 s Big Blue and exercise the willpower of Mahatma Gandhi -\hich\af37\dbch\af31505\loch\f37 i\hich\af37\dbch\af31505\loch\f37 t wouldn\hich\f37 \rquote \loch\f37 
t even be necessary to warn buyers to beware. A favourite chant of economic rationalists and libertarians is to assert that \hich\f37 \lquote \loch\f37 no government could possibly know better than I do what\hich\f37 \rquote \loch\f37 
s in my own best interests\hich\f37 \rquote \loch\f37 . If all of us were rational, this ass\hich\af37\dbch\af31505\loch\f37 e\hich\af37\dbch\af31505\loch\f37 
rtion would be perfectly true. Since all of us are far from rational, there are likely to be many circumstances in which governments }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 are }{\rtlch\fcs1 
\af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 able to see our best interests more clearly than we do. 
\par }\pard\plain \ltrpar\s18\ql \li0\ri0\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {\rtlch\fcs1 
\af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 As we\hich\f37 \rquote \loch\f37 ve seen, fallible humans often have serious problems ach\hich\af37\dbch\af31505\loch\f37 
ieving self-control: in the heat of the moment we often have difficulty making ourselves do what, in our cooler moments, we know we should do in our own, longer-term interests. Our main tactic in seeking to achieve self-control is to use pre-commitment de
\hich\af37\dbch\af31505\loch\f37 v\hich\af37\dbch\af31505\loch\f37 ices. There is much scope for governments to help us with this. The libertarians are always disparaging the \hich\f37 \lquote \loch\f37 nanny state\hich\f37 \rquote \loch\f37 
, but the truth is many of the interventions and prohibitions governments impose to help us with our self-control are quite uncontrove\hich\af37\dbch\af31505\loch\f37 r\hich\af37\dbch\af31505\loch\f37 
sial and have been introduced with remarkably limited public resistance. Think of compulsory seat-belts and random breath-testing; think of the tight regulation of the advertising and sale of alcohol and tobacco. Think of the ready acceptance of smoking b
\hich\af37\dbch\af31505\loch\f37 a\hich\af37\dbch\af31505\loch\f37 
ns in the workplace, buildings and even pubs. Deregulation in any of these areas is unthinkable. Now the Productivity Commission has drawn heavily on behavioural economics with its proposal for compulsory pre-commitment for gamblers. 
\par }\pard\plain \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\pagebb\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {
\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 One consequence of th\hich\af37\dbch\af31505\loch\f37 
e rise of economic rationalism is the attempt to limit pro-consumer interventions to the provision of disclosure statements and more information on labels. This approach assumes we }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 
\hich\af37\dbch\af31505\loch\f37 would }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 be rational if only we had a bit more information. But the findings o\hich\af37\dbch\af31505\loch\f37 
f behavioural economics show just how laughably inadequate it is. So consumer guardians and consumer advocates need to be bolder in proposing intervention to protect consumers. At the same time, however, they do need to be more considered and inventive in
\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 the types of intervention they advocate. One point the rationalists }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\ul\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 have }{
\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
sustained is that much intervention is ill-considered, ineffective, has unintended consequences and loopholes, or ends up being captured and subverted by producers. Successful interve\hich\af37\dbch\af31505\loch\f37 
ntion is a tricky business. Intervention is likely to be more successful where it draws on the lessons of behavioural economics. Two good examples are the Productivity Commission\hich\f37 \rquote \loch\f37 s gambling reforms and the Cooper committee
\hich\f37 \rquote \loch\f37 s proposals for the reform of co\hich\af37\dbch\af31505\loch\f37 m\hich\af37\dbch\af31505\loch\f37 pulsory super. 
\par }\pard \ltrpar\s19\ql \li0\ri0\sa197\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 {\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 
My second suggestion is the need for greater economic literacy on the part of consumer advocates. If proposals for new interventions are to get past Treasury they need to be argued rigorously on economic grounds and it\hich\f37 \rquote 
\hich\af37\dbch\af31505\loch\f37 s not enough merely to repeat the words \hich\f37 \lquote \loch\f37 market failure\hich\f37 \rquote \loch\f37 
 as if they were a magic incantation. More to the point, if consumer advocates were more confident in their economic understanding, they\hich\f37 \rquote \loch\f37 d be more confident in taking a public stand against producers
\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 on the make. Why, for instance didn\hich\f37 \rquote \loch\f37 t consumer advocates have more to say when dairy farmers were claiming the supermarket chains\hich\f37 \rquote \loch\f37 
 discounting of milk prices would be of no lasting benefit to consumers? Why, when governments take on powerful producer inte\hich\af37\dbch\af31505\loch\f37 r\hich\af37\dbch\af31505\loch\f37 ests -such as the casinos, pubs and clubs \-aren\hich\f37 
\rquote \loch\f37 t consumer advocates more vocal? Aren\hich\f37 \rquote \loch\f37 t gambling addicts considered to be put-upon consumers? Why when people bemoan the high cost of bananas following Queensland cyclones don\hich\f37 \rquote \loch\f37 
t consumer advocates point out \hich\af37\dbch\af31505\loch\f37 t\hich\af37\dbch\af31505\loch\f37 
hat prices shoot up because of the long-standing ban on the importation of bananas to protect the incomes of local banana-growers? If politicians could be more confident of vocal support from consumer groups, they would be more willing to take on producer
\hich\af37\dbch\af31505\loch\f37  \hich\af37\dbch\af31505\loch\f37 interests. 
\par \hich\af37\dbch\af31505\loch\f37 
My final thought is more in the nature of a prediction. The internet and e-commerce are in the process of revolutionising the consumer experience. The internet has greatly reduced the cost of information gathering and comparison shopping, and w
\hich\af37\dbch\af31505\loch\f37 
ill in the next decade or so break down international price discrimination and parallel import restrictions, making the generally much lower prices charged for goods in America available to consumers in Australia. In time this will exert considerable down
\hich\af37\dbch\af31505\loch\f37 w\hich\af37\dbch\af31505\loch\f37 ard pressure on Australian retail prices and enforce much painful rationalisation on retailers, their employees and their landlords. 
\par }\pard\plain \ltrpar\s18\ql \li0\ri0\sl311\slmult0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe3081\loch\af40\hich\af40\dbch\af31505\cgrid\langnp3081\langfenp3081 {\rtlch\fcs1 
\af37\afs22 \ltrch\fcs0 \f37\fs22\cf1\insrsid6846573 \hich\af37\dbch\af31505\loch\f37 Because the internet is so impersonal a medium and because it makes price discovery so cheap and easy, it\hich\f37 \rquote \loch\f37 s likely to inte
\hich\af37\dbch\af31505\loch\f37 nsify price competition at the expense of the non-price competition via marketing that oligopolists much prefer, paradoxically making the real world work more the way the economists\hich\f37 \rquote \loch\f37 
 model always assumed it did. }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid6846573 
\par }{\*\themedata 504b030414000600080000002100828abc13fa0000001c020000130000005b436f6e74656e745f54797065735d2e786d6cac91cb6ac3301045f785fe83d0b6d8
72ba28a5d8cea249777d2cd20f18e4b12d6a8f843409c9df77ecb850ba082d74231062ce997b55ae8fe3a00e1893f354e9555e6885647de3a8abf4fbee29bbd7
2a3150038327acf409935ed7d757e5ee14302999a654e99e393c18936c8f23a4dc072479697d1c81e51a3b13c07e4087e6b628ee8cf5c4489cf1c4d075f92a0b
44d7a07a83c82f308ac7b0a0f0fbf90c2480980b58abc733615aa2d210c2e02cb04430076a7ee833dfb6ce62e3ed7e14693e8317d8cd0433bf5c60f53fea2fe7
065bd80facb647e9e25c7fc421fd2ddb526b2e9373fed4bb902e182e97b7b461e6bfad3f010000ffff0300504b030414000600080000002100a5d6a7e7c00000
00360100000b0000005f72656c732f2e72656c73848fcf6ac3300c87ef85bd83d17d51d2c31825762fa590432fa37d00e1287f68221bdb1bebdb4fc7060abb08
84a4eff7a93dfeae8bf9e194e720169aaa06c3e2433fcb68e1763dbf7f82c985a4a725085b787086a37bdbb55fbc50d1a33ccd311ba548b63095120f88d94fbc
52ae4264d1c910d24a45db3462247fa791715fd71f989e19e0364cd3f51652d73760ae8fa8c9ffb3c330cc9e4fc17faf2ce545046e37944c69e462a1a82fe353
bd90a865aad41ed0b5b8f9d6fd010000ffff0300504b0304140006000800000021006b799616830000008a0000001c0000007468656d652f7468656d652f7468
656d654d616e616765722e786d6c0ccc4d0ac3201040e17da17790d93763bb284562b2cbaebbf600439c1a41c7a0d29fdbd7e5e38337cedf14d59b4b0d592c9c
070d8a65cd2e88b7f07c2ca71ba8da481cc52c6ce1c715e6e97818c9b48d13df49c873517d23d59085adb5dd20d6b52bd521ef2cdd5eb9246a3d8b4757e8d3f7
29e245eb2b260a0238fd010000ffff0300504b03041400060008000000210096b5ade296060000501b0000160000007468656d652f7468656d652f7468656d65
312e786d6cec594f6fdb3614bf0fd87720746f6327761a07758ad8b19b2d4d1bc46e871e698996d850a240d2497d1bdae38001c3ba618715d86d87615b8116d8
a5fb34d93a6c1dd0afb0475292c5585e9236d88aad3e2412f9e3fbff1e1fa9abd7eec70c1d1221294fda5efd72cd4324f1794093b0eddd1ef62fad79482a9c04
98f184b4bd2991deb58df7dfbb8ad755446282607d22d771db8b944ad79796a40fc3585ee62949606ecc458c15bc8a702910f808e8c66c69b9565b5d8a314d3c
94e018c8de1a8fa94fd05093f43672e23d06af89927ac06762a049136785c10607758d9053d965021d62d6f6804fc08f86e4bef210c352c144dbab999fb7b471
7509af678b985ab0b6b4ae6f7ed9ba6c4170b06c788a705430adf71bad2b5b057d03606a1ed7ebf5babd7a41cf00b0ef83a6569632cd467faddec9699640f671
9e76b7d6ac355c7c89feca9cccad4ea7d36c65b258a206641f1b73f8b5da6a6373d9c11b90c537e7f08dce66b7bbeae00dc8e257e7f0fd2badd5868b37a088d1
e4600ead1ddaef67d40bc898b3ed4af81ac0d76a197c86826828a24bb318f3442d8ab518dfe3a20f000d6458d104a9694ac6d88728eee2782428d60cf03ac1a5
193be4cbb921cd0b495fd054b5bd0f530c1931a3f7eaf9f7af9e3f45c70f9e1d3ff8e9f8e1c3e3073f5a42ceaa6d9c84e5552fbffdeccfc71fa33f9e7ef3f2d1
17d57859c6fffac327bffcfc793510d26726ce8b2f9ffcf6ecc98baf3efdfdbb4715f04d814765f890c644a29be408edf3181433567125272371be15c308d3f2
8acd249438c19a4b05fd9e8a1cf4cd296699771c393ac4b5e01d01e5a30a787d72cf1178108989a2159c77a2d801ee72ce3a5c545a6147f32a99793849c26ae6
6252c6ed637c58c5bb8b13c7bfbd490a75330f4b47f16e441c31f7184e140e494214d273fc80900aedee52ead87597fa824b3e56e82e451d4c2b4d32a423279a
668bb6690c7e9956e90cfe766cb37b077538abd27a8b1cba48c80acc2a841f12e698f13a9e281c57911ce298950d7e03aba84ac8c154f8655c4f2af074481847
bd804859b5e696007d4b4edfc150b12addbecba6b18b148a1e54d1bc81392f23b7f84137c2715a851dd0242a633f900710a218ed715505dfe56e86e877f0034e
16bafb0e258ebb4faf06b769e888340b103d3311da9750aa9d0a1cd3e4efca31a3508f6d0c5c5c398602f8e2ebc71591f5b616e24dd893aa3261fb44f95d843b
5974bb5c04f4edafb95b7892ec1108f3f98de75dc97d5772bdff7cc95d94cf672db4b3da0a6557f70db629362d72bcb0431e53c6066acac80d699a6409fb44d0
8741bdce9c0e4971624a2378cceaba830b05366b90e0ea23aaa241845368b0eb9e2612ca8c742851ca251ceccc70256d8d87265dd96361531f186c3d9058edf2
c00eafe8e1fc5c509031bb4d680e9f39a3154de0accc56ae644441edd76156d7429d995bdd88664a9dc3ad50197c38af1a0c16d684060441db02565e85f3b966
0d0713cc48a0ed6ef7dedc2dc60b17e92219e180643ed27acffba86e9c94c78ab90980d8a9f0913ee49d62b512b79626fb06dccee2a432bbc60276b9f7dec44b
7904cfbca4f3f6443ab2a49c9c2c41476dafd55c6e7ac8c769db1bc399161ee314bc2e75cf8759081743be1236ec4f4d6693e5336fb672c5dc24a8c33585b5fb
9cc24e1d4885545b58463634cc5416022cd19cacfccb4d30eb45296023fd35a458598360f8d7a4003bbaae25e331f155d9d9a5116d3bfb9a95523e51440ca2e0
088dd844ec6370bf0e55d027a012ae264c45d02f708fa6ad6da6dce29c255df9f6cae0ec38666984b372ab5334cf640b37795cc860de4ae2816e95b21be5ceaf
8a49f90b52a51cc6ff3355f47e0237052b81f6800fd7b802239daf6d8f0b1571a8426944fdbe80c6c1d40e8816b88b8569082ab84c36ff0539d4ff6dce591a26
ade1c0a7f669880485fd484582903d284b26fa4e2156cff62e4b9265844c4495c495a9157b440e091bea1ab8aaf7760f4510eaa69a6465c0e04ec69ffb9e65d0
28d44d4e39df9c1a52ecbd3607fee9cec7263328e5d661d3d0e4f62f44acd855ed7ab33cdf7bcb8ae889599bd5c8b3029895b6825696f6af29c239b75a5bb1e6
345e6ee6c28117e73586c1a2214ae1be07e93fb0ff51e133fb65426fa843be0fb515c187064d0cc206a2fa926d3c902e907670048d931db4c1a44959d366ad93
b65abe595f70a75bf03d616c2dd959fc7d4e6317cd99cbcec9c58b34766661c7d6766ca1a9c1b327531486c6f941c638c67cd22a7f75e2a37be0e82db8df9f30
254d30c1372581a1f51c983c80e4b71ccdd28dbf000000ffff0300504b0304140006000800000021000dd1909fb60000001b010000270000007468656d652f74
68656d652f5f72656c732f7468656d654d616e616765722e786d6c2e72656c73848f4d0ac2301484f78277086f6fd3ba109126dd88d0add40384e4350d363f24
51eced0dae2c082e8761be9969bb979dc9136332de3168aa1a083ae995719ac16db8ec8e4052164e89d93b64b060828e6f37ed1567914b284d262452282e3198
720e274a939cd08a54f980ae38a38f56e422a3a641c8bbd048f7757da0f19b017cc524bd62107bd5001996509affb3fd381a89672f1f165dfe514173d9850528
a2c6cce0239baa4c04ca5bbabac4df000000ffff0300504b01022d0014000600080000002100828abc13fa0000001c0200001300000000000000000000000000
000000005b436f6e74656e745f54797065735d2e786d6c504b01022d0014000600080000002100a5d6a7e7c0000000360100000b000000000000000000000000
002b0100005f72656c732f2e72656c73504b01022d00140006000800000021006b799616830000008a0000001c00000000000000000000000000140200007468
656d652f7468656d652f7468656d654d616e616765722e786d6c504b01022d001400060008000000210096b5ade296060000501b000016000000000000000000
00000000d10200007468656d652f7468656d652f7468656d65312e786d6c504b01022d00140006000800000021000dd1909fb60000001b010000270000000000
00000000000000009b0900007468656d652f7468656d652f5f72656c732f7468656d654d616e616765722e786d6c2e72656c73504b050600000000050005005d010000960a00000000}
{\*\colorschememapping 3c3f786d6c2076657273696f6e3d22312e302220656e636f64696e673d225554462d3822207374616e64616c6f6e653d22796573223f3e0d0a3c613a636c724d
617020786d6c6e733a613d22687474703a2f2f736368656d61732e6f70656e786d6c666f726d6174732e6f72672f64726177696e676d6c2f323030362f6d6169
6e22206267313d226c743122207478313d22646b3122206267323d226c743222207478323d22646b322220616363656e74313d22616363656e74312220616363
656e74323d22616363656e74322220616363656e74333d22616363656e74332220616363656e74343d22616363656e74342220616363656e74353d22616363656e74352220616363656e74363d22616363656e74362220686c696e6b3d22686c696e6b2220666f6c486c696e6b3d22666f6c486c696e6b222f3e}
{\*\latentstyles\lsdstimax267\lsdlockeddef0\lsdsemihiddendef1\lsdunhideuseddef1\lsdqformatdef0\lsdprioritydef99{\lsdlockedexcept \lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority0 \lsdlocked0 Normal;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority9 \lsdlocked0 heading 1;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 2;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 3;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 4;
\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 5;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 6;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 7;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 8;\lsdqformat1 \lsdpriority9 \lsdlocked0 heading 9;
\lsdpriority39 \lsdlocked0 toc 1;\lsdpriority39 \lsdlocked0 toc 2;\lsdpriority39 \lsdlocked0 toc 3;\lsdpriority39 \lsdlocked0 toc 4;\lsdpriority39 \lsdlocked0 toc 5;\lsdpriority39 \lsdlocked0 toc 6;\lsdpriority39 \lsdlocked0 toc 7;
\lsdpriority39 \lsdlocked0 toc 8;\lsdpriority39 \lsdlocked0 toc 9;\lsdqformat1 \lsdpriority35 \lsdlocked0 caption;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority10 \lsdlocked0 Title;\lsdpriority1 \lsdlocked0 Default Paragraph Font;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority11 \lsdlocked0 Subtitle;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority22 \lsdlocked0 Strong;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority20 \lsdlocked0 Emphasis;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority59 \lsdlocked0 Table Grid;\lsdunhideused0 \lsdlocked0 Placeholder Text;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority1 \lsdlocked0 No Spacing;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 1;\lsdunhideused0 \lsdlocked0 Revision;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority34 \lsdlocked0 List Paragraph;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority29 \lsdlocked0 Quote;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority30 \lsdlocked0 Intense Quote;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 1;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 1;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 2;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 2;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 3;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 3;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 4;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 4;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 4;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 4;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 4;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 5;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 5;\lsdsemihidden0 \lsdunhideused0 \lsdpriority60 \lsdlocked0 Light Shading Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority61 \lsdlocked0 Light List Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority62 \lsdlocked0 Light Grid Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority63 \lsdlocked0 Medium Shading 1 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority64 \lsdlocked0 Medium Shading 2 Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority65 \lsdlocked0 Medium List 1 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority66 \lsdlocked0 Medium List 2 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority67 \lsdlocked0 Medium Grid 1 Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority68 \lsdlocked0 Medium Grid 2 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority69 \lsdlocked0 Medium Grid 3 Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority70 \lsdlocked0 Dark List Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdpriority71 \lsdlocked0 Colorful Shading Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority72 \lsdlocked0 Colorful List Accent 6;\lsdsemihidden0 \lsdunhideused0 \lsdpriority73 \lsdlocked0 Colorful Grid Accent 6;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority19 \lsdlocked0 Subtle Emphasis;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority21 \lsdlocked0 Intense Emphasis;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority31 \lsdlocked0 Subtle Reference;\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority32 \lsdlocked0 Intense Reference;
\lsdsemihidden0 \lsdunhideused0 \lsdqformat1 \lsdpriority33 \lsdlocked0 Book Title;\lsdpriority37 \lsdlocked0 Bibliography;\lsdqformat1 \lsdpriority39 \lsdlocked0 TOC Heading;}}{\*\datastore 010500000200000018000000
4d73786d6c322e534158584d4c5265616465722e352e3000000000000000000000060000
d0cf11e0a1b11ae1000000000000000000000000000000003e000300feff090006000000000000000000000001000000010000000000000000100000feffffff00000000feffffff0000000000000000ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
fffffffffffffffffdfffffffeffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
ffffffffffffffffffffffffffffffff52006f006f007400200045006e00740072007900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000016000500ffffffffffffffffffffffffec69d9888b8b3d4c859eaf6cd158be0f0000000000000000000000000016
78700e0fce01feffffff00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff00000000000000000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff0000000000000000000000000000000000000000000000000000
000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff000000000000000000000000000000000000000000000000
0000000000000000000000000000000000000000000000000105000000000000}}