A typical proof of the existence of a perfectly competitive market equilibrium employs an appropriately continuous price-to-price mapping that depends on excess demands. If trade tax-subsidy distortions are introduced into the model, the excess demand mappings may have disconnected image sets and destroy the continuity of the price-to-price mapping. This difficulty is overcome by developing a technique which explicitly takes account of the dependence of demand on both income and prices and simultaneously solves for equilibrium prices and income levels for all agents. This technique is then applied to establish two existence theorems for models of international trade with trade tax-subsidy distortions.

[1] Ezekiel, H., and J. Adekunle, Secular Behavior of Income Velocity: An Intermational Cross Section Study, IMF Staff Papers, vol. XVI, no. 2, July 1969, 224-239. [2] Goldsmith, R. W., The Determinants of Financial Structure, Organization for Economic Cooperation and Development, Paris, 1966, 27-30. [3] Khazzoom, J. D., The Currency Ratio in Developing Countries (New York: Frederick A. Praeger, 1966). [4] Melitz, J. and H. Correa, International Differences in Income Velocity, this REviEW LII (Feb. 1970), 12-17. [5] Wallich, H. C., Theory and Quantity Policy, Ten Economic Studies in the Tradition of Irving Fisher (New York: John Wiley & Sons, Inc., 1967), 257-280.

Journal Article Per Capita Consumption and Growth: Rejoinder Get access J. C. H. Fei J. C. H. Fei Yale University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 85, Issue 4, November 1971, Pages 710–711, https://doi.org/10.2307/1882275 Published: 01 November 1971

[This paper is designed to make revealed preference an operational tool of research on utility theory. The preference relations are shown in Boolean matrices and digraphs to facilitate the processing of a large quantity of empirical data and to classify different types and degrees of consumer rationality.]

Several recent studies have been conducted to determine the level of job satisfaction, and the determinants thereof, among accountants.' All these studies utilized the Maslow theory, which is based on a hierarchy of needs.2 Maslow's theory has sometimes been criticized on philosophical, methodological and hierarchical grounds. The theory states that human needs are ordered; that is they range from lower-order to higher-order needs. As one need is adequately fulfilled, the individual moves to the next

Journal Article Inventories, Production Smoothing, and the Flexible Accelerator Get access Paul Darling, Paul Darling Bowdoin College Search for other works by this author on: Oxford Academic Google Scholar Michael C. Lovell Michael C. Lovell Wesleyan University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 85, Issue 2, May 1971, Pages 357–362, https://doi.org/10.2307/1880712 Published: 01 May 1971

In the allocation of capital to investment projects, it is unlikely that optimal decisions will be reached unless anticipated inflation is embodied in the cash-flow estimates. Often, there is a tendency to assume that price levels remain unchanged throughout the life of the project. Frequently this assumption is imposed unknowingly; future cash flows are estimated simply on the basis of existing prices. However, a bias arises in that the cost-of-capital rate used as the acceptance criterion embodies an element attributable to anticipated inflation, while the cash-flow estimates do not. Although this bias may not be serious when there is modest inflation, it may become quite important in periods of high anticipated inflation. The purpose of this note is to investigate the nature of the bias and how it arises.

Abstract In a recent unpublished paper entitled Questions of Metric, Stafford Beer cites some letters to the newspaper, London Times, addressed to a question of social change. The issue concerned the seven hundred years old Norman Church of St. Michael of Stewkley, which stands square in the middle of a possible runway of a possible Third London Airport, not by design surely. A cost benefit analysis had been made by a commission for each alternative site of the proposed airport. It is really astonishing how many crisis-numbers are being thrown at the public these days. They all describe what programmers call the rate of activity in a certain sector of society. Since often the rate of activity, pollution or poverty or information, spread yields uneasy or horrible feelings, people and politicians are apt to conclude that something must be done to lessen the rate, or even to make it negative. But even if the disinterested observer is telling us about real impending disaster provided an activity continues to increase, it by no means follows that he is telling us about real social change in a pragmatic sense.