COLIN Clark's ambitious book The Economics of I960, published in 1942,1 was concerned with making world-wide forecasts of agricultural prices, agricultural working population and production, and total real income. Its main conclusion was that the level of agricultural prices relative to non-agricultural prices in the world the so-called terms of trade would, by I960, rise go per cent above the base period of I925-34, as a result of rapid industrialization. These forecasts rested upon an econometric model of the world economy. Because the forecasts related to I960, it is now possible to evaluate the accuracy of the predictions and appraise the adequacy of Clark's basic model. The purpose of this paper is to make such an appraisal, and to use it as a guide to the improvement of subsequent economic projections.

Everett C. Hughes, Non-Economic Aspects of Academic Morale, The Review of Economics and Statistics, Vol. 42, No. 3, Part 2. Higher Education in the United States: The Economic Problems (Aug., 1960), pp. 118-121

T HE study of the credit system is, traditionally, an important part of economic discipline. It is the purpose of this paper to introduce a new method, the method of the linear graph, for the study of this time-honored subject. Ostensibly, the contribution of this paper is pedagogical. However, this method enables us to identify and classify all transactions from properly constructed economic models of credit structures. Since all the operations of a credit system are formed of transactions, it is hoped that an axiomatic approach, which is conspicuous by its absence in the study of money and banking, can be initiated through this approach. In order to do this, certain elementary mathematical concepts of the linear graph must be introduced. For this reason, we shall proceed informally and omit all proofs in our presentation. However, the applicability of the mathematical theory of linear graph to the study of money and banking problems is by no mean limited to the elementary mathematical knowledge contained in the text. It is hoped that the method initiated in this paper can be further developed to yield more fruitful results in economic analysis. This is illustrated in the appendix by some examples of economic analysis using non-trivial theorems of linear graph. The text of this paper, however, can be read by readers with no mathematical background in linear graph theory.

C. L. Barber, The New College Plan: II. The Plan and its Rationale, The Review of Economics and Statistics, Vol. 42, No. 3, Part 2. Higher Education in the United States: The Economic Problems (Aug., 1960), pp. 141-145