Despite an extensive literature examining the effects of unions on wages, little attention has been paid to the resultant aggregate employment consequences of this change in the relative cost of unionized labor. This article uses 1983 Current Population Survey data to estimate the effects of union strength on the probability of employment and labor force participation. Union strength, which reflects both union coverage and the union wage differential, is found to decrease employment and increase unemployment by a small but significant amount. These effects are concentrated primarily among females and young males, while little impact is found on prime-age males.

This paper uses a survey of private establishments to examine the determinants of the firm's relative demand for partand full-time workers. The elasticity of substitution of part-time for full-time workers is about 1.5, considerably lower than previous estimates with aggregate data. The results indicate that the quasi-fixed labor costs have a negative impact on the proportion of part-timers in a firm's work force.

I. Confusion in translating the concept "saving" into concrete statistical measurement, 106. — II. Saving vs. investment, 108. — III. Measuring the rate of saving, 111. — IV. Relation between saving and investment, 113. — Statistical verification, 116. — Advantages of selecting the typical accounting period as the time interval, 116. — V. No confusion with hoarding, 119.— The "producer-consumer investment ratio, " 119.

THE ESSENTIAL ARGUMENT of this paper is that the new capital acquired by all the traders in a closed economy in a given period is given a putative or constructive turnover of once for the period by typical accounting procedure. It is possible to demonstrate the truth of this argument in a very convincing way in the case where unit prices are imagined to be constant over time, for in that case the concept of increase in cost value of all traders' stock of goods is clearly seen to be a construct itself in the sense that it is not really an excess of input at cost over output at cost. In any case the output of a given trader in physical units is the same as the physical input of the trader to whom he sells; so in any case the physical rate of output of all traders by trade is equal to their physical rate of input by trade. Moreover, the cost price of one trader at a given time is the selling price of a trader at an earlier stage of production at the same time if there is no price change. Let X, 2, 3, ... , represent the physical outputs (and inputs) at various stages of the productive process, while p1 2, 3, ..., i are the unit prices respectively. Then the money value of total inputs may be stated as Xipi+Xi_pi_-+ · , while the money value of the outputs are Xipi_l+Xi-pi-2_2+ Thus if Xi units of ore, limestone, labor, etc., in the form of pig iron are sold for pi dollars per ton, and the iron was made of cost elements worth p2 dollars per equivalent composite unit, the input of the buyer would be Xlpl dollars, and the output of the seller would be Xlp2 dollars. The difference between the value of total input at cost and total output at cost for all traders would be EXipi -Xipi_l. But this difference may be restated as follows:

Reviews the book "Accounting--Its Principles and Problems," by Henry Rand Hatfield.

Despite the presence of anecdotal evidence linking regional economic growth and the presence of quality universities in such areas as the Silicon Valley in California and Route 128 in Boston, there have been few systematic studies of the relationship between universities and local economies. In this paper we examined the relationship between four measures of the quality or extent of activities of colleges and universities in an area and various measures of the local labor market activity, including employment, income and migration.