since. it ’ s these sorts of technological advances that make predictions about future demand and supply so difficult. but it ’ s also these technological advances, combined with canada ’ s many gifts of natural resources, that will generate the opportunities to secure our future prosperity. our goods will remain in demand ; we will continue to have lumber for houses, metals for industrial production and oil for use in plastics – and it ’ s hard to imagine that canadian roads won ’ t continue to need new asphalt repairs. further, it ’ s important to remember that canada ’ s endowment is extremely diverse. while the cycles for base metals and oil have turned lower, there is still substantial demand that ’ s supporting the prices of many agricultural goods. as i noted, with continued growth in emerging markets, their populations are becoming increasingly urbanized. in north america, 82 per cent of the population lives in urban areas. that compares with 55 per cent in china, and just 30 per cent in other emerging markets such as india. this trend toward urbanization is likely to continue. with it will come growing demand for goods linked to household consumption – particularly agricultural products. consider the hundreds of millions of people who are climbing the income scale in india and china. their changing diet implies much more than just stronger demand for traditional protein sources. it also implies demand for inputs such as fertilizer, animal feed, fish feed, oilseeds and specialty crops such as lentils and chickpeas. indeed, the latest traffic figures from port metro vancouver show sharp growth in shipments of wheat and specialty crops, and solid gains in meat, poultry and potash. bis central bankers ’ speeches canada is particularly well placed to tap growing demand for fish and other seafood. canadian seafood exports to china in the first half of the year grew by 11 per cent compared with the same period last year. to take just one example, 60, 000 lobsters are flown from halifax to shanghai every week, aided by advances in shipping and production technology. thanks in part to this demand, lobster prices have been rising sharply. in terms of aquaculture, however, there appears to be considerable growth potential. while mussel farming output grew by about 35 per cent from 2009 to 2013, farmed salmon production plateaued over that period at about 100, 000 tonnes a year. canada has more coastline than any other country in the world. yet the volume of our seafood output is dwarfed by countries such as norway, which produces seven times as much as canada does

i j macfarlane : what does good monetary policy look like? speech by mr i j macfarlane, governor of the reserve bank of australia, at the 12th colin clark memorial lecture, brisbane, 21 august 2002. * * * i would like to start by thanking the university of queensland for inviting me to deliver the 12th colin clark memorial lecture. it is an honour that i very much appreciate. i met colin clark very briefly at monash university in the late 1960s when i was starting my professional career and he was finishing his and easing into retirement. he was a remarkable man who was widely respected by the world ’ s economics profession, but who received less recognition in australia than he deserved. previous speakers in the series have given accounts of his career so i will confine myself to two anecdotes. the first is based on something i spotted quite recently. out of nothing more than idle curiosity, i looked up the journal econometrica for 1950 to see one of john nash ’ s original articles. while searching for it, i came across a list of the eleven members of the council of the econometric society at that time. it was the cream of the economics profession, five of whom subsequently won nobel prizes, and all but one from prestigious universities. the exception was colin clark, who won acceptance into this august company yet listed his affiliation as the queensland bureau of industry. the second anecdote is based on my memory of an article on india he wrote in the melbourne age more than 30 years ago. it provoked an angry response from a local indian academic, the essence of which could be summed up as “ what would you know about the subject? ”. in his reply, clark listed the people with whom he had discussed the subject over the previous 40 years - the list started with gandhi, nehru and mountbatten and continued from there. to some, it might seem to be a case of name - dropping, but to people who knew him it was just another illustration of his extraordinary breadth of experience and his endless search for knowledge. monetary policy in the medium term let me now turn to the topic of my address today which, not surprisingly, is about monetary policy. i want to start with the apparently simple question, “ what would good monetary policy in a healthy economy look like? ” usually, when people answer such a question, they end up by giving an account of what monetary policy should set out to do. they point out that its primary focus should be