摘要:

Examples of reswitching (or double‐switching), capital‐reversal, and the apparent couterproductivity of thirft are widely supposed to cast doubt on the neoclassical theory of resource allocation and functional income distribution.1 The present paer tries to dispel this doubt, largely by insisting that “capital”– or however better we may lable the productive factor whose price is teh rate of interset – cannot be measured in purely physical terms. It has both time and value dimensions. In an economically relevant sense, its amount required in a physically specified production process does indeed depend partly on its own price. Supposed paradoxes arise from well‐entrenched but mistaken prejudices i

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00425.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00426.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

The literature explaining the sharp drop in labor force participation of the elderly in recent decades is examined. Several recent studies made by economists outside the Social Security Administration have found the impact of OASI to be much more important than was found by surveys made within the social security system. An examination of census and manpower data lends support to the view that OASI has had an important role in encouraging retirement at earlier ages. The drop in labor force participation among the elderly has impeded government efforts to improve the economic condition of elderly persons.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00427.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

Specialization, learning and technological change are shown in this paper to be connected phenomena. These connections which cannot be discovered by looking into conventional production functions are revealed in a straightforward way by applying the theory of finite automata. An hypothesis about learning is advanced and learning curves are derived from a model of behavior. How to determine the optimal amount of learning is also discussed.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00428.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

Since the late 1960's bank holding companies have become a dominant force in U. S. banking; they now account for over 2/3 of the nation's total deposits. This paper tests the hypothesis that the holding company form of organization leads to relatively risk‐taking behavior by affiliated banks. A major finding is that holding company banks react to monopolistic market situations by choosing risker portfolios and by leveraging to a greater extent than their independent counterparts. Such a behavioral characteristic has important implications for the allocation of resources in the country's 2600 local banking markets and for the regulation of financial institutions in genera

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00429.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

The purpose of this paper is to examine the invoicing decision of an exporter under a system of pegged exchange rates and a system of freely fluctuating rates. With pegged exchange rates, the exporter may equivalently invoice in its home currency or in the currency of its foreign clients, since the two prices are related by the pegged rate. With fluctuating rates, however, the choice of an invoicing strategy is important and will affect the level of trade. The optimal prices with each strategy are compared, and the exporter's responses to governmental policy instruments are characterized.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00430.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

This paper demonstrates that the non‐inheritability of human capital makes investment in it fundamentally different from investment in physical capital when lifetime is uncertain. A simple two‐period model is used to highlight the effect of lifetime uncertainty on the optimal investment in human capital with and without markets for life insura

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00431.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00432.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00433.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00434.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY