Trevor Swan
Encyclopedia
Trevor Winchester Swan was an Australian economist
. He is best known for his work on the neoclassical model of economic growth
, published simultaneously with that of Robert Solow
, for his work on integrating internal and external balance, represented by the Swan diagram
and for pioneering work in macroeconomic modeling, which predated that of Lawrence Klein
, but remained unpublished until 1989.
He is widely regarded as the greatest economic theorist that Australia has produced, and as one of the finest economists not to receive a Nobel Prize.
"There were two independent pioneers of Neoclassical Growth Theory: Robert Solow and Trevor Swan. Solow published “A Contribution to the Theory of Economic Growth” in the February issue of the QJE in 1956 and Trevor Swan published “Economic Growth and Capital Accumulation”, in the Economic Record, subsequent to Solow in December 1956.
Swan’s contribution has been overshadowed by Solow, who was awarded the Nobel Prize in 1987 for his contributions to economic growth.
In 2007, in an address to the American Economic Association, celebrating the fiftieth anniversary of his 1956 contribution, Robert Solow reminded his audience that, “If you have been interested in growth theory for a while, you probably know that Trevor Swan—who was a splendid macroeconomist—also published a paper on growth theory in 1956 . In that article, you can find the essentials of the basic neoclassical model of economic growth."
Swan was noted by Paul Krugman
in his New York Times blog. Krugman wrote: "There is an oldie but good in international macro known as the Swan Diagram—not instructions for making an origami swan but the insightful analysis developed by an Australian economist Trevor Swan."
in 1939, having studied part-time while working at the Rural Bank. He was employed in government service until 1950, and contributed to the White Paper on Full Employment which set the framework for Australian macroeconomic policy in the postwar decades. In 1950, he was appointed as the first chair of economics created at the Australian National University
, remaining Professor of Economics until his retirement in 1983.
In 1975 he was appointed to the Board of the Reserve Bank of Australia and reappointed in 1980. He died in 1989.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
. He is best known for his work on the neoclassical model of economic growth
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
, published simultaneously with that of Robert Solow
Robert Solow
Robert Merton Solow is an American economist particularly known for his work on the theory of economic growth that culminated in the exogenous growth model named after him...
, for his work on integrating internal and external balance, represented by the Swan diagram
Swan diagram
thumb|The Swan diagramIn economics, a Swan diagram, also known as the Australian model , represents the situation of a country with a currency peg. The concept was developed by Trevor Swan in 1955.Two lines represent a country's respective internal thumb|The Swan diagramIn economics, a Swan...
and for pioneering work in macroeconomic modeling, which predated that of Lawrence Klein
Lawrence Klein
Lawrence Robert Klein is an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics at the Wharton School of the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980...
, but remained unpublished until 1989.
He is widely regarded as the greatest economic theorist that Australia has produced, and as one of the finest economists not to receive a Nobel Prize.
"There were two independent pioneers of Neoclassical Growth Theory: Robert Solow and Trevor Swan. Solow published “A Contribution to the Theory of Economic Growth” in the February issue of the QJE in 1956 and Trevor Swan published “Economic Growth and Capital Accumulation”, in the Economic Record, subsequent to Solow in December 1956.
Swan’s contribution has been overshadowed by Solow, who was awarded the Nobel Prize in 1987 for his contributions to economic growth.
In 2007, in an address to the American Economic Association, celebrating the fiftieth anniversary of his 1956 contribution, Robert Solow reminded his audience that, “If you have been interested in growth theory for a while, you probably know that Trevor Swan—who was a splendid macroeconomist—also published a paper on growth theory in 1956 . In that article, you can find the essentials of the basic neoclassical model of economic growth."
Swan was noted by Paul Krugman
Paul Krugman
Paul Robin Krugman is an American economist, professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times...
in his New York Times blog. Krugman wrote: "There is an oldie but good in international macro known as the Swan Diagram—not instructions for making an origami swan but the insightful analysis developed by an Australian economist Trevor Swan."
Biography
Swan graduated from the University of SydneyUniversity of Sydney
The University of Sydney is a public university located in Sydney, New South Wales. The main campus spreads across the suburbs of Camperdown and Darlington on the southwestern outskirts of the Sydney CBD. Founded in 1850, it is the oldest university in Australia and Oceania...
in 1939, having studied part-time while working at the Rural Bank. He was employed in government service until 1950, and contributed to the White Paper on Full Employment which set the framework for Australian macroeconomic policy in the postwar decades. In 1950, he was appointed as the first chair of economics created at the Australian National University
Australian National University
The Australian National University is a teaching and research university located in the Australian capital, Canberra.As of 2009, the ANU employs 3,945 administrative staff who teach approximately 10,000 undergraduates, and 7,500 postgraduate students...
, remaining Professor of Economics until his retirement in 1983.
In 1975 he was appointed to the Board of the Reserve Bank of Australia and reappointed in 1980. He died in 1989.
External links
- http://www.crawford.anu.edu.au/media/Swan_lectures.php