who, in 1920s Tasmania, formed a personal and intellectual bond that was to prove a pivot of economic thought, policy-making and institution-building in mid-century Australia. The book seeks to supply in words the group photograph that, sadly, seems not to exist. In our book, as in the hypothetical wished-for photograph, L. F. Giblin stands firmly at the centre, glaring at the observer, the focus of our attention, implicitly commanding the following of the others. Copland stands loyally, close by his right hand; Brigden is at his left, a bit further away, as if seeking a little space; and Wilson stands between Brigden and Giblin, directly contemplating the onlooker with a cool, sceptical expression. Our photograph does not seek to glamorise or sentimentalise: it allows a stark light to fall on any unattractive surface. But it does allow the subjects to arrange themselves, so that they reveal what they chose, even if they did not realise they were revealing it. The photograph has an arresting background; one that explains why it has been taken at all. For the story told here is larger than that of the four lives. It is the story of the advent of the economist in Australian public life. A more extensive telling of this tale would involve others, including E. O. G. Shann, L. G. Melville and H. C. Coombs. But these persons either leave early, or join late. It is our four who lead the advance, endure reversals, and finally consolidate the position.

No abstract

The paper presents a simple theoretical case for the superiority of the notion of Real Gross Domestic Income to Gross Domestic Product. It is shown that, in a multi‐period version of the familiar neoclassical model of a small, open economy, a temporary improvement in its terms of trade will increase welfare and RGDI, and produce a trade surplus in current prices; but will decrease real GDP, on account of it creating a trade deficit at constant prices.

No abstract

No abstract