Australia and the Keynesian Revolution

Abstract

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