Economic Activity has its origins in a course of lectures given
since 1950 to first-year undergraduates at the University of
Adelaide. That course was originally given by P. H. Karmel; in
later years the other two co-authors inherited it. Little attention
was paid to financial factors in the first-year course. A
second-year course of macro-economics (given on several occasions
by R. H. Wallace) was built upon the first course, and in this the
inter-relationships between the financial and production sectors of
the economy were considered in detail. The second-year course was
set in the context of the particular institutional framework of the
Australian economy, and students were introduced to the relevant
statistical material. The book draws upon material from both
courses, but the discussion of the financial sector is essentially
theoretical.
General
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