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This section presents abstracts of articles published in the March 1965 issue of the journal Oxford Economic Papers. G. C. Harcourt's article, The Accountant in a Golden Age, examines the accuracy of the accountant's measure of the rate of profit under Golden Age conditions where uncertainty is absent, expectations are fulfilled and the rate of profit has an unambiguous meaning. The accountant's rate of profit is defined as the ratio of accounting profit to the historial-cost value of assets. Four main cases are considered: the accountant's rate of profit in a business with a balanced stock of like machines; a growing stock of like machines; a balanced stock of like machines plus financial assets associated with depreciation allowances not used for replacement expenditures; and a growing stock plus financial assets. K. K. F. Zawadzki's article, Are Open Market Operations Effective?, examines conflicting views of several writers on the modus operandi of open market operations and on their effects on the level of bank deposits. The conclusion drawn from this examination is that open market operations can be effective in reducing the cash base of the banking system and in causing a multiple contraction of bank deposits provided that certain conditions are satisfied.

This section presents abstracts of papers which were published in the July 1965 issue of "Review of Economic Studies." In the model postulated in the paper "The Relationship Between Output and Employment in British Manufacturing Industries," businessmen are assumed to treat their output, capital and technology as exogenous in the short run. The endogenous variables are the level of employment and the effective number of hours worked per man. In the paper "Business Saving and Errors in Variables," cross-section, double-logarithmic, least squares regressions of business saving on profit are estimated for samples of companies drawn from the brewing and textiles industries, and from manufacturing industry as a whole, in Great Britain for each year 1949-63. The paper "Optimum Growth in an Aggregative Model of Capital Accumulation" elaborates the problem of optimum saving first discussed by F. Ramsey in 1928. For this purpose a centralized, closed economy is postulated; it is assumed to be adequately described by the aggregative, neoclassical model first closely analyzed by R. M. Solow. According to the paper "Entry in a Cournot Market," the theory of Cournot equilibrium was developed as a general theory with perfect competition and monopoly as special limiting cases. According to Cournot, as the number of firms in an industry increases, industry output increases, the output of any one producer becomes a smaller proportion of total industry output, price falls, and in the limit price and output approach that of a perfectly competitive market.

The author presents an analysis of Central European economies, nationalistic protectionism, cartelization, the role of big business in fascism and industrial development. Inflation is noted to have helped the business prospects of small business. Wholesale and retail price indexes from Austria between 1914 and 1938 are presented. Distribution cost patterns and the efficiency of production are closely tied to American economic conditions. Regimentation, restrictions and licencing in business is discussed with respect to its implications on business and the prospects of fascism.

The article presents a list of new books related to economics and business. Some books related to general economics are "University Economics," by A.A. Alchian and W.R. Allen; "Positive Economics and Policy Objectives," by T.W. Hutchison and "The Age of Inflation," by J. Rueff. Some books related to price and allocation theory, income and employment theory, related empirical studies and history of economic thought are "The Growth of Television Ownership in the United Kingdom Since the War-A Lognormal model," by A.D. Bain; "External Economies in Production," by P. Bohm; "Economics Choice of Human and Physical Factors in Production," by G.K. Boon is an attempt to measure the micro-economic and macro-economic possibilities of variation in factor proportions of productions. "Economic Growth in a Free Market," by G.H. Borts and J.L. Stein; "Balanced Distribution," by G. Erickson; "The Life of John Maynard Keynes," by R.F. Harrod; "History of Economic Doctrines-An Introduction to Economic Theory," by E. Heimann and "Consumption Patterns in Israel," by N. Liviatan.

Although science and business are distinct, the operations of businesses produce data of scientific interest, and businessmen are willing to pay scientists to answer certain kinds of questions. On the other hand, scientists working on their own initiative discover things which business can profitably use. Thus, both for the economy and for science, there exist autonomous changes and induced changes. It requires care in formulation to avoid imprecision in thinking. Research, as used in the paper, will refer only to a flow of new statements about the natural world. Invention, as used in the paper, consists of a flow of prototypes of articles which have never been made before, or processes which have never been used before. Development, as used in the paper, means a flow of instructions which enable the construction and equipment industries to build fixed plant of kinds never used before and also enable the personnel of these plants to operate them when finished. It may also make it possible to use existing fixed plant to make articles unlike those they had hitherto made.

Presents information on various articles related to economics, published in the June 1963 issue of 'The Economic Journal.' Relativity between broadcasting and the theory of value; Economic working of newspapers; Estimation of trade creation and trade diversion.

The article presents information on news related to accounting. The Association of Canadian Schools of Commerce and Business Administration held its seventh annual conference June 2, 3 and 4, 1963 at the Faculty of Commerce, Laval University, Quebec. Papers were given on the economy of the firm, education for operations research and developments in behavioral science theory. The thirteenth annual Tulane Tax Institute was held September 18, 19 and 20, 1963, in New Orleans. Current developments in federal taxation, tax planning, tax accounting and oil and gas tax problems were discussed. The University of Hawaii and the Hawaii Society of Certified Public Accountant's jointly sponsored a second annual Conference on Government Accounting at Honolulu May 8, 9 and 10, 1963. The next conference of the Australian Association of University Teachers of Accounting will be held at the Australian National University in Canberra on January 25, 26 and 21, 1964. Papers will be presented on the accounting research studies, on financial mathematics and accounting and on "Accounting in the Administrative Arm of Government-The Scope for Reform." The 21st Annual Institute on Hospital Accounting was held at Indiana University in July.

The article presents a list of reference materials and papers on economics, agriculture, business and finance which were published in various journals. Some of the papers in the list include, "Gino Luzzatto," by various authors, published in the journal "Muova Rivista Storica, XLIX," are two issues dedicated to the memory of Gino Luzzatto, recalling his scholarly work and his high standing as a man and a teacher, "Ricordo di Yves Renouard," by F. Melis, published in the journal "Economia e Storia, XII," "Yves Renouard, uno storico amico dell' Italia," by A. Sapori, published in the journal "Mouva Rivista Storica, XLIX," is a commemoration and a bibliography of Yves Renouard, "I beni comunali e Forganizzazione del villaggio neli' Italia superiore fino al Mille," by G.P. Bognetti, published in the journal "Rivista Storica Italiana, LXXVII," describes the institutions of the early Middle Ages on lands of collective property and the passage to lands of communal property in the eleventh century.

This article analyzes the conclusions of Allan H. Meltzer in his article in the August 1963 issue of the Quarterly Journal of Economics which investigated the demand for money by business firms. The main conclusions of Meltzer in his paper were outlined. First, the cross-section demand for money by firms is a function of sales and is to a first approximation linear in the logarithms and unit-elastic, thus implying no economies or diseconomies of scale. Second, a more detailed analysis, however, shows that there are economies and sometimes diseconomies of scale in particular industries. Third, the results obtained from this cross-section study correspond strikingly to those obtained from Meltzer's analysis of time series data. The numerous results presented strongly support some specific features of the aggregate demand function, most notably the proposition that the demand function for money is unit-elastic with respect to wealth when money is defined as currency plus demand deposits and finally, Meltzer asserts that the study implies that interest rates are an important determinant of the demand for money. The author argues that Meltzer's cross-section and time series results are not in fact comparable because of differences in the two populations, lack of parallelism in general between cross-section and time series estimates, and inappropriate use of sales as a surrogate for wealth.

The article presents information on saving, consumption and investment. In the March and June, 1942, the issue of "Statistical Investigations of Saving, Consumption and Investment," presented results of a rather comprehensive statistical investigation of saving, consumption and investment. For the most part the paper is devoted to the relations of saving, consumption and investment to income and a comparison between saving and "private" investment, leading to estimates of the gap between saving and private investment at various future levels of income. This paper is in many respects a pioneer work in the field and, consequently, the author thinks that it is worth while to present a number of critical remarks. In the this article, the author shall summarize a few of the important parts of saving, consumption and investment analysis which present difficulties or seem to need qualification. The use of the total offsets series to measure saving implies a definition of saving which should be pointed out explicitly. Total offsets are theoretically equal to the saving of individuals and business plus the net change in consumer credit, where the saving of individuals and business is defined as income after taxes less consumption and purchases of consumers' durable goods other than houses are considered as consumption expenditures.

The article presents abstracts of articles about costs and efficiency. They include "Cost-Volume-Profit Analysis in Planning and Control," Home Associations: an Interim Report," and "New Automobile Finance Rates, 1924-62."

The article author comments on views of economist A.N. McLeod on his (author's) paper on trade and investment in underdeveloped areas. McLeod has expressed apprehension about absence of a definition for underdeveloped areas. In his paper, the author had referred to countries which are poor for reasons other than war destruction. These countries also happen to be mainly agricultural and exporters of primary products. The author also notes that McLeod himself falls back "more on usage than pure logic," so he should not be bothered about absence of definition. The author did not mean "a country that is not at present industrialized." The under-developed countries are agricultural (or mining) countries, but not all agricultural (or mining) countries are under-developed. The author does not have to show that merely geographic investment is "actually harmful to the recipient country." Foreign indebtedness is bad, even if the results of the investment are not "actually harmful." The onus is onus is on someone to demonstrate that the investment is positively useful.

The article presents an abstracts of the article "Economic Change and Economic Analysis," by Frank R. Garfield.

This paper considers controllability questions of this type, using slightly different definitions of controllability from those used by Arrow and Kurz. Arrow-Kurz (p. 120) define controllability of a policy rather than of a system. Their definition therefore implicitly assumes a certain objective function (which gives rise to the policy in question).In this paper, the concept of controllability is defined for a dynamic system without reference to policies or objective functions. We apply largely known results to study the controllability of decentralized economic systems, extending them slightly when necessary. it does not seem, however, that controllability requirements for decentralized economic systems have been studied in the way presented in this paper. In particular it is shown that local controllability about a point in a growth path is implied by the controllability properties of certain associated linear or bilinear systems. Thus, these associated systems serve as approximations to the original system. We give various definitions of controllability in the next section. A discrete-time model is formulated in Section 3. Its controllability properties are the subject of Section 4. After deriving the equation for the perturbation of a growth trajectory due to small changes in the instrument values, local controllability by the policy maker with a single tax (consumption tax only, saving tax only and one common tax for consumption and saving) is examined in detail, with particular attention paid to conditions under which the model may not be locally controllable. One of the interesting results is that the decentralized economic system studied in this paper is not necessarily locally controllable by the government with only one instrument, unless the response of the consumers' savings behaviour to tax changes meets certain conditions. These conditions allow interesting economic interpretations. [ABSTRACT FROM AUTHOR]

The questions of optimal stabilization policies have continued to receive attention of several investigators. The fact that the solutions of the Riccati equation that arise in considering control policies for linear dynamic economic systems with quadratic cost have both positive and negative eigenvalues with the same magnitude, ±λ for continuous time systems and λ and 1/λ for discrete time systems, seems initially to have caused some confusion about the optimality and stability of control policies. Since then, several papers have been written attempting to elucidate the problems of the quadratic cost case. These papers, however, have failed to point out explicitly a couple of natural sufficient conditions for the existence of stable optimal policies even though the models they employ satisfy these conditions. One of the sufficient conditions is the ability of the instruments (control variables) to modify the "state vectors" of the model to any neighbouring state vectors. This condition is known as the controllability condition of the model. The other sufficient condition requires that the criteria of optimality (the objective function to be minimized) used in generating stabilization policies contain all "relevant" variables. This condition is known as the observability condition. These conditions are discussed later. [ABSTRACT FROM AUTHOR]

There has been a considerable revival of interest in models of the type discussed by Ramsey as early as 1928. In the new discussion about the Ramsey approach to the problem of optimal growth the question has been raised whether there always exists an optimal accumulation program in such a model. It turned out that this question is quite difficult to answer. What Ramsey did, was to maximize an integral over the whole nonnegative part of the time axis. Chakravarty has pointed out in [2] that this integral need not converge even if the policy proposed by Ramsey (as being optimal) is adopted. The question is whether this divergence of the integral indicates that there exists no optimal policy. The divergence certainly compels us to find other methods than just maximizing an integral subject to certain constraints. But, as will be seen in this paper and as is implied in an unpublished paper by Koopmans, the divergence of the utility integral does not necessarily mean that no optimal program of accumulation exists. [ABSTRACT FROM AUTHOR]

The article presents information on information economics and its implications for further development of accounting theory. In 1966 the American Accounting Association (AAA) issued, "A Statement of Basic Accounting Theory," in which it said, essentially, accounting is an information system. More precisely, it is an application of a general theory of information to the problem of efficient economic operations. It is the purpose of this paper to take the AAA Statement seriously, and to examine whether useful developments might take place in accounting theory if one forced an interaction between it and the economic theory of information. The paper begin by setting out the assumptions that will be used throughout. Many people will find that they cannot accept some or all of the assumptions used in this paper, nevertheless it seems sensible to try for lucidity in setting forth the assumptions, since it permits the reader to have his reservations consciously evoked. Otherwise, there is the danger of ending up in arguments over conclusions that are in reality arguments over premises. After these preliminaries, the study turns to an exposition of the Information Economics model and the same framework is then adapted to an examination of the accounting model as a special case. This provides the opportunity to make some brief comments about accounting systems as seen from this new vantage point.

The article focuses on starting a career in public accounting. To make it worth one's while to enter the field of public accounting, one must have a considerable portion of courage, strong ambition and a full measure of persistence. One must be willing and physically able to work hard. A career in public accounting calls for long hours of high quality work, frequently done under pressure. A man without fortitude should look elsewhere for a career. A successful accountant must have imagination. The public accountant is not a human calculator who arranges data fed into him. He is a man with the ability to visualize the abstract, to see as a finished product a work paper, an audit program, a report, an accounting system before it has ever come into existence. Perhaps the thing that one should do that is of the greatest importance is to provide oneself with a sound formal education. There is a trend toward ever increasing the educational requirements for the certified public accountant.

This article analyzes the economic theory of agency. The relationship agency is one of the oldest and commonest codified modes of social interaction. It can be said that an agency relationship has arisen between two parties when one, designated as the agent, acts for, on behalf of, or as representative for the other, designated the principal, in a particular domain of decision problems. Examples of agency are universal. Essentially all contractual arrangements, as between employer and employee of the state and the governed, for example, contain important elements of agency. In addition, without explicitly studying the agency relationship, much of the economic literature on problem of moral hazard is concerned with problems raised by agency. In general equilibrium context of the study of information flows or of financial intermediaries in monetary models is also an example of agency theory. The format of this paper has been such as to allow us to only touch on what is surely the most challenging aspect of agency theory; embedding it in a general equilibrium market context. Much is to be learned from such attempts. One would naturally expect a market to arise in the services of agents. Furthermore, in some sense, such a market serves as a surrogate for a market in the information possessed by agents. To the extent to which this occurs, the study of agency in market contexts should shed some light on the economics of information.

The article presents a list of various articles related to economics and business previously published in several periodicals. Some articles related to general economics and methodology are "The Economics of Nationalism," by A. Breton; "Critics of the 'Classical Tradition'" by W.H. Hutt and "Operations of the Joint Economic Committee," by J. Massel. Some articles related to price and allocation theory, income and employment theory, related empirical studies and history of economic thought are "A Further Note on Professor Usawa's Two-Sector Model of Economic Growth," by A.A. Amano; "The Role of Securities in the Optimal Allocation of Risk-Bearing, K.J. Arrow; "Markets with a Continuum of Traders," by R.J. Aumann; "Investment Intentions and the Prediction of Private Gross Capital Formation," by R.J. Ball and P.S. Drake; "Consumer Demand Functions Under Conditions of Almost Additive Preferences," by A.P. Barten; "Price and Income Images and Inflation," by H. Behrend; "Control Strategies Implicit in Income-Expenditure Models," by M.D. Brockie and "Interregional Income Differences," by E.J.R. Booth.

In a recent article Jerome L. Stein and Keizo Nagatani attempt to offer a rigorous answer to the question of whether the rate of growth of the money supply, or the interest rate, or some combination of variables should be used as the control variable for stabilizing a growing economy. They conclude that a monetary policy based on controlling the nominal rate of interest on bonds through open market operations and the rate of change of the nominal value of interest plus non-interest bearing government debt through net transfers to the public is superior to a monetary policy based solely on controlling the rate of change of the money supply. This conclusion is based on their finding that the latter policy cannot affect the stability of the system—it cannot guarantee the stability of the economy as the first policy is capable of doing. For the purposes of practical policy making, however, the relevance of these findings is greatly limited by their extreme sensitivity to the specification of the underlying monetary growth model. For example, this paper demonstrates that contrary to Stein and Nagatani's claim the policy based solely on controlling the rate of change of the money supply can guarantee the stability of the system if either (1) their specification of the flow excess supply of real money balances is modified to allow explicitly for the flow supply of money; or, (2) their consumption function is modified so that consumption demand is a function of disposable income instead of just real output. In addition, their findings can also be shown to be crucially dependent on their assumption about the formation of expectations. Specifically, control over the rate of change of the money supply is sufficient to guarantee the stability of the system if price expectations are formed adaptively. In short, as Stein has pointed out elsewhere, "since equally 'reasonable' assumptions yield qualitatively different results, monetary growth theory is an 'Uncertain Trumpet'" when used as a guide to policy making. [ABSTRACT FROM AUTHOR]

In a world where transferals are costless and multilateral trades can be arranged at no expense, and where utility functions are continuous and depend only on allocations, voluntary trade will lead inevitably to Parrot optimality. However, when transferals are costly and multilateral trades difficult or impossible, optimality is problematical. In this paper we will consider a pure exchange economy in which bilateral trades are costless, but multilateral trades are infinitely costly. We will show that under certain conditions a sequence of bilateral trades will carry the economy to a pairwise optimal allocation, that is, an allocation which cannot be improved upon by bilateral trade. Then we shall prove a theorem which says that, under fairly general conditions, a pairwise optimal allocation is Parrot optimal if it assigns each trader a positive quantity of one good (which we will call "money"), for which each trader has a positive marginal utility. As a corollary, we shall show that certain types of sequences of bilateral trades will always carry an economy to its set of Parrot optimal allocations. [ABSTRACT FROM AUTHOR]

The article comments on the lack of agreement on what ought to be designated by the word "money." It discusses how the word is used in several senses by the business community. The author argues that economists have many different conceptions as there are writers about money. There are many writers in whose opinion the word "money" should only denote the standard currency. There are others who extend the application of the term to all legal currency.

This paper seeks to describe and interpret the duality theory relevant to the nonlinear programmes (1) and (2) and to supply, where possible, heuristic arguments supporting these assertions. It indicates why these relations fail to hold in the absence of the required concavity-convexity properties and, in the process, throws some light on the nature of duality in general. Finally, an economic interpretation of the dual (2) in terms of prices, marginal yields and rents is proposed. [ABSTRACT FROM AUTHOR]

Ever since the earliest efforts at time series estimation of production functions it has been apparent that the observed growth in aggregate output cannot be accounted for by the growth in conventionally measured capital and labour inputs. Economists have attacked this problem in two ways: by regarding residual growth as "true" technological change and advancing hypotheses relating it to other variables, and by revising our input measures so as to reduce the size of the residual by allocating parts of it to the re-defined input classes. An advantage of the second approach is that once a part of the residual is assigned to capital or labour growth, it becomes amenable to traditional economic analysis: that part which is attributed to improvement in labour quality due to education can be analyzed in terms of individual choice between present and future income; technological change which accompanies capital accumulation similarly falls under the theory of saving. In either case, an economic theory is available to indicate the appropriate tax incentives, subsidies, and so forth, which will accelerate the growth of the productive factor under analysis. The present paper falls into the first category, in the sense that we regard at least a part of residual growth as reflecting increases in output for fixed levels of correctly measured inputs. At the same time, we attempt to capture some of the advantages of the second approach by analyzing such "true" technological advance as the result of choices, on the part of firms, between present and furore profits. [ABSTRACT FROM AUTHOR]

Gibrat's law of proportionate effect states that the proportional change in the size of a firm is independent of its absolute size. An implication of this is that large and small firms have the same average proportionate rates of growth. Earlier studies of the growth of firms up to the early 1950's have found evidence to support the law. This paper shows that during the last decade the law has ceased to operate and that now large firms are growing at a significantly faster proportional rate than small firms. Concentration has been increasing in industry over a long period, for much of which Gibrat's law with all its implications held. The fact that growth was found to be independent of absolute size was not in conflict but was, rather, an explanation of the trend. The finding that larger firms are now the fastest growing suggests concentration is increasing at an even greater rate than when the law held. [ABSTRACT FROM AUTHOR]

It is commonly accepted that the forward rate on the domestic currency (relative to a foreign currency) is directly related to an interest parity, i.e., the short-term interest-rate differential on Treasury bills, bankers' acceptances, Euro-dollars and Euro-sterling or on any other comparable short-term security traded in the two countries. The empirical question is. What exactly is the relation between the forward rate and the interest parity? If the interest parity changes by 100 basis points, by how much will the forward rate change? Moreover, what economic factors determine the sensitivity of the forward rate to the interest parity? This paper is designed to answer these questions. Part I is concerned with the theoretical determinants of the relation between changes in the forward rate and changes in the interest parity. Part II estimates the actual value of this relation. We conclude that the forward rate tends to change by less than the interest parity. [ABSTRACT FROM AUTHOR]

Changes in the economy have prompted changes in the information needs in all areas of accounting. New cause and effect relationships develop and new concepts emerge which must be given accounting expression. The accounting profession is therefore faced with a need for accounting data which must be accommodated. The magnitude of the challenge reveals the magnitude of the opportunity. There is every reason to believe that socio-economic accounting will provide the thrust necessary to tremendously expand the world of accounting. In this connection, there is an old Hindu saying which seems appropriate here, that "There is no door, but only a small window, that leads to a great new world." However, the saying requires a bit of paraphrasing for, actually, in this case, there is no window. Nevertheless, accounttants do have access to, perhaps, a key hole. The light provided by this small key- hole reveals that there are numerous answers to the challenges posed by socio- economic accounting and they all focus on research. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine the progress made by the Accounting Principles Board in attempting to solve the reporting problems of the accounting profession, up to and including the American Institute of Certified Public Accountant (AICPA) Council action noted above and to speculate upon the future status of the profession. In order to put the problem in perspective, the origins and history of the Accounting Principles Board are briefly presented. Then, certain implications of the October, 1964, AICPA Council action are discussed. Finally, some speculations are advanced concerning necessary steps to be taken in the future. The Accounting Principles Board had its origins in the report of a Special Committee on Research Program of the AICPA, rendered in September 1958 and unanimously adopted by the AICPA Council in April 1959. This committee was appointed in December 1957 to consider a new approach to the means whereby accounting research should be undertaken, accounting principles should be promulgated and adherence to them should be secured.

This paper discusses measures of industry concentration--the concentration ratio, the Herfindahl index and a new measure developed by the authors--both analytically and empirically. The analytical analysis consists of developing a set of properties which we argue all measures of concentration should possess. Although the concentration ratio is shown to be deficient on analytical grounds it appears to yield estimates of concentration not too different from the Herfindahl index and the measure devised by the authors. [ABSTRACT FROM AUTHOR]

This article explores the complementary connection between trade and international capital movement using the U. S. foreign direct investments. The relationship between product trade and direct foreign investment was not established in the formal theories of international trade. This is because factors of production were assumed to be internationally immobile. There are, however, studies available which have dealt with the question of how product trade affects international capital movements. It has been suggested that capital movements substitute for product trade; and thus, tariff barriers are largely responsible for international flows of capital. Generally, the article demonstrates that it is theoretically possible to construct models in which long-term international investment and product trade are complements, not substitutes, in that impediments to the movement of one also impede the movement of the other.

In respect of duration the 1957-58 business contraction in the U.S. is more different from than similar to its predecessors. In terms of the U.S. National Bureau of Economic Research's business cycle chronology, the contraction lasted nine months, from the peak in July, 1957, to the trough in April, 1958. Only three of the preceding twenty-four contractions, going back to 1854, were shorter than this. However, a considerable number of contractions, especially since World War I, have not been much longer. The 1923-24 contraction lasted for fourteen months, 1926-27 for thirteen months, 1937-48 for thirteen months, 1948-49 for eleven months and 1953-54 for thirteen months. The contractions that immediately followed World Wars I and II, in 1918-19 and 1945, also were short and lasted for seven and eight months, respectively. Only the 1920-21 and 1929-33 contractions were substantially longer, lasting eighteen and forty-three months. There is some indication, therefore, that business cycle contractions in the U.S. have typically become somewhat shorter than they were before World War I, and the 1957-58 contraction adds one more bit of evidence on this score. Since the length of a business cycle contraction cannot be determined with absolute precision as the peak and trough dates themselves are uncertain, close comparisons are not warranted.

This article enquires whether economics should remain merely an instrumental science, leaving to others the formulation of ends. Just a decade ago, the U. S. Department of Agriculture called in various groups-economists, historians, sociologists, natural scientists, philosophers, etc., to advise it critically regarding programs and policies. Only the philosophers responded with constructive suggestions. A more particular implication of the topic is the evident departure from the traditional conception of the disparateness of economics and ethics in which anything associated with business and economics was regarded as ipso facto immoral and anything moral or ethical was presumably uneconomical. To explain this by saying that businessmen and politicians do not read or write requires the complementary statement that too many of those who concoct the doctrines do not engage in business or government. The retreat to the ivory tower may merely provide a bower for intellectual incest.

The article presents a list of various new books related to economics and business. Some books related to economic theory; general work are "Fundamentals of Economics," by R.O. Hughes; "National Product, War and Prewar," by S. Kuznets; "Studies in Income and Wealth," vol. 6. Some books related to economic history are "The Russian Fur Trade, 1500-1700. Study in History," vol. 31 by R.H. Fisher; "The Rise of the American Nation, 1789-1824," by F. Franklin; "The Idea of Nationalism-A Study of Its Origins and Background," by H. Kohn; "Essays in American Economic History," by F. Redlich. Some books related to national economics are "Japan: Its Resources and Industries," by C.D. Carus and C.L. McNichols; "USSR; The Story of Soviet Russia," by W. Duranty; "Latvia: Economic Resources and Capacities," by L. Ekis; "People of Southeast Asia," by B. Lasker; "The Americas and Tomorrow," by V. Prewett; "Financial Burden of the War on India," by C.N. Vakil; "Understanding New Zealand," by F.L.W. Wood; "Turkey, Key to the East," by C.M. Tobin.