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Cambridge Journal of Economics 2005 29(6):1011-1026; doi:10.1093/cje/bei080
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Article

Australian economics in the twentieth century

Alex Millmow*

* School of Business, University of Ballarat

Address for correspondence: Senior Lecturer in Economics, School of Business, University of Ballarat, Victoria, Australia 3353; email: a.millmow{at}ballarat.edu.au.

Abstract

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.

Key Words: Premiers Plan • Neo-liberalism • Americanisation • Vernon Report • The Accord

JEL classifications: A110, B290, B310, B300

Manuscript received January 7, 2004; final version received April 18, 2005.


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