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The author comments on articles by economics Greenbaum and Haywood (G&H) and Bloch concerning the major factors that must be considered in analyzing changes in the financial sector and their resulting impact on the economy. He states that G&H argue that demand for financial assets is dependent on standard variables, income, interest rates, and more. He suggests that G&H didn't delve far enough into government policy on the financial sector and states his belief that the introduction of large quantities of U.S. Treasury Bills is the most important financial innovation from 1940-70. He states that Bloch's view of the U.S. Federal Reserve's behavior is instructive, and said that while he doesn't question Bloch's analysis, he does question if the reasons are correct.

Suggestions are presented for research on the impact of governmental policies, programs, and regulations upon the functioning of the market system as a whole, and upon specific subsystems. The authors point out that intervention by government at all levels is one of the two most significant environmental forces affecting marketing. This paper is the first of four reports developed by the AMA Task Force on Research on Basic Problems in Marketing, chaired by Donald R. Longman. The other papers will be presented in subsequent issues of the JOURNAL OF MARKETING. Each paper will be accompanied by a review by Seymour Banks, in which the issues involved in each paper will be highlighted and the various papers related to one another. [ABSTRACT FROM AUTHOR]

The article presents a response to the letter addressed to David E. Lilienthal, chairman of the U.S. Atomic Energy Commission, requesting a statement about policies about the general subject of atomic research which includes the questions on the restrictions on free publication imposed on authors of scientific papers in the field of nuclear research and to what extent the scientist are permitted to discuss their work freely. The statement which defines in general terms the policies of the U.S. Atomic Energy Commission and an outline of its current program is presented.

This article discusses the role of the foreign-language press in migrant integration. In studying transatlantic migration in the nineteenth century, one might analyse the rhythm of economic growth in the principal sending countries of Europe and attempt to find a relationship between the course of migration and the changes in pace of American economic development. One might also relate the findings of such an economic analysis to a set of demographic data showing. The results of such a study would be of interest to students of select disciplines like economics and demography. There is, however, a large body of social sciences including, for instance, history, sociology, social psychology, criminology and social geography, which contribute special tools for the study of cultural factors affecting the volume and direction of international migrations. Emotional attachments to a community and to acquaintances, to a culture or language, to political and social institutions or to a way of life must be considered as factors inhibiting Trans-Atlantic movement and affecting the adjustment of migrants in the U.S.

The article presents a reprint of the article discussing the reorganization of the British Atomic Energy project that was published in "The Economist." It focuses on the White Paper issued by the British government, which describes the kind of organization to which the government has decided to entrust the development of atomic energy. It likewise offers information about the transfer of responsibility for atomic energy from the Ministry of Supply to the Lord President of Great Britain.

The article presents some titles of new books on economics. Some books are: The Angel and the Wheat--Communication Theory and Economics," by S. Bagno, A Strategy of Decision--Policy Evaluation As a Social Process," by D. Braybrooke and C.E. Lindhlom; "Are We Slaves of Some Defunct Economist?" by D.M. Keezer; Insuring Full Employment--A United States Policy for Domestic Prosperity and World Development," by J.H.G. Pierson; The Intellectual and the Market Place and Other Essays," by G.J. Stigler; "Prices for Primary Producers," by S. Caine; "Capital Stock Growth: A Micro-Econometric Approach," by S. Kuh; "A Study of Cost and Demand Inflation," by J.D. Pitchford; "Profitability and Size of Firm," by H.O. Stekler; "Land Reforms in West Bengal--A Study on Implementation," by S.K. Basu and S.K. Bhattacharyya; "Output Employment and Productivity Growth in New Zealand Manufacturing Industries," by C.A. Blyth and P. Hamer; "Economic Development: Past and Present," by R.T. Gill; "Planning Economic Development," edited by E.E. Hagen.

The article presents information on a round table discussion on transportation and public utility problems. At the morning session, which was concerned with transportation problems, papers were read by James C. Nelson, Washington State College, on the subject, "Patterns of Competition and Monopoly in Present-day Transport and Implications for Public Policy," and by Ernest W. Williams, Columbia University, on "The Maintenance of Adequate Rail Rate Levels in the Future." The afternoon session was devoted to puplic utility problems, with papers by William M. Duffus, Ohio State University, on "The Place of the Government Corporation in the Public Utility Industries," and by Ralph K Badger, Ralph K. Badger Associates, on the "The Rate of Return." James C. Nelson stated that the past emphasis on high fixed costs and monopoly as the important factors in the field of railroad eco- nomics is no longer warranted. He said that the current public policy of restricting entry into service and operations by transportation com- panies has raised doubts about the efficient and economical functioning of the system. Truman C. Bigham said that railroad revenue cases should be ap- proached from the standpoint of inherent advantage or relative econ- omy and fitness. This means, as already recognized by some of the lead- ing companies, that the railroads should not attempt to raise funds for the financing of services more economically provided by other modes of transport.

The article presents a critical discussion of the papers by Seymour E. Harris and John V. Van Sickle on interregional competition and economic adjustments. According to the author Harris has developed his topic in a most interesting and stimulating fashion. He is to be complimented for this able presentation of the difficulties facing the Northeast in its attempt to maintain its competitive position in the U.S. Harris appears at the outset to favor the regional adjustment process of classical economics. After a brief description of this process, he contends that the expected adjustments do not take place or do so only after costly delays. Some policies of government such as banking policy and government relief and spending policies hamper adjustments, other policies that are classified as favoritism toward developing regions add to the burden of adjustment in the older regions. Harris' paper represents an important addition to interregional economic analysis, with particular reference to an area in which much investigation already has been undertaken.

Donald B. Woodward in his paper on public debt and institutions seems about equally awestruck by three sets of thoughts. That the Treasury has various specific and contingent obligations that are not a part of the formal public debt. But most individuals and business enterprises have similar unclassified liabilities. Woodward mentions such items as social security commitments, and commitments to make future loans. Now one can go to any lengths he finds useful in this direction. His second thought is that the influence of the debt upon governmental policies will have baneful effects upon all principal social institutions, and his third, that the Treasury has become a maker—he thinks the principal maker—of monetary policy. His paper does not appear to be a call to action of any kind. For the most part it is rather a recitation of various direct and devious ways in which the family, the church, the economic organization, and the state will be inescapably corroded or distorted by the demands of a great public debt.

Provides a reply to David R. Felix's criticisms on W.W. Rostow's paper on the stages of economic growth. Reasons for the persistence of the modernization efforts in the developing countries; Discussion on industrialization in Africa, Asia and Latin America; Coordination of incomes policies among industrial nations.

A neglected aspect of policy research has been the systematic analysis of policy impacts. This paper presents a research strategy for measuring policy impacts based upon the principles of experimental design methodology. The strategy is illustrated through the application of a multivariate factorial design to the area of air pollution control. The overall approach is discussed in terms of its general utility for policy impact analysis. [ABSTRACT FROM AUTHOR]

During the 1940s students of administration called attention to the absence of an adequate foundation in empirical data, in social psychology, and in governmental theory for a "science of administration." The result has been some uncertainty about the present content of public administration as a branch of political science. Three primary hypotheses may be used by the political scientist in America as the basis for his study of public administration. The first is that public administration must be conducted in such a way as to promote rather than impair the essential elements of a free society. Secondly, under the American structure of governmental power, the legislative, executive, and judiciary branches exercise continuing oversight of administrative agencies in order to ensure a politically responsible bureaucracy. Thirdly, although public administration embraces governmental operations in a variety of activities, all fields of governmental endeavor contain a common core of similar concern which we may label "management." The author is president of Miami University, Oxford, Ohio. This paper was given as a lecture at the Graduate School of Business and Public Administration, Cornell University, on December 12, 1955. [ABSTRACT FROM AUTHOR]

The article presents information on legal developments in marketing relative to the regulation of price competition. In reference to price discrimination, the case of Exquisite Form Brassiere Inc. v. Federal Trade Commission is presented. The legal system's findings involving Section 2 of the Robinson-Patman Act are reported. A second case involving the alleged conflict of state and federal law, State of Wisconsin v. Texaco Inc., is presented. A third case involving the Swanee Paper Corporation is presented and also centers on a contentious element of the Robinson-Patman Act.

A conference paper about the use of war propaganda during World War I and World War II. The author cites passages from "Propaganda Technique in the World War," by Harold Lasswell and "Allied Propaganda and the Collapse of the German Empire in 1918," by George C. Bruntz. Also noted are a number of technological innovations that have increased the channels of distribution for propaganda.

The article presents a critique of a study by Albert H. Cox and Ralph F. Leach called "Defensive Open Market Operations and the Reserve Settlement Periods of Member Banks" that appears in this issue of the journal. In their original paper Cox and Leach presented the benefits of using a longer and staggered bank reserve averaging period that would be implemented by the U.S. Federal Reserve System. The author finds fault with their claim that the change would save labor because the reviewer feels that it would actually change the dynamic between central banks and bank credit and that central banks would convolute open market operations to maintain control.

The article offers information about the proposal intended for national security in the U.S. The proposal is the outgrowth of a series of informal, entirely unofficial meetings between Herman Kahn of Princeton University, James E. King, Jr. of Washington Center of Foreign Policy Research, Evron Kirkpatrick of the American Political Science Association and others. The author stresses the paper is his interpretation and explanation of the discussion, rather than being a formal report approved by all participants.

The article presents the author's comparison of the patterns of publicity, privacy, and secrecy between the U.S. and Great Britain. In Great Britain, the equilibrium of publicity, privacy, and secrecy is more stable, and its deviations from the normal state are smaller than they are in the U.S. The British governmental papers which are not published at the time as part of government policy, are opened to scholarly inspection only after a very long lapse of time and even then with restrictions. On the other hand, in the U.S., government documents are made available to historians without long delay.

The article presents information on legal developments in marketing relative to the regulation of price competition. Regarding price discrimination, the article discusses Baldwin Hills Building Material Co. v. Fiberboard Paper Products Corp. as it relates to the California Federal District Court ruling on the interstate shipment of raw materials in the manufacture of wallboard under the Robinson-Patman Act. In regard to resale price maintenance, the article discusses a Supreme Court of South Dakota clarification of the State's Fair Trade Law as it relates to The House of Seagram, Inc., Seagram Distillers Co. Division v. The Assam Drug Co. and Fred Assam and Winchester-Western Division of Olin Mathieson Chemical Corp. v. Gibson Dakota, Inc..

This paper studies a control policy for an M/G/1 nonpreemptive-priority queuing system with removable server and two priority classes. This policy turns off the server when the system is empty and turns him on when a given linear combination of the numbers of class 1 and class 2 customers in the system exceeds a certain value. Expressions for the long-run average numbers of class 1 and class 2 customers in the system are derived. [ABSTRACT FROM AUTHOR]

Although the idea of federal intervention in an increasing number of domestic areas still evokes spirited debate in some circles, the case for an active federal role on behalf of some of our most cherished institutions, such as marriage and the family, can be persuasively made. Today with federal expansion into nearly every sector of the domestic scene, more moneys are appropriated for H.E.W. and H.U.D. than any other national agencies. However, governmental inattention to directly assisting marriage and family life has been regretably inadequate. Rapid advancement into a post-industrial society has jettisoned marital and familial units into ill-adapting systems characterized by stress-overload, bewilderment, hostility, and isolation. While there have been promptings for direct environmental regulation for children and families, these efforts have been thwarted by sporadic pressure, and insufficient and uninfluential advocacy. The institution of marriage has been nearly excluded from concern. This paper suggests a reexamination of governmental involvement, and after a careful analysis of pertinent research on marriage and family support systems, proposes the creation of a cabinet-status U. S. Department of Marriage and the Family. The historical background, rationale, constitutionality, and political opportuneness of the proposed department are discussed, and its seven major functions are identified. [ABSTRACT FROM AUTHOR]

The article highlights a symposium on program evaluation. For a number of reasons program evaluation has become an important subject for public administration. In the first place people have become more concerned with keeping government accountable. In varying degrees existing means for providing accountability have been found wanting. Techniques of program evaluation have been used increasingly in this area. Despite the wide interest in program evaluation there are not a great many sources one can turn to for information on the subject. Program evaluation is of concern to both executive and legislative branches, to auditing agencies and management. Both auditing agencies and managers need program evaluation, although not necessarily of the same kind or for the same purposes. The symposium has attempted to draw on practitioners rather than academicians so that the papers will largely indicate what is happening in the field. The symposium has included papers from both the U.S. Office of Management and the U.S. General accounting Office.

In this paper we examine the effects of the policies of wage and price restraint that have at various times been employed in Britain since 1945. We have taken the two-equation model that has been studied extensively in the context of data for both the United Kingdom and the United States,[2] and have assumed that, although far from perfect, this model will be a good enough statistical description of wage and price inflation to allow it to catch any major influence of wage and price restraints. In order to see how the potential effects of incomes policies should be specified in this two-equation model, we are forced to examine the derivation of the equations in some detail. In this process we discover that shift dummies which have been used by other investigators[3] to catch the effects of incomes policies are inappropriate and that their use can give rise to misleading results. After conducting tests more satisfactory than those employing shift dummies, we conclude that the data are not inconsistent with the view that wage and price restraints have usually been ineffective in restraining inflation, and also that the restraints have sometimes actually had the effect of raising the rate of inflation above what it would otherwise have been. This perverse effect is very noticeable in the most recent periods of "restraint" since 1966. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to assess the adequacy of the British unemployment data in the light of these criteria, looking mainly at the period 1966-1970. It attempts both to define the main gaps and shortcomings in the evidence, and to present the record of change where the evidence is stronger.
The main weaknesses of the statistics are as follows: They have seriously underestimated the downturn in the labor market since 1966. They give a misleading picture of the industrial incidence of the fall in the demand for labor since 1966. Finally they do not give us information on unemployment rates by skill level, information needed because other evidence clearly shows that the specific unemployment rate for the unskilled is much higher than the general rate. After looking at other areas in which the data are stronger the paper closes with some suggestions for improving the statistics. [ABSTRACT FROM AUTHOR]

A good survey lecture should provide the listener with a set of intellectual calisthenics, beginning with warming-up exercises and gradually building up to feats of reasoning that stretch the mental capacities of the audience. Judged by that standard, economist James Tobin has provided with a first-class performance. His paper begins with some apparently self-evident commonplaces, which nevertheless effortlessly tidy away many of the conceptual confusions that have plagued current discussions of economic growth as an object of policy, but thereafter his argument becomes increasingly complex, until at the end he is bringing to bear on the question of growth policy the most elegant proposition of modern capital theory — the golden rule of accumulation. In the main lines of his lecture, Professor Tobin presents and defends what may conveniently be described as the position of the two-G growth man, that is, he favors growth, and he favors government action to increase saving and investment as a means of increasing growth. This position he contrasts with what may be termed the no-G growth position, which he describes as the neutrality of government position and holds up to easy ridicule. This article discusses some of the issues and points out that the problem of growth policy raises some deep issues of political philosophy, which Professor Tobin does not adequately recognizes.

The article presents a discussion of the rights of the holder of money that is part of a discussion which is designed to clarify the changing character of money. The paper is therefore not focused on an exhaustive treatment of the rights and implied duties of the money holder, but concentrates upon some particular aspects of these rights, those, namely, which seem to exhibit clearly and perhaps typically the change in the function of money that is taking place in the present period of economic development. There are any number of points of departure for the purpose of establishing the theoretical framework within which one hopes to arrive at some meaningful answer. One might ask, for instance, who the holders of money are. If this question is added to the query, what are the holders of money doing with the money, one wonders how to appraise the significance of their operations and of their position. Neither can one trust implicitly the theoretical tools with which are provided for this purpose by received doctrine.

Copyright of Demography (Springer Nature) is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Economists have long discussed the role in general economic development of the rapid exploitation of innovations especially those requiring immense amounts of capital. Some enthusiasts in looking at the comparative prosperity of the decade of the 1920's have pointed to motor vehicles, the most obvious feature of that prosperity, as the main cause. Actually, investment directly occasioned by the development and growing use of motor vehicles, although very large in the aggregate, was not predominant in the total of new investment in the period of so-called "plateau of prosperity," 1923 to 1929, inclusive. Rather, the automotive development of the period was one of several which provided opportunities for large aggregates of new investment. The rapid developments held to be the driving force of capitalism are said to produce "maladjustments" or "distortions in the structure of production. The conclusions reached in the paper were that during the period 1929-37 the American economy was stagnant and probably slightly contracting relatively to the population.

This paper presents a model for determining how a central government can most efficiently allocate resources among other levels of government. The model explicitly includes the fact that lower levels of government can make independent decisions once they have been given resources by the central government. A key feature of the model is the mathematical formulation of the central government's objective of distributing resources efficiently, while at the same time being as fair as possible to all those receiving allocations. An algorithm for solving the model is presented along with a numerical example. [ABSTRACT FROM AUTHOR]

The article presents a discussion on immigration into Australia after the Second World War. Between 1947 and 1956, over one million immigrants arrived in Australia. This represents an average annual increase of about 1.1 per cent in the total population of the continent. With the exception of Israel, the rate at which these immigrants poured in was the highest of any country. Sustained immigration, plus the equally fast natural growth of about 1.3 per cent annually, should result in a total population of 10 million in about 1960. In 1946, similar to Great Britain's White Paper on full employment, the Commonwealth government of Australia issued its White Paper on Employment. This paper established high and stable employment as the principal objective of economic policy. The original immigration policy has hardly at all been considered in relation to the full employment goal of the Welfare State. In fact, economic motivation became prominent only after humanitarian and national defense reasons of the early post-war Operation Welcome more or less ran out.

This article presents a response to the comments made by scholar Tervor Lummis on the paper "Charles Booth and Labor Colonies in 1889-1905." Lummis directly or indirectly raises some general points, discussion of which was limited by lack of space in the original article. His position is unclear, especially on the relationship between scholar Charles Booth's views and those of his contemporaries. He seems to accept, if only by implication, that Edwardian legislation was molded by distinctive moral assumptions; that a major influence behind it was the discussion of policy by those whose social investigations had given them the status of acknowledged experts; and that in their views a preoccupation with the effects of environment on character can be seen. He appears at times to suggest that Booth, in spite of the deference paid to him and the constant reference to his work, was isolated from contemporary opinion by his greater objectivity. Nevertheless, Lummis does discuss Booth's influence, which he sees almost entirely in traditional terms: it ended the confusion between moral and social problems and supplied new economic criteria for the determination of policy.

The article presents abstracts of articles related to governmental and regulatory aspects of marketing appearing in various periodicals. Articles abstracted include "NRMA Viewpoint," by James J. Bliss, appearing in the July-August 1966 issue of "Stores," "Paying Salesmen: the Word from the Labor Department," appearing in the August 22, 1966 issue of "Merchandising Week," and "New Credit Laws: Which Is Best to Protect Consumers and Dealers," by W. E. Wood, appearing in the August 8, 1966 issue of "Merchandising Week."

The theoretical analysis set forth in Section I shows that while the capital controls programs initially improve the balance of payments, this initial effect can be reversed after a time. The dynamic simulations over the period 1965:2- 1970:4 presented in Section II suggest the estimate of the control's effect in the initial year is an improvement of approximately $4.5 billion in the liquidity balance. Also, the effects are estimated to diminish gradually and continuously to an annual rate of some $2.8 billion after 5 years. [ABSTRACT FROM AUTHOR]

The article discusses the effects of U.S. government buying policies on commercial products and prices. The product policy of the U.S. government contrasts significantly with most other industrial buyers. Products are grouped into classes and bought either through sealed bids, if they pose direct price competition, or through individual contracts. Sealed bids appear to result in lower prices as compared with limited-competitive bids. Experts say this is a result of increased price competition and lower sales costs due to open bidding, single awards, and use of specification.

The article reports on information pertaining to exclusive dealing arrangements in business. The author focuses on a U.S. Supreme Court ruling regarding exclusive dealing arrangements of the Standard Oil Company and the implications for the field of marketing. The Supreme Court ruled that exclusive dealing arrangements negotiated by the company were in volition of antitrust law. Legislation including the Federal Trade Commission Act, the Sherman Act, and the Clayton Act are discussed in relation to restraint of trade. A brief definition of the exclusive dealing arrangement is also provided.

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 focuses on marketing agreements and license programs for general crops as outlined in the United States Agricultural Adjustment Act of 1933 and substantial amendments made to the Act in 1935. These provisions and programs are evaluated based on their merits as mechanisms for increasing the purchasing power of agricultural producers. The programs created are outlined and analyzed as they relate to commodity price and supply regulations imposed upon producers, as well as restrictions on the shipment of produce.

The article presents commentary and criticism on the financial reports "U.S. Direct Investment in Canada: Consequences For the U.S. Economy," by Raymond Vernon, and "Perspectives on Foreign Direct Investment From the Viewpoint of a Capital Receiving Country," by A. E. Safarain, both included within the issue. The conclusions reached by both articles suggesting that economic theory has no means to measure net economic impacts of foreign direct investment and that government controls are necessary to monitor the phenomena are discussed further, suggesting means to unilaterally address both challenges.

This review of the Commission on Money and Credit is in three sections. The first section describes the background of the commission. The second section discusses the economics of the commission's report. The third section appraises the impact of the commission. The paper is directed to the contributions of monetary commissions to the formation of public policy, and the relationship between the design of the Commission on Money and Credit and its impact. [ABSTRACT FROM AUTHOR]

Presents comments and discussion on the article by William E. Gibson on the need to protect homebuilding from credit restriction. Comments from John Kareken who did not buy into Gibson's reasons for the need to protect homebuilding; Comments from Barry Bosworth who felt the argument was too blunt and lacked evaluation of what the costs for his plan would make throughout the economy; Discussion by the panel.

Presents a follow up discussion on William Nordhaus' energy resources presentation in this issue. Comments from Henrik Houthakker where he takes issue with Nordhaus' contention that free markets cannot ensure an efficient pattern of resource allocation; Argument of the author; Notes that Nordhaus underestimated the importance of trade in existing assets; Contention that current energy problems stem from interference with free market business; Comments from Robert Solow who believes that research on intermediate technologies is vital; General Discussion within the panel members on the strengths and weakness of the report.

This paper presents an in-depth computational comparison of the basic solution algorithms for solving transportation problems. The comparison is performed using "state of the art" computer codes for the dual simplex transportation method, the out-of-kilter method, and the primal simplex transportation method (often referred to as the Row-Column Sum Method or M O D I method). In addition, these codes are compared against a state of the art large scale LP code, O P H E L I E/LP. The study discloses that the most efficient solution procedure arises by coupling a primal transportation algorithm (embodying recently developed methods for accelerating the determination of basis trees and dual evaluators) with a version of the Row Minimum start rule and a "modified row first negative evaluator" rule. The resulting method has been found to be at least 100 times faster than OPHELIE, and 9 times faster than a streamlined version of the SHARE out-of-kilter code. The method's median solution time for solving 1000 X 1000 transportation problems on a CDC 6600 computer is 17 seconds with a range of 14 to 22 seconds. Some of the unique characteristics of this study are (1) all of the fundamental solution techniques are tested on the same machine and the same problems, (2) a broad spectrum of problem sizes are examined, varying from 10 X 10 to 1000 X 1000; (3) a broad profile of nondense problems are examined ranging from 100 percent to 1 percent dense; and (4) additional tests using the best of the codes have been made on three other machines (IBM 360/65, UNIVAC 1108, and CDC 6400), providing surprising insights into conclusions based on comparing times on different machines and compilers. [ABSTRACT FROM AUTHOR]

In contemporary societies policy decisions have been viewed as an output from a bargaining process between political groups representing conflicting social preferences. These conflicts arise for the most part in terms of the relative weights (i.e., intensity of preferences) that the groups attach to different dimensions of alternative policy decision outcomes. In this context it was argued that it is both unnecessary and unrealistic to specify a unique or single-valued preference function. Instead investigations ought to be based on an under- standing of the political process and the revealed preferences of important leverage points. With respect to deriving this information interviews are expensive and their ability to reveal preferences are questionable while indirect procedures rest on some doubtful assumptions. A less costly approach is, of course, to employ a range of plausible values for the parameters of a policy preference function chosen on basis of available information by the investigator. The framework employed in this paper provides a formal basis for specifying and evaluating the resulting set of policy preference functions. We have illustrated the application of our suggested framework in specifying a set of W's to be used in an economic analysis of United States beef trade policy. The principal arguments of the function were specified to be (i) the cost of a market basket of meat commodities to consumers disaggregated by household income level, (ii) the gross margin returns to beef breeding cow-calf producers, and (iii) the gross margin returns to cattle feeders. The assumed quadratic form of the function seems to provide a reasonable representation of policy preferences over the expected range of variation of the argument variables. A procedure for estimating a range of values for parameters reflecting different trade-off ratios between the argument variables was illustrated. Using a naive revealed preference model we found that a trade-off ratio of about a two-dollar decrease in producers' gross returns to a one-dollar increase in aggregate consumer meat costs was consistent with observed beef trade policy actions in the 1960's. In conclusion, the set of policy preference functions constructed using the suggested (or for that matter any other) framework might be best regarded as an imperfect, but nonetheless, plausible means for assisting in the analysis of public decision making rather than as an end in itself. In this context, certainty equivalent along with various stochastic and adaptive control policy strategies based upon the constructed set of preference functions reported in this paper have been derived and are available in Rausser and Free-bairn (1974). [ABSTRACT FROM AUTHOR]

Inflation, Unemployment and Incomes Policy. The paper reviews the Report and, tangentially, the published research studies of the Canadian Prices and Incomes Commission. Questions are raised about parts of the Report's analysis concerned with the tradeoff between inflation and unemployment, with the insulating power of a flexible exchange rate, with welfare implications of unemployment and inflation, and with the impact of incomes policy on expectations and on economic stability. The Report's recommendation of a "temporary" incomes policy seems based upon the simple assertion that demand management alone will not suffice to control inflation and that other subsidiary policies will not help whereas incomes policy will. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to establish the length specified in interstate sales contracts executed by natural-gas producers. The inquiry is timely in that the United States Federal Power Commission is presently formulating policies regarding the types and extent of regulation appropriate to the interstate gas industry. The Commission since 1938 has regulated interstate transmission companies in a fairly rational, predictable manner. However, producing companies, the industry sector, which came under federal control only in 1954, do not yet know what to depend on as federal policy. The Commission has often claimed that it has too little information about the industry and insufficient staff to organize and analyze the data it already has available. The length of a producer's contract to sell gas is an important feature despite the dedication of the attendant gas reserve to the interstate market. Length of contract is an important aspect of the parties' future ability to modify the sales agreements. This ability shows up most vividly in the opportunity to negotiate an end-of-term price increase up to the limits of the area guideline but also has meaning for all other marketing factors, which may be written into the sales contract.

The question of outdoor recreation has received considerable attention in recent years. In spite of the growing importance the economics of outdoor recreation have been almost completely neglected except for the relatively esoteric questions of whether the benefits to society from outdoor recreation can or cannot be measured. This is unfortunate, for economic analysis has much to contribute to society's stake in outdoor recreation and, conversely, a thoroughgoing economic analysis of outdoor recreation reveals some very interesting theoretical and methodological questions having ramifications in other areas of social policy. This paper explores several economic aspects of outdoor recreation including: first, the economic rationale for the public provision of outdoor recreation, second, the resource management problems encountered in supplying such services and third, optimum financing policies for publicly-supplied recreation. Outdoor recreation, the great out-of-doors, is an important part of the American heritage and a legitimate concern of government. Public ownership and operation can be justified quite dispassionately and it can be put on a perfectly sound financial basis. Over the long run this approach is more likely to protect and promote this heritage than is the usual wholly emotional appeal to non-economic criteria.

An economic policy which is designed to stabilize aggregate economic activity must be based on three fundamental decisions. They are, first, the decision on the optimum pressure of effective demand upon the aggregate productive capacity of the economy (this optimum pressure need not necessarily remain constant over the relevant planning period); second, the decision on the methods and speed of adjusting the present level of effective demand to its optimum; and, third, the decision on the methods by which the actual level of effective demand is to be kept at its optimum. The three decisions may be interdependent, and particular economic policy makers need not take them separately or explicitly; their policy measures, however, will imply them. The present paper is devoted almost exclusively to a discussion of the first type of decision, but this should not be taken to imply that the other two are either unimportant or easily taken. In Part III of this paper, some empirical evidence on the nature of the A-B trade-off curve has been presented. It looks as though the curve is approximately linear but that it is fairly fiat in the short run. The reason for this small slope has been found to be the negative relationship between aggregate excess demand and the rate of change of the non-wage markup. In view of some long-run evidence, it has been argued that this negative relationship is likely to be strictly short-run and that the long-run trade-off curve is likely to have a steeper slope than the short-run trade-off curve. The estimates of short-run and long-run effects are presented in Table 1. In Part III an attempt was made to test the predictions of the expectations hypothesis, which is illustrated in Figure 2. The most important prediction was that there ought to be clockwise loops around the relationship between the rate of inflation and the level of unemployment. A number of Phillips-curve estimates were referred to; they all yielded anti-clockwise loops wh... [ABSTRACT FROM AUTHOR]

The article presents comments of the author on the article "Brazilian Stabilization Program, 1964-66," by Alexandre Kafka. His paper represents an important contribution both to the literature on monetary problems in developing countries and to the economic history of Brazil. One of the more encouraging developments in Brazil and other countries is the extent to which first-rate technicians are playing a major role in policy formation. Kafka's paper indicates an awareness of how monetary policy must be made to fit in with all other economic policies. Although essentially a monetary economist-or what in the current vernacular would be called a monetarist, in approach, Kafka clearly understands that monetary policy does not exist in a vacuum and that the aim of economic policy cannot be defined in monetary terms alone.

Proceeding from the premise that governmental policy inevitably reflects a position with respect to the family as a social institution, this paper attempts to describe some of the current explicit and implicit components of this policy as well as factors which have contributed to its development. A position is developed that government policy with respect to the family should be made more visible and clearly articulated. A final section suggests some guide lines for the formulation of this policy as well as strategies for its realization. [ABSTRACT FROM AUTHOR]

Four years ago monetary policy was reinstated as a major measure of government policy for combating booms and depressions. Since then flexible monetary action has played a classical role in dealing with a complete business cycle. This has also been a period of rediscovery and adaptation of the instruments of monetary policy. From long disuse, the workings of the instruments for general credit regulation had become unfamiliar to the financial and business community. In certain respects, more over changed circumstances called for changes in the techniques of their use, although in general old concepts and principles have proved remarkably appropriate to the postwar world. Debt management policies and techniques have also been worked out which help to keep the financing requirements of the federal government from tying down monetary policy and to reinforce monetary policy with debt management actions. It is the primary purpose of this paper to consider how the three major instruments of general credit policy were actually used in a co-coordinated program looking alternatively toward credit neutrality, restraint, and ease over the period since March, 1951. Open market operations and in a supplemental way, changes in reserve requirements are the principle means available to the monetary authorities for making available the reserve funds needed to support economic growth while maintaining whatever degree of pressure on bank reserve positions may be considered appropriate to the prevailing economic situation.

The article presents critical discussion by various economist on the papers by M.R. Benedict and D. Gale Johnson on the competitive and monopolistic aspects of the U.S. farm programs. According to the author professor Benedict has tended to concentrate upon the history of agricultural policy with special attempts to restrict competition while Professor Johnson has made a commendable attempt to ascertain some of the quantitative impacts of federally sponsored farm programs on the competitive structure of agriculture. The author believes it is important for to keep in mind that welfare may be increased when compensation is impossible or when the welfare indicators do not move positively. The author remarks that Benedict has provided an excellent summary of government programs affecting agriculture since 1929. He has concerned himself with the question of whether, by adopting monopoly techniques, farmers have in fact been able to improve their situation and whether the programs adopted have in fact reduced materially the competitiveness of American agriculture.