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NewsMail Afternoon Edition
Wed 28 Dec, 2011

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Secrecy surrounds Kim's state funeral

The funeral ceremonies for former North Korean leader Kim Jong-il are underway in Pyongyang.

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The Drum

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The socialist calculation debate

The great debate in political economy isn't between Friedrich Hayek and John Maynard Keynes, but between Hayek and Oskar Lange.

Lange believed economic calculation was just a matter of throwing enough computing power at the problem. Today's regulators believe the same thing, with their extensive risk models.

The global financial crisis demonstrated that those models are elaborate fictions. Yet the response from regulators has been to double down and insist on greater powers and more complex models.

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Just In

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Cause of Golinski fire may never be known

Queensland police say it may not be possible to determine the exact cause of a house fire that killed the family of TV chef Matt Golinski.

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World

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Secrecy surrounds Kim's state funeral

The funeral ceremonies for former North Korean leader Kim Jong-il are underway in Pyongyang.

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Business

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Australian miner halts work after protest deaths

An Australian mining company has halted its activities in Indonesia, after three protesters were killed by police during a demonstration.

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Politics

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Asylum talks fail to reach agreement

A bipartisan meeting to end the stalemate over Australia's border protection policies has ended without agreement.

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Sport

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Live Blog: First Test Day Three

Australia stumbled to tea on 4 for 81 after another terrible batting collapse on day three of the first Test at the MCG.

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Science and Technology

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Millionth find could be a new species

South Australia's State Herbarium has collected its millionth specimen.

The fragile fungus was found on rotten wood on Kangaroo Island and is likely to be a new species.

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Environment

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Capture of rare rhino gives hope for species

Malaysian wildlife authorities say the capture of a young Borneo Sumatran rhino gives them a last chance to save the highly endangered species from extinction.

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