Journal Article Neutral Money in Patinkin's “Money, Interest, and Prices” Get access P. Wonnacott P. Wonnacott Washington, D.C. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 26, Issue 1, October 1958, Pages 70–71, https://doi.org/10.2307/2295861 Published: 01 October 1958

Journal Article Maximum Likelihood Estimation of Törnqvist Demand Equations Get access P. R. Fisk P. R. Fisk Aberdeen Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 26, Issue 1, October 1958, Pages 33–50, https://doi.org/10.2307/2295856 Published: 01 October 1958

Investments in United States Government Securities by Nonfinancial Corporations, 1952–56: Reply Get access Hyman P. Minsky Hyman P. Minsky Brown University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 72, Issue 2, May 1958, Pages 297–300, https://doi.org/10.2307/1880603 Published: 01 May 1958

THE long-run development of the terms of trade is a recurrent subject for economic analysis in which a succession of theories has been put forward.' It was once believed that the terms of trade would inevitably turn in favor of primary products and against manufactures because the extractive industries were subject to diminishing returns, manufacturing to decreasing costs. This view gave way to another, that world investment moved in large cycles, and that the terms of trade favored primary products when investment expanded, manufacturing when contraction set in. A third hypothesis suggests that productivity increases about equally in primary products and manufactures, but that with the growing real income it brings, Engel's law leads to smaller increases in demand for agricultural products than for manufactures and services, so the terms of trade will favor the latter. Lately the same shift of the terms of trade against countries producing primary products has been discerned by Singer2 and Prebisch 3 but attributed to monopolistic practices on the part of industrial countries. The most recent discussion bearing on the subject was initiated by Hicks,4 who suggested that the terms of trade are affected by differences in the rate of productivity increase between the leading industrial country and all other countries. The leader's terms of trade will turn in its favor or against it depending on whether its innovations are import biased or export biased. Hicks considered that British innovation in the nineteenth century was export biased, but that United States innovation currently tends to be import biased. His theorem has been criticized 5 mainly in relation to the equilibrium mechanism in the balance of payments, with only limited attention to the factual connection between innovation and the terms of trade, though attempts have been made to forecast the terms of trade between manufactures and primary products for I960, and once for I975.6 My contention is that few generalizations on the terms of trade between world manufactures and world primary products are valid but that they tend to turn against underdeveloped and in favor of developed countries.

Abstract Distribution costs have certain unique characteristics that resist the refined tools of production accounting. Production accounting deals with quantitative, mechanical functions capable of physical measurement. Distribution accounting is confronted by qualitative functions incapable of finite measurement. The challenges confronting distribution accountants are the selection of functions, the allocation of primary expenses to functions, and the determination of service units. The selection of functions depends on the degree of cost control and cost responsibility desired. Accountants and distribution executives should determine the functions jointly. The task of subdividing primary expenses into functions becomes involved when an expense is common to one or more functions. This accounting trouble-area is frequently labeled "joint-cost problems." The application of production accounting tools to distribution problems proved inadequate and exposed the need for specialized distribution accounting techniques.

Reviews the book "Business Reports: Investigation and Presentation," by Chester Reed Anderson, Alta Gwinn Saunders and Francis William Weeks.

Reviews the book "Effects of Price Level Changes on Business Income, Capital and Taxes" by Ralph Coughenour Jones.

Abstract The article presents information on the American Accounting Association's members. Canada-based Queen's University R.G.H. Smails has resigned from the position of director of the School of Commerce and Business Administration. He will continue as professor. L.G. Macmason has been designated director. Maurice Moonitz, associate dean for the last three years at the University of California, served as acting dean of the Graduate School of Business Administration during the summer. Hector Anton has proceeded on leave for the current year for the purpose of filling a position on the faculty of the University of Minnesota. Carl T. Devin of the University of Florida and R.B. Mattessich of Mount Allison University, New Brunswick, are visiting members of the faculty for the academic year 1958-59. A.B. Cason has been promoted to the rank of professor. He is serving during the current academic year as acting chairman of the Department of Business Administration as well as acting associate dean of the School of Business Administration.