Showing papers in "Journal of the American Pharmaceutical Association in 1970"

The need for a new paradigm.

Abstract: Since the start of the rational-expectations revolution in the mid 1970s, macroeco­ nomic analysis has been dominated by the assumption of the rational representative agent. This assumption has now become the main building block of macroeconomic modeling, so much so that macroeconomic models without a microfoundation based on the rationality assumption are simply no longer taken seriously. The main ingredients of the rational representative agent model are well-known. First, the representative agent is assumed to continuously maximize his utility in an intertemporal framework. Second, the forecasts made by this agent are rational in the sense that they take all available information into account, including the infor­ mation embedded in the structure of the model. This implies that agents do not make systematic errors in forecasting future variables. The great attractiveness of the rational-expectations model is that it imposes consistency between the agent’s forecasts (the subjective probability distribution of future variables) and the fore­ casts generated by the model (the objective probability). Third, the model implies that markets are efficient, i.e., asset prices (including the exchange rate that will be the focus of our analysis in this book) reflect all relevant information about the fundamental variables that determine the value of the asset. The mechanism that ensures efficiency can be described as follows: when rational agents value a partic­ ular asset, they compute the fundamental value of that asset and price it accordingly. If they obtain new information, they will immediately incorporate that information in their valuation of the asset. Failure to arbitrage on that new information would imply that they leave profit opportunities unexploited. Rational agents will not do this.1 The efficient-market implication of the model is important because it generates a number of predictions that can be tested empirically. The main empirical prediction of the rational representative agent model is that changes in the price of an asset must reflect unexpected changes (news) of the fundamental variables. The corollary of

Contact Lens Products

Abstract: The present invention relates to improved contact lens products which not only have initial insertion comfort but also are comfortable to wear for more than about 6 hours. The invention is achieved by packaging and storing a hydrogel lens with two or more leachable polymeric lubricants incorporated therein in a relatively viscous packaging solution including a relatively low molecular weight polyethylene glycol (PEG) and a viscosity-enhancing hydrophilic polymer. The present invention also provides methods for making contact lens products of the invention.

Pharmacologic Approach to Contraception

Abstract: Current information on oral contraceptives is presented for the use of pharmacists. The normal ovarian and uterine cycles and the effect of the combination and sequential oral contraceptives on ovulation are described. Information is given on product formulation and effectiveness and how to minimize side effects by careful selection of regimen and dosage. Side effects from milk to severe are listed with suggestions on how to alleviate them by change of regime or in some cases discontinuance of therapy. Side effects of unknown significance such as alteration of blood proteins blood lipids carbohydrate metabolism and cellular changes of the uterus may occur. Patient conditions which are contraindicative to oral contraceptive use are listed. Promising developments for future use are depot therapy continuous low dosage progestin therapy and postcoital estrogen therapy. In this new era of pharmacologic contraception it is likely that a woman will continue to continue to consult her pharmacist regularly.