Resourcing War While Containing Inflation: Debate among Australia's Second World War Economists

Early in the Second World War, Australian Government economists, including Financial and Economic Committee members, agreed that taxation was central to shifting resources from consumption to war spending and containing inflation. As Australia's war effort expanded in 1941–42, all advisers acce...

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Bibliographic Details
Published in:Australian economic history review 2015-03, Vol.55 (1), p.20-41
Main Author: Mann, Evan
Format: Article
Language:English
Subjects:
Australia
B22
Balogh
E21
Economic policy
Economists
Financial and Economic Committee
Government spending
H20
Inflation
Influence
Kalecki
Keynes
Military expenditure
N17
N47
Price stabilization
Second World War
Taxation
World War II
World War Two
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Summary:Early in the Second World War, Australian Government economists, including Financial and Economic Committee members, agreed that taxation was central to shifting resources from consumption to war spending and containing inflation. As Australia's war effort expanded in 1941–42, all advisers accepted the need for more economic controls. Differences emerged about the desired extent of controls. Some saw controls, including rationing and price stabilisation, as an alternative to higher taxation. In these debates and in policy determination, Keynes' views were influential, as to some extent were those of Kalecki and Balogh. Other influences included the policies of Australia's allies.
ISSN:0004-8992
1467-8446
2832-157X
DOI:10.1111/aehr.12056