I. Introduction, 221.—II. The sample of innovations, 222.—III. Estimation of social benefits: product innovations used by firms, 222.—IV. Parallel innovative efforts, time horizon, and rates of return, 226.—V. Product innovations used by households, 229.—VI. Process innovations, 231.—VII. Social and private rates of return, 233.—VIII. Factors associated with the gap between social and private rates of return, 235.—IX. Unemployment, repercussions on other markets, and future changes in technology, 238.—X. Conclusion, 239

Accounting curricula designed to provide behavioral accounting instruction should make an explicit commitment to insure some exposure to behavioral accounting research. Such an approach is necessary if educators are to overcome the sterility of conventional teaching methods. In this article the authors discuss an innovative technique used in a graduate level seminar in behavioral managerial accounting. The authors believe that students developed a deeper appreciation of the dynamic environment and applications of behavioral accounting as a result of using team research projects

Technical has become a controversial social issue, but the nature of technical progress is badly understood. Economists may best contribute to the discussion by analyzing technical change as an instance of choice subject to a constraint of limited technological opportunity. The innovation possibility frontier (Charles Kennedy) is one hypothetical constraint on technological opportunity. Models based on the innovation possibility frontier customarily assume steady growth (E. M. Drandrakis and Edmund S. Phelps, William Fellner and McCain) and are rather well understood. They have been incisively criticized by Nordhaus, who proposed, as a general alternative, the hypothesis of an isotech map. An exploration of the characteristics of optimum inventions, in terms of the isotech hypothesis seems of some interest. A single isotech, the C-isotech, is the set of all techniques attainable at a given cost, C. Thus in the standard neoclassical model, the production function is the zero-isotech. The isotech map will depend on the history of technical development as a whole and so cannot be stable over time.' The generality of the isotech hypothesis makes it possible to raise some questions of considerable interest, which are beyond the range of the innovation possibility frontier hypothesis. Because scale is a major determinant of the social impact of technology, (E. Schumaker) we shall as an example explore John K. Galbraith's imperatives of large scale.2 We first explore some characteristics of optimum inventions. We suppose that an invention is characterized by capital intensity, k, and labor intensity, n, as usual; and also by the minimum capital scale [, and the durability of the capital good, m. The capital good is supposed to be a one-hoss shay. The isotech map is represented by a cost function

JN the literature on the macroeconomic aspects of R&D and technical change, several authors have emphasized the importance of technological opportunity as an influence on firms' innovative efforts. Phillips (1966, 1971) has been the leading proponent of a view that exogenous scientific progress is the key determinant of an industry's innovative effort and progressiveness. Scherer (1965) and Comanor (1967) have also used the concept of technological opportunity in their empirical work. The common empirical finding of these three authors is that their measures of technological opportunity exerted a strong positive influence on firms' and industries' R&D efforts. The present paper represents an effort both to extend the knowledge of the influence of opportunity on R&D and also to examine the relation among technological opportunity, R&D effort, and licensing of inventions. A license grants either the legal rights to, or the knowledge of, an invention' to the licensee and may require royalty payments in return. Licensing is a potentially important means of transferring technology2 and is also a strategic variable where firms are engaged in product rivalry based on the physical characteristics of their products. The emphasis of this paper is both conceptual and empirical. The first section below describes a framework for viewing the influence of technological environment on R&D effort and licensing. It is argued that there are two important dimensions of what other authors have referred to as technological opportunity. The second section then tests the implications of the conceptual arguments. Testing of these implications uses new data, collected for this study, on firms' R&D spending and license payments

The ledger of Jachomo Badoer is the only commercial document written entirely in Constantinople that has survived, in its entirety, the Turkish conquest of that city. It is a precious source of data relevant to the intense economic activities and Byzantine commerce of that era. It furnishes us with varied information on wares exchanged, their prices and marketing practices, the monetary currencies circulating in the Levant, their purchasing power and the rates of exchange, which were continuously fluctuating. It also vividly portrays the stage of development of the art of bookkeeping, which was in a fluid state. Badoer, himself, was an experimenter and innovator of new ideas in bookkeeping. The first evidence of a compound entry that has so far surfaced is found in his ledger

A country's exports are conventionally explained by its export prices relative to competitors' prices and by importing countries' real income. Except for its export prices, the demand for its exports is determined by factors beyond its control. It is thus usually assumed that the country passively responds to the multiplier effect that export demand generates in its domestic economy. This view is common both in macroeconomic theories of short-run income determination and long-run growth of an open economy. However, competition is imperfect in international trade. Apart from barriers set up artificially by importing countries, there are non-price factors in product quality, marketing, and services that make competition imperfect in international markets. Just as sellers can influence their demand curves in domestic markets by advertising, exporters can affect foreign demand through non-price competitive activities, e.g., export promotion. Moreover, imperfect availability of information gives a strong edge to well-established trading connections, which should become firmer as the exporting country expands in scale. In a dynamic world, process and product innovations are continually introduced; old goods are improved in quality and new goods come into existence. A country that leads others in initiating these innovations enjoys a dynamic comparative advantage. Thus, we can make a strong case that non-price competitiveness is significantly associated with an exporting country's growth performances. This argument suggests that domestic growth is an important determinant of the growth potential of a country's industrial exports. A fast-growing country could increase its exports more rapidly than a slow-growing country. While the former enjoys trade surpluses, the latter suffers from trade deficits. The balance of trade could be divergent rather than convergent in the process of growth. The experiences of industrial countries in the two decades preceding 1971 seem to be consistent with this interpretation. We wish to test our hypothesis and to evaluate how far it can account for differences in individual countries' export performances. This article presents such an empirical test by examining export records of major industrial countries over the 1955-1970 period through estimating a cross-country export demand function. Our investigation indicates that domestic factors were a particularly important determinant of export demand. We emphasize that the omission of these factors from the export demand function can make trade projections err and, consequently, lead to wrong policy prescriptions. We introduce export demand and supply functions in section II, examine data and variables in section III, present cross-country estimates of the export demand function in section IV, account for intercountry variations in the conventionally estimated world-income elasticity of export demand in section V, discuss a few econometric problems in section VI, and give concluding remarks in section VII

THE critical nature of the demand for money in macroeconomic analysis has generated a considerable amount of theoretical and empirical research, although much controversy remains. The conventional theoretical frameworks have resulted in two basic money demand models: one an asset demand model and the other a transactions demand model. For the most part, empirical evidence has tended to favor the asset demand formulation.' This paper will report evidence that strongly suggests that the previous empirical studies of the transactions demand for money were misspecified, and that as a result, the conclusions drawn do not usefully discriminate between the asset and transactions theories. The misspecifications are twofold. First, either GNP or NNP has typically been used as a proxy for transactions although there are strong a priori reasons to believe that neither is an adequate measure of transactions.2 Second, as many authors have recognized, technological change could affect the demand for money and regression estimates might be biased if structural changes due to technological innovations are not taken into account. Even so, researchers have dismissed technological change from their studies, typically relegating their observations to footnotes. In this paper, debits to demand deposit accounts (adjusted for currency transactions) are used to replace income as the measure of transactions, and time, which provides a crude estimate of the mean rate of technological change over the sample period, is incorporated into both the theoretical and empirical model. The results demonstrate that the transactions theory of money demand outperforms the asset demand formulation, contrary to much of the currently available empirical evidence. This study also suggests that technological change reduces money demand, ceteeris paribus. by about 1.5% to 2.5% per year. In addition, other issues such as the speed of adjustment to changes in the desired level of money balances and economies of scale in holding money are also addressed. The empirical findings suggest that at least 75%, and as much as 100%, of the gap between desired and actual money holding is closed within one year and that there are substantial economies of scale in holding money, as suggested by monetary theory