ALBERT

Notizen: Marcel Labordère was a little known French economist who died, aged 77, in 1946. He was regarded as an eccentric, a self-educated economist, whose major contact with the economics profession seems to have been through J. M. Keynes and D. H. Robertson. In 1908 he put forward an over-investment theory of the trade cycle; in this the crisis results from a shortage of real saving. The amount of saving in the economy which is available for investment is determined by the accumulated stock of consumer goods. If production is to shift to capital goods, away from consumer goods, the economy must have a stock of consumer goods (real saving) to utilise whilst this shift in production is taking place. The crisis arises where the stock of consumer goods is insufficient to support the amount of investment undertaken in the boom; that is, it is caused by a disproportionate amount of capital goods being produced relative to consumer goods. Although worked out in isolation from A. Spiethoff's theory of crisis, it is somewhat similar to it, but it contrasts with the over-investment theories associated with M. Tugan-Baranowski and A. Aftalion. Labordère's work had a major influence upon D. H. Robertson in his writing of ‘A Study of Industrial Fluctuation’ (1915), one of the foremost British contributions to trade cycle theory.

Notizen: Notwithstanding its importance, the topic of industrial organization has often been neglected in the professional literature on economic development. This paper analyzes some of the effects of the extreme market power which prevails in many activities within the industrial sector of the developing countries. The paper also discusses the possibilities open to public policy for correcting this situation and its far-reaching distortions.

Notizen: Comparative advantage theory, as specified in the Heckscher-Ohlin model, holds that nations export those commodities which intensively embody their relatively abundant factors of production. Factor endowment dictates world trade patterns in the general equilibrium models of international trade. The dynamic models of international trade, such as the product life cycle model, emphasize the role of innovation in determining trade patterns. Factor endowment also plays a role in these models. In particular, a wide body of literature ties innovative activity to relative factor cost levels. If innovators are responsive to relative factor costs, innovative activity may be directed towards those sectors with heaviest usage of the most expensive factors of production in an economy. If such innovation results in exports, trade patterns emerge which directly conflict with Heckscher-Ohlin expectations. The results of this study suggest that innovative activity tends to be concentrated in industries which intensively use a nation's relatively expensive factors of production. This finding holds an alternative explanation for the Leontief paradox, and suggests a wider role for factor endowment in international trade theory.

Notizen: At the theoretical level the development of a useful theory of oligopoly depends upon the ability to translate industrial power structure into quantitative form with sufficient mathematical uniqueness to permit incorporation into functions. More practically, understanding the decision processes of the OPEC cartel benefits greatly from an isolation of the pairwise power relations among its members. This paper develops a general technique for the measurement of the combination of rivalry and cooperation that characterizes the relations of oligopolistic industries, and applies it to the derivation of power measures for 11 members of OPEC taken pairwise. It hopes thereby to capture both general and market relationships that underlie the power each member has in decision making for the cartel. In future work these factors will be incorporated in a nonlinear programming model of the pricing policies of the cartel.

Notizen: Starting with Akerlof's argument that markets deteriorate in quality, price and quantity if there is asymetric information between buyer and seller the paper deals with market institutions which may explain obviously existing market transactions in many markets with high product uncertainty. After short reference to the existing signaling-literature much attention is given to product differentiation and brand names as implicit market signals. Consumer uncertainty is characterized within the distinction between search-, experience- and credence-qualities. A simplified model shows that market structure may be an implicit market signal for goods with uncertainty in experience-qualities. This is the basis for some preliminary hypothesis relating product uncertainty and market structure.

Notizen: Ashline Nelson F., Pezzullo Thomas R., and Norris Charles I. (Eds.): Education, Inequality, and National Policy.Assmann Heinz-Dieter, Kirchner Christian und Schanze Erich (Hrsg.): Ökonomische Analyse des Rechts.Baumol William and Oates Wallace E.: Economics, Environmental Policy, and the Quality of Life.Besson Jean-FranÇois : Economie publique.BlÜmle G., Feninger R., Frowein St. und Walch J.: Grundlagen der Makroökonomik.Claassen Emil-Maria (Hrsg.): Kompendium der Währungstheorie.Culyer A. J. and Wright K. G. (Eds.): Economic Aspects of Health Services.Culyer A. J., Wiseman J., and Walker J.: An Annotated Bibliography of Health Economics.Organization for Economic Co-operation and Development (OECD): Public Expenditure on Health.Rottenberg S. (Ed.): The Economics of Medical Malpractice.Deane Phyllis: The Evolution of Economic Ideas.De Groot A. H.: The Ottoman Empire and the Dutch Republic.Dehem Roger:Dhesi Autar S.: Human Capital Formation and its Utilization.Fisher Douglas : Monetary Theory and the Demand for Money.Fratianni Mighele and Peeters Theo (Eds.): One Money for Europe.Garvy George : Money, Financial Flows, and Credit in the Soviet Union.Haffner Friedrigh: Systemkonträre Beziehungen in der sowjetischen Planwirtschaft.Harris Donald J.: Capital Accumulation and Income Distribution.Harsanyi John C.: Rational Behavior and Bargaining Equilibrium in Games and Social Situations.Harsanyi John C.: Essays on Ethics, Social Behavior, and Scientific Ex-planation.Hensel Paul K.: Systemvergleich als Aufgabe.Hujer Reinhard und Cremer Rolf : Methoden der empirischen Wirtschaftsforschung.Johnson Harry G.: Selected Essays in Monetary Economics.Katona George and Strumpel Burkhard: A Mew Economic Era.Lavigne Marie (Ed.): Economie politique de la planification en système socialiste.Mangum Garth L. and Seninger Stephen F.: Coming of Age in the Ghetto — A Dilemma of Youth Unemployment.Nagatani Keizo: Monetary Theory.Niehans JÜrg: The Theory of Money.O'Driscoll Gerald P.: Adam Smith and Modern Political Economy — Bicentennial Essays on the Wealth of Nations.Page Talbot: Conservation and Economic Efficiency.Patinkin Don and Leith Clark J. (Eds.): Keynes, Cambridge and The General Theory.Pfeiffer Rolf: Kybernetische Analyse ökonomischer Makromodelle für die Bundesrepublik Deutschland.Picht Robert (Hrsg.): Deutschlandstudium I: Kommentierte Bibliographic DAAD.Lasserre RenÉ (Ed.): La France contemporaine:Pohl RÜdiger: Geldkreislauf und Einkotnmenskreislauf.Sichel Werner (Ed.): Economic Advice and Executive Policy.Skilliter S. A.: William Harborne and the Trade with TurkeyVital Christian: Geldnachfragegleichungen für die Schweiz.Galli Alexander: Der Geldangebotsprozess in einer offenen Volkswirt-schaft — dargestellt am Beispiel der Schweiz.Waldman Don E.: Antitrust Action and Market Structure.Weber Luc: L'Analyse Economique des Dépenses Publiques.Winch Donald: Adam Smith's Politics.

Notizen: Bobe Bernard et Llau Pierre: Fiscalité et choix économiques.Breton Albert and Scott Anthony: The Economic Constitution of Federal States.Cavaco-Silva Anibal A.: Economic Effects of Public Debt.Head John G. [1967]: The Theory of Debt Incidence. Revista di Diritto Finanziario e Scienzia delle Finance.Modiglioni Franco [1961]: Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt. Economic Journal.Modiolioni Franco [1964]: How to Make a Burden of the Public Debt: A Reply to Mishan. Journal of Political Economy.Cipolla C. M. und Borchardt K. (Hrsg.): Die Entwicklung der industriellen Gesellschqften.Cline William R., Kawanabe Noboru, Kronsjö T. O. M., and Williams Thomas: Trade Negotiations in the Tokyo Round.Eckey Hans-Friedrich: Strukturorientierte Konjunkturpolitik.Elsner Hermann: Gemeindehaushalte, Konjunktur- und Finanzausgleich.Enthoven Adolf J. H.: Accountancy Systems in Third World Economies.Eurostat (Ed.): Sozialindikatoren für die Europaische Gemeinschaft 1960–1975.Fletcher G. A.: The Discount Houses in London.Frankel Herbert S.: Money: Two Philosophies.Glahe Fred R. (Ed.): Adam Smith and the Wealth of Nations: Bicentennial Essays 1776–1976.Grauhan Rolf Richard und Hickel Rudolf (Hrsg.): Krise des Steuerstaals?Grice-Hutchinson Marjorie: Early Economic Thought in Spain 1177–1740.Hanusch Horst (Hrsg.): Reform öffentlicher Leistungen.Hjalte Krister, Lindgren Karl, and Stahl Ingemar: Environmental Policy and Welfare Economics.Jacquemin Alexis P. and DE Jong Henry W.: European Industrial Organisation.Kellenbenz Hermann: Deutsche Wirtschaftsgeschichte.Kurz Heinz-D.: Zur neoricardianischen Theorie des Allgemeinen Gleichgewickts der Produktion und Zirkulation.Kuschpèta O.: The Banking and Credit System of the USSR.Lee C. H.: The Quantitative Approach to Economic History.Leipert Christian: Gesellschaftliche Berichterstattung.Leontief Wassily (Ed.): Structure, System and Economic Policy.Machlup Fritz: Methodology of Economics and other Social Sciences.Morishima Michio and Catephores George: Value, Exploitation and Growth.Pfaff Martin (Hrsg.): Grenzen der Umverteilung.Pfaff Martin (Hrsg.): Problembereiche der Verteilungs- und Sozialpolitik.Pfaff Martin und Voigtländer Hubert (Hrsg.): Sozialpolitik im Wandel.Rose Manfred: Finanzuiissenschaftliche Verteilungslehre.Schmidt Klaus: Projektplanung.Schuke Andreas: Theorie des Unternehmens. Eine Untersuchung des approximativen Erklärungswertes des traditionellen ökonomischen Modells. Frankfurt M./New York 1977. 205 S.Sijben Jac. J.: Money and Economic Growth.Thoburn John T.: Primary Commodity Exports and Economic Development.Williams James R.: The Canadian- United States Tariff and Canadian Industry: A Multisectoral Analysis.Wingo Lowdon and Evans Alan (Eds.): Public Economics and the Quality of Life.

Notizen: Black Stanley W.: Floating Exchange Rates and National Economic Policy.Willett Thomas D.: Floating Exchange Rates and International Monetay Reform.Bork Robert H.: The Antitrust Paradox: A Poliy at War with Itself.Cass David and Shell Karl (Eds.): The Hamiltonian Approach to Dynamic Economics.Cornwall John: Modern Capitalism. Its Growth and Transformation.Dauphin Roma: The Impact of Free Trade in Canada.Elton Edwin J. and Gruber Martin J. (Eds.): International Capital Markets.Garms Walter I., Guthrie James w., and Pierce Larence C.: School Finance: The Economics and Politics of Public Education. Englewood Cliffs, N. J., Prentice-Hall Inc., 1978. 466 pages. £14.95Grubel Herbert G. and Scott Anthony: The Brain Drain. DeterminantsInternational Labour Office: Meeting Basic Needs.Intriligator Michael D. (Ed.): Frontiers of Quantitative Economics, Vol. III A.Issing O.: Einfühmng in die Geldtheorie.Kühne Karl: Geschichtskonzept und Profitrate im Marxismus.Lewis Arthur W.: The Evolution of the International Economic Order.Milward Alan S. and Saul S.B.: The Development ofthe Economies of Continental Europe 1850–1914.Morishima Michio: Walras' Economics.Opp Karl-Dieter und Schmidt Peter: Einführung in die Mehruariablenanalyse.Phillips D. C.: Holistic Thought in Social Science.Pincus Jonathan J.: Pressure Groups and Politics in Antebellum Taraffs.Posner Michael (Ed.): Public Expenditure.Salvatore Dominick and Dowling Edward T.: Development Economics.Sauvant Karl P. and Lavipour Farid G. (Eds.): Controlling Multinutional Enterprises.Schwödiauer Gerhard (Ed.): Equilibrium and Disequilibrium in Economic Theory.Steedman Ian: Marx after Srafa.Steinberg Eleanor and Yager Joseph A. with Brannon Gerard: New Means of Financing International Needs.Stern Fritz: Gold and Iron.Voigt Fritz und Budischin Jörg: Grenzen der stuatlichen Wirtschufts-politik im gesellschajllichen und sozialen Wandel.Westaway A. J, and Weyman-Jones T. G.: Macroeconomics, Theory, Evidence and Policy.Woll Artur, Faulwasser Bernd und Ramb Bernd-Thomas: Beschäiftigung, Geld und Preisniveaustabilität.

Notizen: Alchian Armen: Economic Forces at Work.Allais Maurice: L'impǒt sur le capital et la réforme monétaire.Anderson Lee G.: The Economics of Fisheries Management.Benson Charles S.: The Economics of Public Education.Dinkel Reiner: Der Zusammenhang zwischen der ökonomischen und politischen Entwicklung in einer Demokratie.Drulović Milojko: Arbeiterselbstverwaltung auf dem Prüfstand.Frey Bruno S.: Moderne Politische Ökonomie.Furniss Norman and Tilton Timothy: The Case for the Welfare State.Jungnickel Rolf, Krägenau Henry, Lefeldt Mattftias und Holthus Manfred: Einfluss multinationaler Unternehmen auf Aussenwirtschaft und Branchenstruktur der Bundesrepublik Deutschland.Kantowsky Detlef (Hrsg.): Evaluierungsforschung and -Praxis in der Entwicklungshilfe.Klaus Joachim: Stadtentwicklungspolitik.Barnbrock Jörn (Hrsg.): Materialien zur Ökonomie der Stadtplanung.Fürst Dietrich (Hrsg.): Stadtökonomie.Krause Lawrence B. and Salant Walter S. (Eds.): Worldwide Inflation.Lowe Adolph: The Path of Economic Growth.Marglin Stephen A.: Value and Price in the Labour-Surplus Economy.Michaely Michael: Theory of Commercial Policy.Mitra Ashok: Terms of Trade and Class Relations.Moore Mark Harrison: Buy and Bust.Nove Alec: The Soviet Economic System.O'Driscoll Gerald P., Jr.: Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek.Ott Claus: Recht and Realität der Unternehmenskorporation.Pasinetti L.L.: Lectures on the Theory of Production.Persell, Caroline H.: Education and Inequality New York.Richardson H.W.: The New Urban Economics: and Alternatives.Sauvant Karl P. and Hasenpflug Hajo (Eds.): The New International Economic Order.Stolz Peter: Basler Wirtschaft in vor- and frühindustrieller Zeit.Vajna Thomas: Prognosen für die Politik.Zeller Willy: Die unuollendete Union, Qualitätsmängel der Europäischen Gemeinschaft.Zeppernick Ralf: Staat and Einkommensverteilung.

Notizen: In der Literatur zur Umweltökonomie werden zahlreiche Unterschiede zwischen den beiden Instrumenten Standards and Steuern behauptet; so etwa bezüglich der statischen and dynamischen Eflizienz, der Überwachungskosten, der Sicherheit der Reaktion auf ein eingesetztes umweltpolitisches Instrument usw. Einigedieser Unterschiede werden hier kritisch analysiert. Das Ergebnis ist, dass häufig (ausser im Fall der bekannten statischen allokativen Ineffizienz von Standards) unzulässige Vergleiche angestellt werden and die Unterschiede bei korrekter Analyse verschwinden. Aberes wird auch eine Situation beschrieben, in der sich Standards and Steuern tatsächlich voneinander unterscheiden and in der die Wahl des richtigen Instruments wichtig ist.

Notizen: In trade negotiations under fixed exchange rates governments insist on reciprocity mainly to ensure that the adverse impact of import barrier reductions on the balance-of-payments and on employment is offset through concurrent trade liberalization abroad. In negotiations under floating currencies reciprocity is not necessary for these purposes because governments can then liberalize unilaterally and let the resulting depreciation equilibrate payments and stimulate a reallocation of resources. In such negotiations reciprocity serves to reduce the political costs of trade liberalization. Applying Downss' economic theory of democracy, the paper shows that governments can win majority support for freer trade only if they subsidize the acquisition or use of information enabling producers and consumers benefitting from the reduction of import barriers to decide to favour the measures. Governments prefer to liberalize trade on a reciprocal basis because this creates easily demonstrable benefits for narrow interest groups and therefore reduces the need for such subsidization.

Notizen: This paper uses both single-equation and multi-equation systems to examine whether fiscal policy ‘crowds out’ private investment. It is found that, for both the United States and Canada, this is in fact the case. In addition, it is shown that this crowding out leads to long term inflation.

Notizen: This paper deals with the occurrence of fiscal illusion and its effect on public expenditures. Fiscal illusion is here taken to be a systematic misperception by individuals of both the public revenue burden borne by them and the amount of benefit they derive from public expenditures. Taking the revenue structure and public outlays of the 110 largest Swiss cities as an example, it is shown that there is in fact empirical evidence for the existence of fiscal illusion (presently defined for the most part in the literature as a systematic underestimation of fiscal burden) and, as a result, for higher public expenditures when it occurs than when it is absent. By dividing the Swiss cities according to the degree of citizen participation in the making of public decisions, we were able to formulate hypotheses predicting to what degree fiscal burden illusion (understood as systematic underestimation) will occur under each system. These hypotheses have been empirically confirmed. Further analysis of the results has indicated that in cities in which the citizens can only indirectly participate in public decision-making, the government and public bureaucracy have more freedom to act independent of the wishes of the voters with respect to expenditures, though these are taken more and more into consideration as elections approach. This expenditure behavior and particularly the concrete manner in which expenditures are adjusted to approaching general elections leads us to the conclusion that illusion with respect to the benefit derived from public expenditures also exists.

Notizen: The paper contains empirical tests of the monetary approach to exchange rate determination for the price of Italian banknotes in terms of Swiss francs quoted in Zürich. The exchange rate was chosen because it is less influenced by government intervention than the official rate. In addition, there is little reverse causation between the chosen exchange rate and its explanatory variables due to the small size of the market analyzed. The tests indicate that the exchange rate analyzed adjusted in only two months to relative rates of monetary expansion between Italy and Switzerland. This fast adjustment is not implausible considering that the market involves to a large extent illegal capital outflows from Italy. Since data on monetary aggregates are published on average with a lag of about two months, he tests do not exclude that the market considered was efficient in a semi-strong form. The price of Italian banknotes in Zürich was also significantly affected by relative inflationary expectations and by seasonal factors connected with the inflow of foreign tourists to Italy.

Notizen: This paper investigates some of the determinants of the decline in corporate profits as a share of national income in six industrial countries. First, it presents evidence that much of the decline in the profits share has resulted from changes in the distribution of gross profits among dividends, interest, and retained earnings, apparently due to rising corporate debt/equity ratios. Second, the paper examines the cyclical behavior of the gross profits share. Estimates of the normal cyclical behavior of profits shares suggest that much of the recent decline in profits shares is a normal response to weak economic activity. Finally, the techniques used to estimate cyclically normal profits shares suggest that in most of these countries the profits share has been below its full-employment level during the 1970's.

Notizen: Die gegenseitige Beeinflussung von Wirtschaft and Politik wird durch politisch-ökonomische Modelle empirisch erfasst. Es fragt sich, welche wirtschaftspolitischen Möglichkeiten bestehen, wenn die Regierung einen endogenen Bestandteil des politisch-ökonomischen Systems bildet. Als Ansatzpunkte bieten sich die Information and Beeinflussung der Präferenzen der Wähler und der Regierung, die Veränderung der wirtschaftlichen Einschränkungen des Handlungsspielraumes der Regierung and der Verfassungsvertrag an. Die Ratschläge werden grundsätzlich im Interesse der wirtschaftspolitischen Entscheidungsträger gegeben – und nicht unabhängig oder gegen sie. Diese neue Sicht wird der herrschenden Lehre der (quantitativen) Theorie der Wirtschaftspolitik (insbesondere der Theorie optimaler Steuern) sowie der Theorie rationaler Erwartungen gegenübergestellt.

Notizen: Colonial rule reflects itself in disproportionately strong trade ties between the colonies and their mother country. The example of the old British Dominions is sometimes cited to suggest that this is the result of cultural and linguistic ties rather than of colonialist exploitation. To evaluate the effect of such cultural ties on trade we examine the trade share held by Spain in the Spanish-speaking countries of Latin America. It is shown that in the early 1960s no effects of cul-tural ties were visible. They had however, become apparent by the beginning of the following decade, in the wake of Spain's rapid industrial growth. Thus while cultural ties are conducive to trade, they are by no means a sufficient condition for it.

Notizen: Abouchar Alan (Ed.): The Socialist Price Mechanism.Adler-Karlsson G.: The Political Economy of East-West-South Cooperation.Atlantic Council ofthe United States: GATTPlus-A Proposal for Trade Reform.Bohley Peter: Geühren und Beiträge.Borcherding Thomas E. (Ed.): Budgets and Bureaucrats.Borner Silvio: Die amerikanische Stabilitätspolitik seit 1946.Campbell Colin D. (Ed.): Income Redistribution.Chou Marylin, Harmon David P., Jr., Kahn Herman and Wittwer Sylvan H.: World Food Prospects and Agricultural Potential.Cipolla C. M. and Borchardt K. (Hrsg.): Die Industrielle Revolution.Claassen E. and Salin P. (Eds.): Recent Issues in International Monetaty EconomicsClaussen Peter: Einführung in die Theorie der Inflation.Gabor André: Pricing.Hankel Wilhelm: Weltwirtschaft.Hartley Keith: Problems of Economic Policy.Henderson W. 0.: The Life of Friedrich Engels.Howson Susan and Winch Donald: The Economic Advisory Council 1930–1939.Hutchison T. W.: Knowledge and Ignorance in Economics.International Monetary Fund: The Monetary Approach to the Balance of Payments.Kolm Serge-Christophe: La transition socialiste.Lee Moon H.: Purchasing Power Parity.Macbean Alasdair I. and Balasubramanyam V. N.: Meeting the Third World Challenge.Müller Richard und Röck Werner: Konjunktur- und Stabilisie-rungspolitik.Peffekoven Rolf: Einführung in die Grundbegriffe der Finanzwissenschaft.Regul Rudolf (Hrsg.): Die Europäischen Gemeinschaften und die Mittelmeerländer.Schmitz Wolfgang: Die antizyklische Konjunkturpolitik - eine Illusion.Starbatty Joachim: Erfolgskontrolle der Globalsteuerung.Schumacher Harald: Diversifikation, Wettbewerb und Strukturflexibilität.Slater Lucy Joan: Gem. A General Econometric Matrix Program.Todaro Michael P.: Economic Development in the Third World.Tsoukalis Loukas: The Politics and Economics of European Monetary Integration.

Notizen: Bairoch Paul: Commerce extërieur et développement économique de l'Europe au XIXe siècle.Blaug Mark (Ed.): The Economics of the Arts.Böckels Lothar, Scharf Bodo and Widmaier Hans Peter: Machtverteilung im Sozialstaat.Widmaier Hans Peter: Sozialpolitik im Wohfahrtsstaat.Bombach G., Ramser H.J., Timmermann M. and Wittmann W. (Hrsg.): Der Keynesianismus.Brown Murray, Sato Kazuo, and Zarenbka Paul (Eds.): Essays in Modern Capital Theory.Csepinszky A. (Ed.): Input-Output Techniques.Dürr Ernst: Wachstumspolitik.Giersch Herbert: Konjunktur- and Wachstumspolitik in der offenen Wirtschaft.Eckstein Otto (Ed.): Parameters and Policies in the U.S. Economy.Gordon Barry: Political Economy in Parliament 1819-1823.Hayek F. A.: Denationalisation of Money.Heertje Arnold: Economics and Technical Change.Henry Louis: Population: Analysis and Models.Herder-Dorneich Philipp and Groser Manfred: Ökonomische Theorie des politischen Wettbewerbs.Herring Richard J. and Marston Richard C.: National Monetary Policies and International Financial Markets.Horn Ernst-Jürgen: Technologische Neuerungen and internationale Arbeitsteilung.Nau Henry R.: Technology Transfer and U.S. Foreign Policy.Lesourne Jacques: Les systëmes du destin.Luhmann N., Becker H., Ronge V., Meissner W., Offe C. U. a.: Interaktion von Wissenschaft and Politik.Machlup Fritz (Ed.): Economic Integration Worldwide, Regional, Sectoral.Malinvaud Edmond: The Theory of Unemployment Reconsidered.Münnich Frank E.: Einführung in die empirische Makroökonomik.Pitchford John D. and Turnovsky Stephen J.: Applications of Control Theory to Economic Analysis.Posner Richard A.: Antitrust Law: An Economic Perspective.Prais S.J.: The Evolution of Giant Firms in Britain.Schultz Bruno: Kleine deutsche Geldgeschichte des 19. and 20. Jahrhunderts.Shonfield Andrew (Ed.): International Economic Relations of the Western World 1959-1971.Sijben Jac. J.: Money and Economic Growth.Stem Carl H., Makin John H., and Logue Dennis E. (Eds.): Eurocurrencies and the International Monetary System.

Notizen: This paper attempts a partial reformulation of the theory of the firm around the central issue of the distribution of profits. According to the institutional, market and purchasing environment in which they operate, the firms can generate surplus profits. Depending on their bargaining strength participants in the firm viz.– management, shareholders, customers, labour and suppliers of other inputs – can share in this surplus by securing payments above opportunity costs. The paper (i) presents a taxonomy of business conduct for incorporating the distribution of profits into existing explanations (ii) examines the extent to which these explanations require modification if this is done, (iii) explores the determinants of the relative bargaining strengths of the stakeholders, and (iv) suggest some implications for future studies of business behaviour.

Notizen: The rise in unemployment after 1970 has reinforced the issue of structural versus cyclical unemployment. Structural unemployment can be distinguished into Demand, Cost and Search Structuralism. The importance of the last-mentioned type, which involves structural changes in search behaviour of individuals and changes in the structure of the labour market, is investigated for Germany, France, the United Kingdom, the Netherlands and Belgium. After a view oflabour market data 1955–1975 and their characteristics, an analytical framework is introduced which underlies the analysis of the labour market in terms of unemployment and vacancy rates. Cyclical and structural shifts of the relationship between these rates are studied separately. For all the countries a structural shift, pointing to Search Structuralism, is observed after 1967. In combination with frictional unemployment, it seems to amount to about 56–60% of total unemployment in 1975. The results suggest that macroeconomic policies aiming at the stimulation of demand and/or the reduction of costs, are considerably constrained in their potential effects on unemployment with the present functioning of the labour market.

Notizen: This article argues that in the post-Bretton Woods era, the International Monetary Fund is rapidly acquiring the characteristics of a central bank for national central banks. Support for this argument is found in the fact that since 1974 the IMF has significantly broadened both its financial intermediation and lending activities. The extent and quality ofconditions which the Fund attached to the January 1977 stand-by arrangement with the United Kingdom is also cited as resembling central-bank-type control. The IMF's influence over the large banks which dominate the commercial interbank market, the new (June 1974) system for valuing Special Drawing Rights (SDRs), the actual and potential new uses of SDRs, and the broad recasting of the Fund's Articles of Agreement which is accomplished by the Second Amendment are also reviewed and cited as supporting the basic argument.

Notizen: In diesem Aufsatz zeigt der Autor am Beispiel der inversen (hyperbolischen)Engelkurve, dass modernere psychologische und soziologische Konzepte wie Frustration und Anspruchsniveau gut in die «alte» Theorie passen und diese auch verhaltenstheoretisch anreichern. Am Beispiel der Verbrauchsausgaben städtischer Arbeitnehmer für privaten Verkehr von 1962 bis 1974 werden diese Hypothesen illustriert, wobei die geschätzten Parameter der Engelkurve als interessante (auch für Soziologen) schichtspezifische Masszahlen fur Frustration und An-spruchsniveau im Kontext demonstrativen Konsums (T. Veblen) städtischer Arbeitnehmer interpretiert werden.

Notizen: Voluntary export restraints (VRSs) and orderly marketing arrangements (OMAs) are increasingly important relative to explicit trade restrictions such as tariffs and quotas. Unlike the latter, which are applied by the importing countries, VERs and OMAs as protectionist techniques are implemented under duress by the exporting nations themselves. They are part of a growing ‘rifle approach’ to protection designed to curb imports specifically from ‘disruptive’ supplier countries. Textiles, footwear, consumer electronics and steel are some of the product groups affected in recent years, with Japan, South Korea, Hong Kong, Brazil, Taiwan and Singapore among the main victims. In 1976 an estimated $ 9.4 billion of international trade was covered by such restrictions, or about 16% of OECD imports in the affected product categories. It is often alleged that such ‘voluntary’ controls are less trade-restrictive than outright quotas imposed on imports. This paper shows that, in the event that export licences are themselves tradeable and subject to monopolization - which is often the case – precisely the opposite will tend to be the case. Even greater restrictiveness may occur when multiple products are covered by a single OMA or VER.

Notizen: The article reviews a recent OECD attempt to explain the causes of the acceleration of inflation from the mid-1960's to the early 1970's and the impact of government policy responses i.e., stagflation. The report is optimistic about the future growth, employment and inflation performance of the OECD economies. This optimum is criticised for several reasons. While most of the factors as causes of the acceleration in inflation are non-economic, the chief policy measures advocated for a return to ‘normally’ are economic, i.e., demand management. No evidence is offered that the (largely) non-economic structural changes that contributed to the acceleration of inflation have disappeared and are therefore unlikely to reassert themselves if and when governments decide to push for full employment. The future is just as likely to be one of continued stagflation or a permanent incomes policy as it is a return to pre-1970 conditions.

Notizen: Does economic growth increase social welfare (happiness)? Answers to such questions can only be provided by a complete analysis of all the objective, subjective, and institutional effects. All measures originate from the subjective world, working through the institutional setting to affect the objective world, the institutional setting and/or the subjective world. Due to the increasing complexity of the modern society, it is likely that more problems are going to involve significant institutional and subjective effects, making a complete multidisciplinary study more necessary. As an introduction to this argument, the Harrod-Hirsch concept of positional goods and its implications on the desirability of economic growth are analysed geometrically and extended. A simple method to reduce the difficulty of comparability in happiness surveys is also suggested.

Notizen: It comes perhaps as no surprise that approximately 70% of all outlays for military procurement in the United States were accounted for by the 100 largest military contractors in each year during 1965–1974. This clear dominance can be primarily explained by the non-market character of the defense market where the bulk of contracts is negotiated rather than competitive in terms of sealed bids. Long-term procurement contracts as a steady and secure source of income may also serve as an incentive for conglomerates to acquire defense contractors in order to enter the defense market via toehold acquisitions. The penetration of the so-called ‘new conglomerates’ during the 1960s into the defense market is a case in point. It can be safely assumed that the procurement incentive was the prime motivation in the merger decision among these pure-conglomerate mergers. Furthermore, the majority of mergers benefited greatly from a generous implicit grant for mergers, viz. the provision of a tax-free reorganization according to Sec. 368 IRC.

Notizen: The objective of this paper is to present the empirical results of an investigation into the links between investment stability and industrial structure in U.K. manufacturing industry. First, the alternative theoretical propositions concerning the influence of industrial structure on the stability of capital investment over the business cycle are discussed. This is followed by a description of the data and the specification of the variables used. Subsequently, the empirical results obtained from multivariate regression equations are analysed. The influence of industrial structure and diversification on the adjustment of capital stock and on the convergence of dynamic systems to equilibrium is then examined. Finally, the main conclusions drawn from the analysis are discussed.

Notizen: The present paper attempts a more direct test of the growth and profit maximizing theories of the firm, than previously presented. The approach is to estimate directly the marginal rates of return on investment for individual firms and individual years, over time, for a sample of large U.S. industrial corporations. The marginal rate of return estimates are then statistically compared to several cost of capital series, on a year-by-year basis. Substantial, prolonged, and statistically significant overinvestment is discovered, casting doubt on the profit maximizing conditions but supporting the growth theory of the firm.

Notizen: The paper is a result of a research conducted in six African French speaking countries in the years 1962–1975. The objective of the study was to learn about the attitudes of foreign assistance personnel, national counterparts their interaction as agents of development. The major findings obtained were: (a) Foreign experts, particularly of multilateral assistance, experience anxiety concerning their professional and occupational career. They are very critical to the qualities of their counterparts, the envisaged pace of development and their own institutional headquarters. Senior experts are less inclined to invest in counterpart training than are their young colleagues. A high negative correlation exists between seniority of experts and the rate of progress they envisage. (b) Scarcity of capable national counterparts is still an obstacle to many projects. Their major weakness is lack of motivation rather than formal education or vocational training. Preference for multilateral assistance indicates a desire for cooperation with donor which is politically neutral. (c) Most experts (58%) envisaged a meaningful breakthrough of the developing countries in more than 50 years, while majority (79%) of the counterparts foresaw substantial progress within 20 years. Most experts (79%) pointed to human and administrative drawbacks as major obstacles to development, as compared with only 15% of the local counterparts. The majority (76%) of the latter believe that the major obstacles are due to lack of capital and equipment. Nevertheless the vast majority (87%) of local counterparts were of the opinion that the contribution of foreign assistance personnel development is necessary or rather essential, compared within only 34% among experts of a similar opinion.