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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    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.
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  • 2
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    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.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: The Marshall-Lerner criterion for a successful devaluation assumes perfectly competitive markets to exist in both countries. The consequent equality of marginal cost and price ensures that the price effect of the devaluation will be transmitted to the international market. There are three types of transaction which may lead to the maintenance of the price of export in foreign currency in the wake of a devaluation: goods originating in imperfectly competitive domestic product markets; goods having their international prices determined by international bodies; and international flows of interest and dividends which are defined in foreign currency. If these types of transaction form an important part of the devaluing nation's payments or receipts, there is a positive probability that the Marshall-Lerner condition will overstate the sum of the demand elasticities necessary for effective devaluation.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This paper deals with several issues related to the impact of import substitution on a country's demand for imports. With the help of a simple model, it points out that once a given rate of growth has been reached and is maintained through time, the fact that investment expenditures have a high import component will not give rise to balance of payments difficulties, as the direct impact of this year's investment on the demand for imports should be more than offset by last year's investment in the import substituting industry now coming to fruition. The pressures on the balance of payments will arise during the transition period when a country is attempting to step up capital formation in the import substituting sector. The paper also emphasizes the need to take into account all direct and indirect repercussions of an increase in investment on the demand for imports when estimating the foreign exchange savings to be realized from a given investment project.The second part of the paper considers the likely effects of a change in the relative prices of imports on the manufacturing sector producing goods previously imported, but which still relies on imported raw materials and intermediate products, and on the demand for imports. Several reasons are given for a presumption against a high price elasticity in the demand for imports, based on the derived nature of a large component of such demand. Given these structural conditions the alternatives open to a policy maker in a semi-industrialized country facing the need to cut back imports are likely to be quite grim.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: Baer, Werner, and Kerstenetzky, Isaac (Eds.). Inflation and Growth in Latin AmericaBalabkins, Nicholas. Germany under Direct ControlsBehrendt, Richard F. Soziale Strategic für EntwicklungsländerBenoit, E., and Boulding, K. E. (Eds.). Disarmament and the EconomyBurdeau, Georges. Einführung in die politische WissenschaftCorden, w. m. Recent Developments in the Theory of International TradeCowling, Maurice. Mill and Liberalism.iFei, John C. H., and Ranis, Gustav. Development of the Labour Surplus EconomyFogel, Robert William. Railroads and American Economic GrowthGehring, Paul. Friedrich ListBurt, Nathaniel. The Perennial Philadelphians.VON Gersdorff, Ralph. Wirtschaftsprobleme Portugiesisch-Afrikas.Greenhut, Melvin L., and Whitman, W. Tate (Eds.). Essays in Southern Economic Development.Grosse, Niels. Ökonomik der KernenergieHadley, George F. Non-Linear and Dynamic Programming.Hagemann, Max. Der provisorische FriedenHalm, George N. The ‘Band’ Proposal: The Limits of Permissible Ex-change Rate VariationsHinsley, F. H. Power and the Pursuit of Peace.Horie, Shigeo. The International Monetary FundKerr, Clark. Labor and Management in Industrial SocietyLoutfy, Aly. La technique élevée à la suprěme puissance: la planification de l'économieLüdeke, D. Schätzprobleme in der Ökonometrie.Madan, B. K. Aspects of Economic Development and Policy.Maddison, Angus. Economic Growth in the West: Comparative Experience in Europe and North AmericaMurphy, J. Carter (Ed.). Money in the International Order.Netzband, Karl-Bernhard und Widmaier, Hans Peter.Wäh-rungs- und Finanzpolitik der Ära Luther, 1923-1925Schweitzer, Arthur. Big Business in the Third Reich.Smith, PaulF. Consumer Credit CostVogt, Winfried. Makroökonomische Bestimmungsgründe des wirtschaft-lichen Wachstums in der Bundesrepublik Deutschland 1950-1960.Waasdijk, T. VAN. Public Expenditure in South Africa
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: Schumpeter's sociological conception remained remarkably unchanged and consistent over his life. In his early publication Wesen und Hauptinhalt der theoretischen Nationalökonomie he separates entirely Economics and Sociology, but the ‘static’ theory (which neglects human action) inevitably leads to the ‘dynamic’ theory (which intends to centre again human action) in his Theorie der wirtschaftlichen Entwicklung. Undoubtedly fundamental for his theory was not only the conception of numerically neither verifiable nor falsifiable qualitative mutations. But unfortunately through the sociological-institutional basis of the book, the sociological prerequisites of the required innovations were failed to be recognized.Schumpeter intended a comprehensive theory of modern capitalism; in his view such a theory had to consist of the theories of origins, effects and decline of modern capitalism. The ‘effects’ he imagined to have developed by his above mentioned theory, in connection with an article ‘Zur Soziologie des Imperialismus’, the ‘origins’ by the article ‘Die sozialen Klassen im ethnisch homogenen Milieu’, which contains also a theory of the generation of social classes and class mobility, and the ‘decline’ by the book Kapitalismus, Sozialismus und Kommunismus. Capitalism will break down, because continuous economic success would destroy the indispensable bases. It is also often overlooked that Schumpeter already 1917 agreed with Max Weber and Pareto on the scope and methodology of sociology, thus stating, that sociology was a science free of value judgements dealing with the interactions between individuals and groups of individuals in a social entirety. Not only extend sociological elements most of his publications—especially the works published when he lectured in Bonn on ‘Gesellschaftslehre’—he also conceded in a work published after his death, that Sociology, Economics, History and Statistics were entirely equally entitled, consequently concluding—after having already early recognized the common bases of Sociology and Economics—that ‘economic’ and ‘other’ actions could not be separated rigorously.
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  • 8
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Type of Medium: Electronic Resource
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  • 9
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 18 (1965), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Type of Medium: Electronic Resource
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