Rare is the economist who has made great contributions to the literature in not one but two fields. Gottfried Haberler is a member of that select group of scholars. His pioneering work in international economics is surveyed by Baldwin and Willett; this essay reviews his writings in the area of business cycles and the domestic macroeconomy. The inherent greatness of Prosperity and Depression, Haberler's outstanding work on the business cycle,1 can perhaps best be indicated in tabular form. Table I provides a history of the publication of the work as well as a summary of its contents. Haberler's goal was, first, to present and analyze-and reconcile wherever possible-the existing theories of the business cycle and, second, to derive from these theories a synthetic2 explanation of fluctuations of economic activity. Table II, which presents a summary of the scholarly book reviews of Prosperity and Depression, shows that the greatness of the work was understood from the moment it appeared in print. Haberler subjects every existing explanation of the business cycle-the monetary theory, overinvestment theories, underconsumption theories, psychological and error theories, cost-of-production theories, and even agricultural theories-to a searching analysis under the following scheme: theoretical foundation, explanation of the different phases of the cycle-upswing (prosperity), downswing (depression), and upper and lower turning points (crisis and revival, respectively)-reasons for recurrence and periodicity, and international aspects. Often, the international implications of the theory were not considered by the originators; they are developed by Haberler himself. Haberler shows that many theories explain only part of the cycle (for example, the crisis and downswing) or provide only an exogenous

Journal Article The Optimality of Pure Competition in the Capacity Problem: Reply Get access Lawrence H. Officer Lawrence H. Officer Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 81, Issue 4, November 1967, Pages 705–706, https://doi.org/10.2307/1885591 Published: 01 November 1967

Journal Article The Optimality of Pure Competition in the Capacity Problem Get access Lawrence H. Officer Lawrence H. Officer Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 80, Issue 4, November 1966, Pages 647–651, https://doi.org/10.2307/1882920 Published: 01 November 1966

Introduction, 325.— Demand for foreign exchange, 326. — Supply of foreign exchange 327.— Signs of elasticities, 329. — Graphical presentation, 330.

The gold standard in 1890-1908 period was efficient by any criterion: the number of gold point violations was small; violations did not persist; gold movements occurred in the predictable, profitable, direction in response to violations; and the mean absolute exchange rate (for 1881-1900) was at exactly half the average of the gold points. The actions of the Bank of England and U.S. Treasury in manipulating gold points were consistent with the "rules of the game" and in fact facilitated the efficiency of the gold standard. In contrast, the operations of banking syndicates were of a nature to generate inefficiencies, but the evidence is that they did not have this effect.

The gold standard in 1890-1908 period was efficient by any criterion: the number of gold point violations was small; violations did not persist; gold movements occurred in the predictable, profitable, direction in response to violations; and the mean absolute exchange rate (for 1881-1900) was at exactly half the average of the gold points. The actions of the Bank of England and U.S. Treasury in manipulating gold points were consistent with the "rules of the game" and in fact facilitated the efficiency of the gold standard. In contrast, the operations of banking syndicates were of a nature to generate inefficiencies, but the evidence is that they did not have this effect.

CANADA was one of 52 countries participating in the negotiations of 1964-1967. Because of the openness of the Canadian economy, the potential results of these trade liberalizations on its imports and exports are of special interest.' In this study we forecast the price effects of the Kennedy Round on Canada's trade as of 1973, when all the negotiated tariff reductions are scheduled to have occurred. We consider the impacts on total Canadian imports and exports to the United States, and analyze them disaggregatively by commodity groups. This is done by means of a four-stage procedure: