ALBERT

Notes: AS long as economics is conceived as a purely formal science of human action (praxeology) the basic concepts and findings of such behavioral sciences as psychology, sociology and cultural anthropology will be considered as irrelevant for economic analysis. However, if economics is considered as an empirical (substantive) science which starts from actual human needs and places man's dependence upon and interaction with his natural and social environment in the center of its investigation, the basic concepts and conclusions of the behavioral sciences cannot be dispensed with.ZUSAMMENFASSUNGNationalökonomie und die Wissenschaften vom menschlichen Verhalten. So lange die Nationalökonomie als eine rein formale Wissenschaft vom menschlichen Handeln (Praxeologie) begriffen wird, erscheinen die grundlegenden Konzeptionen und Erkenntnisse der Verhaltenswissenschaften wie der Psychologie, der Soziologie und der Kulturanthropologie für die ökonomische Analyse als irrelevant. Wenn indessen die Nationalökonomie als wirklich empirische Wissenschaft betrachtet wird, die von den tatsächlichen menschlichen Bedürfnissen ausgeht und die Abhängigkeit des Individuums von seiner natürlichen und sozialen Umgebung sowie deren Wechselwirkung in den Mittelpunkt ihrer Forschungen stellt, so können die grundlegenden Konzeptionen und Folgerungen der Verhaltenswissenschaften nicht übergangen werden.RÉSUMÉĽ economie politique et les sciences du comportement humain. Tant que ľéconomie politique sera concue comme une science purement formelle de ľ action humaine (praxéologie), les concepts fondamentaux et les découvertes des sciences du comportement humain telles que la psychologie, la sociologie et ľ anthropologie culturelle seront considéréd comme de peu ď importance pour ľ analyse économique. Cependant, si ľéconomie politique est considérée comme une science effectivement empirique qui part des besoins humains réels et place la dépendance de ľ homme de son ambiance naturelle et sociale ainsi que ľ action réciproque de cette dernière au centre de ses recherches, les conceptions et conclusions fondamentales des sciences du comportement humain ne peuvent etre négligées.The question then arises as to the proper method by which the results of one field of inquiry can be utilized in another. Such integration is possible only if we find or formulate common denominator concepts sufficiently broad to contain and cut across the subject-matter of several social disciplines. Which particular concepts are likely to prove useful for a “substantive” science of economics depends upon the nature of the central research problems of contemporary economic analysis. Since these germinal questions of modern economics are all related to the behavior of social groups and of individuals acting as members of structured social entities the basic concepts and findings of social psychology and cultural anthropology are likely to prove most useful for the substantive-empirical economist.Having outlined the major concepts which have proved helpful in the analysis of group decisions and the individual-group relationship the article concludes by setting forth the thesis that a substantive science of economics must be conceived from the very outset as an integral part of a science of man and culture. Such a “humanization” of economics would have the task of placing the living human being once more in the center of economic analysis and, at the same time, would provide a starting point for the solution of the urgent task of integrating our contemporary knowledge about man and culture.Es stellt sich dann die Frage, durch welche Methode die Ergebnisse des einen Forschungsgebiets im andern verwendet werden können. Eine solche Integration ist nur dann möglich, wenn für die verschiedenen Konzeptionen gemeinsame Nenner gefunden oder formuliert werden können, die weit genug sind, um den Gegenstand verschiedener Sozialwissenschaften zu umfassen. Welche Konzeptionen sich für eine wirklich empirische Wissenschaft als nützlich erweisen dürften, hängt von der Natur der zentralen Forschungsprobleme der heutigen ökonomischen Analyse ab. Da alle diese grundlegenden Fragen der modernen National ökonomie sich auf das Verhalten sozialer Gruppen und des Einzelnen beziehen, die als Glieder sozialer Gebilde von bestimmter Struktur handeln, dürften die grundlegenden Konzeptionen und Erkenntnisse der Sozialpsychologie und der Kulturanthropologie für den empirischen Ökonomen von grossem Nutzen sein.Nach einer Skizzierung der hauptsächlichsten Konzeptionen, die sich für die Analyse von Gruppenentschlüssen und der Beziehung zwischen Individuum und Gruppe als nützlich erwiesen haben, wird die These aufgestellt, dass eine wirklich empirische Nationalökonomie von allem Anfang an als ein wesentlicher Teil einer Wissenschaft vom Menschen und der Kultur begriffen werden muss. Eine solche “Humanisierung” der Nationalökonomie hätte zur Aufgabe, den Menschen - so wie er in Wirklichkeit ist - in den Mittelpunkt der ökonomischen Analyse zu stellen, und würde gleichzeitig den Ausgangspunkt darstellen für die Lösung der dringenden Aufgabe, unser gegenwärtiges Wissen über den Menschen und die Kultur zu integrieren.La question se pose alors de savoir par quelle méthode les résultats ď un domaine de recherche peuvent etre utilisés dans ľ autre. Une telle intégration n'est possible que si nous trouvons ou formulons pour les différentes conceptions des dénomina-teurs communs suffisamment larges pour contenir ľ objet des diverses sciences sociales. Quelles sont les conceptions pouvant se révéler utiles pour une science réellement empirique, voilà qui dépend de la nature des problèmes majeurs de recherches de ľ analyse économique actuelle. Comme toutes ces questions fondamentales de ľéconomie politique moderne se rapportent au comportement de groupes sociaux et de particuliers agissant en tant que membres ď entités sociales ď une structure déterminée, les conceptions fondamentales et les découvertes de la psychologie sociale et de ľ anthropologie culturelle devraient etre ď une grande utilityé pour ľéconomiste empirique.Après avoir esquissé les principales conceptions qui se sont révelées utiles àľ analyse des décisions de groupes et des rapports entre ľ individu et le groupe, ľ article se termine par ľnonce de la these qu'une Economic politique reellement empirique doit etre concue des Tabord commcar; part intégrante ď une science de ľ homme et de la culture. Une telle “humanisation” de ľéconomie politique aurait pour tǎche de placer ľ homme - tel qu'il est en réalité - au centre de ľ analyse économique et représenterait simultanément le point de départ de la solution de la tǎche urgente consistant à intégrer notre connaissance actuelle de ľ homme et de la culture.

Notes: It is now sometimes being said that the food supply is becoming so elastic that men need no longer be apprehensive lest population growth affect their welfare adversely. This assertion respecting the elasticity of the food supply lacks empirical validity so far as most parts of the world are concerned. It is true, however, that in some countries food is no longer the operative population-limiting factor, and food may cease to be such in yet other countries. It does not follow, however, that population-limiting factors will cease to be operative. The dynamics of culture, production, and consumption serve to change the character of these factors, but they do not remove them. For if one factor ceases to be operative, its place is necessarily taken by others. Population growth may not affect adversely man's consumption of food or some other item of living supposedly in highly elastic supply; but then it is quite likely, in many empirical situations, to make his consumption of some other items of living lower than it otherwise would have been.〈section xml:id="abs1-2"〉〈title type="main"〉ZUSAMMENFASSUNG Beschrdnkende Faktoren in der Bevölkerungstheorie. Es wird heute bisweilen gesagt, das Nahrungsmittelangebot sei im Begriffe so elastisch zu werden, dass die Menschheit nicht mehr befürchten müsse, ihr Wohlstand werde durch das Wachstum der Bevölkerung beeinträchtigt. Die Behauptung hinsichtlich der Elastizität des Nahrungsmittelangebots entbehrt jedoch der empirischen Gültigkeit mit Bezug auf den Grossteil der Erde. Es ist allerdings richtig, dass in einigen Ländern die Nahrungsmittel das Bevölkerungswachstum nicht mehr wirksam beschränken, und dies mag künftig auch in andern Ländern der Fall sein. Daraus folgt jedoch nicht, dass überhaupt keine solch beschränkenden Faktoren mehr wirksam sind. Die Dynamik der Zivilisation, der Produktion und des Konsums tragen dazu bei, den Charakter dieser Faktoren zu ändern, aber sie beseitigen sie nicht. Denn sobald ein Faktor nicht mehr wirksam ist, treten notwendigerweise andere an seine Stelle. Es mag sein, dass der individuelle Verbrauch an Nahrungsmitteln oder irgendeines andern Artikels mit vermutlich sehr elastischem Angebot durch eine wachsende Bevölkerung keine Beeinträchtigung erfährt; aber dann ist es in manchen konkreten Situationen wahrscheinlich, dass der Verbrauch anderer Artikel geringer sein wird als er es sonst wäre.〈section xml:id="abs1-3"〉〈title type="main"〉RÉSUMÉFacteurs limitatifs dans la théorie de la population. Certains prétendent aujourd'hui que ľ offre des denrées alimentaires serait en voie de devenir si élastique que les hommes n'auraient plus à craindre que ľ accroissement de la population ne porte préjudice à leur bien-etre. Cette affirmation sur ľélasticité de ľ offre de nourriture manque de toute justification empirique, tout au moins en ce qui concerne la plus grande partie de la terre. II est cependant exact que dans certains pays la nourriture n'est plus un facteur limitant en fait ľ accroissement de la population et il pourrait en etre de meme a ľ avenir dans ď autres pays. II ne s'ensuit pas toutefois que les facteurs limitatifs cesseront ď agir. Ľévolution de la civilisation, celle de la production et de la consommation contribuent à modifier le caractère de ces facteurs, mais elles ne les éliminent pas, car aussitǒt qu'un facteur n'agit plus, ď autres se substituent nécessairement à lui. Ľ accroissement de la population peut ne pas affecter la consommation individuelle de denrées alimentaires ou tout autre bien de consommation dont ľ offre est présumée très élastique; mais il est alors probable que dans maintes situations concrètes la consommation ď autres biens sera plus faible que ce ne serait autrement le cas.

Notes: In recent years there has been a great development of interest in the principles and the problems of rational decision-making and rational action. Economists, mathematicians, statisticians, logicians, engineers, and philosophers have all addressed their efforts to various phases of the general problem of rationality. This paper attempts a provisional synthesis of their basic results so far, in the form of a suggested preliminary definition of rationality that is sufficiently general to be applicable in all circumstances.ZUSAMMENFASSUNGBeitrag zu einer allgemeinen Definition des rationalen Handelns In den letzten Jahren ist ein zunehmendes Interesse an den Grundlagen und den Problemen der rationalen Entschlussfassung und rationalen Handelns festzustellen. Ökonomen, Mathematiker, Statistiker, Logiker, Ingenieure und Philosophen haben ihre Anstrengungen auf verschiedene Phasen des allgemeinen Problems des Rationalen gerichtet. Die vorliegende Studie macht den Versuch einer vorläufigen Synthese der bisherigen grundlegenden Ergebnisse in Form einer vorläufigen Definition des Rationalen, die genügend allgemein ist, um unter jeglichen Bedingungen anwendbar zu sein.RÉSUMÉRecherche ď une définition générate de ľ ction rationnelle. Durant ces dernières années, ľ intéret s'est fortement accru pour les principes et les problèmes relatifs à la décision rationnelle et àľ action rationnelle. Des économistes, des mathématiciens, des statisticiens, des logiciens, des ingénieurs et des philosophes ont concentrés leurs efforts sur les différentes phases du probléme général de la rationalité. La présente étude constitue un essai de synthèse provisoire des résultats fondamentaux obtenus jusqu'ici, sous la forme ď une définition préliminaire de la rationalité, par ailleurs suffisamment générale pour etre applicable dans toutes les circonstances.The general definition of rationality, to be usable for “practical” decisionmaking, must take full cognizance of each of the following characteristics of the “real” world, at least: the time-dimension of action and of the consequences of the action; the multitudinous side-effects of an action; the inevitable uncertainty of the “actor” in connection with the alternatives of action open to him and the consequences of each of these; the costs of information-gathering; the costs of performing logical operations; the variety of the value-criteria of different actors; the changes in the value-criteria of any given actor over time; and the “tastes” of the actor in relation to time-preference, risk-taking, logical processes, and the facing of uncertainty. The definition of rationality should specify the course of action which, in the light of all these factors, is the “best” one.The present suggested definition outlines a “rational” procedure for choosing one from among the set of all known possible actions, where the word “action” refers to a particular time-sequence of (a) acting (in the usual sense), (b) information-gathering, and (c) logical analysis. The procedure consists, roughly, of these four steps: (1) the specification of the set of known possible actions; (2) the determination, for each of the actions, and using all available relevant information, of the set of all possible consequences of that action and their respective probabilities; (3) the evaluation, in the light of the relevant value-criteria, of each of the possible consequences of each of the possible actions; and (4) the derivation from (3) of the “correct” action to be adopted. In carrying out these steps we employ a logical construction patterned after those of Carnap, Hempel and Oppenheim.For the sake of greater understandability, the definition is presented in two stages. The appendix to this paper contains a (grossly oversimplified) illustration of the application of the definition.Die allgemeine Definition des Rationalen - soil sie für praktische Entschlüsse verwendbar sein - muss zumindest folgende Charakteristika der “realen” Welt voll berücksichtigen: die Zeitdimension einer Handlung und der Konsequenzen der Handlung; die zahlreichen Nebenwirkungen einer Handlung; die unvermeidliche Ungewissheit des Handelnden mit Bezug auf die ihm offenstehenden alternativen Handlungen und auf die Folgen jeder dieser Handlungen; die Kosten zusätzlicher Information; die Kosten des logischen Vorgehens; die Mannigfaltigkeit der Wertkriterien der verschiedenen Handelnden; die Rnderungen in den Wertkriterien eines Handelnden im Zeitverlauf; die Einstellung des Handelnden hinsichtlich Zeitpräferenz, Risikobereitschaft, logische Verfahren und Ungewissheit. Die Definition des Rationalen sollte jenen Ablauf des Handelns aufzeigen, der im Lichte aller dieser Faktoren der “beste” ist.Die hier vorgeschlagene Definition skizziert ein “rationales Verfahren für die Wahl einer Handlung unter all den bekannten möglichen Handlungen, wobei das Wort “Handlung” sich auf eine besondere Zeitfolge von Handeln (im üblichen Sinn), Information und logischer Analyse bezieht. Das Verfahren besteht, grob gesprochen, in folgenden vier Schritten: I. Spezifikation der bekannten möglichen Handlungen; 2. Bestimmung aller möglichen Folgen und der Wahrscheinlichkeit dieser Folgen für jede der Handlungen, unter Verwendung aller verfügbaren relevanten Informationen; 3. Wertbestimmung jeder möglichen Folge von jeder der möglichen Handlungen auf Grund der relevanten Wertkriterien; und 4. Ableitung der “richtigen” vorzunehmenden Handlung aus 3. Bei der Ausführung dieser Schritte wird eine logische Konstruktion verwendet nach dem Muster von Carnap, Hempel und Oppenheim.Im Interesse einer grössern Verständlichkeit wird die Definition in zwei Stufen entwickelt. Der Anhang enthält eine (stark vereinfachte) Illustration über die Anwendung der Definition.Une définition générale de la rationalité - pour qu'elle soit utilisable pour des decisions pratiques - doit pour le moins tenir pleinement compte de chacune des caractéristiques suivantes du monde “réel”: la durée de ľ action et des conséquences de ľ action; la multitude des effets connexes ď une action; ľ inévitable incertitude de celui qui agit en ce qui concerne les alternatives qui s'offrent à lui et les conséquences de chacune de ces actions; le coǔt des informations complémentaires; le coǔt de ľ exécution logique des opérations; la diversite des criteres-valeur, suivant l'opinion de ceux qui agissent; les modifications dans le temps des critères-valeur ď un exécutant donné; la préférence que marque celui qui agit quant au temps, au risque, à la procédure logique et àľ incertitude. La définition de la rationalité devrait spécifier le déroulement de ľ action, qui, à la lumière de tous ces facteurs, apparaǐt comme “la meilleure”.La définition proposée ici esquisse une procédure rationnelle pour le choix ď une action parmi toutes les actions reconnues possibles; en ľ occurrence, le mot action se rapporte à une suite chronologique a) ď actions (au sens usuel), b) ď informations et c) ď analyses logiques. Grosso modo, le processus comprend les quatre étapes suivantes: I° la spécification des actions connues possibles; 2° la détermination pour chacune des actions, et en utilisant toutes les informations disponibles entrant en ligne de compte, de toutes les conséquences possibles et de leurs probabilityés respectives; 3oévaluation, à la lumière des critères-valeur entrant en ligne de compte, de chacune des conséquences possibles de chacune des actions possibles; et 4o la déduction de 3o de ľ action “correcte”à exécuter. En exposant ces étapes, ľ auteur utilise une construction logique calquée sur celles de Carnap, Hempel et Oppenheim.Afin ď etre mieux compréhensible, la définition est présentée en deux paliers. Ľ annexe à cet article contient un exemple (considérablement simplifyé) de ľ application de la définition.

Notes: Brogle, Urs. Zur Frage des schweizerischen KapitalexportsFriedman, Milton and Schwartz, Anna Jacobson. A Monetary History of the United States 1867-1960Jha, Narmadeshwar. The Age of Marshall—Aspects of British Economic Thought 1890-1915.Kenen, Peter B. International EconomicsOgburn, William F. and Nimkoff, Meyer F. Sociology.Pierson, John H. G. Insuring Full EmploymentPlitzko, Alfred (ed.). Planting ohne PlanwirtschaftPolach, Jaroslav G. EURATOMRanis, Gustav (ed.). The United States and the Developing EconomiesReddaway, W. B. The Development of the Indian Economy.Reich, Richard (Hrsg.). Humanität und politische Verantwortung.Reynaud, Pierre-Louis. La psychologie économiqueRobinson, Joan. Essays in the Theory of Economic Growth.De Roover, Raymond. The Rise and Decline of the Medici Bank.Rose, Klaus. Theorie der Aussenwirtschaft.Sotiroff, G. (ed.). John Barton (1789-1852), Economic Writings.Stobbe, Alfred. Untersuchungen zur makroökonomischen Theorie der Einkommensverteilung The Planning of a New Town.Vatter, Harold G. The US Economy in the 1950′s.Stanislav Wellisz. The Economies of the Soviet Block, a Study of Decision Making and Resource Allocation.

Notes: The newest and most imaginative part of Dr. Bernstein's proposals for a reform of the monetary system consists in a new method of opening reserves by central banks: the reserve unit. The reserve unit is a synthetic currency composed of eleven currencies of the Group of Ten and of Switzerland. The proportions would be fixed by an agreement (probably according to the ratios of the countries concerned at the IMF). Each of these eleven countries would be obliged to hold within its reserves an amount of reserve units which is a constant relation of its assets in gold.The two main advantages of this proposal are:(1)such claims towards rich countries would be accepted by central banks; and(2)the non-existence of any repayment obligation, which would destroy the additional liquidity necessary in order to meet the growing requirements of the international monetary system.The main disadvantages are:(1)the difficulties which would result because of unequal proportions between newly created reserve units and their retention by central banks;This reform would even enhance the inequality and the inflationary potential of the present system as it would go together with an extension of the IMF-ratios, with an automatisation of credit allowances of the Fund, and bilateral swap-agreements would continue, etc.Therefore it would not remove at all the erratic character and the sources of crises of the present system by a creation of new reserves, but would only lend help against deflationary difficulties—but not against inflationary ones—which the new system could promote itself.

Notes: This paper studies the problem of achieving an optimal allocation of land resources in an urban area. In particular, the study is focused on the extent to which decentralized decision-making via a price regime can be relied upon to produce optimal solutions in both simple situations and those characterized by externalities, indivisibilities, and non-convexities. Linear and non-linear programming and non-zerosum gam theory are used in an effort to determine proper institutional arrangements for acceptable solutions and to rationalize a type of zoning constraints. One of the conclusions is that the more complex the situation and the greater the characteristic value of various coalitions, the less the desirability of complete decentralization of decisions and the greater the desirability of a pricing device which operates under certain constraints.

Notes: It is generally admitted (1) that utility theory explains choices between goods with diminishing marginal rates of substitution and (2) that this theory applies in particular to choices between brands of a same good (or, more generally, between differentiated products belonging to the same industry). The author suggests that these two ideas are irreconcilable as the marginal rate of substitution of differentiated products (belonging to the same industry) is constant.A theory based on constant marginal rates of substitution leads to the conclusion that a change in the price of a differentiated product has neither a substitution nor an income effect, if we consider only the demand for products belonging to the same industry. There is only a replacement effect.This implies that the individual demand curve, based on utility theory of the Slutsky-Hicks type, refers to a group of products and not to a particular product in case of differentiation. The concept of an aggregate demand curve for a differentiated market could thus be defended against the criticisms of the Walrasian school. Finally, this leads to the idea that it could be interesting to construct demand curves of the firm, allowance being made for non-convexity in the indifference field. The form of these curves is briefly discussed.〈section xml:id="abs1-2"〉〈title type="main"〉RÉSUMÉUne theorie qui fait appel a un taux marginal de substitution constant, conduit a la conclusion qu'a la suite d'une modification du prix d'un produit diffe-rencie, il n'y a, au sein de I'industrie consideree, ni effet de substitution, ni effet de revenu. II n'y a qu'un effet de remplacement.Ceci implique qu'en cas de differentiation, la courbe de demande individuelle, derivee de la theorie de 1'utilite; de Slutsky et Hicks, se refere au groupe de produits et non a un produit particulier. Le concept d'une courbe de demande glo-bale, relative a un marche differencie, ^chappe done aux critiques de l'ecole Wal-rasienne. II en resulte, enfin, qu'il pourrait etre interessant de construire des courbes de demande de la firme, qui tiendraient compte de l'absence de con-vexite. La forme de ces courbes est brievement discutée.〈section xml:id="abs1-3"〉〈title type="main"〉ZUSAMMENFASSUNGEs wird allgemein angenommen, dass 1. die Wahl zwischen Giitern mit absinken-der Grenzrate der Substitution durch die Nutzwerttheorie erklart wird und dass 2. sich diese Theorie insbesondere auf die Wahl zwischen zwei Marken eines gleichen Gutes (oder, vcrallgemeinernd, zwischen zwei differenzierten Produkten einer gleichen Industrie) abwenden lasst. Der Autor vertritt hierzu die Ansicht, dass diese beiden Thesen miteinander unvereinbar sind, da die Grenzrate der Substitution zwischen zwei Produkten ein und derselben Industriebranche konstant bleibt.Nun führt eine Theorie, die sich auf eine konstante Grenzrate der Substitution stiitzt, zu der Schlussfolgerung, dass, infolge einer Preisveranderung eines differenzierten Produkts, sich innerhalb der in Frage kommenden Industriebranche weder ein Substitutionseffekt, noch ein Einkommenseffekt einstellt. Es kann einzig ein ≪Ersatzeffekt≫ festgestellt werden.Hieraus folgt, dass sich, bei einem Fall von Differenzierung, die von der Nutzwerttheorie von Slutsky und Hicks abgeleitete, individuelle Nachfragekurve auf eine Gruppe von Produkten, nicht aber auf ein Einzelprodukt bezieht. Der Begriff einer globalen Nachfragekurve eines differenzierten Marktes entzieht sich daher den kritischen Uberlegungen der Walras‘schen Schule. Aus oben Erwahntem geht schliesslich auch hervor, dass es sich als interessant erweisen konnte, Firmen-Nachfragekurven zu konstruieren, die das Nichtvorhandensein von Konvexitat in Rechnung ziehen. Die Form solcher Kurven wird kurz be-sprochen.

Notes: It is the purpose of the present paper to replace the traditional theory of industrial stages by a better model based on the criteria of capital and control. In constructing the new model we became aware of the fact it is necessary to distinguish between ‘capital’-intensive and ‘capital’-extensive industries and again within the latter between those which worked for local consumption and for the export trade, respectively. Only for the ‘capital’-extensive industries working for the export trade something like stages in the industrial development can be discovered. In fact, the stage reached in these industries in the eighteenth century brought them organizationally close to the older ‘capital’-intensive industries, so that for that period we subsume both under the head of protofactory. The protofactory of the model based on capital and control shows the essential characteristics of the factory, although in reality there were some elements distinguishing the protofactory from the full-fledged factory.In the second section of the paper we describe in detail the organizational features of the protofactory after clearing up the etymological confusion in that〈section xml:id="abs1-2"〉〈title type="main"〉ZUSAMMENFASSUNGDer Beitrag zielt darauf ab, die traditionelle Theorie der industriellen Stufen durch ein auf den Kriterien ≪Kapital≫ und ≪KontroIle≫ basierendes, besseres Modell zu ersetzen. Beim Aufbau dieses neuen Modells zeigte sich die Notwendig-keit einer Unterscheidung zwischen kapitahntensiven und kapitalextensiven Industrien, welche letztere wiederum unterteilt werden mussen in solche, die fiir den einheimischen Verbrauch arbeiten, und solche, die fiir den Export produ-zieren. Nur fiir die im Export tatigen kapitalextensiven Industrien lasst sich so etwas wie Stadien der industriellen Entwicklung entdecken. In der Tat brachte das Stadium, welches diese Industrien im 18. Jahrhundert erreicht hatten, sie organisatorisch in enge Verbindung zu den alteren, kapitahntensiven Industrien, so dass fiir jene Periode beide unter dem Oberbegriff”Ur-Fabrik” (protofactory) zusammengefasst werden konnen. Das auf ≪Kapital≫ und ≪K.ontrolle≫ aufge-baute Modell der Urfabrik bringt wesentliche Merkmale der Fabrik zum Aus-druck, obwohl sich in Wirklichkeit die Urfabrik von der fliigge gewordenen Fabrik in einigen Punkten unterschied.Im zweiten Teil der Arbeit werden die organisatorischen Grundziige der Urfabrik im Detail beschrieben; zuvor wird die in diesem Bereich herrschende etymologische Verwirrung geklart. Abschliessend wird gezeigt, dass weder der im organisatorischen Aufbau der Industrie tatige Geschaftsmann noch der zeit-genossische Okonom erfasst hatten, was sich vor ihren Augen abspielte. Es brauchte Jahrzehnte, bis der Industrielle die Notwendigkeit regelmassiger Ab-schreibungen erkannte, und der klassische Okonom lehrte noch lange die inverse Korrelation zwischen Lohn und Profit und die Vcrschiebbarkeit des Kapitals von Industrie zu Industrie, nachdem diese beidenfiir das putting-out system typischen Wesensziige mit dem Erscheinen der Urfabrik verschwunden waren.〈section xml:id="abs1-3"〉〈title type="main"〉RÉSUMÉCet article a pour but, de remplacer la théorie traditionelle des stades industriels par un modèle meilleur, basé sur les critères de capital et de contrǒ1e. En construisant ce nouveau modèle, nous nous rendons compte de la nécessité, de distinguer entre industries intensives en capital et celles extensives en capital et ces dernieres de nouveau, en celles qui travaillent pour la consommation interne, et celles qui produisent pour l'exportation. C'est uniquement pour les industries extensives en capital produisant pour l'exportation, qu'on peut d^couvrir des soi-disants stades du developpement industriels.En fait, le stade atteint dans ces industries au dix-huitieme siecle les amenait du point de vue de I'organisation en relation étroite avec les industries plus vieilles et intensives en capital, de facon a ce que pour cette periode, les deux pouvaient ětre résumés sous le terme de ≪protofabrique≫. La protofabrique du modele, basee sur le capital et le contrdle met en relief les principales caracteristiques de l'usine, malgre que la protofabrique se distingue en realite en beaucoup de points de l'usine evoluée.Dans la deuxieme partie de cet article, les elements organisateurs de la protofabrique sont decrits en detail, apres avoir eclairci les confusions etymologiques. Finalement l'auteur montre, que ni le commercant actif dans le developpement organisateur de l'industrie, ni l'economiste classique contemporain ont saisi ce qui se deroulait devant leurs yeux. II a fallu des dixaines d'annees jusqu'a ce que I'industriel reconnaisse Futility d'amortisations regulieres, et l'econome classique enseignait encore longtemps la correlation inverse entre le salaire et le profit et Pajustement du capital d'une industrie a l'autre, malgre que ces deux faits typiques par le “putting-out system”, avaient disparu avec l'apparition de la protofabrique.

Notes: In the Soviet Union there has been for some years a passionate discussion on the improvement of economic planning. It deals particularly with the adaption of planning to the degree of industrialisation which has been achieved within few decades.The Soviet economy can be looked at as a huge entity with many branches and enterprises whose direction is in the hands of the party and of the state. While the party decides the guiding principles, the particular leading functions are fulfilled by organs of the state.The economic administration of the state has been organised in the course of time according to three points of view: Economic sectors, functions and regions.The structure of administration has been changed many times after Stalin's death, the preliminary result of which is a centralisation after an attempt at regional decentralisation.For ideological reasons planning methods changed relatively little compared to pre-war time. The most important planning instruments are the balance of materials and the norms. Both instruments reveal in their traditional forms increasing inadequacies, and problems which result out of the present stage of industrialisation cannot be solved in a satisfactory way with their help. Newly there have been taken steps towards the introduction of more modern methods and towards the overcoming of ideological barriers.〈section xml:id="abs1-2"〉〈title type="main"〉RÉSUMÉDepuis quelques annees, une discussion violente est en cours dans l'Union sovi6-tique au sujet de l'amelioration de la planification economique. II s'agit prin-cipalement d'une adaption de la planification au haut degre d'industrialisation, atteint au courant de quelques dizaines d'annees.L'economie sovietique peut etre concue comme une combination gigantesque avec de nombreuses branches et entreprises, dont la direction est effectuee par le parti et l'etat. Tandis que le parti determina les directives générates, les chargées de l'etat detiennent les fonctions directives particulieres. L'appareil d'adminis-tration economique de l'etat a ete specific selon trois points de vue: secteurs eco-nomiques, fonctions et regions. Depuis la mort de Stalin, la structure d'adminis-tration avait subi de nombreux changements et de reorganisation, qui apres l'essai d'installer une decentralisation regionale, ont abouti pour le moment a une nouvelle centralisation. Les methodes de planification ont peu change vis-a-vis de la periode d'avant-guerre, et ceci pour des raisons ideologiques. Les principaux instruments de planification sont les bilans du materiels et les normes. Les deux instruments sont insuffisants dans leurs formes arrierees et ne peuvent resoudre d'une facon satisfaisante les problemes, issus du stade actuel de l'industrialisation. Pour cette raison, on essaie a present d'introduire des procedes modernes et de surmonter les barrières idéologiques.

Notes: Many of the central problems surrounding economic development require a broader analytic context than that provided by traditional Western economic theory. The value of the institutionalist tradition has been referred to with increasing frequency in this regard. The contributions and shortcomings of this tradition are well illustrated in Veblen's thought. The shortcomings, the principal subject of this paper, include (a) an inadequate treatment of economic motivation (b) a tendency to view the study of economic institutions as a substitute for, rather than a complement to, price theory (including the related disciplines of mathematical economics and econometrics) and (c) an inadequate exploration of the nature and significance of alternative institutions in their relation to economic development. In each of these respects the concepts and comparative analyses of Max Weber provide valuable additions to both methodology and theory. Weber's legacy deserves the attention of all those who believe that (to paraphrase Whitehead) economics should be a survey of possibilities, not a quarrel among irritable professors.

Notes: Two important themes in recent discussions of the evolution of international monetary institutions are the problems of cooperation among central banks and the role of exchange guarantees. These themes are illustrated by a discussion of United States Federal Reserve and Treasury foreign exchange operations, proposals for a multiple key-currency system, and suggestions for making currency swap agreements permanent and access to overdrafts automatic. It is argued that, while cooperation is required in any system, the more it is arranged in advance and formalized the less will be the unjustified deflationary bias in policy. Further, a multiple key-currency system is appreciably more unstable than one based on automatic extensions of liquidity, even if both are supported by exchange guarantees. These considerations suggest that adopting a multiple key-currency system, as advocated by F. A. Lutz among others, would be inferior to automatic prearranged currency swaps and overdrafts as suggested by P. B. Kenen and others.

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Notes: Ando, Albert, Fisher, Franklin M., and Simon, Herbert A. Essays on the Structure of Social Science Models. Cambridge.Bruno, Michael. Interdependence, Resource Use and Structural Change in Israel.Coppock, John O. North Atlantic Policy — The Agricultural Gap.Giersch, Herbert. Allgemeine Wirtschaftspolitik.Giesecke, Helmut. Industrieinvestitionen in Entwicklungsländern - Risiken und Chancen.Horst, Paul. Matrix Algebra for Social Scientists.Kuenne, Robert E. The Theory of General Economic Equilibrium.Kuh, Edwin. Capital Stock Growth: A Micro-econometric ApproachLux, André. Le Marche du travail en Afrique noireMaizels, Alfred. Industrial Growth and World Trade.Manning, C. A. W. The Nature of International Society.Mason, Will E. Clarification of the Monetary Standard.Maurer, Emil H. Der Spätbürger.Myrdal, Gunnar. Das politische Element in der nationalökonomischen Doktrinbildung.Nevin, Edward. Capital Funds in Underdeveloped Countries.Rees, Graham L. Britain and the Postwar European Payments Systems.Regling, D. und Voss, R. Die Bahn der drei MeereRothbard, Murray N. Man, Economy, and the State — A Treatise on Economic PrinciplesRunciman, W. G. Social Science and Political Theory.Seraphim, Hans-Jürgen. Theorie der Allgemeinen VolkswirtschaftspolitikTopitsch, Ernst. Sozialphilosophie zwischen Ideologic und WissenschaftVon Arnim, Clemens. Die Preisdifferenzierung im Eisenbahngüterverkehr, ihre theoretische und wirtschaftspolitische Begründung

Notes: This article deals with the empirical and theoretical significance of the so called Patinkin-debate. Some authors are inclined to disparage the contribution of Patinkin to economic theory, others consider his writings as a new starting point of monetary economics. It is attempted to reconcile both views in stressing the consequences of the fundamental hypothesis implied in Patinkins integration of monetory and value theory, the assumption that prices are flexible. The role of administered prices is confronted with the real balance effect.It is argued that the problem raised by Patinkin is still there as Patinkins solution applies only for perfect competition. It is a theoretical problem of major importance to integrate monetary and value theory in case of imperfect competition. In practice the whole discussion is less important as there exists always a price level determined by the amount of money and the demand for cash.

Notes: According to the neo-classical theory of economic growth, the rate of growth of output tends towards a value which is independent of the proportion of the national income saved. If the proportion of saving changes, the rate of economic growth reaches—after an adjustment process—its original level, which (with a constant labour force) is alone determined by technical progress and the elasticity of the output in respects to changes in the use of the factor capital. Amongst the infinity of possible proportions of investment there must be one, which leads to a maximazition of consumption. It can be shown, that consumption is maximized, if the proportion of investment equals the elasticity of the output to the factor capital.The theorem that the rate of economic growth is independent of the proportion of investment is only valid, if technical progress is autonomous. The equilibrium system postulated in this theorem is indeterminate to the extent that technical change is induced by the process of capital formation. Under these conditions saving and investment decisions again become the determining parameters of the growth rate. Now technical progress may be partly independent of capital formation, but this does not mean that it is totally autonomous. It would be more correct to say that it is a function of, for example the level of technical knowledge and expenditure on education, even if these factors do not enter the analysis explicitly as factors of production. The neo-classical theory of equilibrium, however, is based on the assumption that technical progress is simply a function of time; thus this theory of equilibrium is based upon the choice an inappropriate underlying production function.Moreover, only the rate of economic growth is dependent upon investment activity but not the level of output. With an increasing proportion of investment the level of output increases, tending to a new equilibrium path.There exists a determinable proportion of investment which leads to a maxi-mazition of consumption. Pearce has shown recently, that this is valid only under the condition, that several economies which are on the equilibrium path of growth, are compared. If the optimum path is left temporarily (through an increase in the proportion of investment), a (temporary) increase of consumption, which exceeds the consumption foregone, is obtained. Beyond it, it can be shown, that the optimal proportion of investment must be higher, the more technical progress is induced. If technical progress is not autonomus, the system is again open: in the long run the greater the accumulation of capital the greater the possible consumption level. It is the subsistence minimum which determines the proportion of investment.

Notes: The attitude that Roman Catholic thought should adopt towards the market principle of price establishment turns on implications to be derived from its support for the foudations of the private enterprise economy, the reaction evident in recent years in favour of some more liberal version of the goal of a reformed socio-economic order, and such direct discussion of the market principle as has occurred.‘Official’ Catholic thought has repeatedly affirmed the necessity of guarding private property, initiative and freedom, and urged limiting the role of the state; so that basic, though duly qualified, support for the private enterprise economy is the clear and inescapable consequence.Next respecting the vision of an ideal socio-economic order Mater et Magistra seems to mark a welcome resetting of the balance in favour of the neo-liberal trend in Catholic social thought. It makes no mention of the goal of a corporative economy with the rigid implications inherent in this, substitutes a looser perspective of associational groups and action as the means of filling the old void between unorganised individuals and the state, and shows awareness of the diversity of desirable patterns of reform in different coutries.Lastly, incorporation of the market principle into Roman Catholic thought requires, on the one hand, full acceptance of it as inevitably associated with and necessary to private property and enterprise, and on the other hand and more formally, a working out of its institutional character and the legal and moral safeguards dictated by commutative, distributive and social justices.It has to be borne in mind that the entire argument implicitly views the advanced Western country as the norm, and is subject to considerable qualification respecting the underdeveloped country and various special cases.

Notes: A balance of payments adjustment mechanism should be defined as ‘any balance of payments disturbance which can be deliberately initiated in order to correct some other disturbance’. The traditional mechanisms, based on changes in exchange rates, prices and incomes, can no longer be applied effectively because they are domestically impalatable. Consequently, governments have come to rely on new ways of initiating countervailing disturbances, among them (a) pressures on surplus countries; (b) changes in foreign tastes; (c) stimulating economic growth; and (d) forming or joining a customs union. In the present disequilibrium system, new adjustment mechanisms like these are being widely used, and are in fact becoming the only effective means for maintaining international equilibrium.

Notes: A model of the form xt - xt-1= etwhere xt is the price of a share at time t and et forms a sequence of independent random variates is postulated as a model of the price determining mechanism of stock markets.The form of the distribution function of the et's is investigated. In opposition to suggestions that have been made in connection with other speculative price mechanisms it is found that the distribution function appears to be well approximated by a normal distribution. There is no evidence that the data treated are samples from a stable process with an infinite variance.It is found that the model mentioned above, termed the random-walk model, provides a good explanation of the variation of stock market prices for daily observations of the price, and for the series formed by the price of every transaction taking place in the market. In the context of this model it is noted that it appears that the price determining mechanism continues to operate at a reduced ‘speed’ during times when the actual market is closed.While it has been suggested that a correlation between the volume of shares transacted and the absolute value of the first differences of the price series should be expected, no such correlation was observed.Two questions which the paper leaves open are the question of cross-sectional correlation between different shares, and the question of the possibility of information in moments of order greater than two.In conclusion the following law is stated: ‘The price determining mechanism described in Section II (i. e. the random-walk indicated above) is the only mechanism which is consistent with the unrestrained pursuit of the profit motive by the participants in the market’.

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