The challenge of leadership is to look beyond the current expansion to consider the long–term outlook for the U. S. economy. My good friend Paul W. McCracken once described this process as looking across the valley to see what is on the other side. His message was: “What will be different on the other side of the valley is far more relevant to business planning than the valley itself.” Such advice is particularly meaningful at this time because of the basic need for more stability in our economic policies.

I. Introduction, 323. — II. Direct linkages, 324, — III. Indirect linkages: Y & N and Rasmussen, 325. — IV. The “output inverse” and forward linkages, 327. — V. Average and total linkage, 329. — VI. Trade effects, 329. — VII. The level of aggregation, 331. — VIII. Conclusion, 332. — Appendix: simple numerical example, 333.

The paper develops an explanation for the emergence of media of exchange through the unconcerted market behavior of individuals. Individuals are assumed to accomplish their ultimate exchanges through trading sequences which minimize the expected time spent searching for complementary trading partners. If individual perceptions of the trading environment are appropriately restricted, then the equilibrium pattern of trade will be some mixture of direct barter and use of a common good as medium of exchange. Although full monetization is always a locally stable exchange pattern, the economy may remain in universal direct barter or partially monetized states.

The paper develops an explanation for the emergence of media of exchange through the unconcerted market behavior of individuals. Individuals are assumed to accomplish their ultimate exchanges through trading sequences which minimize the expected time spent searching for complementary trading partners. If individual perceptions of the trading environment are appropriately restricted, then the equilibrium pattern of trade will be some mixture of direct barter and use of a common good as medium of exchange. Although full monetization is always a locally stable exchange pattern, the economy may remain in universal direct barter or partially monetized states.

Recent advances in the general equilibrium pricing of simple put and call options lay the foundation for the development of a general theory of the valuation of contingent claims assets. This paper provides a review of: (1) the development of the general equilibrium option pricing model by Black and Scholes, and the subsequent modifications of this model by Merton and others; (2) the empirical verification of these models; and (3) applications of these models to value other contingent claim assets such as the debt and equity of a levered firm and dual purpose mutual funds.

Journal Article International Trade Theory in Vintage Models Get access M. A. M. Smith M. A. M. Smith London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 1, February 1976, Pages 99–113, https://doi.org/10.2307/2296604 Published: 01 February 1976 Article history Received: 01 June 1974 Accepted: 01 April 1975 Published: 01 February 1976

I. The problem of housing supply analysis, 389.—II. Controlling for quality in a location-constrained model, 391.—III. Empirical work, 400.—IV. Summary and implications of empirical results and methodology, 402.

Reviews the book "Fundamentals of Accounting," 5th ed., by Sidney Davidson, James S. Schindler and Roman L. Weil.

Reviews the book "Principles of Auditing," by Lawrence L. Vance and Wayne S. Boutell.

This article cites a study which assesses the effect of the separation of ownership from control on accounting policy decisions. Many theories of management behavior in manager firms consistently argue that a gradually rising performance measure is in management's best interest. This study is an empirical investigation of the accounting policy decisions which were made by 110 firms during the 9-year period between 1954-1962. The firms considered for inclusion in this study were listed on the New York Stock Exchange in December 1954, as reported in the U.S. Senate Staff Report. Fifty-seven managers and fifty-three owner firms were selected randomly from this population for inclusion in this study. In this study, control refers to the power to direct the affairs of the corporation or to determine the broad policies guiding the corporation. Results of this study extend the research previously reported in the accounting literature by empirically drawing the distinction between owner-controlled firms and manager-controlled firms for the first time. Some of the results lend empirical evidence to the importance of distinguishing between owner and manager control.