摘要:

SUMMARYThis paper wants to show that endogenous treatment of interregional capital movements should be an essential element in the analysis of regional development. Capital movements to or from a region are assumed to depend on the real prices of interregionally traded goods and on the supply of labour, technical progress, the development of the demand for goods, and the accumulation of wealth in that region. In this view interregional capital movements are a permanent phenomenon of regional growth and therefore should not be considered in the analysis of regional growth by treating them as exogenous disturbances. To present his view the author is using a neoclassical model based on neoclassical models of interregional (international) trade. By introducing assumptions on competition, factor mobility, etc., which are different from those typically used in neoclassical analysis, he tries to modify the results and to bring them nearer to reality.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00912.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY

摘要:

SUMMARYThe paper analyses the possibilities of incorporating research activities into macroeconomic growth models. It discusses three attempts by Phelps, Uzawa, and Shellwho have developed models in which the rate of technical progress of an economy can be influenced by the amount of research. The models of Phelpsand Uzawayield Golden Age equilibrium solutions. But they use assumptions which are unsatisfactory. The model of Shelldoes no longer imply a constant but an exponentially increasing equilibrium rate of growth. It is more plausible in its assumptions. It is argued that Golden Age models with exponential growth of output are unfit to deal with the problems of the implications for growth coming from research and other sources of produced technical progress. Being in the dilemma between sticking to exponential growth models and analyzing produced technical progress we should opt for the latter.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00913.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY

摘要:

SUMMARYWithout entering the controversy on the importance of human capital in relation to technological progress, an economist faces a challenging technical problem: how to measure or quantify in monetary terms the significant value of specific skills, both for the individual and for the social entity. This paper attempts to contribute to this objective on two levels: one is to develop an acceptable methodology for evaluation of the incremental contribution of skills; secondly, the paper summarizes preliminary results of a case study on the transfer of skills acquired during military training to the civilian sector in Japan during the post‐World War II period.Implications of the study suggest a critical review of by‐product contributions of military expenditures. In spite of pejorative evaluations of the military establishment on moral grounds by a segment of public opinion, military training remains a prevasive mechanism for mass development of skills in all nations, particularly in less‐developed and socialist countries.The potentiality of tapping the experience and the know‐how of military establishments for development of skills transferable for application in a progressively technical society opens opportunity for further scientific exploration and operational explo

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00914.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY

摘要:

SUMMARYThe study is concerned with the optimum savings‐assets position of an individual. This optimum position is the outcome of simultaneous utility maximization with respect both to intertemporal consumption flows and to stocks of more than one kind of asset. The optimal conditions of these stock‐flow‐decisions are stated in the form of a model based on the assumptions that the individual has a multiperiod planning horizon, and that he is confronted with two types of assets. This stock‐flow equilibrium is examined 1. for a single period, and 2. for a whole series of periods. Using the Hicksian concepts, revived by Archibaldand Lipsey, we speak, in the first case, of weekly equilibrium, and, in the second, of full equilibrium meaning that the individual reaches, after a series of weeks, the invariance over time of his desired stock of assets. This article may also be regarded as an attempt to fill the lacunae in the graphical presentation of Patinkin's‘Utility Theory of Money, Assets, and Savings' (Money, Interest, and Prices,

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00915.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY

摘要:

SUMMARYIn Patinkinia the money market is characterized by a shifting of the stock of money as a commodity market is by the shifting of the stock of commodities.By Patinkin's law it is clarified that in an exchange economy with one general indefinitely durable good (money), absolute prices can be logically determined in two ways:1. by the quantity equation, if there is no shifting of the stock of money and2. by direct determination, if there is a shifting of the stock of money.As expected Patinkin's law does not state anything new. It only tries to get straight the former confused application of the laws of Walrasand Sayby simultaneous implementation of the laws of supply and demand at the markets of Patinkinia.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00916.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY

摘要:

SUMMARYMuch of the recent literature on the adequacy of international reserves states that there should be enough reserves in the world so that countries can avoid undesirable and painful adjustment to balance of payments disequilibrium. But this undesirable adjustment, namely deflation and unemployment, is the only adjustment mechanism that exists under a system of fixed exchange rates. It follows from this that no amount of international reserves, short of infinity, can ever be enough. Furthermore, the existing system is one in which there is a built‐in bias toward disequilibrium. If countries differ in their willingness to permit some inflation in exchange for full or nearly full employment, the inflation prone countries will tend to incur deficits. They will avoid adjustment—that is, domestic contraction, as long as they have any reserves above what they consider to be minimally acceptable levels. The inflation‐avoiding countries, which will tend to be in surplus, will prefer to accumulate reserves rather than permit inflation. In such a world there is likely always to be a ‘shortage' of reserves, whatever the actual level of reserves

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00917.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY

摘要:

SUMMARYThe essay is written in the light of Lord Keynes' unfamiliar view that Montesquieuis the greatest French economist. The argument emphasizes the turbulent period in European history which inspired the economic philosophy of Montesquieu. Chronologically, the great eighteenth‐century philosopher is seen as the link between seventeenth‐century mercantilism and the physiocratic doctrines which emerged in France immediately following his death in 1755. Logically, however, Montesquieuis found to belong to a class of his own. It is suggested that his thought, neither essentially mercantilist nor in any sense geocratic, prepared the ground for the sanest liberal developments which later characterized the European scene. The author is sensitive to the tendency of some to interpret Montesquieu'scomprehensive thought as reflecting certain contradictions. It is accordingly suggested that any inconsistencies flowing from Montesquieu'spreoccupation with the study of political, social and economic phenomena as a whole could reasonably be associated with a society, not a mind, in a state of flux. The paper is concluded with a critical analysis of Montesquieu'shistorical method, leading its author to confirm the validity of Lord Keynes' v

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00918.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY

摘要:

SUMMARYThe behavioural interpretation which Kaldorplaces on his famous identity between the investment‐income ratio and the profit share, and which he attempts to justify by the erroneous claim that the investment‐income ratio is an independent variable in the Keynesian system, rests crucially on a model of the firm's pricing behaviour. If an alternative pattern of pricing behaviour is postulated the direction of causation is reversed with the aggregate savings propensity, and hence aggregate demand, being dependent upon the distribution of income, and subsequently to KaldorCartterpublished a model in which both savings and investment are dependent upon the distribution of income. Both models centre upon the aggregate demand—income distribution relationship, but Cartterfails to incorporate any analysis of factor share determination and he does not show how a determinate level of income is achieved, whilst Kaldor'smechanism can only function in a full employment situation.In this paper the influences of marginal productivity and Kalecki's‘degree of monopoly’ are combined with Kaldor/Cartter‐type propensities relating savings and investment to the distribution of income, thereby producing a model in which the level of income and the distribution of income are interdependent and involve the determination of a position of simultaneous equilibrium. It is argued that, by retaining the influence of marginal productivity and not being reliant on a full employment situation, the model is in fact more ‘Keynesian’ than Kaldor'sso‐called

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00919.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY

摘要:

SUMMARYHaving defined the terms of trade, the author deals with the restrictions resulting from their use, for instance, in their statistical application, and, he gives a survey of the theories on the subject.He goes on to examine the various views on the terms of trade between primary commodities and manufactures and on those between developed and developing countries. However, generalizations on the matter are difficult. The widely di‐vergent opinions are due in great part to uncomplete and defective statistical material. The trend of the terms of trade between primary commodities and manufactures and between developed and developing countries (which is not necessary the same) has but little significance. It is therefore to be regretted that economic policy recommendations are based on the assumption that the terms of trade will deteriorate. This is in fact what happened in numerous papers prepared for the two UNCTAD‐conferences. There is no relationship between the terms of trade and economic development.The author concludes that the use of the terms of trade is to be avoided, except, in the last resort, for the study of a specified country and for a period not longer than some years. Moreover, an appropriate comment, for instance, on the productivity trends and the quantities traded, is necessary. The developing countries have, therefore, no interest in giving priority to the terms of tr

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00920.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1969.tb00921.x

出版商:Blackwell Publishing Ltd    

年代:1969

数据来源: WILEY