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Classical Liberalism in Australian Economics

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  • Chris Berg

Abstract

Classical liberalism, the tradition of free markets and individual liberty, has an outsider status in the Australian economics profession. This paper surveys the origin of Australian classical liberal economics in the nineteenth century, its sharp decline in the first half of the twentieth century, and its revival and growth in recent decades. Despite a period of successful market-oriented economic reform in the 1980s and 1990s, surveys suggest that classical liberalism is a minority viewpoint among Australian economists. The classical liberal tradition is sustained only by a small number of institutions and individuals. To the extent that it is influential, it is influential thanks to a political culture that prioritises public engagement. Classical liberal economists have a high degree of participation in political and economic debate outside the academy.

Suggested Citation

  • Chris Berg, 2015. "Classical Liberalism in Australian Economics," Econ Journal Watch, Econ Journal Watch, vol. 12(2), pages 192–220-1, May.
  • Handle: RePEc:ejw:journl:v:12:y:2015:i:2:p:192-220
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    References listed on IDEAS

    as
    1. Anthony J. Makin, 2010. "How Should Macroeconomic Policy Respond to Foreign Financial Crises?," Economic Papers, The Economic Society of Australia, vol. 29(2), pages 99-108, June.
    2. Sinclair Davidson, 2013. "Excellence in Research for Australia: An Audit of the Applied Economics Rankings," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 20(2), pages 5-20.
    3. Sinclair Davidson, 2011. "Stimulusgate," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 18(1), pages 5-12.
    4. Brennan,Geoffrey & Buchanan,James M., 2006. "The Power to Tax," Cambridge Books, Cambridge University Press, number 9780521027922, September.
    5. repec:bla:ecorec:v:58:y:1982:i:160:p:32-45 is not listed on IDEAS
    6. Steven Kates, 2011. "Free Market Economics," Books, Edward Elgar Publishing, number 3794.
    7. repec:bla:ecorec:v:69:y:1993:i:207:p:437-57 is not listed on IDEAS
    8. Selwyn Cornish, 1993. "Sir Leslie Melville: an Interview," The Economic Record, The Economic Society of Australia, vol. 69(4), pages 437-457, December.
    9. Anthony J. Makin & Paresh Kumar Narayan, 2011. "How Potent is Fiscal Policy in Australia?," Economic Papers, The Economic Society of Australia, vol. 30(3), pages 377-385, September.
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    Cited by:

    1. Tisdall, Lucas & Zhang, Yahua, 2020. "Preparing for ‘COVID-27’: Lessons in management focus – An Australian general aviation perspective," Journal of Air Transport Management, Elsevier, vol. 89(C).

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    More about this item

    Keywords

    Australian economics; history of economic thought; economic history; classical liberalism; libertarianism; think tanks; academic economics; economic education;
    All these keywords.

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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