ion, he very much doubted that abstraction could provide either understanding of the real world or, by itself, safe guidance for the legislator or statesman. Although Smith failed to absorb some of the valuable analytical contributions of Hume, the physiocrats, and Turgot, he repeatedly amended his major works by bringing into his discussion some neglected variable, some fresh observation of fact, some new objective. He resorted profusely to qualifications, and his models were therefore not rigorous. is arguable, however, by those who, if forced to choose, prefer realism, or at least the pursuit of it, to rigor and elegance of analysis, that both of his major works are on the whole made better by the qualifications he sprinkled in their pages and that he would have made them still better, although still untidier, if he had used even more qualifying adjectives or phrases [28, p. 327]. It is difficult to exaggerate the intellectual stimulus to be derived from reading this and the numerous other provocative bibliographical articles published in the En-

Depreciation, Accelerated Depreciation, Tax allocation, Deferral Method

The Institute's Accounting Principles Board has just added a third Opinion to its output for this year. The first Opinion dealt with reporting net income of commercial banks, the second with accounting for convertible debt and debt issued with stock purchase warrants, and the third with computing earnings per share. Although there were some delays in getting each of these Opinions out, as compared to original time schedules, the fact that they were finalized is cause for satisfaction, because each of the opinions faced strong opposition from various groups. This is not new or surprising, for every subject tackled by the Board is controversial and strong opposition may be expected from some quarter for any position taken. While some financiers and business conglomerators complain about what the Board is doing, many observers are commenting favorably about its work. One syndicated columnist recently wrote an article about the APB entitled, They Act as Management's Conscience. In it he said:

Forecasting, Firm performance

Journal Article Mean-Variance Analysis in the Theory of Liquidity Preference and Portfolio Selection Get access M. S. Feldstein M. S. Feldstein Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 36, Issue 1, January 1969, Pages 5–12, https://doi.org/10.2307/2296337 Published: 01 January 1969 Article history Received: 06 March 1967 Revision received: 27 June 1968 Published: 01 January 1969

Journal Article Planning without Prices Get access G. M. Heal G. M. Heal Christ's College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 36, Issue 3, July 1969, Pages 347–362, https://doi.org/10.2307/2296432 Published: 01 July 1969 Article history Received: 15 September 1968 Received: 15 February 1969 Published: 01 July 1969

M&A accounting, Earnings management, Pooling of interest method, Purchase pooling

Journal Article An Econometric Model of Puerto Rico Get access M. Dutta, M. Dutta Rutgers University Search for other works by this author on: Oxford Academic Google Scholar V. Su V. Su Rutgers University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 36, Issue 3, July 1969, Pages 319–333, https://doi.org/10.2307/2296430 Published: 01 July 1969 Article history Received: 15 April 1968 Received: 15 January 1969 Published: 01 July 1969

K. R. MacCrimmon, M. Toda; The Experimental Determination of Indifference Curves1, The Review of Economic Studies, Volume 36, Issue 4, 1 October 1969, Page