THE INDIAN ECONOMIC JOURNAL.

This section presents abstracts of articles on economics published in the October-December 1964 issue of The Indian Economic Journal. The article Aspects of Trade Policy in India, by D. T. Lakdawala surveys the various aspects of trade policy in India. The various aspects of import regulation are critically scrutinized in the context of development. The problems of increasing imports which brings forth for consideration the various aspects of import substitution are examined. Meanwhile, the article Migration of Agrarian Labour Force and the Theory of Disguised Equilibrium, by Yasusuke Murakami and Machiko Kubo argues that agriculture still occupies an important place in the Japanese economy and though non-capitalistic in a sense, it coexists with the capitalistic sectors. The equilibrium between agricultural labour and non-agricultural labours must be sought in the comparison of per capita agricultural income and per capita non-agricultural wages. Moreover, the paper The Representative Firm and the Theory of Value, by V. Dubby is an attempt to show that the concept of the representative firm is not only useful for exposition but a tool with analytical significance. The technique of using the representative firm to derive the long-period supply curve of the industry is here developed in two steps. First, it is assumed that the relation of the price to the average cost of the representative firm determines the variation in the size of the industry. Second, a relationship between the average cost of the representative firm and the output of the industry is established.