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Presents abstracts of studies about economic development and trade, presented at a convention in Rome, Italy in September 1965. 'A Factor Analysis of the Interrelationship Between Social and Political Variables and Per Capita GNP,' by Irma Adelman; 'An Almost Consistent Intertemporal Model for India's Fourth and Fifth Plans,' by Joel Bergsman.

A discussion of several conference papers that examined postwar monetary policy in the U.S. is presented. The author begins by discussing the paper that examined international trade. The author points to the growing trend of government intervention in trade and questions if the forces that promote equilibrium in a free exchange market can still function in a market guided by governments. The author also explores domestic bank lending policies and increases in short-term interest rates.

The Klein-Jonhson paper inspires the sort of reaction that an environmentalist might experience in yet seeing another prototype of an emission-free automobile without any real assurance that such a thing might actually run on the highway any time soon. As an admirer of the idea of the Link project, my remarks are tinged with that kind of impatience because it seems to me that Link does not as yet give results that allow a tracing of the effects of changes in economic activity from country to country with sufficient authority so that policy advice could be based on the results. In this respect, I am wondering to what extent the current paper represents a further step in the evolution of the Link project towards a policy advice goal and, indeed, in how far it still is more an academic rather than a practical exercise. It may well be that a fair amount of the problems associated with the Link models lies in the fact that all the national models are essentially demand models. The absence of supply variables, thus, makes it very hard to evaluate, for example, the way in which inflationary pressures of the sort we had in 1973 are transmitted from one country to another. But even abstracting from this general problem, there are some more specific questions that seem puzzling about the results presented in this paper. [ABSTRACT FROM AUTHOR]

Comments on an article about public pressures and values affecting forest management and timber supply in the United States. Effects of the criticism made by preservationists against industrial forest landowners; Discussion on legislative issues; Problems that log export trade faces.

In his paper Professor Solnik has endeavored to submit his seminal theoretical work on the international structure of capital asset prices to empirical verification. As with much path-breaking research, however, Solnik's efforts appear to me to be inconclusive. Although his results appear to be consistent with the theoretical predictions of his international asset pricing model (IAPM), they also appear to be consistent with a broad range of alternative specifications of the model and, therefore, do not enable us to discriminate among alternative specifications of the IAPM. [ABSTRACT FROM AUTHOR]

Public goods and the possibilities for trade. This paper is devoted to developing the area of theory dealing with the trading of goods which have public properties. Building upon the two-party geometry of trade in private goods developed by Meade, analysis is presented which shows when there are trading possibilities and whether political jurisdictions can adjust their institutional arrangements to realize such possibilities while maintaining some political autonomy. The paper also discusses factors which tend to inhibit trade in public goods and shows that the incentive exists for two countries to enter bargaining agreements which can come close to realizing potential gains from trade. [ABSTRACT FROM AUTHOR]

SUMMARY The first part of the paper was concerned with consideration of the basic theorem on trade patterns when we move outside the usual 'double model'. Two main cases were considered: (a) a situation where we have three of all relevant variables and, (b) a situation where we have three factors of production and two of each of the other variables. The nature of the discussion was such that we had to give full consideration to the definition and meaning of relative, factor-intensities of the commodities and factor-endowment positions. It was shown that in both (a) and (b) it is possible, contrary to some opinions, to derive meaningful statements of those relative positions. Given the relevant conditions it was observed that under both (a) and (b) the basic theorem could still be 'valid'. The second part of the paper was concerned with the gains from trade in the usual 'double model'. The recent work of Samuelson and of Kemp was extended, in general terms, in considering the gains from free trade. [ABSTRACT FROM AUTHOR]

The article presents a list of books and papers about marketing. The books and papers include "Developing an Export Market," published in the "Industrial Management Review," "World Marketing As a New Force for Peace," published in the "Journal of Marketing," "The Mail Order Shopping Guide," by Elizabeth Squire, "Directory of American Importers and Exporters," "Who's Who in the Common Market's Press and Advertising," edited by Helmut von der Heiden and Stephen S. Taylor and "Product Management: An Informal Survey of Philippine Practices," published in the "Marketing Horizons."

This section lists several books and published articles on economic relations and international finance.

The article presents a list of articles related to international economic relations published in various journals. Some of the articles published in various issues are: "A Full Employment, Keynesian Theory of International Trade," by Arnold Collery, published in the August 1963 issue of The Quarterly Journal of Economics; "The Role of Labor Cost in Foreign Trade," by William C. Shelton and John H. Chandler, published in the May 1963 issue of Monthly Labor Review; "American Agriculture Looks at the Atlantic Community," by Roland R. Renne, published in the Summer 1963 issue of The Atlantic Community Quarterly; "Putting a Punch Into Commonwealth Trading" published in the June 1963 issue of The Director; "Trade Between Italy and Mexico" published in the July 1963 issue of Comercio Exterior de Mexico; "Swiss Trade With the Far East," by Ian Tickle, published in the May 1963 issue of Eastern World; and Newcomers in Europe Face High Investments," by Erwin Bockelmann, published in the June 30, 1963 issue of German International.

The article informs that nothing is so indestructible for the evaluation of scientific and political ideas as the history of those ideas. It teaches us that conceptions that claim novelty and originality have been nearly always, during the course of history, not only conceived but refuted. Its knowledge can therefore prevent scientific discussion from moving always in circles. It can prevent undertaking hopeless economic experiments for the testing of which the past has already paid. The main conclusion of the Mercantilists is"in Keynes' formulation" that "a favourable balance (of payments in international trade), provided it is not too large, will prove extremely stimulating." This stimulation happens, according to the Mercantilists, by a simple mechanism: The favourable balance of payments draws precious metal into the country. This increases the circulating purchasing power. This again means increased demand for labor and thus higher production. Prices have to be raised ever anew by the creation of new money in order to provide the necessary stimulus for the maintenance of the boom. The ever-renewed issuance of new money, however, leads, in the long run, to the ruin of the currency. Law's experiment, in any case, ended in severe economic depression, the bankruptcy of his bank, and the devaluation to zero of the paper money it issued.

The multinational corporation (MNC) has the choice of supplying foreign markets via either exports from the home market (US) or local production by a foreign subsidiary (FS). If the final (as distinguished from intermediate) U.S.-made and FS-produced goods are not identical the firm may do both. Two important questions in the analysis of the balance of payments impact of direct investment then arise. What determines this choice? And what is the impact of an increase in sales of the FS-product on sales of MNC exports? The purpose of this paper is to investigate these issues and especially the latter, the question of export displacement. [ABSTRACT FROM AUTHOR]

The authors have presented a very interesting and a very well done paper. Indeed it is so well done technically, that I have a difficult task as a discussant. I have no reason to doubt the accuracy of the computer that ground out the several simulations discussed in the paper, nor is it likely that the authors misunderstood the model employed since Professor Adams was one of the principal developers of the model while he was at the OECD. Rather my attempt to get a handle on the paper will start at a more basic level and I pose the question, why bother? Since history cannot be re-run, what is the purpose of simulating the past under more ideal conditions of macro economic balance? The authors state that they have a two-fold purpose in mind: to determine what were the causes of the deterioration of the U.S. trade balance between 1964 and 1969, and to determine what are the future prospects for the U.S. trade balance. The authors add that these determinations have 'obvious policy implications.' [ABSTRACT FROM AUTHOR]

Presents the author's reply to comments made by several economic historians on his paper "Wealth of Jamaica." Information on errors of wealth and income measurement in the author's paper; Denial that plantations and plantation colonies in the West Indies were profitable enterprises by researcher Robert Paul Thomas; Discussion on the measurable aspects of the sugar colonies of the old empire; Table showing the value of Jamaica's exports of sugar products to Great Britain and Ireland.

This article presents various papers related to economic and industrial history, published in previous issues of different journals. In the paper "Overseas: Lending and Internal Fluctuations, 1870-1914," A.G. Ford discusses, within a theoretical framework, the mechanism of the transfer of resources overseas, and concludes that overseas lending itself largely generated the requisite balance of payments surplus on current account, by damping down home consumption and hence imports, and by stimulating exports. Rising overseas issues therefore meant rising unemployment and falling imports, and vice versa. H.W. Richardson has a go at the same field with the paper "Retardation in Britain's Industrial Growth, 1870-1913." He argues that the slowing down in the rate of growth was caused by an abnormally low rate of structural change within industry, because there was a dearth of new activities capable of taking over as leading sectors which could create whole new growth industries that could more than cancel out the stagnation of the old staples.

SUMMARY This lecture on some problems araising from the international economic relations of developing countries, delivered in a developing country aims at giving a concise compendium of the principal propositions and findings of recent international trade theory. Particular emphasis is lied on the importance of pulling together commercial policy, foreign exchange policy and fiscal policy (internal taxes and subsidies) in a comprehensive scheme which was qualified by H arryH. B ell, Research Director of the UNCTAD, as a 'unified theory of protection'. In fact, the author, who is working in the praxis of international monetary and financial questions but likes personally to make 'excursions' to international trade theory and public finance, felt compelled to break down the artificial compartmentalization between the various sub-disciplines of political economy. A first attempt of this kind necessarily cannot go down into all details and necessarily rests to be completed. On this conceptual background the paper deals with the influence of inflation on development, fixed versus floating rates, tariff arguments, the attempt to construct a scientific tariff, the costs of selfsufficiency, the combined net effective rate of protection, quantitative restrictions and monetary trade biasing, the question whether import restriction or export promotion, invisibles in a unified theory of protection, capital movements and multiple exchange rates, the influence of the taxation system on relative prices and exchanges and last but not least the skeleton of a typical reform program. Admittedly, in praxis there will be as long difficulties concerning the application of the projected scientific system of protection as long as no one seems to have elaborated a satisfying empirical method in which tariffs, exchange rates and fiscal instruments are all expressed in terms of comparable units on a comparable scale. But does this matter? Praxis will follow theory. [ABSTRACT FROM AUTHOR]

This article presents information on books and articles related to international trade, economic and socio-political relations among various countries. The subjects covered in the book "Economic Bulletin for Latin America," are the current economic situation, progress in planning, agricultural problems and prospects, price levels and purchasing power of Latin American currencies, the adoption of machine tabulation for Ecuadorian foreign trade statistics. Many pages of figures on the economic situation in Latin America are included. In the book "Columbia," a moderately favorable estimate of the country's climate for investment is made following a detailed study of the nation's economy. The article "Some Details About Sweden," covers details about Sweden's population, national product, foreign trade, agriculture, manufacturing industry, housing, transportation, wages and income, labor markets, politics and life. The political, social, and economic status of modem Britain are analyzed by leading thinkers in the article "Suicide of a Nation," by Arthur Koestler.

This article presents literary publication related to trade and industry. Some of the literary publications were "The Growth of World Industry, 1938-1961" which lists internationally comparable data on almost 100 countries or territories. The figures measure growth in industrial output and employment, including changes in the mining, manufacturing, construction, electricity, and gas industries, "Yearbook of the united nations, 1962" presents a concise account of the United Nations and its agencies for 1962, "Reader's Digest Great World Atlas," edited by Alfred S. Dashiell, "Teleurope-Industry and Commerce in Europe" which is the eighth edition of a directory of business engaged or interested in foreign trade and "World Trade Data Yearbook" provides information on a variety of subjects of interest to international traders such as: American Chambers of Commerce abroad, arbitration in world trade, communications, conversion factors, electrical voltages in various countries, international advertising media, overseas trade and investment assistance, credit terms survey, avoiding collection troubles, foreign freight forwarders.

In this paper I shall not attempt any sort of comprehensive survey of the contributions to empirical knowledge that have been accumulating in consequence of the application of the new concept, though I shall refer to some of them in the course of the argument. Instead, I shall attempt, first, to outline the essentials of the new approach, second, to apply it to the problems of the measurement of tariff barriers and the cost of protection, and third, to develop some of its implications for customs-union theory, in the particular case of the proposal advanced at UNCTAD for the granting of preferences for the manufactured exports of the less-developed countries in the markets of the developed countries. In the first part of the paper I must necessarily be brief; such brevity can be excused on the grounds that the main points are rather simple, and that several good expositions are available in print.[1] In the second and third parts, I shall deliberately use very crude models of the economic system, essentially partial-equilibrium models or general-equilibrium models from which most of the substitution possibilities of such models have been removed. The reason for proceeding in a fashion so contrary to the general-equilibrium spirit of modern international trade theory is two-fold; to avoid the use of complex mathematical formulae, and to make the results potentially applicable to empirical study. [ABSTRACT FROM AUTHOR]

The article presents a list of books and papers about law. The books and papers include "International Trade, Investment and Organization," published in "Law Forum," "The Legal Problems of Foreign Investment in Developing Countries," by E.I. Nwogugu, "Collaboration: Key to Joint Ventures," published in "Business Abroad," "International Arbitration As Viewed by a Student of Labor Arbitration," published in "The Arbitration Journal," "International Law," by Daniel P. O'Connell and "International Law Today and Tomorrow," by Oliver J. Lisstzyn.

The U.S. trade surplus, which had run at a healthy $5 billion annual rate in the early 1960's, declined sharply after the middle of the decade until mid-1969, by which time it had eroded to virtually nothing. The magnitude of this decline has necessarily raised questions about its underlying causes and about the future trend of the U.S. trade balance. These questions are aimed at determining whether a fundamental and structural shift has occurred in the U.S. competitive position in world markets or whether the severe deterioration in the trade position is mainly a cyclical phenomenon, associated with the inflationary boom, which characterized the second half of the 1960's. Specifically, this paper addresses itself to the question of the effect of macro-economic conditions, here and abroad, upon trade flows. It is important to recognize and measure this effect not necessarily in order to tailor domestic economic policy to external constraints, but rather to be able to anticipate, and deal with, the balance of payments effects of domestic policy decisions. [ABSTRACT FROM AUTHOR]

In this paper, recommendations have been made for the establishment of a common external tariff for the Andean Common Market whose members are Bolivia, Chile, Colombia, Ecuador and Peru. Consideration is further given to the use of other instruments of trade policy, such as export taxes and subsidies, quantitative restrictions, import surcharges, and advance deposit requirements on both the national and on the common market level. Finally, the policy implications of the common external tariff are analysed. [ABSTRACT FROM AUTHOR]

The customs union established by the Central American nations of Costa Rica, Guatemala, El Salvador, Honduras and Nicaragua in 1961 has indeed been successful if measured by the yardstick of the growth of intra-regional trade. In the short span of eleven years (1960-70) the Central American Common Market (CACM) experienced an increase in intra-area trade from $32.7 million to $297.4 million, a growth of around 700 per cent. The eradication of most intra-area tariff barriers coupled with the establishment of a common external tariff has clearly stimulated intra-area economic diversification and trade. One study suggests that the intra-area trade growth has been of the trade-creating variety. Another analysis suggests that CACM trade has intensified within the area, while extra-regional imports and exports with non-CACM partners has, in general, deintensified. The latter study utilized the Savage-Deutsch iterative model to examine trade intensity between the CACM and its non-CACM trading partners, but it did not examine the relative trade gains and losses solely between CACM countries by disaggregated sectors. This study focuses upon the trade intensities between CACM nations in order to determine relative trade gains and losses among the five countries for (I) aggregate intra-area trade, and (2) intra-area imports and exports disaggregated by the Central American Uniform Customs Nomenclature (NAUCA) classification. After reviewing the data on intra-area trade during the 1962-70 period, the paper establishes and implements a methodology to generate trade intensities by major trading sector. [ABSTRACT FROM AUTHOR]

This article focuses on the influence of general equilibrium techniques on international trade. It is one of the ironies of the traditional pure theory of International trade that it is based in large part on general equilibrium techniques in which there is only one market. The most general treatment of a trade model with non-traded goods in the literature has been provided by scholar Ian McDougall. The model in the present study is considerably more simple by virtue of the assumption that residents in each country have no effective demand for the commodity which that country exports and produce no commodity similar to the one being imported. Such an assumption may indeed have some relevance to those underdeveloped countries for which such a pattern of specialization in consumption and production is typical. The first section of the study concentrates upon the elasticity of the demand for imports in the home country when the terms of trade change from an initial equilibrium and, in the background, the price of non-traded goods must adjust to the requirement that supply and demand be cleared in local markets.

The objective of this paper is to estimate separate demand functions for international reserves by developed and less-developed countries (LDC's). It is shown that the behavioural parameters of the two groups are significantly different. As a by-product, it is also shown that the association between reserve holdings and the relative size of the foreign trade sector is positive. Section I presents some empirical evidence on the demand for reserves, Section II presents separate estimates of the demand for reserves by developed countries and LDC's, and Section III contains some concluding remarks. [ABSTRACT FROM AUTHOR]

The paper suggests that the problems the solution of which might contribute to an orderly and peaceful world are of very varied character, and the types of research of direct relevance to each class of problems are equally varied. Criteria for determining priorities are not likely to be equally applicable to these varied types of research. Classification of the types of problem and consideration of the nature of the research relevant to each class therefore seems desirable. The problems of peaceful adjustment in international relations and of developing an orderly and peaceful world can be conveniently divided into four types, those involved in a particular dispute or conflict, those involved in short-run objectives intended to facilitate peaceful adjustment, those involved in long-run objectives intended to create an atmosphere favorable to peaceful adjustment, and those involved in developing a science of international relations which might be useful in the solution of all problems of peaceful adjustment.

In empirical studies of international trade it is common practice to classify primary products into minerals on the one hand and the products of crop farming, animal husbandry, forestry, hunting, and fishing on the other. For lack of a more common term, the latter may be called "biocultural products." In some measure the geographical pattern of their production is conditioned by climate, whereas that of mineral production is not so conditioned. But there is another reason for distinguishing between minerals and biocultural products. During the post-World War II period the world's exports of most minerals have increased more than those of most biocultural products not only in volume, but also in unit prices. Therefore, as a general rule, the benefits derived from foreign trade were greater for countries exporting mostly minerals and relatively smaller for countries exporting mostly biocultural products. Frequently in the literature on international trade, commodity exports are equated with the production of commodities for export. Statements of this kind are correct if they imply that commodities produced for export are commonly exported; but they are incorrect if they imply as they frequently do-that exports consist of commodities produced for export by the exporting country.

SUMMARY Recent discussions in the literature on tariffs and quotas generally conclude that under competitive market conditions the two policy measures are equivalent, while equivalence in one sense or another breaks down with the introduction of monopoly into one or more markets involved in international trade. This paper shows that this is a misleading conclusion, based entirely on the static nature of the analysis. With partial equilibrium tools it is shown that if changes in demand are allowed for, the two measures give different results. The welfare loss from a quota is more severe than that from a tariff. And under certain restricted conditions a quota can be likened more to exchange control than to a tariff. [ABSTRACT FROM AUTHOR]

rrow, K. J., K arlin, S., and S carf, H. (eds.). Studies in Applied Probability and Management Science. i B ailey, M artin J. National Income and the Price Level. B esson, J ean-F ranÇois. Les groupes industriels et l'Europe. B rus, W. Ogólne problemy funkcjonowania gospodarki socjalistycznej. C airncross, A. K. Factors in Economic Development. G ottfurcht, H ans. Die internationale Gewerkschaftsbewegung im Weltgeschehen. H aroldsen, E dwin O. (ed.). Food-One Tool in International Economic Development. H irschman, A lbert O. Journeys toward Progress: Studies of Economic Policy-Making in Latin America. H omer, S idney. A History of Interest Rates - 2000 B. C. to the Present. J ohnston, T. L. Collective Bargaining in Sweden. K ahn, H ilda R. Salaries in the Public Services in England and Wales. K rauel, W olfgang. Betrachtungen über geistige Strömungen im modernen Brasilien. M eier, G erald M. International Trade and Development. P aish, F. W. Studies in an Inflationary Economy. P almer, G ladys L. and others. The Reluctant Job Changer: Studies in Work Attachments and Aspirations. R obbins, L ord. Politics and Economics - Papers in Political Economy. R osenbluth, G. and T horburn, H. G., Canadian Anti-Combines Administration 1952-1960. W asserman M ax J., H ultman C harles W., Z soldos L aszlo. International Finance. W rigley, E. A. Industrial Growth and Population Change. [ABSTRACT FROM AUTHOR]

Traces the emergence and administration of Great Britain's commitments to Anglo-Soviet and Anglo-Canadian trade relation in 1930. Details of trade competition between Soviet Union, Canada and Australia; Worries of Canadian government on Soviet competition in Great Britain; Reasons for Britain's decision to place embargo on Soviet goods in April 1933.

This article presents information on books and articles related to economic relations. Trade and resource allocation, problems in trade policy, balance of payments and the foreign exchange market, international financial policy, and the trend toward an international economy are discussed in the book "International Economics," by Peter B. Kenen. A detailed analysis of a trading system is presented in the book "The Communist Foreign Trade System," which the author sees as faulty but developing impressively. Much information was obtained through interviews with East German officials. The book "Economic Growth, Inflation and Stability: An International Comparison," presents an analysis of the differences in growth rates between various countries and of the factors which cause the differences. The countries are those of Western Europe as well as the U. S., Canada, and Japan. A report an the coming merger of the European Coal and Steel Community, European Economic Community, and Euratom, are presented in the article "A Step Closer to Unity."

In recent years the international community has heard a great deal of discussion of proposals for tariff preferences, to be extended by all developed countries to all less-developed countries (LDC's). It is obviously very important for policy purposes in both sets of countries to have some idea what the trade effects of such a preference scheme would be. The problem, however, poses a very difficult task for empirical economics, for the following reasons: There are, first, all the problems encountered in estimating the static effects of most-favored-nation (MFN) tariff reductions [4; 5]. Second, since the tariff cut is preferential, we have to be concerned not merely with the displacement of domestic production by imports, but also with the substitution of one group of imports for another. Even less is known about elasticities of substitution between different classes of imports than about import demand elasticities.
Nevertheless, the present paper will be confined to the static case. The static models available in the literature are not sufficiently general, and an improved static model is an indispensable building block in the construction of a dynamic model. A major purpose of this paper, then, is to present a fairly general (partial equilibrium) model of tariff preferences. This model is applicable either to individual product categories or to aggregates of such categories. In this paper we apply the model to the finished and semi-finished manufactured imports of the major industrial nations from the less-developed countries. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to explore the theoretical underpinning of this proposal. Specifically, it purports to inquire through what mechanism the effects of output expansions in a country's foreign-trade and domestic-trade industries[3] are transmitted onto its external balance of trade. Although the subject matter is ultimately one of economic policy, our present concern is solely with positive economic analysis. In particular, no attempt will be made in this paper to evaluate the potential costs and benefits of the proposed policy in comparison with those of alternative policies for attaining the same objective; nor will there be an effort to prescribe any program of action for carrying out the policy. In short, the objective of this paper is to discuss the efficacy of the policy, not its merit, nor its implementation.
The purpose of theory in general is to clarify thinking in areas w here common sense fails to provide adequate guidance. Occasionally, conclusions obtained from theoretical analysis may seem to "subvert common sense." In such cases, clinging to common sense would clearly defeat the very purpose that theory is intended to serve. [ABSTRACT FROM AUTHOR]

An abundant literature considers the "optimal" improvement of a country's terms of trade by import or export duties, but it affords little systematic discussion of how large and important the resulting gain might be. The present paper offers some hints about filling this gap.[1] Its concepts and methods will admittedly require some defense or apology, but this is best postponed until the end.
Many objections can be raised against the formulas developed in this paper. The attribution of zero loss to revenue transferred from the home population to its government, the concept of home dead loss, the subtraction of this loss from the revenue gained at foreign expense[9]--these and other things are open to all the familiar objections to simple consumers'-surplus and suppliers'-surplus concepts and to 9 Readers interested in the full revenues gained at foreign expense many compute them from the expression for DECG given on page 140 and an analogous expression for LRSU. interpersonal comparisons of welfare. Implicitly if not explicitly, though, all actual governmental decisions to implement the terms-of-trade argument would have to make use of such objectionable concepts to objections concerning the changeability and unknowability of the relevant elasticities, the effects of retaliatory foreign duties, the losses from either adjusting or not adjusting duty rates to continually changing conditions, the obstacles to the expert and dispassionate setting of rates, and so forth: all these troubles bedevil the actual implementation of the terms-of-trade argument even more strongly than they bedevil our theoretical examination. Especially in view of how unrealistically simple and manageable the conditions are under which we have estimated the maximum net gains obtainable, the smallness of the estimate is sobering. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to present a simple theory of devaluation for a world economy in which all prices are flexible. The principal theorem of the analysis is that a devaluation and particular changes in the various money stocks have exactly equivalent effects on the current and future equilibrium values of all of the variables of the model. This means that the theory of devaluation is just a particular case of the theory of money.
It is assumed that there is no technical progress or changes in tastes over time, that all economic agents have one-period horizons, that all countries in the world have fiat moneys which are the only durable goods traded, that no individual holds the money of any country other than his own, and that there exist exchange authorities which maintain fixed exchange rates. In addition we assume that, except for the changes mentioned in Proposition III.1, each country allows the increments in its stock of money to be entirely determined by currency flows across the exchanges.
Under these assumptions there is no loss of generality in working with a two-economy model; and this we do. The devaluing economy will be referred to as Inland and the rest of the world as Outland. Any currency in the latter sector may be used as its numeraire.
In addition to Inland's and Outland's fiat moneys, it is assumed that there are n (non-durable) commodities in the world economy, making a total of (n+2) goods. All commodity excess demand functions are homogeneous of degree zero in money prices, and initial money balances and all demand functions for money are homogeneous of degree one in those variables. We assume also that there is perfect competition and free trade, although the latter of these assumptions is not at all necessary. Finally, we shall allow the model to include both traded and non-traded goods. [ABSTRACT FROM AUTHOR]

The article discusses the analysis of the welfare cost of monopoly assuming that monopoly gives rise to X-inefficiency. The paper takes take account of the gain to the monopolist of being "inefficient". Referring to the argument that free trade improves X-efficiency by subjecting the home producers to the "cold shower" of foreign competition, economist W.M. Corden has shown that the extent of this benefit of trade is much less than is usually thought. He argues that even if protection does reduce X-efficiency, this may simply mean that the increase in producers' surplus is taken out in leisure rather than in command over goods and services. Given the condition that monopolistic power both restricts the entry of low-cost producers and allows the existing high-cost producers to survive, the shift to competition may tend to increase X-efficiency. However, it seems that this sort of condition is not likely to prevail in many cases. Unless there is some governmental restriction or some collusive action of the existing producers, the monopolist, if able to exclude prospective low-cost competitors, would be likely to be able to exclude the existing high-cost producers.

The arguments for and against devaluation are usually based on speculation from theory or intuition, but rarely on statistical evaluations of past devaluations. The relatively frequent devaluations in many developing countries[2] stress the need and provide some data for such statistical analysis. But even where data exist for at least relatively simple regression analysis, conceptual issues concerning both dependent and independent variables complicate empirical work and confuse policy discussions. This paper discusses several such issues which arose in an empirical study of Israel, and the solutions adopted.
Section I considers what is the most suitable dependent variable. Sections II and III discuss explanatory variables--exchange rates and a growth factor, respectively. Conspicuous by its absence is a foreign demand variable: several attempts to introduce such a variable did not lead to significant results, mainly because of high serial correlation between foreign demand indicators and domestic growth indicators. It may also be argued that Israel's aggregated industrial exports--to which the empirical work refers--generally faced highly (if not infinitely) elastic demand curves. Thus, our main concern is with export supply functions. Some empirical results are presented in Section IV. [ABSTRACT FROM AUTHOR]

The main purpose of this paper is to present, for a two-commodity world, a method of deriving the production possibility curve directly from the isoquant diagram. While two such derivations exist in the literature, those of Savosnick and Travis,[2] their techniques are not useful for all purposes. In particular, neither allows the comparison of the shapes of the production possibility curves under alternative production conditions, such as is the case where factor intensity reversals occur. Our approach will be, first, to present a geometric method of deriving the production possibility curve from the representative isoquants of the two commodities, and then to use this derivation to illustrate how the relative shapes of the production possibility curves differ when factor intensity reversals prevail. We will then use these curves to illustrate the traditional factor-intensity-reversal results. Our analysis will also make clear the factors which determine the shape of the production possibility curve, and will indicate the importance for the Heckscher-Ohlin theorem of explicitly excluding the possibility of factor intensity reversal. Throughout our analysis we will make the usual Heckscher-Ohlin assumptions that two goods are produced in two countries using labour and capital, that the goods vary in their factor intensities and the countries vary in their factor endowments, that both countries possess the same linear homogeneous production functions for the two goods, that perfect competition prevails, and that tastes in the two countries are identical and can be represented by utility functions which are homothetic.[3]. [ABSTRACT FROM AUTHOR]

This article examines the course of Russia's wheat exports and suggests that the slower growth during the 1880s and 1890s marked a turning point when, under the impact of foreign competition and changes in demand for particular qualities of wheat, a new pattern of trade emerged. In this period Russian exporters developed new markets, and it was the further growth of these markets after 1900 which accounted for most of the rapid increase of exports thereafter. It is also suggested that the poverty of the Russian market and the agrarian system within which the farmer was producing prevented any widespread diversification despite the acute distress caused by the low world prices, and that
1 I am grateful to several of my colleagues, and particularly to Professor F. J. Fisher, for helpful comments and suggestions on an earlier draft of this paper.
2 The data for this chart are from the sources used in Table 3, below.
3 The period 1910-13 when exports again declined is too short to determine whether a new trend had emerged. Harvest fluctuations considerably affected the exportable surplus and the Balkan Wars interfered with trade, especially in the Sea of Azov where Greek shipping usually carried the bulk of grain exports. [ABSTRACT FROM AUTHOR]

The article presents a list of books and papers about trade restrictions. The books and papers include "Tariff Protection in Industrial Countries," published in "The Journal of Political Economy," "Multilateral Commercial Diplomacy," by Gerard Curzon, "The GATT International Trade Centre," published in "The Quarterly Journal of AISEC International," "Auto Pact Challenge," published in "Monetary Times," "Anti-Dumping Amendments Threaten Foreign Trade and Balance of Payments," published in "Business Abroad," and "The Auto Makers' Vision," published in "Executive."

The article presents a list of books and papers about regional economic groups. The books and papers include "Western European Integration," by Michael Curtis, "Britain and the Common Market," published in "Westminster Bank Review," "Recent Developments in the Social Policy of the European Economic Community," published in the "Common Market Law Review," "French Business Wants Full Common Market Free and Equal International Competition," published in "France Actuelle," and "Tasman Free Trade Area," published in "Review."

This article presents a discussion of a paper that examined international capital flows. The areas of the paper that the author examines are; the utilization of the theory of portfolio adjustment and the implications this has for international capital flows, the equations used to measure these flows and the statistical results that were generated. The author suggests that the information that was produced in the paper is quite valuable; however, he believes that the policy suggestions that are offered are not as useful.

The article presents commentary on the addresses "Convertibility and the Business Community," by Donald F. Heatherington and "Convertibility--the Current Approach," by George H. Willis, both included within the issue, discussing the impact of currency convertibility questions on business finance and national monetary policy. Heatherington's conclusions regarding short-run export reactions to convertibility policies are questioned and Willis' broad definition of convertibility within the context of competition and price mechanisms is complimented.

This article enlists the publications of economist Harry Gunnison Brown. His books include "International Trade and Exchange," "Principles of Commerce," "The Taxation of Unearned Incomes," "The Economics of Taxation" and "A Postscript and Questions." The article also gives a list of periodical articles, pamphlets and other papers written by Brown.

The article presents a list of books and papers about economic relations. The books and papers include "The Dynamics of International Organization," by Philip E. Jacob and Alexine L. Atherton, "Trade and Investment in an Interdependent World," published in "The Atlantic Community Quarterly," "Effects of Exchange-Rate Devaluations and Revaluations in Receipts From Tourism," published in "Staff Papers, "Primary Commodities in International Trade," by John W. F. Rowe and "World Cocoa Survey," by C.A. Krug and E. Quartey-Papafio.

The purpose of this paper is to develop a general framework for a neo-Ricardian approach to the analysis of trade. Whilst, to some extent, it is pedagogic[4], it does also try to reach some new conclusions in its consideration of trade between countries with different techniques, between countries having available a multiplicity of techniques, and between countries having planned economies. But its chief purpose is to emphasize that the analysis of international trade can be viewed essentially as a particular problem of the choice of technique. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to analyze the patterns of production, specialization, and trade in a small country with a given technology. I assume the existence of two mobile factors, labour and capital, capable of producing any of a number of commodities with constant returns to scale. Subsequently the case in which a non-traded commodity is also produced is analyzed, and a comparison made with the model in which all commodities are traded at given world prices. [ABSTRACT FROM AUTHOR]