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Comments on an article about the significance of labor economics research to policy decisions. Issues surrounding labor economics; Relationship between inflation and unemployment; Information on human capital theory; Factors that influence academic labor economics. (Abstract copyright EBSCO.)

While substantial attention has been paid to the determinants of academics' earnings [5; 7; 8; 14; 15], this literature has by implication suggested that the mere fact of having spent more time in the profession, and the publication of more scholarly articles and books, are the major determinants of salary differences. Our purpose here is to introduce a new determinant-the "quality" of one's scholarly research, measured by the frequency of references to that work-as an additional, objective measure of productivity. We expect that this proxy for the extent of a scholar's influence on the work of other researchers is rewarded by the market. In addition to giving a more complete picture of the determination of salaries in academic labor markets, our approach should be useful in establishing a better framework for the evaluation of issues of discrimination in such markets than has been presented before [2; 9].

The size of the fiscal substitution effect is important in evaluating public service employment as either a counter-cyclical policy or as revenuesharing. Empirically, the effect appears to be very small for one or two quarters, but rises to about 100 percent after five quarters. From an antipoverty perspective, however, composition effects are most important. Although PSE program employees appear representative of the total labor force, the proportion of the disadvantaged among PSE participants is greater than the proportion of them in state and local government employ

The purpose of this paper is to investigate the potential impact on the distribution of labor income of a policy that requires that, in each firm in the economy, minority workers (1) receive the same wage as majority workers given the same job classifications and (2) are employed in the same proportion as majority workers in all job classifications. This Affirmative Action Program (AAP) obviously exceeds the scope of current policies in this regard, for O.F.C.C. activities only apply to firms that do business with the federal government. This analysis is thus directed to the question of the maximum potential impact of affirmative action policies.

This paper is a theoretical examination of the probable effects on the U.S. labor market of a continued high rate of illegal immigration. The author constructs a model to estimate the impact each additional immigrant has on the employment of the domestic population, on GNP, and on the distribution of income. The model suggests that in non-recessionary periods the most important effect of a high rate of immigration is on the wage rates of low-skilled labor rather than on the employment of low-skilled native workers, but immigration also increases the earnings of high-skilled workers and the owners of capital. In the very long run, the author concludes, this redistribution of income will be offset to some extent by increases in the supplies of skilled labor and capital.

on the demand for different types of labor and, in fact, on their supplies,1 and this paper is an attempt to shed some light on the problem. In the first section of the paper various theoretical aspects of the problem are explored. In particular, the hiring decision of the individual profit-maximizing (and, in some cases, utility-maximizing) firm is examined to derive implications concerning the conditions under which relatively highly educated employees will be preferred to employees with relatively low educational attainment. This model is then combined with an aggregative model of individual educational choice to determine both the equilibrium distributions of educational attainment and the structure of rates of return to education. The second section

In connection with a study of hibernation of the thirteen-lined ground squirrel, large numbers of the variety found in western Kansas, Citellus tridecemlineatj,s pallidus (Allen), have been procured each spring. Many of the females have been pregnant and have given birth to litters in the laboratory. In only a few cases have the animals bred in the laboratory (Johnson and Wade, 1931, Johnson and Foster, unpublished) although both sexes were present in nearly all of the cages. One case observed in 1926 was followed by the birth of a litter (Y3, Figs. 2, 9-12) between 27 and 28 days later, confirm ng the observation of Drips (1919) and 0. Wade (1926) as to the length of the gestation period.

The almost complete lack of reproduction by the several hundred ground squirrels, Citellus tridecemlineatus, in our laboratory led to experiments to promote such reproduction (Johnson and Wade, 1931). Anterior pituitary implants, ultra-violet light, a diet rich in vitamin E, and ovarian extracts and implants did not increase reproduction. During this study it became evident that the sexual development of different individuals varied greatly, and that very little was known of the sexual cycle in captivity.

Probably the most important activity of an Academy is the stimulation of interest in science by the holding of at least one annual meeting for the presentation of a program of scientific papers. Of second importance is publication. The knowledge that good material may be publishea not only is a strong stimulus for the preparation of papers for the Academy program but does much to assre the Academy of a large and active membership.

This paper considers first the media available to fund a variable annuity for an individual, and then the additional media available to fund variable annuities for groups under pension plans, profit sharing plans and tax-sheltered annuity programs. Finally it studies some of the considerations in selecting a particular funding medium. The study focuses its attention on annuities involving life contingencies, but also treats perpetuities and annuities for a definite period of years. It deals with media to fund annuities varying with a cost-of-living index, a wage index or a mathematical formula, as well as annuities related to equity prices. Although variable annuities of some types have existed for centuries, the modern development of variable annuities in the United States began in 1952, when Teachers Insurance and Annuity Association, Long Island Lightning Company and Chemstrand, Inc., all established variable annuity pension programs. In the fifteen years since then a wide variety of media have developed for funding variable annuities. These media are the financial institutions and legal instruments through which the annuities are funded. George E. Johnson, A.B., LL.B., C.L.U., F.L.M.I., joined Metropolitan Life on September 1, 1967 as a consultant on group variable annuity plans. Mr. Johnson was formerly vice-president and general counsel of Teachers Insurance and Annuity Association and of College Retirement Equities Fund; he was the first president of Equity Annuity Life Insurance Company and Variable Annuity Life Insurance Company, and was acting president of the National Health and Welfare Retirement Association. Donald S. Grubbs, Jr., B.S., F.S.A., is an independent consulting actuary with offices in Philadelphia. Before establishing his own offices, Mr. Grubbs was associated with John B. St. John, Consulting Actuary, and prior to that he was employed by Warner-Watson, Inc., Consulting Actuaries, and by the New England Mutual Life Insurance Company. He has actively worked with a variety of variable annuity pension plans for the past eight years. This paper summarizes the results of a study of the funding media that have developed. It considers first the media available to fund a variable annuity for an individual, and then the additional media available to fund variable annuities for groups under pension plans, profit sharing plans and tax-sheltered annuity programs. Finally it discusses some of the considerations in selecting a particular funding medium. The study focuses its attention on annuities involving life contingencies, but also treats perpetuities and annuities for a definite period of years. Most of the media discussed may be used only for annuities related to equity prices, but media to fund annuities varying with a cost-of-living index, a wage index or a mathematical formula are also considered. Individual Variable Annuities All annuities may be classified by the period during which annuity payments continue. First are perpetuities under which the payments continue perpetually, or indefinitely into the future. Second are annuities payable for a certain period not related to the length of life. Third are This paper was given at the 1967 Annual Meeting of A.R.I.A.

The authors find high but diminishing marginal returns to investment in expenditures per pupil per year. The study suggests the desirability of increased educational quality in school districts with lower per pupil expenditures so as to equalize the returns to years and annual expenditure per student. (Necessarily, there should be optimization in the way inputs are combined as the school systems move to new output levels-consolidation being a pertinent example.) Since expenditure per student also affects years of schooling attained, a policy of improving the relative quality of school systems in poverty areas may partially offset inherited economic disadvantages.