In order to describe an inflationary process it is necessary to have some knowledge of how prices and wages are determined. Conventional economic theory has regarded prices (and wages) as reacting to the level of excess demand or supply in the commodity (labour) market. Investigations have shown, however, that especially in manufacturing industries prices are often determined by applying a profit margin to variable costs., Some wages are also "cost determined", as for instance, in Australia where until recently the Commonwealth basic wage was adjusted quarterly to changes in the C. Series price index. A realistic analysis of inflation processes should allow for both cost and demand influences in price and wage determination. (First paragraph of Precis.)

Journal Article The Falling Rate of Profit In Marxian Economics Get access H. D. Dickinson H. D. Dickinson University of Bristol Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 24, Issue 2, February 1957, Pages 120–130, https://doi.org/10.2307/2295765 Published: 01 February 1957

I. Introduction, 368. — II. Pre-Soviet history, 369. — III. Early Soviet projects, 372. — IV. The Combine controversy, 375. — V. Implementation: 1928–1937, 378. — VI. De-emphasis on the Combine, 1937–1955, 383. — VII. The Sixth Five Year Plan, 1956–1960, 387. — VIII. Criteria of evaluation, 389. — IX. Evaluation of the Combine, 395. — X. Summary, 403.

1. There is evidence that accounting graduates are often lacking in the breadth arid depth of training considered by employers, the Standards Rating Committee, and The Commission on Standards to be necessary for long-run success in accounting careers. 2. Since education is a life-time process, the first step in improving the accountant's education should be the ascertaining of what can best be done in the classroom and what can best be left until after graduation. 3. In the broader aspects of the student's training, our responsibility is primarily that of counselor to the student. 4. In education for business, the role of accounting faculties is that of showing how accounting fits into the economic frame- work, in reconciling and contrasting various points of view, and in assisting the student in viewing his knowledge of the various business specialties as a whole. 5. In education in accounting, there is need for much soul-searching relative to the present content of our accounting courses. Much more attention should be devoted to instilling into the student a consciousness of what constitutes professional conduct. To the extent that present textbooks are any criterion of the depth and breadth of accounting courses, we are lagging far behind the objectives set for us by employers, the Standards Rating Committee, and The Commission on Standards. We have an immediate responsibility to bring these texts more nearly in line with our avowed goals. In conclusion, the Standards Rating Committee and The Commission on Standards have gone on record as stating that the type of training needed for present-day accounting cannot be accomplished within a four-year curriculum. As we move toward longer periods of normal education, we can no longer use lack of time as an alibi for the shortcomings of our product.

Reviews the book "Specialized Accounting," by H.S. Pace and E.J. Koestler.

Everyone knows that every profession is concerned about the shortage of qualified students entering its field. According to the report, the majority of the schools studied require between 120 and 130 semester hours for graduation with a bachelor's degree, with no school requiring less than 120. The most common over-all division of the total number of hours was for 25 per cent to be devoted to accounting courses, 25 per cent to other business courses, and 50 per cent to nonbusiness courses. Many characteristics are expected of the college graduate including such intangible ones as integrity and ambition. One major criticism of accounting education is that many accounting instructors attempt to teach facts rather than to educate people. One of the unique characteristics of public accounting is the requirement to write memorandums, reports and letters. By far the most important training in public accounting is the day-to-day, on the job supervision. This is as true in memorandum writing as in the actual performance of the audit procedures and of course we devote to such supervision as much time as possible under the pressure of getting the job done.

Reviews the book "Studies in the History of Accounting," edited by A.C. Littleton and B.S. Yamey.

The subject of the tax basis of property and the related subject of gains or losses on disposals are probably the most difficult subjects for most students in an introductory income tax course. Students tend to become rather badly lost among the maze of general rules, exceptions and exceptions to exceptions which cover the various situations. Where appropriate, journal entries are used to help explain the treatments. The outline itself is not complete in this respect. Accordingly, in the class discussion considerable time is spent on this phase. The outline has been given to the students after they have already had one or two days on basis material and have struggled with it for a while. The use of the outline has not produced any startling improvement in student comprehension of the material covered. Many still remain confused. However, there is evidence that on equivalent examinations, grades have been somewhat improved over scores in past semesters before the outline was used.