What we say here will surely have little effect on curriculum evolvement since changes in subject, content, and emphasis follow on the heels of significant improvements in theory or dramatic changes in the institutional setting, rather than on teacher preferences.

In this paper the results of some new structural estimates of liquidity preference may be found. The justification for presenting them is that they differ from earlier estimates in certain ways. In some cases, the implications of these estimates differ sharply from the implications drawn by other observers on the basis of their estimates.

Applied economics consists of the application of the general principles of economics to a particular situation in order to provide an explanation of the behavior of economic agents in that situation. However, the degree of specificity of any explanation depends upon the particular uses to which the explanation is to be put. Thus, in applied economics one may wish to explain the behavior of the agents who operate a particular enterprise. Or, one may wish to provide a. broader frame of reference to explain the behavior of agents who operate a. type or class of enterprises. By utilizing the analysis of the general economic theory of the firm one may introduce the additional constraints under which, for example, a public utility operates, and thereby derive a. theory of public utilities. Or, in the same way, one may wish to construct a, theory of transport firms, or a theory of retail firms, or a theory of manufacturing firms.

The shape of a preference function when one individual's utility depends not only upon his own rate of consumption, but also upon his neighbor's rate of consumption — second party preferences, 2. — Definitions of avaricious, altruistic, and egalitarian sentiment, 4. — Division of a fixed supply of commodities between two individuals, 6. — The maximum mazimorum of satisfaction when any move from an equilibrium position leaves all parties worse off, 12. — Some implications for welfare policies and programs, 15.

The data, 136. — Short-term interest rates, 136. — Long-term interest rates, 137. — Interest rate differentials, 137. — Preferences for liquidity of principal lenders, 141. — A closer approximation, 143. — Appendix, 144.

I. On the nature of production functions, 86. — II. An example of a discontinuity, 89. — III. Origins of the discontinuity, 92. — IV. The proposition in terms of plant average cost curves, 96. — V. Conclusions, 97.