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This article presents abstracts of articles on economics published in the January-March 1965 issue of The Indian Economic Journal. In the paper An Activity Analysis Approach to Measure Productive Efficiency in Agriculture: A Case Study of Ahmednagar and Nasik Districts, by K. R. Bharadwaj and R. Bharadwaj, the authors have made an attempt to employ the activity analysis technique to measure productive efficiency of agriculture in India. This technique enables the authors to handle more efficiently multiple inputs without varying the usual index number problems. The approach requires only the more general convexity condition on the production set and the non-positivity of the slope of the isoquant. In the first two sections the methodological issues and the empirical procedure have been discussed. In the final section the results of an empirical enquiry using the farm management data pertaining to the Ahmednagar and Nasik districts have been presented. Furthermore, the article Central Banking in Developing Countries: Some Lessons of Australian Experience, by H. W. Arndt considers each of the major central banking functions such as foreign exchange policy, control of money supply, selective control of credit and development of capital market in order to show how they have come to be exercised by Australia's Central Bank, what problems have arisen and what lessons the Australian experience may hold for central banking in the developing countries. Moreover, the purpose of the paper Production Function for Indian Steel Industry, by A. K. Sarkar is to study the functional relationship of output in the Indian steel industry with that of different inputs. The modified Cobb-Douglas type regression equation has been fitted to the time-series data by the method of least squares in the multiple regression equation with a linear relationship.

The article presents abstracts of several research papers related to economic history and development and national economics. The first research paper "The Late Victorian Economy," by W. Ashworth, seeks fresh grounds of discussion on the basis of agreement about the contrast in growth rates between the mid-nineteenth, and early twentieth centuries in Great Britain. The second article "Australian Economic Developments," by H.P. Brown, states that final use of Australian economic resources has moved strongly towards fixed capital formation, defense and education in the four years from the top of the last boom to the present full capacity level. The third paper "Investment in the Public Sector of South Africa," by G.W.G. Browne, analyses investment in the public sector in relation to economic growth in South Africa. The fourth paper "Investment and the Balance of Payments of South Africa," by J.C. du Plessis, examines the limiting effects of the balance of payments on the cyclical expansion and economic growth of South Africa for the years 1956 to 1964, and analyses the import content of fixed investment over this period.

This article presents abstracts of several papers about economics published in the March 1965 issue of the journal Economic Record. In the article Synthetic Fibres and Australia's Economic Future, M. Polasek summarizes the main results of an extensive statistical inquiry into technological displacement of virgin wool by non-cellulosic man-man fibres during the last decade. While the objective of the paper Price Determination in Models of the Inflationary Process is to see which of the four views about the determination of commodity prices is the most appropriate for the Australian economy.

This section presents abstracts of articles on economics published in the June 1965 issue of the journal The Economic Record. The article Measuring Australian Economic Growth, 1861 to 1938-39, by E. A. Boehm provides a detailed review of the book Australian Domestic Product, Investment and Foreign Borrowing 1861-1938/39, by N. G. Butlin. An appendix to the article discusses the nature and size of the unrecorded transhipments in Australia's trade of the nineteenth and early twentieth centuries. Meanwhile, the paper titled The Development of Trade and Specialization in a Primitive Economy, by R. T. Shand considers the problems of how to expand production and income of economic units in the subsistence sector of a primitive economy such as Papua-New Guinea, once one or more of the factors of production initially available have become fully employed. Three ways of obtaining further growth are examined such as new techniques, greater specialization in resource use among units and additions to the resources of units. Moreover, the article Economic Change and Differentiation in New Britain, by Scarlett Epstein presents a research in one Tolai parish and collected a 100 per cent socio-economic census plus detailed economic statistics for a 15 per cent stratified random sample of all parish households. The data indicate that Tolai economic progress is basically due to European contact. Most Tolai ex-migrant labourers have tried to imitate European productive activities much more than they have attempted copying European consumption patterns. This new stress on entrepreneurship is in line with Tolai customary emphasis on enterprise and thriftiness in terms of shell money. The use of cash has not ruled out shell money accumulation, which continues side by side with capital and cash accumulation.

Presents a series of abstracts on various topics of economics published in the March 1964 issue of the periodical 'The Economic Record,' vol. 40. Survey of Australian economy; Overview of the economies of Oceanian region; Appraisal of surveys of business opinion in New Zealand; Introduction of dynamic process analysis in a model of trade cycle; Overview of the industrial scene in Australia.

Presents information related to several abstracts on economics published in the June 1962 issue of the journal 'The Economic Record.' Marginal labor and investment coefficients of Australian manufacturing industry; Economic analysis of investment in New Zealand manufacturing from 1957-58; Private savings banks in Australia from 1956-60; Soviet investment policy.

The Cobb-Douglas function indicates that the demand for labor in the United States and Australia is elastic. This would indicate that total labor income decreases as wages rise. Must trade unionists' insistence on maintaining or raising wages even under conditions ot widespread unemployment necessarily indicate short-sightedness or selfishness on the part ot employed unionists? This article answers in the negative. In the first place, a mathematical bias in the Cobb-Douglas function prevents its showing simultaneously an inelastic demand for labor and a positive share of labor in the national dividend. In the second place the function considers only the "gross" elasticity of demand. The "net" elasticity which takes account of workers' income while unemployed, is necessarily lower and more relevant here. In the third place, the Cobb-Douglas function is inapplicable to the long run in which population is variable, and in which labor seeks maximum real wages consistent with full employment. [ABSTRACT FROM AUTHOR]

Presents information on various articles related to economic strategies of Australia, published in the March 1963 issue of 'The Economic Record.' Features of economic policy; Effects of age distribution of population on economic growth; Explanation of Neo-Classical and Neo-Keynesian theories of distribution; Impact of unemployment on immigration to Australia.

Presents several abstracts related to economics, published in the December 1962 issue of the journal 'The Economic Record.' Economy of New Zealand in 1962; Industrial courts and women's wages in Australia; Marriages of migrants in Australia.

This article presents information regarding developments in the field of economic research. Under the sponsorship of the American Economic Association, a number of associates and former students have joined in the preparation of a volume of Economic Essays in honor of the eightieth birthday of John Bates Clark. A meeting of the American Statistical Association was held February 26, 1927 in New York to discuss the topic, "Forecasting the Volume of Orders or Sales." The University of Melbourne has received a gift of 30,000 pounds from B. B. Ritchie, a prominent pastoralist of Penshurst, Victoria, for the promotion of economic research. lt is proposed to establish a chair of economics, the occupant of which will have adequate facilities foil pursuing research into economic problems in Australia. An Institute of Public Affairs will be held at the University of Virginia for two or more weeks beginning on Monday, August 8, 1927. Among the topics suggested for discussions are "Farm Relief," "Mounting Cost of State and Municipal Expenses," and "The Cancellation of Foreign Debts."

This article focuses on the judicial interpretation of the minimum wage in Australia. Present-day interest in the subject of the legal minimum wage in this country and the probability, amounting almost to a certainty, that one or more of the U.S. states will within the next two or three years, enact and endeavor to enforce a compulsory minimum wage law, make it worth while to inquire as to the principles on which minimum wages have been established by law in other countries. There are among U.S. citizens some persons, not lacking in intelligence, who imagine that the system of a legal minimum wage is one in which a certain definite remuneration is prescribed by statute for all wage-earners, or at least for certain classes of workers. The minimum wage which here concerns, however, and which has drawn the attention of the outside world to Australasian experience is not a wage prescribed by statute, although it is upheld by statutory authority. There are two ways in which the minimum wage has been secured in the Australasian colonies. The other way in which the minimum wage has been established in Australia is through the awards of the compulsory arbitration courts.