LUCKY BOY IN THE LUCKY COUNTRY THE AUTOBIOGRAPHY OF MAX CORDEN, ECONOMIST Warner Max Corden Foreword by Martin Wolf PALGRAVE STUDIES IN THE HISTORY OF ECONOMIC THOUGHT Palgrave Studies in the History of Economic Thought Series editors Avi Cohen York University and University of Toronto Toronto, Canada G.C. Harcourt University of New South Wales Sydney, New South Wales, Australia Peter Kriesler University of New South Wales Sydney, New South Wales, Australia Jan Toporowski School of Oriental and African Studies London, United Kingdom “Max’s determination to get to the bottom of any problem he confronts and then explain how to think about it, rigorously and clearly, is the fruit of a pro­ found diligence – an absolute refusal to be sloppy, confused or misleading This diligence made him the remarkable teacher and analyst he is.” —Martin Wolf, Chief Economics Commentator, Financial Times Palgrave Studies in the History of Economic Thought publishes con­ tributions by leading scholars, illuminating key events, theories and indi­ viduals that have had a lasting impact on the development of modern-day economics The topics covered include the development of economies, institutions and theories More information about this series at http://www.palgrave.com/gp/series/14585 “A running theme of this book which has great contemporary resonance in many countries is Corden’s reflections on what it means to be an immigrant He reflects on the challenges facing newly-arrived immigrants, how they seek to assimilate to the receiving country’s culture and values and how public policy can best facilitate this process He draws heavily on his own family experience as refugees to Australia fleeing Nazi persecution How does it affect the sense of identity? In his case he was much influenced, especially during the War, by Australia’s British culture and education Politicians and the media who wax glibly about immigration and assimilation would benefit greatly from reading this book.” —John Martin, former OECD Director for Employment, Labour and Social Affairs, and current adviser to the Irish government on employment policy Warner Max Corden Lucky Boy in the Lucky Country The Autobiography of Max Corden, Economist Warner Max Corden University of Melbourne Melbourne, VIC, Australia http://www.maxcorden.com Palgrave Studies in the History of Economic Thought ISBN 978-3-319-65165-1    ISBN 978-3-319-65166-8 (eBook) DOI 10.1007/978-3-319-65166-8 Library of Congress Control Number: 2017954309 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and trans­ mission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations Cover illustration: author’s own Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland To the memory of … Dorothy My parents, Kate and Rudolf Corden My brother, Gerald Aunt Elli Uncle Willy Harry Johnson Thank You Thank You Alex Millmow Belinda Nemec Daryl Stevens Francesco Mongelli Joe Isaac John Creedy John Nieuwenhuysen Jonathan Thong Hal Hill Henryk Kierzkowski Peter Dixon Philip O’Brien Prema-Chandra Athukorala Rick Batzdorf Sisira Jayasuriya Sarath Rajapatirana Tamar Gazit vii viii  Thank You And Especial Thanks To Norbert Conrads Geoff Harcourt John Martin John Black Peter Oppenheimer Ross Garnaut Foreword by Martin Wolf Max Corden—then, as he tells us, Werner Max Cohn—was born in Breslau in 1927 and moved to England in 1938 A lifelong Anglophile, he left for Australia with his family in 1939 There he was to become what he is today: Max Corden, Australia’s greatest living economist This book tells his remarkable story I first met Max during his period teaching at Nuffield College, Oxford, between 1967 and 1976 I was a student at Nuffield between 1969 and 1971 and was one of those people lucky enough to learn international trade theory from Max, who was not only one of the world’s leading spe­ cialists but also a superb teacher The characteristics of Max as a teacher are the same as those of Max as an author—indeed they are very much on display in this autobiography: the maximum of clarity with the minimum of unnecessary complexity I consider of this lack of pretension as an Australian virtue But it went with a commitment to ideas that is characteristically Jewish Max was far and away the best teacher and most lucid expositor I met during my time at Oxford I think of those qualities as not just intellec­ tual—though, of course, they are—but also moral Max’s determination to get to the bottom of any problem he confronts and then explain how to think about it, rigorously and clearly, is the fruit of a profound diligence—an absolute refusal to be sloppy, confused, or misleading This diligence made him the remarkable teacher and analyst ix x  Foreword by Martin Wolf he is And this, more than any particular bit of economics, was the most important lesson he imparted to me He is an outstanding teacher and economist, because he is determined to perform his tasks to the very best of his abilities I drew two more lessons of great importance from Max Since my background at Oxford had been in classics and then Politics, Philosophy, and Economics, I lacked the mathematical skills that were increasingly in demand As a result, I wondered whether I could find my own niche in economics Max, who eschewed mathematics in his theoretical work, showed me that I could hope to so Economics, it was clear, had many houses In one of them I could hope to thrive The second lesson was his ability to underline something I already believed Economics was a political subject Its proper aim was to make the world a better place With his deep interest in practical questions, Max taught me that this was an altogether reasonable ambition He also taught me something else: as he puts it in the book, “one’s choice of mod­ els must depend on circumstances” Economics is not a religion; it is a toolbox At the time I met him, Max was in the middle of what was arguably his most intellectually creative period, when he did his seminal work on protection and trade policy The interest in trade I learned from him has stayed with me ever since His book, Trade Policy and Economic Welfare, published in 1974, shortly after I left Oxford is, I believe, his master­ piece It has had a huge influence upon me and many others Subsequently, Max moved to work on problems of the international monetary system In this area, too, his writings were marked by those characteristics of clarity and rigour He sorted things out and so, when one read his work, one learned how to understand the issues, too In this fascinating book, Max tells of his entire life journey, starting with Breslau, the arrival of the Nazi in 1933 and his father’s imprison­ ment in Buchenwald, to the family’s very lucky escape to England and then Australia He puzzles, rightly over the mystery of the demented and murderous anti-Semitism he managed to escape Max goes on to explain how he became who he is—an Australian and a great economist Here, too, he enjoyed much luck As is usually the case, great success requires the timely help of a number of kind and  Index     Conrads, Norbert, 39 Cooper, Richard, 177, 192, 200 Copland, Douglas, 63, 64 Corden, Dorothy (wife, née Martin), 78, 94, 110, 130, 139, 140, 145, 168, 169, 177, 198, 203, 207, 210, 211, 214, 217, 219, 220, 222, 225 first meeting and courtship, 91–93 with Max adopts daughter Jane, 133–134 family life in Oxford, 156–157 pleasure in family life in Washington DC, 158, 187–190 early signs of Alzheimer’s, 200 Corden, Gerald Martin (brother, born Cohn, Gerhart Martin), 6, 14, 53, 81, 84, 110, 130, 131, 158, 175, 216 schooling in England, 10, 13, 208 arrival and early years in Australia with family, 41–46; 48, 49 death, 205 Corden, Jane Margaret (daughter), 133, 139, 156, 161, 205, 214, 217 Corden, Kate Sophie (mother, née Levy), 3, 6, 11, 131, 203, 204, 207, 211, 216, 218 family background, 81–90 new life in Australia with family, 41–45 establishes small business in Melbourne, 48–49 Corden, Peggy (wife of Gerald, née Aitkenhead), 205, 225 229 Corden, Ralph Simon (father, born Cohn, Rudolf Simon), 6–8, 22, 27, 54–55, 130, 207, 220, 221 family background and business, 6–9 imprisoned in Buchenwald, 10–11, 212 released from Buchenwald, 11–12 attitude to Judaism, 34–36 arrival in Australia with family (1939), 43 changes family name, 45 establishes business in Melbourne, 46–47 becomes corporal in Australian Pioneer Corps, 47–48, 129 family becomes naturalised, 48 1939 letter to family in Breslau, 51–53 dies of heart attack aged 62 (1958), 48, 129, 206 Corden, Warner Max (born Cohn, Werner Max) early life in Germany and England (1927–1938) birth, early years in Breslau (1933–1937), 5, 12–15, 211 attends Gaudigschule, Breslau (1935), 55, 214 attends Wohlschule, Breslau (1936–1938), 55–56, 213 comparisons with Uncle Willy, 27, 36–37 sees Hitler in Breslau (1937), 15 230  Index Corden (cont.) departs Germany for England (1938), 3–5, 12 attends Street Courte School, Westgate-on-Sea, England (1938), 10, 56–57, 75 departs with family for Australia (1938), 12, 41, 216 early life and education in Australia (1938–1945) sea journey to Australia, 41–42, 216 family arrives on Australian soil, 43 first impressions of Melbourne, 43–44 first home in St Kilda, Melbourne, 44–45 family changes surname to ‘Corden,’ 45 Werner changes given names to ‘Warner Max,’ 46 family becomes naturalised, 48, 70 first impressions of Australia, 50–51 general behaviour in class, 56, 62 attends St Kilda Park State School, Melbourne (1939), 58 attends Brighton Road State School, Melbourne (1939), attends Caulfield North Central School, Melbourne (1940–1941), 59 preparations for Bar Mitzvah (1940), 58–59 family moves to South Yarra, 60 attends Melbourne High School (1942–1945), 50, 51, 59–62, 75 favourite three schools, 62 wins General Exhibition, senior scholarship, Queens’s College scholarship, 51, 61 University of Melbourne (1946–1949) father encourages choice of commerce, 63 resident of Queen’s College, 49, 65 studies for commerce degree, 63–64 Honours class (1949), 65 relationship with members of Commerce faculty, 65 master’s thesis, ‘The Economics of the Australian Press,’ 65, 91 publication of article ‘The Maximization of Profit by a Newspaper,’ 65, 98 foundation member of ALP Club, University of Melbourne, 66, 70 co-editor of Melbourne University Magazine, 65, 69–70 life in Melbourne (1950–1952) employment with The Argus newspaper, Melbourne, 65, 91, 97 junior economist with Commonwealth Department of National Development, 91  Index     hit by car Russell Street, Melbourne (1952), 92 meets Dorothy (1952), 93–94 leaves Australia by sea for London (1953), 93 wins British Council Scholarship to study at London School of Economics, 91–92 London (1953–1957) arrives in London (May 1953), 97 accepted as student of Meade, James, 98 impressions of Meade as supervisor, 99 speech to British Council annual dinner, 66–67 doctoral thesis ‘Population Increase and Foreign Trade,’ 100–101 working holiday to Yorkshire Dales (1954), 100 thoughts on doctoral thesis, 101–102 two articles published on tariffs and protection, 102 friendship with Johnson, Harry, 102–103 friendship with Black, John, 103–104 friendship with fellow LSE students, 104–107 reflections on LSE experience, 108 joins National Institute of Economic and Social Research, 109–110 231 marriage (1 June 1957), 84, 93–94, 110 returns to Melbourne (early 1958), 110 University of Melbourne (1958–1961) public lecture to Economic Society of Australia (Victorian Branch), 67 contributions to Australian tariff policy, 114–118 lecture at ANZAAS Annual Congress (‘Adelaide’ lecture)(1958), 115, 130, 132, 133 studies the logic of Australian tariff policy, 115–116 reasons for influence in economic policy in 1960s, 116–117 contributions to Australian tariff policy, 120–126 develops Theory of Effective Protection, 121–125 publishes most important article, 123 father has heart attack and dies, 129–131 teaching debut in department of commerce, University of Melbourne, 131–132 writes and lectures about tariff policy, 133 with Dorothy, adopts Jane (born 1958), 133 gets to know Dorothy’s family, 133 232  Index Corden (cont.) Australian National University, Canberra (1962–1967) appointed to School of Pacific Studies, Australian National University, 134 becomes doctoral thesis supervisor, 134 publications, 135–136 life in Canberra, 140, 214, 219 one-year sabbatical to Britain and the United States (1964–1965), 136 Fisher, Joseph lecture (1967), 136 appointed Nuffield Reader in International Economics, Oxford (1966), 136 University of Oxford (1967–1976) arrives to take up appointment (September 1967), 139 college system, 140–141 teaching duties, 141–142 observations on Nuffield College experience, 142 memories of Nuffield colleagues, 144–148 some memorable Nuffield students, 148–149 books and articles published, 149–155 switches focus to international macroeconomics, 152 Graham lecture at Princeton, 152 Abbott lectures at Graduate School of Business, University of Chicago, 152, 154 preference for teaching and writing rather than administration, 155–156 visits and conferences, 156 general thoughts on years at Oxford, 156–157, 216 reasons for leaving, 158 Australian National University, Canberra (1977–1986) returns with family to Canberra, 161 becomes head of Department of Economics, 161–162 Indonesia Project and relationship with Arndt, Heinz, 162–163 publications on Asian and development economics, 164 becomes President of Economic Society of Australia, 164 on relationship between wages and unemployment, 164–165 union-voluntary unemployment, 165–166 background to Dutch Disease theory, 166–167 joint article with Neary, Peter, 167–168 becomes travelling international economist, 168–170 thoughts on four notable ANU professors, 170–177 occupies Australian Studies Chair at Harvard for six months (1986), 177  Index     resigns from ANU as head of Department of Economics, 178 International Monetary Fund, Washington (1986–1988) takes up position as senior adviser in research department of IMF, 181 Latin American debt crisis (1981–1982), 182–185 analysis of a possible international debt facility, 183–186 School of Advanced International Studies, John Hopkins University, Washington (1988–2002) offered professorial economics position, 187 life in Washington, 188 teaching responsibilities, 188–191 recollections of faculty members, 189–192 additional activities, 191–194 works on World Bank Project, 192–197 conferences, 195 lectures and talks, 196 awarded honorary degree from University of Melbourne (1995), 204 gives Fisher lecture at Conference of Economists, Adelaide (1995), 204 attendance at The Group of Thirty, 196–199 233 attends Bologna-Claremont International Monetary Conferences, 198–201 thoughts on Asian Crisis (1997–1999), 199 new publications, 199–192 brother Gerald dies, 205 retires (aged 75), 200 return to Australia (2002) moves into retirement village in Melbourne with Dorothy, 207 awarded Companion of the Order of Australia, 207, 225 reflections on the role of luck, 209–213 teaching characteristics overcomes natural shyness in public speaking, 66–67 preference as a non-­ mathematical economist, 59 prowess with diagrams and skill as expositor, 65, 67, 109, 131–132, 141–142, 172, 188 preference for teaching and writing rather than administration, 155–156, 210, 211 personal characteristics attitude to Jewish faith, 14, 37, 57–59, 73–74 on being an anglophile, 37, 57, 74–77, 205, 207 modesty, 56 on love of reading and importance of books, 60 234  Index Corden (cont.) on being a German Jew, 69, 72–74, 78, 209 sense of Australian ‘identity,’ 69–72, 78–79 German (Prussian) characteristics, 73 political orientation, 78 loquaciousness, 146 books published The Australian Economy: A Volume of Readings, (with Arndt, H.W.)(1963), 136, 172, 174 Australian Economic Policy Discussion: A Survey (1968), 136 The Theory of Protection (1971), 104, 113, 125, 150 Trade Policy and Economic Welfare (1974), 104, 126, 150 Inflation, Exchange Rates, and the World Economy: Lectures on International Monetary Economics (1977), 104, 148, 154, 168, 190 Protection, Growth and Trade: Essays in International Economics (1985), 103–104 Economic Policy, Exchange Rates and the International System (1994), 104, 200 The Road to reform: Essays on Australian Economic Policy (1997), 114, 116 Too Sensational On the Choice of Exchange Rate Regimes (2002), 172, 194, 199 articles published “The Maximisation of Profits by a Newspaper,” The Review of Economic Studies (1952–1953), 65 “The Calculation of the Cost of Protection,” The Economic Record (May 1957), 102, 114 “Tariffs, Subsidies and the Terms of Trade,” Economica (August 1957), 102 “Economic Expansion and International Trade: A Geometric Approach.” Oxford Economic Papers (June 1956), 108 “Import Restriction as an Instrument of Balance-of-­ Payments Policy,” (with M.F. Hemming), The Economic Journal (September 1958), 109 “Import Restrictions and Tariffs: A New Look at Australian Policy,” The Economic Record, (December 1958) (Adelaide Lecture), 115, 120, 130, 132 “The Geometric Representation of Policies to Attain Internal and External Balance,” The Review of Economic Studies (1960), 135, 172 Recent Developments in the Theory of International Trade, Special Papers in International Economics,  Index     Princeton University (1965), 135, 140 “The Vernon Report: Protection,” The Economic Record, (March 1966), 118 “The Structure of a Tariff System and the Effective Protective Rate,” Journal of Political Economy, (June 1966), 122, 124, 135, 140, 149 “Australian Tariff Policy” (1st Fisher Lecture) Adelaide, (1967), 122 “Effective Protective Rates in the General Equilibrium Model: A Geometric Note,” Oxford Economic Papers, (July 1969), 149 “A Tariff that worsens the Terms of Trade,” (with Fred Gruen), Studies in International Economics, (1970), 176 “The Substitution Problem in the Theory of Effective Protection,” Journal of International Economics (February 1971), 149 Monetary Integration, Essays in International Finance, International Finance Section, Princeton University, (April 1972), 152 “Economies of Scale and Customs Union Theory,” Journal of Political Economy, (May/June 1972), 151 235 “Urban Unemployment, International Capital Mobility and Development Policy,” (with Ronald Findlay), Economica, (February 1975), 155 “Customs Union Theory and the Non-Uniformity of Tariffs,” Journal of International Economics, (February 1976), 151 “Wages and Unemployment in Australia,” Economic Record, (1979), 164 “A Tax-Wage Bargain: Is a Free Lunch Possible?” (with Peter Dixon), The Economic Record, (1980), 165 “The Exchange Rate, Monetary Policy and North Sea Oil: The Economic Theory of the Squeeze on Tradeables.” Oxford Economic Papers,(1981), 166 “The Petroleum Boom and Exchange Rate Policy in Indonesia,” (with Peter Warr), Ekonomi dan Keuangan Indonesia, (1981), 164 “Exchange Rate Policy and the Resources Boom,” The Economic Record, (1982), 167 “Booming Sector and De-Industrialisation in a Small Open Economy,” (with Peter Neary), The Economic Journal, (1982), 167–168 236  Index Corden (cont.) “Macroeconomic Targets and Instruments for a small Open Economy” Singapore Economic Review, (1984), 164 “Booming Sector and Dutch Disease Economics: Survey and Consolidation, Oxford Economic Papers, (1984), 167 “Harry Johnson’s Contributions to International Trade Theory,” Journal of Political Economy, (1984), 170 “Fiscal Policies, Current Accounts and Real Exchange Rates: In Search of a Logic of International policy Coordination,” Weltwirtschaftliches Archiv, (1986), 177 “Why Trade is not free Is there a Clash between Theory and Practice?” Weltwirtschaftliches Archiv, (1987), 177 “An International Debt Facility?” Staff Papers International Monetary Fund, vol 35 (September 1988), 183 “Exchange Rate Policies for Developing Countries,” The Economic Journal, (January 1993), 194 “Macroeconomic Policy: Some International Lessons for Australia,” Economic Analysis and Policy, (March 1995), 192 “Protection and Liberalisation in Australia and Abroad” (2nd Fisher lecture) Australian Economic Review, (1996), 204 “The Asian Crisis Is there a Way Out?” Institute of Southeast Asian Studies, (1999), 186, 199 “Effective Protection and I” History of Economics Review, (2005), 122 “China’s Exchange Rate Policy, its Current Account Surplus, and the Global Imbalances”’ The Economic Journal (2009), 172 “The World Credit Crisis: Understanding It, and What to Do,” The World Economy, (2009), 197 Chapters in books “The Tariff” in A. Hunter (ed.) The Economics of Australian Industry, (1963), 122–123, 133 “Macroeconomic Adjustment in Developing Countries,” in Maurice Scott and Deepak Lal (eds.) Public Policy and Economic Development (1990), 185 Chapters 6, & of Boom, Crisis and Adjustment, World Bank, (1993), 193–196  Index     Columbia University, 154, 155 Conservative social welfare function, 151 Cooper, Richard, 106–107, 198 Crawford, Sir John, 118, 134, 172–174, 207 Creedy, John, 149 Crockett, Andrew, 185 Cultural assimilation, 69–70, 74, 76 Cultural cringe, 75–76 Cultural identity, 77–78 Curtin, John, 42 D Dalai Lama, 191 Development economics, 154–155 Diaz-Alejandro, Carlos, 157 Dicks-Mireaux, Lesley, 109 Dixon, Peter, 165 Dow, Christopher, 109 Downing, Richard, 64 Drake, Peter, 131 Drysdale, Peter, 134, 178 ‘Dutch Disease’ theory, 101, 108, 131, 152, 166–168 E Economica, 102, 155 Economic Analysis and Policy, 192 The Economic Journal, 109, 136, 167–168, 172, 194, 200 The Economic Record, 102, 114, 115, 118, 120, 130, 132, 165, 167, 175, 177 Economic Society of Australia, 67, 164, 206 237 The Economist, 97, 150, 166 Edwards, Sebastian, 200 Effective Protection, see tariff policy Eichengreen, Barry, 177, 200 Ekonomi dan Keuangan Indonesia, 164 Elli (aunt, née Levy), see Alter, Elli Exchange rate, 116, 119, 134, 152, 154, 199 ‘Existence principle’ of industries, see tariff policy Export subsidies, 115 Externalities, 121 European Bank for Reconstruction and Development, 143 European University Institute, Florence, 169 Eurozone crisis, 152 Evans, Bob, 198 F Findlay, Ronald, 154, 157 Fleming, Marcus, 156 Flemming, John, 143 Fraser Government (1976–1983), 71, 164 Frenkel Jacob, 185 Friedman, Milton, 198 Full Employment White Paper (1944), 98 G Garnaut, Ross, 118–119, 121, 178 Gazit, Tamar (grand-daughter of Cohn, Willy), 38–40 General Agreement on Tariffs and Trade (GATT), 98 238  Index Germany, 5–6, 9–13, 18–21, 24–25 Global Financial Crisis (2008), 166, 197 Globalisation, adverse effects, of, 126 Goldstein, Morris, 187 Goode, Charles, 131 Gordon, Sarah, 22–23 Great Depression, 8, 22, 69 Gregory, Alan, 62 Gregory, Bob, 78, 131 Gregory Thesis, 167 See also ‘Dutch Disease’ theory The Group of Thirty, 106, 169, 198–199 Grubel, Herbert, 168 Gruen, Fred, 205 recollections of at ANU, 176–177 Hill, Hal, 163 Hill, James, 61 Hinshaw, Randall, 198 Hitler, Adolf, 4, 6, 9, 12, 13, 15, 18, 22–24, 73, 81, 82 History of Economics Review, 122 Hoan, Buu, 107 Hocking, Doug, 73 Holding, Clyde, 64, 65 Hollingworth, Peter, 207, 225 Holocaust, 17, 22–24, 39, 81, 90 Holt Government (1966–1967), 71 Holz, Henrietta ‘Henni’ (cousin), 84–90, 110, 157 See also Higgins, Henni I H Haberler, Gottfried, 100, 154 Haddon-Cave, Philip, 65 Halsey, Chelly, 144 Harcourt, Geoff, 131 Harrod, Sir Roy, 139 Hartwell, Max, 144 Harvard University, 177 Hawke Government (1983–1991), 118–119, 123, 126, 165 Heine, Heinrich, 20–21 Hemming, Margaret (Peggy), 109, 110, 136, 171 Hicks, John, 136 recollections of at Oxford, 145–146 Higgins, Henni (cousin, née Holz), 85–90, 110, 157 Imports, licensing and control of, 109–110, 114–117, 155, 174 See also tariff policy; trade theory Income distribution, 126 Industrial revolution (Germany), 18 Inflation, 152, 154, 192–195 distinction between seigniorage inflation, adjustment inflation and spiral inflation, 193 International economics, 99, 102–104, 106, 126, 152, 154 International Monetary Fund, 178, 181–188 India, 123, 148 agriculture, 173–174 Indonesia Project, 162–163, 175  Index     Institute for International Economic Studies, Stockholm, 168–169 Institute of Southeast Asian Studies, 186, 199 International Trade Organisation, 98 Isaac, Joe, 65 239 Journal of Money, Credit and Banking, 154 Journal of Political Economy, 122–124, 135, 140, 151, 170 K J Jewish community, 5–8, 10–15, 18–25, 33–36, 44, 50–51, 58, 72–74 ‘assimilated Jews,’ 19–21, 35, 74 emancipation of German Jews, 20 experiences of Uncle Willy, 27–40 expulsion of Jews from Spain (1492), 18 Ostjuden (Jewish people of Eastern European origin), 73 Sephardic Jews, Jewish Theological Seminar, Breslau, 27 Jewish Welfare Society, Melbourne, 43, 209 Johnson, Harry, 65, 98, 100, 101, 108, 123–125, 212 as ‘patron saint,’ 102–103 death, 170 Johnson, Samuel, 108, 139 Jones, Ron, 176 Joshi, Vijay, 147 The Journal of Economic Literature, 202 Journal of International Economics, 149, 151, 200 Kahn, Richard, 98 Kaldor, Nicholas, 145 Karmel, Peter, 100 Kaunas, Lithuania, 29 Kenen, Peter, 106, 196, 197 Keynes, John Maynard, 36, 64 General Theory (1936), 98, 165 Keynesian multiplier, 98 Keynesian revolution, 98 orthodox Keynesianism, 165–166 Kierzkowski, Henryk, 78, 157 Kindleberger, Charles, 157 Kingdom of Bohemia, Klein, Thomas, 107, 108, 110 Korean War boom and slump, 97, 114 Kristallnacht (‘Night of Broken Glass’)(9 November 1938), 10–11, 22, 23, 129 Kronenberg, Kenneth, 39 Krueger, Anne, 151 Kuhlo, Christian, 107 L Lancaster, Kelvin, 104–105, 108 Latin American debt crisis (1981–1982), 182–185, 197 Latrobe University, 156 240  Index Levy, Anni (cousin, later Nurit Weiss), 84 Levy, Herbert (uncle), 82 Levy, Max (grandfather), 81 Levy, Natalie (grandmother), 83, 84, 217 Levy, Susi (cousin), 84, 90 Liberalism, 21–22 Lidschreiber, Petra, 38 Lindbeck, Assar, 169 Lipsey, Richard, 105, 151 Little, Ian, 146–147, 155, 192 Littman, Peter (cousin), 3, 4, 83 Littman, Siddy (aunt, née Levy), 3, 4, 9, 83, 93–94, 204, 223 Llewellyn, John, 149 Lloyd, Peter, 168 London, 4, 10, 39, 82, 84, 87, 97, 110 London School of Economics, 97, 98, 104–108, 121 Lyons Government (1932–1939), 42 M McCawley, Peter, 163 McEwen, John, 42, 119 Machlup, Fritz, 196 Maimonides, 46 Manning, Chris, 163 Mannix, Archbishop Daniel, 42 Manufacturing industry, 113, 114 Market failure, 121 Marshall, Alfred, 149 Martin, John, 78, 148, 149 Mathews, Russell, 64 Mayer, Henry, 7, 65 Meade, James, 65, 97–102, 108, 151, 157 The Balance of Payments (1951), 97, 99, 171 wins Nobel Prize for Economics, 99 Melbourne, 15, 43–45, 52, 79, 87, 130, 140, 156, 158, 203–205, 207 Melbourne Institute of Economic and Social Research, 165 Mirrlees, Jim, 147 Modigliani, Franco, 20 Monash, John, 73 Monash University, 156 Monetary integration, 152–154 Mongelli, Francesco, 189 MS (Motor Ship) Sibajak, 12, 216 Multiculturalism, Australia, 71–72 Mundell, Bob, 107, 108, 198 N National Institute of Economic and Social Research, 109–110 Nazi Party (National Socialist German Workers’ Party), 5, 6, 9, 11–14, 23, 28–30, 130 Neoliberalism, 121 Neary, Peter, 102, 149, 167–168 The New Statesman, 76 Nobel Prize for Economics, 99, 145, 147, 172, 198 North Sea oil boom, 152, 166, 167 Nuffield College, 103, 139–158, 167 Nurkse, Ragnar, 109 O OECD, 169 Ohlin, Bertil, 132, 136, 169  Index     Oil price rises, effect of, 152, 154, 166 Oppenheimer, Peter, 147–148 Oxford-Cambridge-LSE joint seminar (1954), 102, 103 Oxford Economic Papers, 101, 108, 149, 155, 166, 167 Oxford University, 139–158, 167 P Palestine, 31–32 Paris, 110, 169 Patriotism, 79 Pearce, Ivor, 134, 151 Peter (cousin), 3, 4, 83 See also Littman, Peter Pigou, Arthur, 64, 121 Poland, 5, Posen, Prussia, Prest, Wilfred, 91–92, 131, 210 Prices and Incomes Accord (Australia), 165 Princeton University, 135, 140, 152 Protection, see tariff policy Prussia, Pulzer, Peter, 21 Pursell, Garry, 78 Q Queens University, Ontario, 156 R Rajapatirana, Sarath, 192 Rattigan, Alf, 117, 119, 122 Refugees, 10, 21, 69–71, 76, 79, 84 Resosudarmo, Budy, 163 241 Returned Servicemen’s League (RSL), 71 The Review of Economic Studies, 65, 98, 103, 104, 135, 172 Richardson, Gordon, 197 Riedel, Jim, 187, 211 Rigobon, Roberto, 202 Robbins, Lionel, 198 Robinson, Joan, 64 Royal Economic Society, 167 Royal Grammar School, High Wycombe, 9, 206 Ruane, Frances, 149 Rudd Government (2007–2010), 165 Rybczynski, Tadeusz, 105–106, 110 S Salter, Wilfred, 134 Samuelson, Paul, 200 School of Advanced International Studies, John Hopkins University, 187–194 Scitovsky, Tibor, 146 Scott, Maurice, 143, 146, 147, 155, 156 Second World War, 5, 76 Sen, Amartya, 77–79 Seton, Frances, 144 Shakespeare, William, 19, 57 Siddy (aunt née Levy), see Littman, Siddy Silberston, Aubrey, 143 Silesia, 5, Sinclair, Peter, 149 Singapore Economic Review, 164 Smallwood, Christopher, 148, 149 242  Index Smith, Adam, The Wealth of Nations (1776), 156 Smith’s Weekly, Snape, Richard, 131, 164, 167, 186 Solow, Bob, 157, 172, 198 Soper, Sam, 64 Southern Economic Journal, 200 SS (Sailing Ship) Oronsay, 41, 43 Stern, Fritz, 21 Stern, Sir Nicholas, 149, 157 Stockholm, 168–169 Studies in International Economics, 176 Swan, Trevor, 132, 134, 136, 171–2, 176, 200 Sydney, 52, 57 Sydney Morning Herald, 42 T Tariff Board (Australia), 114, 116, 117, 119, 122 Tariff policy, 113–126, 135–136, 176, 181, 206 cost of protection, 114, 117, 121 customs union theory, 151–152 effective protection, theory of, 113, 118, 120–125, 140, 149–150 ‘existence principle’ and ‘made to measure’ principle of tariff rates, 116 international impact of, 123–125 See also trade theory Teh, Peng, 148, 149 Thatcher, Margaret, 152 Tobin, James, 198 Trade theory, 131–132, 134–135, 140, 146, 148 Australian trade liberalisation,in, 1980s, 23, 118–119 terms of trade, 97 Trade unions, 165 Trautner (family business in Breslau), 7, 13, 34, 129–130, 209 Treasury, (Australia), 164, 174 Treasury (UK), 156 Treasury (US), 184 Treaty of Versailles (1919), 36 Truth, 51 Tucker, Graham, 64 U Unemployment unemployment and wages, relationship, 164–165 union-voluntary unemployment, 165–166 urban, 155 United States of America, 126 United States Federal Reserve Bank, 170 University of Adelaide, 130, 131 University of California, Berkeley, 136 University of Cambridge, 156 University of Chicago, 152, 168 University of Melbourne, 110, 135, 156 University of Oxford, 136, 139–158 V Ventura, Jaume, 189 Vernon Committee of Economic Enquiry (1965), 118, 173–174  Index     Viner, Jacob, 100, 151 Volcker, Paul, 197 Von Hayek, Friedrich, 156 W Wages, 164–166 Wagner, Richard, 19 Warr, Peter, 164 Weimar Republic, 5, 6, 12 Welfare economics, 146 Weltwirtschaftliches Archiv, 177 White Australia Policy, 71 243 Whitlam Government (1972–1975), 119, 164, 166, 176 Wolf, Martin, 149 Wolfowitz, Paul, 189–192 Woodward, Sir Edward, 76–77 World Bank, 146, 156, 183 World Bank Project, 192–197 The World Economy, 197, 200 World War One, 22, 28–29, 114 Z Zeitz, Wolfgang, 38–39 Zionism, 31–36 ... are the same as those of Max as an author—indeed they are very much on display in this autobiography: the maximum of clarity with the minimum of unnecessary complexity I consider of this lack of. .. had been hiding there That was the end of the first day The next day, in the evening, Aunt Siddy took the little boy to the Berlin Railway station and put him on a train that was going to Holland,... understand the issues, too In this fascinating book, Max tells of his entire life journey, starting with Breslau, the arrival of the Nazi in 1933 and his father’s imprison­ ment in Buchenwald, to the