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This paper provides a systematic and critical review of the economics literature on data as an economic good and draws lessons for data governance. We conclude that focusing on data as an economic good in governance efforts is hardwired to only result in more data production and cannot deliver other societal goals contrary to what is often claimed in the literature and policy. Data governance is often a red herring which distracts from other digital problems. The governance of digital society cannot rely exclusively on data-centric economic models. We review the literatures and the underlying empirical and political claims concerning data commons. While commons thinking is useful to frame digital problems in terms of ecologies, it has important limitations. We propose a political-ecological approach to governing the digital society, defined by ecological thinking about governance problems and the awareness of the political nature of framing the problems and mapping their ecological makeup. [ABSTRACT FROM AUTHOR]

The Porter model of economic development links the phases of development with national competitiveness. His model lies at the heart of the Global Competitiveness Index. It appears, curiously enough, that there is nowhere in the economics literature a concise explanation of the Porter model of economic development. This paper not only fills this gap but also draws the line of separation between formal economic models and narrative economic models; provides a rigorous presentation of Porter model of economic development; distinguishes between the Porter development path and Porter's law of economic development; strips Porter model to its bare essentials in a single picture; and finally, shows that the Porter model satisfies the condition known as the way the world works (www. constraint. [ABSTRACT FROM AUTHOR]

This paper compares applied economic models and an institutional model in an empirical study of financial reporting practice at the Fortune 200 between 1962 and 1984. The findings indicate that the institutional model adds significant explanatory power over and above the models that currently dominate the applied economics literature. Thus, the primacy of organizational level rationality implicit in existing models is shown to be overly narrow and inadequate, in discussing the conclusions of the study and their implication for future research, particular emphasis is placed on the question of how institutional environments change over time. [ABSTRACT FROM AUTHOR]

Studies on the rise of global value chains (GVCs) have attracted a great deal of interest in the recent economics literature. However, due to statistical and methodological challenges, most existing researches ignore domestic regional heterogeneity in assessing the impact of joining GVCs. GVCs are supported not only directly by domestic regions that export goods and services to the world market, but also indirectly by other domestic regions that provide parts, components, and intermediate services to final exporting regions. To better understand the nature of a country's position and degree of participation in GVCs, we need to fully examine the role of individual domestic regions. Understanding the domestic components of GVCs is especially important for larger economies such as China, the USA, India, and Japan, where there may be large variations in economic scale, geography of manufacturing, and development stages at the domestic regional level. This paper proposes a new framework for measuring domestic linkages to global value chains. This framework measures domestic linkages by endogenously embedding a target country's (e.g., China or Japan) domestic inter-regional input-output tables into the OECD inter-country input-output model. Using this framework, we can more clearly understand how global production is fragmented and extended internationally and domestically. [ABSTRACT FROM AUTHOR]

We review economics research regarding the effect of police, punishments, and work on crime, with a particular focus on papers from the last twenty years. Evidence in favor of deterrence effects is mixed. While there is considerable evidence that crime is responsive to police and to the existence of attractive legitimate labor-market opportunities, there is far less evidence that crime responds to the severity of criminal sanctions. We discuss fruitful directions for future work and implications for public policy. (JEL J64, K42) [ABSTRACT FROM AUTHOR]

Although intellectual property is just a sidelight of Roger Blair's work, he has published at least seven articles and coauthored a book on this subject. Blair's work sets out robust economic models that address nearly all of the significant economic issues in intellectual property. Moreover, by using the property rules framework, he has offered a useful counterweight to the reward-to-loss theory that dominates the literature. [ABSTRACT FROM AUTHOR]

Semidefinite matrices often arise in economic models, usually as Hessian matrices of convex or concave functions. Anytime the matrix can be semidefinite, rather than definite, the task of characterizing it is burdensome because extant results require that all principal minors be signed. A theorem is presented that shows it is sufficient to sign only selected principal minors when the matrix has a definite submatrix. This theorem is particularly useful in duality applications. The theorem also provides relatively easy proof of the standard relationship between semidefiniteness and principal minors. (JEL C02) [ABSTRACT FROM AUTHOR]

ABSTRACT The objective of this paper is to offer a revision of the corporate social performance (CSP) model. CSP exemplifies how corporate social responsibility translates into an organization's practice by focusing on three key features of performance: principles, processes and outcomes. However, the development of the model has not kept pace with the literature on social and environmental responsibility. This study builds on an argument that if corporate social responsibility in general - in which CSP plays an important role - is to respond to the challenges of sustainable development, the CSP of businesses could be more profoundly planned in order to design knowledge outcomes that contribute to meeting those challenges. The paper thus answers the recent call for the development of a CSP model by revising some of the key elements in the existing model and also by adding a knowledge creation dimension. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment [ABSTRACT FROM AUTHOR]

Though the concept of ‘stylized fact’ plays an important role in the economic literature, there is little analysis of the definition and evaluative use of the term. A permissive account of stylized facts is developed which focuses on their mediating role between models and empirical evidence. The mediation relationship restricts stylized facts by requiring concrete empirical targets. On the other hand, there is much legitimate diversity within the permissive account; key dimensions of diversity are argued to be the part of the model targeted (explanans vs. explanandum) and degree of partiality of correspondence. The use of stylized fact in model evaluation points to the downside of stylization: decreased ability to support strong claims about particular targets. In the final analysis, the role of stylized facts in model-based explanation depends on the view taken of the relative importance of generality and empirical adequacy. [ABSTRACT FROM AUTHOR]

: The objective of this paper is to verify the hypotheses presented in the literature on the causal relationship between inflation and its uncertainty, for the newest EU countries. To ensure the robustness of the results, in the study four models for inflation uncertainty are estimated in parallel: ARCH (1), GARCH (1,1), EGARCH (1,1,1) and PARCH (1,1,1). The Granger method is used to test the causality between two variables. The working hypothesis is that groups of countries with a similar political and economic background in 1990 and are likely to be characterized by the same causal relationship between inflation and inflation uncertainty. Empirical results partially confirm this hypothesis. Jel Classification: C22, E31, E37. [ABSTRACT FROM AUTHOR]

Within the economics literature, the 'psychic costs' of migration have been incorporated into theoretical models since Sjaastad (J Polit Econ 70:80-93, ). However, the existence of such costs has rarely been investigated in empirical papers. In this paper, we look at the psychic costs of migration by using alcohol problems as an indicator. Rather than comparing immigrants and natives, we look at the native-born in a single country and compare those who have lived away for a period of their lives and those who have not. We use data from the first wave of the Irish Longitudinal Study on Ageing which is a large, nationally representative sample of older Irish adults. We find that men who lived away are more likely to have suffered from alcohol problems than men who stayed. For women, we again see a higher incidence of alcohol problems for short-term migrants. However, long-term female migrants are less likely to have suffered from alcohol problems. For these women, it seems that migration provided psychic benefits, and this is consistent with findings from other research which showed how migration provided economic independence to this group. The results remain when we adjust for endogeneity and when we use propensity score matching methods. [ABSTRACT FROM AUTHOR]

We analyze the effect of environmental uncertainties on optimal fishery management in a bio-economic fishery model. Unlike most of the literature on resource economics, but in line with ecological models, we allow the different biological processes of survival and recruitment to be affected differently by environmental uncertainties. We show that the overall effect of uncertainty on the optimal size of a fish stock is ambiguous, depending on the prudence of the value function. For the case of a risk-neutral fishery manager, the overall effect depends on the relative magnitude of two opposing effects, the 'convex-cost effect' and the 'gambling effect'. We apply the analysis to the Baltic cod and the North Sea herring fisheries, concluding that for risk neutral agents the net effect of environmental uncertainties on the optimal size of these fish stocks is negative, albeit small in absolute value. Under risk aversion, the effect on optimal stock size is positive for sufficiently high coefficients of constant relative risk aversion. [ABSTRACT FROM AUTHOR]

The importance of diffusion of technology for economic growth has been considerably emphasised in economic literature. This paper investigates the role and the impact of the diffusion of technology in economic context. It also attempts to analyze the diffusion models through epidemic and probit analysis models. [ABSTRACT FROM AUTHOR]

The international public good model is an extension of the public good model, allowing for different productivities of producing the public good across countries. By extending the proofs of Bergstrom et al. (1986, 1992), which are the seminal studies in the public good literature, this article develops an international public good model with proofs of the existence and uniqueness of equilibrium. [ABSTRACT FROM AUTHOR]

We study strategic choice of effort in best-of-three contests between equally skilled players. Economic theory predicts such contests are more likely to end in two rounds than in three. If, however, a contest reaches a third round, each player is equally likely to win. We test these predictions with data from professional tennis matches, using betting odds to identify equally skilled opponents. The empirical results support the theoretical predictions, suggesting players strategically adjust efforts during a best-of-three contest. [ABSTRACT FROM AUTHOR]

The article focuses on the impact of Frank Ramsey's 1928 article "A Mathematical Theory of Saving" on the economics profession of the 1960s. The article discusses reactions of economists to Ramsey's economic growth model and infers that Ramsey's use of advanced mathematics led to his portrayal as ahead of his time. The author tracks references to Ramsey in economics and finance journals in JSTOR (Journal Storage), specifically references to Ramsey's discussions of economic growth, taxation, and subjective probability and expected utility.

In this paper we briefly review the work of Wassily Leontief, in respect for his memory and appreciation of his accomplishment. His work encompasses and redirects the entire field of economics, including pure theory. [ABSTRACT FROM AUTHOR]

The article focuses on the origin of modern fishery economics. Particular attention is given to Danish economist Jens Warming's published and unpublished works on fisheries economics from the period of 1911 to 1938, including the problems of open access to a common property resource and his economic models. The author discusses how Warming attempted to make his contemporaries aware of his publications. A brief biography is presented for Warming. The article compares articles written by Warming in 1911 and by H. Scott Gordon in 1954.

The specification of the linear long-run relationship among money, income and the opportunity cost of holding money has been a popular study in economic literature. In the specific case of Greece, numerous articles investigated this relationship using quarterly data, mainly of the period after 1960. The objective of this article is to investigate the same long-run relationship using annual data and covering the historical period between 1858 and 1938. The results of the used cointegration analysis are presented along with the findings of other authors who covered the post war era of the Greek Economy. [ABSTRACT FROM AUTHOR]

Chapter 3 of the book "Foundations and Trends in Microeconomics" is presented. It explores the steps in modeling the market supply of goods and discusses their key underlying relationships, general properties, and production functions. It focuses on explicit models of the supply side of the insurance market and examines the economics literature of insurance markets.

Evolutionary approaches in economics have gathered increasing support over the last 25 years. Despite an impressive body of literature, economists are still far from formulating a coherent research paradigm. The multitude of approaches in evolutionary economics poses problems for the development of an evolutionary economic geography. For the most part, evolutionary economic geography imports selective concepts from evolutionary biology and economics and applies those concepts to specific problems within economic geography. We discuss a number of problems with this approach and suggest that a more powerful and appealing alternative requires the development of theoretically consistent models of evolutionary processes. This article outlines the contours of an evolutionary model of economic dynamics where economic agents are located in different geographical spaces. We seek to show how competition between those agents, based on the core evolutionary principles of variety, selection and retention, may produce distinct economic regions sharing properties that differentiate them from competitors elsewhere. These arguments are extended to illustrate how the emergent properties of economic agents and places co-evolve and lead to different trajectories of economic development over space. [ABSTRACT FROM AUTHOR]

Economic modelling is increasingly being used to evaluate the cost effectiveness of health technologies. One of the requirements for good practice in modelling is appropriate application of rates and probabilities. In spite of previous descriptions of appropriate use of rates and probabilities, confusions persist beyond a simple understanding of their definitions. The objective of this article is to provide a concise guide to understanding the issues surrounding the use of rates and probabilities reported in the literature in economic models, and an understanding of when and how to transform them appropriately. The article begins by defining rates and probabilities and shows the essential difference between the two measures. Appropriate conversions between rates and probabilities are discussed, and simple examples are provided to illustrate the techniques and pitfalls. How the transformed rates and probabilities may be used in economic models is then described and some recommendations are suggested. [ABSTRACT FROM AUTHOR]

Editor's Note The Journal of Economic Literature (JEL) regularly reviews books of interest to the economics profession. The Economic Report of the President (ERP) falls under that purview. I have asked a handful of very prominent economists to review the 2006 ERP. Reviewers were chosen to reflect expertise on what I guessed would be key issues. The ERP in principle should provide an accurate assessment of the consensus professional views of economists on any given issue, based on the research to date. Reviewers were asked to evaluate whether the discussion in the ERP in fact accurately summarizes what we as economists know? Reviewers were given free rein over what material they would review in the ERP but were urged to focus on their areas of particular expertise. In the reviews that follow, Martin Feldstein reviews the overview chapter as well as topics relating to macroeconomics. Alan Auerbach reviews the ERP's discussion of tax-related issues, while Ken Rogoff reviews the ERP's discussion of international economic topics. Rebecca Blank writes on labor market issues in the ERP, and Michael Katz reviews the ERP's discussion of health care issues. Many thanks to the reviewers for the quick turnaround. [ABSTRACT FROM AUTHOR]

The article presents information on several categories used to classify books, book reviews, journal articles, and dissertations in the "Journal of Economic Literature." Following are some of the categories--general economics and teaching, schools of economic thought and methodology, mathematical and quantitative methods, microeconomics, macroeconomics and monetary economics.

Calabresi often lamented that insufficient consideration had been given in the legal and economic literature to the idea of distributing an accident loss among a faultless tortfeasor and an innocent victim on the basis of the relative causal contributions of the parties to the loss. This criterion of apportionment of liability, which Calabresi calls "comparative causation," is the subject of this Article. We present a brief intellectual history of the principle of comparative causation and provide a positive economic model that explains the rise and fall of this criterion of liability in historical and contemporary societies. In order to identify the structural features of this standard, we consider how a rule of comparative causation would perform in the absence of other liability rules when applied as a general and sole basis of liability. The positive economic model of comparative causation brings to light some interesting features of the rule, but also unveils the limits of such criterion of liability with respect to the induced activity and care levels. The Article then extends the economic model to consider the workings of the comparative causation rule in conjunction with negligence rules. The combined application of the comparative causation and negligence rules induces the parties to minimize their expected liability by moderating their activity level: a combination of incentives that no known liability rule provides. [ABSTRACT FROM AUTHOR]

Two recent models incorporating fairness considerations into the economics literature based on agents' concerns about the distribution of payoffs between themselves and others (Fehr-Schmidt, 1999, Quarterly Journal of Economics. 114 (3), 769–816; Bolton-Ockenfels, 2000, American Economic Review. 90, 166–193) are investigated using a new three-person ultimatum game: One person allocates a sum of money to two others, one of which is randomly chosen to accept or reject the offer. Rejection gives both the responder and the proposer zero income and a positive consolation prize for the non-responder. The data show essentially no reductions in rejection rates, holding offers constant, with and without consolation prizes, contrary to both models' predictions. [ABSTRACT FROM AUTHOR]

A Cournot model with an arbitrary nonlinear demand function and where firms do not observe their rival's actions directly is shown to allow mistaken beliefs to persist. These alter the original equilibrium state and, in a range of beliefs, destroy its stability and create cycles. The dynamics of the Cournot model are therefore fundamentally affected. [ABSTRACT FROM AUTHOR]

In this paper, the evidence collected in the large literature on testing for Granger-causality from money to output is revisited. Using a broad data base of 14 EU countries plus Canada, the US and Japan, and quarterly data from the mid 1960s to mid 1990s, a number of hypotheses from this literature is evaluated. It is found that very few general conclusions can be sustained. For instance, in most countries it is not the case that the use of data in levels creates a bias in favour of finding Granger-causality effects of money on output compared to using differences. Neither does the significance of money lags decline when increasing the number of variables included in the model. What appears to be robust, though, is that allowing for asymmetries clearly increases the likelihood of finding significant causality effects. Based on the Granger-causality test results, a number of country groups are obtained using cluster analysis, which are characterized by a similarly behaviour with respect to the money-output relation. [ABSTRACT FROM AUTHOR]

The article presents various author-provided abstracts for their research papers relate to economics, as published in the May 1, 1985 issue of the Journal of Economic Literature. "The Production of Economic Knowledge," by James Cicarelli and Lawrence Spizman, is devoted to the development of an empirically valid production function for economic knowledge. "Reflections on the Developmen of Economics as a Discipline," by Geoffrey C. Harcourt is a speculative essay on theories, controversies, and developments in economics. In "Auctions with Risk Averse Buyers," the authors Eric S. Maskin, and John G. Riley characterize a seller's revenue maximizing scheme for the sale of an indivisible good when confronted with a population of risk-averse buyers. "A Functional Equation Approach to the Theory of Production, Technical Change, and Invariance," by Thomas M. Mitchell, reconsiders the model of production and technical change and investigate whether the differentiability of the production and technical change functions may be dropped without affecting the results.

The article presents abstracts of some articles on economics. One of the abstracts titled "The University Professor As a Utility Maximizer and Producer of Learning, Research, and Income," by W.E. Becker proposes plans for improving the teaching quality at major universities. These schemes typically do not rest on identifiable economic models. In this paper, a professorial decision-making model is presented for the purpose of exploring alternative plans to raise teaching quality. Using a Lancaster methodology, where time is a variable input, it is demonstrates that an increase in the pecuniary return to teaching will raise teaching quality, while exogenous changes in teaching and research technology need not. Another article titled "The Relative Quality of Economics Journals Revisited," by C.C. McDonough examines the degree of commonality among several criteria of journal quality and to develop a grand ranking for economics journals. Seventy economics journals are evaluated on the criteria of institutional affiliation, peer evaluation, familiarity, and citation frequency. Examination of the degree of association among the resulting rankings reveals high positive correlations. Accordingly the best estimate of the true ranking of the journals is obtained by the order of the sums of ranks.

The article presents some topics covered for articles and abstracts of economics. Some of these topics include general equilibrium theory, microeconomic theory, macroeconomic theory, welfare theory, social choice, general North American economic history, ancient and medieval economic history until 1453, European economic history, Asian economic history, African economic history, Latin American and Caribbean economic history, Oceania economic history, economic fluctuations, economic forecasting and forecasting models, general outlook and stabilization theories and policies, inflation, econometric and statistical methods and models, construction, analysis, and use of econometric models, mathematical methods and models, computer programs, domestic monetary and financial theory and policy, commercial banking, financial markets, financial intermediaries, agricultural finance, agricultural marketing and agribusiness, farm management, allocative efficiency, land reform and land use, rural economics, international investment and capital markets, international business and international aid.

This article discusses the controversy about the methods used in empirical research on business cycle. The main reason for the controversy is that quantitative theory has replaced macroeconomic theory to a large extent. To see what is being implied, in the 1970s academic journals contained numerous articles in macroeconomic theory which derived properties of models but did not study data. Today, such articles are much rarer, and typical, aggregate studies include a comparison of predictions from theory with properties of data. This change certainly constitutes progress, but it has led to some debates as the gap between macroeconomics and econometrics has narrowed. Unlike many econometric models, most real business-cycle models are based on exogenous variables or shocks which cannot be observed directly. The principal example is the technology shock which plays a leading role in many models. In contrast, econometricians along with researchers in growth, public finance, labour and other fields seek explanatory variables which are observable, and so object to this practice. They say that the specification of the stochastic process for the shocks affects all predictions of the model, yet this specification cannot be tested because it applies to an unobservable variable.

What is the most appropriate framework, the most appropriate economic model, for designing an effective industrial policy? This article examines the evolution of both general policy opinion and economic literature related to this issue. After a brief summary of the tools needed in economics for an appropriate framework of analysis, the first section articulates the latest positions in policy opinion along the spectrum from state interventionism to anti-regulationism. The section then presents the arguments behind the new trade theory and those of complementary theorizations to help us recognize the importance of the new trade theory as a suitable framework in favour of state intervention. The article states, however, that this is not sufficient, and the second section outlines the merits of an emerging systemic approach. It provides insights beyond the scope of the new trade theory which could serve as a foundation for the design of strategic industrial policies in a global industrial system. [ABSTRACT FROM AUTHOR]

The article reports on the political economy of trading states. The authors aim to state the domestic consequences of a society's trading economy. It discusses the problems raised in the formation of political coalition, two economic models: Stolper-Sameulson or mobile factors and the Ricardo-Viner or specific factors, and trade policy coalitions. The authors' conclusion is divided into two: the time horizons of the two models that was discussed and the effects of politics on factor specificity.

This article presents abstracts of several articles, research reports and monographs on economics and management science, previously published in different journals. Abstract of the article "Correlates of the Self Concept," by Warren Thompson, deals with the wide individual personality differences that occur within any single sample of people. Abstract of the research report, titled "The Effect of Tax and Regulatory Alternatives on Car Sales and Gasoline Consumption," presented by Chase Econometric Associates Inc., forecasts new passenger car sales on an annual basis from 1974-86, and develops equations and forecasts for annual car sales by five size-price classifications. Abstract of the article "Factors Leading to Technology Transfer Through Licensing and Foreign Investment and Their Impact on the Firm," by George Foster, summarizes the study specify a methodology and procedures for obtaining data in order to test selected hypotheses on the flow of technology to and from multinational firms and to analyze the factors which have influenced the flows of technology through licensing and foreign investment.

Empirical results reported in economics journals are selected from a large set of estimated models. Journals, through their editorial policies, engage in some selection, which in turn stimulates extensive model searching and prescreening by prospective authors. Since this process is well known to professional readers, the reported results are widely regarded to overstate the precision of the estimates, and probably to distort them as well. As a consequence, statistical analyses are either greatly discounted or completely ignored. This unfortunate equilibrium in the market for information is a result of the current econometric technology, which generates inferences only if a precisely defined model were available, and which can be used to explore the sensitivity of inferences only to discrete changes in assumptions. The reporting of a complete sensitivity analysis is ruled out therefore first, because the econometric theory which takes models as given would be rendered explicitly inadequate if the sensitivity analysis were reported, and, second, because the econometric technology, if used to explore sensitivity issues, would generate vast numbers of estimated models that journals are rightfully reluctant to print.

In this paper we present a critical analysis of current 'green business' literature. We pay particular attention to the strongly evangelical language of the literature, and we consider whether such green evangelism is likely to represent an effective rhetorical strategy. We pursue this theme through exploring arguments for 'environmental excellence', organizational 'eco-cultures', and for corporate environmental strategies. We suggest that current prescriptions for 'organizational eco-change' are often buttressed by evangelical rhetoric and are reliant on the assumption that organizations will voluntarily become greener. Given the centrality of voluntarism within this literature, we devote the latter part of the paper to considering its efficacy, and explore the deferred argument that organizational eco-change will only come about through stronger state regulation. [ABSTRACT FROM AUTHOR]

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.

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 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.

This article focuses on the determinants of real net investments of physical assets leading to fixed capital formation in Great Britain during 1956-1965. Some of the econometric analyses dealing with aspects of the post-war British economy are illustrated and analyzed here. In 1968, a study sponsored by the Brookings Institution was compelled to acknowledge the absence of any econometric investigation of the British system of investment incentives. Economic models that were used to measure the post-war British economy explicitly include variables representing three types of capital allowances and a variable representing a composite tax-rate. The latter takes account of income tax, profits tax and a number of other special levies. The Jorgenson's model provided a convenient starting point in the process of building these models, although its translation to a different economy involved the rejection of Jorgenson's specification for the system of tax allowances chargeable against gross income as defined for tax purposes. A part of British economic data for the period which extends from the first quarter of 1956 to the present is used here as the basis for the empirical results for the dependent variable from the third quarter of 1957 to the final quarter of 1965 inclusive.

The article provides information about various journals on various aspects of economics. "Cultures and Development," published four times a year is the journal of the South-North Network Cultures and Development. Volume 22, no. 6 of the journal contains three articles, one of which is written in French. English-language articles provide Asian reflections on civil society in Brazil and question whether Japan offers a model for third world countries. "Economic and Financial Modelling" published four times a year by the European Economics and Financial Centre, presents recent advances in all aspects of economic modeling. The Autumn 1995 issue contains one paper that focuses on the University of Pennsylvania model for high-frequency economic forecasting. "Journal of Pharmaceutical Marketing Practice" published biannually by Pharmaceutical Products Press, investigates issues related to pharmaceutical marketing. Volume 1, no. 1 of the journal focuses on the elements of pharmaceutical pricing and contains nine articles that examine the failure to develop and execute an appropriate pricing strategy; the growing importance of pharmaceutical pricing; pharmaceutical prices, politics, and problems; pricing flow and the terminology of pharmaceutical pricing.

This article discusses the book Advances in General Equilibrium Theory, by Donald A. Walker. The book suggests that contemporary general equilibrium theorizing suffers as the result of the erroneous perception of what its subject matter should be; that the Arrow-Debreu type of general equilibrium model is a highly special case; that some of the major questions that general equilibrium theorists have asked about the economy or about hypothetical economies should be re-posed and others should be abandoned; and that the answers to some questions are more complex and varied than appears to be the case at present. This book also discusses the construction of functioning models, explores the nature of the relationship between descriptions, equations, models, and the real economy. It considers the meaning and conditions of competition, reviews new perspectives from the literature concerning the existence of competitive equilibrium, and considers some new perspectives on the stability and uniqueness of equilibrium.

This article focuses on the book "Trade and Income Distribution," by William R. Cline. This book analyzes the impact of trade and immigration on U.S. wage inequality. Reviews the evidence that inequality has in fact been rising, examining trends in income distribution and wages. Critically reviews the economics literature on the distributional influences of trade and immigration. Applies general equilibrium models of trade to evaluate the likely role of trade and immigration in rising inequality, by extending the simple aggregative model proposed by Paul Krugman in 1995.