Journal Article The Role of National Income Estimates in the Statistical Policy of an Underdeveloped Area: A Comment Get access A. R. Prest A. R. Prest Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 21, Issue 3, 1953, Pages 223–228, https://doi.org/10.2307/2295777 Published: 01 January 1953

Journal Article Full Capacity vs. Full Employment Growth: Comment Get access R. F. Harrod R. F. Harrod Christ Church, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 67, Issue 4, November 1953, Pages 553–559, https://doi.org/10.2307/1883600 Published: 01 November 1953

I. Introduction, 30. — II. The meaning of depreciation, 31. — III. The cause of depreciation, 33. — IV. Resumption and a choice of standard, 36. — V. The Ingot Plan, 37. — VI. The fall in prices after resumption, 40. — VII. Attitude towards Bank of England, 43. — VIII. Conclusion, 46.

I. Introduction, 209. — II. Theoretical development of the acceleration principle, 211. — III. Critical appraisal of the acceleration principle, 216. — IV. Other forms of the acceleration principle, 221.

THE analysis of market phenomena by input-output arrays not only provides a practicable means of describing industrial interdependence, but also helps to clarify economic theory. For example, the accepted proposition that a change in the general price level as measured by index numbers is in reality a change in the monetary yardstick, may be easily demonstrated, and index number theory elucidated, by means of theoretical input-output relationships. Table i presents a theoretical input-output array in which the conventional input columns are written as rows comprising a set of simultaneous equations. It is assumed to classify exchanges of goods among certain firms, each marketing a specific commodity. The schedule merely indicates the goods and values brought to the market and the goods and values received, in the completed trading of, let us say, a single day. Monetary and other intermediate exchanges are omitted. With r rows, r i independent equations may be solved for relative, but not absolute, prices. The nature of a perfect, complete market imposes certain limitations on the relationships of the items in Table i. Since the sum of the first column is the sales value of commodity A, it must equal the sum of the first row, which itemizes the value of the goods received in exchange, and so on. to the nth column and row.1 Of course the ultimate units entering into a market are not goods, but the usances of capital and labor, broadly construed; and durable goods embody these usances discounted to their present worth. But such complexities, which have been discussed by Professor Leontief and others, would here only divert the argument. Exchanges may be simply visualized as if they were described in terms of tangible goods. Just as a gold monetary standard means that pricing throughout the economy is relative to the exchange value of a designated quantity of gold, so pricing may also be expressed in terms of physical units of each marketed commodity in turn. That is, prices may be standardized so that a is reduced to unity, then b, and finally n. Equations expressing prices in terms of a changed to unity are obtained by dividing the equations of Table i by a. Analogous equations may be obtained by similarly dividing by b and ... n. The column footings of such equations appear in Table 2. The row totals of Table 2, namely V/a, V/b, ..., V/n, may be taken to represent on a mag-

D. G. Champernowne, R. F. Kahn; The Value of Invested Capital, The Review of Economic Studies, Volume 21, Issue 2, 1 January 1953, Pages 107–111, https://d

Reviews the book "Internal Control Against Fraud and Waste," by Bradford Cadmus and A.J.E. Child.

In one sense, the role cost accounting plays in cost control might be likened to the part that an inspector plays in quality control on the production lint. The production processes are established after careful engineering studies and planning. Quality is maintained by physical inspection and testing by the inspector. The accounting procedures have been established so as to accumulate facts concerning costs in a scientific manner adapted to the production system. However, the role of cost accounting differs from that of the inspector in that cost accounting also assumes a partial responsibility for the establishment of economical and efficient production procedures. The role that cost accounting plays assumes more importance when the methods and techniques developed are applied to costs to acquire and costs to distribute. Under various cost concepts, these same techniques can be applied to retail, wholesale, and service businesses. The imputed cost concept may be useful in determining profitability of departments. The cost accountant must recognize that there are limitations to the use of cost data in controlling costs. The improper cost concept may be used and the facts distorted. Other external and internal factors may outweigh the cost data presented resulting in necessary decisions just the opposite of cost facts. Accumulating cost facts can be a heavy expense. Unless the results obtained from the work performed to obtain the cost figures can be used to reduce costs or provide adequate control of present costs, the cost accountant must curtail his cost efforts. The guideposts for the business are built from the framework and structure of the cost accounting system. The cost accountant's role within the business structure is here to stay. Industry should continue to progress on its directed path as long as management keeps alert to the ever changing costs of the firm.