ALBERT

Notes: The German author Heinrich Ludwig Lambert Gall (1794-1863) who is characterized as socialist by the authors of histories of economic thought proposed a policy for full employment, based on the multiplier-principle and public expenditures financed by taxes, since 1822. Not Rodbertus but Gall was the first one describing the multiplier scheme. The interpretation of Gall's publications shows his important ideas about interventionism similar to the modern theory of full employment and the activity of the state.

Notes: Alternativen aussenwirtsckafflicker Anpassung. Jahresgutachten 1968/69 des Sachverständigenrats zur Begutachtung der gesamtwirtschaftlichen Entwicklung.Bachmann, Hans: The External Relations of Less-Developed Countries.Bliefernich; Gryck; Pfeifer; Wagner: Aufgaben zur Matrizenrech-nung und linearen Optimierung.BÖs, Dieter: Öffentliche Aufträge in ÖsterreichBraeuer, Walter: Frankreichs wirtschaftliche und soziale Lage urn 1700.Buhr, Walter: Dualvariable als Kriterien unternehmerischer PlanungCrockett, Jean: Consumer Expenditures and Incomes in GreeceCurrie, Laughlin: Obstacles to Development.Einzig, Paul: Foreign Exchange Crisis. An Essay in Economic Pathology.Exo, Reinhold: Die Entwicklung der sozialen und ökonomischen Struktur der Ersparnisbildung in der Bundesrepublik DeutschlandFeinstein, C. H. (Ed.): Socialism, Capitalism and Economic Growth: Essays Presented to Maurice Dobb. Forecasting on a Scientific Basis.Fromm, Gary, and Taubman, Paul: Policy Simulations with an Econometric Model.Gabriel, Peter B.: The International Transfer of Corporate Skills: Management Contracts in Less Developed Countries.Hutchison, T. W. : Economics and Economic Policy in Britain 1946-66.Caves, Richard E. et al.: Britain's Economic Prospects.Johnson, Harry G. (Ed.): Economic Nationalism in Old and Mew States.Jungenfelt, K. G. : Löneandelen och den ekonomiska utvecklingen. Les stratégies d'entreprise.Maass, GÜnther: Die Rolle des Pfund Sterlings in der Weltwirtschaft seit dem Zweiten WeltkriegMcKean, Roland N. (Ed.): Issues in Defense Economics—A Conference.Myrdal, Gunnar: Asian Drama.Pressburger, S.: Österreichische NotenbankSaville, Lloyd: Regional Development in Italy.Schelbert-Syfrig, H.: Empirische Untersuchungen über die Geldnachfrage in der Schweiz.Steiner, Helmut: Soziale Struktuweränderungen im modernen Kapitalismus.Stoleru, L. : L'équilibre et la croissance économiques.Theil, Henri: Applied Economic ForecastingTimm, H., und Haller, H. (Hrsg.): Beiträge zur Theorie der öffentlichen AusgabenTriantis, S. G.: Cyclical Changes in Trade Balances of Countries Exporting Primary Products 1927-33.Walter, Ingo: The European Common Market.Westphal, Uwe: Die importierte Inflation beifestem und flexiblem WechselkursZaleski, EugÈne: Planning Reforms in the Soviet Union, 1962-6.ZohlnhÖfer, Werner: Wettbewerbspolitik im Oligopol - Erfahrungen der amerikanischen Antitrustpolitik

Notes: In this paper on power relations the author assumes that each participant (A, B) behaves rationally, aims at an increase of his utility. The assumption of the purely instrumental character of power constitutes a second important premise: power is supposed to be a means, not an end in itself.When A tries to compel B to do something he wouldn't otherwise have done by threatening retaliation against any disobedience of B, A is interested in the credibility of his threat indeed. However A has usually no incentive actually to carry out the threat in case of resistance by B. Moreover the realization of the threat very often causes considerable costs to the power-holder. Because of A's dilemma B stands a good chance of resisting the pretension of A without being punished. Finally the author analyses what counter-moves A can make.In another form of influence—often called ‘manipulation’—B doesn't notice at all that his goals conflict with those of A. A does not make explicit the ends he is striving for. As long as the assumption of rational behaviour is retained, this kind of influence can only occur in case of uncertainty—taste structure of A and B assumed constant.

Notes: This paper develops a conceptual framework for the systematic analysis of inter-community spillovers and their implications for local expenditure-investment decisions. Spillovers are distinguished on the basis of the effects they have upon the rate of exchange between current goods for private consumption and publicly provided goods. The mechanisms of spillovers—economic interaction, fiscal inter-dependence, and migration—and the concept of community are examined in this context. A diagrammatic analysis is used to demonstrate the influence of spill-overs on the decision making unit's allocation of resources. Methodological issues and problems involved in estimating spillover magnitudes are presented. A case study provides numerical counterparts for the theoretical quantities of the analysis. While emphasis is on publicly provided education in the United States, the framework and methodology should be applicable to other local governments and their services.

Notes: Adelman, Irma, and Thorbecke, Erik (Eds.): The Theory and Design of Economic Development.Ben-Shahar, Haim: Interest Rates and the Cost of Capital in Israel (Publications of the List Society, Nr.44).Frey, RenÉ L.: Struktunvandlungen der israelischen Volkswirtschaft — global und regional 1948–1975 (Publications of the List Society, No. 39)Pirker, Theo: Die Histadrut, Gewerkschaftsprobleme in Israel (Publications of the List Society, No.45).Broekmeijer, M. W.: Fiction and Truth about ‘The Decade of Development'. Leyden 1966.Cameron, Rondo (with the collaboration of Olga Crisp, Hugh T. Patrick, and Richard Tilly): Banking in the Early Stages of Industrialization. New York, London, Toronto 1967.Clement, M. O., Pfister, Richard L., and Rothwell, Kenneth J.: Theoretical Issues in International Economics. Boston 1967.Court, W.H.B.: British Economic History 1870–1914– ommentary and Documents. Cambridge 1965.Currie, Lauchlin: Accelerating Development: The Necessity and the Means. New York 1966.Demmler, Horst: Verkehrspolitik in der Sowjetzone Deutschlands (Veroffentlichungen des Forschungsinstituts fur Wirtschaftspolitik an der Universitat Mainz, Bd. 21) Heidelberg 1967.Denison, Edward F., assisted by Jean-Pierre Poullier: Why Growth Rates Differ. Postwar Experience in Nine Western Countries. Washington D.C. 1967Ehrlicher, Werner; Esenwein-Rothe, Ingeborg; Jürgensen, Harald und Rose, Klaus (Hrsg.): Kompendium der Volkswirtschaftslehre, Bd. 1. Gottingen 1967.Field, Arthur J.: Urbanization and Work in Modernizing Societies. Detroit 1967.Henderson, J. M., et Quandt, R. E.: MicroÉconomie — formulation mathÉmatique ÉlÉmentaire (traduction franqaise de D. Godard et F. Eldin). Paris 1967.Horowitz, David: Hemispheres North and South conomic disparity among nations. Baltimore 1966Johansen, Leif: Public Economics. Amsterdam 1965.Johnson, Harry G.: Essays in Monetary Economics. London 1967.Kirzner, Israel M.: An Essay on Capital. New York 1967.Klein, Rudolf C.: Marktwirtschaft und Finanzsystem. Grundansichten uber das Rationale Finanzsystem einer funktionsfahigen Marktwirtschaft (Beitrage zur Erforschung der wirtschaftlichen Entwicklung, Heft 10). Stuttgart 1966. Dokumente der Weltrevolution. Bd. I: Die frühen Sozialisten, hrsg. von Frits Kool und Werner Krause. Bd. II: Die Arbeiterdemokratie oder Parteidiktatur, hrsg. von Frits Kool und Erwin Oberländer. Olten 1967.Lehbert, Berndt: Die interindustrielle und interregional Verflechtung der Wirtschaft des Landes Schleswig-Holstein– Versuch der Erstellung einer Input-Output-Tabelle fur ein einzelnes Bundesland (Forschungsberichte des Instituts fur Weltwirtschaft an der Universitat Kiel, Bd. 81). Tubingen 1967.Lewes, F. M. M.: Statistics of the British Economy. London 1967.Locke, John: Two Tracts on Government. Edited with an Introduction, Notes and Translation by Philip Abrams. Cambridge 1967.Lucas, J. R.: The Principles of Politics. London, Oxford 1966.Macbean, Alasdair I.: Export Instability and Economic Development. London 1966.Montaner, Antonio (Hrsg.): Geschichte der Volkswirtschaftslehre Koln und Berlin 1967.Müller-Ohlsen, Lotte: Wirtschaftsplanung und Wirtschaftswachstum in Frankreich (Kieler Studien, Nr. 80). Tiibingen 1967.Pollak, Helga: Wachstumsbedingte Verbrauchsstrukturänderungen und einige ihrer Konsequenzen für die Verbrauchsbesteuerung (Frankfurter Wirtschafts-und Sozialwissenschaftliche Studien, Heft 15). Berlin 1966.Recktenwald, Horst Claus: Steuerüberwälzungslehre. Theoretische und empirische Verteilung von Abgaben und Kosten. Zweite, uberarbeitete und erganzte Auflage (Volkswirtschaftliche Schriften, Heft 35). Berlin 1966.Riese, Hajo: Die Entwicklung des Bedarfs an Hochschulabsolventen in der Bundesrepublik Deutschland. Mit einem Geleitwort des Vorsitzenden des Wissenschaftsrates Hans Leussink und einer Einleitung von Gottfried Bombach, Basel. Wiesbaden 1967Rose, Arnold: The Power Structure Political Process in American Society. New York 1967.Sawyer, Carole A.: Communist Trade with Developing Countries: 1955–1965 (Praeger Special Studies in International Economics and Development). New York, Washington, London 1966.Scherf, H.: Untersuchungen zur Theorie der Inflation (Kieler Studien, Nr.82).Tiibingen 1967.Schmitt-Rink, Gerhard: Konsum-Dynamik. Die qualitative Expansion des privaten Verbrauchs. Gottingen 1967.Skolnikoff, Eugene: Science, Technology, and American Foreign Policy. Cambridge, Mass., 1967.Sosa-Rodriguez, JosÉ: Linear Programming– A Management Tool. Genkve 1966.Timmermann, Vincenz: Probleme und Möglichkeiten der Entwicklungs-planungWeiss, Shirley F., Smith, John E., Kaiser, Edward J., Kenney, Kenneth B.: Residential Developer DecisionsWidmaier, Hans peter: Bildung und Wirtschaftswachstum. Eine Modellstudie zur Bildungsplanung im Auftrag des Kultusministeriums Baden-Württemberg. Mit einer Einführung von Kultusminister Professor Hahn. Villingen 1966.

Notes: Among economists there has generally been a lack of agreement as to the specific relation between exports and economic growth. The hypothesis presented here is that there is a causal relationship between the two, that this relationship is one of interdependence rather than of unilateral causation, but that it is mainly a rise in exports that stimulates an increase in aggregate economic growth rather than vice versa.There are strong logical and empirical grounds supporting the hypothesis. Rising exports provide the wherewithal for increased imports, so important to economic growth. Emphasis on exports helps concentrate investment in the more efficient sectors of the economy, thus raising productivity. Efficiency is aided further by production for international markets since this permits greater economies of scale and forces firms to hold down their costs in order to remain competitive in international markets. In addition, profitable export industries stimulate additional investment, encourage an increased flow of new technology and managerrial skills, and stimulate increased consumption.The hypothesis was also tested statistically. Multiple correlations and simple least-squares regression equations were calculated for a group of 50 countries using data on average rates of growth of per capita real G. N. P., of exports, and of earnings on current account during 1953-63. The results showed: 1. that the most significant correlation was between exports and G. N. P.; 2. that for every 2 1/2per cent increase in exports, per capita real G. N. P. showed a rise of 1 per cent; and 3. that this last relationship had a high degree of statistical reliability.

Notes: As a result of inadequacies in the traditional approach to location problems a new body of thought has emerged in recent years which centers on the notion of development poles (po̧les de croissance). This concept was first put forth systematically by F. PERROUX, though it now has come into use in many countries in both theoretical discussions and public policy programs.-The present article examines the often ambiguous uses which have been made of development pole theory and evaluates some of its principal strengths and weaknesses as a tool of economic analysis. Attention also is given to the related concepts of economic space and economic domination.Among the problems of development pole theory are its emphasis upon big industrial undertakings, its relationship to external economies of agglomeration, its relationship to public policy goals, and its need for semantic clarification. Nevertheless, the theory remains potentially valuable for conditional analysis of the process of regional development; moreover, it may be expected that French regional planning experience will provide data in the near future for refining the approach to rational spatial resource allocation to which French economists have so largely contributed.

Notes: The relationships between international trade and short-term capital placements are shown to be more numerous and complex than is often recognized in the literature. At first instance the trade balance determines a flow of private capital but these flows do not represent movements to equilibrium positions. At least partial repatriation of such flows will be desired by traders but the speed of this repatriation is constrained by the terms on which trade finance has been extended. With full repatriation, a ‘permanent’ change in the trade balance would not lead to a permanent change in private capital flows, but rather to a change in the net stock of short-term assets held abroad due to these constraints on instantaneous portfolio adjustment by traders. The size of the change in this stock is shown to depend on the terms on which trade is financed as well as on the size of the change in the trade balance. The time path of the permanent outward shift is dependent upon these terms as well.The effects just summarized depend upon a divergence between traders’ actual and desired portfolio allocations because of temporary constraints on portfolio adjustment. Longer run changes in the trade balance and absolute volume of trade will affect traders’ convenience and hedging returns from holdings of foreign balances and hence may affect their desired portfolio allocations. While these effects could conceptually go in cither direction, the secular expansion of trade should level to a short-term capital inflow into the United States because of the international role of the dollar.

Notes: This article presents a mathematical model for monopolistic price competition among firms with differentiated products. The conditions which distinguish the Chamberlinian analysis from that of Edgeworth are examined. Product differentiation is not sufficient to guarantee the existence of a stable non-cooperative equilibrium point in terms of price. The relationship among the degree of product variation, amount of capacity, and stability are examined. Explicit formulas are obtained for the non-cooperative equilibrium and the capacity conditions for its existence. The behavior of the model as the degree of differentiation approaches zero and as competition becomes large is examined. This connects the analysis of oligopoly with the analysis of pure competition.

Notes: Decision theory is applied to a situation of conflict which a mother of two actually faced in an isolated home in the American Rocky Mountains. While the father was away on a trip which he thought to last seven days, the mother was bitten by a poisonous snake. She thought the bite to be fatal. To spare her two children, aged two months and two years, the agony of death by starvation, she decided to kill them.The mother faced a decision problem under uncertainty. A theoretical analysis of the situation shows which rational decision would have been optimal. However, a rational decision derived in an objective fashion is not free of subjective elements. Assigning utility measures to the possible types of death of the children, suppositions as to nature's strategies, and the choice of one of four established decision criteria are subjective.The criteria of Wald and Savage picture nature as a hostile opponent wanting to inflict greatest possible injury. The difference between them consists merely in the valuation of the disutility of death. Rational behaviour of the mother calls for selecting that strategy which promises the best of the worst possible outcomes.The Hurwicz criterion can accommodate all variations of nature's attitude, from malignant to benignant. According to the mother's optimism a distribution is supposed over nature's most favourable and unfavourable strategies. The probabilities of all other possible strategies are assumed to be zero.The criterion of Laplace assumes an indifferent nature. All possible strategies of nature are equally likely to eventuate.Three strategies are open to the mother, leave both children alive, kill one child, kill both children. Depending on the utility valuations the mother attaches to the different possible types of death, one of these strategies is optimal. If a decision is arrived by the Wald or Savage criterion a mixed strategy is superior to a pure one. The possibility of the childrens survival through the arrival of a stranger only affects the choice of the mother's strategy if she uses the Laplace criterion.

Notes: Atkinson, Thomas R., and Simpson, Elizabeth T.: Trends in Corporate Bond Quality.Bohnet, Armin: Zur Theorie der personellen EinkotntnensverteilungBosch, Alfred, und Veit, Reinhold : Theorie der Geldpolitik.Brinkmann, Gerhard: Berufsausbildung und Arbeitseinkommen.Buckley, Helen, and Tihanyi, Eva : Canadian Policies for Rural Adjustment.Caves, Richard E., and Johnson, Harry G. (Eds.): Readings in International Economics.Deane, P., and Cole, W. A.: British Economic Growth, 1688-1959.Desai, V. R. Mutalik: Social Aspects of Savings.Diegues jr., Manual, and Wood, Bryce (Eds.): Social Science in Latin AmericaEhrlicher, Werner; Esenwein-Rothe, Ingeborg; JÜrgensen, Harald, und Rose, Klaus (Hrsg.): Kompendium der VolkswirtsckaftslehreEisermann, Gottfried (Hrsg.): Die gegenwärtige Situation der SoziologieFeiwel, George R.: The Soviet Quest for Economic Efficiency.Grand-Jean, Paul: Guerres, Fluctuations et Croissance.Hackett, John and Anne-Marie: The British Economy: Problems and Prospects.Harborth, Hans-JÜrgen : Neue Industriezentren an der weltwirtschaftlichen PeripherieHazelwood, Arthur: African Integration and DisintegrationHeller, Walter W.: New Dimensions of Political Economy.Horvat, Branko : Towards a Theory of Planned Economy.Šik, Ota: K problematice socialistických zbožnich vztahûStÁdnik, Miloš: O koncepci národniho dûchodu v Mad'arskuIdem, Několik statistických i nestatistických pohledû na hospodářské reformy v JugosláviiIdem, The Conception of National Income in Czechoslovakia.JÜrgensen, Harald (Hrsg.): Entzifferung - Bevölkerung als Gesellschaft in Raum und zeitKaldor, Nicholas: Strategic Factors in Economic Development.Kirby, E. Stuart: Economic Development in East Asia.Klinov-Malul, Ruth: The Profitability of Investment in Education in Israel.Nove, Alec und Newth, I. A.: The Soviet Middle East.Ohlin, Bertil: Interregional and International TradePeacock, A. T., and Wiseman, J.: The Growth of Public Expenditure in the United Kingdom.Pickering, J. F.: Resale Price Maintenance in Practice.Preiser, Erich : Wirtschaftspolitik heuteSchachtschabel, Hans G.: Wirtschqftspolitische Konzeptionen.Shaffer, Harry G. (Hrsg.): The Soviet System in Theory and PracticeSimha, S. L. N.: Essays on Finance.Snider, Delbert A.: Introduction to International EconomicsTrappeniers, Felix : Les Avantages comparatifs dans le Marché commun.Youngson, A. J.: Overhead Capital.Zauberman, A.: Aspects of Planometrics

Notes: Balopoulos, E. T.: Fiscal Policy Models of the British Economy. Amsterdam 1967.Beeby, C. E.: The Quality of Education in Developing Countries. Cambridge, Mass., 1966.Boot, John C. G.: Mathematical Reasoning in Economics and Management Science: Twelve Topics. Englewood Cliffs, N.J., 1967.Campolongo, Alberto: Incomes Policy. Milano 1966.Chandrasekhar, S.: American Aid and India's Economic Development. New York 1965.Chayanov, A. V.: The Theory of Peasant Economy. Homewood, Ill., 1966.Denizet, Jean: Monnaie et Financement. Essai de thÉorie dans un cadre de comptabilitÉÉconomique. PrÉface de ValÉry Giscard d'Estaing (SÉrie Statistiques et Programmes Economiques, vol. 12). Collection publiÉe sous la direction de Henri Hierche. Paris 1967. Dunod. 284 S. NF 35.-Dietze, Constantin von: Grundzüge der Agrarpolitik. Hamburg und Berlin 1967.Donnithorne, Audrey: China's Economic System. London 1967.Dudler, Hermann-Josef: Diskont- und Terminkurs-Politik (Veröffentlichungen des Instituts für Bankwirtschaft und Bankrecht an der Universität Köln. Vol. XVII). Frankfurt 1966.Eisner, Robert: Some Factors in Growth Reconsidered (Lecture Series, No. 21). Athens 1966.Feldstein, Martin S.: Economic Analysis for Health Service Efficiency. Econometric Studies of the British National Health Service. North Holland Publishing Company. Amsterdam 1967.Fox, Karl A.; Sengupta, Jati K.; Thorbecke, Erik: The Theory of Quantitative Economic Policy with Applications to Economic Growth and Stabilization (Studies in Mathematical and Managerial Economics, Vol. 5). Amsterdam 1966.Glaser, William A., and Sills David L. (Eds.): The Government of Associations. Totowa, N.J., 1966.Guttentag, Jack M., and Herman, Edward S.: Banking Structure and Performance. New York 1967.Hedtkamp, Günter: Planification in Frankreich, Grundlagen, Technik und Erfahrungen (FIW-Schriftenreihe, Heft 31). Köln-Berlin Bonn-München 1966.Hildebrand, George H.: Poverty, Income Maintenance, and the Negative Income Tax (Paperback No. 1). Ithaca 1967.Husain, I. Z.: Economic Factors in Economic Growth. Bombay 1967.Krengel, Rolf und Mertens, Dieter: Fixed Capital Stock and future Investment Requirements in Greek Manufacturing. (Research Monograph Series.) Athens 1966.Lacour, Claude: Revenus agricoles et croissances rÉgionales en France (Travaux de comptabilitÉÉconomique rÉgionale. Collection de l'Institut d'Économie rÉgionale du Sud-Ouest). Bordeaux 1966.Lerner, Daniel, and Schramm, Wilbur (Eds.): Communication and Change in the Developing Countries. Honolulu 1967.Maghlup, Fritz: The Need for Monetary Reserves. (Reprints in International Finance, Princeton University.)Mauersberg, Hans: Deutsche Industrien im Zeitgeschehen eines Jahrhunderts. Stuttgart 1966.MossÉ, Robert: Les problèmes monÉtaires internationaux. Paris 1967.Müller-Gröling, Hubertus: Maximierung des sozialen Gesamtnutzens und Einkommensgleichheit. Köln, Berlin, Bonn, München 1965.Myers, Charles A. (Ed.): The Impact of Computers on Management. The M.I.T. Press. Cambridge, Mass., and London 1967.O.E.C.D.: Emigrant Workers Returning to their Home Country. International Management Seminar, Athens 18th–21st October 1966. Final Report and Supplement. Paris 1967. Osteuropa-Handbuch: Sowjetunion, Das Wirtschaftssystem. In Zusammenarbeit mit zahlreichen Fachgelehrten herausgegeben von Werner Markert (Arbeitsgemeinschaft für Osteuropaforschung). Köln, Graz 1965. Osteuropa-Handbuch: Sowjetunion, Verträge und Abkommen. Verzeichnis der Quellen und Nachweise 1917–1962. Unter Mitwirkung von Jörg K. Hoensch und Helmut König herausgegeben von Werner Markert und Dietrich Geyer (Arbeitsgemeinschaft für Osteuropaforschung). Köln Graz 1967.Peffekoven, Rolf: Zölle und Lohnquote. Berlin 1966.Phelps, Edmund S.: Golden Rules of Economic Growth. Studies of Efficient and Optimal Investment. (Incl. Bibliography on the Golden Rule of Accumulation 1961–65.) Amsterdam 1967.Rudra, Ashok: Relative Rates of Growth — Agriculture and Industry. University of Bombay, 1967.Shannon, Ian: Gold and the American Balance of Payments. Chicago 1966.Sohmen, Egon: The Theory of Forward Exchange (Princeton Studies in International Finance, No. 17). Princeton 1966.Vogel, RenÉ: La politique commerciale suisse. Montreux 1966.Warner, Lloyd W. et al.: The Emergent American Society — Large-Scale Organizations (Volume I). New Haven and London 1967.Yotopoulos, Pan A.: Economic Analysis and Economic Policy (Training Seminar). Center of Planning and Economic Research.

Notes: The economic development of underdeveloped regions involves essentially the same question as that applicable to the development of any region or country using a private enterprise system: how and to what extent should government alter the market process? The belief that governments of underdeveloped regions should not be oblivious to the growth process is well accepted, relating broadly to the argument that if the private sector could have stimulated growth without help from government, it would have done so already. Our analysis shows that the growth theories which seek to bring government into the picture are tending to violate classical economic principles. Moreover, they often ignore the differences that exist between regions. Even the pump priming basis for developing depressed areas—which emphasizes the agglomerating economies that result from initial development—is revealed to lack proper roots in fundamental theory. This paper finally contends that the main role of government in economic development is to facilitate economic activity, such as by eliminating predatory business practices, simplifying the tax base, establishing institutions conducive to entrepreneurship, and perhaps even influencing the saving-income proportions of the region.

Notes: The price- and income-elasticities of imports and primarily rates of growth and relative price-level changes in the countries involved are the most important determinants of the external situation of a country. Growth and price trends are at the same time important target variables of internal policy. Balance on current account is only achievable if these determinants are related in a certain way both abroad and at home. If the proportions required are not to be realized, conflicts arise between external and internal balance. International co-ordination of growth policies may diminish the danger of such conflicts situations. When a larger number of economic objectives can be managed simultaneously there is also a bigger number of constellations which are compatible with external balance. If on the other hand conditions of growth are very different it is usually not possible to bring in accordance internal and external goals.

Notes: In the social sciences specialization is just as unavoidable as in other branches of science but requires a counterweight in the form of collaboration between economics, sociology and political science, and between all these and history. Each social structure, a shop, an office, a club, has at the same time economic, political and sociological significance, and is also rooted in the past. Economic activity especially is embedded in non-economic contexts not only in primitive or proto-capitalistic societies - as Karl Polanyi has stated - but always and everywhere, and most economic activities are enveloped by economic contexts.Therefore, if one wants to understand the full meaning of social reality one has to look at it from the point of view of all the social sciences. Today this is often done in regional studies and in city planning. But this spotty kind of interdisciplinary collaboration is insufficient, especially because it does not lay the groundwork for an education in integrated social science. Such science would systematically study all the typical processes, in whatever part of society, which the individual disciplines analyze each from its own viewpoint. This unified kind of social science will exist only when in the scholarly world synthesis is recognized as an endeavor just as valuable and meritorious as specialized research. Recognition for synthesis in social science will also bring two practical problems closer to solution: How good teaching can receive more credit, since the synthesizing approach is essential for the teacher, and how we can loosen up the negative attitude which many of our students display toward scholarly effort because they feel that it is too hyper-specialized to have much relevance to life problems.

Notes: This paper deals with some problems of long-term planning in developed countries. It is suggested that planning on the industry level can best be applied in national economies that are more or less closed to foreign influences. While information on interindustry relationships can be utilized to derive a feasible pattern of production associated with a growth target in a closed economy, disappointed expectations in regard to exports and unforeseen changes in imports will give rise to discrepancies between plans and realization if the foreign sector is of importance.Moreover, in participating in the international trade network, governments forego the use of a number of policy instruments that could be employed in a closed economy to ensure the fulfilment of plans on the national economy, industry, and firm level. Accordingly, since governments can hardly guarantee the correctness of the forecasts, and entrepreneurs look beyond national frontiers for markets, doubts arise about the desirability of government intervention since ultimately the enterprises’ profits will be affected.On the other hand, long-term planning has a useful function in the public and the semi-public sectors. It would ensure rationality and consistency in decisions on the public sector where prices do not provide a yardstick for choosing among alternative uses of resources. Further, a consicious long-term policy would be desirable in the semi-public sectors - agriculture, transport and energy — where ad hoc interventions, taken often in response to special interests, give rise to inefficiencies.

Notes: By the classical economic theory output is considered as a result of exchanges. Market prices and produced quantities are determined by the point of intersection between offer and demand curves, both varying with shifts in prices; equilibrium is reached without any optimality criterion of business behaviour. In reality, however, output depends on business behaviour; business decisions are based upon such a criterion. The level of demand is set up by prices and income. The marginal utility theory of money makes it possible, to refer the structure of prices to the structure of income.The present paper deals with some of the criteria of optimal business behaviour:(1) Maximization of output. The application of this criterion under the assumption of given prices yields results, partly rational, partly logical but non-justified under economic aspects, partly simply paradoxical.(2) Minimization of costs (maximization of benefits). This criterion—classical when problems of social welfare are considered—seems in this context to lead to paradoxical results, too.(3) Profit-Maximization. In the limited case of perfect monopoly this criterion may be malthusianistic; in oligopoly cases it might be, however, that technical and economic progress is stimulated by its application on business decisions.(4) The social benefit criterion refers to the theory of consumers’ surplus; it may be applied under increasing benefits.

Notes: Since the early 1950's most of the European economies have been growing at an unprecedented high rate associated with a situation of full employment. These two phenomena are at the root of the profound changes which are occurring in European agriculture and which have led on the one hand to a production capacity greater than the potential increase in effective demand for food and on the other hand to rapidly growing income aspirations by farmers.Policies applied so far have been applied uniformly to the entire agricultural sector and have thus been unable to provide satisfactory solutions to these problems. It is necessary to develop more selective policies which should be adapted to the particular problems of each broad group of farmers: (a) policies for those whose economic future in agriculture is doubtful and who should be assisted to transfer to other occupations or to retire; (b) policies for those whose economic future in agriculture might be secured if their size of business was increased and their management improved; and (c) policies for the ‘commercial’ sector of agriculture. The answer to agriculture's problems could be found in the combination of a structural and of a price policy.

Notes: This paper was concerned with giving a fuller discussion of the factor-price equalisation theorem in a three-commodity two-factor model and with giving a different ‘proof of it. The Appendix considered a more tentative issue: the factor-price equalisation theorem in a three-factor two-commodity model. It was suggested that in certain conditions it would be seen that factor-price equalisation was possible.

Notes: This paper examines the problem of selection of variables which are to be considered important when theories or hypotheses concerning social and economic behavior are formulated. It is argued that while considerable precision is utilized in deriving conclusions from economic models, the degree of precision used in selecting the variables included in the model is very much less.The problems involved in constructing a theory of hypothesis building are discussed. The meaning of analyses where ‘casual empiricism’ has been used to select decision variables is examined and criticized. Possible approaches to the problem of interpretation of analytical results in such cases are outlined.The paper does not contain a proposal for a theory of theory construction, but merely calls attention to some of the problems involved in formulation of hypotheses in positive social sciences such as economics.

Notes: Bagiotti, Tullio. Il ProfittoBaumol, William J. Welfare Economics and the Theory of the State. With a New Introduction: Welfare and the State Revisited.Boarman, Patrick M. Germanys Economic Dilemma: Inflation and the Balance of Payments.Boot, John C. G. Quadratic ProgrammingBrennan, Michael J. (Ed.). Patterns of Market BehaviorCarr, Charles R., and Home, Charles W. Quantitative Decision Procedures in Management and Economics. de Ferron, Olivier. Le problème des transports et le Marché communGoode, Richard. The Individual Income TaxHicks, Ursula K. Development Finance: Planning and Control.Hildebrand, George H., and Liu, Ta-chung. Manufacturing Production Functions in the United States, 1957Horowitz, Irving Louis (Ed.). The New SociologyKaser, Michael. ComeconKatzarov, Konstantin. The Theory of Nationalization.Kneese, Allen V. The Economics of Regional Water Quality Management.Myint, Hla. The Economics of the Developing Countries.Pautard, Jean. Les disparités régionales dans la croissance de l'agriculture françaisePearce, I. F. A Contribution to Demand Analysts.Rae, John. Life of Adam Smith.Robinson, E. A. G. (Ed.). Problems in Economic Development.von Rogister, Maximilian. Indien ist anders.Roskamp, Karl W. Capital Formation in West GermanyiStammer, Otto (Hrsg.). Max Weber und die Soziologie heute.Whitman, Marina von Neumann. Government Risk-Sharing in Foreign Investment.

Notes: The object of this paper is two-fold. First, an attempt has been made to show that under certain specific circumstances a livestock production system can be raised to a higher level of output by slaughtering some of the animals. Second, it has been then shown that given a free say to exchange and clearly defined preference scales of the consuming coalitions, this policy is strongly Pareto-wise optimal. Finally the attention is drawn to the relevance of the policy to the problem of scarcity of food in India. It is suggested that India could do well by slaughtering of its animal population.

Notes: This paper reviews the methods and findings of several studies that have been undertaken recently to estimate the interest sensitivity of short-term capital movements. The paper concentrates on the studies of Philip Bell, Peter Kenen, and Jerome Stein, with references to studies by Benjamin Cohen and Robert Gemmill.From the standpoint of balance-of-payments policy, the question of the interest elasticity of short-term capital movements takes on considerable importance. However, the studies conducted thus far do not give a clear-cut answer to this question. Bell finds that, in general, interest rates have only a minor effect on capital flows, whereas Kenen finds them to be highly significant. Stein's work points out drawbacks to the Bell and Kenen studies and proposes remedies.

Notes: Without entering the controversy on the importance of human capital in relation to technological progress, an economist faces a challenging technical problem: how to measure or quantify in monetary terms the significant value of specific skills, both for the individual and for the social entity. This paper attempts to contribute to this objective on two levels: one is to develop an acceptable methodology for evaluation of the incremental contribution of skills; secondly, the paper summarizes preliminary results of a case study on the transfer of skills acquired during military training to the civilian sector in Japan during the post-World War II period.Implications of the study suggest a critical review of by-product contributions of military expenditures. In spite of pejorative evaluations of the military establishment on moral grounds by a segment of public opinion, military training remains a prevasive mechanism for mass development of skills in all nations, particularly in less-developed and socialist countries.The potentiality of tapping the experience and the know-how of military establishments for development of skills transferable for application in a progressively technical society opens opportunity for further scientific exploration and operational exploitation.

Notes: Much of the recent literature on the adequacy of international reserves states that there should be enough reserves in the world so that countries can avoid undesirable and painful adjustment to balance of payments disequilibrium. But this undesirable adjustment, namely deflation and unemployment, is the only adjustment mechanism that exists under a system of fixed exchange rates. It follows from this that no amount of international reserves, short of infinity, can ever be enough. Furthermore, the existing system is one in which there is a built-in bias toward disequilibrium. If countries differ in their willingness to permit some inflation in exchange for full or nearly full employment, the inflation prone countries will tend to incur deficits. They will avoid adjustment—that is, domestic contraction, as long as they have any reserves above what they consider to be minimally acceptable levels. The inflation-avoiding countries, which will tend to be in surplus, will prefer to accumulate reserves rather than permit inflation. In such a world there is likely always to be a ‘shortage' of reserves, whatever the actual level of reserves may be.

Notes: Having defined the terms of trade, the author deals with the restrictions resulting from their use, for instance, in their statistical application, and, he gives a survey of the theories on the subject.He goes on to examine the various views on the terms of trade between primary commodities and manufactures and on those between developed and developing countries. However, generalizations on the matter are difficult. The widely di-vergent opinions are due in great part to uncomplete and defective statistical material. The trend of the terms of trade between primary commodities and manufactures and between developed and developing countries (which is not necessary the same) has but little significance. It is therefore to be regretted that economic policy recommendations are based on the assumption that the terms of trade will deteriorate. This is in fact what happened in numerous papers prepared for the two UNCTAD-conferences. There is no relationship between the terms of trade and economic development.The author concludes that the use of the terms of trade is to be avoided, except, in the last resort, for the study of a specified country and for a period not longer than some years. Moreover, an appropriate comment, for instance, on the productivity trends and the quantities traded, is necessary. The developing countries have, therefore, no interest in giving priority to the terms of trade.

Notes: The nature of a statistical relationship between wage changes and unemployment rates or its very existence in the United States has stimulated studies with contradictory conclusions. This study concludes that (1) a classic ‘Phillips curve’ can be constructed for the U. S. in the postwar period; (2) recent U. S. inflation has reflected the effects of a ‘Phillips curve’ analysis, more so than only secular updrift; (3) a single variable approach (utilizing the skilled labor force unemployment rate) is more successful in explaining wage and price changes during this period than the multiple variable models which are contradictory in theoretical specification and anyway have not performed successfully in recent years; and (4) that the U. S.‘Phillips curve’ has shifted to the left during the 1960's, making the economy less inflation-prone than has been previously thought.

Notes: In The Structure of Scientific Revolutions T. S. Kuhn argues that the history of the natural sciences has been marked by periodic crises, when the dominant ‘paradigm’ is challenged, rejected, and displaced by a new paradigm. Since the paradigm's functions are both regulative and cognitive, this process has sociological as well as purely epistcmological aspects.With the exception of the Keynesian revolution of the 1930's, there have been no phases of paradigm change in economics quite like those in the natural sciences. This is due mainly to the nature of economic paradigms (or ‘basic’ theories) which are less precise and less liable to falsification. ‘Critical anomalies’ and ‘crucial experiments’ do not arise in economics, as in the natural sciences; and yet the process of paradigm change may serve as an ideal type, which can be used to clarify the interrelationships between the terminological, conceptual, personal, and professional elements involved in the development of economic ideas, especially in such episodes as the emergence of classical (Ricardian) economics, the Methodenslreit, or the marginal utility revolution.

Notes: After World War II the economic, technological and social conditions of modern society have changed fundamentally. These evolutionary changes not only influenced the range of the activity of the State, i. e. the empirical and theoretical object of public finance since its foundation as a branch of Political Economy; it also shows a strong effect on the basic parts of modern public finance, on the normative and positive theory of public economy and on the approach of decision making process in the public sector. On the other hand, new methods and perception of this field essentially contributed to throwing new lights on fiscal functions and objectives of modern government and to solve the central problems. Yet this is only an initial step in applying the results of fiscal theory to the interdependent market and public economy.After a period of stagnation a process of theoretical foundation and economizing of this field has begun, preliminarily resulting in an amalgamation of fiscal and economic theory and in an incorporation of fiscal into economic policy. This merger logically raised the question how far this branch is to be considered a proper field of the tripartite Political Economy which—as is wellknown—is still taken as a basis of our academic institutions as well as of many textbooks. Along with the methods of research and theorizing the questions and thus the problems of this branch have changed to a degree that its traditional framework and even its name have become questionable. The label ‘public finance’ today does not cover essential parts or aspects of the objects in theory and practice sufficiently. We are interested in the principles of public economy (not primarily of public finance) and the interrelations to the market economy, the problems thus ranging from activating and allocating a nation's resources to distributing income and wealth and, to stabilizing internal and external growth. The central aim of modern public finance is to make transparent the circular flow and the interdependence within public sector and between market and public economy by budget- and market theory in order to obtain results which can be successfully applied to a rational economic and general policy. The idea of an autonomous theory of public finance has indeed been overcome, although the peculiarity of political decision making renders a comprehensive theory of a nation's economy more difficult in which government activity is subdued to economic principles.

Notes: The essay examines the influence of capital imports on the structure of a developing economy. A significant and persistent capital import will result in a relatively low foreign exchange rate. Consequently, the share of internationally tradable goods and services in national product tends to be low. This will be reflected in a higher share of services and in a smaller share of agriculture and manufacturing in national product and in the labour force of an import surplus economy as compared with a balancing economy with the same internal resources. International comparisons show larger differences in productivity for tradable goods and services than for non-tradable goods and services. Considerable gains can, therefore, be obtained in low-productivity countries by enlarging the production of non-tradables and by limiting the production of tradables to those with a high comparative advantage. Thus, the average capital/product ratio tends to be smaller and average product per employed person larger, when there are significant and persistent import surpluses as compared with a situation in which international accounts are balanced. This, together with the larger investments made possible by capital imports, will increase the growth rate.But the import surplus economy becomes structurally dependent on capital imports. To be able to balance its international accounts it must adjust its structures, i.e. increase the share of tradable goods and services in national product so that it can replace import surplus by larger exports and by import substitutes and increase domestic savings. To achieve this a deliberate government policy is necessary.

Notes: In this article several standard models of economic growth are considered from the point of view of Welfare Economics. As the growth models show a rather material orientation, it might be thought useful to look for the implicit assumptions that are made with respect to the behaviour pattern of consumers and producers, who ultimately govern the actual path of a process of economic growth.To do so fruitfully, the paper starts with a discussion of the role of preferences in economic theory. A distinction is made between individual and collective preferences. The opinion is expressed that up to now economic theory neglected the influence of collective preferences on main economic categories such as prices and income. The discussion of the neo-classical and Harrod-Domar growth models from the outlook of preferences leads among others, to the conclusion that the relation between imperfect competition and economic growth should be studied in more detail. All hitherto published growth models seem to start from the behaviour pattern of individuals that is compatible with perfect competition.

Notes: The paper presents a model of interest rates structure with direct implications to the saving-investment process. The capital market is divided into private and government sectors, which operate under the constraints of an investment-opportunities function and a cost of capital function. The model provides the government with a degree of freedom to differentiate the lending rate from the borrowing rate. This allows the government to conduct a capital policy aimed at achieving a certain desired level of savings without disturbing the process of capital allocation. The technical operation of the model is based on an institutional structure existing in many developing countries. It allows thereby a direct application for empirical research. The paper is concluded by an empirical testing of the interest rate structure in Israel and of the consistency of the Israeli Government capital policy.

Notes: Previous contributions to the theory of devaluation have concentrated on its effect on the country's balance of trade (the ‘stability conditions’) and the commodity terms of trade. This paper is concerned with the conditions under which devaluation would improve the country's incometerms of trade defined as:Percentage change in the value of exports./Percentage change in the price of imports.An algebraic formula is developed, which expresses the conditions in terms of the elasticities of export-supply and import-demand. The results are then presented in geometric terms, and applied to some current problems. It turns out that while an industrial country is likely to improve its income terms of trade by devaluing its currency, the opposite is true for a primary-materials producing country.

Notes: Basing-point pricing is not forbidden in the European Coal and Steel Community and, more important, the provisions of Article 60 of the ECSC-Treaty require a pricing behavior which is analogous to the behavior of oligopolists who have established a multiple basing-point system. This can be most clearly shown by distinguishing three functions of a privately organized basing-point system:1. The control function results from the nondiscrimination principle and the open-price system as required by Articles 60 and 70 and as organized by the High Authority.2. The vent function of a basing-point system is granted in the ECSC by the right to align prices on the lower quotations of competitors who establish their price schedules on the basis of a different location.3. The defense function can also be fulfilled by alignment (punitive bases). As far as the enforcement of the ECSC pricing rules is concerned, non-conforming firms are disciplined by the High Authority.Competitive pressures from the outside and an enduring rivalry between national groups prevented a smooth functioning of the system. Increasingly private enterprise has substituted for the Treaty rules by reviving cartels and other forms of cooperation.

Notes: It is desirable and important in the discussions on international monetary arrangements to assess the future trends of gold production under different assumptions. The article reviews past gold production, showing that there has been a large increase in physical gold production in the Free World, but despite the addition of substantial Russian sales, the increments to official monetary stocks has dwindled to nothing, because of the increasing amounts added to unofficial stocks.In the absence of any price change Free World gold production is likely to fall rapidly after 1971, and with the propensity to add to hoards unchanged official monetary stocks are likely to fall. With a revaluation of gold through doubling its price adequate increments to official monetary stocks are likely to be available from new production and releases from unofficial stocks until after 1980, after allowing for the resumption of hoarding in the traditional fashion. There is no reason to believe that with an adequate price adjustment gold production will not be sufficient to feed official monetary stocks.

Notes: Book reviewed in this ArticleAnstey, Vera, and Martin, Anne. An Introduction to Economics-For Students in India and Pakistan.Baxa, Jakob. Adam Müllers Lebenszeugnisse.Bergler, Reinhold (Ed.). Psychologische Marktanalyse.Campbell, Robert W. Soviet Economic PowerCohen, Benjamin J. Adjustment Costs and the Distribution of new ReservesCoutsoumaris, G., Westebbe, R. M., Psilos, D., Michalakis, A., and Xanthakis, N. Analysis and assessment of the economic effects of the U. S. -PL 480 Programm in GreeceFriedmann, Karen J. German Grain Policies and Prices:Gurvitch, Georges. The Spectrum of Social Time.Heide, Holger. Die langfristige Wirtschqftsplanung in SchwedenHelleiner, Karl F. The Imperial LoansHershlag, Z. Y. Introduction to the Modern Economic History of the Middle East. LeidenHicks, John. Capital and Growth.ISEA. Planification et analyse économiquesJohri, C. K. Monetary Policy in a Developing EconomyJoint Economic Committee (Congress of the United States). New Directions in the Soviet EconomyKiss, Gábor. Gibt es eine ≪marxistische≫ Soziologie?Lebrecht, Robert G. Automatische Konjunkturstabilisatoren oder be-wusste Konjunkturpolitik ?Leontief, Wassily. Input-Output Economics.Malinvaud, E. Statistical Methods of EconometricsMartin, Alfred VON. Mensch und Gesellschaft heute.Neufeld, Maurice F. Poor Countries and Authoritarian Rule.Ølgaard, Anders. Growth, Productivity and Relative Prices.OulÈs, F. Economic Planning and Democracy.Popper, Karl R. Logik der Forschung.Robinson, Joan. Economics—An Awkward Corner.SachverstÄndigenrat zur Begutachtung DER GESAMTWIRTSCHAFTLICHEN Entwigklung. JahresgutachtenSeitz, Tycho. Preisführerschaft im Oligopol.Tamagna, Frank. Central Banking in Latin America.Theil, Henri. Economics and Information TheoryTilly, Richard. Financial Institutions and Industrialization in the RhinelandTouraine, A. (et al.). Workers’ Attitudes to Technical ChangeTullock, Gordon (Hrsg.). Papers on Non-Market Decision Making.Yeager, Leland B. International Monetary Relations; Theory, History and Policy.Young, John Parke. United States Gold Policy: The Case for Change

Notes: The purpose of this paper is to offer an appraisal, in the light of the theory of economic policy, of some recent attempts to survey the fiscal systems of a number of SUPHAN ANDIC AND ALAN PEACOCK African and South American countries. The authors contend that any recommendations about the size and structure of the fiscal system must be clearly related to specific policy aims which are embodied in an economic model in which the variables and parameters are adapted to the economy in question. They also stress that recommendations concerning changes in the administrative structure depend on the type of model considered relevant to the particular circumstances of the economy under scrutiny.The various fiscal surveys are then examined, it being admitted from the out-set that they have been conducted under difficulties (e.g. lack of statistics, sensitivity of the sponsors to criticisms of existing policies). Nevertheless, as the surveys rarely do more than list objectives without reference to orders of priority and are frequently vague about the type of economic models employed and the values of parameters, it is impossible to evaluate their policy recommendations.

Notes: The paper starts from Schumpeter's interpretation of Adam Smith's concept of the contemporary embryonic industrialist whose main function was considered to be the accumulation of capital. The author traces the development of this concept in the nineteenth century and tries to explain its origin. He shows that medieval reality, i.e. the relationship between stans and transactor in the societas maris is at the root of Smith's concept. It remained justifiable as late as 1776 on the basis of the cooperation of capitalist and entrepreneur-manager in the early mechanized cotton industry, as it is presented in Robert Owen's autobiography. But just this self-testimony shows also the rapid change of this relationship after the appearance of the Wealth of Nations, which neither the classical economists nor Marx under-stood in their implications. From this came an unfortunate economic legacy, the misunderstanding of certain aspects of entrepreneurship, which only Schumpeter discarded on principle in his Theory of EconomicDevelopment.

Notes: In order to test the general applicability of Paretian welfare principles and to explain intermittent changes in Church regulations, this paper explores the economic implication of Roman Catholic moral philosophy. As a first step, Catholic (or Scholastic) ethical norms are incorporated into the familiar form of individual and social welfare functions. Because Church behavior ought to promote the welfare of the membership, these functions become, in turn, building blocks for a theory of hierarchical decisionmaking.The analysis establishes an analogy between the Church and an oligopolistic business firm and supports two principal conclusions. First, conditions for Pareto optimality which are consistent with Scholastic welfare criteria do not coincide with those of ordinary welfare economics. This is because individual preference (utility) functions often rank material over spiritual good, something which Scholastic functions may never do. Second, treated as objective functions, Scholastic welfare indices afford valuable insight into the doctrinal history of the Church: into the process governing secular changes in the Church's interpretation of the current moral implications of Natural Law.

Notes: In an article, published by Kyklos 1965, K. W. Rothschild undertakes to introduce sociological factors into Kaldor's theory of distribution, therewith following a German tradition. In a long-run variant both saving ratios of capitalists and workers are supposed to be influenced by the level of the wages sum. Income distribution is thus explicitely depending upon wages policy.This article accepts the introduction of functionally dependent savings ratios and the consideration of wages policy as useful. The functions actually used by Rothschild however, are criticized for formal and expecially economic reasons: (a) the functions are empirically highly questionable; (b) there is no differentiation between payed-out and retained profits, i. e. the savings-ratio out of profits is without content; (c) the behaviour of groups is deduced from a picture of social structure no longer relevant. As the decisive relations do not stand critical examination, this attempt to introduce sociological factors into the theory of income distribution must therefore be considered a failure.

Notes: Ames, Edward. Soviet Economic ProcessesBasch, Antonin. Financing Economic DevelopmentBehrens, Karl Christian. Der Standort der Handelsbetriebe.Bramley, Margaret. Farming and Food SuppliesBurton, J. W. International Relations: A General Theory.Duesenberry, J. S., Fromm, G., Klein, L. R., and Kuh, E. (Eds.). The Brookings Quarterly Econometric Model of the United StatesFellner, William. Probability and ProfitFÖrster, Karl. Allgemeine Energiewirtschaft.Friedmann, John, and Alonso, William (Eds.). Regional Development and PlanningGeorgiadis, Hourmouzis George. Balance of Payments Equilibrium: A Theoretical and Empirical Study.Haller, Heinz. Die SteuernHealey, J. G. The Development of Social Overhead Capital in India 1950-60.Heiby, Walter A. Stock market profits through dynamic synthesis. International Monetary Issues and The Developing Countries.Jaccard, Pierre. Psychosociologie du TravailKauder, Emil. A History of Marginal Utility Theory.Landauer, Carl. Contemporary Economic Systems.Newman, Philip C. Cartel and CombineNove, Alec, and Zauberman, Alfred (Eds.). Studies in the Theory of Reproduction and PricesRecktenwald, Horst Claus. Lebensbilder grosser NationalökonomenRedlich, Fritz. The German Military Enterpriser and His Work ForceSchiller, Karl. Der Ökonom und die GesellschaftSicat, Gerardo P. (Ed.). The Philippine Economy in the 1960's.Sirkin, Gerald. Introduction to Macroeconomic TheoryTriantis, G. S. Common Market and Economic DevelopmentVeliz, Claudio. Obstacles to Change in Latin America.Verre, Eveline. L’ Entreprise industrielle en Union Soviétique: Nouvelles méthodes de gestionVoigt, Fritz. Verkehr.Wood, W. D., and Thoman, R. S. (Eds.). Areas of Economic Stress in CanadaZolotas, Xenophon. Alternative Systems for International Monetary Reform

Notes: Prediction as a rejection test for theories is limited and unnecessarily severe. Useful knowledge frequently does not fall into this mold. Also the prediction test does not follow from the view that science provides coherent explanations of experience. The inapplicability of prediction as a sharp test is especially likely to be true for macro-economic development theories. Thus it may not be meaningful to say that a given theory is correct or incorrect in a strict sense. Where the phe-nomena that a theory covers is inseparable from a large system in which it is imbedded then it may be impossible in principle to discover the true relations between variables. Although no single simple test may exist for a class of theories there may be a number of considerations that help us judge the adequacy of some theories.Development theories may be looked upon as sets of partially connected sample relations that operate within a changing environment. Such relations should be credible. Sample relations based on hypotheses that constantly flout experience are likely to be poor samples. Thus the realism of assumptions matter. Theories of the type considered may be useful in that the sample relations are helpful in the discovery of specific relations in specific contexts that we hope will work frequently in a loose fitting servo-mechanistic type of arrangement so that (1) diagnoses of existing difficulties can be made, and (2) corrective policies fashioned which, while they cannot be expected to work universally, do work sufficiently frequently in terms of directional changes to be of interest.

Notes: Economists are often puzzled by the fact that impoverished tenants in poor countries are frequently crowded on to inadequate holdings, while much immediately available land remains unused. This paper sets out to explain this phenomenon in terms of the monopoly or oligopoly power of the landlord class. Individual landowners with this power will find it in their interest to rent out land only up to the point at which its annual marginal value product equals the annual outlay involved in bringing it into use. The latter can be expressed as the yearly interest payments on the original investment (clearing, levelling, and draining charges etc.) plus some annual maintenance costs.More terrain may be cultivated if the monopoly power of landlord can be broken. This would mean that land would be employed up to a level at which the value of its marginal product, as opposed to its marginal value product, equalled the annual cost of bringing it into use. In addition, the VMP and MVP curves on a particular landlord's holdings would be rendered more rent-elastic if their produce could be sold in wider national and international markets. This too would bring more land under the plough. Sharp price declines associated with increased production in isolated areas may be an important reason why monopolistic landowners keep much of their land unused. The author admits that this is but one among a number of alternative explanations, but he asks that it be given equal consideration with the others. Statistical data pertaining to the South American republic of Ecuador are used in support of the argument.

Notes: Austruy, Jacques. Le Scandale du DéveloppementBalassa, Bela A. Trade Prospects for Developing CountriesBohm, Peter. External Economies in ProductionBosch, Werner. VermögensstreuungBusch-Lüty, Christiane. Gesamtwirtschaftliche LohnpolitikClausen, Lars. Elemente einer Soziologie der WirtschaftswerbungDabin, Jean. Der Staat oder Untersuchungen über das PolitischeDoyle, Leonard A. Inter-Economy Comparisons: A Case StudyGoldberger, Arthur S. Econometric Theory.Gutmann, Gernot. Theorie und Praxis der monetären Planung in der ZentralverwaltungswirtschaftHahn, L. Albert. Ein Traktat über Währungsreform.Harbison, Frederick, and Myers, Charles A. Manpower and EducationJoshi, L. A. The Control of Industry in IndiaLaursen, Karsten, and Pedersen, JØrgen. The German Inflation 1918-23Lester, Richard A. (Ed.). Labor: Reading on Major Issues.Linhardt, Hanns. Kritik der Währungs- und Bankpolitik.Liu, Ta-Chung, and Yeh, Kung-Chia. The Economy of the Chinese Mainland: National Income and Economic DevelopmentMachlup, Fritz. International Payments, Debts, and GoldNeumark, S. Daniel. Foreign Trade and Economic Development in Africa: A Historical PerspectiveOlson Jr., Mancur. The Logic of Collective ActionPross, Helge. Manager und Aktionäre in DeutschlandRedlich, Fritz. The German Military Enterpriser and His Work ForceSachs, Ignacy. Patterns of Public Sector in Under-developed Economies.Schultz, Theodore W. Economic Crises in World Agriculture.Stohler, Jacques. Die Integration des VerkehrsTheil, H., in association with van DEN Bogaard, P. J. M. Optimal Decision Rules for Government and IndustryVajda, S. Mathematical Programming.Vibe-Pedersen, John. National Income and Aggregate Income Distributionvon PÁsztory, Tibor. Von marxistischer Ideologie zur PlanwirtschaftWirth, Louis. On Cities and Social LifeZsoldos, Laszlo. The Economic Integration of Hungary into the Soviet Bloc: Foreign Trade Experience

Notes: This paper examines the source of variation in the capital coefficient for the United States private business sector during the 1909-1959 period. These sources are the composition of capital, the age of capital, and the nature of technological progress. In the multiple regression and correlation analysis, these sources are measured by the ratio of plant to equipment, the weighted average age of the stock of capital, and a proxy time trend, respectively.The regression equations provide a high degree of explanation of the variation in the capital coefficient. The significant correlations involve the average age and the nature of technological progress in the 1923-1941 period and the plant-equipment ratio and the nature of technological progress in the 1946-1959 period. In both periods the correlations between the time trend and the capital coefficient indicate that capital-saving technological progress is the most impor-tant factor contributing to the secular decline of the coefficient. In the earlier period, the capital-saving bias to technological progress is reinforced by factors associated with the rising age of capital, while in the postwar period the falling plant-equipment ratio tends to offset it somewhat. However, it appears that the intensity of the capital-saving bias may be higher in the post-war period than in the 1923-1941 period.The implications of the falling capital coefficient for equilibrium growth are examined in terms of the Harrod-Domar model. Since a capital-saving bias in technological progress tends to cause the rate of growth of productive capacity to exceed the rate of growth of aggregate demand, it is suggested that the nature of technological progress may be one of the factors contributing to the secular GNP gap for the United States since 1958.

Notes: Recently there has been an increasing interest in the economic aspects of education. It is due to the insight—which itself gained ground because of the growing quantitative importance of education—that education involves costs, or demands resources which are essentially scarce. The optimal allocation of resources to the sector of education is therefore an important problem. It is not automatically solved by the market mechanism, because social costs and returns of an education are not recorded in the market. A rational solution of the problem, therefore, depends largely on non-market decisions, which in turn presuppose an indirect evaluation of costs and returns of an investment in education.The present article reviews critically the methods applied and the problems encountered by American economists and calculating the costs and returns of an investment in education, taking as an example the typical four-year college education. It is shown that, under certain assumptions, costs and returns of investments in education can be calculated, compared with corresponding data for other investments and thus be used as a basis for a decision as to whether expenditures on education should be increased or decreased. The main shortcoming of this approach, judging from the hitherto published contributions, seems to be a neglect of the dynamic implications which in turn are closely connected with the external effects of education. It is to be hoped that further research will better take into account these effects which are likely to be of considerable importance.