Journal Article The Influence of Relative Prices, Production Conditions and Adjustment Costs on Investment Behaviour Get access R. Schramm R. Schramm Cornell University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 37, Issue 3, July 1970, Pages 361–376, https://doi.org/10.2307/2296726 Published: 01 July 1970 Article history Received: 01 September 1968 Revision received: 01 June 1969 Published: 01 July 1970

Journal Article A Simple Method for Estimating Demand Systems under Separable Utility Assumptions Get access R. P. Byron R. P. Byron Australian National University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 37, Issue 2, April 1970, Pages 261–274, https://doi.org/10.2307/2296418 Published: 01 April 1970 Article history Received: 01 December 1968 Accepted: 01 September 1969 Published: 01 April 1970

Journal Article On Optimal Development in a Multi-Sectoral Economy: the Discounted Case Get access W. R. S. Sutherland W. R. S. Sutherland University of Toronto Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 37, Issue 4, October 1970, Pages 585–589, https://doi.org/10.2307/2296487 Published: 01 October 1970 Article history Received: 01 May 1969 Revision received: 01 January 1970 Published: 01 October 1970

Ryuzo Sato, Tetsunori Koizumi; Substitutability, Complementarity and the Theory of Derived Demand1, The Review of Economic Studies, Volume 37, Issue 1, 1 Januar

Corporate Bond ratings, Credit rating, Financial ratios, Fisher model

Journal Article A Theory of Conglomerate Mergers: Comment Get access David R. Kamerschen David R. Kamerschen University of Missouri — Columbus Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 84, Issue 4, November 1970, Pages 668–673, https://doi.org/10.2307/1880848 Published: 01 November 1970

[The parameters of a system of demand equations are estimated subject to the prior information of classical demand theory. The equations are estimated as a system using a variant of generalized least squares, the parametric restrictions being imposed by Lagrange multipliers. Tests of significance are given, both for individual restrictions and for the restrictions applied collectively. The method is applied to Barten's sixteen commodity consumer expenditure data for Holland. The work was done independently of R. H. Court's [6] similar treatment; however, there are significant differences in the method which warrant further discussion and the application is itself of some interest.]

In a recent issue of this journal, Professor Norman Kaplan discusses the retardation in the rate of growth of output in the Soviet Union during the last decade. Assuming a Cobb-Douglas production function he concludes that is established independently of the capital share that the rate of increase of factor productivity for industry declines between 1951-1958 and 1958-1963. In his model this conclusion holds not only for industry, but for every other sector as well and for the economy as a whole. In using the Cobb-Douglas function, Kaplan implicitly assumes that the elasticity of substitution between the factors of production is unity. There is some evidence, however, that the elasticity of substitution is less than unity in many Western countries and a recent study by Weitzman [8] suggests a similar result for the Soviet Union. It is the purpose of this paper to examine the sensitivity of Kaplan's results to variations in the elasticity of substitution. In the model I propose, bounds will be derived on the elasticity of substitution consistent with either of two extreme assumptions concerning the cause of the retardation in output growth. These assumptions are that the decline is entirely due to a decline in technological progress or that the decline is entirely due to a decline in the rate of growth of combined factor inputs. It is not my purpose to get very involved in the question of data reliability or consistency. Rather, I take as a point of departure the data recently compiled in Kaplan [4] which I believe are relatively reliable. His results for output are presented in table 1. For national and nonagricultural product and for each sector except services, the average annual rate of growth in 1958-1963 evidently is less than in 1950-1958 or 1953-1958. Comparing the periods 1953-1958 and 1958-1963, we find the average annual rate of output increase declined 30 per cent i-n industry, 25 per cent in transport and communications, and 46 per cent in construction. This retardation assumes more significance when it is noted that these are the very sectors the Soviets have counted on to lead their economic development.