Knowledge that Transforms

Journal Article An Investment Planning Process for an Economy with Increasing Returns Get access M. Aoki M. Aoki Harvard University and Kyoto University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 3, July 1971, Pages 273–280, https://doi.org/10.2307/2296381 Published: 01 July 1971

Journal Article Majority Voting and Social Choice Get access J. Craven J. Craven King's College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 2, April 1971, Pages 265–267, https://doi.org/10.2307/2296783 Published: 01 April 1971

Journal Article Planning, Prices and Increasing Returns Get access G. M. Heal G. M. Heal Christ's College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 3, July 1971, Pages 281–294, https://doi.org/10.2307/2296382 Published: 01 July 1971

Journal Article Tax Policy, Corporate Saving and Investment Behaviour in Britain Get access M. S. Feldstein, M. S. Feldstein Harvard University Search for other works by this author on: Oxford Academic Google Scholar J. S. Flemming J. S. Flemming Nuffield College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 4, October 1971, Pages 415–434, https://doi.org/10.2307/2296687 Published: 01 October 1971

Journal Article The Structure of the Cost of Capital under Uncertainty Get access A. Beja A. Beja Tel Aviv University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 3, July 1971, Pages 359–368, https://doi.org/10.2307/2296388 Published: 01 July 1971

R. S. Uhler, J. G. Cragg; The Structure of the Asset Portfolios of Households1, The Review of Economic Studies, Volume 38, Issue 3, 1 July 1971, Pages 341–

C. Caton, K. Shell; An Exercise in the Theory of Heterogeneous Capital Accumulation12, The Review of Economic Studies, Volume 38, Issue 1, 1 January 1971,

Journal Article The Dynamic Effects of Fiscal Policy in an Economy with Foresight Get access R. E. Hall R. E. Hall University of California, Berkeley Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 2, April 1971, Pages 229–244, https://doi.org/10.2307/2296781 Published: 01 April 1971

A famous paper by Conrad and Meyer calculates that on the eve of the American Civil War, slave prices were about equal to the present values of the slaves' labor services. They argue that this is evidence for the proposition that ordinary economic forces, without political intervention were not likely to put an end to slavery.I wrote this paper when pretty much the only economics that I knew was 1) how to prove the existence of competitive general equilibrium. 2) how to calculate present values. So the paper does two things. It shows how to apply Arrow-Debreu type existence theory to an economy with slavery. (this involved some technical wrinkles that were not in the existing existence literature.) More importantly, it argues that the calculations of Conrad and Meyer showed only that capital markets for slaves were working pretty well, but were not direcly relevant to the question of whether slavery as an institution was economically viable. To answer the latter question, we need to calculate two things. 1) Does an infant slave have positive present value? [If not, reproduction would be discouraged.] 2) Would a freed adult slave, perhaps because of the better incentives and opportunities for free people, be able to earn more than enough on the labor market to repay his or her market price to a slaveowner. I investigate the latter two questions empirically. The answer to the first question is "Yes". Spotty evidence suggests that the answer to the second question was also often "Yes."

Journal Article Capital Taxes, the Redistribution of Wealth and Individual Savings Get access A. B. Atkinson A. B. Atkinson St John's College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 38, Issue 2, April 1971, Pages 209–227, https://doi.org/10.2307/2296780 Published: 01 April 1971