Nicholas Gruen

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Nicholas John Gruen (1957-) is a prominent Australian economist and commentator on Web 2.0 and the CEO of Lateral Economics and Chairman of Peach Financial, Innovation Australia, the Australian Centre for Social Innovation. He was a founding chairman of Kaggle and is also a board member of Innovation Australia and Sustainability Victoria.

Education[edit]

Gruen has a Bachelor of Laws from the University of Melbourne and a Bachelor of Arts with first class honours from the Australian National University in Canberra. In 1989 he received a Graduate Diploma in Economics and Finance and in 1996 a PhD both from the Australian National University.

Career[edit]

Gruen worked as adviser to Senator and Federal Industry Minister John Button from the early 1980s and in this time played a major role in the development of the Button car plan, which refined the path by which a complex industry protection plan was deregulated and tariffs were reduced. From 1990 to 1993 he worked as economic adviser to Treasurer John Dawkins. He was appointed to the Productivity Commission for one year in 1993 and subsequently for five years. In 1997 he joined the Business Council of Australia. In 2000 he founded, economic consultancy Lateral Economics and a finance broker that discounts its services by rebating part of its commission to borrowers Peach Home Loans. In this period he has advised Federal and State Governments as a consultant and on various government appointed committees. From 2008 to 2012 Gruen was a board member of Sustainability Victoria. In 2011 he was appointed to the board of Innovation Australia.

Gruen has become prominent in public economic discussion. He had a weekly economic column for the Courier Mail and later wrote regularly for the Australian Financial Review. Other media activities include filling in for Ross Gittins' column in the Sydney Morning Herald and The Age[1] by Gittins' request and appearing on the radio station Triple J.[2] He has also is a regular contributor to the popular blog Club Troppo and is an author on On Line Opinion. He has held visiting fellowships at the University of Melbourne and the Australian National University.

He has mounted the public case for a range of reforms including

  • refashioning the institutions determining the fiscal stance (budget deficit or surplus) to give them greater independence from government - as is done with monetary policy.
  • allowing people to access their superannuation savings (or pension plan) to help raise a deposit for a house
  • paying much greater policy attention to improving information flows in a range of markets such as labour markets (on relative safety and job quality) and markets for professional services (on service quality and likely outcomes).

He was a member of the Federal Government's Review of the Australian Innovation System in 2008 and chaired the acclaimed Government 2.0 Taskforce for the Australian Government.[3] The Government subsequently accepted all of the major recommendations of the Taskforce. In 2013 he was appointed to membership of an independent review panel on Pharmaceutical Patent Extensions reporting to the Minister for Innovation.

Gruen was also the first investor in Kaggle (a Melbourne based data analytics company founded in 2010) serving as its first chairman.[4]

Position[edit]

In 2014 Gruen suggested a radical bank reform that would solve eminent problems. According to Gruen ordinary people should be able to use central banks' services as commercial banks. For big commercial banks get high margins or fees but don't add much value to those services. Due to the internet the Bank of England for instance could easily extend its services to everyone in the UK. For one thing it should offer deposit and saving account to all. [5]

Family[edit]

Gruen is the son of prominent Australian economist Fred Gruen and the brother of Federal Treasury official David Gruen.

References[edit]

External links[edit]