At the close of such a conference as this, it is appropriate that the critical synthesis be as noncritical as possible. Each of the papers has been dissected; what is necessary at this point are some vacuous well-meaning comments that no one can take umbrage at. To ensure getting comments like these requires selecting someone who is certain not to understand the papers. This does not become a formidable obstacle, because the probability of success is very high if the person selected is one with full professorial rank. My first comments will be directed to the title. Question has been raised as to what empirical research is. To answer this I would like to commence with a possible definition of research, namely that research is the formulation and testing of hypotheses with the aim of understanding and predicting behavior. If this definition is accepted, then it is impossible to classify any endeavor as research unless it is empirical. Hypotheses may be stated without observation or experiment but they cannot be tested in a nonempirical fashion. It has been said that one feature of the Renaissance was the replacement of medieval theorizing by research. If this is true, accounting may be said to be in the renaissance period. Up to this time hypotheses have been formulated (any proposal for a change in accounting methods is basically a hypothesis that the use of the proposed accounting method will have some kind of desirable results-the exact nature of these is frequently not stated), but hypothesis testing has been rare. The only possible reason to use the term empirical research for the papers presented here is to point out to the person accustomed to use the term research in a loose sense that these are research papers in the proper sense. These papers are on empirical research in accounting. Accounting,

Journal Article Some Theoretical Properties of a Two-Sector Model of Optimal Growth Get access L. Johansen L. Johansen University of Oslo Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 1, January 1967, Pages 125–141, https://doi.org/10.2307/2296574 Published: 01 January 1967

Introduction, 610. — Case 1: Firms whose response functions pass through the origin, 612. — Case 2: Firms whose response functions are positive at zero promotion levels, 619. — General discussion and conclusions, 626.

This paper estimates a model of the United Kingdom's monetary sector comprising supply and demand functions for various types of monetary assets including currency, bank reserves, demand deposits, time deposits, and total deposits. The model is closed by a simple distributed lag version of the quantity theory of money. Since the matrix of endogenous variables turns out to be triangular, the model is superficially recursive and thus OLS may be a consistent, FIML estimator of the system. In case the other conditions for recursiveness are not met and the system is genuinely interdependent, TSLS estimates are also presented. Various interest rates and income elasticities are calculated. They conform broadly with previous single equation estimates of their magnitude.

Michael J. Hamburger, Gerald L. Thompson, Roman L. Weil, Jr., Computation of Expansion Rates for the Generalized von Neumann Model of an Expanding Economy, Econometrica, Vol. 35, No. 3/4 (Jul. - Oct., 1967), pp. 542-547

Econometric models have often been used to explain and predict demand, production and price patterns of agricultural commodities. With computers generally available, estimation and application of these models is a simple matter. In spite of this, there has been nothing written, at least nothing that we are aware of, which details the use of such models as an aid to speculation in commodities futures. This brief note reports successful use of an econometric model and a time-sharing computer system for this purpose.

Abstract The article examines various aspects of the concept of replacement value accounting. Replacement value theory is a particular measurement concept employed in ascertaining what constitutes that maintenance of a capital for the entire entity. Income is the residual that exists after capital is maintained in that sense dictated by this special measurement concept. In some cases it is possible that the capital to be maintained is measured in terms of current replacement costs. Historical cost accounting and the general or specific price level adjustments to it are restricted in the amount of their charges against revenue to the historical or price-level adjusted historical costs of those assets which the entity presently holds. In order to provide a detailed contrast with the price-level adjustments, it is necessary to leave the conceptual level of replacement-value accounting. However, whenever the individual-asset-and-liability-levels are selected for the purposes of brief comparisons, certain simplifying assumptions are required.

Reviews the book "Accounting for Nonprofit Organizations: An Exploratory Study," by Emerson Henke.

Abstract The achievement of accounting objectives is predicated upon successive means-ends combinations accommodated by and implicit in this environment. A singularly important accounting goal is the measurement of periodic income of a business enterprise. This action, measurement, should begin with the measurer's understanding of a conceptual definition of income-one which clearly identifies those qualitative attributes of which income consists. The conversion of this type of conceptual formulation into an operational proposition presupposes the existence of broad purposes that underlie the general process of accounting measurement as well as the specific purposes which more uniquely condition income measurements; these purposes manifest themselves in the form of reactor elements (operators) that facilitate the systematic translation of conceptual expressions into operational definitions. It is assumed that the structure of the process by which the accountant is able to resolve each of these specific income determination problems is not unlike the structure of any other human problem-solving activity, and that examination of this applied problem-solving in appropriately general form may illumine, at least partially, the relevant metatheoretical structure elements and relationships.