Journal Article Possibility Theorems with Interpersonally Comparable Welfare Levels Get access Kevin W. S. Roberts Kevin W. S. Roberts Massachusetts Institute of Technology and St. Catherine's College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 47, Issue 2, January 1980, Pages 409–420, https://doi.org/10.2307/2297001 Published: 01 January 1980 Article history Received: 01 April 1976 Accepted: 01 January 1978 Published: 01 January 1980

Journal Article Social Choice Theory: The Single-profile and Multi-profile Approaches Get access Kevin W. S. Roberts Kevin W. S. Roberts MIT and St Catherine's College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 47, Issue 2, January 1980, Pages 441–450, https://doi.org/10.2307/2297003 Published: 01 January 1980 Article history Received: 01 November 1976 Accepted: 01 March 1979 Published: 01 January 1980

Journal Article Interpersonal Comparability and Social Choice Theory Get access Kevin W. S. Roberts Kevin W. S. Roberts MIT and St Catherine's College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 47, Issue 2, January 1980, Pages 421–439, https://doi.org/10.2307/2297002 Published: 01 January 1980 Article history Received: 01 July 1976 Accepted: 01 March 1979 Published: 01 January 1980

Linda Cohen, Steven Matthews; Constrained Plott Equilibria, Directional Equilibria and Global Cycling Sets, The Review of Economic Studies, Volume 47, Issu

Earnings forecasts, Analyst forecast, Time-series model, Multivariate techniques

Behavioral accounting, Student representativeness

We extend work on payroll tax incidence by recognizing that labor markets adjust slowly because of the slow adjustment of both labor demand and supply to their equilibrium values. We modify the basic model of the incidence of payroll taxes with variable factor supply to include dynamic adjustments. We find that, under reasonable assumptions about the magnitudes of the lags in adjustment, it takes several years before half of the distance to a new equilibrium in wages and employment is reached. Thus, even if payroll taxes are borne by labor in the long run, a large part of any increase in the tax will be borne by capital for some time. For purposes of policy, the effects of payroll tax increases must be analyzed as if part of their effect is on profits, regardless of the long-run distribution of the burden.

This paper argues that Keynes's concession on the finance demand for liquidity provides the key for the reconciliations of the liquidity preference theory to the loanable funds theory and of the stock approach with the flow approach. On many practical issues, Robertson is shown to be right, and Keynes wrong. It also shows that the modern arch-critic of Keynes, Friedman, is himself under Keynes's influence in relying exclusively upon the stock (or portfolio) approach to the neglect of the influences of flow decisions on the money demand. His attempt to combine Keynes and Fisher is shown not workable.

Technological change and product life cycle concepts can be used to explain the concentration of cotton textile production in Southeastern New England during the industry's period of rapid innovation in machinery and machine tool design. Boston was the center for an agglomeration of high technology industries that were attracted by each other and the local resource pool of skilled mechanics and entrepreneurs. The movement of the textile industry to the Southeast, which took place after 1880, is linked to technological change in the product cycle that substituted unskilled labor for skilled labor and high technology inputs. The phrase "Yankee ingenuity " has be-come a part of the English language. If New England no longer holds all the good mechanics in the United States, there was a time when she came so near it that the term "New England mechanic " had a very definite meaning over the whole country [Roe, 1916, p. 109]. The nineteenth century industrialization process in the United States was quite unbalanced geographically. The major manufac-turing industries were highly concentrated in New England and the Middle Atlantic states, while the South lagged far behind. The textile industry is the example most often used to illustrate this imbalance. It was centered in New England during the nineteenth century but moved "belatedly " to the Southeast in the twentieth century. Most histories of the industry cite abundant water power and merchant capital as reasons for the original New England location, and the low wages and less restrictive labor laws in the South are said to explain the relocation. This paper argues that the textile industry became highly concentrated in Eastern Massachusetts and Rhode Island during the nineteenth century because of localization economies re-sulting from close proximity to the source of technological change in the industry. Textile firms, machinery builders, and entrepreneurs formed an agglomeration of skills and other resources which made firms more *I wish to thank Roger Bolton, John R. Meyer, and Christine Hekman for ideas and criticism, and a referee of this Journal for valuable suggestions. Work on this paper