Introduction, 108. — I. The three approaches and the issues facing them, 109. — II. Similar objectives will require different policies, 114. — III. Contrast between development strategy and benefit-cost analysis, 117. — IV. Conclusion, 119.

Journal Article British Taxation: Imperial and Local Get access Joseph King Joseph King London Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 14, Issue 2, February 1900, Pages 277–284, https://doi.org/10.2307/1883772 Published: 01 February 1900

I. Introductory. Method and purpose of this paper; Mitchell's figures subjected to more refined methods, 656. — II. Comparison of wholesale and retail prices, 658; lag of retail prices not clearly established, 659. — Producers' goods and consumers' goods; examination of annual, quarterly and monthly data, 660. — III. Raw materials, partly manufactured and finished goods move concurrently, 663. — Influence of raw materials eliminated, 664. — Dissimilar price fluctuations of producers' and consumers' goods, 665. — IV. Organic and inorganic goods; Sombart's theory tested, 666. — V. Wages in England and United States; closer relation between wages and wholesale prices in the former, 668. — VI. Summary and conclusions. Mitchell confirmed in part only, 671. — Annual figures not necessarily homogeneous; quarterly figures suggested, 673.

Journal Article Does Conservation Involve Cost? Get access Willford I. King Willford I. King University of Wisconsin Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 30, Issue 3, May 1916, Pages 595–600, https://doi.org/10.2307/1885242 Published: 01 May 1916

The check-off system now in general use by the United Mine Workers, 730. — Why the operators have granted it: a precedent in the existing check-off for supplies, and in the presence of the check-weigh-man, 731. — History of the check-off system for union dues, 734. — Its main features, 735. — The unions' "card day" done away with, 737. — Effect of the check-off in strengthening the union, 738. — It acts to bring about virtually, tho not formally, the closed shop, 739.

Journal Article The National Transcontinental Railway of Canada Get access W. L. Mackenzie King W. L. Mackenzie King Ottawa, Canada Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 19, Issue 1, November 1904, Pages 136–148, https://doi.org/10.2307/1884867 Published: 01 November 1904

A discretionary policy-maker responds to the state of the economy each period. Private agents' current behavior determines the future state based on expectations of future policy. Discretionary policy thus can lead to dynamic complementarity between private agents and a policy-maker, which in turn can generate multiple equilibria. Working in a simple new Keynesian model with two-period staggered pricing—in which equilibrium is unique under commitment—we illustrate this interaction: if firms expect a high future money supply, (i) they will set a high current price; and (ii) the future monetary authority will accommodate with a higher money supply, so as not to distort relative prices. We show that there are two point-in-time equilibria under discretion, and we construct a related stochastic sunspot equilibrium.

This paper explores the portfolio behavior of investors differing with respect to both tax rates and risk aversion, emphasizing the role of constraints on individual and firm behavior in ensuring the existence of and characterizing portfolio equilibrium. Under certain conditions on the securities available in the market, which also are necessary for shareholders to be unanimous in supporting firm value maximization, investors will be segmented by tax rate into two groups, one specialized in equity and the other in debt. Though the relative wealths of the two groups determine the aggregate debt-equity ratio, each firm will be indifferent to its financial policy.

We present cross-country evidence consistent with Schumpeter's view that the financial system can promote economic growth, using data on 80 countries over the 1960–1989 period. Various measures of the level of financial development are strongly associated with real per capita GDP growth, the rate of physical capital accumulation, and improvements in the efficiency with which economies employ physical capital. Further, the predetermined component of financial development is robustly correlated with future rates of economic growth, physical capital accumulation, and economic efficiency improvements.