JN an article in thisREVIEW in I947, James Tobin' investigated the relationship between interest rates and the quantity of money in this country for the period I9I9-47. His results appeared to conform extremely well to the Keynesian liquidity-preference hypothesis which asserts that the demand for idle balances is a decreasing function of the interest rate, and that the interest-elasticity of demand for idle balances approaches infinity as the interest rate approaches its institutional floor. Tobin's data are shown as the dots in the graph in Chart i.

T HE minimax strategy is the foundation of the theory of games of von Neumann and Morgenstern. It may sound surprising that after a decade of discussion, objections based on certain misconceptions still prevail in the professional literature. Although one may take comfort in the thought that the impact of most theoretical development, such as that of modern physics, is often not appreciated till after decades, yet such persistent misunderstanding of this basic theorem should certainly be dispelled. Three papers deserve particular attention because they encompass a broad range of common criticisms. papers are: Hans Neisser, The Strategy of Expecting the Worst '; Carl Kaysen, The Minimax Rule of the of Games and the Choices of Strategies under Conditions of Uncertainty2; and Daniel Ellsberg, Theory of Reluctant Duelist. 3 To avoid repetition, I shall single out only certain aspects of each paper to illustrate my point, since some of the remarks can be directed to the others as well.

Coussy Jean. Hoffmeyer (Erik) - Dollar shortage and the structure of U.S. foreign trade.. In: Revue economique, volume 12, n°1, 1961. pp. 155-156.