ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00854.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00855.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY

摘要:

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

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00856.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY

摘要:

SUMMARYRather than to approach technology within the framework of production function as a type of residual factor input, this paper attempts to develop transfer of technology functions. Using data based on post‐war experience of Japan, the issue is raised: how to facilitate the transfer of technology (absorption function). At the same time, an effort is made to identify and measure the relationship between the growth of output produced by the application of new borrowed technology and a group of significant explanatory variables (impact function).The absorption regression indicates that explanatory variables which facilitate a society's ability to absorb technology are mainly some combination of quantifiable measures of: 1. educational and technological niveau, 2. society's planned and predetermined effort to raise this niveau, 3. coordinated policies of government guidance in the induction of productive types of technology, as well as 4. availability of channels for intake of information about foreign technology and markets for new goods abroad (i. e. antennae). Findings of the two impact functions indicate a strong correlation between the growth in foreign and domestic sales of goods produced with new borrowed technology and two major explanatory inputs. On the one side, a nation's own effort to elevate the technological level of production processes stands out prominently; on the other hand, the visible indicators of induced technology (e. g. import of technically advanced machinery and raw materials reflecting new productive processes) figure prominently as major contributory factors. The question of which input contributes more or less to technological transfer and its impact is not being raised, because it is in some sense irrelevant. What is held, in effect, is that the transfer of technology is governed by a complex of factors which create a setting or an institutional milieu conducive to the transfer mechanism and its impac

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00857.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00858.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY

摘要:

SUMMARYAmong economists there has generally been a lack of agreement as to the specific relation between exports and economic growth. The hypothesis presented here is that there is a causal relationship between the two, that this relationship is one of interdependence rather than of unilateral causation, but that it is mainly a rise in exports that stimulates an increase in aggregate economic growth rather than vice versa.There are strong logical and empirical grounds supporting the hypothesis. Rising exports provide the wherewithal for increased imports, so important to economic growth. Emphasis on exports helps concentrate investment in the more efficient sectors of the economy, thus raising productivity. Efficiency is aided further by production for international markets since this permits greater economies of scale and forces firms to hold down their costs in order to remain competitive in international markets. In addition, profitable export industries stimulate additional investment, encourage an increased flow of new technology and managerrial skills, and stimulate increased consumption.The hypothesis was also tested statistically. Multiple correlations and simple least‐squares regression equations were calculated for a group of 50 countries using data on average rates of growth of per capita real G. N. P., of exports, and of earnings on current account during 1953‐63. The results showed: 1. that the most significant correlation was between exports and G. N. P.; 2. that for every2 1/2per cent increase in exports, per capita real G. N. P. showed a rise of 1 per cent; and 3. that this last relationship had a high degree of statistical reliabil

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00859.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY

摘要:

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

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00860.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY

摘要:

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

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00861.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY

摘要:

SUMMARYIn this paper an effort is made to pull together different strands of thinking on the subject of portfolio selection in recent literature. In order to make explicit relationships which are difficult to state verbally a simple model is set up which accounts for a number of factors influencing portfolio selection. The model is a certainty‐equivalence type model as developed by Tobinand by Markowitz.With its aide it is possible to indicate the general directions of shifts in portfolio composition if there are changes in the market rate of interest (effect stressed by the so‐called ‘New Theory of Credit Control’), a change in the yield differential between á low‐yield, low‐risk security and a high‐yield, high‐risk security (effect investigated by WarrenL. Smith), a change in risk aversion (effect investigated by D. E. Farrarand others) and a change in total loanable funds available (effect investigated by B. G. Malkieland J. Kane). In addition, the effect of a proportionate income tax with and without loss‐offset provisions on portfolio co

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00862.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1967.tb00863.x

出版商:Blackwell Publishing Ltd    

年代:1967

数据来源: WILEY