University of Western Ontario. This paper was presented at a meeting of the Economic Society on August 30,1989, in Sydney. By a happy coincidence, the meeting was the occasion on which the Economic Society honoured Murray Kemp with its 1989 Award. It was an especial pleasure to be able to share in the presentation ceremony and to have the opportunity of joining members of the Economic Society in congratulating Murray on his award. I have been a follower of Murray's work for many years and have had the pleasure of being his colleague during his tenure of the Keynes Visiting Professorship at the University of Essex in the late 1960s and, more briefly, during my visit to the University of New South Wales in 1973. I would like to use this opportunity to place on permanent record my warm congratulations to Murray.