Description:
John Vaizey is almost a forgotten figure in modern British history and even more in the fields of political economy and economics where he first made his mark. His work is now rarely cited and, even in political histories of the Thatcher decade, or the travails of the Labour governments before then, his name rarely reappears. However Vaizey's pioneering work on the economics of education is beginning to be recognised and indeed followed. This paper reassesses his life, especially the last decade of his life when Vaizey, basked in the limelight, enjoyed some of the glittering prizes. It was a decade when Vaizey took some major ideological turns, one the most controversial being his decision to leave the Labour party after 30 years of membership. The paper revisits the reasons why Vaizey renounced democratic socialism, Keynesianism and, along with that, the beguiling promises of social science. It reflected his peculiar interest in political failure along with disillusionment in democratic socialism. The switch meant that this Cambridge-trained economist, tutored by Joan Robinson, had to convert, albeit reluctantly, to monetarism and ditch the post-war Keynesian consensus.
Description:
This overview of Australasian economic thought presents the first analysis of the Australian economic contribution for 25 years, and is the first to offer a panoramic sweeping account of New Zealand economic thought. Those two countries, both at the start of the twentieth century and at its end, excelled at innovative economic practices and harbouring unique economic institutions. A History of Australasian Economic Thought explains how Australian and New Zealand economists exerted influence on economic thought and contributed to the economic life of their respective counrtries, in the twentieth century. Besides surveying theorists and innovators, this book also considers some of the key expositors and builders of the academic economics profession in both countries. The book covers key economic events including the Great Depression, the Second World War, the post-war boom and the great inflation that overtook it and, lastly, the economic reform programmes that both Australia and New Zealand undertook in the 1980s. Through the interplay of economic events and economic thought, this book shows how Australasian economists influenced, to differing degrees, economic policy in their respective countries. This book is of great importance to those who are interested in and study the history of economic thought, economic theory and philosophy, and philosophy of social science, as well as Australasian economics.
Description:
Adelaide has made a significant contribution to Australian economics. Since 1966, the University of Adelaide and Flinders University have been the partners behind the journal Australian Economic Papers (AEP). It has been an adventurous undertaking sometimes disconcerted by financial vulnerability, which at times, threatened its very existence. After outlining the journal's history, this paper undertakes a forensic examination of the AEP, and provides a comparison with its most obvious competitor, The Economic Record (ER). Despite its bold ambitions, we find that the AEP is now Australia's second‐ranking generalist economics journal and suffering the fate of being of that genre.
Description:
With the recently released biography of A. W. H. Phillips by Alan Bollard (2016), this article focuses upon his time in Australia over two separate periods. This includes his sabbatical spent in Melbourne and Sydney in 1959 when he worked on an Australian version of his famous curve taking into account the different institutional background and then when he took up a professorial chair in economics at the Australian National University. Using new archival material the paper delves into both episodes and how Phillips career at the ANU was cut short by a major illness.
Description:
When the Nobel prize-winning economist Joe Stiglitz visited Australia in 2010 he commended the Rudd Government’s policy response to the Global Financial Crisis as a proper and effective pre-emptive measure. The stimulus, which staved off any creeping sign of recession, bore a considerable Treasury imprint; and it could be said that the official family of economic advisers, that is, the Treasury and the Reserve Bank of Australia, were in their concerted action never so Keynesian in practice. It is appropriate then to visit the Keynesian revolution in post-war Australia recalling that three of the mandarins, Roland Wilson, John Crawford and H.C. ‘Nugget’ Coombs, were professionally trained economists. Moreover, as J.K. Galbraith reminds us, the Keynesian revolution was really a ‘mandarin revolution’, that is, an intellectually powered one.
Description:
When the Nobel prize-winning economist Joe Stiglitz visited Australia in 2010 he commended the Rudd Government’s policy response to the Global Financial Crisis as a proper and effective pre-emptive measure. The stimulus, which staved off any creeping sign of recession, bore a considerable Treasury imprint; and it could be said that the official family of economic advisers, that is, the Treasury and the Reserve Bank of Australia, were in their concerted action never so Keynesian in practice. It is appropriate then to visit the Keynesian revolution in post-war Australia recalling that three of the mandarins, Roland Wilson, John Crawford and H.C. ‘Nugget’ Coombs, were professionally trained economists. Moreover, as J.K. Galbraith reminds us, the Keynesian revolution was really a ‘mandarin revolution’, that is, an intellectually powered one.
Description:
It was 1970. It was the Age of Aquarius. The Boeing 747 was introduced into intercontinental service. In Australia, the Federal Treasurer, Les Bury, began to notice that inflation and unemployment were rising simultaneously. And Australian students began studying economics using a localised adaptation of Samuelson's classic textbook.
Description:
In this, the eightieth year of the formalisation of the Australian economics profession, a survey of it seems appropriate. While the profession's beginnings were marked by an idiosyncratic, heterodox tradition, the paper finds that those attributes have by now been largely dissolved by internationalisation. To demonstrate this, two periods in Australian economic history, and the role of economic opinion within each, are examined. One concerns the mobilisation of native economics expertise in developing policies to deal with the Great Depression, while the latter episode covers the rise of neo-liberal policy or economic rationalism in Australia. Unlike the interwar period and the post-war era, contemporary Australian economics, despite its policy success in reforming the economy has problems in attracting young minds to its fold.
Description:
In this, the eightieth year of the formalisation of the Australian economics profession, a survey of it seems appropriate. While the profession's beginnings were marked by an idiosyncratic, heterodox tradition, the paper finds that those attributes have by now been largely dissolved by internationalisation. To demonstrate this, two periods in Australian economic history, and the role of economic opinion within each, are examined. One concerns the mobilisation of native economics expertise in developing policies to deal with the Great Depression, while the latter episode covers the rise of neo-liberal policy or economic rationalism in Australia. Unlike the interwar period and the post-war era, contemporary Australian economics, despite its policy success in reforming the economy has problems in attracting young minds to its fold.