ALBERT

Notizen: The existence of a quasi-periodic cycle in growth rates of major economic indicators has become one of the more popular stylized facts in interpreting postwar macro-dynamics. In this paper, we examine the statistical record of sixteen OECD countries over the 1950-1970 period to determine the degree of regularity in movements of annual growth rates in both GNP and several disaggregated components. The Wallis-Moore test is employed to establish the significance of the deviation of growth rate fluctuations from those of a purely random series. In only 13 of the 90 series investigated were these deviations statistically significant and in only two countries, Germany and Finland, were more than one growth series significantly non-random. These results suggest that there is little statistical significance to the growth cycle hypothesis from an annual perspective and that postwar macro-dynamics generally fail to reflect in the growth rate domain much of the regularity observed in the more traditional business cycle of the prewar period.

Notizen: The paper reviews and assesses recent developments in transport planning techniques and makes suggestions on those aspects on which further research could most productively focus. Part I deals with various traffic forecasting methods, a field in which newer microeconomic decision models appear to provide promising results. Part II analyzes the use and limits of various planning techniques at the project, modal network and intermodal level, with particular emphasis on multiparametric simulation models; special attention is directed at the interdependence of investment, pricing, taxes/subsidies and access control. Part III is concerned with some ambitious but rather unsatisfactory attempts of predicting the locational impact of changes in the transport sector on other sectors of the economy; consistency analysis, dynamic planning and further basic line data collection, necessary to formulate models of higher predictive value, are suggested. Part IV discusses the implications of using transport policy as an instrument for explicitly influencing the desired regional pattern of economical and social activities, an area to which priority of further research should be given.

Notizen: Aliber Robert Z.: The International Money Game.Borghert Manfred: Die Zinsabhängigkeit der Geldnachfrage.Busch Dirk W.: Berufliche Wertorientierung und berufliche Mobilität.Caves Richard E. and Jones Ronald W.: World Trade and Payments.Champernowne D. G.: The Distribution of Income between Persons.Coffey Peter: The Social Economy of France.Dibb Paul: Siberia and the Pacific.Dudley B. J.: Instability and Political Order: Politics and Crisis in Nigeria.Hardagh Gerd: Der Erste Weltkrieg.Harms Uwe und Tachja Mohamed Ta'lam: Perspektiven der wirtschaftlichen Entwicklung Indonesiens.Helberger Christof: Marxismus als Methode.Hemmer Hans-Rimbert : Strukturprobleme des Wirtschaftswachstums.Hollander Samuel: The Economics of Adam Smith.Jarchow Hans Joachim: Theorie und Politik des Geldes.Johnson Harry G.: The Theory of Income Distribution.KÖhler Claus (Hrsg.): Geldpolitik - kontrovers.Kregel J. A.: The Reconstruction of Political Economy.Krengel Rolf (Hrsg): Neuere Methoden der ProduktivitätsmessungMackscheidt Klaus: Zur Theorie des optimalen Budgets.Mathews R. L. and Jay W. R. C.: Federal Finance.Michael Donald N.: On Learning to Plan - and Planning to Learn.Milenkovitch Deborah D.: Plan and Market in Yugoslav Economic Thought.Munier Bertrand: Jeux et Marchés.Nove Alec: Efficiency Criteria for Nationalised Industries.Pasgaly Franz-Joachim: Internationale Arbeitsteilung in EWG und COMECON.Podolski T. M.: Socialist Banking and Monetary Control: The Experience of Poland.Reeb Donald J. and Kirk James T. Jr. (Eds.): Housing the Poor.Reuber Grant L., with Crookell H., Emerson M., and Gallais-Hamonno G.: Private Foreign Investment in Development.SÄttler Martin: Ein ökonomisches Simulationsmodell für zentrale Orte als Instrument der Stadtentwicklungsplanung.SchÄfers Bernhard (Hrsg.): Gesellschaftliche Planung.Schmitz Enno : Das Problem der Ausbildungsfinanzierung in der neoklassischen Bildungsökonomie.Schwartz Pedro: The New Political Economy of J. S. Mill.Siebert Horst: Das produzierte Chaos.Steiss Alan Walter: Public Budgeting and Management.Tegtmeier Werner: Wirkungen der Mitbestimmung der Arbeitnehmer. Towards a New World Economy. Papers and proceedings of the Fifth European Conference of the Society for International Development, The Hague 1971, October, 1971.Weger Hans-Dieter: Sozialpolitische Analyse der Konjunkturpolitik.Wolf Thomas A.: U. S. East- West Trade Policy.Yavitz Boris, Morse Dean W., with Dutka Anna B.: The Labour Market: An Information System.Zaltman Geraldet al.: Processes and Phenomena of Social Change.

Notizen: Aber John W. : Beta Coefficients and Models of Security Return.Atkinson A. B. : Unequal Shares.Ausch SÁndor: Theory and Practice of CMEA Cooperation.Bell Daniel: The Coming of Post-Industrial Society.Bermbach Udo (Hrsg.): Theorie und Praxis der direkten Demokratie.Bretton Henry L. : Power and Politics in Africa.Brinkmann Gerhard, Rippe Wolfgang, mit Garding Hartmut: Qualität und Quantität des Bedarfs an Führungskräften der Wirtschaft Nordrhein-Westfalens bis zum Jahre 1990Carter A. P. and Brody A. (Eds.): Input-Output Techniques.Connolly Michael B. and Swoboda Alexander K. (Eds.): International Trade and Money.Daly Herman E. (Ed.): Toward a Steady-State Economy.Douglas Dorothy W.: Transitional Economic Systems.Engelsing Rolf: Sozial- und Wirtschaftsgeschichte Deutschlands.Fetsgher Iring: Demokratie zwischen Sozialdemokratie und Sozialismus.Fox Karl A. (Ed.): Economic Analysis for Educational PlanningGaltung Johan : The European Community: A Superpower in the Making.Hawkes Nigel (Ed.): International Seminar on Trends in Mathematical Modelling.Hicks John: Capital and Time.Holtrop M. W. : Money in an Open Economy.Jaeger Hans: Geschichte der amerikaniscken Wirtschaft im 20. Jahrhundert.Kirzner Israel M. : Competition and Entrepreneurship.KÜhne Karl : Ökonomie und Marxismus.Meier Gerald M. : Problems of Trade Policy.Mossin Jan : Theory of Financial Markets.Nowotny Ewald, Rothschild Kurt W. und SchwÖdiauer Gerhardt : Bestimmungsgründe der Lohnbewegung.Oberender Peter : Industrielle Forschung und Entwicklung.Ramsay William and Anderson Claude: Managing the Environment.Rittig Gisbert und Ortlieb Heinz-Dietrich (Hrsg.): Gemeinwirtschaft im Wandel der Gesellschaft.Roberts Paul Craig and Stephenson Matthew A. : Marx's Theory of Exchange, Alienation and Crisis.RÖper Burkhardt (Hrsg.): Technischer Fortschritt und Unternehmensgrösse.Roth Reinhold : Parteiensystem und AussenpolitikSalles Pierre : Problèmes économiques généraux.Scaperlanda Anthony (Ed.): Prospects for Eliminating Non-Tariff Distortions.Schmitt Bernard : Macroeconomic Theory.Schneider Helmut: MikroökonomieSchuster Helmut: Wettbewerbspolitik.Shoup Donald C. and Mehay Stephen L. : Program Budgeting for Urban Police Services.Somermeyer W. H. and Bannink R. : A Consumption-savings Model and its Applications.Stevenson Horst: Informationssysteme für Kreditinstitute.SzÉll GyÖrgy (Hrsg.): Regionale Mobilität.Tiedtke Jochen: Zahlungsbilanzausgleich.Whitcomb David K. : Externalities and Welfare.

Notizen: Andel, Norbert: Subventionen als Instrument des finanzwirtschaftlichen Interventionismus Barth, Hans Joseph: Zum Einfluss der schleichenden Inflation auf das wirtschaftliche Wachstum Bauer, Raymond A., und Gergen, Kenneth J. (Hrsg.): The Study of Policy Formation Bertin, Gilles-Y.: L'investissement public international Burger, Anna: Economic Problems of Consumer's Services Carter, C. F., and Ford, J. L. (Eds.): Uncertainty and Expectations in Economics Clayton, G., Gilbert, J. C., and Sedgwick, R. (Eds.): Monetary Theory and Monetary Policy in the 1970s Cooper, R. A., Hartley, K., and Harvey, C. R. M.: Export Performance and the Pressure of Demand Fest, Hartmut E.: Zur gesamtwirtschaftlichen Konsistenz des Entschei-dungskriteriums für die Auswahl öffentlicher Investitionen Fleming, J. Marcus: Essays in International Economics Gandolfo, Giancarlo: Mathematical Methods and Models in Economic Dynamics Golay, Frank H., Anspach, Ralph, Pfanner, M. Ruth, and Ayal, Eliezer B.: Underdevelopment and Economic Nationalism in Southeast Asia Hahn, F. E. (Ed.): Readings in the Theory of Growth Hayami, Yujiro, and Ruttan, Vernon W.: Agricultural Development Herndon, James F., and Bernd, Joseph L. (Eds.): Mathematical Applications in Political Science V Ingham, Geoffrey K.: Size of Industrial Organization and Worker Behaviour Keller, Heinz E.: Die Funktionsfähigkeit des Wettbewerbs zwischen Schiene und Strasse im Güterverkehr Kregel, J. A.: Rate of Profit, Distribution and Growth: The Two Views Kruse-Rodenacker, Albrecht: Die Stunde der Aussenseiter Laulan, M. Yves (Ed.): Prospects for Soviet Economic Growth in the 1970s Lele, Uma J.: Food Grain Marketing in India Margolis, Julius (Ed.): The Analysis of Public Output Mattick, Paul: Marx und Keynes Pauly, Mark V.: Medical Care at Public Expense Porstmann, Reiner: Zur Theorie der Nachfrage Ringstad, V.: Estimating Production Functions and Technical Change from Micro Data Romig, Friedrich: Die ideologischen Elemente in der neoklassischen Theorie Ronge, Volker, und Schmieg, Günter (Hrsg.): Politische Planung in Theorie und Praxis Schremmer, Eckart: Die Wirtschaft Bayerns Solari, Luigi: Théorie des choix et fonctions de consommation semi-agrégées Spulber, Nicolas: Socialist Management and Planning Taira, Koji: Economic Development and the Labor Market in Japan Ulman, Lloyd, and Flanagan, Ro bert J.: Wage Restraint: A Study of Income Policies in Western Europe Westphal, Uwe: Theoretische und empirische Untersuchungen zur Geldnachfrage und zum Geldangebot Wilson, Robert R.: International Law and Contemporary Commonwealth Issues Yanaga, Chitoshi: Big Business in Japanese Politics Yudelman, Montague, with Howard, Frederic: Agricultural Development and Economic Integration in Latin America

Notizen: In addition to the papers of Granger and Morgenstern concerning the development of stock prices at the New York and London stock market, German stock prices were analyzed by means of the method of spectral analysis using both direct and indirect estimation procedures. It is shown that short-run movements can suitably be described by the well-known random-walk model. In contrast, the long-run movements show cycles corresponding to the business cycles in the Western German economy. One of the results of the phase analysis is the lead of the stock market against the general business activity.

Notizen: The Economic Theory of German neoliberalism comprises a certain conglomerate of an absolutely free choice of selecting an economic system on the one hand and a definite determination of the economic policy that results of this choice on the other; this conglomerate prevented the theory of neoliberalism to become a valid theory of economic policy. The former German neoliberalism reduces the categories of aims and means to the choice of the economic system, an unhistorical approach, because such a choice never happened at all. But such an approach enabled the neoliberal authors to reduce any economic policy to only conservate the market system. Even the modern approach of separating qualitative and quantitative policies pursues the same intentions: although indefensible positions vanished under the impression of Keynesian theories, nevertheless the definition of a genuine qualitative policy implicates that the latter has the function of conservating the market system. This distinction of qualitative and quantitative policy has another meaning than in the system of Tinbergen. Since the criteria of separation are ambiguous, even the modern approaches of German neoliberal economic policies remain inadequate compared with the modern theory of economic policy a la Tinbergen.

Notizen: Arrow, Kenneth J., and Kurz, Mordecai: Public Investment, the Rate of Return, and Optimal Fiscal Policy.Benveniste, Guy: Bureaucracy and National Planning.Bieda, Ken: The Structure and Operation of the Japanese Economy.Dunning, John H.: Studies in International Investment.Einzig, Paul: The Case against Floating Exchanges.El Mallakh, Ragaei: Economic Development and Regional Cooperation: Kuwait.Fehlbaum, Rolf Peter: Saint-Simon und die Saint-Simonisten.Friedrichs, Günter (Hrsg.): Computer und Angestellte.Graf, Kurt: Die zolbolitischen Zielsetzungen im Wandel der Geschichte.Hansen, Niles M.: Rural Poverty and the Urban Crisis.R. Hickel (Hrsg.): Karl Marx, Bas Kapital. Kritik der politischen Ökonomie.Horvat, Branko: An Essay on Yugoslav Society.Hunter, L. C., Reid, G. L., and Boddy, D.: Labour Problems and Technological Change.Kruse-Rodenacker, Albrecht, und Dumke, Horst, unter Mit arbeit von Götz, Niklas: Kapitalhilfe.Lachmann, L.M.: The Legacy of Max Weber. L'entreprise publique et la tarification.Levinson, Jerome, and De Onís, Juan: The Alliance That Losts Its Way.Levitan, Sar A.: Programs in Aid of the Poor for the 1970's.Löwenstein, Julius I.: Vision und Wirklichkeit. Marx contra Marxismus.Luckenbach, Helga: Wirtschaftswachstum und internationaler Handel.Lutz, Vera: Central Planning for the Market Economy.McDougall, I.A., and Snape, R.H. (Eds.): Studies in International Economics.Meade, James Edward: The Theoy of Indicative Planning.Nowotny, Ewald: Regionalökonomie – Eine Übersicht über Entwicklung, Probleme und Methoden.O'Brien, D. P.: J. R. McCulloch. A Study in Classical Economics.Ott, Alfred E.: Einführung in die dynamische Wirtschaftstheorie.Plate, Roderich: Agrarmarktpolitik.Robbins, Lionel: The Evolution of Modern Economic Theory.Rueff, Jacques: Le Péché Monétaire de l'Occident.Sauermann, Heinz (Hrsg.): Beiträge zur experimentellen Wirtschafts-forschung.Schneider, Erich: Joseph A. Schumpeter.Schulz-Hanssen, Klaus: Die Stellung der Elektroindustrie im Industrialisierungsprozess.Scitovsky, Tibor: Money and the Balance of Payments.Siegrist, Johannes: Das Consensus-Modell.Södersten, Bo: International Economics.Wilczynski, Janusz: The Economics of Socialism.

Notizen: The paper is concerned with the conditions for existence and stability of the steady-state growth path in a two-sector model with fixed factor coefficients, and their correspondence to the respective conditions for the usual neoclassical model so well scrutinized. The analysis displays the strong resemblance of these conditions in both models. Especially, a sufficient condition for local stability in the neoclassical model comes out as the necessary condition for global stability in this model. And once more the capital-intensity hypothesis is of crucial importance. Of course, the conditions referring to substitution possibilities must be abandoned, but otherwise, as in the neoclassical framework, if only the capital-intensity condition is satisfied, the conditions ensuring the uniqueness of the momentary equilibrium, also suffice for the global stability of the ensuing steady-state path. The analysis gives reasons for this coincidence by explicating the relation-ships which render this result.

Notizen: The present article deals systematically with the objections against the traditional manpower-approach. The result thereof is a catalogue of variably urgent research aims. The wide-spread pessimism concerning the possibilities of methodically extending the manpower-approach thereby turns out to be at least premature. The traditional manpower-approach is very inflexible. It is based on the assumption of a predetermined expansion of final demand and labour productivity and takes coefficients as fixed. This means among other things that political decisions —like determining the teacher/pupil-ratio or the share of research workers among total personnel—cannot be changed. In the article is outlined how to overcome these shortcomings. Allowing for decision margins in dividing up the labour force between the production of consumption- and capital-goods and between education and research poses difficult theoretical and statistical problems; but it does not fundamentally make impossible the application of the manpower-approach.

Notizen: Some federal structures are and have been stable for relatively long periods; others, though apparently stable, are chronically subject to important strains, while others still are either unstable or have ceased to exist as federal entities. In the paper, I develop a limited model of federalism, built on the number and properties of public goods, which appears to account for some of the observable stability features of federal structure. Essentially, the model assumes that when individuals in one jurisdiction do not only passively receive spillovers from other jurisdictions, but react and adjust to them, possibilities of conflict exist which can only be resolved by the creation of the appropriate machinery. It is shown how a change in the number of public goods can affect the outcome.

Notizen: In recent years U. S. foreign appropriations have featured annual reductions which the authors feel reveal what is expected to be a discernible trend for the next few years and a very real manifestation of a newly-expressed disinterest in foreign aid. The reasoning underlying this altered attitude toward foreign aid is examined in relation to the U. S. balance-of-payments, the domestic inflation problem, and private enterprise impetus. Many revisions have been made in the administration of foreign aid to insure a U. S. origin for the real resources imported by the aid receiving country. However, these failed to curb our balance-of-payments problems as well as failed to correct the severe lag in export volume. In an attempt to mitigate domestic inflation, reductions were made in foreign aid appropriations, and preliminary calculations again show this policy to have been ineffective. The most recent disinterest in foreign aid has been generated by those who examined possible alternatives to foreign aid, in particular, the emphasis on private enterprise assuming a more active aid-type role. In summary, the authors advise that this new disinterest has reached proportions sufficient to insure some definite changes in the modus operandi of foreign aid.

Notizen: Recent studies have stressed that a foreign exchange constraint can be limiting the rate of output growth in many developing countries. On the basis of a simple constraints model the role of tariffs and related import substitution in relieving a foreign exchange constraint are analyzed. It is first argued that the assumptions necessary for a foreign exchange constraint to be limiting output growth require that the optimal government intervention is through non-uniform exchange rate adjustment implied by trade controls and multiple exchange rates. But, whereas the optimum government intervention is through the establishment of a structure of optimum tariffs and subsidies, such a policy is not feasible in light of data availability and administrative capacity in developing countries. The costs and benefits of a non-optimal intervention through controls are then explored and standards of minimum acceptability of developing countries’ trade policies are established against which actual policy can be compared. It is concluded that trade controls can be used to improve growth performance but only if a number of rigid conditions are met.

Notizen: This article analyzes the exchange speculation in the French franc when the exchange rate was floating in the 1920's to determine both whether speculation was stabilizing or destabilizing, the relationships between speculation and domestic inflation. Speculative behavior is analyzed by comparing changes in the spot rate with changes in the forward rate (adjusted for changes in the money market-interest differential). The impact of speculation on the price level is analyzed by measuring the terms-of-trade effect, the decrease in export prices necessary to generate increased net exports, and the absorption effect, the increase in the current account balance necessary to finance the capital outflow.The comparison of changes in the spot rate and forward exchange rate lead to the conclusion that speculation was destabilizing during much of the 1924-26 period. Only a relative small part of the observed price increases during this period appeared as a result of the terms-of-trade and the absorption effects. However, during the period when speculation was destabilizing, the economy was becoming less liquid; the demand for money was falling. This reduction is attributed to a reaction to speculation against the franc. Both the reduction in demand for money and the speculation against the franc could be attributed to some other factors, especially to political instability. Since the exchange rate depreciated much more rapidly than domestic prices increased, it is concluded that speculation was a trigger rather than a response.

Notizen: This study provides evidence on the causes of per capita output differences between the United States on the one hand and Britain and Germany on the other. By assuming first-degree homogeneous production functions and using capital data, we find that more than half of such differences were due to capital endowment and the remainder to resource effectiveness in the U. S. -German comparison. In the U. S. -British case resource effectiveness was the main cause. Of at least equal interest was the difference from one industry to another in productivity ratios. This fact casts some doubt on the factor-endowment explanation for international trade, at least so far as manufactures arc concerned. Level of technology, organization, and scale may be causes at least as important for trade in industrial products.Elasticities of substitution between labor and capital were calculated and they were found to be quite small. These were used to check whether actual factor-rental ratios were safely within a range where intensity reversals would not take place for substantial further rental changes. This proved indeed to be the case. A tentative conclusion is therefore that the Heckscher-Ohlin explanation of trade is not called into question so much by shifting of relative factor-intensities as by large domestic inter-industry differences of efficiency.

Notizen: Books reviewed in this articleArrow, Kenneth J., and Scitovsky, Tibor (Eds.): Readings in Welfare Economics.Beckmann, Martin J. : Dynamic Programming of Economic Decisions.Berking, Klaus: Arbeitspotential und Wirtschaftswachstum.Borch, Karl: The Economics of Uncertainty.BrÄker, Hans: Multilateral Hilfeleistung für Entwicklungsländer.Brown, Alan A., and Neuberger, Egon (Eds.): International Trade and Central Planning.BÜlow, Friedrich, und Langen, Heinz : Wörterbuch der Wirtschaft.Clauss, Franz Joachim: Konjunktur und Neoklassik.Eliasson, Gunnar : The Credit Market, Investment Planning and Monetary Policy.Enke, Stephen (Ed.): Defense Management.European Coordination Center for Research and Documentation in Social Sciences: Regional Disequilibria in Europe. Backward Areas in Industrialized Countries.Feiwel, George R. : New Economic Patterns in Czechoslovakia.Feuer, Lewis S. : The Conflict of Generations.Galatin, Malcolm: Economies of Scale and Technological Change in Thermal Power Generation.Gamarnikow, Michael : Economic Reforms in Eastern Europe.Goldsmith, Raymond W. : Financial Structure and Development.Granick, David : Soviet Metal-Fabricating and Economic Development—Practice versus Policy.Kahn, Harry C. : Employee Compensation under the Income Tax.Kendrigk, John W. (Ed.): The Industrial Composition of Income and Product.Kneese, Allen V., and Bower, Blair T. : Managing Water Quality: Economics, Technology, Institutions.Kolaja, Jiri : Social System and Time and Space.Krupp, Hans-JÜrgen : Theorie derpersonellen Einkommensverteilung.Kunz, Dieter: Preisniveau und Aussenhandel.Landes, David S. : The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present.Luthe, Heinz Otto : Interpersonal Kommunikation und Beeinflussung.Mikesell, Raymond F. : The Economics of Foreign Aid.Mishan, E. J. : Welfare Economics: An Assessment.Monissen, Hans Georg : Konsum und Vermögen.Musgrave, Richard A. : Fiscal Systems.Quinet, E. : Séries temporelles et décisions économiques.SchrÖder, JÜrgen: Zur Theorie der Devisenmärkte.Schumann, Jochen: Input-Output-Analyse.Sherif, Muzafer, and Sherif, Carolyn W. (Eds.): Interdisciplinary Relationships in the Social Sciences.Stewart, I. G. (Ed.): Economic Development and Structural Change.Stiglitz, Joseph E., and Uzawa, Hirofumi (Eds.): Readings in the Modern Theory of Economic Growth.Turner, Carl B. : An Analysis of Soviet Views on John Maynard Keynes.Usher, Dan : The Price Mechanism and The Meaning of National Income Statistics.Veliz, Claudio (Ed.): Obstacles to Change in Latin America.

Notizen: In this paper a simple macro-model of an open economy is presented in order to investigate the relationship between the trade balance and the interest rate. It is shown that under certain conditions the model generates a lag relationship between the two variables. This is consistent with the relationship which JÜrg Niehans found to exist between the Swiss trade balance and its interest rate.With interest-rate sensitive capital movements introduced into the model, fluctuations in the balance of payments can be greater or less than fluctuations in the balance of trade. It is interesting to note that in the case where an internal balance is maintained with a monetary policy fluctuations in the balance of payments are greater than in the case where an internal balance is maintained with a fiscal policy. This conclusion is consistent with Mundell's prescription for an optimal mix of monetary and fiscal policy.

Notizen: Die Währungskrise der jüngsten Vergangenheit scheint behoben, doch gleicht der Zustand der EWG bei näherer Betrachtung dem Zustand eines Patienten im Koma: Ein Erwachen zum Leben ist möglich, aber auch ein Hinübergehen in den Tod. Ein Blick in die Geschichte lehrt, dass die Schaffung und Aufrechterhaltung einer Weltwährung vielfach erfolgreich gewesen ist, selbst wenn sich innerhalb der «Weltwährungsunion» Staaten zu Partialunionen zusammengeschlossen haben. Eine neue freiwillige Neuordnung der Paritäten ist notwendig; ihr muss minde-stens eine Verdreifachung des Goldpreises zugrunde gelegt werden. Ob die Staaten der EG dieser Neuordnung zustimmen, bleibt heute fraglich. Doch selbst das Zustandekommen eines diesbezüglichen Abkommens bleibt vergängliches Stück-werk, wenn der weltweiten Inflation, Folge eines globalen Übermasses an Liqui-dität, nicht Einhalt geboten werden kann. Die Notenbanken müssten sich deshalb bereit erklären, einen Teil der durch die Erhöhung des Goldpreises erzielten Buchgewinne in Form von Papiergeld an den IWF abzuführen.〈section xml:id="abs1-2"〉〈title type="main"〉SUMMARYThe last monetary crisis seems to be managed; but regarding the situation of the European Community one can compare it with a fainting patient. There are two possibilities, either to wake up or to die. History shows that in many cases the creation and maintenance of a world currency were successful, although there had been some states within the ‘world monetary union’ which formed partial unions. A new voluntary order of the parities is necessary. It must be based on a gold price which should at least be trebled. The question today is whether the member states of the EC agree to this reform. Even if this agreement is realized it can never be successful as long as the world-wide inflation, caused by the international liquidity excess, cannot be stopped. Therefore central banks should be willing to hand over a part of the book-profit, realized by the higher gold price, to the IMF in form of paper money.〈section xml:id="abs1-3"〉〈title type="main"〉RÉSUMÉLa dernière crise monétaire semble parée; la situation de la CEE reste pourtant comparable à celle d'un agonisant: et la vie et la mort sont possibles. L'histoire prouve qu'on a souvent créé et maintenu avec succès un système monétaire mondial, quoique plusieurs états attachés à ce système formaient entre eux des unions partielles. II faut faire un effort volontaire pour arriver à un nouvel ordre des parités, basé sur le prix de l'or qu'il faudra au moins tripler. Les états membres de la CE accepteraient-ils une telle réforme? Même si c'était le cas, elle ne pourrait être efficace, à moins qu'on ne réussisse à arrêter l'inflation universelle, causée par un excès de liquidité international. Les banques centrales devraient remettre une partie de leurs gains comptables - réalisés par la hausse du prix de l'or - au FIM en forme de papier-monnaie.

Notizen: A generalized model of the firm is presented, which considers two goals of the firm (profits and revenue) rather than profits alone. It is assumed that the firm maximizes a utility function containing profits and revenue variables as arguments and hence our model is more general than Baumol's constrained-sales-maximization (CSM) model. The system can be extended to include additional goals in a straightforward manner.With respect to the profits and sales utility maximization model, it is shown that, if the marginal utility of revenue is positive-and regardless of the form of the utility function, (a) the product price is not likely to be less than the competitive price under profit-maximization, (b) the marginal products of the factors are forced down below the neoclassical level in the same proportion, for given degrees of market-imperfections, (c) the marginal rate of substitution equilibrium conditions are identical to those derived under profit-maximization, (d) labor and capital incomes are benefited at the expense of the owners of the firm, etc.The model lends itself to empirical estimation and econometric testing. In fact, firms' goal structures are estimable (provided the form of the utility function is specified) if one uses the marginal productivity equilibrium relationships. If the marginal rate of substitution equilibrium relationships form the basis of the econometric specifications, then goal structures are not estimable but production and market condition-type phenomena are estimable. Hence our approach is heuristic in that it provides a clear guide to research strategy.

Notizen: Durch den Föderalismus wird sichergestellt, class in einer heterogenen Gesellschaft das Angebot von öffentlichen Gütern durch den Grundsatz der Souveränitat der Bürger bestimmt werden kann. Im Modell der reinen Demokratie kommt eine solche föderative Struktur spontan zustande. Die konkurrierende Parteien auf den oberen föderativen Ebenen können durch eine Reduktion des Umfangs ihrer Programme die Unterstützung von Minoritäten gewinnen, ohne ihre bisherigen Anhänger zu verlieren, deren Bedürfnisse jetzt auf anderen föderativen Ebenen befriedigt werden. Schliesslich werden alle Entscheidungen einstimmig gefasst; daher ist das zustande gekommene Gleichgewicht Pareto-optimal. Durch das Prinzip der Einstimmigkeit wird die Grenze des Angebots der verschiedenen öffentlichen Giiter determiniert.

Notizen: The analysis relates the labor market, capital market, and money market of an economy in aggregate terms. A feature is that the savings rate from non-labor income is assumed different (higher) than that from labor income. Consequently, as total employment varies at different wage rates, and total output is redistributed between labor and non-labor (capital), aggregate savings and investment vary. If the effective ex ante demand for investment and consumption goods exceeds national output, prices rise, effective stock of money declines, interest rates rise, savings increase and demand for investment goods falls. Given human propensities to work, save, hoard, etc., it is shown that the prices on goods, money, and labor all relate in a particular way that should tend to equilibrium. (Assuming different savings rates on different factor incomes means that the traditional savings-to-income schedule is a non-construct.)

Notizen: L'explosion d'intérêt pour les questions d'environnement et de pollution a suscité diverses propositions de politiques: règlementations, taxations, ventes de droits à polluer; et bien d'autres peuvent être imaginées. Une analyse sérieuse du probléme fait vice apparaître qu'aucune d'elles n'est la meilleure dans tous les cas mais que chacune d'elles est la meilleure dans certains cas. Le choix entre tines, et pour chacune d'elle celui des paramètres optimaux, font intervenir plusieurs critères. L'un d'eux est la question de connaissance, incertitude ou ignorance sur les coots sociaux de pollution et sur la valeur de la possibilité de polluer pour les pollueurs. Le sujet de cet article est l'influence de ce problème sur ce choix. On remarque d'abord que si le coût social est connu, une taxation à ce coût résoud le problème, et que si la valeur de la possibilité de polluer cst connue, toutes les politiques sont équivalentes. Le problème est ensuite posé sous sa forme la plus générale. Les éléments incertains sont les fonctions de coût social et d'utilité de la possibilité de polluer, en fonction du niveau de pollution. On suppose que cette incertitude est probabilisable et le critère retenu est la minimisation de l'espérance mathématique de la perte de surplus. Tous les cas qui donnent des résultats remarquables sont alors exposés. Dans certains, it y a une contrainte a priori sur les politiques (niveau de pollution à choisir, taxe à taux constant, etc.), et dans d'autres pas. Dans certains, les coûts, ou valeurs monétaires, marginales sont linéaires à pente connue (ce qui contient les cas où ils sont constants, bien qu'à niveau inconnu). Dans certains, les deux fonctions aléatoires sont indépendantes, et dans d'autres cette hypothèse n'est pas nécessaire. Il semble que les divers théorèmes obtenus épuisent tout ce que l'on peut dire à ce sujet.

Notizen: In the ‘Economic Theory of Politics’ the model of pure democracy has the same importance as the model of perfect competition in economic theory. The author shows that both ‘ideal’ models use almost identical assumptions with respect to social actors (vote-, profit-, and utility-maximizers) and social states. Both guarantee a Pareto-optimal allocation of resources. In the equilibrium of a two party democracy the same programs are advanced and put into reality. It follows that in equilibrium (and only there) nobody votes. Extensions of the simple two-party model to include various parties and induced preferences of voters by the parties destroy some of the simple results: sometimes no equilibrium exists, it is unstable or does not conform to observations of reality. Finally, democracy's allocation with generally more equal distribution of income than through the price system, is destroyed when the declamatory assumption of ‘one man—one vote’ is given up and the inequality of political starting positions is taken account of.

Notizen: In this paper the voting behaviour on public finance issues is examined. The authors presuppose that individuals do reveal their true preferences in referenda and that, therefore, it is possible to explain their underlying utility calculus. For this purpose different cost concepts are introduced: (1) private opportunity costs (benefits from alternative private expenditures), (2) public opportunity costs (benefits from alternative public expenditures), and (3) expected tax increases. Having analyzed theoretically the weight these different cost categories have in the utility calculus of the voters of different income classes, the determinants of the utility of public projects are examined. The results of this theoretical reasoning are tested empirically in the last part of the paper by using poll-data from the canton Basel-Stadt (Switzerland). On the whole the empirical tests confirm the derived hypotheses.

Notizen: The essay discusses history and meaning of urbanity and compares it with terms derived from this idea which are used to denote town planning programmes of today. An analysis gives distinctive evidence to the fact that because of the cultural, economic, political and sociological changes of the last century there are no possibilities today for a revival of urban life in the historic sense of the word. Moreover, the development of German reconstruction and town and regional planning after 1945 in comparison with that of other industrialized countries shows—apart from the infeasibility to produce urbanity—that even the given possibilities for adequate city development have been wasted. This was due

Notizen: This paper analyses the German private capital movements in the period 1955-69. For this period it cannot be said that the capital movements played an equilibrating role in the balance-of-payments: In eight of the fifteen years a current surplus was coupled with a capital inflow; in one year (1969) the capital outflow was twice as high as the current surplus. To these disequilibrating capital movements the following causes have contributed: (i) frequent conflicts between internal and external equilibrium in the conduct of monetary policy; (ii) the political impossibility of an adequate policy mix; (iii) in conflict situations priority was given to internal considerations; (iv) speculative movements anticipating a revaluation. Germany frequently succeeded in influencing domestic credit conditions in the desired direction despite of countervailing capital flows. In 1960 and 1969, when a domestic boom was coupled with a substantial current surplus, partial controls of capital movements were not successful and Germany had to revalue. A regression analysis for the period 1959-68 supports the hypothesis that the private capital balance is a negative function of the current balance and positively correlated with the interest differential between Germany and the Euro-dollar market.

Notizen: Oscillation in demand, and sales irregularity, is not an uncommon phenomenon; it occurs in the restaurant trade, retail stores, holiday resorts, in the use of recreational facilities, etc. But the economic problem is usually discussed in the context of public utilities, especially in the demand for electric power where an independent peak and off-peak demand arises and different prices are charged.The varying prices are attributable ultimately to the presence of heavy capital costs and (relatively) unimportant variable costs. Further, as a precondition, it is essential that the user-costs of equipment be nearly nominal; otherwise there would be no point in using equipment to sell output at moments of low demand and low price.Given these conditions the peak-off-peak problem arises. Steiner, in a major article, distinguishes two cases: (1) a ‘shifting’ peak, and (2) a ‘firm’ peak. In the former case output is uniform at both ‘hours’ but price is different, according to his solution. In the ‘firm’ peak, price at the peak-hour covers the full capital costs; at the off-peak hour the price is zero and the capacity output is not fully absorbed.Steiner's solution for the ‘shifting’ peak is criticized for uniform output requires emergency stand-by capacity. This may render his price policy uneconomic.For the ‘firm-peak’, Steiner has rejected his own logic of uniform output by his intuitive refusal to accept a negative price. Nevertheless, his solution involves a ‘give-away’—meaning that output is handed over free to off-peak users.This ‘free-ride’ outcome is indefensible on equity grounds; it negates some basic relations in an economy based on private property.The proposal suggested here is that the proper pricing policy should seek to maximize the sum of peak plus off-peak output. In this solution both groups can benefit. As an important virtue in the public utility sector the policy is easy to explain. Further, if it is somewhat compromised on allocational grounds, it possesses important merits from an equity standpoint.

Notizen: The disparities in international differences between wage rates and between the rates of return on capital cannot be fully explained by using the functional relationship between the wage/rental ratio and the capital/labor ratio. Nor can it be explained adequately by the differences in the degree of international mobility of the two factors. This paper presents an alternative explanation of the disparities. They are attributed to the fact that the output/labor ratios vary across countries much more widely than the output/capital ratios, which fact in turn may be explained by the typically greater degree of labor/capital substitutability toward the higher labor/capital end of the isoquants, and the international differences in the efficiency of production functions.

Notizen: There are numerous devices which are used to affect individuals' consumptions of various goods—direct distributions of goods, vouchers, price-reductions, etc. This paper investigates the efficiency aspects of these devices. In a simple two-person model, it is shown that lumpsum transfers of a good whose consumption yields external benefits will lead to neither optimality nor equilibrium. But a price cut, an alteration of exchange ratios, can produce an optimal equilibrium. In a model in which there is one subsidy recipient and many benefactors, it is shown that in certain cases a transfer of the externality-generating good, of an equal amount of money, or of some other good will all produce the same effect in the individual's consumption of the externality-generating good. A price reduction on an ‘all-or-nothing’ subsidy scheme, in which the individual must pay a given amount for a given quality of the good or receive none at all, will lead to optimality. When there are many givers and many receivers, an efficient subsidy device will in general not be one which faces all individuals with the same conditions. Price reductions, all-or-nothing schemes, and legal standards are shown to be alternate ways of reaching optimality, differing mainly in the way in which they affect the distribution of real income.

Notizen: The goals expressed in the Bundesraumordnungsgesetz (Federal Law for Spatial Order) are almost ‘Leerformeln’, too abstract to serve as an orientation for rational decisions in regional policy. Therefore the goals have to be made operational, and at the same time, the objects of regional policy, the criteria for their evaluation, and their quantitative regional aspects (categories of regions) have to be worked out within a consistent system. In the view of lacking preconditions for this task it is proposed to draw orientation from specific problems by fixing unwanted situations. Their summary within a catalogue of negative situations marks the goals of regional policy by their reciprocal values. This approach will incrementally lead towards a complete concept.

Notizen: Keynes paid no attention to the problem of distribution. Neo-Keynesians investigated the dependency of alternative distributions on investment, but did not explain total profits. Growing accumulation of capital and constant distribution cause a decline of profitability. To preserve private investments an increase of total profits would be necessary. However wages are politically given and an increase of government expenditure is limited in its effects because of growing public supply. Distribution is in any case only a precondition for the propensity to invest. According to Keynes investments determine the economic process. A theoretical explanation of distribution is only possible by an explanation of the investment process, which depends on individual profitability and total profits. The theory of distribution has to be a profit theory. By this Keynesian Theory includes a reversal of the classical distribution theory, which starts from the wages.

Notizen: A tentative unified micro-macro model is developed to explain the persistent inflation-unemployment morass by replacing the competitive endogenous money wage theory with the exogenous facts of collective bargaining. Inferentially, a feasible Incomes Policy would alleviate inflation while reserving monetary and fiscal policy to sustain full employment. The aggregative Keynesian macromodel developed builds on Walrasian, Marshallian, and monopoly micro-foundations. Wage-share constancy, which also underlies Cobb-Douglas macromodels, provides a simplifying hypothesis with empirical underpinning for mark-up pricing. ‘Cost-push’ and ‘demand-pull’ as distinctive inflation forces appears generally spurious. Both forces have common roots in excessive money wage increases.

Notizen: Most macroeconomic models of open economies incorporate an algebraic misspecification when they introduce the possibility of exchange-rate adjustments. The traditional treatment of this issue along the lines inaugurated by Laursen and Metzler in 1950 is shown to be misleading in some important respects. In order to diagnose the nature of the international transmission of business cycles correctly, it is necessary to differentiate clearly between changes in the nominal values of the trade balance in domestic and in foreign currency and changes in physical units of exports and imports. A correct treatment is shown to reverse even the sign of the employment effects of certain types of trade adjustments which some authors have deduced from incorrectly specified models.

Notizen: Countries which have the same no-trade techniques may still profitably enter into trade, providing that their rates of profit differ, for this implies differences in relative prices. The analysis is conducted by comparing the wage-profit frontiers appropriate to the production activities in the autarkic and trading equilibria. The motive for trade can be said to be the pursuit of a superior rate of profit-real wage combination. The ‘gains from trade’ are assessed by comparing the autarky and trade consumption-growth frontiers. If countries have the same single technique, one country will always gain from trade while the other may lose. If countries have different techniques then both may lose. When each country can choose from a set of techniques then, even if the sets are the same, both may still lose. These possibilities could be avoided in planned economies, whether centralised or decentralised, by ensuring that the maximisation of consumption at a given rate of growth is the objective of trade.

Notizen: The article questions the advisability of using the standard shadow wage formulas to calculate labor costs for development project appraisal purposes. It is shown that such formulas apply only if a share-alike rural ethic is responsible for the rural marginal product-urban wage gap. Moreover even in cases where such formulas may be legitimately used, their application leads to a decrease in the accumulation rate. To improve labor allocation without sacrificing growth it is necessary to have recourse to fiscal tools. With the aid of appropriate fiscal measures it is possible to eliminate the gap between the actual wage and the social opportunity cost of labor, and to promote good use of labor throughout the economy, and not merely on projects covered by the social cost-benefit calculus.