Journal Article A Two-Sector Two Class Model of Economic Growth Get access J. E. Stiglitz J. E. Stiglitz Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 2, April 1967, Pages 227–238, https://doi.org/10.2307/2296811 Published: 01 April 1967
Journal Article A Productivity Theory of Wage Levels—An Alternative to the Phillips Curve Get access E. Kuh E. Kuh Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 4, October 1967, Pages 333–360, https://doi.org/10.2307/2296554 Published: 01 October 1967
Journal Article On the Non-Linear Theory of the Employment Cycle Get access H. Rose H. Rose University of Rochester Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 2, April 1967, Pages 153–173, https://doi.org/10.2307/2296806 Published: 01 April 1967
Journal Article A Two-Level Constant-Elasticity-of-Substitution Production Function1 K. Sato K. Sato United Nations, New York Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 2, April 1967, Pages 201–218, https://doi.org/10.2307/2296809 Published: 01 April 1967
An economy is considered that has n goods and k types of labor, each of which is growing at the same constant rate. Goods are produced from labor and other goods by a set of specified activities. Given an initial supply of goods and amounts of labor, all possible production programs running from the present time to infinity through discrete time periods are considered. With each program is associated a utility sequence measuring the satisfaction achieved by the program at each period of time. A program is optimal if its utility sequence overtakes all other such sequences. The paper is devoted to proving the existence of optimal programs for a wide class of economies and to deriving the properties of such programs. In particular it is shown that the optimal program approaches a certain balanced program. Essential use is made of the existence of an infinite sequence of optimal prices with respect to which the optimal program is one which maximizes the sum of profit and utility at each time period. (Author)
D. W. Jorgenson, Z. Griliches; The Explanation of Productivity Change1, The Review of Economic Studies, Volume 34, Issue 3, 1 July 1967, Pages 249–283, htt
THIS IS A STUDY OF THE CONSUMPTION OF AUTOMOBILES IN THE UNITED STATES DURING THE PERIOD 1955-57. DEPRECIATION IS USED AS THE PRIMARY MEASURE OF CONSUMPTION IN ORDER TO DETERMINE HOW WELL DEMAND MEASURED IN THIS WAY CAN BE EXPLAINED BY INCOME AND OTHER SOCIAL AND DEMOGRAPHIC VARIABLES. THIS STUDY DIFFERS FROM EARLIER WORK IN THREE RESPECTS: THE LIMITED DEPENDENT VARIABLE MODEL DEVELOPED BY TOBIN IS USED IN ORDER TO HANDLE CORRECTLY THE PROBLEM OF ZERO EXPENDITURE HOUSEHOLDS. THE DATA USED ARE DRAWN FROM THE SURVEYS OF CONSUMER FINANCES FOR THE YEARS 1955, 1956, AND 1957. THE ESTIMATES FOR EACH OF THE YEARS ARE COMPARED AND APPEAR TO BE REASONABLY CONSISTENT. A REPAIR COST BASED ON THE AGE OF EACH CAR IS INCLUDED IN THE TOTAL COST INCURRED BY THE HOUSEHOLD. THE CONCLUSIONS ARE THAT: (1) HOUSEHOLD CONSUMPTION RISES WITH INCOME, BUT RISES LESS SHARPLY AT HIGHER THAN AT LOWER INCOMES, (2) EXPENDITURE DECREASES AS THE HEAD OF THE HOUSEHOLD APPROACHES RETIREMENT AGE, (3) EXPENDITURE INCREASES AS THE NUMBER OF ADULTS IN THE SPENDING UNIT INCREASES, (4) EXPENDITURE DECREASES AS THE NUMBER OF CHILDREN INCREASES, (5) AFTER ADJUSTMENT FOR OTHER FACTORS, SPENDING UNITS LIVING IN NEW YORK AND CHICAGO SHOW LOWER THAN AVERAGE, AND THOSE LIVING IN RURAL AREAS SHOW HIGHER THAN AVERAGE CONSUMPTION, (6) NONWHITE SPENDING UNITS CONSUME CARS AT A LOWER LEVEL THAN WHITE. /AUTHOR/
EXTENSIVE GEOGRAPHIC GROWTH OF METROPOLITAN REGIONS, EMPLOYMENT AND POPULATION DECLINE IN CENTRAL AREAS, AND LOW DENSITY DEVELOPMENT, PARTICULARLY RESIDENTIAL, ARE PERHAPS THE MOST NOTABLE DIMENSIONS OF THE TRANSFORMATION EXPERIENCED IN U. S. METROPOLITAN AREAS SINCE WORLD WAR II. NEW AND CONSISTENT INFORMATION IS PRESENTED ABOUT THE INTERRELATIONSHIP BETWEEN RESIDENTIAL DENSITY AND AUTOMOBILE OWNERSHIP. REGARDLESS WHICH CASUAL HYPOTHESIS IS ACCEPTED, IT APPEARS THAT INCOME HAS BEEN THE MOST IMPORTANT FACTOR UNDERLYING BOTH HIGHER POSTWAR LEVELS OF AUTOMOBILE OWNERSHIP AND DECLINES IN RESIDENTIAL DENSITY. THIS CONCLUSION DERIVES BOTH FROM CONSIDERATION OF THE ESTIMATED REGRESSION COEFFICIENTS AND OF THE POSTWAR CHANGES IN INCOME AND OTHER EXPLANATORY VARIABLES. REAL MEDIAN FAMILY INCOME IN THE BOSTON AREA INCREASED BY AN ESTIMATED 56% BETWEEN 1950 AND 1960. THE INCOME ELASTICITIES OBTAINED FOR THE LEAST SQUARES AUTO OWNERSHIP EQUATIONS INDICATE THAT AN INCREASE OF THIS MAGNITUDE IN REAL MEDIAN FAMILY INCOME WOULD INCREASE AUTO OWNERSHIP PER HOUSEHOLD BY BETWEEN 28 AND 34%. WHILE RESIDENTIAL DENSITY IS EXOGENOUS IN THE LEAST SQUARES FORMULATION IT IS AT LEAST PARTIALLY DEPENDENT UPON INCOME. THE MULTICOLLINEARITY BETWEEN AUTO OWNERSHIP AND INCOME IN THE TWO-STAGE LEAST SQUARES /TSLS/ ESTIMATION MAKES IT DIFFICULT TO INTERPRET THE SIMULTANEOUS EQUATION RESULTS. EVEN SO, THE PARAMETER ESTIMATES OBTAINED FOR THE TSLS EQUATIONS SUGGEST THE SINGLE EQUATION MODELS PROVIDE CONSERVATIVE ESTIMATES OF THE EFFECT OF INCREASES IN INCOME ON AUTO OWNERSHIP. IT ALSO APPEARS THAT RAPID POSTWAR INCREASES IN FAMILY INCOME HAVE STRONGLY AFFECTED RESIDENTIAL DENSITY, EITHER DIRECTLY AS A ITEM OF CONSUMPTION OR INDIRECTLY THROUGH THEIR EFFECTS ON AUTOMOBILE OWNERSHIP. FAMILY SIZE AND LABOR FORCE PARTICIPATION APPEAR TO BE THE MOST IMPORTANT DETERMINANTS OF RESIDENTIAL DENSITY.