Heinz Arndt was born in Germany in 1915. He was born at a time when Germany lost the first world war. He did his schooling in Germany while Adolf Hitler was rising in politics. He was born in a family of educationist, his father Fritz Arndt being a University chair in Germany. However due to Jewish origins they had to leave Germany and go to England as Germany was not a safe place for Jews. Heinz Arndt wrote about this later as being good luck as he got chance to study at the Oxford University. He gained an economics degree and later taught at the London School of Economics and Manchester University. Later he migrated to Australia and taught at Australian National University and settled in Australia. He was a great scholar of economics, politics and contributed a lot to the growth of Indonesia being awarded the Presidential medal of Indonesia – “Bintang Jasa Pratama” in 1995. He researched and contributed to the Indonesian economy after Sukarno lost power in Indonesia. The most famous work of Heinz is “The Economic Lessons of the Nineteen Thirties”. He was instrumental in building robust banking system in Australia which is the envy of the world. He is also known as the Grand old man of Asian Economics and his efforts benefited Australia and Asia as they bound well economically. The effect of Heinz is evident in the way Australian Economy holding up well in wake of Global Economic crisis.