Journal Article Community Indifference Get access William J. Baumol William J. Baumol New York and London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 14, Issue 1, 1946, Pages 44–48, https://doi.org/10.2307/2295757 Published: 01 April 1946

Some of this century's many valuable contributions to economics, like macroeconomics, econometrics, and game theory, are widely recognized. However, arguably equally important is the enhanced role of empirical study permitted by more abundant data and improved methods. Also insufficiently recognized are the increased rigor and use of applied economics in public finance, regulation, corporation finance, etc., employing abstract theory and sophisticated data analysis. The striking contrast with earlier intuitively based applied economics and empirical study is illustrated. Comparison with Marshall's Principles also indicates that, except for macroeconomics, remarkably little space in today's texts deals with some ofthe rich contributions ofthis century.

1. The modified Linder Theorem, 630. — 2. The role of the income effect, 631. —3. Concluding comment, 632.

I. The Greek audience, 366. — II. Financing the Greek festival, 370. — III. The magnitude of the financial burden, 373. — IV. Concluding comment: Relevance for contemporary urban planning, 375.

I. The double (stock-flow) equilibrium condition, 46. — II. On the Patinkin dichotomization argument, 47. — III. … And liquidity preference vs. loanable funds, 49. — Appendix: The excess demand for stocks, 53.

Introduction, 545. — I. A simple model, 545. — II. Some consequences of the analysis, 549. — III. The simple model and reality, 552.