Journal Article A Note on Fixed Factor Proportions and Net Saving Rates Get access M. A. M. Smith M. A. M. Smith London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 40, Issue 2, April 1973, Pages 297–298, https://doi.org/10.2307/2296656 Published: 01 April 1973

Reviews two books. "The Techniques for Advanced Accounting Problems," by Jerome H. Schwartz and Robert Horowitz; "Supplement for Intermediate Accounting," by Jerome H. Schwartz.

Professors Nielsen and Melicher (N-M) have conducted well an interesting study of merger premiums as related to various measures of synergy connected with those mergers. Their study is another in a growing body of literature concerned with the merger phenomenon which increased substantially during the sixties and has continued into this decade. In order to provide an evaluation of their study, I shall consider their choice of research design and their analysis of research findings.

Journal Article International Trade Theory without Homogeneity: A Comment Get access V. Kerry Smith V. Kerry Smith Resources for the Future, Inc. Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 87, Issue 2, May 1973, Pages 288–289, https://doi.org/10.2307/1882189 Published: 01 May 1973

IN THIS PAPER we consider procedures for going from several individual preferences among several alternatives, called candidates, to something which may be called a collective preference. The individual preferences take the form of (total) orderings of the alternatives, and the collective preference is to take the form of a (total) weak ordering (i.e., ties allowed). We consider certain properties which seem desirable in such and investigate which have these properties. The of view taken here differs from that of other work in this area (e.g., [1, 2, 3, 4]) chiefly in asking that the procedure work for all possible sizes of the voting population, rather than for a fixed population, given in advance. This permits us to require, for example, that if each of two bodies of voters prefers candidate A to candidate B under a given procedure, then the combination of these bodies should prefer A to B under the same procedure. In Section 1 we give the formal definitions of an aggregation procedure and discuss certain desirable features, namely neutrality (treats candidates symmetrically), (the condition mentioned above), monotonicity, and an Archimedean property which says, roughly, that a sufficiently large body with a given distribution of preferences can impose its will on any body of fixed size. In Section 2 we introduce certain procedures: point systems and systems (roughly, allowing infinitesimal points), which are neutral and separable. They are monotonic if and only if the points are arranged in the natural order, and the are, in addition, Archimedean. In Section 3 we prove a converse, namely that any neutral and separable procedure can be realized by a generalized system and, if it is Archimedean, by a system. This part requires some familiarity with the notions of least upper bound of a set of real numbers and bases of vector spaces. In Section 4 (which is largely independent of Section 3), we consider point which use in a succession of eliminations. Such are neither separable nor monotonic but do satisfy some very weak separability and monotonicity conditions. While these probably do not characterize runoff systems, we know of no other satisfying them.

Richard G. Marcis, V. Kerry Smith, The Demand for Liquid Asset Balances by U.S. Manufacturing Corporations: 1959-1970, The Journal of Financial and Quantitative Analysis, Vol. 8, No. 2 (Mar., 1973), pp. 207-218

The proposed course constitutes an introduction to the discipline of accounting as a whole, and has a concentration in financial accounting (meetings 6–24 and 26–32). All parts contain conceptual, mechanical, analytical (quantitative and qualitative) and evaluative emphases, and the course is also somewhat issue oriented. Coverage of social and management segmentations in addition to financial accounting, serves the purpose of introducing the student to the whole discipline. Coverage of financial accounting is not as intensive nor extensive as some aspects of the traditional introductory course, but includes an evaluative dimension in the form of various valuation methods, as well as coverage of the final stage in the communication process (attest function). This specific coverage taken together with the different manner in which all aspects of the financial accounting function are introduced, provides an appropriate perspective of the financial accounting segmentation.

PpT HE purpose of this paper is to test empirically two propositions which have been closely, although not exclusively, associated with Milton Friedman in recent years. The first is the hypothesis that changes in monetary or fiscal policy variables are frequently ineffective in stabilizing some target variable because they are poorly timed.1 The second hypothesis, which was presented by Friedman and Meiselman (1963), is that the money supply is a more important determinant of aggregate demand than autonomous expenditures.2 We test these hypotheses by considering the effects of changes in fiscal and monetary variables upon the movements in gross national product within the framework of a small, short-run econometric model of the United States economy. In our model both money supply and government expenditure are regarded as autonomous manipulative policy instruments. A special feature of the study is a quarter-by-quarter investigation of the effects of changes in each of the two policy variables upon the movement of GNP. The period of investigation dates from the end of the Korean War (1954-I) to the beginning of serious military involvement in Vietnam (1963-IV). The plan of the paper is as follows: In section II we specify and estimate the structural equations of the model. Section III is concerned with a dynamic analysis of the system. Here we derive our estimates of the dynamic multipliers and examine the system for stability. In section IV we utilize the preceding results to determine the relative importance of each of the two policy variables during the sample period. Simplified criteria are suggested and applied for evaluating the actual operation and relative effectiveness of the two types of policy. The final section contains a summary of the main results and some concluding remarks.