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:
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:
A little piece of Australiana passed away earlier this year. The historic sheep station at Blackwood, the family homestead of the Ritchies for more 170 years near Penshurst, Western Victoria, was sold to Chinese investors. We all know that Australia no longer rides on the sheep's back and the selling of Blackwood is yet another sign of the passing of the pastoral economy. This story involves an element of Australian economic history, a Scottish-Australian family and an enduring public gift they left to an Australian university. This Ritchie family were committed philanthropists and, apart from a school, a public hall and a war memorial, all at Penshurst, one of their gifts is still in evidence todya, namely, the Ritchie Research Chair in economics at the University of Melbourne. How did that come about it? It involved the relationship between a Scottish-born grazier who made his fortune here and his two sons born here.
Description:
Colin Clark was a rather quixotic figure. Much of his complex character is captured not only in his varied career choices but also the comments made of him by various referees over the years. While Clark spent half of his career in England and half in Australia it was to the latter that he was drawn. He was happy to be identified as an Australian economist. Despite his eminent academic record he was never to occupy a professorial chair in Australia. This was largely attributable to his own choices in career and his penchant for a doctrinaire brand of economics.
Description:
This paper celebrates the life of a businessman and central banker who, in the depression years, outshone and prevailed over both Theodore and Jack Lang. One member of the Scullin Cabinet, the fiery radical Frank Anstey recalled that 'with his seven year tenure in his pocket he was more than ever Prime Minister and the elected government was only the tube through which he issued orders'. The puzzle then is why Gibson has not received the coverage and attention that he deserves. While there has been a brief memoir of Gibson by Schedvin, no biography of him exists. Just after Gibson dies in 1934 the Commonwealth Bank, with the support of Gibson's Melbourne-based business and banking associates, was intent upon commissioning a short biography with University of Melbourne historian Sir Ernest Scott (1867-1939) assigned to undertake the task. At the same time on one of Gibson's daughters, Phyllis, wrote a doting, but incomplete, memoir of her father. The draft was never completed nor circulated but it led to an interesting sequel.