Journal Article Incidence of a Capital Income Tax in a Growing Two-Class Economy Get access Kanhaya L. Gupta Kanhaya L. Gupta University of Alberta Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 3, October 1976, Pages 561–562, https://doi.org/10.2307/2297238 Published: 01 October 1976 Article history Received: 01 April 1975 Accepted: 01 February 1976 Published: 01 October 1976
Journal Article A Note on Complementarity Over Time Get access Tapan Biswas Tapan Biswas University of Manchester Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 1, February 1976, Pages 179–181, https://doi.org/10.2307/2296611 Published: 01 February 1976 Article history Received: 01 May 1974 Accepted: 01 December 1974 Published: 01 February 1976
Journal Article M. J. Farrell Get access Peter Hammond, Peter Hammond Search for other works by this author on: Oxford Academic Google Scholar Stephen Nickell Stephen Nickell Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 1, February 1976, Page 1, https://doi.org/10.1093/restud/43.1.1 Published: 01 February 1976
Journal Article General Equilibrium with a Replenishable Natural Resource: A Comment Get access Jacques Lesourne Jacques Lesourne Conservatoire National des Arts et Métiers Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 3, October 1976, Pages 557–560, https://doi.org/10.2307/2297237 Published: 01 October 1976 Article history Received: 01 June 1975 Accepted: 01 March 1976 Published: 01 October 1976
Journal Article Money Wage Inflation in Industrial Countries: An Alternative Explanation Get access R. L. Thomas R. L. Thomas University of Salford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 3, October 1976, Pages 551–552, https://doi.org/10.2307/2297235 Published: 01 October 1976 Article history Received: 01 August 1975 Accepted: 01 December 1975 Published: 01 October 1976
Economists have long been aware of the importance of increasing returns to scale in many activities, and particularly as the partial determinant of trade patterns. However, the technical problems which arise in attempting to formulate and solve economic models incorporating increasing returns-or, similarly, externalities-are formidable and have led to a concentration on other issues which can be analysed using convex theory. Some of the most interesting problems which are presented by economies of scale concern the nature and scheduling of investment, and thus one of the primary justifications of planning has been the need to take best advantage of increasing returns and externalities. Recently some work on these problems has been done by Weitzman [6], Dixit, Mirrlees and Stern [3], and in a quantitatively-oriented model by Westphal [8]. The present paper is a further attempt to examine planning with increasing returns to scale. It differs from those mentioned in its explicit introduction of trade and in the fact that the economies of scale do not depend on the size of plant, but on the scale of industrial production. This last feature means that the analysis does not focus on the lumpiness of investments, but rather on the inter-industry ramifications of increasing returns. The model specified depicts an underdeveloped country which is gradually investing to build up its industrial sector. Trade is vital to such a country both for the import of capital goods and in order to relieve it of the need to build up all industries in such a way as to balance supply with domestic demand for consumption and inter-industry input requirements. For convenience it is assumed that all capital goods are imported; this interpretation is not, in fact, restrictive because we could view the export surplus as measuring the domestic resources available for investment purposes. The model has been set up to focus our attention on the investment allocation problem in such an economy. For this reason we assume that capital is non-shiftable between industries; in other words once capital has been invested in industry i it cannot subsequently be transferred to industry j. This is not an unreasonable assumption when considering underdeveloped countries, and has the virtue that it emphasizes the inter-industry aspects of development rather than aggregative savings/ investment behaviour. A further feature of the model which emphasizes these issues is the assumption that there is no substitution in production processes, which are specified in terms of known input requirements per unit of output. These input needs fall as output is increased-hence the economies of scale. In fact, one could interpret the reasons underlying the decline in input coefficients rather broadly to incorporate a variety of external economies, learning, or some form of technical progress. Clearly these possibilities could be expanded upon for discussion in their own right, but it suffices for present purposes to use the all-embracing term of increasing returns. Though the usual analytical techniques of optimal control theory do not give sufficient conditions for the optimal path, they do provide ample information about necessary
Journal Article A Theory of Securities Markets Under Uncertainty Get access Bruce C. Dieffenbach Bruce C. Dieffenbach University of Pennsylvania Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 2, June 1976, Pages 317–327, https://doi.org/10.2307/2297327 Published: 01 June 1976
Journal Article Evaluation of Changes in a Suboptimal Economy Get access Jeffrey Rohlfs Jeffrey Rohlfs Stanford University and Bell Laboratories Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 2, June 1976, Pages 359–362, https://doi.org/10.2307/2297331 Published: 01 June 1976
Journal Article Portfolio Adjustment and Monetary Growth Get access Lewis Johnson Lewis Johnson Federal Reserve System Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 3, October 1976, Pages 475–481, https://doi.org/10.2307/2297226 Published: 01 October 1976 Article history Received: 01 February 1974 Accepted: 01 November 1975 Published: 01 October 1976