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This article talks about international trade in the period between 1862-1879, or the greenback period. F.W. Taussig, a professor, concluded in 1917 that with the U.S., which was using inconvertible paper money as monetary standard, borrowing heavily and continuously from Great Britain, which was using gold as basis, there will be increased sterling supply in New York and lowered cost, in U.S. paper, of imported commodities. The author noted that when both countries are on a gold basis, there will be an influx of gold from Great Britain in the U.S. and general prices will rise, while they fall in Great Britain. He concluded that the large borrowing operations of the U.S. in the 1860s was an important factor in the disturbance of the normal course of trade.

According to a 1958 report by the Central Office of Information, the British public buys more newspapers per person than does the public of any other country in the world. In that year the 16 million families in Great Britain bought over 16 million national morning newspapers, about 2½ million London evening papers, about 27 million national Sunday papers, as well as huge quantities of weekly and monthly publications and over 9 million provincial morning and evening newspapers. There was then, and there is now, an enormous circulation of newspapers and magazines. Even so, the circulation figures for the national publications have, for several years, declined, as of September 1, 1961. By newspaper standards that decline is serious. It is serious because it means much more than a loss in revenue from sales or a declining service to readers. It means a loss in advertising revenue at a time when production costs are extremely high. It is understandable that the press should look for a cause. One of the things that pressmen and others have seen is that this period of decline coincided with a period in which the proportion of homes with television sets in them was still rapidly growing. This comparison constitutes part of the case for a fairly widespread view that television is responsible for declining circulation figures. This case has the support of an appealing argument that if people are spending their time watching television they will have less time for reading papers and that if papers go unread for a long period they will cease to be bought. This is, in fact, a large part of the case for suggesting that television is responsible.

This article studies the image of the United States in the British Press. The author says that if the British press is accused of sensationalism or degeneration it is said to have been Americanized by a process of both good and bad general imitation. In a recent survey it was revealed that of some 520 representative and influential Britons, 410 relied upon the British press to keep them informed about the U.S. British school children's primary source was the cinema, which was apparently six times more effective than the next source, British newspapers. Student opinion was evenly divided on the statement, "British newspapers should print more news about the United States." America is more strongly represented in news-gathering agencies in Great Britain than Great Britain is in the United States. There are ten or more American papers and seven news services with offices in London, England. American crime receives more space than all the crime of all the rest of the world, and so does American sex-life.

This article focuses on the British Press Inquiry. The importance of the media of mass communication for the successful functioning of democratic government has perhaps been more discussed in the U.S. than in Great Britain. The fact is that newspapers are bigger business in England than in any other country. The inter-relationship of the basic elements, circulation, advertising and revenue, is not essentially different from that in the press of the U.S., but certain conditions not existing in equal degree elsewhere have facilitated a concentration and grouping of ownership quite without precedent. The press of a nation of newspaper readers is evidently in for a thorough going-over. Between parliamentary sessions the Cabinet decided to leave the motion for an inquiry to open vote of the House of Commons. This, under the circumstances, assured an investigation, though it kept the Government skirts free in theory of the charge of interference with the press.

This article focuses on the impact of press on British diplomacy. Never does diplomats scoff too long at the latent mischievousness of the press, nor can they always be free from the atmosphere created by newspaper polemics; but their professionalism is something of a shield. British diplomatic mind when dealing with European politics, has no love for the press and very little respect. A distinction is made between the press and public opinion, and without denying the mischief of the former, does not identify it with the latter. The press may influence people, but it does not generally influence governments or officials. The press will usually follow the governments. Constant effort must be expended to ascertain which papers have an official "taint." So many apparent trivialities are reported that one feels diplomats watch the foreign press more than their domestic papers, which generally do not move them. But they must remember foreign diplomats may be angered by them. Cosmic forces, not the press, must be the main factor.`

Presents several periodical and books related to economic development in Great Britain. "Annual Report and Accounts 1966—7"; "Introduction of Shift Working"; "Royal Commission on Trade Unions and Employers' Associations Research Papers 7," by Munns V G. and McCarthy W. E. J.; "Eighteenth Annual Report and Accounts 1966—67."

The article provides information the history of dermatological journals in Great Britain. The first medical periodicals were published in the seventeenth century and were adaptations of contemporary news-sheets, ephemeral and of limited circulation, designed to serve political or personal rather than scientific ends. The earliest known to have been published in Britain was "Medidna Curiosa," in 1684. The transactions of learned societies and the general medical journals published from their earliest days many papers on dermatology and what are now other specialties. The "Journal of Cutaneous Medicine and Diseases of the Skin, A Quarterly Record of Dermatological Science," was published by John Churchill and Sons, of London. For about 20 years after the failure of the Journal of Cutaneous Medicine there was no journal of dermatology in Britain. The "British Journal of Dermatology," which was in its first decade, came as a specialist periodical of that time.

The article provides information about a paper that discusses the status of bank deposits in Great Britain from 1870 to 1914. Thorough examination of every single bank in Great Britain revealed that the statistics of the British money supply during the fourth quarter of the nineteenth century are very defective. The basic contentions of this paper was the statistical coverage of the British banking system, very incomplete at first, became progressively more complete during the period under study, so that a systematic upward bias is imparted to the trend of deposits as shown by the statistics. The study also consists of several charts and tables that present the estimates of deposits in all banks, including the Bank of England. The article states that if the series of total bank money shows a relatively constant rate of growth quite unaffected by price movements, then this is not due to those component series, which can be ascertained or easily estimated. It is due to the dubious banking statistics of England and Wales.

Examines the financial and monetary policy of Great Britain during its wars against France in 1793-1815. Circumstances attending the Bank Restriction; Deviations in exchange rates and specie; Walter Boyd's statement of a depreciation theory; Henry Thornton and the purchasing-power-parity theory; Confusion between convertible and inconvertible conditions.

The article analyzes the existence of an eight-year generating cycle in the U.S. agricultural system. According to the author, the eight-year cycle in the crops have persisted from 1760 to 1918, which have induced derived cycles of prices which are reflected and verified in the century of Sauerbeck index numbers of general wholesale prices. Pieces of evidence presented by the author include the analysis of a century of prices and a paper on "A Comparison of the Fluctuations in the Price of Wheat and in the Cotton and Silk Imports Into Great Britain," by J. H. Poynting.

In August 1965, the Home Office of Great Britain presented Parliament with a White Paper or provisional government proposal implementing its promise to make more effective the means of sustaining the family and of preventing and treating delinquency. The paper deals with "children and young persons in need of care, protection, and control." Two separate sets of proposals are involved: one affecting children below sixteen and the other, those between sixteen and twenty-one. In each, the government has suggested reforms in the judicial structure and procedures. The present responsibilities of the juvenile and adult courts are so be assumed by a combination of family councils, family courts, and young offenders' courts. In addition, major organizational changes have been recommended in the correctional system of remand and observation centers and borstal and approved schools. The proposals in the White Paper are part of a larger series of reforms planned for the family services generally.

The article offers information on the symposia concerning various plant viruses and virus diseases. It mentions that the symposia about plant viruses and diseases have at least 10 and a half days of discussions and activities and most of the topics were focused on viruses and virus diseases and its adverse effects in plants, including the diseases that are considered by others to be caused by mycoplasma and other related organisms that scourged the plants. Moreover, the papers which were presented during the discussion covered almost all the aspects of viruses in plants.

The article discusses a structural approach to estimating the built-in flexibility of personal income taxes in Great Britain. The built-in flexibility of any tax has been commonly defined as either the ratio of the proportionate change in revenue to the causal proportionate change in income or the change in tax revenue directly consequent upon a unit change in income. There is clearly a one-to-one relationship between the two definitions, given initial levels of tax revenue and income, and thus any conclusions reached on the basis of one measure can be transcribed to the other. The paper employed the definition of the effective marginal tax rate.

THE role of inheritance in influencing the distribution of personal wealth in Britain in the 1950s was examined by one of the present authors in an earlier paper.[2] That study compared the pattern of inheritance in the 1950s with the one observed by Wedgwood during the 1920s and concluded that . . . "There was no very marked change in the relative importance of inheritance in the creation of the personal fortunes of the top wealth leavers of the mid-twenties and mid-fifties of this century." The present paper extends Harbury's study to the 1960s to undertake the following tasks: (1) to investigate whether there is any significant difference in the importance of inheritance for the top wealth leavers of 1965 compared with those of a decade earlier, (2) to analyse attributes of the entire post-war data used for the study to discover which specific factors might be associated with the inheritance of substantial fortunes. The distribution of personal wealth in Britain is extremely unequal, much more so than that of income and that of wealth in other advanced countries. Studies based on the estate duty multiplier technique[3] a have indicated a certain reduction in wealth concentration in this century. However, some observers contend that the decline in the share of the richest percentiles in the wealth distribution may be quite misleading, and reflect merely a rearrangement of wealth within families, rather than a redistribution of wealth from rich to poor families.[4] The apparent failure of the high rates of estate duty introduced in the 1940s to bring about a significant reduction in wealth inequality, and the conclusion mentioned earlier that the importance of inheritance in the 1950s was substantially the same as that of the 1920s compels an examination of the possibility that changing rates of duty require a fairly long time to take effect. This question is considered in the first part of this paper by comparing the relative importance of inheritance fo... [ABSTRACT FROM AUTHOR]

In this note we try to clarify the nature of the debate on the effect of taxation on dividend behaviour, and present some of the important results. This discussion arose out of the paper by Professor Feldstein [1] which proposed an econometric model of dividend behaviour and described the results of fitting this model to data for the United Kingdom. The United Kingdom provides a good case study for such questions because of the frequency with which not merely the rates of tax but also the tax system itself have been changed. Thus one of the main aims of Professor Feldstein's paper was to measure the elasticity of the payout ratio with respect to a tax discrimination variable which measured the extent to which the tax system discriminated against the distribution of dividends. The current controversy is partly over the size of this elasticity, and partly over whether the model should be extended to include other variables; in particular, whether the threat of takeover influences companies' dividend policies. [ABSTRACT FROM AUTHOR]

In a study [6] of the theoretical properties of a model proposed by Stone and Brown [7], Mathur concluded that, in the context of the model, there was a technological upper limit to sustainable growth in the output and final consumption for any individual sector. The upper limit can be derived from the parameters of the model. This paper provides an estimate for this limit for the British economy: most of the parameters used are estimated in a larger model providing projections of the economy in 1972 [1]. The paper is in three parts: section I sets out the model, which is extended to allow for lags between intermediate and capital input and output; section II gives the estimated upper limit to growth, together with checks on the sensitivity of this limit to the degree of aggregation of industrial sectors and the parameters of the model; and section III is a brief appraisal of the model. [ABSTRACT FROM AUTHOR]

The discussion of post-war inflation in the United Kingdom has recently focused on the role and importance of the pressure of demand. The significance of the pressure of demand for labour in the explanation of changes in money wage rates has been challenged by Hines. With respect to pricing behaviour, Neild has argued that "the relationship between trends in costs and prices of manufactures shows considerable short-run stability and is not sensitive to cyclical variations in the pressure of demand." The purpose of this paper is to re-examine Neild's basic hypothesis (which was first proposed by Godley in an unpublished paper in 1957) and also to re-examine the interpretation of his statistical results. Evidence is then presented, based on Neild's data, to support our claim that the level of demand cannot be dismissed as being an insignificant factor in the explanation of price changes of manufactured goods, even after its effects on unit wage and material costs have been accounted for. A comment on Hines' paper is made in Appendix B. [ABSTRACT FROM AUTHOR]

The article presents information on several books on economics. The book "Private Foreign Investment and the Developing World," edited by P. Ady, contains ten papers delivered in a conference on private foreign investment. The discussions frequently amplify and elucidate the papers, and the coverage is fairly broad, including papers discussing the effects of current fiscal systems on the flow of investible funds, profits and goods, and several papers discussing joint ventures, both by private companies and government agencies. The book "The Remoter Rural Areas of Britain," by J. Ashton and W.H. Long, is a record of on the theme of adjustment problems of the areas of Great Britain that are relatively remote, either in geographical terms or in terms of their low level of access to transport and welfare facilities. Some other books are: "Southeast Asia's Economy in the 1970s"; "The Labour Government's Economic Record 1964-1970"; "Persistent Poverty: Underdevelopment in Plantation Economies of the Third World."

This paper is concerned with the decision about how rapidly to "deplete" or use up the gas reserves discovered under the North Sea in the late 1960s. There is considerable American literature on associated topics[1] but no clear solution in the context of fuel policy generally. The 1967 White Paper on Fuel Policy suggested that by 1975 natural gas might provide around 14% of United Kingdom primary energy requirements--perhaps 50 million tons of "coal equivalent" fuel. A rate of depletion of the reserves half as fast as that eventually decided might have kept the share well below 10%, and called into question much of the Gas Council's investment in transmission and conversion, running in the early 1970s at around _GCP_300 million a year. The existing gas purchase contracts will involve an annual cash flow to the North Sea producers of around _GCP_150 million per year in the mid-1970s. The speed of depletion or absorption affects the demand for, the output of, and investment in, coal and oil refining (and to some extent nuclear energy). Within the admittedly limited area of fuel policy these are large issues. [ABSTRACT FROM AUTHOR]

This article presents information on a study which analyzed the factors that shaped the mix of domestic and foreign investments in Great Britain. The questions to which this paper addressed itself have now, for the most part, been answered. The percentages of national income allocated to foreign and domestic investment do show a negative correlation for the period, but this correlation is not carried through to the amounts of home and foreign investment, either in money or real terms. Cairncross's approach offers an explanation of their relationship in that the short-run factorB of fluctuation seemed to be those that operated in the same manner on the two series, while long-run trends affected the two inversely. Although this model has more intuitive appeal than theoretical rigor, it does provide an adequate long-run function for both foreign and domestic investment.

The article focuses on models to examine behavior of money national income under inflationary conditions in Great Britain. The writer on inflation is fortunate in that his subject is generally well understood by economists, since its dramatic empirical manifestations leave little room for dispute as to the general conclusions to which theoretical analysis should lead. Although the author has no illusions about the possibilities of accurate economic prediction, the author do believe that models of the type constructed in this paper can at least provide a surer guide to the implications of an inflationary policy than mere unsystematic speculation. As regards policy, the author fails to see that an inflation that does not approach an upper limit has any constructive purpose. It must be stopped, and the difficulty of stopping it increases as the inflation continues. On the other hand, an inflation that has an upper limit that is considered to be socially tolerable may be considered a constructive means of implementing a policy designed to increase the real burden of a progressive income tax or to impose a levy on wage-earners or both.

In this paper the author stresses the importance of the time factor as a fundamental variable in the process of attitude change, as shown in national voting trends in Sweden, Norway, Great Britain, and the United States. More specifically, he asks: Why do these Voting trends tend to take the shape of smooth time series? He suggests alternative reasons, which he labels the "stimulus" and the "response" hypotheses, and devotes particular attention to an explanation and elaboration of the latter. [ABSTRACT FROM AUTHOR]

The recent British White Paper on post-war education in England leaves little doubt that the Great Britain looks to a new era of education. The work has already begun. British soldier of today will be the key citizen of tomorrow. British War Office has established a far-reaching program of education for citizenship among England's troops. It is being carried out by the Army Educational Corps. The purpose of these reforms suggested is, among other things, "to provide a means for all of developing the various talents with which they are endowed, and so enriching the inheritance of the country whose citizens they are." These proposals have met with a very wide measure of acceptance. Any criticisms of them that have been made are interesting, not so much for themselves, as for the divergent philosophies of education that underline them. Army education, then, while it has much to contribute towards making him a better soldier, will bear in mind that he is always, and at the same time, an individual citizen and breadwinner. It is cultural, civic, and vocational as well as military.

The article describes the plant ecology of serpentine, with focus on the influence of a high magnesium and calcium ratio and high nickel and chromium levels in some British and Swedish serpentine soils. Ecology studies found that considerable quantities of nickel and chromium are frequently found in the shoots of Agrostis species growing in serpentine soils. Also discussed are paper calcium-magnesium nutrition of serpentine plants, plant analysis of Agrostis species that grow on serpentine soils, water culture experiments that show the widespread tolerance of high magnesium levels among clones of Agrostis species collected from serpentine sites.

This paper describes the result of carrying out such a maximisation of a social welfare function prescribed for a model of the United Kingdom economy over the period 1957-66. The choice of social welfare function was a crucial part of the exercise and is discussed in some detail. Optimisation of the welfare function was achieved using modern control theory.[1] The next section of this paper describes the model; its dynamic properties are then evaluated in a subsequent section. Next, the optimisation goal is presented in terms of the model, and a social welfare function is chosen. The optimisation procedure is then applied and the results obtained are presented and discussed. Finally, consideration is given to the ways in which the procedures might in later research be modified as a result of the lessons learnt from this experiment. The results presented in this paper have shown that this model gives a good picture of how controls influence the economic system, despite the restrictions placed upon its size. The major cycles of the fitting period were reproduced and the model's poor ability at forecasting was a direct result of the primitive assumption of a fixed exchange rate. One advantage of its structure was that, apart from the control variables, it had only two exogenous variables. Although there was no quantitative way of assessing the dynamic properties of the model, the results of the dynamic multiplier tests were qualitatively satisfactory. On the other hand the attempt to use a control algorithm in order to suggest a policy which might have given better economic results at the end of 1961 must be admitted to have been a failure. The procedure correctly reflected the instructions given to it in the form of the social welfare function which was selected, but this function treated public and consumers' expenditure as perfect substitutes and omitted to take account of the desirability of certain items and overstated the undesirability of certain oth... [ABSTRACT FROM AUTHOR]

THIS paper is concerned with a phenomenon which is constantly encountered bur seldom analysed. An internal economy or diseconomy would be external but for the fact that in occurs within a given firm or organisation. Consideration of this question raises others: the nature of cross-subsidisation, the meaning of organisational economies of scale, the identification of marginal revenue and marginal cost within systems of economic activity, the importance of the institutional setting in identifying costs and benefits, the criteria applicable to the operations of nationalised industries and much else besides. All the problems to be discussed below have been referred to somewhere in modern economic literature. Such words as indivisibilities, complementarities, sub-optimisation, interdependencies, which do raise similar issues, are to be found in many a textbook, bur all too often figuratively or literally in footnotes. They are seldom woven into the fabric of analysis. Once mentioned, they are forgotten by author and student, and the analysis, the concept of an optimum, proceeds as if these modifying circumstances did not exist, or could be abstracted without serious loss of theoretical rigour or practical relevance. What, then, is cross-subsidisation ? What is its relationship to "internal economies" as here defined ? The belief in the irrationality of cross-subsidisation is based on the apparently elementary principle that a loss-making activity involves resource misallocation, in that, in a market economy, one can increase the national product and welfare by reallocating resources to a profitable use. it is believed that the temptation to subsidise losses out of profits within a corporation or nationalised industry ought therefore to be resisted. Such a temptation may be due to a desire for a quiet life; thus the closing of uneconomic pits might cause questions in Parliament of a protest march by miners. [ABSTRACT FROM AUTHOR]

THE purpose of this paper is to present estimates of changes in the income terms of trade of a number of developed and developing countries for the years 1950-65 (in most cases) and to compare these estimates with those for changes in the net barter terms of trade, in the quantity of exports and in population. Although the terms of trade have been such an important and, at times, contentious topic of discussion, the net barter terms of trade have usually received a good deal more attention than the income terms of trade. This bias is unfortunate, and can certainly not be justified on the ground that the net barter are more important than the income terms of trade. The first part of the article will summarise some of the main considerations relating to these two concepts.[2] This will be followed by an account of the nature and limitations of the statistics as given in the United Nations Yearbook of International Trade Statistics. The third part presents an analysis of these statistics. [ABSTRACT FROM AUTHOR]

In this paper we ,have approached the problem by estimating ex post the social benefits resulting from the support given by the National Research Development Corporation (N.R.D.C.) to the development of a potato harvester. In doing this we have encountered difficulties of estimation and we have gained some insight into the real problems which one would face if one had been trying to foresee these developments ex ante. Obviously each project would present its own set of problems in estimating future benefits, but the conceptual similarities in these problems made the study of a particular project useful. The paper has shown that in certain cases and under certain assumptions a monetary value can be put on the national benefits arising from innovation--the net benefits to purchasers and royalty income to public bodies. Detailed analysis showed that: (a) Royalty income (the private gain to the public bodies) from the successful innovation covered direct expenditure on it. (b) Royalty income was quite inadequate to cover also expenditure on failures, which are a feature of the overall process of innovation. (c) If the net benefits to farmers are included, then public support for this series of inventions seems justified. (d) Although an arbitrary assumption was made about the time saved due to N.R.D.C., it revealed the importance of rapid development of innovation. If the N.I.A.E. potato harvester had been delayed longer than about two years beyond what actually occurred we are doubtful whether the firm would have found the investment worthwhile. (e) By the time the bulk of royalties had been received interest charges formed a large part (52%) of the cumulative cost: first costs were incurred about 10 years before first benefits were received. [ABSTRACT FROM AUTHOR]

The level of manufactured exports over the sample period is highly correlated with world trade, with an elasticity of less than unity. This follows necessarily from the fact that the United Kingdom share has been falling over the period. This elasticity is, however, difficult to interpret. It may be due in the long run to the decline in our price competitive and non-price competitive position. In the short run it may be due to variations in the pressure of demand. The correlation of the trend component of world trade with relative prices and its cyclical component with variations in internal demand pressure prevents the separate estimation of these effects from the world-trade effect by multiple regression. Much of this paper has been based on the assumption that the partial short-run elasticity of United Kingdom exports with respect to world trade is unity, which allows the share of trade to be used as the dependent variable in the analysis.[2] On this assumption movements in the share are independent of the level of trade. The share of trade has been shown to fluctuate cyclically around a linear trend moving inversely with the pressure of internal demand. The analysis of this paper is based on aggregate data. This entails not only aggregation over products but also over markets. In so far as this is the case, the results conceal variation between products and between markets. At the aggregate level we mix up the adjusting patterns of different industries. It is important to emphasise therefore that research at the industry level is an essential adjunct to the work. Such research provides a firmer base from which to better interpret the results of this study. [ABSTRACT FROM AUTHOR]

The article offers information on the symposium "Physiology and Biochemistry of Parasitism." It mentions that there are several attendees have joined in the discussion concerning parasitism and cites the interaction between the audiences and the speakers during the convention. In addition, the half-day session consists of five or six 20-minute presentations and succeeded by a discussion for about 10 minutes. Moreover, there are two additional sessions that are added, which are based on the topics they have discussed and exhibited the aspects of physiological and biochemical relevance, gathered by researchers in Great Britain.

SUMMARY This paper summarizes the results of research undertaken during the last few years with a triple motivation. Firstly, it was desired to illustrate the feasibility of estimating complex non-linear economic models, when the non-linearities occur in variables and parameters. Secondly, though the richness of the vintage putty-clay model has long been realized, there are few reported empirical studies of the model and so this appeared to be an area ripe for development. Thirdly, it was hoped that in adopting the putty-clay technology assumption economically more plausible results would be obtained from estimating the developed model for the UK than had previously been obtained for a putty-putty technology model. The production relation estimated has the general form: Q(t) = B(t)N(t)[sup n]H(t)[sup m] ...(1) ignoring stochastic error terms, when Q(t) is the level of production, N(t) the employment of labour and H(t) the hours worked at time t. This functional form is very similar to that of the standard short run putty-putty production function (e.g. Brechling [6] or Ball and St Cyr [1]), but a difference lies in the specification of B(t). In putty-putty models B(t) is usually represented by a scale factor and an exponential trend, whereas in the model presented here B(t) is a function of past investment, the economic life of equipment, past and expected future prices, and exponential rates of discount, deterioration, and embodied and dismbodied technical progress. The adopted approach assumes that there is a single output Q(t) and analyses the short-run behaviour of production and employment for the capacity determined by past investment. Particular functional forms are chosen for the UK aggregate ex-ante production function and the ex-post or utilization function, rather than building up information about them via isoquant maps and capacity distributions as in the Johansen approach [18, chapter 9]. In fact, Johansen is able to adhere much [ABSTRACT FROM AUTHOR]

THIS paper examines the factors affecting the sterling price of United Kingdom imports of goods and services. Because the investigation was carried out as part of the Cambridge Economic Policy Group's work on the analysis and forecasting of the United Kingdom economy, it was necessary to be able to apply the results to a national income concept of prices, and so the price variable which is examined is the deflator for all imports of goods and services. [ABSTRACT FROM AUTHOR]

Provides information on events related to dermatology in Great Britain. Request for research papers for the B.A.D. Summer Meeting in London, England; Opening of a Dermatological Study and Research Centre at Saint Mary's Hospital; Appointment of J. L. Verbov as Consultant Dermatologist to the East and South Liverpool Groups of Hospitals.

SUMMARY The absence of Census or other government data on the income of the population of British towns has resulted in a continuing search for proxy variables that are correlated with income. This paper suggests a method for estimating both incomes and expenditures for towns, based entirely on published government data. While the proposed method is rather simple and crude, it should be of value in marketing, economic, and social research applications where rapid, economical estimates of incomes and expenditures are required. [ABSTRACT FROM AUTHOR]

This paper sets out a study of Demand for Cars in Great Britain. It substantially revises earlier work by the author which was published as part of a longer article (Dicks-Mireaux et al. 1961). Its purpose is to test a model of demand for cars and so provide statistical relationships which may be useful for forecasting sales of new cars. [ABSTRACT FROM AUTHOR]

Much of tax policy in Britain during the past two decades has been aimed at increasing investment. Britain pioneered the use of investment allowances several years before they were adopted in the United States. In addition, during much of the period, tax incentives were used to reduce dividends and encourage corporate savings in the belief that this would increase investment spending. Despite this continuing interest in the use of tax policy to stimulate capital accumulation, there has been little analysis of the direct effect of investment allowances and no analysis of the indirect effect of changes in retention behaviour. This paper reports a study of quarterly aggregate investment in equipment and structures for the period 1954:2 to 1967:4. The analysis builds on the powerful neoclassical investment theory developed and applied by Jorgenson and his collaborators (e.g., [22], [23], [25], [28], [29], [31] and [32]) and, in modified form, by Bischoff [8], [7], Coen [11] and Eisner and Nadiri [15]. The formulation used here differs from that of Jorgenson in several ways which will be explained below. Differences of particular importance for studying the effect of tax policy are that: (1) the elasticity of the desired capital stock with respect to tax-induced changes in the user cost of capital is not constrained to be one or even to equal the elasticities with respect to other observed changes in the user cost, and (2) the impact of tax induced changes in retention is explicitly studied. Section 1 briefly reviews the previous studies and opinions on the impact of British tax policy on investment. Section 2 then presents the theory of investment behaviour which forms the basis for our estimates. The third section considers the estimation problems raised by this formulation. We present and discuss the estimates in section 4 and then use them (in section 5) to calculate both the effects that policy changes had on investment and the effects that alternative policies would have had. The results are summarized in a brief final section. A description of the data is presented in an appendix. [ABSTRACT FROM AUTHOR]

The major purpose of this article is to present a new model which suggests that demand forces are in fact important in British manufacturing price determination. This "new" model is based on the traditional view of economic theory that price changes are dependent solely upon excess demand. The "pure excess demand" hypothesis is shown to accord very well with the empirical evidence utilized by economists R.R. Neild and F. Rushdy and P.J. Lund. In a recent paper, Rushdy and Lund took issue with the well-known findings of Neild, which suggest that conditions of demand have no direct effect on price levels in British manufacturing industry, considered in the aggregate. Rushdy and Lund argued that Neild misspecified his estimating equation. They accordingly altered the way in which the demand variable entered the pricing equation and then, in their re-estimation, found demand to exert significant influence on price levels. In any case, conventional theory makes competitive price changes functions of excess demand alone. A model based on this notion but employing distributed lags is specified. When recognition is given to the distinction between excess demand in the product and labor markets, simple operational versions of this model are easily obtained.

In this paper, issue will be taken with several aspects of the existing Phillips Curve analysis and a possibly more effective alternative will be presented. First, wage determination equations require a complete econometric model for two basic and obvious reasons. Clearly, wages and prices are jointly dependent variables which strongly affect each other. Since employment, too, is an endogenous variable, it should in principle not be treated as an independent variable in an ordinary least squares regression. Dicks Mireaux and Klein and Bali have already presented estimates of a joint price-wage system for the United Kingdom. Absolute wage and price level determination then becomes a relevant question. [ABSTRACT FROM AUTHOR]

This paper was conceived as an extension of the major contribution by Frank Brechling in developing a recipe for explaining the short period behaviour of employment levels in British manufacturing industry [2]. The extension is both theoretical and empirical. On the theoretical side we make more explicit assumptions about the form of the short period production function and so develop a model similar to Brechling's, which can be related to the standard cost-minimizing model of neo-classical employment theory. From this we derive the short term equilibrium demand for labour, which added to an adjustment function, enables us to determine the short term employment level. The basic model is fitted to all industry aggregates, to total manufacturing industry and to fifteen sub-components of all industry covered by the industrial production index. We discuss the light that these estimates throw on the short period production functions, and the speeds of adjustment to equilibrium, paying particular attention to the cross-section results. [ABSTRACT FROM AUTHOR]

In recent years the cyclical behaviour of the relationship between output and employment has become the subject of many interesting theoretical and empirical investigations. In the United States Dhrymes, Hultgren, Kuh, Solow and Wilson and Eckstein have analysed labour productivity and elaborated the implications of its cyclical pattern for income distribution, profit mark-ups, adjustment costs, etc. Similar work has been done in the United Kingdom by Godley and Shepherd, Neild and, more recently, by Ball and St. Cyr. In this paper the results of a further analysis of the British data will be presented. We shall operate with a model which contains an underlying employment demand function and a short-term employment adjustment process. The employment demand function relates the desired level of employment to a number of exogenous variables and the adjustment process describes the adjustment of actual to desired employment. It would appear that the explicit recognition of the adjustment process is necessary, first, for the correct interpretation of actual employment figures (and, hence, of labour productivity as conventionally calculated) and, second, for the estimation of the desired level of employment. Our procedure is based on the fundamental assumption that the underlying employment demand function and the adjustment process are sufficient for the explanation of movements in employment, so that labour supply conditions and other factors are quantitatively unimportant. In the following section a brief sketch of the model will be given. Part II is devoted to a statistical examination of the employment demand function. In part Ill the model will be examined for structural changes and in part IV the quantitative importance of our results will be analysed. [ABSTRACT FROM AUTHOR]

Gibrat's law of proportionate effect states that the proportional change in the size of a firm is independent of its absolute size. An implication of this is that large and small firms have the same average proportionate rates of growth. Earlier studies of the growth of firms up to the early 1950's have found evidence to support the law. This paper shows that during the last decade the law has ceased to operate and that now large firms are growing at a significantly faster proportional rate than small firms. Concentration has been increasing in industry over a long period, for much of which Gibrat's law with all its implications held. The fact that growth was found to be independent of absolute size was not in conflict but was, rather, an explanation of the trend. The finding that larger firms are now the fastest growing suggests concentration is increasing at an even greater rate than when the law held. [ABSTRACT FROM AUTHOR]

In a recent paper, D. Gujarati (1972) examined registered unemployment and vacancies data for Great Britain 1958-1971. He reported that his empirical tests revealed a change in the unemployment--vacancies relationship (the UV curve) from 1966 (IV). This change was attributed to the introduction of the Redundancy Payments Act (1965) and the National Insurance Act (1966). This legislation, Gujarati felt, eased the financial pressure on an unemployed individual, allowing him to spend more time job-searching. A log-linear relationship between unemployment and vacancies was fitted up to 1966 (III): log U[sub t] = beta[sub 0] + beta[sub 1] log V[sub t] + beta[sub 2]t (1) where U = unemployment rate, V = vacancy rate and t = time. This UV curve was then extrapolated until 1971 (II) and the resultant predicted unemployment series was compared with the actual series. A "correcting factor" was computed to calculate "true" estimates of unemployment (i.e., what registered unemployment would have been, had the above legislation not been introduced). This note contains several comments which fall into two categories. The first concerns the specification of the UV curve and the statistical results obtained by Gujarati. The second concerns the economic interpretation of these results. [ABSTRACT FROM AUTHOR]

This article focuses on the occurrence of an upward shift in registered unemployment during 1967 and 1968 because of a shake-out of hoarded labor in Great Britain. The upward shift in the relationship is attributed entirely to an artificial increase in registered unemployment; the vacancy data are assumed to remain an efficient indicator of the number of unfilled jobs in the economy. In other words, it is asserted that the phenomenon has resulted solely from changes in the behavior of unemployed workers. It is also the aim of this paper to show that the internal structure of the unemployment gap changed markedly during 1967 and 1968, with the result that registered unemployment became an entirely unreliable indicator of the size of the unemployment gap.

THE idea of using Hedonic measures to correct price indexes for quality change dates back to Court (1939). Since then, the idea has been revived several times, but has not yet been accepted as a standard tool of the index number compiler. This is, in part, due to the difficulty of applying the technique and, in part, due to a failure to demonstrate that the resultant price series were any better than an unadjusted index, or one where a simpler method of adjustment was used. The present paper explains the derivation of such an index for the United Kingdom car industry and presents some tables and charts comparing the movements of this index with those of other indices describing year-to-year changes in prices. The price index obtained will be a quality-constant price index. This method of adjusting prices for quality changes is an application of the so-called hedonic principle.[1]. [ABSTRACT FROM AUTHOR]

BY implication, at least, the devaluation of sterling in November 1967 is considered by most British economic commentators to have been a success, since almost without exception they say that it should have taken place earlier. Certainly, the painful succession of payments deficits has been followed by a large and apparently continuing surplus on current account. Appearances, however, can be deceptive. If the surplus is large, so also is unemployment, and in mid-1971 some economists reckoned the "full employment" balance of payments surplus to be zero or negative. British exports did better than usual in 1968 and 1969, but in those years the volume of world trade in manufactures (specifically the total exports of manufactures from principal manufacturing countries) increased by 16 and 13% respectively in comparison with an annual average of 8-9% since the beginning of the decade. How much, then, of the very obvious swing in the balance of payments on current account which occurred between the periods preceding and following November 1967 can be attributed to devaluation, and how much is to be explained by other factors ?[1] This paper has limited objectives and it may help to define the area of the problems which are examined here by sketching first those aspects which will not be considered. They are of two rather different kinds. The first is that the sterling devaluation of November 1967 was a major economic event, at any rate for the British economy. Not only was it expected to have large consequences when it was announced, but in many ways it had cast its shadow before. The maintenance of the previous parity had been accompanied by frequent, and sometimes large, deficits in the balance of payments. Debts were incurred to central banks and to the International Monetary Fund. But the apparent failure significantly to alter the trend in the balance of payments increased, in the eyes of the market, the likelihood of eventual devaluation, and thus intensif... [ABSTRACT FROM AUTHOR]

Discusses the study about the various approach to control sweating of the human body in Great Britain. Two fundamentally different types of stimuli to evoke sweat response; Connection of sweat glands on the sympathetic nervous system; Approaches for suppression of sweating thru various drugs.

The article determines whether there were cutoff points between rings and mules when new spindles were being installed in the U.S. and in Great Britain. The single most important technological improvement in the cotton spinning industry during the last hundred years has been the replacement of mule by ring spinning. Most of the technical development of this process took place in the U.S., and it was in the U.S. that it first rose to economic prominence. As early as 1870 ring spinning had become the dominant form of spinning in the U.S. In that year there were a total of 3.7 million ring spindles and 3.4 million mule spindles installed in the U.S. Since, for a given fineness of yarn, output per ring spindle exceeds output per mule spindle, a comparison of the numbers of the two types of spindles installed tends to understate the importance of ring spinning. By 1905, 17.9 million of the 23.1 million installed spindles in the United States were rings. This trend, of course, continued and by the outbreak of AVorld War II mule spinning was virtually extinct in the U.S. Ring spinning was also introduced into other parts of the world, but at a slower pace than in the U.S. Great Britain, with one of the largest cotton industry in the world, was last among all important cotton industries in the introduction of ring spindles.

The article compares the systems of periodic measurement of output in manufacturing establishments of Great Britain and the United States. The British inquiry covered the building industry which was not included in the American inquiry. The laundry trade finds a place in the reports of both countries for the year 1924 and 1925. In the U.S. Censuses of Manufactures, certain industries are included which in Great Britain have been treated as accessory to trading rather than as manufacturing in character. The British inquiry appears to be more comprehensive that the American inquiry. The group which is presented under the heading of "Public Utilities" covers not only the supply of gas, water and electricity, but certain state enterprises, such as the dockyards of the Admiralty and the printing carried on by the Stationery Office. The group is distinguished from industry in general by the fact that the "profit" of private enterprise is not an element in the charges for goods supplied or services rendered, or in the amounts included in annual accounts of such enterprises as representing the value of their output.