The two tribes of 'The Econ': A study of economists and economic media commentary in Australia
- Millmow, Alex, Courvisanos, Jerry
- Authors: Millmow, Alex , Courvisanos, Jerry
- Date: 2007
- Type: Text , Journal article
- Relation: Economic Papers Vol. 26, no. 2 (2007), p. 101-117
- Full Text:
- Reviewed:
- Description: This article analyses and speculates upon an interesting but unsettling development within the Australian economic profession. It argues that there is a schism within the profession when it comes to providing economic commentary to the media. We argue that only financial market economist voices dominate in the Australian media when it comes to commentary on current economic issues. This has implications for the acceptance of economic policy since these economists are apt to uphold the interests of their employer. In contrast, academic economists suffer from a lack of recognition and reach in the media, which biases the promulgation of economic policy options in the broader community. We present evidence showing that todays generation of academic economists, in contrast to previous generations, is becoming reticent on matters of public policy.
- Description: C1
- Description: 2003005184
- Authors: Millmow, Alex , Courvisanos, Jerry
- Date: 2007
- Type: Text , Journal article
- Relation: Economic Papers Vol. 26, no. 2 (2007), p. 101-117
- Full Text:
- Reviewed:
- Description: This article analyses and speculates upon an interesting but unsettling development within the Australian economic profession. It argues that there is a schism within the profession when it comes to providing economic commentary to the media. We argue that only financial market economist voices dominate in the Australian media when it comes to commentary on current economic issues. This has implications for the acceptance of economic policy since these economists are apt to uphold the interests of their employer. In contrast, academic economists suffer from a lack of recognition and reach in the media, which biases the promulgation of economic policy options in the broader community. We present evidence showing that todays generation of academic economists, in contrast to previous generations, is becoming reticent on matters of public policy.
- Description: C1
- Description: 2003005184
How Milton Friedman came to Australia : A case study of class-based political business cycles
- Courvisanos, Jerry, Millmow, Alex
- Authors: Courvisanos, Jerry , Millmow, Alex
- Date: 2006
- Type: Text , Journal article
- Relation: Journal of Australian political economy Vol. 57, no. (2006), p. 112-136
- Full Text:
- Reviewed:
- Description: Thirty years ago, in April 1975, Milton Friedman, came to Australia to declare that the world economic situation manifestly unsound.[1] Friedman asserted on that trip what Michael Kalecki predicted in his 1943 article would be the response of ‘captains of industry’ to Keynesian macroeconomic policies; it was that ‘…government expenditure financed by borrowing will cause inflation’ (Kalecki, 1990: 348). A chorus of Australian businessmen and mandarin economists came out in support of Friedman, leading to the demise of Keynesian macroeconomic policy and the rise of neo-liberal policies. Milton Friedman, at the time was the Paul Snowden Russell Distinguished Service Professor of Economics at the University of Chicago; and acknowledged head of the ‘Chicago School’ of monetary economics, called ‘monetarism’. A year later, in 1976, Friedman received the ‘Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel’, confirming his status in the financial community and the neo-liberal mainstream of the economics profession during this period. At the time he was also a regular contributor to Newsweek magazine.
- Description: C1
- Description: 2003001782
- Authors: Courvisanos, Jerry , Millmow, Alex
- Date: 2006
- Type: Text , Journal article
- Relation: Journal of Australian political economy Vol. 57, no. (2006), p. 112-136
- Full Text:
- Reviewed:
- Description: Thirty years ago, in April 1975, Milton Friedman, came to Australia to declare that the world economic situation manifestly unsound.[1] Friedman asserted on that trip what Michael Kalecki predicted in his 1943 article would be the response of ‘captains of industry’ to Keynesian macroeconomic policies; it was that ‘…government expenditure financed by borrowing will cause inflation’ (Kalecki, 1990: 348). A chorus of Australian businessmen and mandarin economists came out in support of Friedman, leading to the demise of Keynesian macroeconomic policy and the rise of neo-liberal policies. Milton Friedman, at the time was the Paul Snowden Russell Distinguished Service Professor of Economics at the University of Chicago; and acknowledged head of the ‘Chicago School’ of monetary economics, called ‘monetarism’. A year later, in 1976, Friedman received the ‘Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel’, confirming his status in the financial community and the neo-liberal mainstream of the economics profession during this period. At the time he was also a regular contributor to Newsweek magazine.
- Description: C1
- Description: 2003001782
D.B. Copland and the aftershocks of the Premiers' plan 1931-1939
- Authors: Millmow, Alex
- Date: 2005
- Type: Text , Conference paper
- Relation: Paper presented at the Australian Conference of Economists, 2005, Melbourne : 26th September, 2005
- Full Text:
- Reviewed:
- Description: Since Roland Wilson’s (1951) tribute to L. F. Giblin as ‘the grand old man’ or father figure of modern Australian economics there has been a tendency to underestimate the achievements and legacy of Douglas Berry Copland. It became fashionable, moreover, with the post-war generation of economists to belittle his contribution to interwar Australian economic thought especially that relating to stabilisation policy. Copland was quite aware of the chiselling away at his reputation. Commenting to a friend while reading Harrod’s biography of Keynes he wrote ‘Still reading Keynes and I remember most of the controversy and the discussion he was involved from the 1920’s onwards. A few of us had been working on similar lines and I have somewhere a set of memorandums to the government of NSW from 1932 to 1936 urging with all the persuasion I could muster an expansionist policy, but we could not get pass the Commonwealth Treasury. It would be fun to dig them out now and circulate for the younger brethren who still think we are past praying for. I’m sure he (Keynes) would disown Coombs and his school if he was with us now’. By that reflection Copland revealed not just his close dealings with Keynes but his fear that a hydraulic Keynesianism was taking hold within the Australian economics fraternity. It also showed Copland’s pride of the policy advocacy and controversies he had actively participated in during the 1930’s.
- Description: 2003001451
- Authors: Millmow, Alex
- Date: 2005
- Type: Text , Conference paper
- Relation: Paper presented at the Australian Conference of Economists, 2005, Melbourne : 26th September, 2005
- Full Text:
- Reviewed:
- Description: Since Roland Wilson’s (1951) tribute to L. F. Giblin as ‘the grand old man’ or father figure of modern Australian economics there has been a tendency to underestimate the achievements and legacy of Douglas Berry Copland. It became fashionable, moreover, with the post-war generation of economists to belittle his contribution to interwar Australian economic thought especially that relating to stabilisation policy. Copland was quite aware of the chiselling away at his reputation. Commenting to a friend while reading Harrod’s biography of Keynes he wrote ‘Still reading Keynes and I remember most of the controversy and the discussion he was involved from the 1920’s onwards. A few of us had been working on similar lines and I have somewhere a set of memorandums to the government of NSW from 1932 to 1936 urging with all the persuasion I could muster an expansionist policy, but we could not get pass the Commonwealth Treasury. It would be fun to dig them out now and circulate for the younger brethren who still think we are past praying for. I’m sure he (Keynes) would disown Coombs and his school if he was with us now’. By that reflection Copland revealed not just his close dealings with Keynes but his fear that a hydraulic Keynesianism was taking hold within the Australian economics fraternity. It also showed Copland’s pride of the policy advocacy and controversies he had actively participated in during the 1930’s.
- Description: 2003001451
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