The Power of Economic Ideas Alex MillMow THE AUSTRALIAN NATIONAL UNIVERSITY E P R E S S The Power of Economic Ideas The origins of Keynesian macroeconomic management in interwar Australia 1929–39 ALEX MILLMOW THE AUSTRALIAN NATIONAL UNIVERSITY E P R E S S E P R E S S Published by ANU E Press The Australian National University Canberra ACT 0200, Australia Email:
[email protected] This title is also available online at: http://epress.anu.edu.au/keynes_citation.html National Library of Australia Cataloguing-in-Publication entry Author: Millmow, A. J. (Alex J.) Title: The power of economic ideas : the origins of Keynesian macroeconomic management in interwar Australia, 1929-1939 / Alex Millmow. ISBN: 9781921666261 (pbk.) 9781921666278 (ebook) Notes: Includes bibliographical references. Subjects: Keynesian economics. Macroeconomics--Australia. Australia--Economic conditions--1929-1939 Dewey Number: 994.042 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without the prior permission of the publisher. Cover design and layout by ANU E Press Cover image: Courtesy of Caroline de Maistre Walker Frontispiece: Courtesy of the Art Gallery of NSW Printed by University Printing Services, ANU This edition © 2010 ANU E Press Contents Acknowledgments . ix list of abbreviations . xi A word on the artwork . .xiii Preface . .xv 1 . The triumph of the economists? . 1 Part I. Backing into the Limelight: the Interwar Australian Economics Profession 2 . economic ideas and an assessment of Australian economists in the 1930s . .13 3 . The Australian economy during the Depression decade .