Showing papers in "Quarterly Journal of Economics in 1956"
TL;DR: In this paper, a model of long run growth is proposed and examples of possible growth patterns are given. But the model does not consider the long run of the economy and does not take into account the characteristics of interest and wage rates.
Abstract: I. Introduction, 65. — II. A model of long-run growth, 66. — III. Possible growth patterns, 68. — IV. Examples, 73. — V. Behavior of interest and wage rates, 78. — VI. Extensions, 85. — VII. Qualifications, 91.
20,482 citations
TL;DR: The use of community indifference curves has been extensively studied in the literature as discussed by the authors, with a focus on the problem of family preference and on the regular properties of social indifference contours.
Abstract: I. Introduction: widespread use of community indifference curves, 1. — II. Attempts to justify the use of community indifference curves, 3. — III. Proof of the nonexistence of community indifference contours, 4. — IV. Nature of Scitovsky's community indifference contours, 6. — V. Problem of family preference: a parable, 8. — VI. Optimal ways of achieving income redistribution, 12. — VII. Regular properties of social indifference contours, 14. — VIII. Perfect competition and bliss, 19. — IX. Final summary, 21.
893 citations
TL;DR: In this paper, the authors propose a theoretical model for executive compensation and the theoretical model is used to evaluate the performance of a firm's executive compensation model in terms of profit, profit, and size.
Abstract: Introduction, 270. — I. Description of sample and definition of terms, 271. — II. Compensation and industry, 273; compensation, profit and size, 275; executive mobility, 279. — III. Position of the individual firm, 283. — IV. Executive compensation and the theoretical model, 288. — V. Implications, 293.
186 citations
TL;DR: In this paper, the authors present a model for many-goods model with Euler necessary conditions and a case of satiated production and utility satiation, and show how to compute the pay-off in terms of initial state.
Abstract: I. Introduction and review, 537. — II. Many-goods model, 539. — III. Euler necessary conditions, 541. — IV. Case of satiated production, 544. — V. Physical analogy of small vibrations, 547. — VI. Case of utility satiation, 549. — VII. Practical computation, 553. — VIII. Hamiltonian formulation, 554. — IX. Pay-off in terms of initial state, 559. — X. Conclusion, 561.
130 citations
TL;DR: In this paper, the planning process is discussed and theoretical relevance of the planning procedure is discussed, as well as empirical relevance and theoretical relevance of a planning process with Motivational assumptions.
Abstract: Introduction, 44. — I. Motivational assumptions, 46. — II. The planning process, 49. — III. Organizational slack, 53. — IV. Empirical relevance, 55. — V. Theoretical relevance, 58. — VI. Summary, 62.
129 citations
TL;DR: In this paper, the authors define preference and the choice mechanism, and define the expected behavior under price and income changes, and conclude that preference should be chosen according to the expected behaviour.
Abstract: I. The state of affairs, 507. — II. The deficiency of the Complete Ordering Axiom, 508. — III. Redefinition of preference and the choice mechanism, 510. — IV. Intransitivity, 518. — V. Expected behavior under price and income changes, 525. — VI. Conclusion, 536.
116 citations
TL;DR: In this article, the authors introduce the concept of organization and economic growth, and discuss the relationship between economic growth and the organization of capital, labor resources, and organizational efficiency, respectively.
Abstract: I. Introduction, 364. — II. Concept of organization, 365. — III. Organization and economic growth, 368; organization and capital, 368; organization and labor resources, 371; organizational "inefficiency," 374. — IV. Conclusion, 378.
74 citations
TL;DR: In this article, economic growth and growing income equality are discussed and empirically evidence for their claim is presented, and a conclusion is given for the case of income equality and economic growth.
Abstract: I Introduction, 425 — II Economic growth and growing income equality, 427 — III Empirical evidence, 432 — IV Conclusion, 439
47 citations
TL;DR: In this article, the authors discuss the effects of specie inflow on profit inflation during the Industrial Revolution, 1750-1800, and the effect of agricultural windfalls on profit.
Abstract: Introduction, 441. — I. Profit inflation during the price revolution, 443; variations in wage lags among European countries, 444; the deflation of industrial profit inflation, 445; agricultural windfalls, 449; other effects of the inflow of specie, 450. — II. Profit inflation in the era of the Industrial Revolution, 1750–1800, 451; profit inflation in France, 451; profit inflation in Spain, 453; profit inflation in England, 454. — III. Hamilton's tour d'horizon, 457. — IV. Profit inflation in underdeveloped countries, 459; inflationary pressures from agriculture, 459; foreign exchange earnings and inflation, 460. — V. Conclusion, 462.
41 citations
TL;DR: The distinction between "resource" and "factor" is discussed in this article, and the heterogeneity of capital goods is discussed as well as the diminishing returns on capital in the context of protectionism.
Abstract: VI. The distinction between "resource" and "factor," 346 — VII. The heterogeneity of capital goods, 350. — VIII. Diminishing returns on capital? 356. — IX. Capital goods and protectionism, 360.
28 citations
TL;DR: In this article, the authors present a formal model for the general case and a special case, respectively, and conclude that both cases are special cases of the same general case model.
Abstract: I. Introduction, 380. — II. The formal model — the special case, 387. — III. The formal model — the general case, 406. — IV. Arguments and conclusions, 412. — Appendix, 419.
TL;DR: In this article, the IWA in the world wheat economy is discussed and the basic objectives unfulfilled, and the world's real wheat problems and more appropriate objectives are discussed.
Abstract: Introduction, 217. — I. Terms and objectives of the current Agreement, 217. — II. The IWA in the world wheat economy, 220. — III. Basic objectives unfulfilled, 232. — IV. The world's real wheat problems and more appropriate objectives, 241.
TL;DR: In this article, the Pigou effect and the failure of the General Theory were discussed. But the Pighou effect was not considered in this paper, and instead the authors focused on the Neo-Keynesian resistance to the pigou effect.
Abstract: I. Background of the General Theory, 581. — II. The General Theory and its implications, 583. — III. Contrast with the classical position, 586. — IV. The restoration of full employment and the Pigou effect, 588. — V. The failure of the General Theory, 590. — VI. Background of the Pigou effect, 592. — VII. Neo-Keynesian resistance to the Pigou effect, 594. — VIII. Methodology, terminology, and policy, 598. — IX. Conclusion, 602.
TL;DR: In this article, a monetary policy for today's world is discussed, including the place of consumer and real estate credit controls, consumer and security reserve proposals, and the perversity of illiquidity and uncertainty.
Abstract: Introduction, 23. — I. Some weak points in traditional monetary policies, 23; budgetary problems, 24; shortcomings in the use of interest rates as a disciplinary device, 28; the perversity of illiquidity and uncertainty, 30; excessive generality of effect, 32. — II. A monetary policy for today's world, 33; the place of consumer and real estate credit controls, 34; security reserve proposals, 38. — III. Conclusions, 42.
TL;DR: In this paper, the conditions for the optimal allocation of output between shifts, and the implications of shift asymmetry were discussed, and compared between two-shift and two-plant cases.
Abstract: Introduction, 603. — I. The conditions for the optimal allocation of output between shifts, 604. — II. Implications of shift asymmetry, 608. — III. Comparisons between the two-shift and the two-plant cases, 610. — IV. Effects of shift working on the competitiveness and cyclical propensity of the economic system, 611.
TL;DR: In this article, the importance of conditions of supply, ease of entry, and elasticity of supply are discussed, and agricultural programs are an example of concentration, and the need for studies of elasticity is discussed.
Abstract: I. Introduction, 327; the measurement of concentration, 328; are most industries concentrated?, 329. — II. Concentration and oligopoly not identical, 331; the importance of conditions of supply, 332; "ease of entry" and "elasticity of supply," 336; agricultural programs an example of concentration, 339; need for studies of elasticity of supply, 340. — III. Oligopoly may not raise prices, 341; appraising certain empirical evidence, 344. — IV. Summary and conclusion, 345.
TL;DR: In this paper, the authors present a taxonomy of the distribution of income under flexible and fixed exchanges, and a summary of the taxonomy is provided. But they do not discuss the relationship between the two types of exchanges.
Abstract: I. Assumptions, 140. — II. Tariffs and employment under fixed exchanges, 141. — III. Tariffs and the distribution of income under fixed exchanges, 145. — IV. Tariffs, employment, and the distribution of income under flexible exchanges, 146. — V. Summary, 149.
TL;DR: In this paper, the future of American capitalism with the emergence of the other-directed man was discussed, and five significant developments of our otherdirected society were discussed. But they did not consider the role of women in these developments.
Abstract: I. Introduction, 95. — II. Riesman's thesis, 98. — III. Methodological and personal observations, 102. — IV. What is the future of American capitalism with the emergence of the other-directed man? 105. — V. Five significant developments of our other-directed society, 110. — VI. Summary, 116.
TL;DR: In this paper, the classical economists, including Marshall and Pigou, have been compared to the Keynesians, and Schumpeter and Schulz, and they have shown that they can be classified into three groups: classical, classical, and Keynesians.
Abstract: Introduction, 117. — I. The classical economists, 120. — II. Marshall and Pigou, 123. — III. Veblen and Hobson, 128. — IV. Knight and Simons, 134. — V. The Keynesians, 135. — VI. Schumpeter, 136. — VII. Conclusion, 137.
TL;DR: In this paper, the authors discuss the organization of the market, Western Electric and the Bell System, 250; non-Bell telephone companies and equipment producers, 252; performance, 255; Western's prices and profits, 255, Western's cost accounting, 260; innovation, 262.
Abstract: Introduction, 249. — I. Organization of the market, 250; Western Electric and the Bell System, 250; non-Bell telephone companies and equipment producers, 252. — II. Performance, 255; Western's prices and profits, 255; Western's cost accounting, 260; innovation, 262. — III. Policy choices, 265.
TL;DR: In this article, the committee's recommendations to the judiciary and antitrust law enforcement agencies, including the Sherman Act, are presented, and some significant omissions, including oligopoly, exclusions from antitrust policy, and exemptions from the antitrust policy.
Abstract: I. Introduction, 193. — II. The committee's recommendations for legislative change, 195. — III. The committee's recommendations to the judiciary and antitrust law enforcement agencies, 202; Sherman Act, 202; mergers and dissolution, 206; antitrust policy on distribution, 208; patents, 211. — IV. Some significant omissions, 213; oligopoly, 213; exemptions from antitrust policy, 214; antitrust administration, 215. — V. Summary, 215.
TL;DR: In this article, the valuation of fixed assets is discussed, and a statistical appraisal is presented, along with a conclusion about obsolescence and its relation with the determination of depreciation rates.
Abstract: I. Introduction, 481. — II. The valuation of fixed assets, 482. — III. Determination of depreciation rates, 488. — IV. A statistical appraisal, 493. — V. Obsolescence, 499. — VI. Conclusion, 505.
TL;DR: In this paper, the shifting of an income tax on an expanding industry was discussed, and the traditional static analysis was used to evaluate the effect of the tax on the economic growth of an industry.
Abstract: I. Introduction, 563. — II. Traditional static analysis, 566. — III. Shifting of an income tax on an expanding industry, 569.
TL;DR: In this article, it is argued that the demand for housing is much more elastic with respect to income than with respect price, and that consumers' behavior is appropriately analyzed with reference to capital outlays rather than carrying costs.
Abstract: Louis Winnick's argument in this Journal,' that there has been a long-run downward shift in consumers' preferences for housing, rests on two basic assumptions: 1. Consumer behavior is appropriately analyzed with reference to capital outlays rather than carrying costs. 2. The demand for housing is much more elastic with respect to income than with respect to price. Both of these assumptions are subject to question. With reference to the first, although Winnick does concede that "the size of the capital outlay a family is willing to make for a house is not independent of the annual level of carrying costs,"2 this is only a parenthetical qualification on his part. However, if qualification and assumption are interchanged, the argument can be reversed; it can be contended that over the years there has been an upward shift in consumers' preferences for housing. Consider the following line of reasoning. Budget studies show that persons with high incomes spend a smaller proportion of their income on annual housing costs than do persons with low incomes. From this we should expect that for the community as a whole the ratio of carrying costs to income would decline as income rose. In fact as Winnick points out, the ratio of carrying costs to income has remained relatively unchanged. If changing relative prices can be assumed to have had a negligible effect (as Winnick argues), we are justified in inferring an upward shift in consumer preferences for housing. Clearly, then, it is a matter of first importance whether consumer behavior is more appropriately analyzed in terms of carrying costs or capital outlays, since the implications drawn with regard to consumer preferences are diametrically opposed. There is no unequivocal answer to this problem; the assumption employed largely depends on which consumers we are talking about. Tenants are concerned only with carrying costs. Home buyers must consider both factors,