Journal Article Dynamic Cournot-type Oligopoly Models—A Correction Get access M. McManus M. McManus Birmingham Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 29, Issue 4, October 1962, Pages 337–339, https://doi.org/10.2307/2296312 Published: 01 October 1962

Journal Article On the Consistency and Efficiency of Central Plans Get access J. M. Montias J. M. Montias New Haven Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 29, Issue 4, October 1962, Pages 280–290, https://doi.org/10.2307/2296304 Published: 01 October 1962

Journal Article Substitution and Fixed Proportions in the Theory of Capital Get access Robert M. Solow Robert M. Solow Cambridge, Mass. and Washington, D.C. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 29, Issue 3, June 1962, Pages 207–218, https://doi.org/10.2307/2295955 Published: 01 June 1962

Comment Get access Robert M. Solow Robert M. Solow Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 29, Issue 3, June 1962, Pages 255–257, https://doi.org/10.2307/2295963 Published: 01 June 1962

I. Introduction, 331. — II. The traditional systems, 333. —III. Impact of the new economic era, 335. — IV. The case of West Germany, 339; background of labor-management institutions, 339; recent economic changes, 340; the wage drift, 341; the shifting center of gravity in labor relations, 344; unions and work councils, 345; union and employer views on plant agreements, 348; recent strikes experience, 350; the condition of the union movement, 352; the problem of wage policy, 354; conclusion, 358.

According to Wold, information on some of the variables at time t cannot be used for prediction of the values of the remaining variables at t, in a simultaneous equation system. This, however, is not the case with his causal model. This paper considers the stochastic processes underlying the two models, uses the theory of canonical correlation to discuss Wold's criticism, and suggests the type of additional information necessary to remove these objections. It further shows how both these models are complementary to each other. IN A SERIES of papers, Wold [9, 10, 11, 12] has recently proposed a new type of econometric model, which he calls the implicit causal chain model. The main incentive for this model was an attempt to combine the advantages of Tinbergen's causal model with those of the simultaneous equation systems initiated by Haavelmo [3, 4]. This latter model, which has been studied in detail by the Cowles Commission, is also known as the system. Wold has raised some objections, mainly from the point of view of prediction, against the simultaneous equation system; and in order to remedy these, he relaxed some of the restrictions on the correlational properties of the residuals in the simultaneous equation system. In this paper, these two models are discussed from an angle which offers a possibility for reconciling them. It is shown how the merits of both systems can be utilized by effecting some synthesis of them with the help of the stochastic process underlying both models. Furthermore, by using canonical analysis, it is shown how both these models are complementary. It must, of course, be added that the prediction problem has been considered purely on the basis of the stochastic model assumed, and the possible applicability of different representations of such models, for example, in economic contexts, under wider conditions is not discussed. Wold has objected to interdependent models on grounds other than prediction, especially from the point of view of the interpretation of structural parameters as elasticities, etc. The present paper, however, will not deal with this aspect of the problem. Instead, it deals primarily with the stochastic processes underlying economic models, and the demand and supply model, considered in the next section, is only for illustration.

Journal Article Backward-Sloping Labor Supply Function in Dual Economies — the Africa Case: Comment Get access Peter F. M. McLoughlin Peter F. M. McLoughlin University op California, Los Angeles Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 76, Issue 4, December 1962, Pages 660–662, https://doi.org/10.2307/1879553 Published: 01 December 1962