Journal Article The Compatibility of Any Behaviour of the Price Level with Equilibrium Get access J. C. Gilbert J. C. Gilbert Sheffield Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 24, Issue 3, June 1957, Pages 177–184, https://doi.org/10.2307/2296066 Published: 01 June 1957

Journal Article A Note on Entrepreneurial Behaviour Get access J. P. Nettl J. P. Nettl Bradford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 24, Issue 2, February 1957, Pages 87–94, https://doi.org/10.2307/2295762 Published: 01 February 1957

In order to describe an inflationary process it is necessary to have some knowledge of how prices and wages are determined. Conventional economic theory has regarded prices (and wages) as reacting to the level of excess demand or supply in the commodity (labour) market. Investigations have shown, however, that especially in manufacturing industries prices are often determined by applying a profit margin to variable costs., Some wages are also "cost determined", as for instance, in Australia where until recently the Commonwealth basic wage was adjusted quarterly to changes in the C. Series price index. A realistic analysis of inflation processes should allow for both cost and demand influences in price and wage determination. (First paragraph of Precis.)

Journal Article A Dynamic Approach to the Theory of Consumer Demand Get access J. S. Cramer J. S. Cramer Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 24, Issue 2, February 1957, Pages 73–86, https://doi.org/10.2307/2295761 Published: 01 February 1957

Also published in: Joseph Berechman et al. (Eds), Transport and Land Use, Elgar Reference Collection Modern Classics in Regional Science Vol.2, Edward Elgar, Cheltenham, 1996, pp. 524-532. Also: Reprint No.5, Netherlands Economic Institute, Rotterdam, 1957

I. The elements of term structure theory, 489. — II. The role of debt liquidity differences in the rate structure, 491. — III. The role of speculative activity in the term structure, 496. — IV. Changes in the maturity structure of demand for funds, 502. — V. Yields on short-term and long-term U. S. government securities 1920–1957, 504. — VI. Some implications for credit policy, 516.

I. The value-judgment level, 234. — II. The consequential level, 242. — III. The causes of economic inequality, 254. — IV. The factual level, 258. — V. The determinants of egalitarianism, 261.

T HERE are many dangers in viewing federal expenditure distribution among the states as more than a by-product of the pursuit of national objectives and in establishing at this stage of research a benchmark for testing the actual distribution against some goal. First, there is no correct way of distributing or allocating total federal expenditures among the states. While federal tax allocations derive from an extensive body of economic theory, no comparable theoretical framework supports expenditure allocations. The field of state distributions of federal expenditures has not been as well ploughed by others as has that of state distributions of federal tax levies. The statistical processes are more complex on the expenditure side than on the tax side. Expenditures are more varied in type, and individual classes of expenditures are more numerous. Moreover, the statistical information needed for allocation is much less adequate for expenditure items than for tax types. The illustrative estimates presented here are patently based on sets of assumptions. Other assumptions could be applied and recomputations made accordingly. With the work carried to the present point of analysis some changes in framework and procedures appear desirable for purposes of greater clarity and wider usefulness, if federal expenditures are allocated for a year more recent than I952. Far more important than the statistical inadequacies are the limitations implicit in a detailing of federal expenditures directed to the achievement of national purposes and program objectives as a series of state-by-state figures. Ease of movement across state lines, the dependence of industries in one state on raw materials, machinery, and semifinished goods in others, the frequency of absentee ownership of property in the state -all contribute to an emphasis on national objectives and purposes. In historical perspective, sectional interests have influenced national policies on tariffs, railroad rate regulations, resources development, minimum wages, and many other national programs. While discussions of legislative proposals often stress the divergent economic interests of the different sections of the nation, special sectional as well as national interests are essentially parts of an over-all common concern with national prosperity and economic growth. The long-run economic interests of various sections of the nation patently coincide.