Journal Article An Econometric Model of the U.K. Get access J. Johnston J. Johnston Manchester Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 29, Issue 1, October 1961, Pages 29–39, https://doi.org/10.2307/2296179 Published: 01 October 1961

Journal Article Aggregation, Peaks and Troughs Get access J. Parry Lewis J. Parry Lewis Manchester Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 29, Issue 1, October 1961, Pages 79–84, https://doi.org/10.2307/2296185 Published: 01 October 1961

Additive Logarithmic Demand Functions and the Slutsky Relations Get access Kenneth J. Arrow Kenneth J. Arrow Stanford, California Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 28, Issue 3, June 1961, Pages 176–181, https://doi.org/10.2307/2295946 Published: 01 June 1961

Prices and the Turnpike: I. The Story of a Mare's Nest J. R. Hicks J. R. Hicks Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 28, Issue 2, February 1961, Pages 77–88, https://doi.org/10.2307/2295705 Published: 01 February 1961

Introduction, 234. — The theory of the production decision, 235. — The data, 243. — Results of Model I, 244. — Model II, 247. — Concluding remarks, 257.

Introduction, 468. — I. The dual economy and the migrant labor system, 470. — II. The individual's offer of labor, 472. — III. The supply of labor to the exchange economy as a whole, 480; the level of village income and the supply of labor, 480; the rate of wages and the supply of labor in the exchange sector, 485. — IV. The supply of labor to the territory, 489. — V. Summary and conclusions, 491.

Introduction, 96. — On the origin and justification of property, 97. — The social claim on private property — some evidence, 100. — The Physiocratic theory of property-state relations, 109.

Perfect competition, 262. — The case of monopoly, 266. — Other market forms, 271. — Vertical integration, 275. — Policy implications, 276. — Economic development, 276.

Schumpeter's and Monroe's interpretation of Aristotle, 608. — Evidence that Aristotle was a non-metallist, 610.

IT is not generally recognized by economists that where governmental contracyclical policies are concerned common sense is a particularly dangerous tool. Policiesautomatic or notwhich appear to be properly designed may very well turn out to aggravate fluctuations.' Miscalculations on delicate questions of timing or magnitudes can be crucial, and these matters may well be out of the range of competence of the good judgment and experience of most of the practical men who determine or advise on our monetary and fiscal policies. This article describes tools which can be used to deal with at least some simple variants of these problems. Such tools can be particularly useful in indicating the nature of the pitfalls in the area. In particular, I will describe two rather plausible types of contracyclical fiscal policy and show that they can lead to some rather surprising results. i. The model and some contracyclical policies. The discussion assumes that we are living in the world of the Samuelson accelerator-multiplier model.2 It will be recalled that the time path of national income, Y,, in that model is described by the second-order linear difference equation: Y, = consumption + acceleration investment + autonomous investment + net government outlay = kYt_1+c(Yt_Yt2) +A +Gt where k is the marginal propensity to consume and c is the relation of the acceleration principle. In other words, we have: