Mr. Chairman and Members of the Committee: I appreciate this opportunity to appear before you again, and to summarize the current significance of studies and observations which I have made since this Committee commenced its operations in 1947 under the Employment Act of 1946. I say this...

Introduction One of the fresher breezes to rustle the leaves in the Black Forest of microeconomic theory has been fueled by the “new” consumer behavior theory, based on the household production function. The theory was developed in the early 1960s by Gary Becker, his colleagues and graduate...

Introduction The application of statistics to the study of economic relationships is often characterized by unique problems. Although prediction may be an important part of a study's objectives, generally the econometrician is more concerned with the form of the relationship between economic...

Introduction The nature of this paper is expository, its purpose being to suggest a method for empirically determining indifference boundaries. The fundamental procedure that will be presented is the design and coding of Trade‐off Reject‐Acceptance (TRA), a computer program analyzing...

Introduction In recent years considerable attention has been given to the role of the State in the financing and provision of education. Public financing of education has, in particular, been widely justified on the grounds that there are external benefits from education (1). Underinvestment in...

1976 was a double bicentennial year for American economists. On the one hand, it was the bicentennial year of the establishment of the United States of America as an independent, self‐governing country — an event that in recent years has become far more of a commonplace occurrence than it...

Professor Harry G. Johnson, the economist, died on May 8 at the age of 53. His death rated a longish obituary in the New York Times , but went unremarked on the evening news shows. For Professor Johnson was not a public figure. He never deigned to wallow in the swamps of political economy....

Introduction Many recent articles on monetary economics devote considerable effort to empirically testing various current theories of money demand. Their authors search for new and better proxies to give empirical content to ‘demand‐for‐money’, ‘income’, and ‘interest‐rate’...