Journal Article Regional Allocation of Investment: Comment Get access Michael D. Intriligator Michael D. Intriligator The RAND Corporation, University of California, Los Angeles Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 78, Issue 4, November 1964, Pages 659–662, https://doi.org/10.2307/1879665 Published: 01 November 1964

Journal Article Swans, Falling Bodies and Five-Legged Dogs Get access D. A. Collard D. A. Collard University College, Cardiff Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 78, Issue 4, November 1964, Pages 645–646, https://doi.org/10.2307/1879661 Published: 01 November 1964

ONE of the most important developments in public finance in the post-World War II period has been the great growth of state and local government debt. From a level of $15,900,000,000 in fiscal 1946, state and local government gross debt outstanding has more than quadrupled, to $69,800,000,000 in fiscal 1960.' This study is concerned with the factors affecting the volume and timing of state and local government new debt issues.2 An attempt is made here to develop comprehensive econometric models explaining post-war state government and local government new debt patterns. While in most studies of municipal debt no distinction is made between state governments and local governments, respectively, in the present study it was found that such a distinction is crucial to an adequate comprehension of the factors affecting the new debt issues. Therefore, the next two sections are devoted to separate analyses of state debt and local debt.

PROFESSORS Friedman and Meiselman' recently have reported that a simple theory model describes aggregate consumption more accurately than a simple autonomous expenditure model. They believe this result is evidence that the quantity theory is a better description of the American economy than the autonomous expenditure or Keynesian theory.2 If their interpretation were correct, the Friedman-Meiselman paper would be one of the most significant economic studies in many years. But it is not correct. Friedman and Meiselman have represented the autonomous expenditure theory in a very unorthodox form. Their statistical comparisons are extremely sensitive to how the autonomous expenditure theory is represented. Below, I employ a more conventional representation of the autonomous expenditure theory and demonstrate why Friedman and Meiselman's tests are misleading. Further, using this conventional model and some of their data, little empirical evidence is found which favors the theory. Finally some other conceptual weaknesses of the Friedman-Meiselman tests are illustrated. Briefly, Friedman and Meiselman compare simple, partial, and multiple correlation coefficients obtained from the following equations, estimated from annual (1897-1958) and quarterly (1945-1958) data for the United States: C=al+8(A (1) C=a2 +82M (2) C = a3+/33A +13P (3) C = a4 +84M+y4P (4) C = a5 + 35A + 85M (5) C = a6 + 86A + 86M + Y6P (6)

The article focuses on the study of Internal Revenue Services in accounting courses. In teaching accounting courses, field trips are not often used. Probably only for special situations and for relatively small groups could they be effective. In its graduate course in income tax at the University of Illinois, "Income Tax Development," one of the university's objectives is to give students some comprehension of current developments, including tax practice and relationships between practitioners and the Internal Revenue Service. In studying the Internal Revenue Service the university has some formal reading assignments. Whenever schedules will permit the university will try to culminate this with an all-day visit to a District Office of the lnternal Revenue Service. It has been extremely interesting to observe reactions of students to this visit. It is clear that the purpose of the paper is not simply to discuss the image of the Internal Revenue Service. This is an interesting subject in itself, but is intended as an illustration of the image of almost any government servant. The author feels that better understanding on the part of the enlightened public is needed, and will lead to better service and better rewards for service.

From the financial analyst's point of view an increase in corporate revenues, over a period of time, is generally considered to be a healthy trend. This is important information for anyone interested in the economic condition and progress of a company. Financial analysts need a point of reference. They need comparative financial statements. Fiction in sales reporting is used to mean the false impression that is gained from some of today's reporting practices. This article will be concerned with three types of situations that may lead to non-comparable, and therefore misleading financial statements namely Non-comparable organizations, Non-comparable time periods and Non-comparable monetary units. It is important for accountants to present financial statements that are free of misleading implications than to be so technically precise that the real economic significance is lost. Comparative financial statements are valuable for estimating what will happen in the future by indicating a trend that can be extrapolated.