Entrepreneurial Behaviour and Market Environment: A Comment on Mr. Nettl J. H. Davies J. H. Davies Sheffield Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 25, Issue 2, February 1958, Page 131, https://doi.org/10.2307/2296212 Published: 01 February 1958

Journal Article A Single Geometric Measure for Elasticity of Demand and Supply Get access E. J. Mishan E. J. Mishan London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 26, Issue 1, October 1958, Pages 63–65, https://doi.org/10.2307/2295858 Published: 01 October 1958

Journal Article Ownership Elasticities of Durable Consumer Goods 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 25, Issue 2, February 1958, Pages 87–96, https://doi.org/10.2307/2296206 Published: 01 February 1958

Journal Article Culbertson on Interest Structure: Reply Get access J. M. Culbertson J. M. Culbertson University of Wisconsin Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 72, Issue 4, November 1958, Pages 607–613, https://doi.org/10.2307/1884340 Published: 01 November 1958

I. Economic structure, 425. — II. Underutilization of the ultra high frequencies, 430. — III. Network practices and public policy, 439. — IV. Conclusion, 449.

Professors Friedman and Becker have recently presented some interesting calculations, embodying six different hypotheses about the determinants of consumption expenditure.1 An examination of the relative efficacy of these alternative functions in predicting income from a known or estimated level of led the authors to the rather startling conclusion that it is a better first approximation to regard real as having no multiplier effects on real consumption whatever and real consumption as simply determined by its own longterm trend, than to regard real as the prime mover and changes in real income as largely mirroring changes in real investment (page 75). Although Professors Friedman and Becker have been concerned solely with the predictive power of various schemes, they suggest that their results indicate a substantive conclusion about the structure of the economy, namely that the simple Keynesian consumption function, in which consumption is largely determined by current income, is not a basically correct, even though admittedly oversimplified, specification of the economic structure. If our analysis is valid, this widespread belief that consumption and income can be regarded as dancing primarily to the tune of unstable is largely the product of a statistical illusion (page 74). The multiplier would appear to be dead. But before we commit the body irrevocably to the grave, I would put forward the following points for consideration. i. It is legitimate and useful to regard the predictive power of a model as a test, but only one test, of the validity of that model. The test, however, is usually made by predicting values for periods outside those from which the model has been estimated. The Friedman-Becker test is concerned with the relative error within the period to which their various consumption functions have been fitted. This may be a crucial factor in determining the conclusions they have reached. During I906-5I, the United States economy has functioned in such a way as to generate a fairly persistent upward trend in real per capita consumption. Thus a trend model such as Ct = I62.0 + 237.oeO2t + Ut

Обсуждаются критические замечания, высказывавшиеся в отношении утверждений о зависимости между выпуском продукции и затратами на ее производство. Разбор проведен на основе статистического анализа реальных данных (как в кратко-, так и в долгосрочном периоде).

Journal Article Liquidity Preference as Behavior Towards Risk Get access J. Tobin J. Tobin New Haven, Conn. U.S.A. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 25, Issue 2, February 1958, Pages 65–86, https://doi.org/10.2307/2296205 Published: 01 February 1958