History of Economics at the University of Otago

From the University of Otago School of Business

“An official book launch celebrating Emeritus Professor Lyall McLean’s “A History of Economics and the Development of Commerce Degrees at the University of Otago 1871-2009” took place last night in Council Chambers of the University of Otago.

Lyall’s book builds on the work undertaken by Emeritus Professor T.K. Cowan who in 1988 wrote “Commerce at Otago, 1912 – 1987”

In addition to the history of the School the book includes, as an appendix, the names of all 19000+ graduates, listed by departments and 100+ photographs including the professors, Deans, heads of departments and the first PhD graduates of each department, will be available for sale at the launch.

This book is available for purchase at University Book Shop.”

A History of Economics and the Development of Commerce Degrees at the University of Otago 1871-2009 by Lyall McLean

 

Scoping the History of Economics in New Zealand

Gary Hawke and Ralph Lattimore presented the paper History of NZAE 20 July 05 at the New Zealand Association of Economists Meetings, Christchurch, June 2005. The paper is work in progress, intended to stimulate input into a history of the first 50 years of the NZ Association of Economists which will be celebrated in 2009. If it is quoted, its preliminary nature should be respected. Hawke, Head of the School of Government, Victoria University of Wellington, Gary.Hawke@vuw.ac.nz, Lattimore, consulting economist, Hope, Ralph.Lattimore@xtra.co.nz. The authors acknowledge the valuable library assistance of Sarah Spring and advice from John Yeabsley.

Stuart Birks elected NZAE Life Member

Stuart BirksIt is with great pleasure the Association honours Stuart Birks with the award of life membership of the NZ Association of Economists. Stuart arrived at Massey University in 1978, after a stint working in Israeli kibbutzims. He had a BA (Hons) from Essex and an Msc from London. A specialist in mathematical economics and econometrics, having studied under stalwarts like Michio Morishima, Amartya Sen, Frank Hahn, Meghnad Desai and William Gorman, among others, Stuart started increasingly to feel uneasy about the usefulness of the accepted methods and beliefs of economics generally and quantitative economics in particular. He switched to economic policy instead, using the tools of economic theory in a critical manner. Continue reading

Tim Harford – reviews

Tim Harford, columnist for the Financial Times and author a new book, Adapt, will be delivering the opening keynote address at the NZAE conference on 29 June in Wellington. The main idea (apparently – I’m waiting until the conference to buy a copy) is that we need to adapt through trial and error, rather than relying on experts to design grand solutions. Continue reading

A Biographical Dictionary of Australian and New Zealand Economists

Keith Rankin provides a review in Agenda, Volume 15, Number 2, 2008 of “A Biographical Dictionary of Australian and New Zealand Economists” edited by J. E. King. Some excerpts from the review …

” … a wonderful resource for anyone interested in the intellectual foundations of Australia and New Zealand

“For an Australian book, it is refreshing that many of the subjects are New Zealanders

“Those economists whose contributed to economic thought and/or policy on both sides of ‘the ditch’ (as New Zealanders call the Tasman Sea) were Robert Torrens, E. G. Wakefield, Henry Hayter, Timothy Coghlan, William Pember Reeves, R. F. Irvine, Douglas Copland, A. G. B. Fisher, Colin Clark, Colin Simkin and Richard Manning.

“I enjoyed Alex Millmow’s account of Douglas Copland, a New Zealander who was trained under the auspices of Sir James Hight’s ‘Canterbury School’, along with J. B. Condliffe. Both men went on to stellar global careers while retaining strong identities with their places of origin. Copland would undoubtedly have been one of New Zealand’s greatest economists had he not been ‘unsuccessful in securing a chair in New Zealand’.

“This is a book that belongs in all of Australasia’s academic, public service and metropolitan public libraries. It also belongs in many of our private libraries, as a reference work, and as a book to just dip into for a random snippet from our intellectual past.

The book is available for purchase from the publisher

Small business is personal

It started out as a simple question: is a $75,000 liquidator’s fee for the $117,000 sale of a small shop appropriate? Thus I enter the disreputable world of business deaths and promises not met. One online search leads to another and I start to question whether my combing of court liquidation records is proving informative or simply entertaining (a type of schadenfreude). Continue reading

Game(s) theory

My family just got a new game, Rummikub. The last game we bought was Yahtzee. We bought both of them at the shop, and paid $28 to $40 for each one.

We didn’t have to buy either one. Instructions for both are available on the Web. Rummikub can be played with two standard card decks and two jokers. Yahtzee requires five dice and some custom scoring sheets, but the sheets are also on the Web.

So, why did we pay for these games? Continue reading

April 2011 NZEP a special issue on Economic Psychology and Experimental Economics

The contents of New Zealand Economic Papers, Volume 45, Issue 1-2, 2011 (available online or by subscription):

  • Psychology and economics: An introduction to the special issue by Simon Kemp & Gabrielle Wall
  • From anecdotes to novels: Reflective inputs for behavioural economics by Peter E. Earl
  • Aspiration formation and satisficing in search with(out) competition by Werner Güth & Torsten Weiland
  • Are conditional cooperators willing to forgo efficiency gains? Evidence from a public goods experiment by M. Vittoria Levati, Matteo Ploner & Stefan Traub
  • Who makes the pie bigger? An experimental study on co-opetition by Juan A. Lacomba, Francisco Lagos & Tibor Neugebauer
  • An experimental examination of the effect of potential revelation of identity on satisfying obligations by Lucy F. Ackert, Bryan K. Church & Shawn Davis
  • Gender differences in trust and reciprocity in repeated gift exchange games by Ananish Chaudhuri & Erwann Sbai
  • Do separation rules matter? An experimental study of commitment by Filip Vesely, Vivian Lei & Scott Drewianka
  • Overcapitalization and cost escalation in housing renovation by Ti-Ching Peng
  • Over-indebtedness and the interplay of factual and mental money management: An interview study by Bernadette Kamleitner, Bianca Hornung & Erich Kirchler
  • Coherence and bidirectional reasoning in complex and risky decision-making tasks by C. Gustav Lundberg
  • Outwit, outplay, outcast? Sex discrimination in voting behaviour in the reality television show Survivor by Gabrielle Wall
  • Ambiguity, the certainty illusion, and the natural frequency approach to reasoning with inverse probabilities by John Fountain & Philip Gunby

The nuclear power option

There has been a lot of attention given to nuclear power given Fukushima. I don’t know what the real story is, but there are alternative viewpoints to consider. For illustration, here are a few links suggesting difficulties in measurement and comparison of options, and the possible sensationalisation of the current crisis. Continue reading

Global multiregional dynamic general equilibrium model seminar (Apr-11)

Dr James Lennox of Landcare Research will present on his development of a global multiregional dynamic general equilibrium model to the CGE group in Wellington, 26 April. James’s model is to be used within a framework for the integrated assessment of global climate change and policies. An abstract for the presentation will available closer to the date.

Contact Anita King if you wish to become part of the Computable General Equilibrium (CGE) special interest group.

Financial imbalances and financial fragility seminar (Mar-11)

Dr Frédéric Boissay of the European Central Bank will discuss the implications of financial integration and global imbalances in terms of output, welfare, wealth distribution, and policy interventions at the University of Auckland this afternoon. His modeling points to, on the one hand, financial integration permits a more efficient allocation of savings worldwide in normal times. On the other hand, however, it also implies a current account deficit for the developed country. The current account deficit makes financial crises more likely when it exceeds the liquidity absorption capacity of the developed country.

See Calendar of Events for other economic presentations in NZ.

Initial Christchurch earthquake impact on spending

Nationwide spending through the Paymark electronic payments network dropped 6% from year-ago levels on Tuesday 22 February, the day of the second major Christchurch earthquake, mostly due to a 33% spending drop in the Canterbury region. Subsequent to this there has been only partial recovery in Canterbury and some shift in spending to South Canterbury, but spending beyond these two regions has resumed at the faster-than-of-late 6% p.a. witnessed earlier in February.

John Yeabsley elected NZAE Life Member

It is with great pleasure the Association honours John Yeabsley with the award of life membership of the NZ Association of Economists. The spring board to John’s career was the excellent academic preparation he received at the University of Canterbury. To an initial BSc in Mathematics he added a BA in Philosophy and Logic. This broad yet rigorous foundation was to serve him well throughout his career. Before leaving Canterbury, John realised that in fact economics was a discipline to which he could apply his mathematics and logic skills, and graduated with an MCom with First Class Honours in Economics.

John then completed a PhD at the University of Essex under the supervision of Sir Anthony Aitkinson. He recalls he was the only student to take New Zealander Rex Bergstrom’s econometrics class. He was also there at the same time as another New Zealander, Peter Phillips.

John has had a long and distinguished career as an economist in the New Zealand public service where he has held senior posts in the Department of Labour (including General Manager of the NZ Immigration Service) and the Department of Trade and Industry, as Assistant Secretary. John represented New Zealand as the Economic Counsellor with the Mission to the UN in Geneva. He is currently a Senior Research Fellow at the NZIER and from 1994 to 1997 was Director of the NZIER. Throughout his professional career, John has been, and still is, an active member of the Association.

John has a formidable reputation as a clear thinker and an uncanny ability to identify important insights on a wide range of problems in the public sector. He has served on or lead reviews of immigration policy, crime prevention, labour markets, tariffs and textiles, amongst others. His broad contributions to the public sector have been recognised through appointments to advisory boards in the Ministries of Justice and Social Development and in Statistics New Zealand.

In making this award we wish to honour John for his service to the profession, the wider New Zealand public, and the Association in particular. To all of these groups John has made numerous high quality contributions over a long period. He has been unfailingly generous in offering advice to colleagues and supporting junior economists.

John has:

1. Provided numerous acts of high quality service to the Association. He has refereed journal articles of New Zealand Economic Papers, and he has served on judging panels for a range of prizes.

2. Organised and facilitated conferences of the Association. Recently he was the co-chair for the highly successful 2008 NZAE/ESAM Conference in honour of AW Phillips in Wellington, the largest gathering of economists ever held in New Zealand. Throughout this endeavour his keen insights, knowledge of the profession and his highly personable approach to team work proved invaluable.

3. Served for an extended period on the Council culminating in his term as President of the Association from 1998 to 2001. During that time he undertook the important task of setting the Association’s administrative and financial procedures on a professional footing.

The Association honours John for the broad contributions he has made on many fronts, and has pleasure in awarding him life membership of the Association

Bert Brownlie elected NZAE Life Member

Bert Brownlie was an early supporter and inaugural member of the New Zealand Association of Economists from its foundation in 1959. He served on the editorial board of its journal, New Zealand Economic Papers, from its first issue in 1966 to1980 and was its editor for four years, succeeding Frank Holmes and Ian McDougall in late 1969.

Bert held the view that the journal warranted support from his fellow economists at Canterbury and led by example with two articles, one jointly with a Canterbury colleague, in the first two issues of NZEP. Even before he became editor, Canterbury economists conspicuously contributed at least one-third of the articles in the journal. This ratio rose to nearly one-half during his editorship. And the share of theoretical and applied econometric material published in NZEP also increased markedly from 34% to 75% during his editorial stint. His own published work was largely in applied econometrics on various aspects of the New Zealand economy.

A very significant contribution of Bert Brownlie to the development of the economics profession in New Zealand lay in his efforts to bring a more mathematical-cum-quantitative pedagogic emphasis to the training of economists in line with overseas trends. Soon after he assumed the second chair in economics at Canterbury in 1965 and succeeded Alan Danks as Head of Department, Bert introduced two very important changes in degree regulations at Canterbury to tap the pool of talented students likely to be attracted by the mathematical and statistical applications of economics.

The first change, commonly known at Canterbury as the ” knight’s move “, enabled non-Commerce graduates with a strong mathematical and statistical background to skip introductory and intermediate second-year economics courses and embark on a two-year Masters programme in economics.

The second change was to introduce economics as a “majoring subject” in the Faculty of Science. This opened the possibility for very bright school-leavers to gain ” direct entry ” to the Honours school and complete a B Sc Honours degree in economics in three instead of four years.

The knight’s move programme began in 1967 with an initial intake of three students and was largely responsible for the large Masters economics classes in the period 1968 to the mid-1970s at Canterbury. Many of the students—-from chemistry, engineering, mathematics, physics and statistics and from other New Zealand universities—-were outstanding and went on after graduation to notable careers in academia and the New Zealand public and private sectors.

There is no doubt that the Canterbury Economics Department headed by Bert Brownlie was the largest supplier of economists with quantitative skills in New Zealand in the late 1960s and 1970s.

Bert’s other major contribution as an economist was to serve in a number of national and international committees, including the ECAFE Group of Experts on Programming Techniques (1968-69), NZ Consumer Price Index Revision Committee (1971), Commonwealth Experts Group on a New International Order (1975-77), Wage Hearing Tribunal (1976) and the Commonwealth Experts Group on the World Economic Crises (1980). He was also the Chairman of the New Zealand Monetary and Economic Council (1972-78) as well as the Australia-New Zealand Foundation (1978-83).

Finally, he was appointed Vice-Chancellor of the University of Canterbury in late 1978 to the great delight of many in the institution and his 20-year stewardship as its academic and administrative head was characterised by a lean, efficient and effective administration.

The Association is pleased to award a life membership to Bert for the important part he played in steering NZEP in its early life and his varied and invaluable contributions as mentor, educator, policy advisor and administrator.