Journal Article The Concept of Liquidity in International Monetary Theory Get access H. W. Arndt H. W. Arndt Sydney Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 15, Issue 1, 1947, Pages 20–26, https://doi.org/10.2307/2295924 Published: 01 April 1947

Journal Article Multiple-Plant Firms: Comment Get access Wassily W. Leontief Wassily W. Leontief Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 61, Issue 4, August 1947, Pages 650–651, https://doi.org/10.2307/1885054 Published: 01 August 1947

An estimate of y obtained by applying the method of maximum likelihood under the assumption that ut is normally distributed is consistent and asymptotically normally distributed. The asymptotic standard deviation is given in this note. Although Kendall considers many estimates of the period in his publication, he does not use the maximum-likelihood estimate although it has desirable properties in large samples that several of the other estimates do not have.4 It is interesting to compare the numerical results of using this estimate with those Kendall applies to four artificial series generated by (1), each series with a different pair of coefficients a and j3.5 If the ut (t , 2, . . . , T) are assumed to be normally distributed and if x-, and x0 are assumed to be fixed, the estimate defined by the method of maximum likelihood is obtained by substituting in (2) the estimates of a and ,B found by the method of maximum likelihood under these assumptions [see equations (8)]. H. B. Mann and A. Wald6 have

THE admirable review article by Joseph S. Davis sets a high standard in workmanship. The review is many sided, meticulous, and on many specific points penetrating. Davis concurs in many of the lesser findings put forward in the book, but he is obviously much disturbed by the two main theses that emerge. He cannot accept the conclusion that a persistent excess supply of labor, with the attendant low per capita earnings, characterizes agriculture in the long run. Nor is he willing to take the cyclical instability of farm income associated with business fluctuations and treat it as part of the general problem of maintaining the aggregate demand by means of monetary-fiscal measures that are countercyclical in nature. Davis' dissent, therefore, is not with regard to details but on fundamentals. The basic differences between his approach and that underlying Agriculture in an Unstable Economy go much deeper than his liberal praise of the book might indicate. They are rooted partly in economic theory, partly in the empirical evidence considered relevant, and partly in concealed valuations. These analytical differences can best be made explicit by focusing first on the idea of equilibrium and second on fluctuations.

T HE question is often asked, how does the composition of the family budget change over time when the independent variable, family income,2 changes? In the way of a partial answer, at least, a study of continuous farm family budgets based on secondary data was undertaken by the Bureau of Agricultural Economics for the years immediately preceding World War II. In some ways the results of this study are illuminating; in others, disappointing. But let us review the analysis before we draw too sweeping conclusions.

The business policies of a department store, like any other sound business enterprise, are finally decided by top management, generally the corporate officers or the Board of Directors. These policies, once laid down, must be administered by the next immediate echelon of operating personnel consisting of the merchandise manager, the general superintendent or store manager, the publicity director and the controller. One of the major problems in retailing today, from the controller's viewpoint, is that of adequate merchandise control. The emphasis has been the need for carrying such techniques through to the point of benefit to every branch of the business. There has been an attempt also to talk of speed—shorter time lapses between the occurrence of an event and the recording and reporting of that event—and finally there has been an attempt to tell that accounting, at least in an organization is a process of seeking the best manufacturing techniques to enable to produce a fast, dependable and low-cost tool which has a very positive effect on shaping business policies because it is not a dusty, historical record over which to hold post-mortems, but instead it is a live, current force from which such policies can be created.