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2021 | OriginalPaper | Chapter

5. Great Southern Land

Author : Alex Millmow

Published in: The Gypsy Economist

Publisher: Springer Singapore

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Abstract

This chapter looks at Colin Clark’s 1937 sabbatical in Australia where he took up visiting appointments at the Universities of Melbourne, Sydney and Western Australia. Clark was quickly entranced by Australia, especially Queensland. By giving guest lectures and making newsworthy comments he attracted interests in his talent including the Premier William Forgan Smith of Queensland. In 1938 he co-authored The National Income of Australia (1938) with John Crawford which contained a ‘provisional’ estimate for the Australian income multiplier. With an anticipated collapse in private investment spending Clark advocated further public sector stimulus; advice which conflicted with that of one of Australia’s leading economists, Douglas Copland. Clark also argued that since Australia’s population growth rate had slowed, it would be necessary for this to increase if the country was to maintain the maximum return from the capital invested.

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Footnotes
1
‘Displacement of Men by Machinery’, Birmingham Post, 5 June 1934.
 
2
‘Populate or Perish: Economists Warning’, The West Australian, 16 June 1937.
 
3
Ibid.
 
4
‘Birth Rate Decline: Economists Warning’, The Age (Melbourne), 23 June 1937.
 
5
‘Economic Race’, The Mercury (Hobart), 23 June 1937.
 
6
Copland to C. Janes, 23 June 1935, FECC, UMA.
 
7
Alan Trengove, ‘Colin Clark Feels We Have Expelled Him’, The Courier Mail (Brisbane), 9 January 1962.
 
8
‘The Function of a University: Cambridge Economist’s Views’, The Press (Christchurch), 5 February 1938.
 
9
Copland to Murdoch 22 August 1937, FECC, UMA.
 
10
Copland to B.S.B. Stevens 25 August 1937, FECC, UMA.
 
11
Copland to T. Waites 13 October 1937, FECC, UMA.
 
12
‘Court Gives Reasons for Wage Increase Pre-depression Level Regained’, The Herald (Melbourne), 23 June 1937.
 
13
‘Is Another Slump Coming?’, The Age (Melbourne), 21 September 1937.
 
14
Copland to Keynes 14 September 1937, FECC, UMA.
 
15
Keynes to Copland 28 October 1937, FECC, UMA.
 
16
Copland to Keynes 17 December 1937, FECC, UMA.
 
17
‘Economics Lecturer’, The West Australian, 22 September 1937.
 
18
Fisher to H Whitfield, nd, Clark personnel file, UWA Archives.
 
19
Fisher to Whitfield 23 August 1937, Clark personnel file, UWA Archives.
 
20
Clark to P. Douglas 23 December 1937, Clark Papers, Brasenose.
 
21
‘Our Economy’, The West Australian (Perth), 3 May 1938.
 
22
‘English Economist Utters Warning: Another Depression Appears to be Coming’, The Telegraph (Sydney), 25 November 1937.
 
23
Clark to M. Clark 26 November 1937, Clark Family letters.
 
24
J. B. Brigden to R. Wilson 27 November 1937, Wilson Papers, NLA.
 
25
Clark to M. Clark 30 November 1937, Clark Family letters.
 
26
Clark to Joan Robinson 14 May 1981, Clark Papers, UQ.
 
27
Mauldon to Copland 27 September 1938, Copland Papers, NLA.
 
28
‘Miscellany of interests’, Sir John Crawford Papers, NLA.
 
Literature
Clark, C. 1937a, ‘Bacon and Eggs for Breakfast’, Australian Quarterly, 9(4): 24–31.
Clark, C. 1937b, ‘National Income at Its Climax’, Economic Journal, 47(186): 308–320.
Clark, C. 1938, ‘Determination of the Multiplier from National Income Statistics’, Economic Journal, 48(191): 435–448.
Clark, C. and J.G. Crawford, 1938, The National Income of Australia. Sydney: Angus and Robertson.
Clark, C., B.D. Holland and N.K.C. Fletcher, 1989, ‘Australian Business Fluctuations’, Discussion Paper in Economics, University of Queensland.
Coombs, H.C. 1938, ‘Review of the National Income of Australia by C. Clark and J. G. Crawford’, Australian Quarterly, 10(4):114–115.
Fisher, A.G.B. 1935, The Clash of Stability and Progress. London: Macmillan.
Keynes, J.M. 1937, ‘Some Economic Consequences of a Declining Population’, The Eugenics Review, 29(1): 13–17.
Keynes, J.M. 1940, How to Pay for The War. London: Macmillan.
Keynes, J.M. 1983, Volume XII of the Collected Writings of John Maynard Keynes, Economic Articles and Correspondence. (ed.) D. Moggridge, Macmillan and Cambridge University Press for the Royal Economic Society, London.
Lepenies, P. 2016, The Power of a Single Number: A Political History of the GDP. New York: Columbia University Press.
Markwell, D. 2000, ‘Keynes and Australia’, Reserve Bank of Australia Discussion Paper 2000–2004.
McQueen, H. 1978, ‘Queensland: A State of Mind’, Meanjin, 38(1): 41–51.
Millmow, A. J. 2010, The Power of Economic Ideas: The Origins of Keynesian Economic Management in Interwar Australia 1929–1939. ANU Press.
Murphy, D. J. and R.B. Joyce and C. Hughes (eds.), 1980, Labor in Power: The Labor Party and Governments in Queensland, 1915–1957. St Lucia: University of Queensland Press.
Pimlott, B. 1985, Hugh Dalton: A Life. London: Harper Collins.
Seldon, A. 1977, ‘Introduction’ to C. Clark, Poverty Before Politics. London: Institute of Economic Affairs: 3–6.
Tily, G. 2009, ‘John Maynard Keynes and the Development of National Accounts in Britain, 1895–1941’, Review of Income and Wealth, 55(2): 331–359.
Metadata
Title
Great Southern Land
Author
Alex Millmow
Copyright Year
2021
Publisher
Springer Singapore
Book
The Gypsy Economist

Print ISBN: 978-981-336-945-0

Electronic ISBN: 978-981-336-946-7

Copyright Year: 2021

DOI
https://doi.org/10.1007/978-981-33-6946-7_5