Does the seemingly disproportionate growth in Australia of agricultural economics, relative to other branches of applied economics, represent a misallocation of educational and research resources? Probably not, since (i) it may be better--because of the existence of increasing returns--to concentrate one's limited resources of economist brainpower in a few fields than to spread them widely; and (ii) the growth of agricultural economics has helped to correct certain weaknesses--particularly in micro-economics and econometrics--in the Australian economics profession as a whole. However, it is suggested that in the future agricultural economists might apply their skills increasingly to non-agricultural problems.