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RESEARCH PROGRAMS
Investing in global health and human capital
It is increasingly recognised that health has complex but
pervasive linkages to individual wellbeing and to the viability of
communities across the life cycle, and that after many decades of
medical innovation, powerful knowledge resources are available to
further transform population health. The main focus of this program
is to develop and apply better methods for assessing the full
economic and social benefits of large scale programs of health
intervention, both in individual countries and across groups of
countries, and to work with major partners to apply these methods to
measure the returns to investment in such interventions. The initial
focus of this work has been on 75 developing countries, but these
methods also have application to important issues in developing
countries such as Australia.
Climate change, energy policy and practice
This program aims to apply economics in strategic long-term decision making in the areas of climate change, sustainability and energy policies. It investigates key aspects of climate change and of rapidly emerging renewable technologies, as well as the policy and practice of adequate responses to these challenges.
A major initiative in this area has been the establishment of the Victorian Energy Policy Centre within VISES, led by Professor Bruce Mountain, and funded by the Victorian Government. It produces evidence-based, policy-focused research, primarily for the Victorian Government. It has a high level of engagement with the Minister for Energy, Environment and Climate Change and her Department, and plays an influential role in the development of renewable energy policies in Victoria.
New economic development models
Sustainable economic development models are increasingly focussing on health, education, small scale agriculture, climate change impacts and renewable energy as the key drivers of economic development for low income countries. Our work across a range of these areas form the components of new integrated development models looking beyond industrialisation as the catalyst raising the living standards of those in low income countries.
China and India have been the focus of this research, in particular, China, who massively expanded its development finance program, mostly focusing on infrastructure lending, in the last twenty years. By 2016, China provided more finance than the G7 as a whole (US$142 billion as opposed to US$135 billion). There were many reasons for China’s initiatives, with less vetting of projects and borrowers within countries than in other programs, which expediated funding. All this led to a large uptake from less developed countries. Problems also arose such as failed projects and debt crises. Recently, there has been substantial policy change on all sides. The G7 countries responded in 2022 by establishing the Partnership for Global Infrastructure and Investment, to offset China’s focus on infrastructure. At the same time, China has tightened its criteria for eligible projects, assisted borrowing countries with debt relief. In 2021, it launched the Global Development Initiative (GDI) to support stronger, greener and healthier development. The GDI recognises that low- and medium-income countries need aid in forms other than infrastructure lending.
The program builds on previous established strengths in
innovation and
regional economics to provide strategic
policy tools for governments and others in these fields.
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