The most fundamental proposition in the price literature is that in industrial markets, especially those which are oligopolistic in structure, are unresponsive to changes in general business conditions, and that this behavior is pervasive. Our study, The Behazior of Industrial Prices, is an examination of the evidence regarding this view. Our central purpose was to ascertain whether administered prices which, as reported by the Bureau of Labor Statistics (BLS), were essentially unresponsive to declines of general business conditions, were in fact unresponsive: that is, our central task was to obtain transaction rather than quoted prices. To that end, we collected buyers' on commodities that met two conditions:

We examine the principal journals of economics, with particular attention to the communication between journals, as reflected by the network of interjournal citations during 1987-90, and the changes over the past century in the characteristics of the authors and the techniques they have used. The numerical results, and those of the statistical modeling of these results, reinforce the importance of economic theory as an exporter of intellectual influence to applied economics. The study includes an examination of the degree of specialization among different subfields of economics. A statistical model is presented for measuring the flow of intellectual influence (as measured by citations) in terms of simple univariate scores.

We examine the principal journals of economics, with particular attention to the communication between journals, as reflected by the network of interjournal citations during 1987-90, and the changes over the past century in the characteristics of the authors and the techniques they have used. The numerical results, and those of the statistical modeling of these results, reinforce the importance of economic theory as an exporter of intellectual influence to applied economics. The study includes an examination of the degree of specialization among different subfields of economics. A statistical model is presented for measuring the flow of intellectual influence (as measured by citations) in terms of simple univariate scores.

Marshall E. Blume, Robert Lindsay, Eli Shapiro, George J. Stigler, Session Topic: Recent Studies of Financial Markets and Institutions: Discussion, The Journal of Finance, Vol. 27, No. 2, Papers and Proceedings of the Thirtieth Annual Meeting of the American Finance Association, New Orleans, Louisiana, December 27-29, 1971 (May, 1972), pp. 329-341