Knowledge that Transforms

Value theory and the theory of economic change, 185. — I. Preoccupation with static systems and with equilibrium, 186. — II. Assumptions of value theory lead to difficulties, 187. — Instantaneous analysis, 189. — Probability approach, 190. — Mechanism of change excluded, 192. — III. Expectations, 193. — Deriving welfare propositions, 194. — Analogy in quantum physics, 197. — The question of units, 198. — IV. Developing a theory of economic change: micro-economic vs. macro-economic conditions, 199; selection of relevant parameters, 199; projection of past performance of parameters, 200; cumulative change, 202. — Conclusions, 203.

Introduction: experimental determination of a theoretical production function, 543. — Imperfect markets and disequilibrium situations, 546. — Delayed adjustments, 548. — Other reasons why actual observations will not show adjustments envisaged by static equilibrium theory, 548. — Functions based upon short-run adjustments, 549. — Transitions, 550. — Time-series and cross-section studies, 551. — Homogeneity, 552. — The data as measurements: industries vs. firms, 553; factors of production, 553; capital, 554; depreciation, 556; sampling, 560. — Conclusion, 562.

Three logical possibilities as to what an entrepreneur should maximize: the internal rate of return, total profits, rate of profit over cost, 56. — I. The use of these criteria in the literature on the theory of capital and interest, 57. — II. The case of tree-growing: the internal rate of return, 63; total profits, 66; choice between them when a market rate of interest exists, 68; when no market rate exists, 70. — III. Total profits vs. rate of profit over cost, 71. — Where entrepreneur's funds are not limited, 75. — Financing by stock and by debts, 76.

I. Impact of transport technology upon the United States economy, 145. — II. Costs of air transport, 149. — The rôle of aircraft in the future transport web, 153. — Private aircraft, 156. — Cargo movement, 157. — III. Implications of the foregoing: urban-metropolitan patterns, 161; investment outlets, 163; trade channels and commercial centers, 164; capital exports, 166; government aid, 166. — Appendix: the case of Brazil, 168.

Importance of studying the formal aspects of trade-union government, 78. — Scope of the paper, 80. — I. Structural elements: the industry within which the union operates, 80; administrative problems faced by the union, 89; competition of other unions, 93; legal directives, 96. — II. Initative elements: meaning of the concept, 98; illustrations, 99. — III. Power elements: meaning of the concept, 102; classification, 102; the Musicians' Union, 104; other cases, 106. — IV. Summary and conclusion: two basic characteristics revealed, 108; relative importance of different factors, 108; separation of legislative, executive and judicial authority, 109; conflicting interests, 109; union philosophy, 109; centralization, 110.

Monopoly often only an attempt to solve a problem, 524. — The "classical" argument against monopoly, 525. — Its limitations, 525. — The rôle of deflation in the development of monopoly, 527. — Price flexibility and spiral effects, 530. — Wages and employment, 533. — The fear of deflation, 534. — Saving, 536. — Competition vs. deflation, 537. — Non-price competition, 538. — Advertising, 540. — Control of deflation, 540. — Other grounds for monopolistic trends, 541.

Introduction: early opposition, 597. — Impediments to Negro employment: employer attitudes, 600; union attitudes, 605. — Methods of introducing Negro labor: Lockheed-Vega, 608; North American, 610; Wright Aeronautical, 611. — Labor utilization: over-all increase in Negro workers, 613; particular labor markets, 615. — The rôle of labor unions, 621. — Conclusion, 623.

Preliminary definitions, 405. — Liquidity and the monetary concept, 406. — Liquidity preference, 410. — Definition of money, 411. — The utility of money, 414. — Answers to objections, 414. — The specifications of monetary neutrality, 418. — Three model sequences, 420. — Conclusions for policy, 425.

The "excess burden" doctrine, 577. — I. Marshall's analysis, 578 —. Mrs. Hicks' reformulation, 579. — J. R. Hicks on "compensating variations in income, " 579. — Miss Joseph's analysis, 579. — II. Excess burden not peculiar to indirect taxes, 582. — Comparison with income taxes, 586. — Progression, 587. — Compensation for subjective costs, 590. — III. Other economic effects of taxes, 591. — IV. Commodity and income taxes in the light of "ideal" requirements, 594. — V. Conclusions, 596.

Journal Article Does the Consumer Benefit from Price Instability? Get access L. D. Howell L. D. Howell Bureau of Agricultural Economics, Washington, D. C. Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 59, Issue 2, February 1945, Pages 287–295, https://doi.org/10.2307/1884829 Published: 01 February 1945