Equation and Adequation: The World Traced by the Phillips Curve

This paper considers the power of abstract formalization in capitalism, via an account of the politics and geography of an equation. The equation in question lies behind the Phillips curve, which describes the relation between price inflation and unemployment or output. I examine the evolution of the equation and its relation to macroeconomics' renewed emphasis, since the late 1960s, on long‐run monetary neutrality. Considering the Phillips curve and its theoretical and technical armature as social practice, I discuss some of the political and distributional questions that arise from the mode of spatial and temporal abstraction particular to modern macroeconomic analysis and policy‐making. The paper has three parts: a brief history of the Phillips curve, an examination of its modern equation‐form, and an analysis of its part in the dialectical process of “real abstraction”, through which logical space and time prioritize and produce both the spatial “macro” and the temporal “long‐run”.     

Dawkins and the labor tradition: Instrumentalism and centralism in federal ALP higher education policy 1942–88

As Commonwealth Minister for Employment, Education and Training, John Dawkins has overturned prevailing methods of funding, organization and control of Australian higher education. By making funds dependent upon agreements to pursue national priorities, the Labor minister has also appeared to threaten the dominant objectives and philosophies of higher education. Recent policies (1987–88) have also been regarded as a betrayal of traditional ALP values. This paper argues that such an interpretation misrepresents the history of federal Labor policies in higher education and Dawkins' place within it Tertiary education has usually assumed prominence in the face of either actual or perceived national crises. When in office Labor has usually promoted instru‐mentalism of both an egalitarian and economic kind, and brought about an increasing centralization of Commonwealth control. Federal ALP MPs have also been ambivalent on the values of liberal education and academic freedom. On these grounds, the Dawkins policies represent more of a continuity with, than a departure from, ALP tradition. Any explanation of the Minister's political success must take into account this federal Labor heritage in higher education.     

Australia–Japan economic relations: ten years after the NARA Treaty

The NARA Treaty looked to a strengthened Australia–Japan relationship, which foreign ministers of both countries celebrated this year. Events of the mid 1980s, however, demonstrated how an adverse turn in economic circumstances can stress even a strong bilateral relationship. The two countries were then at opposite points in their economic cycles, Japan almost too successful, with the high yen putting pressure on Japan's export industries, steel in particular. Seeking to reduce costs, the steel mills transferred pressure to their Australian suppliers of coal and iron ore, through reductions in prices and volumes. This was unwelcome to an Australian government coping with a recession and worried about balance of payments and unemployment, and led to concerns about equal treatment. Although the minerals trade returned to normal relatively quickly, ambitious investment projects aimed at enhancing the economic relationship did not materialise.