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V Higher education and manpower planning: A comparative study of planned and market economies By O. Fulton, A. Gordon and G. Williams This study compares in a common framework the experience of 7 European countries (3 market and 4 centrally-planned economies) in the application of various manpower planning approaches and techniques to educational planning, especially its higher level component. It highlights links between higher education, in labour market and employment policy and, specifically, issues involved in planning education so as to satisfy both manpower requirements and the increasing demand for places in higher education. It sets out the various approaches, techniques and stages of manpower planning operations for educational planning from the actual country experiences. ISBN 92-2-102973-5 £5.70

Unemployment in France, the Federal Republic of Germany and the Netherlands: A survey of trends, causes and policy options Edited by W. van Ginneken in collaboration with M. Garzuel Three group factors are examined in this monograph: those affecting the supply of labour, such as the 'baby boom' and the increased labour force participation of women; those affecting the labour market, such as the mis-matches between skills and regions; and a group of so-called ' macro-economic' factors which include labour and capital costs, the impact of technology and the changed pattern of domestic and international demand. ISBN 92-2-103032-6 £5.00

Workforce reductions in undertakings: Policies and measures for the protection of redundant workers in seven industrialised market economy countries Edited by Edward Yemin Individual experts in Canada, France, the Federal Republic of Germany, Italy, Japan, the United Kingdom and the United States were invited by the ILO to describe the policies and measures applied in their respective countries for the protection of workers affected by workforce reductions, and their papers are set out here. They are preceded by a comparative survey of the legislative and other measures for the protection of redundant workers in the seven countries in question. ISBN 92-2-102910-7 (hard cover) £10.70 ISBN 92-2-102911-5 (limp cover) £7.85

Legal liability in occupational Deterrence and compensation safety and health Edited by Felice Morgenstern This study examines the manner in which penal and civil liability contribute to the prevention of occupational accidents and diseases and to the compensation of their victims. It surveys the law and practice of countries with different legal systems with respect to the civil and criminal liability of manufacturers, suppliers, employers, supervisors and workers. It should be of wide interest to all those working on this subject, particularly those responsible for drawing up or implementing legislation. ISBN 92-2-103010-5 £5.00

French Labour Code (Part 1: Laws) The French Labour Code, the basic text governing labour law in France, was completely recast in 1973 and has since been extensively amended. This reprint from the Legislative Series contains the English translation of Part 1 (Laws) of the Code, as last amended down to 28 January 1981. Although a number of extracts from the Code have been translated over the years in the Legislative Series, this is the first time that the full text has appeared. ISBN 92-2-103083-0 £5.70

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Regional Studies Edited by John B. Goddard

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Journal of the Regional Studies Association Regional Studies publishes the results of original research on such topics as industrial, retail and office location, labour markets, housing, migration, recreation, transport, communications and the evaluation of public policy, wherever any of these topics has a bearing on urban and regional development. Special review articles on important themes and developments are published when appropriate. The journal is of special interest to economists, geographers, sociologists, planners and policy makers and anyone concerned with urban and regional problems and policies.

Volume 16 Number 5 October 1982 will carry the theme of 'Changing environment for regional policy in Britain'and will include the following articles. B. MOORE and J. RHODES (Cambridge Economic Policy Group) 'A Second Great Depression in the U.K. regions — can anything be done?' T. WILSON (University of Glasgow) The Macro-Economic Background to Regional Policy P. ELIAS (Institute for Employment Research, University of Warwick) 'The regional impact of national economic policies: a multi regional simulation approach for the U.K.' P. LLOYD (University of Manchester) and D. REEVE (Huddersfield Polytechnic) 'North West England 1971—1977: A study in industrial decline and economic re-structuring' R. ROTHWELL (Science Policy Research Unit, University of Sussex) 'The role of technology in industrial change: implications for regional policy?' A. THWAITES (Centre for Urban and Regional Development Studies, University of Newcastle upon Tyne) 'Some evidence of regional variations in the introduction and diffusion of industrial products and processes within British manufacturing industry' Volume 16: February, April, June, August, October and December 1982 £42.00/$112.00 per volume Single parts: E7.50/S19.50

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The Dynamics of Labour Market Segmentation edited by Frank Wilkinson 1981, xvi + 308pp., £12.60 (UK only) If26.00, 0.12.752080.5

The book includes major contributions to the segmented labour market debate b^ research workers in the US and Europe. The papers analyse the impact on the structure of the labour market of industrial concentration, labour organisation, changing technology and the increase in economic uncertainty. The papers re-emphasise the relevahce of the segmented labour market approach but demonstrate how the boundaries between segments are modified by changes in the economic and institutional environment and warn against simple unicausal theories of labour market structure..

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Published in May and November First issue from Basil Blackwell May 1982

'Generalized Oligopoly Derived Demand with an Application to Tax- induced Entry' David De Meza 'The Empirical Relationship between the Money Stock and the Price Level in the United Kingdom: A Test of Causality' Sean Holly and J. Andrew Longbottom 'The Demand for Energy in the United Kingdom' Noel D. Uri 'Displacement and Skillcentre Training: An Analysis of Firm and Trainee Characteristics' James J. Hughes, Chris Hale and Spyros Missiakoulis The Case against Import Restrictions: Another Perspective' H. Peter Gray 'The U-V Method of Categorising the Unemployed: An Amendment' James Taylor and Harvey Armstrong

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THE ROYAL ECONOMIC SOCIETY THE COLLECTED WRITINGS OF

JOHN MAYNARD KEYNES Managing Editors of the Series Sir Austin Robinson, Donald Moggridge Editors of the Individual Volumes Elizabeth Johnson, Donald Moggridge

Published Volumes originally published in Keynes's lifetime Vol.1 Indian Currency and Finance (1913) 1971 Vol. II The Economic Consequences of the Peace (1919) 1971

This edition includes the special prefaces written for the French and Roumanian translations

Vol. Ill A Revision of the Treaty (1922) 1971 Vol. IV A Tract on Monetary Reform (1923) 1971 Vol. V A Treatise on Money: The Pure Theory of Money (1930) 1971 Vol. VI A Treatise on Money: The Applied Theory of Money (1930) 1971

This new edition includes the important special prefaces that Keynes wrote for the German and Japanese translations when he had started on the way to his General Theory.

Vol. VII The General Theory of Employment, Interest and Money (1936) 1973 This new edition includes the important special prefaces that Keynes wrote for the German, Japanese and French translations, as well as two post-1936 articles where he dealt with mistakes in the book.

Vol. VIII A Treatise on Probability (1921) 1973 This book grew out of Keynes's earliest interests as a mathematician in the theory of probability and out of his dissertation at King's College, Cambridge, which secured his election to a Fellowship in 1909. A revised version was in proof in 1914 when the outbreak of war interrupted the final stages of publication. Keynes further revised it after his return to academic life in 1919 and published it in 1921. In a valuable editorial foreword, Professor R. B. Braithwaite relates Keynes's work to the subsequent developments in this subject.

Vol. IX Essays in Persuasion (1931) 1972 Vol. X Essays in Biography (1933) 1972

Both these volumes have been enlarged to include later writings of a similar character. The first includes his 'Means to Prosperity' (1933) and 'How to Pay for the War' (1940). The second includes his later essays on Malthus, Jevons, Foxwell and Newton as well as his 'Two Memoirs' posthumously published in 1949.

New volumes already published Vol. XIII The General Theory and After: Preparation 1973 Vol. XIV The General Theory and After: Defence and Development 1973

These two volumes provide material relevant to an appraisal of the development of Keynes's thinking in the monetary field from the time of the Tract in 1923 to the Treatise in 1930, onward to the General Theory in 1936 and discussions following its publication. They contain not only drafts of the Treatise and General Theory but also Keynes's extensive and fascinating correspondence and arguments with Robertson, Hawtrey, Hayek, Pigou, Harrod, Kahn, Joan Robinson and others. They, along with their supplement (see vol. XXIX below), are indispensable to any serious discussion of the development of modern economic theory.

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Published Vol. XV Activities 1906-14: India and Cambridge 1971 Vol. XVI Activities 1914-19: The Treasury and Versailles 1971

These two volumes were the first in the series making available Keynes's correspondence, memoranda, letters to newspapers, shorter articles and hitherto unpublished writings connected with public affairs.

Vol. XVII Activities 1920-2: Treaty Revision and Reconstruction 1978 Vol. XVIII Activities 1922-32: The End of Reparations 1978

These two volumes cover the attempts during 1920-32 at international financial reconstruction and end the story of post-1919 reparations.

Vol. XIX Activities 1922-9: The Return to Gold and Industrial Policy (In two-volume "v set) 1981 This volume collects together Keynes's writings relating to Britain's return to gold in 1925 and its consequences, especially for the coal and cotton industries; the general strike; and the Liberal Party's attempts to formulate a new programme prior to the 1929 General Election.

Vol. XX Activities 1929-31: Rethinking Employment and Unemployment Policies 1981 Included in this volume, which covers the period from the Wall Street crash of October 1929 to Britain's departure from the gold standard in September 1931, are full transcripts of Keynes's eight days of 'private evidence' to the Macmillan Committee on Finance and Industry, and his papers for the Economic Advisory Council.

Vol. XXI Activities 1931-9: World Crises and Policies in Britain and America 1982 Included in this volume are Keynes's post-1931 journalism and policy advice on such subjects as the World Economic Conference of 1933, the American New Deal, the 1937-8 recession and the approach to war.

Vol. XXII Activities 1939-45: Internal War Finance 1978 Vol. XXIII Activities 1940-43: External War Finance 1979

These volumes focus on Keynes's contributions to Britain's wartime financial policy, in particular budgetary policy, interest rate policy and discussions concerning the Lend Lease Agreement.

Vol. XXIV Activities 1944-6: The Transition to Peace 1979 This volume is primarily concerned with Keynes's involvement in the negotiations for Stage II of the Lend Lease Agreement and the post-war American Loan.

Vol. XXIX The General Theory and After: A Supplement 1979 This volume supplements volumes XIII and XIV. In it are collected together papers relating to the composition and defence of The General Theory, discovered at Tilton in 1976.

Vol. XXV Activities 1940^*: Shaping the Post-War World: the Clearing Union 1980 Vol. XXVI Activities 1941-6: Shaping the Post-War World: Bretton Woods and 1980

Reparations Vol. XXVII Activities 1940-6: Shaping the Post-War World: Employment and 1980

Commodities These three volumes record Keynes's involvement in various proposals for improving the post-war world. The subjects covered include his international monetary proposals which helped shape the International Monetary Fund; commercial policy; reparations and the post-war treatment of Germany; commodity price stabilisation schemes; the Beveridge proposals for social insurance; and employment policy.

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Vol. XXVIII Social, Political and Literary Writings September 1982 This volume contains Keynes's very interesting correspondence as chairman of the New Statesman with Kingsley Martin, its editor; his writings on the arts; a previously unpublished study of ancient currencies; and his preface with Piero Sraffa to the Abstract of Hume's Treatise on Human Nature.

Volumes still to be published Vol. XI Economic Articles and Correspondence: Academic Spring 1983 Vol. XII Economic Articles and Correspondence: Investment and Editorial Spring 1983

These two volumes collect his professional economic articles and reviews, his writings on commodities, a study of his experience as an investor, his early lecture notes on money, and a selection of his correspondence as editor of The Economic Journal and a referee for Macmillan.

Vol. XXX Bibliography and Index This will provide a general index to the whole edition.

Special prices per volume to members of Available from booksellers RES for personal use (see page v) All published volumes £20.00 All published volumes £15.00 After 1 January 1983 £22.00 After 1 January 1983 £16.00 Paperback of General Theory £5.95

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Inflationary Expectations, Taxes, and the Demand for Money in the United States VITO TANZI

Macroeconomic Performance and Adjustment Under Fund-Supported Programs: The Experience of the Seventies DONAL J. DONOVAN

Effects of Inflation Control Programs on Expected Real Interest Rates JOHN H. MAKIN

An Analysis of Exchange Market Intervention of Industrial and Developing Countries MICHAEL DOOLEY

Interest Rate Differentials and Exchange Risk: A Note on the Recent Argentine Experience MARIO I. BLEJER

The International Monetary Fund, 1980-1981: A Selected Bibliography ANNE C M . SALDA

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Oxford University Press The Scourge of Monetarism Nicholas Kaldor This book states the case against the theory and practice of monetarism lucidly and succinctly. Lord Kaldor attacks the case for monetarism as it is expounded by both British and American economists and politicians, showing that the evidence does not support monetarist claims. In tracing the development of monetarism he shows how the arguments deployed by the Radcliffe Committee still hold good, how the structural problems of the British economy cannot be ascribed to Keynesianism or the Welfare State, and what unnecessary contraction has been forced upon the economy by current policy. Paperback £2.95

Phases of Capitalism Development Angus Maddison This study is a comparative analysis of the growth performance and cyclical experience of sixteen advanced capitalist countries since 1820 (Western Europe, Japan, USA, Canada, and Australia). It illuminates the present economic problems and policy dilemmas of these countries by providing historical and comparative perspectives. £15 paperback £5.95

First Things First Meeting Basic Human Needs Paul Streeten and others The basic needs approach to economic development is one way of helping the poor to emerge from their poverty, but it has been misinterpreted and abused and has aroused controversy and suspicion. In this book Paul Streeten and his co-authors answer these critics. Based on the actual experience of various countries the book is a distillation of World Bank Studies of the operational implications of meeting basic needs. £10 paperback £3.95

World Development Report 1982 The Guardian has called the annual World Development Report ' the nearest thing to having an annual report on the present state of the planet and the people who live on it ' . The themes of this year's Report are continuing agricultural progress and increased food production in the developing countries. As in previous years, it includes a section on problems affecting developing countries' prospects and their relations with developed countries, including in the short term the effects on the developing countries of protracted low growth. £15 paperback £5.95 World Bank

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New Books on Economics from George Allen & Unwin

Beyond Positivism: Economic Methodology in the Twentieth Century

Keynesian Economics: The Search for First Principles A. Coddington This book is a commentary on the efforts of economists to assimilate and develop those ideas which have come to be labelled as "Keynesian" In particular, it is concerned with their efforts to characterise the precise mode of malfunctioning to which "Keynesian policies" would provide a remedy. The book provides a wide-ranging critical examination of the presuppositions and procedures of Keynesian analysis, and the result is an up-to-date vantage point from which to gain a clear perspective of this still deeply influential field of ideas. January 1983 0 04 330334 X Hardback £12.00

The Foundat ions of Economic method Lawrence A. Boland, Prof, of Economics, Simon Fraser University, British Columbia. By examining the hidden agenda of current neoclassical economics, this book offers a fresh approach to the understanding of both economic theory and methodology. After providing a clear discussion of the fundamentals of economic methodology, it explains the methodological basis of the perplexing theoretical problems that have been troubling leading economic theorists, since the publication of Keynes' General Theory. Available 208pp 0 04 330328 5 Hardback £15.00 0 04 330329 3 Paperback £5.95

Cost Benefit Analysis Third Edition E.J. Misham Available 465pp 0 04 338099 9 Paperback £7.95

Bruce Caldwell, Associate Professor of Economics, University of North Carolina, Greensboro. This accessible and stimulating book explores the interface between twentieth century writings in the philosophy of science and the methodology of economics. The purpose is to clarify and critically evaluate the methodological literature from a philosophy of science perspective. November 1982 288pp 0 04 330327 7 Hardback £15.00

The Liberat ion of Capital Folkert Wilken Introduction by Alasdair Clayre, All Soul's College, Oxford. This translation of Professor Wilken's magnum opus on common ownership should be read by everyone interested in industrial participation and capital theory. Available 320pp 0 04 334005 9 Hardback £12.00

The Renaissance of The Scottish Economy? Charlotte Lythe, University of Dundee, and Madhari Majmudar, Paisley College of Technology. A comprehensive and up-to-date appraisal of the Scottish economy over the last 25 years. September 1982 256pp 0 04 339032 3 Paperback £8.95

The Building Society Indus t ry Mark Boleat, Deputy Secretary General of The Building Societies Association The first comprehensive analysis of the economics of building societies and the major policy issues within the industry. Available 224pp 0 04 332086 4 Hardback £17.50 0 04 332087 2 Paperback £7.50

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Opec Behavior and World Oil Prices Edited by James M. Griffin, University of Houston, and David J. Teece, University of California, Berkeley. The success of OPEC over the last decade in dramatically raising oil prices and remaining intact has posed serious problems to established economic policy and directly challenged the classic theory of cartel behaviour. This volume examines OPEC's past achievements and future prospects from a number of contrasting appproaches, and seriously questions the conventional wisdom that oil prices, after hesitation in the early 1980's, will continue to rise faster than world inflation. September 1982 256pp 0 04 338102 2 Hardback £15.00 0 04 338103 0 Paperback £5.95

The Newly Industrialising Countries: Trade and Adjustment Louis Turner, Royal Institute of International Affairs, London, and Neil McMullen, National Planning Association, Washington DC. A team of international political economists assesses why the NICs have been successful or otherwise in the major industrial sectors, and also analyses the problems of industrial adjustment of both newer and older economies. Available 320pp 0 04 382036 0 Hardback £18.00

The Political Economy of the Welfare State Thomas Wilson and Dorothy J. Wilson, University of Glasgow. Available 232pp 0 04 336077 7 Hardback £15.00 0 04 336078 5 Paperback £5.95 Studies in Economics: 19 Prices are correct at time of going to press George Allen & Unwin (Publishers) Ltd., PO Box 18, Park Lane, Hemel Hempstead, Herts HP2 4TE.

Energy Strategies for the UK S.C. Littlechild, University of Birmingham, and K.G. Vaidya, University of Aston. This book provides the first integrated model of the UK energy sector which focuses on decision-making and optimisation rather than on forecasting or simulation. It covers a wide spectrum of energy problems and policy, including scenarios of rising oil and gas prices, and there are striking calculations of the (low) costs of a non-nuclear plus conservation strategy. September 1982 256pp 0 04 339029 3 Hardback £15.00

Underdevelopment and Development in Brazil Volume I: Economic Structure and Change, 1822-1947 Volume II: Reassessing the Obstacles to Economic Development Nathaniel H. Leff, Columbia University. This major new work sets out to answer some fundamental questions in Brazil's economic history and in the analysis of long-term economic development. 'Professor Leffs economic analysis of the 1822-1947 history of Brazil is a major contribution. It advances the knowledge that will serve not only economists but also historians.'

Professor T.W. Schultz. Available Vol. I. 272pp 0 04 330324 2 Hardback £18.50 Vol. II. 160pp 0 04 330325 0 Hardback £12.50

Nuclear Power in the Developing World Daniel Poneman,HarvardUniversity. This book explores the increasingly urgent issue of nuclear power policies in developing countries. November 1982 272pp 0 04 338100 6 Hardback £14.95

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international industrial Productivity A Comparison of Britain, America and Germany A. D. SMITH, D. M. W. N. HITCHENS and S. W. DAVIES This volume explores the strengths and weaknesses of Britain's industrial economy through a sector by sector comparison with the German and American economies. Comparative productivity has been measured for six non-service sectors as well as a large number of component economic activities, taking the debate about productivity differentials beyond the confines of manufacturing activities. £13.50 net National Institute of Economic and Social Research Occasional Paper XXXIV

Private industrial investment in Pakistan 1960-1970 RASHID AMJAD An examination of the behaviour of private industrial investment in Pakistan in the 1960s, which examines the institutional setting and the factors influencing profitability, and explores the relationship of industrial investment to profitability and other factors, especially foreign loans. £25.00 net Cambridge South Asian Studies 26

Financial Crises Theory, History and Policy Edited by CHARLES P. KINDLEBERGER and JEAN-PIERRE LAFFARGUE The major theoretical issues raised by the contributors to this volume centre on whether the financial system (of a nation, or of the capitalist world as a whole) is fragile or robust. The papers examine various financial crises, and they consider the function of the lender of last resort in promoting financial stability. £22.50 net Co-publication with the Maison des Sciences de tHomme, Paris

The Theory of Natural Monopoly WILLIAM S. SHARKEY

<The theory of natural monopoly has been substantially transformed in recent years. In this book, Dr Sharkey gives an integrated presentation of the modern approach to the subject. Although the main emphasis is on theory, the final chapter on natural monopoly in the telecommunications industry shows the theory in use. Hard covers about £15.00 net

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Labour Market Structure, industrial Organisation and LOW Pay J. C. CRAIG, J. C. RUBERY, R. J. TARLING and S. F. WILKINSON This book examines the causes and consequences of low pay in Britain and establishes the need for strengthening and extending legal minimum wage protection. The study is based upon interview-surveys of conditions in six industries, and argues that low pay is both a persistent and widespread problem. E12.50 net University of Cambridge Department of Applied Economics Occasional Paper 54

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Energy Economics Growth, Resources and Policies RICHARD EDEN, MICHAEL POSNER, RICHARD BENDING, EDMUND CROUCH and JOE STANISLAW ' . . . will provide a very valuable reference, for very few students of energy, environmental and economic issues - at educational or business levels - can feel proficient in all of the subjects covered.' The Financial Times

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The Timing of Economic Activities GORDON C. WINSTON Economic processes are conventionally analysed from one point in time to another over a series of units - days, weeks or years. This study introduces 'time-specific' analysis of economic processes, which in contrast focus on the temporal character of events - their timing, duration and sequence - utilising the information that is lost by the macroscopic time perspective of standard economic theory. £22.50 net

The Logic of Bureaucratic conduct ALBERT BRETON and RONALD WINTROBE The authors present a general theory of bureaucracy, using it to explain behaviour in large organisations and the determinants of efficiency in both governments and business corporations. Their analysis breaks with both the Weberian tradition of bureaucracy as rational and efficient, and with the modern view of bureaucracy as inherently inefficient. £15.00 net

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Oxford Economic Papers Chiefly concerned with economics, both theoretical and applied, this journal also publishes occasional articles on economic history, public administration and scientific method, as well as on problems of the international economy and developing countries. Half the authors are from outside the United Kingdom.

Published in March, July and November 1982 prices: £23.00 (UK £20.00, US $49.00) p.a. Single issues: £9.00 (UK £8.00, US $19.00)

Oxford University Press Journals Walton Street, Oxford OX2 6DP

JOURNAL OF TRANSPORT ECONOMICS AND POLICY Volume XVI No. 3 September 1982

C O N T E N T S

Optimal Ship Size Jan O. Jansson and Dan Shneerson Centrifugal Relocation and Back-commuting from the Metropolitan Fringe John R. Miron Road Indivisibilities. Some Observations David N. M. Starkie Peak-load Pricing and the Channel Tunnel. A Re-examination Gordon Mills and William Coleman Use of Efficiency Indexes in Testing for Scale Economics in the Motor Carrier Industry Edward R. Bruning and Richard E. Olson A Rational Alternative Fare Structure for British Rail Commuters:

a Comment Alexander Grey a Rejoinder J. G. Gibson

A Reformulation of the Theory of Optimal Congestion Taxes: a Comment Christopher A. Nash a Rejoinder Peter C. Else

Editors: Professor M. E. Beesley (Managing Editor), Professor B. T. Bayliss and Professor K. M. Gwilliam Published three times a year (January, May and September) by the London School of Economics and the University of Bath at the University

of Bath, Claverton Down, Bath BA2 7AY 1982 Annual subscription: United Kingdom £21.50; sterling price elsewhere £28.00; U.S.A. and Canada $60.00. For individuals paying their own personal subscriptions: U.K. £11.50; elsewhere £15.00; U.S.A. and Canada $32.00. Single issues: U.K. £8.00; elsewhere £10.00; U.S.A. and Canada $21.00 each.

1983 and all orders received after 30 November 1982 - Annual subscription: U.K. £24.50, sterling price elsewhere £32.00; U.S.A. and Canada $68.00. Individuals paying their own personal subscriptions: U.K. £13.25; elsewhere £17.25; U.S.A. and Canada $36.00. Single issues: U.K. £9.20; elsewhere £11.50; U.S.A. and Canada $23.75 each.

JOURNAL OF BUSINESS FINANCE & ACCOUNTING Volume 9, No. 3 Editors: Richard Briston and John Perrin Autumn 1982

C O N T E N T S MutuftL^Fund Performance in the Context of Models of Equilibrium Capital Asset Pricing by A.&.. Appleyard, N. Strong and M. Walker The Association Between Lease Disclosure and the Lessee's Systematic Risk by Joseph K. Cheung Compounding Risk Over Time; A Note by William L. Beedles and O. Maurice Joy Profitability, Earnings Announcement Time Lags, and Stock Prices by William Kross Optimal Cash Management Under Conditions of Uncertainty by Alan Punter Cash Flow Accounting and the Allocation Problem by T. A. Lee Some Time Series Properties of Corporate Earnings in New Zealand: A Note by Michael Firth Some Formal Connections Between Economic Values and Yields and Accounting Numbers by K. V. Peasnell Asset Pricing and Financial Reporting with Changing Prices by Michael H. Morris and Bill McDonald An Analytical Approach to Accounting Materiality by Byung T. Ro Advance Payments During Inflationary Periods by Benzion Barlev, Joshua Livnat and Aharon Yoran Book Reviews 1982 subscription £25.50 in UK and £31.25 elsewhere (or US $62.50 or Can $75.00) to library and business subscribers, or £14.00 in UK and £17.00 elsewhere (or US $34.00 or Can $40.00) to individual teachers and students. Order from Journals Dept., Basil Blackwell Publishers, 108 Cowley Road, Oxford OX4 1JF, UK. Editorial communications to JBFA/CRIBA, University of Warwick, Coventry CV4 7AL, UK.

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Oxford Books for Students The Money Supply and the Exchange Rate Edited by W. A. Ellis and P. J. N. Sinclair In recent years there have been important developments in monetary economics and in balance of payments theory. This book demonstrates their particular relevance to the problem of sterling's exchange rate. A number of distinguished economists, both monetarist and Keynesian, in academic life and in government, analyse and discuss the interrelationships between tight monetary policies and the exchange rate, and their effects on profitability and employment. £7.95

Applied Economics in Banking and Finance H. Carter and I. Partington The aim of the second edition of this introductory textbook remains to provide the institutional background to the UK financial system while at the same time giving the necessary analytical and evaluative treatment to enable students to understand its workings. It covers the nature of money and the functions of financial intermediaries; the operations of UK banking and fiscal policy; the national and international systems within which financial systems operate; and alternative banking systems. £12.50 paperback £5.95

Incomes Policy Robin E. J. Chater, Andrew Dean, and Robert F. Elliott This is a book of papers on the formulation, interpretation, and implementation of incomes policy. The aim is to identify the successful elements of such policies and to highlight the problems which arise in implementing them. The book contains various points of view with two academic economists and two economic journalists arguing for and against incomes policy, representatives from the trade union and the employers' sides arguing their view and studies of incomes policies' effects on the high paid and the low paid. £15 paperback £5.95

Information and Coordination Essays in Macroeconomic Theory Axel Leijonhufvud This book is a collection of twelve papers on macroeconomics and monetary theory and on the historical development of these two branches of economics. A long new essay, 'The Wicksell Connection', clarifies the relationships between the major contending schools in modern macroeconomics. £14.95 paperback £6.95

Oxford University Press (XV)

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Basil Blackwell A Mathematical Introduction to Economics ALASDAIR SMITH Increasingly, first-year students are coming to the study of economics with a strong background in mathematics. For them the existing texts are long-winded and outdated. This introductory textbook, designed for students with no prior training in economics, sets new standards for clarity and rigour. Using a mathematical framework, it covers the same ground as conventional textbooks much more clearly. 270 pages, hardback £16.00 (0 631 12888 6) paperback £7.50 (0 631 12976 6)

Choice, Welfare and Measurement AMARTYA SEN 'Sen's mastery in the fields of social choice, the foundations of welfare economics and, more broadly, distributive ethics and the measurement problems associated with these fields is unquestioned. The selection of articles fully reflects his work in this area . . .a number of papers are already classics in the field.' Kenneth Arrow, Stanford University 464 pages, £19.50(0 631 129146)

Monetarist, Keynesian and New Classical Economics JEROME L. STEIN Where once Keynesian theory reigned supreme, three competing schools now co-exist, each offering very different explanations for inflation, unemployment and the decline in growth. In this important new work, a well-known economist examines the hypotheses of each, using a general macrodynamic model. The results are startling and sure to stimulate further debate. 240 pages, £14.00(0 631 12908 1)

The Control of Resources PARTHA DASGUPTA Most textbooks in environmental economics either sink under the weight of complex mathematical models or resort to a recital of case studies. What makes this book, by one of the world's leading experts, so useful is the careful blend of theory and practice. 240 pages, hardback £15.00 (0 631 12935 9) paperback £6.95 (0 631 13086 1)

Anticipations of the General Theory DON PATINKIN This is the story of the circumstances which made Keynes's General Theory possible. Was it discovered simultaneously by several economists; what was the precise nature of the discoveries which led up to it; why did they occur when and where they did? This major historical investigation sheds new light on a significant development. 304 pages, £15.00 (0 631 131566) ■»»

Advances in Economic Theory Edited by MAURO BARANZINI These innovative essays, each written specifically for this book, focus on current controversies in economics. They provide fresh insights into some of the most important areas in contemporary economic theory, and examine in detail recent attempts to provide microfoundations for macroeconomics. 332 pages, £19.50(0 631 130810)

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Basil Blackwell Population and the World Economy In the 21 st Century Edited by JUST FAALAND for the Nobel Institute Wassily Leontief, Roger Revelle, Kenneth Boulding, Nurul Islam, Paul Demeny, Leon Tabah and Ira Sohn are among the distinguished contributors to this book, which provides a hard look at the future. It contains some startling observations on food and energy production and consumption, and on levels of poverty. 272 pages, £15.00(0 631 12964 2)

Soviet Economic Development RAYMOND HUTCHIIMGS This highly acclaimed study has been thoroughly revised and includes a new section on statistical information concerning recent economic developments, and a new chapter on the latest innovations. Reviewing the first edition, the Economic Journal described it as 'a readable, up-to-date and well-documented text..." (Second edition) 336 pages, hardback £18.00 (0 631 12559 0) paperback £6.95 (0 631 12795 X)

Business Economics Edited by JAMES BATES and J.R. PARKINSON A completely reorganized and rewritten edition of this highly-regarded introduction to business economics. Designed for students with no previous background shows the relevance of basic economics principles to decision-making in the firm. (Third edition) 336 pages, hardback £16.00 (0 631 13146 9) paperback £7.50 (0 631 13147 7)

How Much are Public Servants Worth? Edited by JOHN GRETTON and ANTHONY HARRISON Are our public servants overpaid and underworked? Or are they the whipping boys for mean-spirited government economic policies? This new book looks at the recent Megaw report on civil service pay within the context of the British political and economic system. It includes important articles by Hugh Clegg, Peter Riddell, Aubrey Jones and Derek Robinson. Published for CIPFA and Public Money 128 pages, paperback £7.50 (0 631 13251 1)

The Economist as Preacher GEORGE STIGLER In these witty and provocative essays, the world's foremost historian of economic thought has fresh and sensible things to say about the relationship between economics and ethics, the way the political environment is reflected in this highly mathematical social science. 280 pages, c.£15.00 (0 631 13235 X)

Prices, Quantities and Macroeconomic Policy Edited by JAMES TOBIN This important new book, edited by the 1981 Nobel laureate in Economics and inspired by the work of the late Arthur Okun, attempts a thorough breakdown of contemporary macroeconomic behaviour. It is concerned with product, labour and asset markets, and how these markets relate to macroeconomic policy. 270 pages, hardback c £12.50 (0 631 13178 7) paperback c.£5.95 (0 631 13179 5)

Basil Blackwell Publisher, 108 Cowley Road, Oxford OX4 1JF fxvii)

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NORTHUOUAND Economic, Legal, and Political Dimensions of Competition by HAROLD DEMSETZ, University of California, LA, U.S.A.

LECTURES IN ECONOMICS: THEORY, INSTITUTIONS, POLICY, Vo l . 4

1982.126 pages. ISBN 0-444-86442-3 US $30.25,DfI. 65.00

Economic theory relies on perfect competition to understand competition, but competitive activity cannot be understood with the perfect competition model This puzzle is unravelled in lecture one, wherein it is argued that the proper use of the perfect competition model is not to analyze competition.

Competitive activity is best understood in terms of positive information and exchange costs, a context inconsistent with perfect competition, but one which yields a rich understanding of the many dimensions of competition. The last three lectures use information and exchange cost to understand economic, legal, and political competitive activity

= Workers and Incentives § j l b yM.R .SERTEL = = Afdeling Toegepaste Wiskunde, Technische ^ = Hogeschool Twente, Enschede, The Nether-^ s lands.

S CONTRIBUTIONS TO ECONOMIC ANAL-= YSIS, Vo lume 140

H I 1982. about 250 pages. ISBN 0-444-86360-5 = US $65.00/Dfl. 140.00

Workers and Incentives is a study in economic design and comparative polit ical economy. Within a unified model it comparatively analyzes a large variety of economic systems differing in their property rights, information bases, authority structures, and hence, in their incentive mechanisms. These systems range from various forms of capitalism to a multitude of types of workers' management incentives being instituted in each case through either wages or shares in output (as in sharecropping or value-added sharing).

Essays in the Economics of Renewable Resources edited by LEONARD ). M IRMAN, University of Illinois, U.S.A. and DANIEL F. SPULBER, University of Southern California, U.S.A.

CONTRIBUTIONS TO ECONOMIC ANALYSIS, V o l u m e l 4 3

1982. about 300 pages. ISBN 0-444-86340-0 US $65.00/Dfl. 140.00

Increased interest in renewable resource management has been accompanied by important developments in the economics of renewable resources This volume presents fifteen essays which explore and extend theoretical aspects of these developments The book starts with a selective survey of these developments and suggestions for future research. The modelling of renewable resource management within a capital theoretic framework and the resulting optimal harvesting policies are examined.

Systems Under Indirect Observation Parts I and II Causality Structure Prediction

edited by K. G. JORESKOC and H. W O L D , Dept. of Statistics, University of Uppsala, Sweden

CONTRIBUTIONS TO ECONOMIC ANALYSIS, Vo lume 139

1982. about 654 pages (in two parts). ISBN 0-444-86301-x US $127.75/Dfl. 275.00 (2 volume set)

This book (in two parts) presents the results of a conference on Systems Under Indirect Observation which brought together a wide variety of social scientists whose research interest was in the development and use of quantitative methods for analyzing structure and causation in non-experimental data. The participants came from all disciplines of the social sciences; economics, education, political science, psychology, sociology and statistics and the papers presented deal wi th substantive problems as well as methodological ones.

The Dutch Guilder prices are definitive. US $ prices are subject to exchange rate fluctuation.

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NORTH-HOLLAND ANNOUNCES NORTH-HOLLAND PUBL ISH ING CO., P.O. Box 211,1000 AE A m s t e r d a m , The Ne ther lands ELSEVIER SCIENCE PUBL ISHING CO., Inc., 52 Vanderb i l t Ave., New York, N.Y. 10017

Regional Development Modeling: Theory and Practice edited by M U R A T ALBECOV, AKE E. ANDERSSON and FOLKE SNICKARS, Regional Development Task, International Institute for Applied Systems Analysis, Laxenburg, Austria

STUDIES IN REGIONAL SCIENCE A N D URBAN ECONOMICS, V o l u m e 8 1982. xi i + 424 pages US $53.25fDfl. 125.00 ISBN 0-444-86473-3

This volume contains a collection of papers presented at a conference on Theoretical and Practical Aspects of Regional Development Modeling. Although some 50 papers were presented at the conference, 26 of these were selected for this volume, and therefore this book should not be seen primarily as a conference proceedings; rather the contributions have been selected to strike a balance between the theory and the applications of regional systems anal*> ysis.

Recent Issues in the Theory of Flexible Exchange Rates Fifth Paris-Dauphine Conference on M o n e y and In ternat iona l Mone ta ry Problems, June 1 5 1 7 , 1 9 8 1

\ edited by EMIL-MARIA CLAASSEN, Univer-\ site Paris- Dauphine and INSEAD, and \ PASCAL. SALIN, Universite Paris-Dauphine

i STUDIES i Vo lume 8

IN M O N E T A R Y ECONOMICS,

i 1982. xi + 274 pages I US $42.50/Dfl. 100.00 I ISBN 0-444-86389-3

In part I purchasing power parity and the divergence from it are treated. In part I I , the impact of interest-rate disturbances, of the current account and of the real economic activity on the exchange rate (including the exchange rate oscillations) is examined, while part III discusses the opt imal management of the f loat ing exchange rate systems. The main features of this work are: - The recent macroeconomics of f lexible

exchange rates - The explanation and behavior of nominal and

real exchange rates - The behavior of montary authorities under

f loating exchange rates.

I Economic Decisions Under i Uncertainty \ by HANS-WERNER SINN, University of ! Mannheim

\ STUDIES IN M A T H E M A T I C A L A N D | M A N A G E R I A L ECONOMICS, V o l u m e 32

i 1982. about 350 pages i US $68.00/Dfl. 160.00 I ISBN 0-444-86387-7

This book offers a number of ideas on the theory of economic decision making under uncertainty and studies their implications for problems of portfol io optimization, currency speculation and insurance demand. Although primarily written for economists, this work should also be of interest to scientists from business departments, psychologists and statisticians.

i International Trade and Resource I Allocation ! by A. D. W O O D L A N D , University of New \ England, Australia

\ ADVANCED TEXTBOOKS IN ECONOMICS, | V o l u m e 19

\ 1982. xiv + 512 pages Price in the U.S.A. and Canada: US $59.00 In all other countries: Df1.150.00 ISBN 0-444-86370-2

The primary aim of this work is to present the essence of the modern theory of international trade within a unified framework, which emphasizes the generality of the results obtained and which treats the traditional two-dimensional model as an interesting special case of a more general model. It further attempts to overcome difficulties for students of international trade theory by presenting a general and unified analysis which is made easier by the extensive use of modern duality theory.

(x ix ) 0843 NH

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H^** Wiley CHICHESTER ■ NEW YORK BRISBANE ■ TORONTO ■ SINGAPORE

RISK ANALYSIS AND ITS APPLICATIONS by D.B. Hertz, McKinsey and Company and H. Thomas, University of Illinois at Urbana-Champaign

Presents a broad understanding of the risk analysis approach and its potent ial areas of appl icat ion for practit ioners, college and university professors as wel l as students of management. It offers a strategic th ink ing methodology wh ich encourages decision makers to examine careful ly the data and assumptions surrounding a decision prob lem such as an investment project . The books appl ied perspective is developed through the use of a series of real-l i fe case examples which have been wr i t ten up as case histories.

0471101451 approx.360pp September 1982 approx. $27.50/f 12.50

THE ESSENTIALS OF MONEY AND BANKING by L. Auernheimer, Texas A&M University, and R.B. Ekelund, Jr., Auburn University

Integrates modern concepts of monetary, macroeconomic, and inf lat ion theory w i th the inst i tut ions of money and banking, to achieve a sound view of contemporary economic pol icy. The book uses a modern variant of the " l i qu id i t y pre ference" approach to total expenditures, and develops an alternative to the " loanable funds" structure. It discusses inf lat ion as an integral part of monetary economics, and covers the mechanisms, inst i tut ions, and instruments of the banking and financial systems.

0471 02103 2 460 pp December 1981 $31.85/£17.70

ECONOMIC AND SOCIAL SECURITY: Social Insurance and Other Approaches, 5th Ed. by C.A, Williams, Jr., J.G. Turnbull, both of the University of Minnesota, and E.F. Cheit, University of California, Berkeley The f i f th ed i t ion of this classic vo lume on publ ic and private social insurance and related programs now operat ing in the United States is thoroughly revised and updated to reflect the 1981 reports of several national commissions and the views of the Reagan administrat ion. The new edi t ion features two new chapters on O ld Age and Survivors Insurance (Social Security), the first deal ing wi th coverage and benefits, the second wi th f inancing and administrat ion. It covers all economic security problems caused by death, o ld age, poor health, unemployment , poverty, and substandard l iving condi t ions, wi th indepth analyses of the programs designed to alleviate these condi t ions, and emphasizes publ ic social insurance and welfare programs.

0471 08409 3 616pp Apr i l 1982 $31.85/£17.70

INTERPRETING MULTIVARIATE DATA: edited by V. Barnett, University of Sheffield This book contains the proceedings of the conference ent i t led "Look ing at Mult ivar iate Data" held at Sheffield in March , 1980. Reviews existing methods in mult ivariate data analysis, illustrates their application in many fields and contains a wealth of new ideas and techniques. An important feature is the large propor t ion of diagrammatic material which is designed to f i rmly mot ivate, il lustrate and reinforce the basic principles and methods.

Wiley Series in Probability and Mathematical Statistics: Applied Probability and Statistics

0471 28039 9 390 pages December 1981 $49.50/£21.00

APPROPRIATE OR UNDERDEVELOPED TECHNOLOGY? by A. Emmanuel, Head of Institute of E conomics and Social Development Studies, University of Paris The author's thesis is broadly that 'appropr ia te ' technology, tai lor made for the needs of develop ing countries merely widens the gap between the developing and the developed wor ld . Wiley/IRM Series on Multinationals 0471104671 approx.189pp September 1982 approx. $26.40/£12.00

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THE ECONOMIC JOURNAL

VOLUME 92

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A

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THE JOURNAL OF THE ROYAL ECONOMIC SOCIETY

Managing Editors: C. H. FEINSTEIN and J. P. HUTTON Editors: W. H. BUITER, D. G. MAYES, J. P. NEARY, D. M. G. NEWBERY, S. J. NICKELL and D. WINCH

VOLUME 92

CAMBRIDGE UNIVERSITY PRESS CAMBRIDGE

LONDON NEW YORK NEW ROCHELLE MELBOURNE SYDNEY

1982

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Published by the Press Syndicate of the University of Cambridge The Pitt Building, Trumpington Street, Cambridge CB2 IRP

32 East 57th Street, New York, NY 10022, USA

© 1982 by the Royal Economic Society

Printed in Great Britain at the University Press, Cambridge

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ROYAL ECONOMIC SOCIETY

PATRON: HER MAJESTY THE QUEEN

COUNCIL:

President Mr G. D. N. WORSWICK, C.B.E., F.B.A.

Vice-Presidents PROFESSOR G. C. ALLEN, C.B.E., F.B.A. PROFESSOR SIR ROY ALLEN, C.B.E., F.B.A. PROFESSOR A . J . BROWN, C.B.E., F.B.A. SIR SYDNEY CAINE, K.C.M.G. SIR ALEC CAIRNCROSS, K.C.M.G., F.B.A. PROFESSOR PHYLLIS DEANE, F.B.A. Mr J. C . R . D O W , F.B.A. PROFESSOR SIR J O H N HICKS, F.B.A.,

NOBEL LAUREATE PROFESSOR LORD KAHN, C.B.E., F.B.A. PROFESSOR LORD KALDOR, F.B.A. SIR DONALD M A C D O U G A L , C.B.E., F.B.A. PROFESSOR J . E. MEADE, C.B., F.B.A.

NOBEL LAUREATE PROFESSOR SIR E. H. PHELPS BROWN,

M.B.E., F.B.A.

Mr G. D. N. WORSWICK, President Professor PHYLLIS DEANE, Immediate

Past President Professor Z. A. SILBERSTON, Secretary-General Mr T. M. RYBCZYNSKI, Treasurer Professor C. H. FEINSTEIN, Editor of

The Economic Journal

PROFESSOR W. B. REDDAWAY, C.B.E., F.B.A. LORD ROBBINS, C.H., C.B., F.B.A. LORD ROBERTHALL, K.C.M.G., C.B. PROFESSOR SIR AUSTIN ROBINSON,

C.M.G., O.B.E., F.B.A. PROFESSOR JOAN V. ROBINSON, F.B.A. PROFESSOR P. SARGANT FLORENCE, C.B.E. PROFESSOR R. S. SAYERS, F.B.A. PROFESSOR SIR RICHARD STONE,

C.B.E., F.B.A. PROFESSOR BRINLEY THOMAS,

C.B.E., F.B.A. Dr R. C. TRESS, C.B.E.

MITTEE, 1982-3 Professor D. N. WINCH, Review Editor and

Publications Secretary Mr J . S. FLEMMING (until 1985) Professor M. A. KING (until 1986) Professor A. K. SEN (until 1984) Professor A. P. THIRLWALL (until 1983)

To hold office until 1983 Professor A. D. BAIN Professor E. BENNATHAN Professor D. F. HENDRY Professor D. P. O'BRIEN Professor M. H. PESTON Professor S.J . PRAIS

To hold office until 1984 Sir KENNETH BERRILL Professor K. G. COWLING Professor C. H. FEINSTEIN Professor A. G. HINES Professor A. P. L. MINFORD Professor A. P. THIRLWALL

To hold office until 1983 Miss FRANCES CAIRNCROSS Mr J. S. FLEMMING Professor K. D. GEORGE

Other Members of the Council Professor F. H. HAHN Professor P. E. HART Professor A. K. SEN

To hold office until 1986 Professor Sir DOUGLAS HAGUE Professor J . P. HUTTON Mr M. KASER Professor M. A. KING Professor B. J . LOASBY Mr M. V. POSNER

To hold office until 1987 Mr A. J. C. BRITTON Professor A. S. DEATON Professor J . A. MIRRLEES Professor A. S. SKINNER Dr A. SKOURAS Professor M. J . C. SURREY

PROFESSOR Z. A. SILBERSTON, Secretary-General

Mr T. M. RYBCZYNSKI, Treasurer

EXECUTIVE COI

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THE ROYAL ECONOMIC SOCIETY

T H E ROYAL ECONOMIC SOCIETY (incorporated by Royal Charter, 1902) was founded, under the name of the BRITISH ECONOMIC ASSOCIATION, at a meeting held at University College London, on 20 November 1890, the Right Hon. G . J . Goschen, M.P. (the late Viscount Goschen), in the Chair.

The Society has for its object the general advancement of economic knowledge. Its principal activities are:

(a) The production of the ECONOMIC JOURNAL, which is sent quarterly to all members. The JOURNAL is intended to represent the various shades of economic opinion, and to be the organ, not of one school of economists, but of all. It numbers among its contributors the leading economists of all countries. The JOURNAL was from 1891-1974 inclusive published on behalf of the Society by Messrs. Macmillan and Co. Ltd, London. Since 1975 it has been published by the Cambridge University Press, London.

(b) Other publications, which are normally offered for sale to members for their personal use at concessionary rates. These include, for instance, the series of Collected Writings of John Maynard Keynes, now being published: volumes of the writings of William Stanley Jevons, including some not previously published: and Piero SrafFa's edition of Works and Correspondence of David Ricardo.

(c) The arrangement of specialist conferences, including financial assistanc e for invited contributors and occasionally for others in attendance.

(d) The provision of an Information Service about conferences, research theses completed (in the British universities), economists visiting the United Kingdom, facilities for study abroad, and scholarships, studentships and fellowships.

Applications for membership of the Society should be made as indicated on the inside front cover of each issue of the JOURNAL. Instructions concerning material for the ECONOMIC JOURNAL are given on the inside back cover of each issue. Enquiries for the Information Service should be sent to Mrs M. Henderson, 48 Kidderminster Road, West Hagley, Stourbridge, Worcestershire, DY9 oQD. Other enquiries should be sent to the Secretary-General, Professor Z. A. Silberston, Imperial College of Science and Technology, London, SW7 2AZ.

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INDEX TO THE ECONOMIC JOURNAL

V O L U M E 92

ARTICLES PAGE

Allen, R. C , The Efficiency and Distributional Consequences of Eighteenth Century Enclosures . . . . . . . . . . . . . . . 937

Atkinson, A. B., Unemployment, Wages and Government Policy . . . . . 45 Blundell, R. and Walker, I., Modelling the Joint Determination of Household Labour

Supplies and Commodity Demands . . . . . . . . . . 3 5 1 Browning, M.J . , Savings and Pensions: Some U.K. Evidence 954 Caves, D. W., Christensen, L. R. and Diewert, W. E., Multilateral Comparisons of Output, v .

Input and Productivity using Superlative Index Numbers . . . . . . 73 Corden, W. M. and Neary, J . P., Booming Sector and De-Industrialisation in a Small

Economy 825 Cross, R., The Duhem-Quine Thesis, Lakatos and the Appraisal of Theories in Macro

economics . . . . . . . . . . . . . . . 320 Das, S. P., Economies of Scale, Imperfect Competition, and the Pattern of Trade . . 684 Davies, S. W. and Lyons, B. R., Seller Concentration: The Technological Explanation

and Demand Uncertainty . . . . . . . . . . . . 903 Eastwood, R. K. and Venables, A. J., The Macroeconomic Implications of a Resource

Discovery in an Open Economy 285 Eaton, B. C. and Lipsey, R. G., An Economic Theory of Central Places . . . . 56 Gordon, R. J. , Why U.S. Wage and Employment Behaviour Differs from that in Britain

and Japan . . . . . . . . . . . . . . 13 Gort, M. and Klepper, S., Time Paths in the Diffusion of Product Innovations . . 630 Hemming, R. and Kay, J . A., The Costs of the State Earnings Related Pension Scheme . 300 Hollander, H., Class Antagonism, Exploitation and the Labour Theory of Value . . 868 Hutton, J . P. and Lambert, P. J., Modelling the Effects of Income Growth and Discretionary

Change on the Sensitivity of U.K. Income Tax Revenue . . . . . . 1 4 5 Jackman, R. and Sutton, J., Imperfect Capital Markets and the Monetarist Black Box:

Liquidity Constraints, Inflation and the Asymmetric Effects of Interest Rate Policy . 108 King, M. A. and Dicks-Mireaux, L.-D. L., Asset Holdings and the Life-Cycle . . . 247 Lall, S. and Siddharthan, N. S., The Monopolistic Advantages of Multinationals: Lessons

from Foreign Investment in the U.S. . . . . . . . . . . 668 Loomes, G. and Sugden, R., Regret Theory: An Alternative Theory of Rational Choice

Under Uncertainty 805 Lorie, H. R. and Sheen, J . R., Supply Shocks in a Two Country World with Wage and

Price Rigidities . . . . . . . . . . . . . . 849 Malinvaud, E., Wages and Unemployment 1 Mookherjee, D. and Shorrocks, A., A Decomposition Analysis of the Trend in U.K. Income

Inequality 886 Nickell, S., Wages and Unemployment: A General Framework . . . . . 51 Nickell, S., The Determinants of Equilibrium Unemployment in Britain . . . . 555 Nishimizu, M. and Page, J . M., Total Factor Productivity Growth, Technological Progress

and Technical Efficiency Change: Dimensions of Productivity Change in Yugoslavia, 1965-78 920

Oswald, A. J., The Microeconomic Theory of the Trade Union . . . . . 576 Pesaran, M. H., A Critique of the Proposed Tests of the Natural Rate-Rational Expectations

Hypothesis . . . . . . . . . . . . . . . 529 Pissarides, C. A., From School to University: The Demand for Post-Compulsory Education

in Britain . . . . . . . . . . . . . . . 654 Pissarides, C. A., From School to University: The Demand for Post-Compulsory Education

in Britain: Erratum 1017 Rieber, W. J., Discriminating Monopoly and International Trade . . . . . 365 Roemer, J . E., Exploitation, Alternatives and Socialism . . . . . . . 87 Salmon, M., Error Correction Mechanisms . . . . . . . . . 6 1 5 Shorrocks, A., The Portfolio Composition of Asset Holdings in the U.K 268 Sugden, R., On the Economics of Philanthropy 341 Waterson, M., Vertical Integration, Variable Proportions and Oligopoly . . . 1 2 9

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Vll l INDEX

ARTICLES (continued) PAGE Weitzman, M. L., Increasing Returns and the Foundations of Unemployment Theory . 787 Wright, B. D. and Williams, J . C , The Economic Role of Commodity Storage . . 596

NOTES AND MEMORANDA Borooah, V. K. and Van der Ploeg, F., British Government Popularity and Economic

Performance: A Comment 405 Hillier, B., Lambert, P. and Turner, R., Macroeconomics with Non-Perfect Competition:

A Comment 701 Filippini, C. and Filippini, L., Two Theorems on Joint Production . . . . . 386 Frey, B. S. and Schneider, F., A Politico-Economic Model of the U.K.: A Corrigendum . 410 Morley, R., Profit, Relative Prices and Unemployment: A Reply . . . . . 1 7 0 Ng, Y.-K., Macroeconomics with Non-Perfect Competition: A Reply . . . . 706 Rostow, W. W., Comment from a Not Quite Empty Box 156 Schwartz, S., Factors Affecting the Probability of Being Acquired; Evidence for the U.S. 391 Steedman, I., Joint Production and the Wage-Rent Frontier . . . . . . 377 Sumner, M. T., Criteria for Efficient Capital Allocation . . . . . . . 694 Taylor, J . and Cunningham, J., Profit, Relative Prices and Unemployment: A Comment 161 Weinrich, C , On the Theory of Effective Demand . . . . . . . . 1 7 4 Yu, E. S. H., Unemployment and the Theory of Customs Unions . . . . . 399

REVIEWS Ahlstrom, Goran, Engineers and Industrial Growth 720 Anell, Lars, Recession, the Western Economies and the Changing World Order . . . 193 Atkinson, A. B., Wealth, Income and Inequality . . . . . . . . . 457 Bairoch, Paul and Levy-Leboyer, Maurice (Eds), Disparities in Economic Development since the

Industrial Revolution . . . . . . 2 1 3 Balogh, Thomas, The Irrelevance of Conventional Economics . . . . . . . 965 Barro, Robert J., Money, Expectations, and Business Cycles . . . . . . . 188 Becker, Gary S., A Treatise on the Family . . . . . . . . . . 739 Berger, Suzanne and Piore, Michael J., Dualism and Discontinuity in Industrial Societies . . 716 Betancourt, Roger R. and Clague, Christopher K., Capital Utilization . . . . 4.25 Bornstein, Morris et al. (Eds), East-West Relations and the Future of Eastern Europe . . 433 Boserup, Ester, Population and Technology . . . 4 5 1 Brown, C. V. (Ed), Taxation and Labour Supply . . . . . . . . . 462 Brown, William (Ed), The Changing Contours of British Industrial Relations . . . . 460 Cairncross, Frances (Ed), Changing Perceptions of Economic Policy . . . . . 4 1 1 Casson, Mark, Unemployment: A Disequilibrium Approach . . . . . . . 4 1 9 Chipman, John S. and Kindleberger, Charles P. (Eds), Flexible Exchange Rates and the

Balance of Payments . . . . . . . . . . . . . 431 Choucri, Nazli, International Energy Futures . . . . . . . . . 746 Cline, William R. et al., World Inflation and the Developing Countries . . . . . 443 Cline, William R. and Weintraub, Sidney (Eds), Economic Stabilization in Developing Countries 215 Cohen, Benjamin J. with Basagni, Fabio, Banks find the Balance of Payments . . . 429 Cooper, Charles, Economic Evaluation and the Environment . . . . . . . 468 Copeland, Thomas E. and Weston, J . Fred, Financial Theory and Corporate Policy . . 426 Courakis, Anthony S. (Ed), Inflation, Depression and Economic Policy in the West . . . 413 Currie, D., Nobay, R. and Peel, D. (Eds), Macroeconomic Analysis . . . . . 740 Currie, D., Peel, D. and Peters, W. (Eds), Microeconomic Analysis . . . . . 743 Deakin, B. M. and Pratten, C. F., Effects of the Temporary Employment Subsidy . . . 724

•>»Deaton, Angus (Ed), Essays in the Theory and Measurement of Consumer Behaviour in Honour of Sir Richard Stone . . . . . . . . . . . . . . 708

Desai, Meghnad, Testing Monetarism . . . . . . . . . . 4 1 7 Dorner, Peter and El-Shane, Mahmoud A. (Eds), Resources and Development: Natural

Resource Policies and Economic Development in an Interdependent World . . . . . 744 Dunning, John H., International Production and the Multinational Enterprise . . . . 434 Eltis, W. A. and Sinclair, P. J . N. (Eds), The Money Supply and the Exchange Rate . . 979 Fei, John C. H. et al., Growth with Equity: The Taiwan Case . . . . . . 970 Finch, M. H. J., A Political Economy of Uruguay since 1870 . . . . . . . 737 Fisher, Anthony C , Resource and Environmental Economics . . . . . . . 987 Floud, Roderick and McCloskey, Donald (Eds), The Economic History of Britain since 1700.

Vol. 1: 1700-1860 718

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INDEX IX

REVIEWS (continued) PAGE Fromm, Gary (Ed), Studies in Public Regulation . . . . . . . . - 7 3 ' Gandolio, Giancarlo, Qualitative Analysis and Econometric Estimation of Continuous Time

Dynamic Models . . . . . . . . . . . . . . 981 Goodwin, Craufurd D. (Ed), Energy Policy in Perspective . . . . . . . 466 Gordon, Richard L., An Economic Analysis of World Energy Problems . . . . . 746 Herman, Edward S., Corporate Control, Corporate Power . . . . . . . 1 9 8 Hibbs, D. A. and Fassbender, H. (Eds), Contemporary Political Economy . . . . 1 8 9 Hirschman, Albert O., Essays in Trespassing . . . . . . . . . 439 Hornstein, Zmira, et al. (Eds), The Economics of the Labour Market . . . . . 2 0 6 Hutton, Stanley and Lawrence, Peter, German Engineers: The Anatomy of a Profession . . 720 Ishikawa, Shigeru, Essays on Technology, Employment and Institutions in Economic Development . 445 Iwai, Katsuhito, Disequilibrium Dynamics: A Theoretical Analysis of Inflation and Unemployment **" 421 Kadar, B61a, Problems of Economic Growth in Latin America . . . . . . . 734 Kamien, Morton I. and Schwartz, Nancy L., Market Structure and Innovation . . . 985 Keynes, John Maynard, edited by Donald Moggridge, The Collected Writings of John Maynard Keynes. Vol. XIX: Activities ig22-ig2g. The Return to Gold and Industrial Policy,

(Parts I and II) 964 Kornai, Janos, Economics of Shortage . . . . . . . . . . . 7 1 2 Kostecki, M. M. (Ed), Stale Trading in International Markets . . . . . . 989 Kuo, Shirley W. Y. et al., The Taiwan Success Story: Rapid Growth with Improved Distribution in

the Republic of China, 1952-igyg . . . . . . . . . . . 970 Lall, Sanjaya, The Multinational Corporation . . . . . . . . . 1 9 6 Leijonhufvud, Axel, Information and Coordination . . . . . . . . 976 Levine, David P., Economic Theory. Vol. 2: The System of Economic Relations as a Whole. . 710 Lucas, Robert E., Studies in Business-Cycle Theory . . . . . . . . 414 Machlup, Fritz, Methodology of Economics and Other Social Sciences . . . . 972 Machlup, Fritz, Knowledge and Knowledge Production . . . . . . . . 2 1 0 Marer, Paul and Montias, John Michael (Eds), East European Integration and East- West Trade 195 Martin, R. L., (Ed), Regional Wage Inflation and Unemployment . . . . . . 423 Matthiessen, Lars and Strom, Steinar (Eds), Unemployment: Macro and Microeconomic

Explanations . . . . . . . . . . . . . . . 723 Maxcy, George, The Multinational Motor Industry . . . . . . . . 436 Mazumdar, Dipak, The Urban Labor Market and Income Distribution . . . . . 455 Meade, James E., Stagflation. Vol. 1: Wage Fixing . . . . . . . . 967 Michie, R. C., Money, Mania and Markets . . . . . . . . . 428 Mishan, E. J., Introduction to Normative Economics . . . . . . . . 208 Mitra, Ashok, The Share of Wages in National Income . . . . . . . . 458 Mueller, Dennis C. (Ed), The Determinants and Effects of Mergers . . . . . 205 Murray, Robin (Ed), Multinationals Beyond the Market . . . . . . . 437 O'Brien, D. P. and Presley, John R. (Eds), Pioneers of Modern Economics in Britain . . 729 Okun, Arthur M., Prices and Quantities . . . . . . . . . . 1 8 6 Pasinetti, Luigi L., Structural Change and Economic Growth . . . . . . 974 Peacock, Alan and Forte, Franceso (Eds), The Political Economy of Taxation . . . 464 Pliatzky, Leo, Getting and Spending: Public Expenditure, Employment and Inflation . . . 978 Pollard, Sidney, Peaceful Conquest: The Industrialization of Europe 1760-1 gyo . . . . 211 Reid, Gavin, The Kinked Demand Curve Analysis of Oligopoly . . . . . . 203 Reisman, David, Galbraith and Market Capitalism . . . . . . . . 983 Rosefielde, Steven (Ed), Economic Welfare and the Economics of Soviet Socialism . . . 990 Roskamp, Karl W. and Forte, Francesco (Eds), Reforms of Tax Systems . . . . 465 Saunders, Christopher (Ed), East-West-South: Economic Interactions between Three Worlds . 732 Sawyer, Malcolm C., The Economics of Industries and Firms . . . . . . 202 Schotter, Andrew, The Economic Theory of Social Institutions . . . . . . 7 1 4 Schultz, Theodore W., Investing in People . . . . . . . . . . 447 Sen, Amartya, Poverty and Famines . . . . . . . . . . . 449 Shackleton, J . R. and Locksley, Gareth (Eds), Twelve Contemporary Economists . . . 728 Sharp, Clifford, The Economics of Time . . . . . . . . . . 469 Showier, Brian and Sinfield, Adrian (Eds), The Workless State . . . . . . 726 Shubik, Martin and Levitan, Richard, Market Structure and Behavior . . . . . 200 Sinfield, Adrian, What Unemployment Means . . . . . . . . . 726 Tobin, James, Asset Accumulation and Economic Activity . . . . . . . 1 8 4 Winters, L. Alan, An Econometric Model of the Export Sector: UK Visible Exports and their Prices

'955-^973 • ' 9 1

Wrigley, E. A. and Schfield, R. S., The Population History of England 1341-1871 . . . 453 Yeats, Alexander J., Trade and Development Policies . . . . . . . . 441

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X

LIST Allen, V. L., 460 Armstrong, A., 436 Armstrong, W. A., 453 Austen-Smith, D., 189

Ealasubramanyam, V. N., 445 Beath, J., 740 Bliss, C , 983 Brown, A. J., 413 Brown, C. V., 455 Burton, F., 434

Cairncross, A., 965 Checkland, S. G., 428 Cigno, A., 451 Clarke, S. V. O., 964 Coats, A. W., 210 Cohen, J . S., 710 Cook, P. L., 985

Deane, P., 718 Demery, D., 414 Dnes', A. W., 987 Dougherty, C , 425 Droucopoulos, V., 437

Easton, B., 457 Eltis, W. A., 974

Falkus, M., 211 Farmer, M. K., 972 Fitzgerald, E. V. K., 734 Foster, J . I., 419

Ghatak, S., 468

Heathfield, D., 191 Hey, J . D., 712 Hindley, B., 989 Howson, S., 431, 979 Humphries, J., 739

Jackman, R., 186, 723 Jackson, T., 449 James, S., 464 Jew^t, I., 708 Joshi, H., 447

Kay, C , 737 Kay, J . A., 465

I N D E X

OF REVIEWERS Latham, A . J . H., 213 Lipton, M., 716 Llewellyn, D. T., 429 Lowe, R., 724

McCormick, B., 423, 967 McCormick, K., 720 McFarquhar, A., 744 McKenna, C , 421 McNicoll, I., 193 Mainwaring, L., 458 Mayston, D. J., 208, 426, 990 Milner, C , 315 Minford, P., 188 Minsky, H., 976 Morley, R., 726

Nellis,J. C , 417

O'Brien, D. P., 205

Pearman, A., 469 Peston, M., 184 Presley, J . R., 728

Reid, G. C , 200 Robinson, A., 970 Rugman, A. M., 196

Sanderson, D., 462 Saunders, C , 195 Schott, K., 411 Shaw, G. K., 978 Shaw, R., 202 Singer, H. W., 439 Sire, L., 433, 732 Slater, J . R., 714 Spraos, J., 441 Stigler, G. G., 203 Stone, R., 729

Taylor, J., 443 Treble, J . G., 206 Turvey, R., 731

Velupillai, K., 981

Walker, I., 743 Weyman-Jones, T. G., 466 White, N. A., 746 Whittington, G., 198

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INDEX XI

NEW BOOKS PAGE

Allan, J . A., Libya: The Experience of Oil . . . . . . . . . . 999 Amman, Fernando and Wilson, Richard, Energy Demand and Efficient Use . . . . 768 Anderson, Irvine H., Aramco, The United States and Saudi Arabia . . . . . 493 Anker, Richard, et al. (Eds), Women's Roles and Population Trends in the Third World . . 1000 Argy, Victor, The Post-war International Money Crisis . . . . . . . . 484 Artis, M . J . and Lewis, M. K.., Monetary Control in the United Kingdom . . . . 488 Atimomo, Emiko, Law and Diplomacy in Commodity Economics . . . . . . «vi 003 Ayoub, Antoine (Ed), Energy: International Cooperation or Crisis . . . . . . 720 Bailey, Anne M. and Llobera, Josep R. (Eds), The Asiatic Mode of Production: Science and

Politics . . . . . . . . . . . . . . . . 474 Bain, A. D., The Economics of the Financial System . . . . . . . . 761 Balawyder, Aloysius (Ed), Cooperative Movements in Eastern Europe . . . . . 755 Bannock, Graham, The Economics of Small Firms . . . . . . . . 498 Basu, Dipak R., Future Energy Policies for the UK . . . . . . . . 500 Bayraktar, B. A. et al. (Eds), Energy Policy: NATO Conference Series . . . . . 5 0 1 Baysinger, Barry D. et al., Barriers to Corporate Growth . . . . . . . 494 Beck, Morris, Government Spending: Trends and Issues . . . . . . . . 490 Berger, Suzanne D. (Ed), Organizing Interests in Western Europe: Pluralism, Corporatism, and

the Transformation of Politics . . . . . . . . . . . . 495 Bhatt, V. V., Development Perspectives Problem, Strategy and Policies . . . . . 757 Bienen, Henry and Diejomaoh, V. P. (Eds), The Political Economy of Income Distribution in

Nigeria . . . . . . . . . . . . . . . 760 Birman, Igor, Secret Incomes of the Soviet State Budget . . . . . . . . 998 Bosworth, Derek L. and Dawkins, Peter J., Work Patterns An Economic Analysis . . . 504 Brinkmann, Gerhard, Okonomik der Arbeit . . . . . . . . . . 8 1 0 Brown, Henry Phelps and Hopkins, Sheila V., A Perspective of Wages and Prices . . . 505 Buckley, Peter J . and Roberts, Brian R., European Direct Investment in the USA before World

War I 765 Burstall, M. L., Dunning, J . H. and Lake, A., Multinational Enterprises Governments and

Technology 493 Button, K. J., Pearman, A. D. and Fowkes, A. S., Car Ownership Modelling and Forecasting . 761 Cage, R. A., The Scottish Poor Law 1745-1845 221 Campbell, Robert W., Soviet Energy Technologies . . . . . . . . 769 Campbell, Tom, Seven Theories of Human Society . . . . . . . . 752 Carter, H. and Partington, I., Applied Economics in Banking and Finance . . . . 488 Carter, Michael J . and Leahy, William H. (Eds), New Directions in Labor Economics and

Industrial Relations . . . . . . . . . . . . . 1009 Cathie, John, The Political Economy of Food Aid. . . . . . . . . 1005 Cave, Martin and Hare, Paul, Alternative Approaches to Economic Planning . . . . 479 Chandler, Alfred D. Jr . and Daems, Herman (Eds), Managerial Hierarchies . . . 493 Chitale, V. P., Project Viability in Inflationary Conditions . . . . . . . 484 Chow, Gregory C , Econometric Analysis by Control Methods . . . . . . . 226 Church, Albert M., Taxation of Non-Renewable Resources . . . . . . . 769 Clarkson, Kenneth W. and Muris, Timothy J . (Eds), The Federal Trade Commission since

'97° 495 Clayton, E. and Petry, F. (Eds), Monitoring Systems for Agricultural and Rural Development

Projects 479 Clawson, Marion, New Deal Planning . . . . . . . . . . 755 Coghlan, Richard, Money, Credit and the Economy . . . . . . . . 227 Collins, Robert M., The Business Response to Keynes, 1929-1964 . . . . . . 753 Connor, John M., The US Food and Tobacco Manufacturing Industries: Market Structure,

Structural Change and Economic Performance . . . . . . . . . 498 Conrad, Robert F. and Hool, R. Bryce, Taxation of Mineral Resources . . . . 228 Contractor, Farok J., International Technology Licensing . . . . . . . 1008 Cowing, Thomas G. and Stevenson, Rodney E. (Eds), Productivity Measurement in Regulated

Industries . . . . . . . . . . . . . . . 231 Creedy, John, State Pensions in Britain . . . . . . . . . . 774

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Xll INDEX

NEW BOOKS (continued) PAGE Crew, Michael A., Issues in Public-Utility Pricing and Regulation . . . . . . 766 Crick, Bernard (Ed), Unemployment . . . . . . . . . . . . 477 Currie, J . M., The Economic Theory of Agricultural Land Tenure . . . . . . 499 Davis, Jerome D., High Cost Oil and Gas Resources . . . . . . . . 232 Dejong, H. W. (Ed), The Structure of European Industry . . . . . . . 496 Dell, Sidney and Lawrence, Roger, The Balance of Payments Adjustment Process in Developing

Countries . . . . . . . . . . . . . . 228 Dhrymes, Pheobus J., Distributed Lags, 2nd edition . . . . . . . . 1002 Doeringer, Peter B., et al. (Eds), Industrial Relations in International Perspective . . . 772 Dosi, Giovanni, Industrial Adjustment and Policy: II. Technical Change and Survival: Europe's

Semiconductor Industry . . . . . . . . . . . . . 498 Dunleavy, Patrick, The Politics of Mass Housing in Britain 1945-1975 . . . . . 508 Dyke, C , Philosophy of Economics . . . . . . . . . . . 994 Eden, Richard, et al., Energy Economics . . . . . . . . . . 232 Enthoven, Adolf J . H., Accounting Education in Economic Development Management . . . 766 Fawcett, J . E. S. and Parry, Audrey, Law and International Resource Conflicts . . . 770 Fender, John, Understanding Keynes . . . . . . . . . . . 2 1 8 Ferber, Robert and Hirsch, Werner Z., Social Experimentation and Economic Policy . . 773 Ferguson, Thomas and Rogers, Joel (Eds), The Hidden Election: Politics and Economics in the

1980 Presidential Campaign . . . . . . . . . . . . 753 Ffrench-Davis, Ricardo and Tironi, Ernesto (Eds), Latin America and the New International

Economic Order . . . . . . . . . . . . . . 1000 Fiehegen, G. C. with Reddaway, W. B., Companies, Incentives and Senior Managers . . 506 Findler, John, The British Business Elite . . . . . . . . . . 220 Fleming, M. C , Construction and the Related Professions . . . . . . . 487 Flinn, Michael W., The European Demographic System 1500-1820 . . . . . . 476 Friedlaender, Ann F. and Spady, Richard H., Freight Transport Regulation . . . 2 3 1 Frobel, Folker, et al., The New International Division of Labour . . . . . . 763 Galatin, Malcolm and Leiter, Robert D. (Eds), Economics of Information . . . 751 Galenson, Walter, The International Labor Organisation . . . . . . . 507 Gardner, Edward P. M., Capital Adequacy and Banking Supervision . . . . . 488 Gauldie, Enid, The Scottish Country Miller . . . . . . . . . . 2 2 1 Geisst, Charles R., A Guide to the Financial Markets . . . . . . . . 762 George, Vic and Manning, Nick, Socialism, Social Welfare and The Soviet Union . . . 773 Gerbier, Bernard, Alfred Marshall: Theoricien de Vaction efficace et critique radical de Vecconomie

pure . 996 Ghatak, Subrata, Technology Transfer to Developing Countries: The Case of the Fertiliser

Industry . . . . . . . . . . . . . . . 767 Gielnik, S.J. and Gossling, W. F. (Eds), Input, Output and Marketing . . . . 766 Gilder, George, Welath and Poverty, (revised edition) . . . . . . . 993 Glaister, Stephen, Fundamentals of Transport Economics . . . . . . . 496 Godet, Michel and Ruyssen, Olivier, The Old World and the New Technologies . . . 763 Goodman, David and Rcdclift, Michael, From Peasant to Proletarian . . . . . 480 Gough, T. J., The Economics of Building Societies . . . . . . . . 762 Grant, Wyn, The Political Economy of Industrial Policy . . . . . . . 1007 Greenwood, Michael J., Migration and Economic Growth in the United States . . . . 223 Gregory, Paul and Stuart, Robert C , Soviet Economic Structure and Performance . . . 998 Griffin, James M. and Steele, Henry B., Energy Economics and Policy . . . . . 5 0 1 Griffin, Keith and James, Jeffrey, The Transition to Egalitarian Development . . . . 486 Grunberg, Leon, Failed Multinational Ventures . . . . . . . . . 1003 Sruneberg, Michael N. and Oborne, David J. (Eds), Psychology and Industrial Productivity . 503 Guha, Ashok S., An Evolutionary View of Economic Growth . . . . . . . 1 1 0 Gulati, Leela, Profiles in Female Poverty . . . . . . . . . . 757 Haakonssen, Knud, The Science of a Legislator . . . . . . . . . 474 Hall, Peter (Ed), The Inner City in Context . . . . . . . . . 776 Hallwood, Paul and Sinclair, Stuart W., Oil, Debt and Development: OPEC in the Third

World . . . . . . . . . . . . . . . . 50 [ Hammond, Thomas H. and Knott, Jack H., A Zero-Based Look at Zero-Base Budgeting . 75(3 Hare, Paul, Radice, Hugo and Swain, Nigel (Eds), Hungary: A Decade of Economic Reform . 222 Harris, Laurence, Monetary Theory . . . . . . . . . . . 489 Hart, Keith, The Political Economy of West African Agriculture . . . . . . 1000 Hartley, Keith and Tisdell, Clem, Micro-Economic Policy . . . . . . 751

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I N D E X Xlll

NEW BOOKS (continued) PAGE Harvey, Charles (Ed), Papers on the Economy of Botswana . . . . . . . 757 Harvey, J., The Economics of Real Property . . . . . . . . . . 509 Haswell, Margaret, Energy for Subsistence . . . . . . . . . . 7 7 0 Haveman, Robert H. and Hollenbeck, Kevin (Eds), Microeconomic Simulation Models for

Public Policy Analysis, Vol. 2 . . . . . . . . . . . 756 Hebden, Julia, Statistics for Economists . . . . . . . . . . 1002 Heclo, Hugh and Wildavsky, Aaron, The Private Government of Public Money . . . 490 Heertje, Arnold (Ed), Schumpeter's Vision . . . . . . . . . . 2 1 8 Helleiner, Gerald K., Intra-Firm Trade and the Developing Countries . . . . . 224 Herland, Michel, Keynes . . . . . . . . . . . . . 996 Herrick, Bruce and Hudson, Barclay, Urban Poverty and Economic Development . . . 224 Heyer, Judith, Roberts, Pepe and Williams, Gavin (Eds), Rural Development in Tropical^

Africa : 757 Hicks, John, Wealth and Welfare: Collected Essays on Economic Theory, vol. 1 . . . . 473 Hinshaw, Randall (Ed), Global Monetary Anarchy . . . . . . . . 764 Hirschmeier, J . and Yui, T., The Development of Japanese Business 1600-1980 . . . 997 Hodges, Michael and Wallace, William (Eds), Economic Divergence in the European Community 228 Hogan, W. P. and Pearce, I. F., The Incredible Eurodollar . . . . . . . 764 Howe, Christopher (Ed), Shanghai: Revolution and Development in an Asian Metropolis . . 480 Howell, John (Ed), Borrowers and Lenders . . . . . . . . . . 1003 Hussain, Athar and Tribe, Keith, Marxism and the Agrarian Question: Vol. 1: German Social

Democracy and the Peasantry 1890-1007 and Vol. 2: Russian Marxism and the Peasantry 1861-1930 752

IMF Institute, Financial Policy Workshops: The Case of Kenya . . . . . . 480 Ingham, Barbara, Tropical Exports and Economic Development . . . . . . 758 Itoh, Makoto, Value and Crisis . . . . . . . . . . . . 752 Jackson, Michael P., Trade Unions 772 Jacobson, Gary C. and Kernell, Samuel, Strategy and Choice in Congressional Elections . . 754 Jalan, B. (Ed), Problems and Policies in Small Economies . . . . . . . 1000 James, Simon (Ed), A Dictionary of Economic Quotations . . . . . . . 472 Jameson, Kenneth P. and Wilber, Charles K. (Eds), Directions in Economic Development . 758 Jeremy, David J., Transatlantic Industrial Revolution . . . . . . . . 477 Johnson, D. Gale (Ed), Food and Agricultural Policy for the 1980s . . . . . . 768 Jones, Daniel T., Industrial Adjustment and Policy: 1: Maturity and Crisis in the European Car

Industry . . . . . . . . . . . . . . . 498 Jones, Philip R., Doctors and the BMA 236 Jordan, Amos A., Bryan, Hayden and Moodie, Michael, Facing the International Energy

Problem, 1980-2000 . . . . . . . . . . . . . 502 Jordan, Bill, Automatic Poverty 222 Keeley, Michael C , Labor Supply and Public Policy . . . . . . . . 772 Keenwood, A. G. and Lougheed, A. L., Technological Diffusion and Industrialisation before

'914 997 Killick, Tony, Policy Economics . . . . . . . . . . . . 472 Kindleberger, Charles P., International Money . . . . . . . . . 1005 Kirk-Greene, Anthony and Rimmer, Douglas, Nigeria since igyo . . . . . 481 Klaassen, L. H., Molle, W. T. M. and Paelinck, J . H. P. (Eds), Dynamics of Urban

Development . . . . . . . . . . . . . . . 776 Klein, L. R., Nerlove, M. and Tsiang, S. C. (Eds), Quantitative Economics and Development . 225 Kmenta, J . and Ramsey, J . B. (Eds), Large-Scale Macro-Econometric Models . . . 1003 Kocka, Jurgen, White Collar Workers in America 1890-1940 . . . . . . . 830 Krapels, Edward N., Oil Crisis Management . . . . . . . . . 502 Kristensen, Thorkil, Inflation and Unemployment in the Modern Society . . . . . 485 Laidler, David, Introduction to Microeconomics, (2nd edition) . . . . . . 2 1 9 Landsberg, Hans H. (Ed), Selected Studies on Energy . . . . . . . . 233 Langdon, Steven W., Multinational Corporations in the Political Economy of Kenya . . . 1006 Lasaga, Manuel, The Copper Industry in the Chilean Economy . . . . . . 770 Latham, A . J . H., The Depression and the Developing World, 1914-1939 477 Law, Christopher M., British Regional Development Since World War I . . . . . 509 Lee, Eddy (Ed), Export-Led Industrialisation and Development . . ■ . ■ . 4 8 1 Lee, S. Y. and Jao, Y. C , Financial Structures and Monetary Policies in Southeast Asia . . 758 Le Grand, Julian, The Strategy of Equality: Redistribution and the Social Services . . . 1002 L'Esperance, W. L., The Structure and Control of a State Economy . . . . . . 763 Lim, Mah Hui, Ownership and Control of the One Hundred Largest Corporations in Malaysia . 759 Lindholm, Richard W., The Economics of VAT 491

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XIV INDEX

NEW BOOKS (continued) PAGE Long, Frank, Restrictive Business Practices, Transnational Corporations and Development: A Survey i ooo McAuley, Alistair, Women's Work and Wages in the Soviet Union . . . . . . 7 7 1 MacBean, A. I. and Snowden, P. N., International Institutions in Trade and Finance . . 229 McFarlane, Bruce, Radical Economics . . . . . . . . . . 994 McNamara, Robert S., The McNamara Years at the World Bank . . . . . . 765 McNeill, Desmond, The Contradictions of Foreign Aid . . . . . . . . 492 Mallakh, Ragaei El, The Economic Development of the United Arab Emirates . . . . 482 Malliaris, A. G. and Brock, W. A., Stochastic Methods in Economics and Finance . . . 7 6 1 Manners, Gerald, Coal in Britain . . . . . . . . . . . 233 Martin, Donald L., An Ownership Theory of the Trade Union . . . . . . 830 Martin, Lee R. (Ed), A Survey of Agricultural Economics Literature. Volume 3: Economics of

Welfare, Rural Development and Natural Resources in Agriculture, 1940s to 1970s . . . 232 Martin, W. E. (Ed), The Economics of the Profits Crisis . . . . . . . 496 Mattick, Paul, Economics, Politics and the Age of Inflation . . . . . . . 485 Maunder, Peter (Ed), Case Studies in Public Sector Economics . . . . . . 763 Mayer, Thomas, Duesenberry, James S. and Aliber, Robert Z., Money, Banking and the

Economy . . . . . . . . . . . . . . . 751 Mayes, David G., Applications of Econometrics . . . . . . . . . 487 Meacher, Michael, Socialism with a Human Face: The Political Economy of Britain in the 1980s 994 Menger, Carl, Principles of Economics . . . . . . . . . . 220 Milne, Alexander Taylor (Ed), The Correspondence of Jeremy Bentham. Vol 4: October 1788 to

December 1793- Vol. 5: January 1794 to December 1797 . . . . . . . 475 Mishan, E. J., Economic Efficiency and Social Welfare . . . . . . . . tf$ Mitchell, Edward J. (Ed), Oil Pipelines and Public Policy: Analysis of Proposals for Industry

Reform and Reorganization . . . . . . . . . . . . 502 Mittleman, James H., Underdevelopment and the Transition to Socialism: Mozambique and

Tanzania . . . . . . . . . . . . . . . 478 Molt, Walter, Hartmann, Hans Albrecht and Stringer, Peter (Eds), Advances in Economic

Psychology: Third European Colloquium on Economic Psychology, 1978 . . . . . 473 Morawetz, David, Why the Emperor's New Clothes are Not Made in Colombia . . . 768 Nakamura, Takafusa, The Postwar Japanese Economy . . . . . . . . 754 Nelson, Nici (Ed), African Women in the Development Process . . . . . . 1 0 0 1 Nelson, Philip B., Corporations in Crisis . . . . . . . . . . 767 Newton, Kenneth (Ed), Urban Political Economy . . . . . . . . 236 Niblock, Tim (Ed), State, Society and Economy in Saudi Arabia . . . . . . 482 Nicholas, David, The Middle East: Its Oil, Economies and Investment Policies . . . . 233 Nobes, C. W. and Parker, R. H. (Eds), Comparative International Accounting . . . 230 Nordlund, Willis J . and Robson, R. Thayne, Energy and Employment. . . . . 506 Nsekela, Amon J. (Ed), Southern Africa: Toward Economic Liberation . . . . . 491 Odell, Peter R. and Rosing, Kenneth E., The Future of Oil . . . . . . 503 Okochi, Akio and Shimokawa, Koichi (Eds), Development of Mass Marketing . . . 494 Oliver, J . M., Data Response Questions in A-Level Economics (2nd edition) . . . . 99,5 Paukert, Felix, Skolka, Jiri and Maton, Jef, Income Distribution Structure of Economy and

Employment . . . . . . . . . . . . . . . 486 Pearce, David W. (Ed), The Dictionary of Modern Economics . . . . . . 472 Pearson, Scott R. et al., Rice in West Africa: Policy and Economics . . . . . 482 Pecsi, Kalman, The Future of Socialist Economic Integration . . . . . . . 4 9 1 Pinder, John (Ed), Fifty Years of Political and Economic Planning . . . . . . 223 Pindyck, Robert S., (Ed), Advances in the Economics of Energy and Resources. Vol. 2: The

Production and Pricing of Energy Resources. . . . . . . . . - 5 0 3 "Pitt, Joseph C. (Ed), Philosophy in Economics . . . . . . . . . 99;; Pomfret, Richard W. T. and Toren, Benjamin, Israel and the European Common Market . 229 Price, Victoria Curzon, Industrial Policies in the European Community . . . . . 767 Prindl, Andreas R., Japanese Finance: A Guide to Banking in Japan . . . . . 754 Raj, Baldev and Ullah, Aman, Econometrics: A Varying Coefficients Approach . . . 226 Reamonn, Sean, History of the Revenue Commissioners . . . . . . . . 762 Richards, Peter and Gooneratne, Wilbert, Basic Needs, Poverty and Government Policies in

Sri Lanka . . . . . . . . . . . . . . . 760 Robinson, Colin and Marshall, Eileen, What Future for British Coal? . . . . . 503 Rodgers, Gerry and Standing, Guy (Eds), Child Work, Poverty and Underdevelopment . . 759 Rueschemeyer, Marilyn, Professional Work and Marriage . . . . . . . 478 Russell, Clilford S. and Nicholson, Norman K. (Eds), Public Choice and Rural Development . 483 Saham, Junid, British Industrial Investment in Malaysia 1963-1971 . . . . . 230 Sametz, Arnold W. (Ed), Securities Activities of Commercial Banks 489

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INDEX XV

NEW BOOKS {continued) PAGE Saunders, Christopher T. (Ed), East and West in the Energy Squeeze . . . . . 492 Sayigh, Yusif, A., The Arab Economy . . . . . . . . . . 764 Schafer, Robert and Ladd, Helen F., Discrimination in Mortgage Lending . . . . 776 Schaffer, Bernard and Lamb, Geoff, Can Equity be Organised? . . . . . . 224 Schneider, Harold K., Livestock and Equality in East Africa . . . . . . 999 Schoch, Hans, Size and Price in Oligopoly . . . . , . . . . . 2 1 9 Schultz, T. Paul, Economics of Population . . . . . . . . . . 774 Schwartz, Gail Garfield and Choate, Pat, Being Number One: Rebuilding the US Economy . 231 Schweickart, David, Capitalism or Worker Control? . . . . . . . . 773 Sedjo, Roger A. and Radcliffe, Samuel J., Postwar Trends in US Forest Products Trade . 502 Shelton, George, Dean Tucker and Eighteenth-Century Economic and Political Thought . . 220 Shone, Ronald, Applications in Intermediate Microeconomics . . . . . . . **"2I9 Short, John with Nicholas, David J., Money Flows in the UK Regions . . . . . 487 Siddayao, Corazon Morales, The Off-Shore Petroleum Resources of South-East Asia . . . 234 Siddayao, Corazon Morales, The Supply of Petroleum Reserves in South-East Asia . . . 234 Siddharthan, N. S., Conglomerates and Multinationals in India . . . . . . 1007 Siebert, Horst, Economics of the Environment . . . . . . . . . 7 7 1 Simon, Julian, The Ultimate Resource . . . . . . . . . . . 774 Simmonds, Kenneth (Ed), Strategy and Marketing: A Case Approach, Strategy and Marketing:

Instructor's Manual . . . . . . . . . . . . . 1006 Sinha, Radha, Japan's Options for the 1980s . . . . . . . . . 997 Skidmore, Felicity (Ed), Social Security Financing . . . . . . . . 508 Sladek, Frea E. and Stein, Eugene L., Grant Budgeting and Finance . . . . ' 7 5 ' Slawson, W. David, The New Inflation: The Collapse of Free Markets . . . . . 759 Smiley, Albert K., Competitive Bidding Under Uncertainty: The Case of Offshore Oil . . 504 Smith, E. Owen (Ed), Trade Unions in the Developed Economies . . . . . . 773 Sobhan, Rehman and Ahmad, Muzaffer, Public Enterprise in an Intermediate Regime: A Study

in the Political Economy of Bangladesh . . . . . . . . . . 2 2 5 Stafford, G. B., The End of Economic Growth? . . . . . . . . . 479 Stahel, Walter R. and Reday-Mulvey, Genevieve, Jobs for Tomorrow: The Potential for

Substituting Manpower for Energy . . . . . . . . . . . 234 Stanback, Thomas M. Jr . et al., .Services: The New Economy . . . . . . 1007 Stent, Angela, From Embargo to Ostpolitik . . . . . . . . . . 1004 Sugden, Robert, The Political Economy of Public Choice . . . . . . . 1009 Taylor, Lance, Bacha, Edmar L. et al., Models of Growth and Distribution for Brazil . . 486 Tisdell, C. A., Science and Technology Policy . . . . . . . . . 497 Thomas, R. E., The Government of Business. 2nd edition . . . . . . . 473 Todaro, Michael P., Economic Development in the Third World . . . . . . 1001 Tomlinson, Jim, Problems of British Economic Policy 1870-1945 . . . . . . 2 2 1 Toye, John, Public Expenditure and Indian Development Policy 1960-1970 . . . . 483 Tribe, Keith, Genealogies of Capitalism . . . . . . . . . . 475 Tsoukalis, Loukas, The European Community and Its Mediterranean Enlargement . . . 230 Tullio, Guiseppe, The Monetary Approach to External Adjustment . . . . . 998 Twitchett, Carol Cosgrove, Ed, Harmonisation in the EEC . . . . . . . 492 Usher, Dan, The Economic Prerequisite to Democracy . . . . . . . . 2 1 8 Valdes, Alberto, Ed, Food Security for Developing Countries . . . . . . . 484 Van der Gaag, J . and Perlman, M. (Eds), Health, Economics, and Health Economics . . 775 Verheirstraeten, Albert (Ed), Competition and Regulation in Financial Markets . . . 489 Von Mises, Ludwig, Epistemological Problems of Economics . . . . . . . 476 Walker, Alan (Ed), Public Expenditure and Social Policy . . . . . . . 776 Wilkens, Herbert, The Two German Economies . . . . . . . . . 223 Williams, Peter (Ed), The Overseas Student Question . . . . . . . . 1 0 1 0 Wilson, Graham K., Interest Groups in the United States . . . . . . . 497 White, Michael, The Hidden Meaning of Pay Conflict . . . . . . . . 507 Woll, Artur (Ed), Inflation 225 Wood, Stephen (Ed), The Degradation of Work? . . . . . . . . 1008 Yeager, Leland B. and associates, Experiences with Stopping Inflation . . . . . 760 Zachariah, K. C. and Conde, Julien, Migration in West Africa: Demographic Aspects . . 507 Zauberman, Alfred, Topics in Trade Coordination of Planned Economies . . . . . 1004 Zawadzki, K. K. F., Competition and Credit Control . . . . . . . . 227 Zellner, Arnold (Ed), Bayesian Analysis in Econometrics and Statistics . . . . . 226 Zimmerman, Martin B., The US Coal Industry: The Economics of Policy Choice . . . 234

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5. Diagrams should be clearly drawn and accompanied by the basic statistics that were required for their preparat ion; the axes must be clearly labelled; the reader must be able to understand the diagrams without hunting in the text for explanations.

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7. Authors are expected to correct proofs expeditiously and to keep alterations to a minimum.

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Publication of Data. The ECONOMIC JOURNAL and the Review of Public Data Use have jointly established a special publication arrangement concerning applied papers. See the Current Topics section in the September 1982 JOURNAL.

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REVIEWS

BALOGH (THOMAS). The Irrelevance of Conventional Economics by Alec Cairncross 965 ELTIS (W. A.) and SINCLAIR (P.J . N.), (Eds). The Money Supply and the Exchange Rate

by Susan Howson 979 FEI (JOHN C. H.), RANIS (GUSTAV) and KUO (SHIRLEY W. Y.). Growth with Equity: The

Taiwan Case by Austin Robinson 970 FISHER (ANTHONY C.). Resource and Environmental Economics by Antony W. Dnes' 987 GANDOLFO (GIANCARLO). Qualitative Analysis and Econometric Estimation of Continuous Time

Dynamic Models by Kumaraswamy Velupillai 981 KAMIEN (MORTON I.) and SCHWARTZ (NANCY L.) Market Structure and Innovation

by P. Lesley Cook 985 KEYNES (JOHN MAYNARD). Collected Writings. Vol. XIX: Activities 1922-1929. The Return to

Gold and Industrial Policy by Stephen V. O. Clarke 964 KOSTECKI (M. M.), (Ed). State Trading in Interanational Markets by Brian Hindley"* 989 KUO (SHIRLEY W. Y.), RANIS (GUSTAV) and FEI (JOHN C. H. j . The Taiwan Success

Story: Rapid Growth with Improved Distribution in the Republic of China, 1952-1979 by Austin Robinson 970

LEIJOHNUFVUD (AXEL). Information and Coordination by Hyman P. Minsky 976 MACHLUP (FRITZ). Methodology of Economics and Other Social Sciences by Mary K. Farmer 972 MEADE (JAMES E.). Stagflation Vol. I: Wage Fixing by Barry McCormick 967 PASINETTI (LUIGI L.). Structural Change and Economic Growth by W. A. Eltis 974 PLIATZKY (LEO). Getting and Spending: Public Expenditure, Employment and Inflation

by G. K. Shaw 978 REISMAN (DAVID). Galbraith and Market Capitalism by Christopher Bliss 983 ROSEFIELDE (STEVEN), (Ed). Economic Welfare and the Economics of Soviet Socialism

by David J . Mayston 990



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September 1982

SEVENTH WORLD CONGRESS OF THE INTERNATIONAL ECONOMIC ASSOCIATION

'Structural Change, Economic Interdependence and World Development'*

( M A D R I D , SPAIN, 5-9 S E P T E M B E R 1983)

Organized with the collaboration and the support of the Consejo General de Colegios de Economistas de Espaha

Honorary Patron of the Congress: His Majesty Juan Carlos I

PROGRAMME I. Opening Session (Monday, 5 September 1983) II. Plenary Sessions (Monday, 5 September 1983)

Study of the critical issues within the general Congress theme through the presentation of seven lectures representing different points of view.

1. 2. 3. 4. 5. 6. 7.

JOHN P. LEWIS J. LESOURNE OLEG T. BOGOMOLOV I. G. PATEL H. M. A. ONITIRI FELIPE HERRERA LUIS ANGEL ROJO

(United States) (France) (USSR) (India) (Nigeria) (Chile) (Spain)

Discussants: 1. L. B. M. Mennes (Netherlands) 2. Josef Pajestka (Poland) 3. Gonzalez Quinones (Cuba) 4. To be announced

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III. Panel Discussions (Tuesday to Thursday, 6-8 September 1983)

The purpose is to develop different aspects of the general theme of the Congress. They will be held simultaneously or successively and will last one half-day each, or, when necessary, one full day. The panel should consist of the organizer (chairman) and four invited panelists, with ample time for discussion from the floor.

1. Determinants and Implications of Economic Interdependence. Organizer: J. Dunning (United Kingdom)

2. Growth, Inflation and Employment. Organizer: Lawrence Klein (United States)

3. Structural Adjustment in Industrially Advanced Countries. Organizer: K. Jungenfelt (Sweden)

4. Developing Nations in an Interdependent World. Organizer: J. Estanislao (Philippines)

5. The Spanish Economy and its Relation to the World Economy. Organizer: E. Fuentes-Quintana (Spain)

IV. Specialized Sessions (Tuesday to Thursday, 6-8 September 1983)

To take up specific topics. Each organizer shall invite three papers. The sessions will last one half day each or more, if necessary, with some of them running simultaneously. There will be ample time for discussion of invited and contributed papers.

1. The world food situation and prospects Organizer: Nurul Islam (Bangladesh/FAO)

2. Economic aspects of alternative energy sources Organizer: Pierre Maillet (France)

3. Economic integration processes Organizer: Germanico Salgado (Ecuador)

4. National States and transnational corporations Organizer: A. E. Safarian (Canada)

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5. Technological development and economic interdependence Organizer: M. Usui (Japan)

6. International monetary and financial problems Organizer: A. B. Taylor (Sierra Leone)

7. International financing for development Organizer: Silvio Borner (Switzerland)

8. Theoretical aspects of change in productive structures Organizer: Luigi Pasinetti (Italy)

9. Processes and implications of sectoral adjustments (at branch level) Organizer: Peter J. Lloyd (Australia)

10. Microeconomic aspects of adjustments Organizer: Antonio Serra Ramoneda (Spain)

11. Economic aspects of international migration Organizer: Riad Tabbarah (Lebanon/ECWA)

12. Economic impact of the arms industry Organizer: C. Schmidt (France)

13. Prospects for capital supply Organizer: G. Fels (Fed. Rep. of Germany)

14. Natural resources and environment Organizer: T. S. Khachaturov (USSR)

15. Impact of external market fluctuations on centrally planned and market economies: Main comparative issues

Organizer: J. Bognar (Hungary) 16. International price fluctuations and inflation

Organizer: Norberto Gonzalez (Argentina/CEPAL)

V. Plenary Sessions (Friday, 9 September 1983) Rapporteurs' reports on Panel Discussions and Specialized Sessions (by

groups of topics)

VI. Closing Ceremony (Friday, 9 September 1983)

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Contributed Papers Contributed papers will be accepted for the specialized sessions only, and must

be approved for presentation and discussion by the respective organizers. Such papers should be reproduced and circulated directly by their authors.

A deadline will be set for the submission of contributed papers. The list of addresses of organizers can be obtained through the secretariat in

Paris.

Languages Plenary sessions will be conducted with - at least - English-French-Spanish

simultaneous interpretation. Where appropriate and possible, Panel Discussions and Specialized Sessions will be conducted with English/Spanish interpretation. Invited papers may be submitted in English, French or Spanish; one page abstracts will be translated into the two other languages for the Congress.

Student Residence A Student Residence will be available for low-budget participants.

Addresses I. International Economic Association

- Chairman of the International Scientific Program Committee: Victor L. Urquidi, President of IEA, Presidente, El Colegio de Mexico, Camino al Ajusco No. 20, Apartado Postal 20-671, 01000 Mexico D.F. Tel. 568-60-33, Telex 1777585 COLME, Cables COLMEX Mexico

- Secretary General: Luc Fauvel, International Economic Association, 23 Rue Campagne Premiere, 75014 Paris, France Tel. 327-91-44, Telex 240 918 TRACE F Ref.533, Cables INTECAS Paris

II. Consejo General de Colegios de Economistas de Espana - Co-Chairman of the International Scientific Program Committee:

Carlos Sanchez-Reyes, Presidente, Consejo General de Colegios de Economistas de Espana

- Chairman of the Local Organizing Committee: Julio Garcia Villalon, Presidente del Comite Organizador

All correspondence to Spain to be addressed: Calle Fernan Gonzalez 44, 2° Izquierda, Madrid 9, Spain Tel. 273-08-22

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N O T E S T O C O N T R I B U T O R S

i . Three copies of any article or note should be submitted. All copies must be typed on one side of the paper only using double spacing throughout (including any footnotes or lists of references). The editors will give preference to articles which deal succinctly with an issue which is both important and clearly defined. In general, articles should not exceed 15 pages.

2. Articles should contain a final section in which the author sets out the main conclusions in a way which will be at least broadly intelligible to the non-specialist reader. Contributors are also asked to send an abstract, not exceeding 100 words.

3. When setting out mathematical equations, contributors are asked to conform to the conventions adopted in recent articles published in the ECONOMIC JOURNAL. The full mathematical workings necessary for justifying each step of the argument should accompany all articles of a mathematical character, in order to assist the referee. These workings will not be published.

4. Statistical tables should be clearly headed and the reader should be able to understand the meaning of each row or column without hunting in the text for explanations of symbols, etc. Units of measurement, base-dates for index numbers, geographical area covered and sources should be clearly stated. Authors are fully responsible for the accuracy of the data and for checking their proofs; whenever they feel that the referee would have difficulty in testing the derivation of their statistics, they should provide supplementary notes on the methods used. These will not be published.

5. Diagrams should be clearly drawn and accompanied by the basic statistics that were required for their preparat ion; the axes must be clearly labelled; the reader must be able to understand the diagrams without hunting in the text for explanations.

6. Bibliographical references should be carefully checked, and complete in respect of the year and place of publication. If a bibliographical list is given, it should follow the style used in this issue.

7. Authors are expected to correct proofs expeditiously and to keep alterations to a minimum.

Submission Fee. Submission is free to members of the Royal Economic Society. Non-members may send one year's subscription (see inside front cover) with their submissions and become full members. Alternatively they may pay £ 1 0 ($25) as a submission fee carrying no membership rights.

Comments on Published Articles. Anyone wanting to submit comments on a JOURNAL article is asked to start by sending a copy to the author, inviting him to send the commentator his observations, and in particular to explain any points on which the commentator has misunderstood what the author was saying. The commentator is asked to allow the author a reasonable time to reply before he sends anything to the editors, and to enclose any reply which he may have received from the author. If the editors accept the Comment for publication, they will send one copy to the original author and give him an opportunity to submit a short Reply which will be considered for publication in the same issue of the JOURNAL.

Publication of Data. T h e ECONOMIC JOURNAL and the Review of Public Data Use have jointly established a special publication arrangement concerning applied papers. See the Current Topics section in the September 1982 JOURNAL.

Dow



REVIEWS

BALOGH (THOMAS). The Irrelevance of Conventional Economics by Alec Cairncross 965 ELTIS (W. A.) and SINCLAIR (P.J. N.), (Eds). The Money Supply and the Exchange Rate

by Susan Howson 979 FEI (JOHN C.H.), RANIS (GUSTAV) andKUO (SHIRLEY W. Y.). Growth with Equity: The

Taiwan Case by Austin Robinson 970 FISHER (ANTHONY C.). Resource and Environmental Economics by Antony W. Dnes' 987 GANDOLFO (GIANCARLO). Qualitative Analysis and Econometric Estimation of Continuous Time

Dynamic Models by Kumaraswamy Velupillai 981 KAMIEN (MORTON I.) and SCHWARTZ (NANCY L.) Market Structure and Innovation

by P. Lesley Cook 985 KEYNES (JOHN MAYNARD). Collected Writings. Vol. XIX: Activities 1922-1929. The Return to Gold and Industrial Policy by Stephen V. O. Clarke 964

KOSTECKI (M. M.), (Ed). State Trading in International Markets by Brian Hindley 989 KUO (SHIRLEY W. Y.), RANIS (GUSTAV) and FEI (JOHN C. H.). The Taiwan Success

Story: Rapid Growth with Improved Distribution in the Republic of China, 1952-1979 by Austin Robinson 970

LEIJOHNUFVUD (AXEL). Information and Coordination by Hyman P. Minsky 976 MACHLUP (FRITZ). Methodology of Economics and Other Social Sciences by Mary K. Farmer 97a MEADE (JAMES E.). Stagflation Vol. I: Wage Fixing by Barry McCormick 967 PASINETTI (LUIGI L.). Structural Change and Economic Growth by W. A. Eltis 974 PLIATZKY (LEO). Getting and Spending: Public Expenditure, Employment and Inflation

by G. K. Shaw 978 REISMAN (DAVID). Galbraith and Market Capitalism by Christopher Bliss 983 ROSEFIELDE (STEVEN), (Ed). Economic Welfare and the Economics of Soviet Socialism

by David J. Mayston 990



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