ABSTRACT
I am greatly honoured to be asked to give the 1977 Newcastle Lecture in Political Economy. Last year Professor Youngson kicked off the series with a fine evaluation of the contributions of the first great political economist, Adam Smith (Youngson, 1976). This year I want to discuss the contributions of Eric Russell to Australian political economy. This is a sad and a proud task; sad, because Eric was my friend and my mentor. I valued his good opinion more than anyone else’s, as did all his friends — and now he is gone, dying suddenly on 26 February this year. It is a proud task, because it was a unique privilege to have known and worked with Eric and now, I hope, to contribute towards ensuring that his achievements live on. But I would not wish this to be a solemn occasion. Eric was the wittiest and happiest of men, enthusiastic and alive, loving and lovable, properly angry when he had to be, but polite, courteous, modest, a great man at a party, a superb sportsman, and I would like some of that atmosphere to be here as we look at his work.
