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PALGRAVE STUDIES IN THE HISTORY OF ECONOMIC THOUGHT
Alex Millmow
Palgrave Studies in the History of Economic
Thought
Series Editors
Avi J. Cohen, Department of Economics, York
University & University of Toronto, Toronto, ON, Canada
G. C. Harcourt, School of Economics, University of New
South Wales, Sydney, NSW, Australia
Peter Kriesler, School of Economics, University of New
South Wales, Sydney, NSW, Australia
Jan Toporowski, Economics Department, School of Oriental
& African Studies, University of London, London, UK
Palgrave Studies in the History of Economic Thought publishes contri-
butions by leading scholars, illuminating key events, theories and individ-
uals that have had a lasting impact on the development of modern-day
economics. The topics covered include the development of economies,
institutions and theories.
This Palgrave Macmillan imprint is published by the registered company Springer Nature
Singapore Pte Ltd.
The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore
189721, Singapore
Praise for The Gypsy Economist
v
vi PRAISE FOR THE GYPSY ECONOMIST
“Colin Clark single-handedly compiled the first modern set off national
income accounts for the United Kingdom, and pursued data collection
on a world-wide scale. Having started academically as a scientist, he
was almost self-taught in economics, leading to a creative imagination
matched by his intellectual brilliance and originality. His Herculean data
collection efforts in the 1930s remain unparalleled to this day, especially as
they were funded from his own resources. Although Clark was inspired by
precursors like Sir William Petty, Alfred Marshall and Sir Arthur Bowley,
in the development of national income accounts, he far surpassed them all.
Colin Clark invented the concept of Gross National Product before Simon
Kuznets created Gross Domestic Product, and also inspired others like
Nobel Laureate Sir Richard Stone to carry the baton forward. His work
was not only of substantive importance, but in due course transformed
empirical macroeconomics. As a macro-econometrician, I owe Colin Clark
a huge debt for greatly improving the conceptualisation, quality and
coverage of aggregate statistics on economies, enabling empirical model
building. It is a pleasure to see the extensive and insightful biography
by Alex Millmow according due recognition to Clark’s really important
contributions to measuring economies and thereby understanding how
they function.”
—Professor Sir David Hendry, Institute for New Economic Thinking at
the Martin Business School
Preface xvii
Acknowledgments xix
1 Introduction 1
The Need for a Biography 8
References 11
xi
xii CONTENTS
Bibliography 359
Index 381
Preface
Colin Clark was the first economist I ever laid eyes on. In 1972 at
Mazenod College, a Catholic boys’ secondary school, run by the Oblate
Fathers in south-east Melbourne, Colin Clark was introduced to a fourth-
form English class. The scene was mildly absurd; what was an eminent
international economist doing talking to a class of adolescent boys? Of
course, we were too innocent, too silly then, to know of his stature. His
visit was linked to the books we were studying: Only One Earth: The Care
and Maintenance of a Small Planet (1972)) by René Dubos and Barbara
Ward and The Population Bomb (1968) by Paul Ehrlich. They were grim
reading for young minds but represented the gloomy zeitgeist of those
times. Clark had been called in to contest the arguments of either book
and banish our fears of a world running out of resources, even oxygen.
He refuted the idea, advanced in either book that, upon reaching adult-
hood, we should not have children. Though I cannot recall what else
Clark would have said, I do recall his educated English accent and the way
a draft of wind suddenly cropped his wispy hair like a cockatoo raising its
crest. I found that moment hilarious.
At the time Clark was an Honorary Research Fellow of the Faculty of
Economics and Politics at Monash University. When I started researching
for this book, I discovered that he contributed an article to the Monash
student union newspaper which contained roughly the same content he
had conveyed to my classmates. Monash had a fairly radical student body
at the time which was unaware of his libertarian slant. Perhaps they liked
xvii
xviii PREFACE
his optimistic prognosis that we were not all headed for destruction.
Clark also ran a think tank funded by the Roman Catholic Archdio-
cese of Melbourne. One of his more prosaic tasks for the Church was
to undertake demographic studies about future enrolments at Catholic
schools in Melbourne. As a student at Monash in 1978 I then encoun-
tered Clark when he gave a few classes in a fourth year unit called Agri-
cultural Economic Development. I had earlier attended his 1977 Monash
Economics Lecture on ‘Population and Depopulation’ where he elabo-
rated upon a subject of his lifetime research; it was, incidentally, forty
years since he had first spoken for the Eugenics Society on ‘The Menace of
Depopulation’ at Scots Church, Melbourne in July 1937. That occasion
was probably the first time many Australians had heard of Colin Clark; he
had arrived from Cambridge only a few weeks earlier for a year’s sabbatical
in Australia.
Before Monash, I recalled seeing Clark on Australian television in 1971
when he debated ecologist Paul Ehrlich over his call for Zero Popu-
lation Growth (ZPG). Four years later, on another television program,
he was seen nodding in agreement with visiting American economist
Milton Friedman about his monetarist panacea for curbing inflation.
Both programs were broadcast in prime-time, almost unimaginable today.
Friedman and Clark had known each other since the late 1940s. Friedman
felt Clark was ‘one of the most imaginative and original people working
in problems of economics.’1 For his part, Clark thought that Friedman
had become too fixated with monetarism.2
Once aware of the blaze of his career it was curious that Clark, once a
close associate of Keynes, could befriend someone hell-bent on destroying
the whole edifice of Keynes’s economics. Explaining that puzzle, just one
of the many that intersperse Clark’s life, is the reason for this book.
This work has had a long gestation. In 2012 I published a survey article
about Colin Clark in the History of Economics Review. It was well-
received and the idea dawned about committing to writing a full-length
biography of Clark. The fact that he was one of the few remaining
economic giants not to have a biographical study was one justification.
In that respect Clark makes for a captivating study; too many have rushed
to judgment about him, especially his switch in mid-career to Catholi-
cism which corresponded with a switch in economic philosophy. Another
motivation for this study was that the mostly untouched Clark papers
were within relatively easy access for an Australian-based scholar. Another
prompt was the encouragement I received from many of my peers to
write on Clark. In that regard I would like to thank my mentor and
friend Selwyn Cornish who, when approached by the publisher about
the feasibility of a biography on Clark, strongly supported my interest
to undertake it. He is among the many whom I have to thank for having
read the draft manuscript and making critical suggestions, querying facts,
correcting errors, and the like. I also asked a number of academics to
read the draft. One of the first was Stuart Macintyre who asked rele-
vant questions and made useful suggestions. He was followed by John
Lodewijks, Geoff Harcourt, John King, Tony Endres, Peter Dixon, Ross
Williams, Anita Doraisami, and Robert Freestone, all of whom made
critical comments or pointed out errors, sometimes gaping ones!
xix
xx ACKNOWLEDGMENTS
As the manuscript neared its final stages I asked Sue Howson for
comments. She made an exacting audit of the manuscript suggesting
some excellent amendments. She also kindly provided me with mate-
rial Clark’s activities at the Oxford Union and his dealings with James
Meade. Five members of the Clark family, David Clark, Cecily Wood-
berry (née Clark), Nicholas Clark, the late Claire Clark, and Mary Ryllis
Clark have been extraordinary helpful in this project. All three read the
manuscript as did other members of the Clark family. I might add that
the Clark family exerted not the slightest editorial interference with the
finished product. There are other people to thank for providing assis-
tance or advice that improved the manuscript. They are: Frank Bongiorno,
Nicholas Brown, Jerry Courvisanos, Benedict Davies, Peter Drake, Alan
Duhs, Ross Garnaut, Bob Gregory, Ted Kolsen, Bruce Littleboy, David
Merrett, Val Noone, Paul Oslington, Keith Tribe, Bill Stent, and Bob
Wallace. In England I would like to thank the following scholars who all
provided input and insight about Clark’s time as a fellow at Brasenose
College—Vernon Bogdanor, Sir David Hendry, Gavin McCrone, and the
late Peter Sinclair.
As the convention goes, what remains is my work and any errors or
misconceptions lie with me.
Colin Clark’s papers are held at the Fryer Library at the University of
Queensland and there is also Clark material relating to his earlier life in
England kept at his old college at Brasenose. Accordingly, I would also
like to thank Simon Farley and the staff at the Fryer Library for granting
me generous license to access the Clark material as well as the library staff
at Brasenose College, Oxford. Clark attended Winchester between 1919
and 1924 and the archivist there, Suzanne Foster, was very helpful in
advising me of his activities there during his schooldays and thereafter. My
editor, Philip O’Brien, has gone through several drafts of the manuscript
and has compiled a comprehensive index; I thank him for his forbearance
and guidance. Lastly, I would like to dedicate this volume to my beautiful
wife, Amanda.
CHAPTER 1
Introduction