During the twentieth century mathematics has expanded at an unprecedented rate. This expansion has been accompanied by the increased application of mathematics to science. At a time when pure mathematics has been placing more and more emphasis on abstraction and the analysis of broad concepts...

According to the Keynesian income determination model, as the level of expenditures is instantaneously increased through government or private investment a portion of that amount (b), the marginal propensity to consume, is immediately respent. This precipitates a perpetual turnover of each...

THE CAUSES AND EFFECTS OF DISINTERMEDIATION Disintermediation is a relatively new term on the financial scene in America. The term was first coined in mid‐1966 and has since, to the dismay of many, become part of the daily vocabulary of bankers and economists. Originally, it sprang up to...

Theil (1963) suggested a mixed estimator when there is prior information used in regression analysis. It implies that the investigator not only estimates a parameter based on the sample data, but also combines the prior information by formulating it in terms of unbiased estimates and their...

In 1976, amid the vastly greater celebrations of the bicentennial anniversary of the Declaration of Independence, there was the greatest orgy of historical nostalgia in the history of economics, occasioned by the bi‐centenary of the Wealth of Nations. In addition to a veritable deluge of...

Inflation is really a hydra‐headed monster as Cagan named it. There have been numerous theoretical and empirical studies on the causes, costs and policies of inflation and unemployment. However, there has been no critical solution yet.

Economics has long neglected the performing arts and its struggle to be self‐sufficient. This paper examines briefly one sector of the performing arts, namely the audience. There exist four pertinent factors for a concern with the audience. First, if the arts are a “good thing,” an effort...

Economists have long sought methods whereby efficient collective decisions can be made. When a group is confronted with the problem of choosing one policy from several alternatives, some decision‐making mechanism must be employed. Whether the mechanism is choice by democratic vote, the whim of...

In a recent article in this journal, Meadows claimed to have developed a “new and improved consumer behavior theory” which “eliminates the principal defect uncovered by Pollak and Wachter”, namely the defect of joint production. The purpose of this comment is to show that firstly,...