📚 A Few Hares to Chase by Alan Bollard

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Key Takeaways

Aspect	Details
Core Thesis	Economic policy is shaped by a combination of intellectual ideas, real-world events, political context, and the personalities of those in power, rather than being a purely technical or academic exercise.
Structure	The book is structured around twelve pivotal moments or "hares" in New Zealand's economic history, from the late 19th century to the early 21st century, each representing a significant shift in economic thinking or policy.
Strengths	Engaging narrative style that brings economic history to life, insightful analysis of the interplay between ideas and politics, rich in character and anecdote, provides a clear and accessible explanation of complex economic shifts, offers valuable lessons for understanding modern policy challenges.
Weaknesses	Focuses primarily on the perspectives of policymakers and economists, with less emphasis on the broader social impacts or public opinion; the selection of "hares" is necessarily selective and reflects the author's viewpoint.
Target Audience	Readers interested in New Zealand history, economics, and public policy; students of political science and economics; general readers seeking to understand the forces that have shaped the nation's economy.
Criticisms	Some might find the focus on elite decision-makers and intellectual debates too narrow, potentially overlooking grassroots movements or social consequences.

Introduction

A Few Hares to Chase by Alan Bollard is a compelling journey through the intellectual and political landscape of New Zealand's economic development. Bollard, a former Governor of the Reserve Bank of New Zealand and a seasoned economist, draws on his deep understanding of policy and history to explore the pivotal moments that have defined the nation's economic path. The book's title, borrowed from a phrase used by a 19th-century politician, captures the essence of economic policymaking: the pursuit of new and often elusive ideas that promise to solve the nation's problems.

Bollard argues that New Zealand's economic story is not one of linear progress or inevitable outcomes, but rather a series of dramatic turns, each sparked by a "hare" – a new idea, a crisis, or a charismatic leader. These hares have ranged from the radical social reforms of the Liberal Government in the 1890s to the sweeping free-market reforms of the 1980s.

Through vivid storytelling and sharp analysis, Bollard reveals how economic policy is forged in the crucible of ideas, events, and personalities. In an era of complex global challenges, this book offers a vital perspective on how nations navigate change and make difficult choices. Let's examine these defining moments and the enduring lessons they hold.

Summary

Bollard structures his narrative around twelve key episodes, each representing a distinct "hare" that reshaped New Zealand's economy.

Part I: Foundations and Early Reforms

The book begins with the formative years of the nation:

The Liberal Revolution (1890s): The pursuit of a radical new hare: state intervention to create a more equitable society through land reform, labor rights, and welfare.
The First Labour Government (1930s-40s): Chasing the hare of Keynesian economics and full employment, establishing the foundations of the modern welfare state.
The Muldoon Era (1970s-80s): The hare of economic nationalism and interventionism, with wage and price controls, and massive state-owned enterprises, ultimately leading to stagnation.

Deep Dive: Bollard illustrates how the pursuit of the "fair deal" hare in the 1890s laid the groundwork for New Zealand's reputation as a social laboratory, but also created rigidities that would later need to be addressed.

Part II: The Great Reforms

This section focuses on the transformative period of the 1980s and 1990s:

Rogernomics (1984 onwards): The most dramatic hare of all: the rapid shift from a highly regulated, protected economy to a liberalized, market-driven one. This involved deregulation, privatization, and the floating of the currency.
Ruthanasia (1990s): Continuing the reform hare with a focus on fiscal discipline, welfare reform, and further privatization.
Reserve Bank Independence (1989): The pursuit of the hare of price stability, granting the central bank the mandate and tools to control inflation.

Case Study: The story of Rogernomics is presented as a classic example of a hare being chased with remarkable speed and conviction, fundamentally altering the economic landscape, for better and for worse, depending on one's perspective.

Part III: Consolidation and New Challenges

The final section examines the period of adjusting to the new economic reality:

The Fiscal Responsibility Act (1994): Chasing the hare of long-term fiscal sustainability and transparency in government finances.
The Global Financial Crisis (2008): A moment when the hare of unregulated markets seemed to falter, testing the resilience of the reformed system.
The Pursuit of Productivity (2000s onwards): The ongoing hare of improving New Zealand's relatively low productivity growth, a persistent challenge.

Framework: Bollard presents the post-reform era as a time of consolidation, where the focus shifted from radical change to managing the new system and tackling its inherent weaknesses, such as vulnerability to external shocks and regional disparities.

Key Themes

Ideas Matter: Intellectual frameworks, from socialism to neoliberalism, have a profound power to shape policy.
Events are Catalysts: Crises, such as economic downturns or balance of payments problems, often create the political space for radical change.
Personality is Pivotal: The beliefs, courage, and sometimes the stubbornness of key individuals (like Roger Douglas or Robert Muldoon) can dramatically alter the course of history.
Policy is Political: Economic decisions are never made in a vacuum; they are deeply intertwined with political ideology, public opinion, and electoral considerations.
Reform has Consequences: Every hare chased brings both benefits and costs, winners and losers, and creates new problems to solve.
History is Not Linear: Progress is not guaranteed; economic policy can move in cycles, with ideas falling in and out of favor.
The Search Continues: The pursuit of better economic outcomes is an ongoing journey, with new hares always appearing on the horizon.

Comparison to Other Works

vs. The Big Kahuna (Paul Goldsmith): Goldsmith's biography of Roger Douglas provides an in-depth, personal portrait of a key architect of Rogernomics. A Few Hares to Chase offers a broader, more panoramic view of the entire sweep of economic history, placing Douglas's actions within a longer timeline.
vs. No Left Turn (Bryce Edwards): Edwards' book focuses on the political dynamics and ideological battles of the 1980s and 1990s. Bollard's work complements this with a more narrative-driven, economist's perspective on the policy substance and its historical roots.
vs. The New Zealand Treasury 1840–2003 (Gavin Downie and Alan Bollard): This earlier, more academic work by Bollard is a detailed institutional history. A Few Hares to Chase is a more accessible and personal reflection, distilling decades of experience into a series of compelling stories.
vs. General Economic Histories: Many economic histories focus on data and trends. Bollard's book stands out for its emphasis on the human drama, the clash of ideas, and the pivotal moments of decision-making.

Key Actionable Insights

Understand the Context: To grasp any economic policy, you must understand the ideas, events, and personalities that shaped it.
Recognize the Role of Crisis: Major reforms often occur in response to crisis, when the status quo becomes untenable.
Appreciate the Power of Ideas: Economic doctrines, whether Keynesian or neoliberal, provide the intellectual justification for action.
Acknowledge the Human Element: Policy is made by people with beliefs, biases, and ambitions; their character matters.
Weigh the Trade-offs: Every policy decision involves trade-offs between efficiency, equity, stability, and growth. There are no perfect solutions.
Learn from the Past: History doesn't repeat, but it often rhymes. Understanding past reforms helps navigate current challenges.
Stay Engaged: Economic policy is not just for experts; it affects everyone and requires an informed public debate.

A Few Hares to Chase is a guide to understanding the forces that have shaped New Zealand's economic destiny. Bollard, with the wisdom of a seasoned insider, shows that the pursuit of economic solutions is a dynamic, often messy, but always fascinating endeavor.

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