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The article introduces a general-purpose citation-indexing system for finance journals, with the primary objective of illustrating the cross-disciplinary impact of journals of finance. A brief historical overview of the growth of professional literature is presented, and it is suggested that writers of financial literature often use only a few sources in their research. The citation-indexing system introduced by the authors can assist researchers in bibliographic searches, identification of widely used finance journals, and the selection of appropriate journals for their needs.

The author discusses his views on the value of economic and finance literature as an aid to decision-making. He believes the literature tends to promote policies that are either impractical or informed by inadequate analysis, and that rigorous application of economic techniques to apparently solvable problems is limited. He also discerns too great a willingness on the part of writers to publish work of merely academic interest, without expending the effort to determine whether it is applicable to real-world problems, or how it can be made so. Three examples are detailed to illustrate his contentions.

The purpose of this article is to examine some of the literature in Economics that concerns itself with the economics of advertising and to present some of the public policy implications of the results of these studies. It is found that it is unlikely that advertising expenditures are subject to increasing returns to scale, thus probably do not lead to an increased concentration of industry for this reason. A study is presented that deals with competition by advertising expenditures and product differentiation in the U.S. cigarette industry. It is found that advertising expenditures, during the 1956-68 period, were not effective in obtaining sales from competitors, although they may have had the affect of inducing new customers to buy the product. The effect of anti-smoking commercials is examined, and it is found that, although they may have had some effect on cigarette smoking, it is doubtful that they provide the impetus for the decreases in advertising expenditures in this particular industry. [ABSTRACT FROM AUTHOR]

The article presents an inventory of research on the U.S. capital market from 1954 to 1963 that was compiled by a committee of the National Bureau of Economic Research. Many ongoing research projects related to various aspects of the U.S. economy are, the article notes, being undertaken by agencies such as the U.S. Federal Reserve, the Commission on Money and Credit, and Harvard University. A bibliography is also included in the article that illustrates articles and books on the capital market and financial institutions, including the book "Individual's Saving: Volume and Composition," by I. Friend and V. Natrella, the article "Saving in the National Economy: From the National Income Perspective," by E. F. Denison, and "Variation in Bank Asset Portfolios," by R. McEvoy.

The list of books received includes: "Prices, Income, and Public Policy," by C. L. Allen, J. M. Buchanan, and M. R. Colberg; "Changes in the Structure of Texas Commercial Banking, 1946-1956," by William Hubert Baughn; and "The Job of the Federal Executive," by Marver H. Bernstein.

The article addresses a controversy among marketing students, some who believe that economic theory encompasses marketing theory, and others who think that there is little application of economic theory to marketing problems. The author of this article refers to neoclassic economic literature, particularly that of Alfred Marshall, to prove that economists are aware of the impact that selling efforts and costs have on economic activity, as well as the relationship between increasing returns and selling costs. The article discusses Marshall's work and his treatment of marketing issues and conditions, concluding that the claim that economists have not considered marketing conditions is false.

The article reports on the rise in popularity of consumption economics education and consumer research literature. Additionally, the author reports books have been published which treat advertising as propaganda and seek to make consumers wary of free advice. The similarities between consumption economics and marketing are noted; the criteria for classifying a writer's work as scholarly and scientific are presented. They involve accurate, logical and fair analysis. The work of Leland J. Gordon and Charles S. Wyland in "Economics for Consumers" and "The Economics of Consumption" are evaluated for their criticism of advertising.

The article reports on the study of consumption in the field of marketing. The author reviews several books which she feels have contributed to the study of consumption. Books including "Economics of Consumption," by W. C. Waite, "Economic Principles of Consumption," by P. H. Nystrom, and "Consumers and the Market," by Margaret G. Reid. The books "Consumption and Standards of Living," by C. C. Zimmerman, "Consumer-Buyers in the Market," by Jessie V. Coles, and "Consumption of Wealth," by Elizabeth Hoyt are also discussed.

The article presents a list of books related to finance and economics including "Short-Term Capital Movements Under the Pre-1914 Gold Standard," by Arthur I. Bloomfield, "The Small Business Executive Decision Simulation: Administrator's Manual," by the Bureau of Business Research, and "An Analysis of the Teen-Age Market," by Philip R. Cateora.

The article presents a study which examined the readability scores of selected management journals over a five year period (1967 to 1971). The study measured ease of understanding and comprehension based on investigating the style of writing. The authors used the Flesch Reading Ease Test to determine the readability of the journals. The findings revealed that the majority of the journals surveyed have become more difficult to read and only three of the ten journals showed a statistically significant change in reading ease scores.

Evaluates several articles on the economics of British colonialism. Contention regarding the acquisition of colonies as the consequence of the development of capitalism; Political motives behind British colonial expansion; Economic factors in British annexation; Implications of British dependence on its colonies for raw materials and markets; Link between commercial interest and British colonial policy.

The article presents abstracts of several research articles published in various periodicals. The article "Rankings in Ph.D. Programs in Economics and the Relative Publishing Performance of their Ph.D's: The Experience of the 1960's," by T.D. Hogan, published in December 1973 issue of "Western Economics," presents tabulation of publishing output of economists during the 1960's in three top economics journals classified according to the degree origin of author. The analysis also explores the hypothesis that publishing performance in top-rated economics journals is a function of the quality of graduate training. Non-parametric tests provide evidence of a highly significant relationship between the quality ratings of graduate programs and the publishing output of their graduates. The article "The Quality of Life: Toward a Microeconomic Definition," by L. Wingo, published in the February 1973 issue of "Urban Studies," concerns over the quality of life uniquely characterizes the political economies of the advanced industrial nations of the world were the marginal utility of private consumption declines as income grows.

The article presents a list of articles published in various journals related to economics. Some of the articles included in January 1974 issue of "Accounting Review," are "Transfer Pricing--A Synthesis," by A.R. Abdel-Khalik and E.J. Lusk; "Reconciling Economic Depreciation With Allocation," by C.L. Bullock; "Opportunity and Incremental Cost: Attempt to Define in System Terms: Comment; Extending the Applicability of Probabilistic Management Planning and Control Models," by E.E. Burch and W.R. Henry; and "A Mathematical Approach to the Analysis and Design of Internal Control Systems," by S.L. Buzby. Articles published in the March 1974 issue of "American Economic Review," includes "Limited Knowledge and Economic Analysis," by K.J. Arrow; "The Precautionary Demand for Reserves," by E. Baltensperger; "Default Risk, Homemade Leverage, and the Modigliani-Miller Theorem," by D.P. Baron; "Risk Premiums and the Life Cycle Hypothesis," by R. Bowden; and Product Liability: The Case of an Asset With Random Life," by J.P. Brown.

The article presents the view on the article by Paul Samuelson, published in a 1971 issue of "Journal of Economic Literature." The author objects to Samuelson twinning Piero Sraffa's, an economist, name with that of Wassily Leontief, another economist, in order to label for their age. According to the author, Sraffa's work "Production of Commodities By Means of Commodities," does not appear to have penetrated very deeply into the consciousness of the economics profession in North America. To give a person's name to an age is to concede a commensurate measure of fame of notoriety to that person. Piero Sraffa stand in that tradition that gave us a model of price determination in which relative price configuration is a supply side phenomena.. It is a tradition in which distributive shares are exogenous to the commodity-price determining apparatus and also outside the ambit of the marginal productivity principle. Sraffa's classical observation on the predominant influence of cost of production in the determination of normal value of commodities, was made in the course of discussion of the "laws of returns" that subsumed both the variable-proportions case and returns to scale.

The paper presents abstracts of various articles published in the December 1973 issue of the Journal of Economic Literature. The article Prestige Economics by H.W. Arndt focuses on a question whether economists have given sufficient attention to "status" or "prestige" as a motive in economic life. It is suggested that prestige is relatively important in primitive societies where the range of goods available for enjoyment is narrow, so that any surplus above minimum needs tends, to be used for display and again in affluent societies as affluence comes up against the satiability of human wants. The article "Impact of Space on World Development," by G. Stever discusses the idea of space becoming not just a medium but also an exploitable resource. Therefore what is necessary is a space ethic to guide actions and decisions. It attempts to show how the space ethic can help identify the proper aims of development and cope with change caused by space activities. The paper "Teaching the History of Economic Thought in the USSR," by V.G. Treml and D.M. Gallik consists of two parts. The first part outlines the history of teaching of economics and of history of economic thought with particular reference to Moscow University.

When discussions in economics turn to the problem of land, its allocation, and monopoly rent, the ideas of economist Henry George quickly appear on the agenda: George's association with land tenure systems is well established. It is as though his arguments could be applied to little else. Because of this single-minded association there are some who would relegate George and his theories to a position among those who offered interesting yet impractical schemes for the solution of social ills. Still others find new applications for his ideas and thus view his writings as a valuable contribution to the field of economics. In this article authors show how George's policy pronouncements regarding property rights relate themselves to problems of water quality and the current literature in that field. By so doing, they present an argument that leads inexorably to the conclusion that his contribution may be a foundation for the analysis of any environmental resource. According to authors, perhaps the most common criticism made of economists is the failure to state explicitly the assumptions. However, the failure to recognize the contributions of Henry George to environmental analysis has occurred because of a lack of clearly stated assumptions.

In its 200 years the profession of economics has produced few eminent women economists. Only two, in fact, Joan Robinson of and Rosa Luxemburg, a German Marxist scholar and revolutionary, have made contributions sufficient to win them places in recent histories of economic thought. The paucity of their contributions is not of course because women have been unable to master the intricacies of economic analysis. But while women have contributed little to the development of economic analysis, two of them, Harriet Martineau, a 19th century English-woman, and Ayn Rand, born in Russia but now an American citizen, have had great success in simplifying the esoteric ideas of economics and bringing them to the public in the form of fiction. Professional writers both, they make their living exclusively from their writings. But neither popularizes economic principles indiscriminately. For Ayn Rand, it is the people of the United States, and especially the new generation, who must assume the task of proving to the world that capitalism, the unknown ideal, could be a workable, viable system. While Harriet Martineau, after traveling extensively in foreign countries, including the United States during its period of high capitalism began to have doubts about the universal applicability of the capitalist system. Rand continues to see only the evils of interventionism, daily reconfirming her faith in the philosophy of unrestricted individualism.

Comments on the development of economics literature in Australia. Increase in economics professionalism; Use of economic journals by teachers and scholars of economics; Discussion on the concept of stock of knowledge.

Presents a list of books on economics.

The many vexing questions in the theory of income distribution can be usefully dichotomized into two groups. An intro generational model of income distribution takes as given the distributions of inherited wealth and abilities and studies the factors that explain how the current distribution of income is derived. An intergenerational model, by contrast, concentrates on the transmission of net worth and human capital across generations. The present paper deals with one important aspect of the latter problem i.e., how is the distribution of inherited wealth determined? This question has received almost no attention in the economic literature. Josiah Stamp's lament that "scientific economic inquiry into the subject of inheritance . . has thus been very scanty" The significance is as true in 1973 as it was in 1926. The model, combined with some model of the intergenerational transmission of human capital, would "close the loop" between the income distribution of one generation and the income distribution among its heirs.

Criteria for portfolio selection have received a great deal of attention in the recent economic literature. Modern portfolio analysis has its origin in the work of economist Harry Markowitz, who specified the portfolio problem in terms of the one-period means and variances of returns. The purpose of this article is to evaluate two proposals that have received wide attention in the economic literature. The first involves selecting portfolios on the basis of the geometric mean of future multiperiod returns. The second involves selecting portfolios on the basis of the expected utility of multiperiod returns. The analysis performed in this article demonstrates that, when portfolio revision is considered, portfolio decisions based on either the expected utility of multiperiod returns or the geometric mean of multiperiod returns are often different from and inferior to decisions based on consideration of returns sequentially over time. This is true even when the distribution of returns is expected to be identical in each future period.

This article discusses matrix norm theory and its relation to stability results in the economic literature. The following sections extend the basic result to cover other contexts including structural systems, distributed lags and periodic coefficients.

This article discusses on a study of economic wants as depicted in Indian economic literature. The very concept of economic development implies reallocation of resources, which in large part implies reallocation of human beings. This always entails hardship and frustration. Should the cultural milieu be resistant to change, then the degree of friction becomes greater. A singular characteristic of the Indians seems to be that the cultural milieu is more flexible than is popularly supposed; thus analysis of the problems of economic development in underdeveloped areas has real value. Attention has at least been focused on one of the factors of a mutually causative process: if the cultural milieu impedes economic growth, the resulting low rate of economic growth supports the philosophy of the cultural milieu that produces it. To the Indian there is great merit in envisaging the ascetic-type nationalism and self-abnegation as substitutions of inputs. These substitutions compensate psychologically for the failure of economic goods and services to become available.

In this article, the trade-off between accuracy and reporting speed is analyzed for three widely used monthly time series: retail sales, the book value of inventories in manufacturing and trade, and employees in nonagricultural establishments. The effect of early errors in these series on the preliminary and provisional GNP estimates is also examined. Generally, the accuracy of the statistics is inversely related to the speed with which the data are reported. Even in the best series, the errors associated with the early data are 50 per cent of the changes in the final data. Moreover, the direction of movement indicated by the early and final sets of data differ in 20-50 per cent of the months. These errors are translated into the GNP accounts. [ABSTRACT FROM AUTHOR]

Lists the articles published on different economics journals. 'Het aandeel van lonen en wedden in het nationale inkomen van Belgie,' by H. Deleeck; 'Incomes Policy: A Re-Appraisal,' by R.G. Lipsey and J.M. Parkin; 'The Distribution of Labor Incomes: A Survey with Special Reference to the Human Capital Approach,' by J. Mincer.

Presents several publications on economics. 'Debt Management and Monetary Policy in the United Kingdom,' by W.E. Norton; 'Relative Wages and the Rate of Inflation,' by G.A. Akerlof; 'Some Aspects of the Multilateral Free Trade Association Proposal,' by H.G. Johnson.

Presents several publications on economics. 'Bank Indonesia, Report for the Years 1960-1960'; 'Centraal Bureau voor de Statistiek'; 'Economics,' by R.G. Lipsey and P.O. Steiner.

In real estate parlance the tipping point is the critical proportion of Negroes in a neighborhood that may trigger off a rapid White exodus. The conventional wisdom generally places those point at roughly 20 to 30 percent. In the sociological and economic literature on the tipping point attention has been paid to the interdependent roles of expectations, information's and preferences. Unfortunately, relatively few sources of data are available to test the various hypotheses that have been advanced. Indeed the only readily available data come from the decennial Census of housing.

This supplement comments on an article written on Richard T. Ely who contributed immensely in the origin of the magazine "Land Economics." The original article was in two parts. The first part of this essay is a selected summary from Ely's letters to his family while he was a graduate student in Germany, 1877-1880. The ideas, experiences, activities and personal contacts which are set forth throughout this article were chosen for their significance in foreshadowing some facets in the development of Ely's American career. The second part of this supplement is made up of some comments and observations by this writer based on a skimming review of selected course lecture notes, outlines, or hand-written manuscripts from the Ely Papers. Judging from Ely's family letters there were several high points of his work at Heidelberg. Two writings by Ely, one called a "treatise" and the other an "essay," plus reading for his doctor's examination in March 1879, fully occupied the aggressive student from the time of his arrival in Heidelberg in May 1978.

The article presents information on several research abstracts. "The Relative Quality of Economics Journals: An Alternative Rating System," by B.B. Billings and G.J. Viksnins. According to the abstract rating system suggested in this article uses a cross-reference count of publications in leading journals as a quality index. References to other journals were tabulated for the official organs of three major professional societies to which English-speaking economists typically belong. According to another abstract, "Simple and General Non-Substitution Theorems For Input-Output Models," by L. Johansen, the article first considers non-substitution in an input-output model with one scarce primary input and no joint production. A very general version of the non-substitution theorem is proved with very elementary methods. In addition to that, the article presents information on several other abstracts.

The article presents various author-provided abstracts for their research papers related to different branches of economics. M. Frankena and K. Bhatia's "Journal Articles from Canadian Economics Departments, 1968-1971," provides data on the number of articles published in thirty-five journals by Canadian economics departments and compares their publication rates to those of U.S. departments between mid-1968 and mid-1971. "Economic Journals: Policies, Trends, and Problems," by J.A. Weber presents an overview of the trends in lag times to publication, acceptance rates, and major reasons for rejection for economics journals and considers the implications of these trends for all parties concerned with the economics journal system. "Tatonnement Stability: An Econometric Approach," by M.G. Allingham investigates the working of a multisectoral tatonnement stability process in an actual economy by simulating the adjustment path of an abstract disequilibrium model in conjunction with an econometric equilibrium model, indicating that such a path is highly stable.

The article lists several books that appeared in the December 1972 issue of the Journal of Economic Literature. Some of the books are, Current Periodical Publications in Baker Library, 1971-1972, Current Economic Problems: A Book of Readings, edited by Royal Brandis and Steven R. Cox, Survey of Economic Principles. Irwin Series in Economics, by Gary D. Brown, The Evolution of Economic Society. An Introduction to Economics, by Martin Gerhard Giesbrecht, Managing the Modern Economy: A Short Handbook of the New Economics, by Jan S. Hogendorn, The Yam Factor, and Other Insights Into the Lives and Customs and Status Symbols of the Executive Tribes of America, by Martin Page, Elementary Economics: A Mathematical Approach, by Ralph W. Pfouts, Autobiography of an Economist, by Lord Robbins, Studies in Economics and Economic History. Essays in Honor of Professor H.M. Robertson, edited by Marcelle Kody, The Objectives of Macro-Economic Policy, by Ajit K. Dasgupta and A.J. Hagger, The Dynamics of Business Motivation. Its Impact on the Economic Climate, by Eric D. Bovet.

AS CRITICISM of the traditional theory of production and exchange has mounted in the postwar period, increasing attention has been given to new analytical approaches that seek either to supplant classical marginalism or to extend its scope. In the latter category is the important body of literature that has grown up around the notion of property rights structures. The contributions here are quite diverse in style and content but are characterized by a common emphasis on certain basic ideas concerning the interconnectedness of ownership rights, incentives, and economic behavior. The purpose of the present paper is to summarize the essential feature of this line of research, examine some of its important areas of application, and discuss the promise the approach holds for improved understanding of economic problems. To say that the property rights literature has these distinguishing characteristics is, of course, not to suggest that other approaches share none of the qualities noted, or that other lines of investigation are without merit. Nevertheless, the property rights analysis does offer a fresh and useful way of looking at economic problems. Substantial advances, have already been achieved and the literature gives evidence of continuing. vitality and promise of future accomplishment. [ABSTRACT FROM AUTHOR]

The article focuses on the publishing of economic papers and its impact on graduate faculty ratings. Some readers have asked about production schedules. Working backwards in time, it takes the printer about four months to produce an issue from the time copy originally arrives in his hands. Preparation of final copy in the editorial office can take anywhere from two to four months depending upon such priorities as proofreading and indexing of the issue already in the production line, and the like. Most manuscripts go through at least one revision. Thus, a lag of seven to twelve months between initial receipt of a submission and final appearance is normal, if there is no space problem. The turn-around time for a journal of this size, is from comments received, on the short side. At present, the volume for 1970 is in production. It will be followed by the volumes for 1971, 1969, and 1972. Each annual volume will not only include virtually all of the articles found in the quarterly issues of the Journal of Economic Literature.

The article focuses on production of economic literature. The cumulative stock of journal articles doubles every fourteen years. But far from constituting a new phenomenon, the stock of articles has expanded at this rate with surprising regularity for at least the better part of this century. The supply of economists, whether measured by membership in the American Economic Association or the stock of PhDs, has also been characterized by steady growth. If there have been scientific revolutions and counter-revolutions in economics, they have not left their mark on the aggregate data. As emphasized by economist Derek Price, the fact that the number of scientists has grown faster than the aggregate population for several generations implies that there must inevitably be a retardation in the rate at which labor resources are applied to the production of knowledge. The article explores the manner in which the output of economic knowledge responds to a reduction in the supply of scholars, as might be occasioned by a fall in the birth rate, a shift in occupational taste, or a reduction in funds available for research.

Only since the 1930's has the name of economist Vilfredo Pareto become a household word among English-speaking economists who bandy it about in such combinations as "Pareto ranking order"; "Pareto marginal rate of substitution conditions"; "Pareto-efficient production-possibility curves"; "Pareto satisfactoriness"; "Pareto's Law"; and, of course; "Pareto optimality." According to the author, many questions arises related to economic theory as, whether the rendition under review is adequate for conveying to the English-speaking economists what Pareto had to say in his definitive treatise on economic theory. The importance of this question, which is the principal concern, according to the author of this article, lies in the fact that unwary readers to whom original texts in foreign languages are inaccessible are prone to accept uncritically versions worded in their own language as if these versions invariably transmitted the message of the foreign authors in full measure and to the letter.

This article presents an annotated listing of books related to economics, public finance, and systems theory. Books on general economics include "University Economics: Elements of Enquiry," 3rd ed., by Armen A. Alchian, William R. Allen, "Economics, Mathematically Speaking," by Robert C. Bingham and "Principles of Economics," by Brandis Royall. The book "Labor economics," by Richard B. Freeman is a supplementary and/or introductory text for principles of economics courses dealing with such topics as labor and society, labor supply and unemployment, education and training. The book "Economics," by Richard G. Lipsey and Peter O. Steiner includes sections on current economic issues such as pollution, discrimination, wages and. incomes policies and other contemporary problems. A public finance chapter has been added and other rearrangements of the standard elementary economics material have taken place. "Economics Principles, Problems and Policies," 5th ed., by Campbell R. McConnell features various organizational changes and updating of material. Aside from these changes, a chapter on urban economics and one on the economics of the war industry have been added.

The article lists several books related to economics that appeared in the December 1971 issue of the Journal of Economic Literature. Some of the books are, Economic Principles: Macroeconomic Theory and Policy, by James A. Chalmers and Fred H. Leonard, Reference Materials and Periodicals in Economics: An International List in Five Volumes, by Emma Lila Fundaburk, Problems in Political Economy: An Urban Perspective, edited by David M. Gordon, Is Economics Relevant? A Reader in Political Economics, edited by Robert L. Heilbroner and Arthur M. Ford, Papers and Proceedings of the New York State Economics Association. Twenty-First Annual Meeting, Principles of Economics: Micro, by Willis L. Peterson, Up Against the Corporate Wall: Modern Corporations and Social Issues of the Seventies, by S. Prakash Sethi, Microeconomic Theory: A Mathematical Approach, by James M. Henderson and Richard E. Quandt, The Constructive Revolutionary: John Calvin and His Socio-Economic Impact, by W. Fred Graham, The Principles of Political Economy, by Henry Vethake.

Since 1960 many papers have been published dealing with the demand for international liquidity and the adequacy of its supply. There exist at least three explicit reviews of the literature by economists H. Glower and R. Lipsey. The main justification for writing a fourth review at this time is that since completion of the last two surveys several papers have become available which have contributed substantially to the stock of knowledge in this field. Very important contributions, they have given new direction to the research on international reserve adequacy by showing that econometric estimates of demand functions for reserves based on past experience cannot provide information about optimal reserve supplies in the future. This important point and its implications are discussed in this article. The review of the literature on the demand for international reserves leads to many conclusions. The early studies of demand and prospective adequacy of reserves using ratios are based on a theoretically inadequate foundation. Even the most sophisticated econometric analysis of trends in ratios, needs to be combined with other information about the performance of the international economy to permit useful policy inferences to be made.

The article presents a comment on a previous article that appeared in the December 1971 issue of the Journal of Economic Literature. According to author, his "The Value Added Tax--A Short Review of the Literature," was just that and nothing more. Hopefully, the original piece reflects his aim of briefly setting out a host of findings and interpretations by competent taxmen and economists relative to the value added tax (VAT), a tax that has turned out to be a most provocative and prolific raiser of government revenues. As a portion of the exercise, the author also induced his own VAT proclivities, for he had been much too involved in VAT explorations to pose as a bystander. According to the author his "Review" included some opinion that indicated doubts about this. In other words, the characteristics of VAT are such that private source factor income could decrease through reduced money income, with the value of money remaining constant, rather than through inflation. According to the author it is his conviction that technique and institutional framework is a part of the consideration of the economic desirability of tax policy, even as it is of monetary policy.

In his recent review of the literature on value added taxation, Professor R.W. Lindholm provided economists with an account that demonstrates some confusion presently surrounding this important policy matter as well as the extent of the current interest in it. Unfortunately, after reading Professor Lindholm's review, one is still all too likely to be numbered among those perplexed by the value added tax (VAT) concept and its probable economic consequences. This comment aims to dispel such lingering confusion by presenting a brief alternative analysis of the nature and significance of value added taxation. After clarifying the nature of VAT and of certain other key concepts, authors show that much of Lindholm's review is vitiated by a failure to consider VAT in a general equilibrium framework. A few comments are also made on other aspects of the Lindholm review. The basic problem with Lindholm's review of the value added tax is precisely that, to use his own words, it combines "into one skein many economic interrelations" and hence, authors conclude, confuses rather than clarifies the issues.

This article focuses on several abstracts by different authors selected in the September 1971 issue of "Journal of Economic Literature." One of the abstracts from the book "Economies With a Finite Set of Equilibria," by G. Debreu, describes exchange economies with a finite set of commodities and a finite set of consumers having given continuously differentiable demand functions exhibiting a certain form of desirability of commodities. Another abstract from the book "The Relation of Optima and Market Equilibria With Externalities," by J.O. Ledyard, discusses technological reasons for market failure. The author of the book says that competitive equilibria are pareto-optimal and pareto-optima are supportable by competitive equilibria. Another book "Price Uncertainty, Utility and Industry Equilibrium in Pure Competition," by D.P. Baron, focuses on the output behavior of a competitive firm facing an uncertain price and the nature of an equilibrium. Another abstract is from the book "Heterogeneous Labor, the Internal Labor Market, and the Dynamics of the Employment-Hours Decision," by R.G. Ehrenberg. In this book, the author has focused on a dynamic model of firm behavior incorporating such concepts as the heterogeneity of labor.

The article presents several abstracts of various manuscripts related to economics, published in the March issue of the "Journal of Economic Literature." The book "Knowledge, Values and the Choice of Economic Organization," by K. Brunner, examines some dangerous aspects of the humanistic counterrevolution in progress. The destruction of ancient orientations offered in philosophy and traditional religions creates apparently an unstable pattern. Another book "A Note on Competitive Equilibria," by D.R. Kamarschen, C.F. Menezes and P.E. Smith, utilizes some elementary mathematics to show that a commodity bundle and set of relative prices exist such that overt equilibrium exists which yields a Pareto optimum both with respect to the output mix and the initial ownership of resources. This depends on the assumption of a unique maximal element in the ordering relation. The Book "Determinants of the Changes in the Relative Factor Share," by W.L. Jae covers nine U.S. two-digit manufacturing industries for the postwar period in an attempt to assess relevant forces affecting the variation of the relative factor shares.

The article presents various author-supplied abstracts for their research papers in the fields related to economics, published in the December 1, 1970 issue of the Journal of Economic Literature. The list includes the abstract of "Toward experimental economics," by B. Castro and K. Weingarten. The purpose of this paper is an exploration of the relevance of infra-human experimental techniques to the analysis of basic economic behavior. "Economic theory, history, and the status of an empirical science," by D. Pilisi provides a compact introduction to the subject, and was originally written to be read before a meeting of French economists on Methodology. The scope of the paper has been enlarged to include in its coverage studies of the socio-economic system as a whole, and of economic history. In the research paper entitled "A generalization of the gross substitute system," by M.A. Morishima, the gross substitute system is extended to allow complementarity. A rather strong gross substitutability prevails between non-numeraire goods and the numeraire.

The article presents abstracts of paper related to economics. The article "Qualitative Economics and the Scope of the Correspondence Principle," by L. Bassett, J. Maybee and J. Quirk, is concerned with the analysis of qualitatively specified comparative static systems consisting of a linear equation system. "The Identification Problem and the Validity of Economic Models," by L.A. Boland distinguishes between ones ability to know that a model is valid and the fact that the model is valid is an epistemological problem. It is a problem which most economists, as well as econometricians, assume away. This problem is considered unimportant by most economists because they subscribe to a conventionalist theory of knowledge, which says that theories or models are neither true nor false; they are only approximations. "On Economics As a Life Science," by H.E. Daly is an essay that presents various reasons for viewing economics as a life science, both from the viewpoint of steady-state or equilibrium analysis and from the viewpoint of dynamic or evolutionary analysis. "Economie Politique et Sociologie," by B. Lassudrie-Duchene focuses on the relationship between economics and sociology.

Accounting is passing through the familiar stages that other and older fields have traversed in their development. In accounting, as in other fields, practice preceded theory. Practice went forward on a hit-and-miss basis, but it went forward. There was no ready reference to a body of carefully reasoned principles, and there was no time, under the press of everyday business, to develop one. In the first stage of accounting development, about the only steadying factor was the high caliber of the men engaged in evolving practice. These men mostly relied on their common sense to solve problems. Modem accounting is now struggling through the second stage of its development, the stage of criticism. The criticism is mostly of practice including terminological disputes but criticism has also been made and received on such fragments of theory as we find in written form. The present stage has also changed course and shifted emphasis by reason of an ever tightening trend of governmental regulation, and ever increasing burden of taxation on concerns and individuals alike.

It is a commonplace of modem industrial living that accounting methodology may be applied to the economic aspects of any group of transactions which are important enough to be evaluated, classified, and summarized as the basis for guidance of some person or persons. While it is true that the economic aspects of living are not the only important phase of human effort and activity they are, nevertheless, present in practically all activities involving the provisions of goods and services, Hence, accounting technique is not something completely separate from the facts of every day existence. Broadly conceived, every entry made according to accounting methodology is the result of a human judgment based, primarily, on an attempt to arrange a heterogeneous mass of economic data item by item according to a logically consistent scheme. This judgment in the first instance centers around an administrative determination of whether a transaction or transactions should be undertaken and in the second instance on a refitting of the money facts regarding the transactions into the accounting pattern of the business entity concerned.

The article presents a list of new books on economic theory. Some of the books are: "The Value Doctrine of Karl Mars," by A.G.A. Bals; "Introduction to Economics," by C.K. Brown, "Economics is an Exact Science," J. Levy, "Risk, Profit and Loss," by H. Lyon, "The Age of Enterprise; A Social History of Industrial America," by T.C. Cochran and W. Miller, "Records of the Moravians in North Carolina," edited by A.L. Fries, "Maryland During and After the Revolution: A Political and Economic Study," P.A. Crowl, "American Political and Social History," 3rd ed., by H.U. Faulkner, "The Forgotten Hume--Le Bon David," by E.C. Mossner, "Problems of Economic Reorganizations," by J.B. Condliffe, "Proposed New International Order," by R.M. Davis, "The Working Principles of the Soviet Economy," by O. Lange, "Reflections on the Revolution of Our Time," by H.J. Laski, "A Survey of Literature on Postwar Reconstruction," edited by A. Sturmthal, "Socialism and Ethics," by H. Selsam, "After the War?" by M.S. Stewart, "After the War, Toward Security, Freedom From Want."

The article presents a list of books on various topics related to economics. Some of the books included are, "Introduction to Social Science, a Survey of Social Problems," vol. 2, by G.C. Atteberry, J.L. Auble and E.F. Hunt; "Our Economic Problems," by M.E. Bohlman and H.W. Bohlman; "Basic Principles of Economics and Their Significance for Public Policy," by H.G. Brown; "The Politics of Mercantilism," by P.W. Buck; "Engineering Economic Analysis," by C.E. Bullinger; "Questions and Exercises on the Principles of Economics," by R.T. Bye; "Economic Principles in Practice," by B.W. Knight; "American Society and the Changing World," by C.H. Pegg; "Democratic-Republican Societies, 1790-1800," E.P. Link; "The Economic Development of the American Nation," by R.C. McGrane; "Some Historians of Modern Europe," edited by B.E. Schmitt.

The article analyzes some recent literatures related to the measurement of statistical cost functions. The subject invites comparison with a closely associated development, the measurement of demand functions. It was for H.L. Moore, the econometrician, to develop the idea of generalized partial elasticity coefficients of demand. The author in the article first lists what appear to be the main contributions, and then briefly consider what methods were used to construct the relationship between output and costs; what concrete results have been reached, and what significance these results possess in relation to the goal of the measurement itself, business practice, and cost theory. The author has mentioned that he had found an important lecture delivered by Emile Cheysson, the well known French social reformer, on geometrical statistics for the solution of commercial and industrial problems, in which he not only evolves a scientific program, but also attempts to determine the A. Cournot point in a concrete statistical case. The author further considers the studies on the United States Steel Corp., both published in 1940, and, of course, Joel Dean's various studies, the first of which appeared in 1936.