Abstract
This is Volume I of a two-volume set. It describes Trevor Swan’s life, and his contributions, together with major articles and papers, 1937-1950. While Swan counted among his friends, Nobel Laureates, James Meade and Bob Solow, and his world’s first quarterly macroeconomic model of the Great Depression came before that of Nobel Laureate Lawrence Klein’s, he could easily have shared their awards. In his famous “Swan Diagram”, beloved of students of macroeconomics world-wide, his four zones of economic unhappiness describe the problems of internal and external balance. He then proposed how economies grew based on capital deepening and technical progress, giving rise to the Solow-Swan model of economic growth. He advised every Australian prime minister from Sir Robert Menzies to Bob Hawke and Paul Keating and had a profound effect on the Australian economy.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
The Canberra Times, 19 January 1989, p. 5.
- 2.
Information supplied by Clarice’s daughter, Lesley Booth. Lesley’s own grandson, Jordan, is a successful economist.
- 3.
Family information supplied by Lesley Booth.
- 4.
To provide an indication of how close-knit Trevor’s friends in Canberra were, mostly living close to the future Parliament House, when I was a schoolboy attending Canberra High near ANU, I would wait for the bus in the street a few blocks from Jack Crawford’s home. Frequently, he would stop to pick me up and drop me at school. My birthday present from Jack was Piero Sraffa’s edited volume of David Ricardo’s (1817), Principles of Political Economy and Taxation. This was Jack’s way of letting us know that he was not a protectionist despite being, at the time, Permanent Secretary to Sir John (“Black Jack”) McEwen’s (1900–1980) Department of Trade with strong protectionist leanings. Jack’s daughter, Victoria, was academically brilliant and became dux of Canberra High. Sadly, following graduation she went blind due to genetic issues and died at an exceedingly young age. Joe Gibson (husband the ANU philosopher, Quentin Gibson) who produced Repertory plays in the theatre where Parliament House now resides lived next door and Geoffrey Sawer (1910–1996), the ANU foundation law professor who played a role in the Chifley Government’s Bank Nationalisation case in the Privy Council appeal, lived nearby.
- 5.
The Daily Telegraph, 28/4/1941, reported: https://trove.nla.gov.au/newspaper/article/248142412?searchTerm=frank%20grill The Daily Telegraph, Wednesday May 28th, 1941, p. 10, reported: May (Pat) Grill and Mr. Trevor Swan were married yesterday afternoon at St. Augustine's Church, Neutral Bay. Mr. Swan is now lecturer in Economics at the University, and his bride has been, since her graduation, a member of the Economics Department of the Bank of New South Wales. She is the younger daughter of the late Mr. Francis Grill and of Mrs. Grill of Neutral Bay, and was given away by her brother, Captain Frank Grill. She wore a dusty pink wool ensemble with a black halo hat, and black accessories, and carried a bouquet of gardenias. Miss Nancy Daley, the bridesmaid, was in a pale green wool frock, and wore navy blue accessories. Mr. Lawrence Swan attended the bridegroom, who is the son of Mr. and Mrs. P. W. Swan, of Marrickville.
- 6.
This peculiar way of thinking is based on the fallacy that there is somehow a fixed number of jobs so that if a qualified married female is given a job there is one less job available for a male breadwinner. Another motivation was to force married women who became mothers to stay home and raise the family.
- 7.
While Swan was elected President of the Economic Society from 25 August 1959 until 30 May 1961 shortly after he came back from India, he never played any active role in the Society other than to give a number of presidential addresses and was not present when he was elected.
- 8.
Swan received many better-paid job offers from the US and elsewhere which he simply ignored. For example, Leland B. Yeager, the Chair at the University of Virginia wrote to him on January 6, 1970, offering a position with a minimal teaching load for a salary in excess of US $30,000 p.a.
- 9.
In this respect, he was like his (and Bob Gregory’s) erstwhile student, Edward (Ted) Sieper, who, like Swan, had been awarded the rare University of Sydney Economics Medal. Trevor Swan thought highly of Sieper, describing him as “the young Mozart of Australian economics”. A fellow student, Adrian Pagan, recalls being struck by the beauty of Ted’s papers, and Peter Swan concurs, but Ted despised referee comments just as Mozart might have been critical of contemporary musicians who stood in his way. Some of Ted’s genius is revealed in Sieper and Swan (1973). In an unusual, if not unprecedented, move the exceedingly modest Sieper successfully petitioned the Vice Chancellor of ANU, forcing him to retract Sieper’s own promotion to Senior Lecturer. His retraction was somewhat quixotically designed to place pressure on the School to maintain academic standards and in this he succeeded. Ted exerted huge influence over the School. When the head of school decided to break up the first-year subject into a larger number of small classes without consultation, Ted called his own meeting, attracting a large attendance, which then proceeded to reverse the decision. Within days, the head of school had retired on health grounds. Exceptional modesty was a trait shared by Swan and Sieper, together with outstanding debating skills and shyness towards publishing. However, with respect to academic positions, Swan differed from Sieper. Swan initially applied for a readership at ANU when it was advertised but did not demure from the foundation chair when it was offered.
- 10.
As a personal aside, when I was studying economic history at ANU, John Dedman, a fellow student of advanced age, was completing his degree which he had commenced in the 1920s. Unusually for an undergraduate, John was awarded an Honorary Doctorate by ANU prior to graduation. He subsequently had a building named after him for his critical role in founding the ANU in his ministerial role in the wartime and post-war Labor governments. Trevor Swan had worked for him in Post-War Reconstruction. It seems that the advice that freshly minted graduates are given to succeed and honour their Alma Mater was not applicable to John who created the Alma Mater of thousands prior to his graduation.
- 11.
Rowse (2002, p. 157).
- 12.
A sympathetic commentator described Wilson, in 1947, as “a small (160cm or 5ft 3in), long-jawed, blue-eyed man with an easy manner and a strong streak of satirical, almost cynical humour”. See John Farquharson https://oa.anu.edu.au/obituary/wilson-sir-roland-1558.
- 13.
There was one aspect of the model Swan was unhappy with, namely the failure to distinguish between the rural and non-rural sectors of the economy, which he corrected in Swan (1945a). Swan also expresses his disappointment with the statistical crudity and less than satisfactory theory in his econometric model in his job application for a Readership at ANU in 1950.
- 14.
Personal communication, September 21, 2021. Waterman was a student over the period 1964–1967.
- 15.
Following the collapse of many banks in the US in 1930 and 1931, the private sector in the US tried to hoard gold but in 1933 when the US went off the Gold Standard, President Roosevelt nationalized stocks of gold and by raising the price to $35 per ounce greatly augmented Fort Knox reserves.
- 16.
This diagram did not become widely known until it appeared in the first edition of Samuelson’s Economics textbook in 1948, although it had appeared in Samuelson (1939).
- 17.
As Vines and Wills (2020) point out, diminishing returns were only properly integrated into the Keynesian model by Ando Modigliani in his PhD thesis, published in 1943. As they show, the three-part diagram required to depict Modigliani’s system is very unwieldy. As a result, the Keynesian system presented in textbooks normally abstracts from the effects of diminishing returns.
- 18.
This is surprising because although the wage cut caused the price of domestic output to fall, it did not cause the price of imports to fall, suggesting that the wage will have fallen relative to the overall cost of the consumption.
- 19.
Tony Thomas, in The Age, May 30, 1975, describes Wheeler’s remarkable career, beginning as a 15-year-old bank clerk in a bank branch. He became a protégé of Douglas Copland while at University of Melbourne prior to moving, first to The Treasury in Canberra and then to the ILO in Geneva before returning to Canberra in 1960 as chair of the Public Service Board and then Secretary of the Treasury.
- 20.
David Bensusan-Butt (1914–1994), the nephew of the French Impressionist Camille Pissarro, worked for Lord Keynes and indexed both The General Theory and Joan Robinson’s Accumulation of Capital. His wartime report on Bomber Command for Churchill reformed the bomber service after he revealed that 95% of all bombs dropped substantially missed their targets. He also acknowledged that systematic bombing of civilian targets such as Dresden actually raised, not lowered, the productivity of Hitler’s war effort. Bensusan-Butt spent 1949–50 in the Prime Minister’s Department in Canberra and later joined Heinz Arndt’s department at ANU in 1962 for 15 years. He was a delightful and extremely erudite man that Peter used to play chess with on a weekly basis while he was an ANU undergraduate.
- 21.
Heinz W. Arndt (1995). Nugget Coombs also played a role in this exchange, and it was with his urgings that Swan took up the post in London.
- 22.
“There is no need at this stage to define the ‘general price-level’ more precisely—for example, to specify whether it relates only to goods and services sold on the home market, or includes exports as well. Provided that it includes both home wage cost and external elements, and provided that real wages are measured in terms of the ‘general price-level’, however defined, the argument in this and the next few paragraphs will always hold good”.
- 23.
“It is not suggested that this is an ultimate statement of the determinants of real wages. Depending on what assumptions are made about the economic system as a whole, there may be various restrictions imposed on the manner in which the money wage-level can vary in relation to the external price-level - restrictions connected notably with the balance of payments and the terms of trade. The point relevant at present is merely that this ratio, as well as productivity is inevitably involved in any movement of real wages in an open economy”.
- 24.
ANU correspondence at the time paints the following picture: “in 1948 he was being eagerly sort by a leading economist in the European Economic Commission, who described him as ‘exceptionally able and brilliant’. Except for a short stint as a lecturer at the University of Sydney, most of his work to date had been in government departments. Coombs knew him well and supported him warmly; but Copland, who suspected he thought too highly of himself, remarked that he had not yet undertaken a sustained piece of work and thought he would benefit from a few years at a more junior level. Swan had initially applied for an advertised readership in economics [in his letter dated 23rd December 1949 which is included in Volume II]. However, as Hancock had shown, the market was not teeming with economists; so despite Copland’s doubt, he was offered the chair” (Foster and Varghese 1996, 54). Cornish (2007) describes the responses of Trevor’s referee’s: On the basis of Swan’s application, and eager to fill senior positions, Copland asked Wheare to investigate the merits of appointing Swan to the chair. Wheare contacted some of Swan’s referees, including Meade, Smithies and Gerhard Colm at the Council of Economic Advisers in Washington. Meade said that his “impression of Swan was very favourable. He seemed a very intelligent and capable economist, full of drive and ideas but at the same time very pleasant to have dealings with”. This accorded with his referee’s report, where Meade wrote that “Swan is an economist of real ability with a very considerable capacity for hard and sustained work and with considerable drive and initiative”. Smithies informed Wheare that Swan had spent a weekend with him in Harvard at the same time that Roy Harrod was visiting Boston. Swan had commented on one of Harrod’s public addresses. According to Smithies, “Swan really wiped the floor with him”; he had “the rare facility of combining a first-class theoretical mind with a capacity for absorbing and using facts”. Smithies thought Swan was “eminently qualified for any job that the National University can provide”. Colm likewise adjudged that Swan possessed “a fine analytical mind, and knows how to handle statistical and other tools…[he] has the scientific capacity which should be a pre-requisite for an appointment to a Chair of Economics”. Colin Clark, another referee, spoke about the “astonishing development of [Swan's] intellect and personality” since he first met him in 1937; he thought Swan would “bring real distinction to the Australian National University. Some of his work that I have seen should attract world attention”. Clark cited in particular, Swan's unpublished paper “A Working Model of the Australian Trade Cycle” which is the early version of the econometric model built by Swan which I discussed above.
- 25.
Popper rejected classical inductivist views and argued that a theory can never be proven but it can be falsified.
- 26.
Eccles shared the Nobel Prize in 1963.
- 27.
Florey had been awarded the Nobel Prize in 1945 as the co-discoverer of penicillin.
- 28.
I wish to thank Bob Gregory for drawing Martin’s biography to my attention.
- 29.
From these socialistically inclined beginnings, Heinz was to become far more “free market” and regret his support for nationalization fifty years later (Coleman, Cornish, and Drake 2007, 85).
- 30.
In a letter to Coombs dated December 29, 1944, Balogh delineated the British approach to creating full employment: “I am firmly convinced … that the problem of full employment can only be solved by creating a permanent inflationary situation and then controlling it”.
- 31.
These included Don T. Brash, E. S. Crawcour, Ron O. Hieser who became a drinking companion to Bob Hawke (see Holt, 2012), R. G. Hawkins, John S. Marsden who is a consultant with MarsdenJacob Associates, Ian A. McDougall (1934–2014) held a Monash chair in economics, 1969–1975, Adrian D. Pagan, a very well respected econometrician, John David Pitchford (1932–2021), Professor of Economics in the Faculties at ANU for many years, Alan J. Preston, Gary G. Pursell who had a career at the World Bank, Clem A. Tisdell who is now known as a well-cited ecological economist, the Rev. Anthony Waterman, and a number of others. Brash served as Governor of the Reserve Bank of New Zealand (1988–2002) and Leader of the Opposition and Leader of the New Zealand National Party from October 2003 to November 2006, and the Leader of ACT New Zealand from April to November 2011. Waterman commented on his relationship with Swan: “Because I was a Cambridge man, well-read in the Bloomsbury authors, and with wider literary and artistic tastes than most other people at the ANU, he liked taking with me about all kinds of things unconnected with economics. He was a great Anglophile and felt culturally (though not intellectually) isolated in Canberra”. Arndt and Cornish (2021) provide more information on Swan’s department.
- 32.
Freebairn recollects: “One of his contributions to all of his junior staff was to read drafts of our papers when typed by his secretary, Kathy Baird, then come unannounced to the office and discuss with us the paper. In addition to helpful questions and points for clarification, Trevor pointed out that authors prior to 1960, or thereabouts, had made contributions to our current research topic and we should review our bibliography”.
- 33.
The search for the holder of the first chair in economics at ANU that Trevor held was led by Professor W. K. (later Sir Keith) Hancock, Fellow of All Souls, and Chichele Professor of Economic History at Oxford. As Cornish (2012) drolly notes, given the value that universities place on an academic’s public profile today: “Hancock was opposed to staff undertaking government work, except in emergencies or in exceptional cases. He would support them taking on some 'popularising' work, such as writing 'the occasional Penguin', or giving the 'occasional broadcast'. Such work should be limited, however, since he considered that 'Too frequent appearances at the microphone or in the public press would do immense harm to the prestige of a Research University particularly in Australia'”. Had Hancock foreseen this he would have adamantly opposed Swan’s appointment on these grounds alone and fully supported ANU’s neglect of any building named after someone with such a high public profile. Nonetheless, Hancock did approve, with great difficulty, Swan’s leave to go to India and MIT.
- 34.
Solow wrote: “I have just finished reading the article you so kindly sent me, and I must tell you that I can’t remember when I’ve enjoyed a piece of economics so much. It was sheer pleasure. Moreover, I have an infallible way of knowing that everything you say about the nature of capital as an input is right: it’s exactly what I would say myself!”.
- 35.
In the Terrigal Conference, 4th February 1975, Cairns called for the creation of a new department with the primary purpose of planning the long-term future of the economy.
- 36.
According to John Pitchford’s obituary of Wilf Salter, he actually suffered a heart attack which may have been brought on by a serious case of chicken pox. I recall this event at the time, and it came as a great shock and loss to my father, Trevor Swan. See also Trevor Swan’s obituary (1963) and that of Selwyn Cornish (2004), together with Weber (2011).
- 37.
Peter Swan is not sure whether his father intended him to be a smoker or not. At the tender age of 15 I (Peter) was required to take a puff of Trevor Swan’s cigarette. The vile taste and shocking effect of the smoke in my lungs had the fortunate effect of putting me off smoking for life.
- 38.
In a letter written by Swan dated April 6, 1959.
- 39.
Martin’s sources are an interview with Ron Gilbert, 14 July 1989, who was an economist in the Prime Minister’s Department at the time and subsequent correspondence. There are also two of Salter’s lengthy memoranda in AA, M2576/ 1, Item 57 in the National Archives.
- 40.
John Stone, born in 1929, was Secretary of the Treasury between 1979 and 1984. He was a National Party Queensland senator over the period 1988–1990.
- 41.
Perhaps fortunately, this extreme recommendation to deny tax deductibility was never implemented.
- 42.
In personal communication.
- 43.
- 44.
Wheeler had written to Alan Carmody, Secretary to the Department of the Prime Minister, on October 11, 1976, in a letter headed: “The Inflationary Effects of Devaluation”, and attaching a Treasury paper arguing against devaluation.
- 45.
In correspondence, Stammer describes Kasper’s important contribution “as a breath of fresh air”.
- 46.
Higgins defined as fair and reasonable “a wage that covers the normal needs of the average employee, regarded as a human being living in a civilized community”.
- 47.
See, for example, Peter L. Swan and Ian Harper (1982). Ian Harper was appointed to the Reserve Bank Board in 2016 and his current term is due to end in 2026.
- 48.
This process was further aided when in 1987 the Labor Government implemented the Campbell Committee plan (based on Peter Swan, 1982) to integrate company and personal taxation, effectively abolishing company tax for Australian taxpayers and substantially lowering the cost of capital (see Peter Swan, 2019) by the introduction of franking credits.
- 49.
Information supplied in private correspondence by Stammer in September 2021.
- 50.
Bob Johnston AC, born 1924, was Governor over the period 1982–1990, following Harry Knight, and is thus currently 97 years of age.
- 51.
If there was an upside to decades of furtive and exceedingly expensive surveillance, it provided me with the colour and other details, even license number plates, of various cars that Trevor Swan once owned in the 1950s. I was particularly impressed by Trevor Swan’s black BMC Worsley 6–90. This was standard fare for British detectives and televised police series until the well into the 1960s.
- 52.
Millmow (2021, p.349) reports: “At the 1979 ACE conference, Geoff Harcourt recalled two of Australia’s greatest economists, Colin Clark and Trevor Swan, clashing after the former asserted that public servants who administered import controls were corrupt. Swan stormed out of the lecture theatre”. Only ten years earlier, in a letter to the Vice Chancellor November 4, 1969, Swan named “the only possible living economist who, as Frank Fenner suggested, might be appointed as Chairman of the Natural Resources Centre—it must be Colin Clark”. Frank Fenner AC CMG MBE FRS FAA (1914–2010) was an Australian scientist with a distinguished career in the field of virology. Frank Fenner’s wife, Bobby, was a close friend of my mother, Pat Swan. Tragedy struck the Fenner household when one of the Fenner’s daughters was shot dead by their next door neighbour’s daughter in an apparent joint suicide pact. Murder charges were not pursued against the neighbour's daughter, Catherine Webb (1943–2007), who became a famous war correspondent.
- 53.
Noel Butlin halted a seminar I was giving on Australia’s car industry and its incredibly high levels of protection when I mentioned the possibility of corruption and bribes. For example, when I was working at the Tariff Board in 1972, General Motors Holden announced that it was providing a highly subsidized car to the Prime Minister, Gough Whitlam. I was told I could not comment on it to the Press.
- 54.
Geoff Brennan, who was at the same dinner, recalls: “I thought Colin (who had made what seemed to me an entirely reasonable general point about the hospitality of quotas as a general policy instrument, to corruption) was totally unfairly attacked. But Trevor has been on edge all evening (we sat together at dinner and he had been at odds with Keith Frearson—who to be fair was in a pretty aggressive and obnoxious mood)”. Source: Personal correspondence 21/09/2021.
- 55.
Trevor had correspondence with Bruce Williams, Vice Chancellor of the University of Sydney, over a scathing review by Piero Sraffa of Hayek’s Prices and Production, in The Economic Journal, March 1932. The correspondence is really over the origins of a quotation from Voltaire. Sraffa quotes Voltaire without any details as to its source: “you can kill a flock of sheep by incantations, plus a little poison”.
- 56.
How Canberra Airport identified Trevor Swan’s son as a danger to aircraft remains a mystery.
Bibliography
Amano, A., 1964, ‘Biased Technical Progress and a Neoclassical Theory of Economic Growth’, The Quarterly Journal of Economics, 78: 129–138.
Arndt, H. W., 1957, Notes on T.W. Swan, ‘Population Growth and Economic Development’ Presidential Address, Section G, ANZAAS, Dunedin.
Arndt, H. W., 1976, “Non-Traded Goods and the Balance of Payments: The Australian Contribution”, Economic Record, 52 (1): 104–107.
Arndt, H. W., 1985, A course through life: Memoirs of an Australian Economist. History of Development Studies I, Australian National University, National Centre for Development Studies. p. 177.
Arndt, H. W., 1995, “James Meade 1907-1995”, History of Economics Review, 24(1), 98–100.
Arndt, H. W. and S. Cornish, 2021, ANU Economics: A History. Mimeo, p. 39.
Arrow, K. J., H. B. Chenery, B. S. Minhas, and R. M. Solow, 1961, “Capital-Labor Substitution and Economic Efficiency,” Review of Economics and Statistics, 43: 225–250.
“Australian Economic Society Distinguished Fellow: Award to Trevor Swan”, 1987, The Economic Record, 63: 299.
Australian Tax Office (ATO), “Coombs/Gruen Proposal for Penalty Tax on Large Increases in Income in 1974–75”, Memo to the Treasurer, 11 July 1974. Mimeo. pp. 15.
Bernanke, B. S. 1995, “The Macroeconomics of the Great Depression: A Comparative Approach”, Money, Credit, and Banking Lecture. Journal of Money, Credit, and Banking, 27(1): 1–28. https://fraser.stlouisfed.org/files/docs/meltzer/bermac95.pdf
Black, L. 1984, “Social Democracy and Full Employment: The Australian White Paper, 1945,” Labour History, 46: 34–51.
Bliss, C., and J. Vijay, 2014, Ian Malcolm David Little: 1918–2012, Biographical Memoirs of Fellows of the British Academy, XIII: 315–349. © The British Academy 2014. https://www.thebritishacademy.ac.uk/documents/1499/14_Little_1808.pdf
Blundell-Wignall, A., J. Fahrer, and A. Heath,1993, “Major Influences on the Australian Dollar Exchange Rate”, RBA. https://www.rba.gov.au/publications/confs/1993/blundellwignall-fahrer-heath.html#:~:text=Foreign%20exchange%20reserves%20began%20to,per%20cent%20in%20November%201976.
Blyth, C. A., 1960, “Towards a More General Theory of Capital,” Economica 106: 120–136.
Brigden, J.B., D.B. Copland, E.C. Dyason, L.F. Giblin and C.H. Wickens, 1929, The Australian Tariff: An Economic Enquiry. Melbourne: University of Melbourne Press economic series; no. 6, in association with Macmillan.
Butlin, N. G., 1985, “Australian National Accounts 1788–1983,” Source Papers in Economic History 6, Australian National University.
Butlin, N. G. and R. G. Gregory, 1989, “Trevor Winchester Swan 1918–1989”, The Economic Record 65 (4), 369–377: 406–414.
Cesaratto, Sergio, 1999, “Savings and economic growth in neoclassical theory”, Cambridge Journal of Economics 23, 771–793.
Clark, C. G., 1945, Letter to Trevor Swan dated 23rd January. pp. 6.
Clark, C. G., 1949, ‘A system of equations explaining the United States trade cycle 1921 to 1941’, Econometrica, 17(2): 93–124.
Coleman, W., S. Cornish, and A. Hagger, 2006, Giblin’s Platoon: The Trials and Triumph of the Economist in Australian Public Life, ANU Press, Canberra.
Coleman, P., S. Cornish, and P. Drake, 2007, Arndt’s Story: The life of an Australian economist, ANU Press, Australian National University, Canberra.
Commonwealth of Australia, 1945, The White Paper on Full Employment in Australia. Canberra.
Corden, W. M., 1960, “The Geometric Representation of Policies to Attain Internal and External Balance,” Review of Economic Studies 28, 1–22.
Corden, W. M., 1966, The Structure of a Tariff System and the Effective Protective Rate’. Journal of Political Economy 74, 221–237.
Corden, W. M., 1968, “Australian Economic Policy Discussion in the Post-War Period: A Survey,” American Economic Review 58, 88–138.
Cornish, S., 2004, ‘Salter, Wilfred Edward Graham’, in Rutherford, D. (ed), The Biographical Dictionary of British Economists. Available from: https://www.oxfordreference.com/view/10.1093/acref/9780199754717.001.0001/acref-9780199754717-e-500?rskey=sg2YGg&result=500
Cornish, S., 2007, “The Appointment of the ANU’s First Professor of Economics.” History of Economics Review 46 (1): 1–18.
Cornish, S., 2012, “Trevor Winchester Swan.” In Australian Dictionary of Biography, edited by Melanie Nolan. Vol. 18, 479–480. Melbourne: University of Melbourne Press.
Cornish, S., 2015, “Sir Roland Wilson—Primus Inter Pares” http://press-files.anu.edu.au/downloads/press/p319381/pdf/ch06.pdf in The Seven Dwarfs and the Age of the Mandarins: Australian Government Administration in the Post-War Reconstruction Era, edited by Samuel Furphy, published by ANU Press, 121–145.
Cornish, S. and W. Coleman, 2014, “Making a Land Fit for a Gold Standard: Monetary Policy in Australia 1920–1925.” ANU Discussion Paper Number 2014–06.
Cornish, S. and R. Jha, 2017, Trevor Swan and Indian Planning: The Lessons of 1958/59, History of Economics Review, 67, 2–25.
Clark, C. and J. G. Crawford, 1938, The National Income of Australia, Sydney, Angus & Robertson. p. 120.
Dash, L. N., 2000, World Bank and Economic Development of India. APH Publishing.
Davis, R. W. and H. R. Wallace, 1963, Lessons of the 1960 Bank Credit “Squeeze”, Australian Economic Papers 2: 37–55.
Dimand, R. W. and B. J. Spencer, 2009, “Trevor Swan and the Neoclassical Growth Model”, History of Political Economy 41 (Suppl_1): 107–126.
Dimsdale, Nicholas H. and N. J. Horswood, 2002, “The Causes of Unemployment in Interwar Australia,” The Economic Record 78: 388–405.
Dixon, R., 2003, “Trevor Swan on Equilibrium Growth with Technical Progress”, Economic Record 79: 487–490.
Dornbusch, R. (1973a), ‘Currency Depreciation, Hoarding, and Relative Prices’, Journal of Political Economy, 81(4): 893–915.
Dornbusch, R. (1973b), “Devaluation, Money, and Nontraded Goods”, American Economic Review 63 (5): 871–80.
Dornbusch, R., 1974, “Real and monetary aspects of the effects of exchange rate changes.” In: Aliber, R. Z. (Ed.), National Monetary Policies and the International Financial System. University of Chicago Press, Chicago: 64–81.
Dowrick, S. and M. Rogers, 2002, “Classical and technical convergence: beyond the Solow-Swan growth model.” Oxford Economic Papers 54: 369–385.
Eichengreen, B. 1988, “The Australian recovery of the 1930s in International Comparative Perspective,” in Gregory R.G. and Butlin N.G. (eds), Recovery from the Depression: Australia and the World Economy in the 1930s, Cambridge University Press, Cambridge: 33–59.
Eichengreen, B. and D. A. Irwin, 2010, “The Slide to Protectionism in the Great Depression: Who Succumbed and Why?,” The Journal of Economic History 70: 871–897.
Fabian Society of New South Wales, 1947, “The Case for bank nationalisation.” Pamphlet. pp. 31.
Foster, S. G. and M. M. Varghese, 1996, The Making of the Australian National University, Allen and Unwin, Sydney.
Foster, S. G. and M. M. Varghese, 1996, The Making of the Australian National University: 1946–1996. Canberra: ANU Press.
Giblin, L. F., 1930, Australia, 1930: an inaugural lecture. Melbourne: Melbourne University Press in association with Macmillan.
Great Britain, Parliament, British White Paper on Employment Policy, 1944.
Gregory, R. G. and N. G. Butlin, 1979, “Trevor Winchester Swan, 1918-1989,” Economic Record 75: 369–376.
Groenewegen, P. D, and B. McFarlane, 1990, A History of Australian Economic Thought. London: Routledge.
Grubel, Herbert G. and Harry G. Johnson, 1967, Nominal Tariffs, Indirect Taxes and Effective Rates of Protection: The Common Market Countries 1959. The Economic Journal , Vol. 77, No. 308, pp. 761–776.
Hall, A., and T.W. Swan, 1971, “Exchange Rates and Inflation: A Note.” Memo dated 14 October 1971.
Harcourt, G. C., Some Cambridge controversies in the theory of capital, Cambridge University Press, 1972.
Harper, M., 2013, Douglas Copland: Scholar, Economist, Diplomat. Melbourne: Melbourne University Press.
Hawking, D., 2021, “The History of ANU Computing,” ANU. ANU Electronic Archives.
Hawkins, John Robert, 2013, “Billy Snedden: the challenge of incipient inflation”, Researchgate, June.
Hawkins, J., 2012, “Ben Chifley: the true believer”, The Treasury, Australian Government, 30 March.
Hayek, F. A., 1944, The Road to Serfdom, Sydney: Dymock’s Book Arcade Ltd.
Holt, S., 2012, Bob Hawke’s Boon Companion, Quadrant https://quadrant.org.au/magazine/2012/05/bob-hawke-s-boon-companion/
Hughes Hallett, A. J., 1989, Econometrics and the Theory of Economic Policy: The Tinbergen-Theil Contributions 40 years on. Oxford Economic Papers, January. New Series, Vol. 41, No. 1, History and Methodology of Econometrics (January 1989): 189–214.
Kaldor, N., 1940, “A Model of the Trade Cycle”, The Economic Journal 50 (197): 78–92.
Kasper, W. 1976, ‘The Emergence of an Active Exchange-Rate Policy—Some Quantitative Lessons’, in W. Kasper (ed.): International Money—Experiments and Experience, Papers and Proceedings of the Port Stephens Conference (Canberra: Department of Economics, Research School of Social Sciences, Australian National University): 21–69.
Kasper, W., 1977, Exchange Rates, Price Levels and Speculation, Australian Economic Papers, June, 1–11.
Kelly, Paul, 1992, The End of Certainty. Sydney: Allen and Unwin.
Kenyon, P., 1991, Towards a ‘Balanced’ History of Australian Economics, History of Economics Review: 45–51.
Keynes, John Maynard, 1936, The General Theory of Employment, Interest and Money (London: Macmillan).
King, J. E. 2007, ‘Trevor Winchester Swan (1918–1989)’, A Biographical Dictionary of Australian and New Zealand Economists. Cheltenham: Edward Elgar: 271–276.
Klausinger, H., 2011, Hayek and Kaldor: Close Encounters at the LSE, History of Economic Ideas, 19(3), No. 3: 135–163.
Klein, L., 1950, Economic Fluctuations in the United States 1921–1941, John Wiley and Sons, New York.
Klein, L. R. and A. S. Goldberger, 1955, An Econometric Model for the United States, 1929—1952, Amsterdam, North-Hollard.
Kmenta, Jan, 1966, “An Econometric Model of Australia, 1948-61”, Australian Economic Papers, 5: 131–163.
Knight, H. M., 14th May 1976, Letter to the Hon. Phillip R. Lynch, MP, Treasurer.
Krugman, Paul. 1998, “Latin America’s Swan Song. MIT. http://web.mit.edu/krugman/www/swansong.html
Krugman, Paul, 2010, “Swan Songs”. Paul Krugman Blog. 2010–11–17 and https://seekingalpha.com/article/195725-china-a-tale-of-three-swan-songs.
Kurz, Mordecai, 1963, “A Two-Sector Extension of Swan’s Model of Economic Growth: The Case of no Technical Change.” International Economic Review 4 (1): 68–79.
Lal, B. J. and A. Ley, 2006, (eds.) The Coombs: a House of Memories, ANU Press, Canberra.
Little, I. M. D., 1950, A Critique of Welfare Economics. Oxford, Oxford University Press.
Lucas, R. E., 1988, “On the mechanics of economic development”, Journal of Monetary Economics 22, 3–42.
Martin, A.W., 1999, Robert Menzies: A Life: Volume 2, 1944–1978. Melbourne University Press.
Macintyre, S., 2015, Australia's Boldest Experiment: War and Reconstruction in the 1940s. Sydney: New South Publishing.
Meade, J. E., 1951, The Theory of International Economic Policy, Vol. 1. The Balance of Payments. London: Oxford University Press.
Meade, J., 1956. “The Price mechanism and the Australian balance of payments,” Economic Record, 32, 239–256.
Metaxas, P. E. and E. J. Weber, 2016, “An Australian Contribution to International Trade Theory: The Dependent Economy Model,” The Economic Record 92: 464–497.
Millmow, Alex J. 2010, The Power of Economic Ideas. Canberra: ANU Press.
Millmow, Alex, 2011, “ACE at 40: The State it is in.” http://www.hetsa.org.au/hetsa2011/conference_papers/hetsa%202011%20-%20paperpdf%20-%20millmow%20-%20ace%20state%20its%20in.pdf
Millmow, Alex, 2021, The Gypsy Economist: The Life and Times of Colin Clark, Palgrave Studies in the History of Economic Thought, Palgrave Macmillan, London.
Monson, R. 1950, “The clever young man with Menzies”, Daily Telegraph, August 5th, p. 21.
Mundell, R. A., 1961, Flexible Exchange Rates and Full Employment, Canadian Journal of Economics and Political Science 27: 509–517.
Mundell, R. A. 1962, The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability, Staff Papers (International Monetary Fund) 9: 70–79.
Myrdal, G., 1944, An American Dilemma: The Negro Problem and Modern Democracy. New York: Harper Brothers Publishers.
Nethercote, J. R. 2015, “The Vernon Report: Hits. Misses, and Menzies’ Reaction, Half a Century on.” The Canberra Times 6 October.
Nevile, John W., 1962, “A Simple Econometric Model of the Australian Economy”, Australian Economic Papers, I, 79–94.
Nevile, J. W., 2018, “Learning from full employment history: The 1945 Australian White Paper in practice,” The Economic and Labour Relations Review 29: 446–458.
Oppenheimer, P. M., 1974, “Non-Traded Goods and the Balance of Payments: A Historical Note,” Journal of Economic Literature 12: 882–888.
Osborn, E. 1958, “The Wicksell Effect,” Review of Economic Studies 25: 163–171.
Pagan, Adrian, 2019, “Australian Macro-Econometric Models and Their Construction—A Short History”, Centre for Applied Macroeconomic Analysis (CAMA) Working Paper No. 50, Crawford School of Public Policy, ANU.
Parliament of the Commonwealth of Australia, 1945, Full Employment in Australia, May.
Payne, J. and L. Uren, 2014, “Economic Policy and the Great Depression in a Small Open Economy,” Journal of Money, Credit and Banking 46: 347–370.
Pearce, I. F., 1961, “The Problem of the Balance of Payments,” International Economic Review 2: 1–28.
Peden, G. C., 1983, “Sir Richard Hopkins and the ‘Keynesian Revolution’ in Employment Policy, 1929-1945,” The Economic History Review, New Series 36: 281–296.
Pitchford, J. D. 2002a, “Trevor Swan’s 1956 Economic Growth ‘Seminar’ and Notes on Growth,” Economic Record 78: 381–387.
Pitchford, J. D. 2002b, “Salter, Wilfred Edward Graham (1929–1963).” Australian Dictionary of Biography, Volume 16. (MUP).
Phillips, W., 1958, The Relationship between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957, Economica 25, November: 283–99.
Ricardo, D. 1817, The Works and Correspondence of David Ricardo, Volume 1, Principles of Political Economy and Taxation. Edited by Piero Sraffa, Cambridge University Press, 1951.
Robinson, J. V., 1953, “The Production Function and the Theory of Capital”, Review of Economic Studies 21 (2) (1953–1954): 81–106.
Robinson, J. V., 1956, The Accumulation of Capital, Macmillan and Co, London.
Robinson, J. V. 1957, “Economic Growth and Capital Accumulation: A Comment”, Economic Record 33: 103–108.
Robinson, J. V. 1958, “The Real Wicksell Effect”, Economic Journal 68: 600–605.
Robinson, J. V. 1971, “The Measure of Capital: The End of the Controversy”, Economic Journal 81: 597–602.
Rogers, Mark. 2003, “A Survey of Economic Growth,” Economic Record 79: 112–135.
Romer, P. 1986. “Increasing returns and long-run growth”, Journal of Political Economy, 94, 1002–1037.
Rooth, T., 2000, “Australia, Canada, and the International Economy in the Era of Postwar Reconstruction, 1945-1950.” Australian Economic History Review, 40 (2), 127-152.
Rosen, G., 1985. Western Economists and Eastern Societies: Agents of Change in South Asia, 1950–1970. Baltimore, Md.: Johns Hopkins University Press.
Rowse, T. 2002, Nugget Coombs: A Reforming Life, Cambridge: Cambridge University Press.
Salter, W. E. G., 1959, “Internal and External Balance: The Role of Price and Expenditure Effects,” Economic Record 35: 226–238.
Salter, W. E. G., 1960, Productivity and Technical Change, Cambridge, Cambridge University Press.
Samuelson, P. A., 1939, “A Synthesis of the Principle of Acceleration and the Multiplier,” Journal of Political Economy 47(6), 786–797.
Samuelson, P. A., K. Hancock, and R. Wallace, 1970, Economics: Australian edition, Sydney, McGraw-Hill.
Schmitt-Grohé, S. and M. Uribe, 2021, “Reviving the Salter-Swan small open economy model”, Journal of International Economics, 130, May: 1–22.
Sen, Amartya (Ed.), 1970, Growth Economics, Penguin modern economics Readings. Penguin Books, Harmondsworth, England.
Sieper, E. and P. L. Swan, 1973, “Monopoly and Competition in the Market for Durable Goods”, Review of Economic Studies 40 (3): 333–351.
Siriwardana, M. 1995, “The Causes of the Great Depression in Australia in the 1930s: A General Equilibrium Evaluation,” Explorations in Economic History 32: 51–81.
Shlaes, A., 2007, The Forgotten Man: A New History of the Great Depression. HarperCollins Publishers, USA.
Solow, R. M., 1956, A Contribution to the Theory of Economic Growth, Quarterly Journal of Economics, 70 (1): 65–94.
Solow, R. M., 1957, “Technical Change and the Aggregate Production Function”, Review of Economics and Statistics, 39 (3): 312–320.
Solow, R. M., 1987, Sveriges Riksbank Prize Lecture. https://www.nobelprize.org/prizes/economic-sciences/1987/solow/biographical/
Solow, R. M., 2007, “The last 50 years in growth theory and the next 10”, Oxford Review of Economic Policy, 23(1), 3–14.
Spate, O., 2006, Research School of Pacific and Asian Studies, 2006, Chapter 2. Canberra: ANU.
Spencer, B. J. and R. W. Dimand, 2010, “The Diagrams of the Solow-Swan Growth Model”, Chapter 56 of M. Blaug and P. Lloyd (eds), Famous Figures and Diagram in Economics. Cheltenham: Edward Elgar Publishing.
Stammer, D. W., 1975, “The Economics of Professor Swan”, 12th September. Reserve Bank memo.
Stammer, D. W., 1976, “The Exchange Rate and Demand Management Policies, internal Reserve Bank mimeo, 22/1/1976.” pp. 14.
Stevens, Glenn, 1992, Inflation and Disinflation in Australia: 1950–91. Survey given at the 1992 RBA Conference.
Stone, J., 2011, The Australian December 30, “The dollar myth that floated.” Reproduced from Quadrant.
Swan, P. L., “Durability of Consumption Goods”, American Economic Review, Vol. 60, No. 5 (December 1970): 884–894.
Swan, P. L. 1976, Optimum Replacement of Capital Goods with Labor-saving Technical Progress: A Comparison of the Early New England and British Textile Firm, Journal of Political Economy 84: 1293–1303.
Swan, P. L. and I. Harper, 1982, “The Welfare Gains From Bank Deregulation,” in Commissioned Studies and Selected Papers: Part I, Australian Financial System Inquiry (Canberra, AGPS): 475–512.
Swan, P. L., 1982, “Is There a Case for Complete Integration of Corporate and Personal Income Taxes?”, Australian Financial System Inquiry, Commissioned Studies and Selected Papers, Part 3, AGPS, 1982, pp.1–32.
Swan, P. L., 2019, “Investment, the Corporate Tax Rate, and the Pricing of Franking Credits”, The Economic Record 95, 480–496.
Swan, T. W., 1937, “Forced Savings”, University of Sydney, Economics II Essay.
Swan, T. W., 1939 “The Economic Interpretation of J.M. Keynes”, Australian Quarterly 11(1): 62–70.
Swan, T. W., 1940, “Australian War Finance and Banking Policy”, Economic Record 16, (June): 50–67.
Swan, T. W., 1941, “Some Notes on the Interest Controversy,” Economic Record 17: 153–165.
Swan, T. W., 1943, “A working model of the Australian trade cycle”, Department of Post-war Reconstruction, Canberra, unpublished but circulated. A very early version of Swan (1989).
Swan, T. W., 1945a, “The Role of Wages in the Australian Economy”, mimeo.
Swan, T. W., 1945b, “Price Flexibility and Employment”, Economic Record, 21, (December,): 236–253.
Swan, T. W., 1946, “Price Flexibility and Employment, Rejoinder”, Economic Record, 22, (December): 282–284.
Swan, T. W., 1947, “Replacement of Imports by Home Production,” Economic Section of the UK Cabinet Secretariat, 8th October, pp. 9 T230/28 010421.
Swan, T. W., 1948, The Theory of Suppressed Inflation”, mimeo.
Swan, T. W., 1949, “Review of Economic Policy: The Situation in 1949”, mimeo, pp.10. Also included in the Swan Papers in the National Library. Concerned with internal and external balance when there is a high rate of immigration.
Swan, T. W., 1950a “Immigration, Investment and Inflation”, mimeo, 14th February, pp. 6. Written in an official capacity. Concerned with internal and external balance when there is a high rate of immigration.
Swan, T. W., 1950b, “The Anatomy of Inflation”, mimeo, 3 April, pp. 39 plus statistical appendix.
Swan, T. W., 1950c, “Economic Policy Issues”, 13 April 1950, pp.14. Also included in the Swan Papers in the National Library. Concerned with internal and external balance when there is a high rate of immigration.
Swan, T. W., 1950d, “Problems of Development and Inflation”, mimeo, 1st June, pp. 8. Written in an official capacity. Concerned with internal and external balance when there is a high rate of immigration.
Swan, T. W., 1950e, “Progress Report on the Trade Cycle”, Economic Record, 26, No.51, (December), 186–200.
Swan, T. 1951, ‘Review of The Conditions of Economic Progress by C. Clark’, The Economic Record, 27(2), 240–243.
Swan, T. W., 1952, “Simple Algebra: External Balance, Internal Balance and Price Stability”, mimeo, November 19, p. 9.
Swan, T. W. 1956, “Economic Growth and Capital Accumulation”, Economic Record 32: 334–361. Reprinted in Peter Newman (ed.) Readings in Mathematical Economics, Volume 2, Capital and Growth, 172–199, Baltimore: John Hopkins Press, 1968. Reprinted in Macroeconomic Theory: Selected Readings. Harold R. Williams and John D. Huffnagle, eds. Englewood Cliffs, NJ, Prentice-Hall, 1969: 477–86.
Swan, T. W., 1960, “Economic Control in a Dependent Economy”, Notes for a seminar on “Social Control”, 30 June 1953, p. 18. The Economic Record, March, issue 73, 36: 51–66.
Swan, T.W., 1963, “Longer Run Problems of the Balance of Payments”, in H. W. Arndt and W. M. Corden (eds.), The Australian Economy, Sydney: F. W. Cheshire, 1963. Originally mimeographed and circulated in May 1955. Reprinted in R. E. Caves and H. G. Johnson (eds.), Readings in International Trade (selected by a Committee of the American Economic Association).
Swan, T. W., 1960, “Economic Control in a Dependent Economy”, Economic Record 36: 51–66. (First presented at a seminar at ANU, 30 June 1953).
Swan, T. W., 1963, “Longer Run Problems of the Balance of Payments”, in H.W. Arndt and W.M. Corden (eds.), The Australian Economy, Sydney: Cheshire. Originally mimeographed and circulated in May 1955. Reprinted in Richard E. Caves and Harry G. Johnson (eds.), Readings in International Trade (selected by a Committee of the American Economic Association). Reprinted in Richard E. Caves and Harry G. Johnson, 1968, Readings in International Economics, volume 11, Richard D. Irwin, Homewood Illinois, 455–465.
Swan, T. W., 1962, “Circular Causation”, The Economic Record, (December): 421–426.
Swan, T. W., 1963, “Wilfred Edward Graham Salter: 1929-1963”, The Economic Record 39 (88): 4864–87.
Swan, T. W., 1964, “Of Golden Ages and Production Functions”, in K. Berrill (ed.) Economic Development with Special reference to South East Asia. London. Macmillan, 1964, 3–16. Reprinted in Amartya Sen, ed., Growth Economics. Penguin modern economics Readings, 1970, pp. 202–218.
Swan, T. W., 1975a, Taxation Options. Sent to the Federal Treasurer, 13 May 1975a.
Swan T. W., 1975b, The New Tax System, mimeo, p. 17.
Swan, T. W., 1975c, “Notes on Income Tax Options, 1975c–76”, 25 July 1975. 29 pp. Report to the Prime Minister of a working party consisting of Mr. Castles, Mr Cole, Mr Brigden, Dr. McCawley, and Professor Swan.
Swan, T. W., 25 February 1976. Letter to J. G. Crawford, Coombs Building, ANU. p. 2.
Swan, T. W., 1986, “Perceptions in Kaleidoscope, a Review of a book by H.W. Arndt”, The Australian Economic Review, 4th Qtr.: 45–47.
Swan, T. W., 1989, circulated 1944, “The Principle of Effective Demand—a ‘Real Life’ Model”, Economic Record 65(191): 378–398.
Swan, T. W., 2002, “Economic Growth”, Economic Record 78: 375–380. Written on the 23rd July, 1956.
Tilley, P., 2019, Changing Fortunes: A History of the Australian Treasury. Melbourne: Melbourne University Press.
Thomas, T., May 30, 1975, “The man at Treasury’s top, Sir Frederick Wheeler, The Age.
Tinbergen, J., 1936, “An Economic Policy for 1936” in L Klaasen et al. (eds), 1959, Jan Tinbergen: Selected Papers, 37–84 and in G. Dhaene and A. Barten, 1989, “Where it All Began: The 1936 Tinbergen Model Revisited”, Economic Modelling: 203–219.
Tinbergen, J., 1939, Statistical testing of business cycle theories: Business cycles in the United States of America 1919—1932, Volume II, Geneva: League of Nations.
Tinbergen, J., 1952. On the Theory of Economic Policy, Amsterdam: North Holland.
The Treasury, “Economic Planning”, mimeo, 28 March 1975, p. 18.
Valentine, T. J., 1987, “The Causes of the Depression in Australia,” Explorations in Economic History 24: 43–62.
Vines, D., 2018, “Transforming Australia's Economy: Why the 1940s Matter”, Talk given to the National Library, Canberra.
Vines, D. and S. Wills, 2020, The rebuilding macroeconomic theory project part II: Multiple Equilibria, Toy Models, and Policy Models in a New Macroeconomic Paradigm, Oxford Review of Economic Policy, 36, (3): 427–497.
Vines, D., 2022, Ideas, Individuals and Policy Initiatives: Transforming Australia's global positon since Federation. A book in preparation.
Wallis, J. J. 1989, Employment in the Great Depression: New Data and Hypotheses, Exploration in Economic History 26: 45–72.
Waterman, A. M. C., 1966, “Some Footnotes to the Swan Diagram’- or How Dependent is a Dependent Economy?” The Economic Record 42 (March): 447–464.
Waterman, A. M. C., 1972, Economic Fluctuations in Australia 1948-1964, Australian National University Press, Canberra.
Waterman, A. M. C., 2020, JHET Interview by Ross B. Emmett, mimeo.
Weber, E. J., 2011, “Wilfred E.G. Salter: The Merits of a Classical Economic Education”, History of Economics Review, 54(1): 111–130.
Wicksell, K. 1934, Lectures on Political Economy, Vol. I, Appendix 2, “Real Capital and Interest,” Routledge and Sons, London.
Williams, B. R., 1946, Mr. Swan’s Theory of Price Flexibility, Economic Record 22: 275–282.
Wilson, R., 1931, Capital Imports and the Terms of Trade. Melbourne University Press in association with Macmillan, Melbourne.
Wold, H. O. A., 1954, “Causality and Econometrics,” Econometrica 22 (2), 162–177.
Yule, P., 2012, https://openresearch-repository.anu.edu.au/bitstream/1885/139025/1/margin-6-April_2012-web%20%281%29.pdf
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2022 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Swan, P.L. (2022). Introduction. In: Trevor Winchester Swan, Volume I. Palgrave Studies in the History of Economic Thought. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-13737-2_1
Download citation
DOI: https://doi.org/10.1007/978-3-031-13737-2_1
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-031-13736-5
Online ISBN: 978-3-031-13737-2
eBook Packages: Economics and FinanceEconomics and Finance (R0)