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Discusses the relationship between foreign exchange rates and internal prices. Experiences of England, Sweden and Argentina under inconvertible paper currencies; Controversy arising from the practice of comparing only the absolute movements of foreign exchange rates and internal prices; Modifications of the theoretical conclusions which are based largely on the war and post-war inconvertible currency experiences.

Papermaking apparently originated in China about two centuries before the Christian Era. Arabs learned the art in the eighth century and diffused it along North Africa, whence it spread into Spain in the twelfth century, into Italy in the thirteenth, and into France either near the beginning or near the middle of the fourteenth century. Around 1700 the French economy was in the middle of a protracted period of stagnation, and the paper industry was especially depressed. Several intendants stated at that time that papermaking had greatly declined over the past two decades, and the newly established Council of Trade learned from the survey it ordered in 1701 that the number of active mills was everywhere much smaller than formerly. Most of the evidence the author has sketched in this article reveals a direct correlation between the industry's expansion and the relaxation of direct governmental controls in France. After recovering from a long period of depression at the end of the seventeenth century, papermaking perhaps doubled its output between 1720 and 1789, with most of the growth coming after 1750.

In the recent article "The Cyclical Turning Points in an Open Economy: Canada, 1927-1939," published in September 1953 issue of the journal "American Economic Review," author Edward Marcus has argued that in both 1929 and 1937 the Canadian downturn preceded the downturn in Canada's two principal markets, Great Britain and the U.S. In both years he attributes this to: a deflationary influence arising out of two of Canada's important export industries, wheat and pulp and paper. The author argues that he cannot agree. In his view, the downturn in 1937 came later in Canada than in the United States and in 1929 there is no clear evidence of either a lead or a lag. Furthermore, he doesn't believe that either wheat or pulp and paper exerted an important deflationary influence prior to the U.S. downturn in these two years. As evidence of the early downturn in 1929 Marcus cites first the decline in bank debits in the second quarter of 1929 below their level in the same quarter of 1928. He fails to mention their substantial recovery later in the year. His statement that newsprint exports were below their level of the previous year is wrong. Canadian exports of newsprint exceeded their level for 1928 in every month in 1929 except February.

This article presents abstracts of several papers about economics published in the July 1965 of the journal Zeitschrift Für Die Gesamte Staatswissenschaft. In the article The Optimal Location of Industry: An Interregional Linear Program for the West German Paper Industry, Heinz König and Rainer Thoss gave a general formulation of an interregional optimization model and discussed the advantages and limitations of this method of regional analysis. While in the article Development Theories of Balanced and Unbalanced Growth: A Confrontation, Lutz Hoffman reviewed the discussion on balanced growth and unbalanced growth.

This article presents abstracts of several papers about economics published in the November 1964 issue of the journal Oxford Economic Papers. In the article Static Multipliers and Social Accounting Systems, F. Seton developed a matrix notation to show the social accounting effects of monetary transactions and illustrated the resulting causal chains. While the article Structural Inflation and Latin American Structuralism, dealt with the so-called structuralist doctrine of inflation, sustained by many Latin American economists.

This section presents abstracts of articles published in the July 1965 issue of the journal Oxford Economic Papers. H. W. Richardson's article, Over-Commitment in Britain, examines the proposition that an economy may have so high a proportion of its resources tied up in a narrow range of long-established industries that the freedom to develop new industries is restricted. The term over-commitment is used to describe this condition, and is suggested as an important cause of the slow growth of new twentieth-century industries in Britain in their early decades. Unlike other explanations of this lag, it is consistent with the dramatic resurgence of the British economy in the 1930s for as the staple industries' hold on the economy was relaxed the effects of over-commitment were bound to pass away. The article by Alan L. Ginsburg and Robert M. Stern, The Determination of the Factors Affecting American and British Exports in the Interwar and Postwar Periods, developed and tested three variants of a model of export performance for America and Britain that included not only the relative prices of exports, but in addition separated through the use of dummy variables the influences of characteristics associated with individual commodities, years, and regions of destination.

Presents a series of abstracts on various topics of economics published in the March 1964 issue of the periodical 'Oxford Economic Papers,' vol. 16. Appraisal of short and long term competition from the point of view of businessmen; Overview of limits to a firm's rate of growth; Assessment of various aspects of dynamic equilibrium; Techniques for the structural analysis of the growth of an economy.

Presents information on various articles related to economics, published in the July 1963 issue of 'Oxford Economic Papers.' Reexamination of open-market operations; Diagrammatic analysis of effects of buffer fund stabilization; Tariff for the bulk supply of electricity; Marginal efficiency of capital.

Presents information related to several abstracts on economics published in the February 1962 issue of the journal 'Oxford Economic Papers.' Examination of India's third five year plan; Marginal rate of saving in the Indian economy; Indian balance of payments policy and exchange auctions.

The article discusses the abstracts of several papers on economics published in the November 1965 issue of the journal "International Monetary Fund Staff Papers." The first article of the journal is "International Liquidity and the Balance of Payments," by Oscar L. Altman. It opines that there are two major ways of creating international reserves of an unconditional character: serves of an unconditional character: through the mechanism of the gold exchange standard, using key currencies, principally dollars, through gold tranche positions in the International Monetary Fund. The second article is "Seasonality in World Financial and Trade Data," J.B. Gupta. The result of the article shows that, among the 13 series, Export have the highest seasonality; the seasonality of Imports, International Liquidity, Reserve Money, Foreign Assets, Claims on Government, and Money is also high. The third article of the journal is "Effects of Exchange-Rate Devaluations and Revaluations on Receipts from Tourism," by Andreas S. Gerakis, which argues that there are good a priori reasons for believing that shifts in relative prices could have powerful substitution effects on tourist receipts and that the latter could be price elastic.

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

This article presents abstracts of several papers about international monetary published in the March 1965 issue of the journal International Monetary Fund Staff Papers. In the article Euro-Dollars: Some Further Comments, Oscar L. Altman discussed some issues concerning the use of Euro-dollars in the U.S. While in the article Balance of Payments Adjustment Among Developed Countries, Anne Romanis argued that persistent disequlibria often originate in once-and-for-all changes and tend to abate in time, that the adjustment process can be strengthened by deliberate long-term policies and that if imbalances impose intolerable pressures on particular countries, recourse should be had to exchange rate adjustments at infrequent intervals.

Presents a series of abstracts on various topics of economics published in the July 1964 issue of the periodical 'Oxford Economic Papers,' vol. 16. Analysis of the nature of disguised unemployment; Development of a model to study the effect of labor supply on the economic growth of a country; Appraisal of the restriction of industrial expansion in South-East England.

Presents information on various articles related to economics, published in the March 1963 issue of 'Oxford Economic Papers.' Genesis of the pricing system in electricity supply; Relativity between investment, technical progress and economic growth; Graphical solution to second order homogeneous difference equations.

Presents schedules and activities during the Fourth Congress of the International Economic Association in Budapest, Hungary.

Since the outbreak of the European war, the flow of rupee coins back from circulation to reserves, which has been going on for many years, has been reversed. The stock of rupee coin in the Reserve Bank of India has decreased, while circulation has increased, between September 1939 and July 1940. This increase of coin circulation has been due partly to the proportional increase of note circulation and to some tendency to hoard coins in preference to notes. To avoid exhaustion of the Reserve Bank's supply of coin, the government of India began the issuance of 1-rupee notes. In December 1940, it announced a reduction in the fineness of the rupee from 11/12 to 0.300. It remains to be seen whether this section will be acceptable to the population.

In discussing the adequacy of different international monetary mechanisms under varying circumstances, it seems desirable to begin with some analysis of the logical extremes. The extremes are fixed exchanges maintained by transfer of means of payment between the national monetary systems and flexible exchanges without international transfer of money. The gold standard would be an example of the first type of mechanism and the paper standard of the second, provided that both were entirely automatic. In these extreme cases there would be no money management, externally or internally. The object of both systems is to achieve and maintain equilibrium of external-internal trade. For this purpose both systems provide a balancing or compensatory mechanism by which economic change sets in motion forces of correction which restore equilibrium of external-internal trade. The gold standard system works through variation of internal prices and incomes relative to export-import prices, and the paper standard system through variation of the prices of exports and imports.

This article presents the author's view on George Stigler's paper debunking the effects of economic conditions on electoral results in the United States. I view Stigler's paper as a healthy antidote to conventional wisdom and a refreshing contrast to the frequent practice of computer-users of running regressions until they find something significant. Nonetheless, I believe there is more to the relation between voting behavior and general economic conditions than meets the jaundiced eye, and I am particularly concerned that Stigler's criticisms should be correctly interpreted as dropping the gauntlet--and not a wet blanket--on research in this area. I do not share his negative presumptions about the satisficing model in general or its applicability to voting behavior in particular. To use his example of a 3 percentage point increase in the unemployment rate, it tells us far more than the extra number of people unemployed at a moment of time. It also means that an extra 12 percent of all adult male workers will have experienced some costly spell of unemployment within the preceding year. Without a reliable theoretical guide, the specification of favorable economic conditions becomes a matter of hunch and taste. In the final section of his paper, Stigler sets forth as an alternative a long-memory model of how macroeconomic performance might influence voters. Unlike the Kramer satisficing voter who sees the two parties only as ins and outs, the Stigler long-memory voter has a definite perception of Republicans and Democrats.

The article discusses researches conducted by economists Paul A. David, Warren J. Scoville and Earl J. Hamilton. Researcher Stanley Engerman in his discussion on David's article suggests that his article represents the most thorough study in the debate concerning American economic growth between 1800 and 1840. It is based both on new time series not previously utilized and upon the resourceful application of available data to clarify certain key points. Another researcher Ross M. Robertson while discussing Scoville's article finds his article on the whole persuasive. Robertson certainly has no quarrel with his quantitative inferences, nor for that matter with his description of French governmental regulation in the eighteenth century. He was not altogether convinced of the direct correlation between the paper industry's expansion and the relaxation of direct governmental controls that Scoville alleges. Perhaps Scoville's more extended publications on this subject will elucidate this relationship.

This article focuses on papers discussed at the round table meeting on "the teaching of elementary economics" on December 30, 1949, at New York. Since the movement toward a general course in the social sciences seems to one essential it would be useful at this stage to collate the experiences of the hundred institutions now engaged in offering such a course. Fortunately both the American Economic Association and the American Political Science Association are engaged in a survey of this field by questionnaire and interviews. It is already clear, however, that the general course can be expected to follow no set formula. Its content and emphasis will vary from college to college with the abilities, interests, and philosophies of the staff members, and with the financial resources of the institution. One do not consider such diversity unfortunate. It is fragmentation and compartmentalization which are making the teaching of the social sciences increasingly ineffective in the light of social integration today. The closest integration will continue to recognize the infinite diversity contained in the fundamental unity of society.

This article presents abstracts of articles in the July 1965 issue of the journal International Monetary Fund Staff Papers. J. Marcus Fleming's article, Effects of Various Types of Fund Reserve Creation on Fund Liquidity, attempts to arrive at a rough quantification of the possible effects of various techniques of reserve creation through the Fund on the Fund's own liquidity. For purposes of comparison, the additional needs for Fund resources arising respectively from the techniques of reserve creation are expressed in terms of the amounts of the currencies that are normally suitable for drawing, distributed in proportion to quota, to which the Fund would have to secure access in order to cover the additional needs in question. Gertrud Lovasy's article, Survey and Appraisal of Proposed Schemes of Compensatory Financing, reviews the proposals for compensatory financing of export shortfalls submitted to the compensatory financing facility of the International Monetary Fund (IMF). Compensation for changes in commodity prices has certain advantages over direct price support; in some instances, however, price support may be obtained more easily. Basing compensatory transfers on changes in the terms of trade presents technical difficulties which can hardly be overcome. Compensatory financing of export shortfalls faces the problem that the flow of exports is not wholly independent of a country's own action; further problems arise in measuring export shortfalls.

Presents a series of abstracts on various topics of economics published in the July 1964 issue of the periodical 'International Monetary Fund Staff Papers,' vol. 11. Role of International Monetary Fund in the expansion and contraction of international liquidity; Problems in compilation of gold and foreign exchange statistics; Description of economic conditions of Liberia.

Presents information related to several articles on economics. Career profile of economist Fleeming Jenkin; Capital goods, technology, and economics growth; Unbiased productivity growth and increasing costs; Economies of scale and the structure of the road haulage; Development of the Indian economy.

Presents information related to several abstracts on economics published in the June 1962 issue of the journal 'Oxford Economic Papers.' Real balances and consumption; Idle balances and the motives for liquidity; Theory of balances growth; Economic development with unlimited and limited supplied of labor; Theory of inflation and growth in underdeveloped economies based on the experience of Latin America.

The article presents information about the program of the American Economic Association Meeting. In programs of the annual meetings of the American Economic Association for the five years 1950-54, persons from the economics departments of fifteen academic institutions delivered 114 out of a total of 210 papers, or 54.3 percent. When papers delivered by people outside the academic field are excluded it is found that of 156 papers originating in colleges and universities these fifteen institutions were responsible for 73.1 percent. Only a few organizations outside the academic field were able to reach the more than two papers category. There was a substantial amount of duplication by individuals from "big 15" universities. Sixteen persons delivered two or more papers, accounting for a total of 37 of 161 papers originating in colleges and universities. These sixteen scholars also served as discussants 6 times. Two of them delivered as many as four papers each in five years, full staffs of only eleven colleges and universities did as well or better.

In 1963 economists Milton Friedman and David Meiselman published a paper for the Commission on "Money and Credit," in which they attempt to test the relative predictive power of Keynesian and monetary theories of business fluctuations. Their methods and conclusions were sharply disputed in papers by scholars Donald Hester, Albert Ando and Franco Modigliani, and Michael DePrano and Thomas Mayer. The purpose is to review this controversy. The method is the simple one of first replicating the studies over the original sample periods and then examining the postsample performance of the competing equations. On a sociological level there can be little doubt that this controversy was and continues to be, enormously valuable. Many economists have been stimulated to work on the questions disputed by the monetarist and Keynesian combatants and it is probably correct to argue that two models of the U.S. economy are a direct outgrowth of the controversy. What has been missing from this continuing controversy, however, is an ex post evaluation of the earlier empirical work.

The article focuses on the publishing of economic papers and its impact on graduate faculty ratings. Three studies of the institutional affiliation of authors of economics papers appeared in the American Economic Review. Economist D.B. Fusfeld examined the origins of the participants in the program of the American Economic Association meetings over the five-year period 1950-54. He concluded that a disproportionately large number of papers came from the Big 15 schools. There was an almost complete absence of papers from the nation's liberal arts colleges, where the economist is more likely to have a broad approach to his subject instead of emphasizing the intense specialization characteristic of the large graduate schools. He observed that the methods of selecting speakers are inadequate, and recommended that the Association improve the method of organizing the annual meetings to broaden the participation base. A follow-up study by F.R. Cleary and D.J. Edwards reviewed the institutional affiliation of contributors to the American Economic Review for the decade 1950-59.

This article examines the practice of the federal reserve banks in requiring eligible or near-eligible paper as so-called "marginal" or "additional collateral," to paper discounted by them, in contradistinction to advances on member bank' notes payable collateraled by United States securities or eligible paper. As a setting for collateraled discounts, the history and purposes of collateraled advances are stated, as well as the reasons for the ascendancy of such advances over discount. In their publications the federal reserve authorities fail to acknowledge any difference between (1) rediscounting and (2) allowing advances against eligible paper pledged; nor do they report separately the absolute or relative amount of discounts to which "additional collateral" is required, nor the "margin" required, nor the number of members putting up such margins, nor any other data relative thereto. There are no provisions in the Federal Reserve act or regulations for the practice; and yet it is no mean method of credit control. The reasons offered by the reserve banks for the practice are: (1) to repress excessive borrowing by the applicant member, in the Interest of the reserve bank, of the applicant member, or of the system as a whole, using this device as a supplement to credit rationing, discount rate variation, and moral suasion; (2) to increase the protection to the reserve banks themselves for credits granted; (8) to compensate for the less rigid insistence by the reserve banks on technical qualifications in credit granting and thus to make possible greater extensions of credit to members than can be had on the strict merit of the paper offered for discount; and (4) to acquiesce in greater degree to the traditional methods of Inter-bank finance and to break down the isolation of the reserve banks from the business and financial world. Each of these reasons is examined and criticized. [ABSTRACT FROM AUTHOR]

In view of the unsettled condition of European industry and finance, of the depreciated and fluctuating exchanges, and of the enormously heavy tax burdens, existing or prospective, pressure for prompt payment of either principal or interest at any early date would be most unwise. But eventual payment under a generously elastic funding arrangement is both possible and probable. The burden of settling for past wars will be less irksome than that of earlier days devoted to preparation for future wars, and the disturbance to the international money markets and exchange long since stabilized will be inconsiderable. Though advocating the cancellation of this foreign indebtedness, It should, however be a endeavor to make it at the same time an instrument of reform. It might fairly be required, in return for a gradual and progressive cancellation of these debts, that the debtor nations balance their budgets, that they stop the further emission of paper money and that they apply their resources to economic purposes rather than to armament.

The article suggests that there are three alternatives to overcome the U.S. balance payment of deficit. The author of this article argues that increasing crises occur in the system because of the udervaluation of gold, that the elasticity of the gold exchange standard based on the U.S. balance of payments has enabled the system to operate successfully in the past decade, and that the use of paper gold is the only device on which a lasting world monetary system can be based. The so called U.S. "balance-of-payments deficit" is the result of sign the growth in world demand for reserve media which, since 1958, could only be supplied by the U.S. and is not the consequence of a faulty adjustment mechanism. Elimination of the system of crises could be accomplished either by an increase in the real price of gold or by the introduction of paper gold, but the simultaneous elimination of the sequences of crises and the U.S. balance-of-payments deficit can only be resolved by the introduction of paper gold. Therefore a solution through paper gold is better than return to real gold.

There has been an ever-growing stream of books, pamphlets and articles on how to achieve and maintain employment, as of September 1944. It has become quite impossible for economists to read all these recipes, mainly because they all say more or less the same thing. They nearly all agree that the way to keep up the level of national employment is to keep up the level of national expenditure. In one way and another, national expenditure was permitted to increase in a number of countries, and some measure of recovery was achieved in the process. The reason for the recovery was not always understood, it was attributed to cheap money, an unbalanced budget, raising of tariffs, devaluation of the currency, increasing the general price level and so on, by the countries adopting these various measures. It was not realized that it was only in so far as the measures taken involved an increase in the total volume of spending in the country concerned that they could raise its level of employment at all and that in itself a rise in prices, far from promoting recovery, diminished the effect in stimulating employment of a given increase in spending. The article talks about the recent British government report on employment policy. There is nothing particularly novel about any of the measures recommended in the policy, nor do they involve any revolutionary change in economic practice or organization. What is new is, first, that the government there accept as one of their primary aims and responsibilities the maintenance of a high and stable level of employment and second, that the various measures proposed are commended as part of a single coherent plan.

Presents various econometric models of different countries. Problem of stabilization policy in underdeveloped countries; Productivity and comparative costs of Great Britain and the U.S. in international trade.

When the federal reserve system was established, elaborate precautions were taken to provide for the elasticity of the federal reserve note. The original plan of issue ailed for the use of rediscounted paper as collateral, and the process of issue and retirement was tenuously connected to member bank borrowing. The original plan has been almost entirely abandoned through statutory changes made in response to alterations in monetary and banking practices and structures. The tremendous growth of the gold stock has been of particular significance. The collateral requirements have been modified, and note issue has been divorced from member bank borrowing. The elasticity of the federal reserve note has not been impaired, which suggests that the correct explanation of note elasticity is to be found in the rôle which cash plays in the monetary system rather than in collateral requirements. Vestiges of the original plan of note issue remain and constitute a potential source of embarrassment to the monetary system. [ABSTRACT FROM AUTHOR]

Presents a preliminary announcement of the program of the Eighty-Fourth Annual Meeting of the American Economic Association in New Orleans, Louisiana on December 26-29, 1971.

Léon Wairas' "Correspondence and Related Papers," edited by W. Jaffé is the source book on the birth of mathematical economics. He himself was first to succeed in breaching the wall of the scornful opposition to the application of mathematics to economics, only at the high cost of forty years of a much-resented exile and of endless struggles with this correspondence as a weapon. Still more important, "Correspondence" provides a fascinating example of the social process of discovery with feedbacks through colleagues engaged in similar endeavors. Such records are of special interest for those blessed periods in the history of a science when ideas have ripened to the point where several scientists discover the same things at the same time. This was certainly the case of economics around the 1870's when ten persons independently discovered marginal utility and its relation to relative prices, and around the 1880's when only a slightly smaller number of economists discovered the similar relation for marginal productivities.

The article comments on the underlying theory and the conclusions on economic policy derived from the proposals by Professor Ragnar Frisch for a thorough study of balance of payments broken down by countries and currencies. Several countries, short of foreign exchange, balance their imports by state control at the amount available from exports and other sources; any increase in exports enables them to import more, any decrease in exports forces them to import less. In the U.S., on the other hand, the volume of imports is determined by private importers independently of the reserve position of the country; the total volume of imports is below the level determined by national income and relative prices, and no change of exports would influence the actual volume of imports. In these conditions, discrimination against imports from the U.S. will increase world trade.

Presents information on various articles related to economics, published in the July 1963 issue of 'International Monetary Fund.' Features of international monetary system; Explanation of the term structure of interest rates; Regulation of short-term interest rates through monetary action.

The article presents a list of several books. some of the books included in the list are: "Proceedings of the Thirty-Third Annual Meeting of the American Foundrymen's Association, Chicago, Illinois, April 8 to 11, 1929," edited by R.E. Kennedy; "Developments in the Electrical Industry During 1929," by J. Liston; "Trends in Location of the Women's Clothing Industry," by M.A. Mager; "The Pulp and Paper Industry in Canada, With Special Reference to the Export of Pulpwood," M.A. Mager." In the book "Labor and Silk," by G. Hutching, the facts and figures presented by the author impress the reader with the stupendous chaos of an industry employing over one million workers, paying these workers the weekly average wage of dollar 18.46, and creating textile products worth more than five million dollars. The study is provocative of one demand on the part of the reader-control. Though the study is primarily concerned with the silk and rayon phases of the textile industry, it Includes valuable material on the cotton and woolen industries. The industry is full of anachronisms, large international mergers in rayon and silk, flourish side by side with "cockroach establishments" that cut and undercut on prices, wages, and materials.

The article examines price fixing in the print paper manufacturing industry in the U.S. In 1916, the Federal Trade Commission conducted an investigation of the news print paper manufacturing industry. As one result of that investigation, the commission was convinced of the desirability of establishing reasonable and stable prices for news print paper, and endeavored to arrange for such prices by agreement with the manufacturers. While negotiations looking toward voluntary cooperation were under way, however, the Federal Grand Jury for the Second District of New York brought indictments against several leading manufacturers, whereupon negotiations with the commission were broken off. It is submitted that in a business in which there are numerous competitors, each subject to the ups and downs of competition, the principles applied in the valuation of public utilities cannot be used. A public utility, by its very nature, is a monopoly and furnishes a product which has a special and vital essentiality to the people of the community served. These characteristics do not apply to the manufacture of news print paper.

This article presents views on papers presented by Michael Spence and Richard Zeckhauser and that of William Brainard and F. T. Dolber during a panel discussion focused on optimum insurance revisions and on the link between social risk and risk premia, respectively. Martin J. Bailey agrees that the Spence-Zeckhauser paper presents a theory of optimum insurance provisions when all premia are actuarial: utility-maximizing zero-cost insurance, with and without moral hazards, variously specified. On the other hand, the Brainard-Dolbear study recognizes the well-developed theory of risk and presented a good review of the broad sweep of the subject and offers a comprehensive view of the insurance market. Donald D. Hester views the approach undertaken in the study is very restrictive for they are forced to assume that all individuals have identical prospects, resources, and utility functions. Finally, the studies presented proposals which attempted to: (1) apply to the micro-economic expected utility apparatus in a general equilibrium context; (2) to permit assignment of laborers to other employees; and (3) to establish futures markets in human capital are heady stuff.

Presents various articles on monetary economics published in volume 10 of the January 1964 issue of the journal 'International Monetary Fund,' on monetary economics. Description about Cercle France Afrique (CFA) franc system; Study on merits of establishing a clearing house in the Latin American regional market; Views regarding an appropriate international payment system.