I. Introduction, 219. — II. The transcendental production function, 221. — III. An empirical test of the transcendental production function, 228. — IV. Conclusions, 237. — Appendix, 238.

If all urban renewal projects were perfectly divisible and completely independent of one another, and if the urban renewal authority had perfect foresight as well as unlimited funds, the investment decision would be ideally simplified. There would be no need to choose between competing projects, and the urban renewal authority could evaluate each project on its own merits, without reference to any other project. Its decisions would be merely decisions to accept or reject single projects, uncomplicated by portfolio considerations.

Journal Article Spectral Analysis of the Term Structure of Interest Rates Get access C. W. J. Granger, C. W. J. Granger University of Nottingham Search for other works by this author on: Oxford Academic Google Scholar H. J. B. Rees H. J. B. Rees University of Nottingham Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 35, Issue 1, January 1968, Pages 67–76, https://doi.org/10.2307/2974408 Published: 01 January 1968

Abstract The purpose of this article is to examine the meaning or meanings of the term, cost, in a comprehensive way, with the objective of providing an interpretive framework to assist in communicating cost information with greater precision and, thus, to assist in utilizing cost information more effectively. Such an interpretive framework should be useful to accountants charged with the responsibility of compiling and communicating cost information, and to the users of cost information whose conclusions and/or decisions depend at least partly upon an interpretation of this information. Accounting measurements of cost are used in manifold ways to express different aspects of enterprise operations. These uses for cost measurements frequently require different interpretations of cost, and it is in this regard that confusion may arise. For the purpose of planning and as a basis for identifying waste and inefficiency, anticipated costs are needed. In most regards concepts underlying anticipated costs are the same as those previously discussed in relation to historical and current costs.

Abstract Concepts of depreciation which are relevant to accounting range from the methodical distribution of original cost, to attempts to measure and report changes in the service potential of the asset, using a discounting procedure. Allocation methods accept the distribution concept of depreciation whether this is related to original cost or some other figure, and attempt to answer the more pragmatic problem of how much is to be allocated to different periods. There is a prevailing confusion related to the definition of depreciation. One of the main causes of this confusion appears to lie in the usage of the word depredation which by its nature and common usage carries with it implications of physical deterioration, impaired efficiency, obsolescence and so on. It is suggested that, in view of the obvious confusion caused by this conflict in terminology, accountants would be well advised to restrict themselves to using the term amortization. The point that should be considered is whether the concept of amortization which is proposed is compatible with the accounting model with which it is to be associated.

Abstract In this article the author illustrates the possibility of preparing different measures of income by application of the previously proposed concept of realization and to examine the uses and the conceptual nature of each measure. A scheme of financial statements expressing different concepts of income measured from different points of realization and serving different, though often related, purposes is presented. The author argues that the interest in dividends is well founded. Dividends are the only truly final stage of income from operations of the enterprise. The ultimate fate of retained earnings is indeterminate but the distribution by the firm of earnings as dividends is final. Conventional income computations for vertically integrated firms measure the net income attributable to the firm's entire sequence of processes. According to the present generally accepted income concept, income is viewed as realized at the point of sale. It is often said that a completely definite report of income for an enterprise is not possible prior to final liquidation and that all interim reports are of a tentative nature.

Abstract A graduate seminar conducted by several prominent accountants invited from industry, government, and public accounting has proved to be a worthwhile addition to the curricula at the University of Missouri, Columbia, Missouri. Time is also allotted for private student consultations. Students participate in the course by responding to and questioning the discussion leader, by summarizing the informal discussions for publication and by writing technical papers on related topics. Development of abilities to recognize; define, and analyze current accounting problems is an important part of any graduate program in accounting. The ability to write clearly, logically and forcibly comes mainly from disciplined practice under the guidance of a critical audience. While many courses in the accounting curriculum may offer the opportunity to practice writing, all too few provide critical guidance to point the way for improvement. The success of the program depends to a large degree upon the calibre of the guest speakers and the novelty and significance of the message they have to deliver.

I. Introduction, 419. — II. Elasticity of supply of savings, 420. — III. Analysis under uncertainty, 427. — IV. Implications, 434.

Introduction, 152. — Method of analysis, 153. — Determination of returns to human capital, 156. — Results of the study, 158. — Conclusion, 160.