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:
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.