Journal Article The Interpretation of Leontief's System—A Reply Get access L. R. Klein L. R. Klein Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 24, Issue 1, 1956, Pages 69–70, https://doi.org/10.2307/2296239 Published: 01 July 1956

Journal Article Boisguilbert: A Neglected Precursor of Aggregate Demand Theorists: Reply Get access Stephen L. McDonald Stephen L. McDonald University of Texas Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 70, Issue 1, February 1956, Pages 165–166, https://doi.org/10.1093/qje/70.1.165-a Published: 01 February 1956

A WIDESPREAD need exists for personal L7 income data by minor geographic areas, which would provide necessary data for market analysis, administration of local tax burdens, etc. In an attempt to provide data for these requirements, agencies in several states have prepared estimates for counties for various years.' In the South the first comprehensive set of county estimates was published in I952 for seven southeastern states.2 Of all the components of county income developed in these studies, it has generally been considered that farm proprietors' income 3 estimates by county had the least sound basis 4 and therefore probably contained larger errors than any of the other elements in the county totals. The objectives of this study are (i) to determine the factors influencing agricultural income formation for homogeneous groups of states, and (2) to develop a method which will serve as a basis for preparing county estimates of agricultural income with the minimum error. Objective and measurable determinants of agricultural income employed in the analysis are required which are equally available for states and counties. The assumption is that the rate of agricultural income formation from basic factors at the state level for homogeneous groups of states bears either a similar, or some determinable, relation to the rate of income formation from the same factors at the county level. The concept of agricultural income in this study begins with the National Income Division's series of farm proprietors' net farm income. Wages paid hired labor and rents allocated farm landlords are added. Government payments are deducted. The concept for Virginia for I949 is illustrated below:

Abstract This article focuses on the author's personal experience about a sabbatical fellowship program. The author who is assistant professor at the Duke University, says, that the termination of a one-year fellowship program in public accounting with the firm Price Waterhouse & Co., has proven most interesting and valuable. Returning to the classroom after a year of study and work with an accounting firm has emphasized the benefits of such a program to the teacher and his students. Since the fellowship was arranged for my sabbatical leave, a period of one year, it necessarily took on many of the attributes of regular employment, my assignments including regular staff work on various audits performed by the firm. Thus, instead of being merely an observer on these audits, my position was more nearly that of a member of the staff. As shall be explained subsequently, there were certain features of this fellowship which distinguish it from regular employment and thus made it possible to gain a maximum benefit from a relatively short period of experience.

Reviews the book "The Fundamentals of Accounting," by Donald H. Mackenzie.

Abstract Difficulty in utilizing cost control devices in the small business lies in a misunderstanding of the nature of cost control. Too often thinking on cost control is interwoven with some rather elaborate historical or standard cost system. Further, those who take the view that the income statement does not purport to and cannot present a picture of operating efficiency becloud the problem. Cost control has but one object and that is assisting management to attain its goals. It is axiomatic that an organization has control over its costs only when its management wants to control costs. Conversely, when management lacks interest in cost control, costs remain uncontrolled. It is management's function, among a great many others, to establish a profit goal. A wide awake management will look ahead and attempt to come to some conclusion as to what it is after and what it can reasonably hope to obtain. To achieve its profit goal, management must inaugurate a systematic plan of assuring proper expenditure and must establish upper and lower limits of expenditure. Finally, it will need to put its plan into effect at all levels of management from the top to the bottom of the organization.

Abstract The training of recruits for a profession is a topic of perennial interest to practioners of the art as well as to educators. This can be seen in a variety of circumstances, in the formal qualifications required of candidates for admission, in the many discussions of the problem which stud the literature, in the continuous existence of committees on education in professional organizations, in the responses of practitioners to invitations to appear before students, and in the occasional appointment of commissions to review the educational process. This concern is vital to the improvement of the profession and perhaps to its continued existence. For instance, the College of Accountants in Venice, which was founded in 1581 and later achieved a status similar to that of state boards of accountancy, admitted members to the college or society by requiring, first, a certificate of fitness from a magistrate, second, an apprenticeship of six years, third, a certificate from a magistrate on the legal attainments of the candidate, fourth, a declaration by the accountant under whom he had served as to his ability, fifth, an examination before a board of examiners, and sixth, another examination before the governing body.