This book, the second of two volumes, explores the legacy of Trevor Winchester Swan, often described as Australia’s greatest ever economist. Some of Swan’s most prominent articles are presented alongside analysis of his work from leading historians of economic thought to provide a broad and insightful view of his work. Particular attention is given to Swan’s work on the balance of payments, economic development, capital accumulation, and the neoclassical growth model.
This book aims to shed light on the enigmatic and influential life of Trevor Winchester Swan. It will be relevant to students and researchers interested in the history of economic thought and those that want to understand the foundations of modern macro, trade, and neoclassical economics.
Author(s): Peter L. Swan
Series: Palgrave Studies in the History of Economic Thought
Publisher: Palgrave Macmillan
Year: 2023
Language: English
Pages: 331
City: Cham
Contents
List of Figures
1 Peter L. Swan The Twin Goals of Internal and External Balance
2 Peter L. Swan: The Theory of Economic Growth
I. Why Did Solow (1956) Become More Popular Than Swan (1956)?
3 H. W. Arndt Non-traded Goods and the Balance of Payments: The Australian Contribution
References
4 T. W. Swan Simple Algebra: External Balance, Internal Balance and Price Stability
I. Conditions for Their Realization
II. The Instruments of Policy
III. Choice Amongst Objectives
IV. Rules of Conduct
V. Conclusions on the Wage Policy Problem
5 T. W. Swan Economic Control in a Dependent Economy
I. Theory and Policy
Definitions and Simplifying Assumptions
II. The Structure of the Economic System
III. Objectives and Instruments of Policy
IV. Choice Amongst Objectives
V. Assignment of Instruments to Objectives
VI. Market Mechanisms
VII. Official Agencies
VIII. Some Queries and Suggestions
6 T. W. Swan Circular Causation
7 T. W. Swan Longer Run Problems of the Balance of Payments
I. Introduction
II. How Employment and the Balance of Payments are Jointly Determined
III. Short-Run Policies
IV. Long-Run Cost Adjustments
8 W. E. G. Salter Internal and External Balance: The Role of Price and Expenditure Effects
I
II
III
IV
V
9 H. W. Arndt Notes on T. W. Swan Population Growth and Economic Development
10 T.W. Swan “Orbituary of Wilfred Edward Graham Salter: 1929–1963”
11 T. W. Swan Effective Protection with Cobb–Douglas Input Substitution in Domestic Supply
Reference
12 T. W. Swan Overseas Investment in Australia: Treasury Economic Paper No. 1
13 T. W. Swan Perceptions in Kaleidascope
14 Peter L. Swan “Why ABS Volume GDP Figures Can Be Misleading”
15 John D. Pitchford Trevor Swan’s 1956 Economic Growth “Seminar” and Notes on Growth
I. The General Capital Per Head Model
II. The General Output Per Unit of Capital Model
III. The Cobb/Douglas Case
IV. Models Arising from Variations to the Basic Assumptions
References
16 T. W. Swan Economic Growth
I. The Basic Model
II. Economic Growth Without Progress
III. Growth with Progress
17 T. W. Swan Economic Growth and Capital Accumulation
I. From Adam Smith to Arthur Lewis
II. An Unclassical Case
III. A Classical Case
IV. The Harrod Model
Appendix: Notes on Capital
I. Joan Robinson’s Puzzle
II. The Wicksell Effect
III. Akerman’s Problem
IV. The Wicksell Effect in Reverse
18 Robert Dixon Trevor Swan on Equilibrium Growth with Technical Progress
I Introduction
II The Key Feature of Swan's Diagram
III Why Is It that Steady Growth Implies a Given Output–Capital Ratio?
IV Swan and Solow on Equilibrium Growth with Technological Change
(i) Swan
(ii) Solow
V Concluding Remarks
References
19 Robert W. Dimand and Barbara J. Spencer Trevor Swan and the Neoclassical Growth Model
I. Swan’s Way
II. 1956 and All That
III. The Swan Diagram
IV. Why the Solow Diagram Rather Than the Swan Diagram?
V. Conclusion: Neoclassical Growth in the Antipodes
References
20 T. W. Swan Growth Models: Of Golden Ages and Production Functions
I. Introduction
II. A Model Without Technical Progress
III. Technical Progress
IV. The Stock of Capital
Appendix
I. Discussion on the Paper by T. W. Swan
21 T. W. Swan Technical Progress in Balanced Growth
References
22 N. G. Butlin and R. G. Gregory Trevor Winchester Swan 1918–1989
I. The Early Years
II. The Transition to Academia
III. The Difficult Years
IV. The Return to Public Life
References
Appendix 1: Trevor Swan and Joan Robinson
Appendix 2: Letter from Robert Solow, MIT, April 1, 1957
Appendix 3: Letters
Trevor Swan’s ANU Job Application
Trevor W. Swan Letter to Sir Robert Menzies, Prime Minister, January 31, 1961.
A.R. Hall and T.W. Swan Exchange Rates And Inflation: A Note 14th October 1971
Trevor Swan and Billy Sneddon in 1971
T. W. Swan Mr Snedden and the Economists. December 1971ë
T.W. Swan Inflation the Winner in Cameron’s War
The Age, May 14, 1975
Letter from Gough Whitlam to Trevor Swan, August 27, 1975
Correspondence Between Trevor Swan and Mr Bill Hayden, January 1976
Letter from H.M. Knight, Governor of the Reserve Bank to the Treasurer, Philip Lynch, May 13th, 1976, Concerning the Budget
Letter from T.W Swan to Bill Hayden, 8th September 1976
Trevor W. Swan Letter Arguing that Whitlam Should Not Be Appointed to an ANU Chair, 13/02/1978
Letter to Trevor Swan from Paul Keating, August 20, 1985, and Response
Appendix 4: Timeframe—Trevor Winchester Swan 1918–1989
The Published Works of Trevor W. Swan
Unpublished Papers
Newspapers, Letters and Comments
Secondary Literature
Bibliography
Index
