For example, investment managers and loan officers may sometimes ignore valuable private information in order to mimic others when their own evaluation, their own remuneration or their own external reputation depends on their performance relative to the rest of the market. 9 This behaviour is individually rational but socially wasteful.
The general conclusion from these comparisons is that Asia has been, and still remains, the world’s fastest growing region and that Australia has done well compared to other high-income developed OECD countries. The two facts are, of course, not independent.