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The article focuses on the economic implications of multiple rates of return in the leveraged lease context. The aim of the article is to investigate the fundamental financial implications of the leveraged lease, demonstrate the inadequacies of the traditional computational techniques, and formulate a reliable method for the calculation of a meaningful yield on the participant's equity investment. It is explained that the problems raised with multiple rate of return usually occurs only in rare instances. The article also reports that the financial community is increasingly putting an importance on leveraged leasing.

The article presents a discussion on expectations, adjustment, and the dynamic response of income to policy changes. The article discusses how the analysis of time lags has played an important role when examining economic policy. It is explained that the initial literature on time lags in economic policy was concerned with measuring variables as income, employment, and prices, rather than with formal analysis of the reasons for their existence. It is the aim of the article to present a more detailed analysis of time lags in economic policy.

The article presents an approach to the study of money and non money exchange structures. The article focuses on the supply of exchange services, and shall furthermore assume that transaction services are provided in the form of dealer markets, which are markets where there is a dealer who stands ready to buy and sell on demand. The goal of the article is to figure out the gains and losses from a movement from a nonmoney economy to a money economy, or vice versa. It is also the aim of the article to figure out the gains and losses from replacing one kind of money to another.

This paper develops alternative approaches to the principal relationships and results in the analysis of inflation and growth. Rather than derive new propositions, our purpose is primarily to present an accessible and coherent exposition of existing theories. The issue to be analyzed is how alternative rates of inflation affect real variables, in particular, steady state per capita consumption, real balances, and real capital. To the extent that inflation represents a tax on real balances, the real effects of altering that tax depend on what we assume about the role and nature of money. Conflicting or ambiguous results derived from alternative theories are primarily the reflection of different hypotheses about the functions of money. Since derivation of such hypotheses from microeconomic foundations continues to be a field of current inquiry, any definite conclusions with respect to the real effects of inflation must await the further development and empirical validation of such theories. Pending such progress we propose to take stock of competing theories of inflation and growth. There are essentially two approaches to the problem. One strand of the literature initiated by Tobin [12] and Johnson [4] assumes a savings function as well as a demand function for real balances and investigates the comparative statics properties of the implied steady state characteristics of the system. In these formulations real balances are alternatively treated as a consumer or a producer good. In the former case they are an instrument of portfolio diversification or else a means of increasing leisure to the extent that money is a substitute for labor in effecting market transactions. As a producer good money is treated as a factor of production that directly enters the production function for goods and services. An alternative approach pioneered by Sidrauski [8] assumes a utility function and derives the characteristics of the steady state equilibrium from utility maximization. Real [ABSTRACT FROM AUTHOR]

Obviously the above set of experiments is but a small sample of the many questions which can be asked using the analytic tools at our disposal. We have attempted to provide a selection which accurately reflects sonic of the policy implications of a particular model of the United States economy. It can be argued that such conditional forecasts are intestable hypotheses and therefore of little interest. However, by detailed examination of the implied bebaylor of the economy under alternative specifications of the true state of the world, it hopefully will be possible to isolate and rigorously define the areas in which well. defined hypotheses tests have the highest probability of discriminating among competing theories. [ABSTRACT FROM AUTHOR]

The article discusses the impacts of autonomous expenditures and the monetary base on aggregate income. It is explained that economists have longed disputed over the comparative effectiveness of monetary and autonomous expenditure policies as instruments of economic stabilization. The article investigates how money stock and autonomous expenditures dynamic time paths affect the economy in the short run. It is asserted by the author that in order to exercise an effective stabilization policy there must be enough knowledge of the short-run responses of income to changes in alternative policy instruments.

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.

The article focuses on the economic impact of foreign direct investment between developed nations. The particular example of direct U.S. investments into Canada through multinational corporations is described at length. Primary concerns addressed include whether the benefits of international investments also include high costs, any possible hindrance international finance poses to political or social sovereignty, and challenges facing government agencies to enact regulations to alter such economic activities.

The article presents an exploration into the domestic economic impact of capital exports. The particular example of direct investment by the United States into Canada is described in detail. Questions of the value of capital exports in times of economic instability are raised. An overview of the existing U.S. subsidies and economic expansions into Canada is provided along with instances of pure cooperative investment. Discussion is also presented regarding the balance between federal policy encouraging or restricting such international finance, or whether social consensus ought to decide the optimal practices.

This article presents the reply to a comment on a paper that examined transactions demand for cash. The author notes that while the comment condemns the mathematical analysis in the paper both arrive at the same answer. The author demonstrates how the equations presented in the work operate in an attempt to clarify any misunderstandings. The author also addresses the economic implications of the model and the notion that these are completely unreasonable. The author also defends the use of the demand-for-cash equation.

The article reports on the financial aspects of the disarmament process in the U.S. during the period 1965-1977. The work of Emile Benoit through the Research Program on Economic Adjustments to Disarmament is discussed. During the period examined World War II had just occurred, the U.S. was experiencing backlogs of demand and excessive liquidity, and there were cuts in defensive spending due to Korea's recession. Unemployment is also a factor in examining disarmament in the U.S. during this time as it created difficulties in the transition process.

The authors discuss articles that focus on the discipline of the balance of payments as it may operate in Western Europe, Latin America and the United States. The authors explain that the balance-of-payments discipline does not arise from the actions and interactions of the economic processes themselves but rather from the ability of public policy to exercise greater or lesser self-restraint, depending on the trends of the balance of payments and the causes of the imbalance. It is suggested that the true meaning of the balance-of-payments discipline relates largely to the question of how far a country could or should deflate or inflate in order to maintain external balance at given exchange rates.

The article discusses the balance of payments in the United States. It is explained that in the United States the balance of payments is considered as "disciplining" the domestic economy. The article also takes the approach that developments in the domestic economy could be in turn "disciplining" the balance of payments. Throughout the history of the United States it is much less evident that financial officials have been aware of a discipline imposed by the balance of payments, which is attributed to the unimportance of balance-of-payments factors relative to total factors operating in the economy.

The article focuses on the philosophy of public debt management in light of the U.S. congressional committee economic report on monetary policy and public debt. The author raises several important questions about topics such as the nature of good credit policy, the implications of the government bond market, and how manipulating market forces impacts debt management. He also expresses his concern that the Treasury will be asked to assume too much participation in a desire for economic stabilization and debt management.

The author comments on the article "Measuring the Impact of Consumer Credit Controls on Spending," by Clarke L. Fauver and Ralph A. Young. It is suggested by the author that because of the complex structure of the United States economy and the simultaneous mutual influence of the multitude of factors entering economic processes, the evaluation of the separate effect of one economic factor upon another is complicated task. The author indicates that he will focus on the consumer credit control experience which started in September 1950.

This article focuses on practical limitations of the individual income tax in the United States. The article is mainly concerned with revenue potential and equity considerations, and briefly touches upon economic factors. The article assumes that the economic setting which the authors approach from the upper limits to income taxation is characterized by full employment, a continuing threat of inflation, and an emphasis on the economic goal of maximum output. In this setting, the article then accepts that any given level of incomes taxes as the upper limit is just another way of stating that from there on such alternatives as sales taxes, inflation, and higher interest rates will involve less inequity and loss of production.

The article presents commentary and criticism on the address "Competition from Tax-Exempt Business," by Harry G. Guthmann, including within the issue. An overview of tax exemption as a tool for economic control and adaptation in government policy is provided. The legal structures of the U.S. Internal Revenue Code concerning business income taxation are discussed towards the further analysis of the broader economic impact of such exemption policies, suggesting that exemption in fact leads to disadvantages.

This article explores the relationship between bank supervisory policies and the changing phases of the business cycle in the U.S. The author notes that the influence of policy decisions on the business environment have been overlooked and underestimated. At the same time, banking crises play a significant role the policy decisions of bank supervisors. The author believes the bank supervision needs to gain a better understanding of the flow of the business cycle and what their role in this process is. The author explores what bank supervision actually is, how it originated and how it directly or indirectly impacts the business cycle.

The article presents information about competition among various types of retailers selling the same commodities. A discussion is presented about the evolution of merchandising and the development of stores that sell a large variety of goods from various markets. Details related to the causes of competition growth among different types of dealers are presented, such as interrelated demand among several products, the large pool of overhead costs, and changing consumer shopping habits. The economic consequences of the diversification of distribution channels are outlined.

The article discusses the peaceful uses of atomic energy. Experts believe that atomic energy can be utilized to produce electric power. This belief stems from the claim of atomic scientists of the revolutionary economic effects of atomic energy. However, the economic usefulness of atomic power has failed to materialize. To realize the atomic energy's significance, U.S. President Dwight Eisenhower campaigned for "Atoms for Peace" before the United Nations. In this campaign, he emphasizes the goal of his administration to remove the control of atomic energy from the military and entrust it in the hands of those who know how to adapt it to the arts of peace.

The article discusses the economic effects of disarmament. The countries of Egypt, Sumer, China, India and Peru have continued reliance on weapons of warfare. Armaments in the arsenals of the major powers are able of eradicating most of mankind. The resolution was reflected in the General Assembly of the United Nations in 1959. The question of armament was regarded as the most important one facing a challenge in the humanity today. A world that is disarmed would preempt political accommodation among nations. The study of the economics of disarmament needs an assessment of the resources which are concentrated to military expenditures. However, the riddance of armaments from national arsenals would depend on the political understanding among the major powerful countries.

The article examines the sufficiency of world resources for the provision of adequate living standards. Use of large quantities of metals results to decreased grades of raw materials in many areas of industrial activity. With the increasing population, it is expected that there will be a rise in the consumption of energy and other raw materials. Regarding food supply, a major increase will require the application of enormous amounts of technology, a great deal of capital investment and dissemination of modern agricultural knowledge throughout the world. The depletion of resources will make it more difficult for less developed areas of the world to obtain significant materials.

The second of a two-part series, this article examines the implications of "social responsibility"--the economic implications, the organizational implications, the managerial implications, implications for growth policy, systems of privilege, handling of technology and goals and ways of thinking. [ABSTRACT FROM AUTHOR]

The author discusses the need to create a new accounting and economic theory to explain and predict the mergers of businesses into conglomerate corporations the U.S. In 1966, 70 per cent of all sizable mergers were conglomerate, compared to the 20 percent ten years prior. Instead of the existing monopoly theory, the author suggests building upon the portfolio theory created by William F. Sharpe which is based on a theory of market equilibrium under conditions of risk.

Don't let the burmper baby crop fool you. There are undercurrents in the population boom which are not so good for business. Among them are the prospect of a smaller labor force, an imbalance of youngsters and old folks to self-supporting adults, skyrocketing land values, permanent traffic jams, and continual migrations of a restless people still going west or leaving farms to try their luck in the big cities. [ABSTRACT FROM AUTHOR]

The article analyzes the industrial implications of atomic energy. A series of industry analyses was conducted to study the possible economic impact of atomic energy worldwide. There were three issues asked, including the possibility of cost reductions in energy industries, the possibility of atomic energy to encourage the introduction of a new production technique, and the possibility of changes in manufacturers location due to geographical equalization of power costs. The study concluded that the nuclear district heating might be available only at a cost low enough to compete and the substitution of nuclear district heating would not provide large cost savings.