[2]  The share has fallen more noticeably since the peak if the calculation is expressed as of manufacturing exports as a share of GDP, but this is affected by the cycle in the terms of trade. [3]  The physiocrats believed that wealth was derived from agriculture. For example, Quesnay (1759) described how the economy functions, deriving wealth only from agriculture.
See also Hughes (1980) for a discussion. [4]  The Productivity Commission also replaced the Bureau of Industry Economics and the Economic Planning Advisory Commission. Its first chair, Gary Banks, delivered the Stan Kelly Lecture in 2013 (Banks 2013). [5]  It would increase the living standards of migrants if they came from a country with lower average living standards than Australia's.