摘要:

SUMMARYInvestment brings two kinds of benefits:directbenefits in the form of profits to the investing enterprises; andindirector development benefits in the form of productivity gains and higher wage rates. Conventional resource allocation precepts, in asserting that enterprises should invest in regions, domestic or foreign, that yield them the largest return, neglect the second type of benefit. If enterprises elect to invest abroad because the return to capital there is marginally higher than at home, then presumably the gains in development accrue to the foreign rather than the domestic economy. A recognition of both types of benefits leads to the conclusion that foreign investment, to be advantageous to the domestic economy, must yield a premium sufficiently in excess of what home investment would yield to compensate for the development benefits that are foregone.This view is given formal support through a suggested framework in which the relations between investment decisions by enterprises, the returns to factors and the indirect development benefits can be explicitly shown. The novelty of the argument lies in the integrating character of this framework, which permits a determination of the premium that foreign investment should earn. The question of whether historically that premium has been earned also is explored.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1965.tb00982.x

出版商:Blackwell Publishing Ltd    

年代:1965

数据来源: WILEY

摘要:

SUMMARYRecently there has been an increasing interest in the economic aspects of education. It is due to the insight—which itself gained ground because of the growing quantitative importance of education—that education involves costs, or demands resources which are essentially scarce. The optimal allocation of resources to the sector of education is therefore an important problem. It is not automatically solved by the market mechanism, because social costs and returns of an education are not recorded in the market. A rational solution of the problem, therefore, depends largely on non‐market decisions, which in turn presuppose an indirect evaluation of costs and returns of an investment in education.The present article reviews critically the methods applied and the problems encountered by American economists and calculating the costs and returns of an investment in education, taking as an example the typical four‐year college education. It is shown that, under certain assumptions, costs and returns of investments in education can be calculated, compared with corresponding data for other investments and thus be used as a basis for a decision as to whether expenditures on education should be increased or decreased. The main shortcoming of this approach, judging from the hitherto published contributions, seems to be a neglect of the dynamic implications which in turn are closely connected with the external effects of education. It is to be hoped that further research will better take into account these effects which are likely to be of considerable imp

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1965.tb00983.x

出版商:Blackwell Publishing Ltd    

年代:1965

数据来源: WILEY

摘要:

SUMMARYThe rapidity of technological change within a country is functionally related to a nation's propensity to borrow technology. Japan, with a celebrated propensity to borrow western technology, has, in the post World War H period, again made impressive gains, based in large part, on borrowed technology. The United States military presence in Japan has been an important transmission belt making possible much of this technological transfer, and consequent structural change.This research points to basic conclusions that the impact of an external military is far from the negative image popularly conceived. A military presence endowed with a higher technical civilization can initiate a fillip to a recipient country's structural evolution. Moreover, military aid, contrary to the often made negative contrast with economic aid, has long‐term dynamic effects in the transfer of higher level technology which can shift production functions significantly over time. Implications of the United States military presence also can obtain for other countries as well, but with varying levels of intensity depending on the country's national propensity to borrow technology, and other strategic factor

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1965.tb00984.x

出版商:Blackwell Publishing Ltd    

年代:1965

数据来源: WILEY

摘要:

SUMMARYThe present article deals with some of the most important claims of underdeveloped countries. Especially are considered: Stabilization and promotion of exports, stimulation of industrialization, the problems of financial aid. Additional measures to be taken by an underdeveloped country itself (improvement of education and inter‐regional co‐operation) are also taken into account.Many of these claims, as it became evident at the Geneva conference on trade and development (March/June 1964), are proposed under wrong assumptions and expectations or are just irrealistic; for instance immediate removal of european and american protectionism in agrarian questions and concession of far‐reaching export‐guarantees for underdeveloped countries cannot be expected to be carried through at once. In connection with the problems of financial aid it is also often overlooked, that economic development cannot be realised by capital only.In spite of the often irrealistic claims, the result of the Geneva conference was nevertheless rather disappointing. The only resolution of some importance, the foundation of a new international organisation, cannot be expected to be useful, as long as the co‐operation of existing institutions does

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1965.tb00985.x

出版商:Blackwell Publishing Ltd    

年代:1965

数据来源: WILEY

摘要:

SUMMARYThis paper deals with several issues related to the impact of import substitution on a country's demand for imports. With the help of a simple model, it points out that once a given rate of growth has been reached and is maintained through time, the fact that investment expenditures have a high import component will not give rise to balance of payments difficulties, as the direct impact of this year's investment on the demand for imports should be more than offset by last year's investment in the import substituting industry now coming to fruition. The pressures on the balance of payments will arise during the transition period when a country is attempting to step up capital formation in the import substituting sector. The paper also emphasizes the need to take into account all direct and indirect repercussions of an increase in investment on the demand for imports when estimating the foreign exchange savings to be realized from a given investment project.The second part of the paper considers the likely effects of a change in the relative prices of imports on the manufacturing sector producing goods previously imported, but which still relies on imported raw materials and intermediate products, and on the demand for imports. Several reasons are given for a presumption against a high price elasticity in the demand for imports, based on the derived nature of a large component of such demand. Given these structural conditions the alternatives open to a policy maker in a semi‐industrialized country facing the need to cut back imports are likely to be quite gri

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1965.tb00986.x

出版商:Blackwell Publishing Ltd    

年代:1965

数据来源: WILEY

摘要:

SUMMARYThe Marshall‐Lernercriterion for a successful devaluation assumes perfectly competitive markets to exist in both countries. The consequent equality of marginal cost and price ensures that the price effect of the devaluation will be transmitted to the international market. There are three types of transaction which may lead to the maintenance of the price of export in foreign currency in the wake of a devaluation: goods originating in imperfectly competitive domestic product markets; goods having their international prices determined by international bodies; and international flows of interest and dividends which are defined in foreign currency. If these types of transaction form an important part of the devaluing nation's payments or receipts, there is a positive probability that the Marshall‐Lerner condition will overstate the sum of the demand elasticities necessary for effective devaluat

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1965.tb00987.x

出版商:Blackwell Publishing Ltd    

年代:1965

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1965.tb00988.x

出版商:Blackwell Publishing Ltd    

年代:1965

数据来源: WILEY

摘要:

Baer, Werner, and Kerstenetzky, Isaac(Eds.).Inflation and Growth in Latin AmericaBalabkins, Nicholas.Germany under Direct ControlsBehrendt, RichardF.Soziale Strategic für EntwicklungsländerBenoit, E., and Boulding, K. E. (Eds.).Disarmament and the EconomyBurdeau, Georges.Einführung in die politische WissenschaftCorden, w. m.Recent Developments in the Theory of International TradeCowling, Maurice.Mill and Liberalism.iFei, JohnC. H., and Ranis, Gustav.Development of the Labour Surplus EconomyFogel, RobertWilliam.Railroads and American Economic GrowthGehring, Paul.Friedrich ListBurt, Nathaniel.The Perennial Philadelphians.VON Gersdorff, Ralph.Wirtschaftsprobleme Portugiesisch‐Afrikas.Greenhut, MelvinL., and Whitman, W. Tate (Eds.).Essays in Southern Economic Development.Grosse, Niels.Ökonomik der KernenergieHadley, GeorgeF.Non‐Linear and Dynamic Programming.Hagemann, Max.Der provisorische FriedenHalm, GeorgeN.The ‘Band’ Proposal: The Limits of Permissible Ex‐change Rate VariationsHinsley, F. H.Power and the Pursuit of Peace.Horie, Shigeo.The International Monetary FundKerr, Clark.Labor and Management in Industrial SocietyLoutfy, Aly.La technique élevée à la suprěme puissance: la planification de l'économieLüdeke, D.Schätzprobleme in der Ökonometrie.Madan, B. K.Aspects of Economic Development and Policy.Maddison, Angus.Economic Growth in the West: Comparative Experience in Europe and North AmericaMurphy, J. Carter(Ed.).Money in the International Order.Netzband, Karl‐Bernhardund Widmaier, HansPeter.Wäh‐rungs‐ und Finanzpolitik der Ära Luther, 1923‐1925Schweitzer, Arthur.Big Business in the Third Reich.Smith, PaulF.Consumer Credit CostVogt, Winfried.Makroökonomische Bestimmungsgründe des wirtschaft‐lichen Wachstums in der Bundesrepublik Deutschland 1950‐1960.Waasdijk, T.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1965.tb00989.x

出版商:Blackwell Publishing Ltd    

年代:1965

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1965.tb00990.x

出版商:Blackwell Publishing Ltd    

年代:1965

数据来源: WILEY