摘要:

SUMMARYEven with unchanged technology and under ceteris paribus conditions, fixed capital cost per unit of output will not remain constant. Production becomes less and less costly as the rate of growth increases. This means that for a given output and in order to keep the output capacity unimpaired in a specified period of time a smaller amount of real resources has to be spent in an economy growing more rapidly. The marginal efficiency of gross investment increases. It is further increased by technological progress, which may be taken as an increasing function of gross investment.Due to the limited absorptive capacity of any economy (and quite apart from the capital saturation phenomenon, which in a relatively small open economy may be neglected) diminishing returns set in, they eventually outweigh increasing returns mentioned above and for a sufficiently high rate of growth the economy reaches the point wheremei= 0. This is the point of the maximum rate of productive investment.This is also most likely the point of the optimum rate of investment, because consumption effects are such that we may reasonably expect the population to accept this policy as the most desirable.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1972.tb02582.x

出版商:Blackwell Publishing Ltd    

年代:1972

数据来源: WILEY

摘要:

SUMMARYThe article presents a two‐sector, fixed‐proportions neoclassical model with endogenous demand. The object of the model is to demonstrate two important points: (a) neoclassical theory, distribution theory or capital theory, is not dependent upon smoothly continuous and well‐defined marginal productivity functions; and (b) any theory of distribution that is not merely based upon accounting identities must contain a supply side as well as a demand side. The model does not contain an ‘unobtrusive postulate’, and it demonstrates that neoclassical theory does not depend upon aggregating capital and defining the rate of interest as the marginal productivit

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1972.tb02583.x

出版商:Blackwell Publishing Ltd    

年代:1972

数据来源: WILEY

摘要:

SUMMARYThe purpose of this paper is to present a new hypothesis to explain the excess demand for labour in an economy with large foreign labour immigration. Home and foreign labour force are not homogeneous. Starting from this preliminary observation, the authors were finally led to propose a new indicator for the excess demand for labour, consisting of the relationship between the foreign labour force and the home labour force of the preceding period. Empirical testing of this hypothesis for the case of the Swiss economy has given satisfactory results.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1972.tb02584.x

出版商:Blackwell Publishing Ltd    

年代:1972

数据来源: WILEY

摘要:

SUMMARYIn addition to the papers of Grangerand Morgensternconcerning 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 a

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1972.tb02585.x

出版商:Blackwell Publishing Ltd    

年代:1972

数据来源: WILEY

摘要:

SUMMARYThis paper utilises standard welfare economics to explore a number of assertions that are frequently encountered in connection with the economic rationale of the National Health Service (NHS). It is shown that the NHS‐type of delivery system is likely to produce neither a socially nor medically optimal amount of care, that it is unlikely to achieve consumption equality (even if private practice were to be abolished), that private practice does not enable an optimum to be reached (though some are enabled to make Pareto‐preferred moves) and that non‐price discrimination may systematically discriminate against the poor. A case is also made for the general validity of the choice‐theoretic approach to health care on the grounds that neither demand nor supply is as uniquely determined by technical considerations as is commonly s

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1972.tb02586.x

出版商:Blackwell Publishing Ltd    

年代:1972

数据来源: WILEY

摘要:

SUMMARYWhen factor intensities differ among products, and factor supplies are constant, factor shares vary with the composition of output. But if the proportions in which factors are owned vary from one consumer group to another, the economy's product‐mix itself may be a function of factor shares.A simple geometric model is developed to demonstrate the simultaneous determination of income distribution and output structure. It is then shown that transfers of income, by changing the product‐mix, may cause a further change in income distribution. With consumers preferring goods intensive in the factor they own, an income transfer's redistribution effects are enhanced; with them preferring goods intensive in factors owned by others, income transfers are partially frustra

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1972.tb02587.x

出版商:Blackwell Publishing Ltd    

年代:1972

数据来源: WILEY

摘要:

SUMMARYThe article considers the hypothesis that the timing and distinctive provisions of the EEC and EFTA disturbed relative earning rates,P, and thus influenced the location of U. S. direct investments. Statistically significant results are obtained withPt‐1, P, andPt+1for investment in both unions, suggesting that adequatelevelsof return were associated with the structural transatlantic relocation of capital. However, the evidence contradicts the claims that investors were motivated by profit differentials in a short‐run sense, or that relative earnings pre‐destined the investment location.An additional test finds great similarities in the time pattern of U. S. investment in the EEC and EFTA. Moreover, the outcry about the American investment invasion overlooked an actual reversal of the preferential view of Europe relative to the rest of the world around 1960.Thus, artificial trade distortions introduced by the EEC and EFTA apparently have been insignificant in global business strategies that regard Europe as a homogeneous technological‐industrial complex and a unified

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1972.tb02588.x

出版商:Blackwell Publishing Ltd    

年代:1972

数据来源: WILEY

摘要:

SUMMARYGovernment authorities outside the U. S. have two important incentives to hold the values of their currencies in terms to dollars below the equilibrium rate. First, their export and import competing industries are able to place considerable political pressure on the authorities to keep an undervalued rate whereas consumer interests are so diffuse that they exert little pressure for an overvalued rate. Secondly, the authorities themselves would rather have too many reserves than too few.This paper demonstrates that these two forces do not produce a devaluation bias against the dollar except over a transitional period.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1972.tb02589.x

出版商:Blackwell Publishing Ltd    

年代:1972

数据来源: WILEY