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The article discusses the implementation of price regulation in the paper industry. The industry has several characteristics that tend to escalate the effects of price competition such as heavy investment in equipment and slow investment turnover, large actual or potential excess capacity, inelastic demand for the product and little differentiation of product in some branches. In addition, price competition is also intensified due to the inelasticity of demand for paper. Moreover, the economies of scale are very considerable in the industry, specifically in integrated mills producing the cheaper standard papers.

Discusses paper money issues in the American colonies from 1720 to 1774. Misinterpretation of the colonial monetary policies; Overview of the political background of British monetary policies in the colonies; Controversy over colonial practices during the period.

The article presents the argument that greater equality in the distribution of costs and rewards of development is demanded by the value system of the Filipino and by the development process itself. Important steps toward equality would be agrarian reform, educational reform, and tax reform. For these to be carried out there is need for organized pressure from below. There is need also for strong and efficient government, whether it will in the long run be democratic depends on the attention given to genuine education and human development at the broad base of society. The aspirations of the great majority of the people for a higher standard of material welfare are evident and reflected in many surveys. Per capita income figures demonstrate that the Philippines is a poor nation and that a reasonable level of material welfare cannot be provided by redistribution alone Economic development and accelerated economic development are absolutely necessary if the Philippines is to meet the rising demands of its constantly increasing population.

The article comments on the paper "Can Land Reform Succeed?," by B. de los Reyes. The activities of peasant organizations at this period also accelerated the progress of land reform Moreover, social confusion and widespread disturbances in the traditional value one nations of Japanese society also helped to minimize any counterblow by the landed class Most distinctive of the Japanese case, however, is the fact that expropriation and redistribution did not result in a heavy burden for either the government or the newly-created owner farmers. Except in those socialist countries which simply confiscate private property without compensation to its former owner, paying for expropriated land is the most serious hindrance to the implementation of land reform In the case of Japan, though the transfer of land was compensated for, the tremendous monetary inflation experienced in the late 1940s and early 1950s made the payments asked of new owners and the land bond issued by the government relatively light obligations. Under these conditions the land was rather confiscated than expropriated. In the late 1960s, in fact, the government made amends by appropriating additional compensation to the ex-landowners.

The article comments on the papers "Selective Credit Controls" by economist Donald Hodgman and "Financial Guidelines and Credit Controls," by economist Thomas Mayer. In both economist's research they present arguments against credit controls. It is explained that the general consensus among most economist is that credit controls contribute little to monetary restraint and are inefficient and undesirable means of influencing the allocation of credit in the economy. Several reasons are given to why credit controls have gained popularity.

The article describes the colonial monetary standard in Massachusetts in the 1600s. It discusses the establishment of a commodity standard in 1640 and the official prices of commodities in Massachusetts during the 1600s. The article details the development of the paper-money standard in 1690. It comments on the topics covered by most recent studies of the monetary system of the American colonies. The establishment of a mint in Boston in 1652 is reported. By 1737 the price of silver had risen. In 1750, the Massachusetts Assembly restored specie payments. The article also considers the objections to the continuation of paper-money issues.

In 1963 economists Milton Friedman and David Meiselman published a paper for the Commission on "Money and Credit," in which they attempt to test the relative predictive power of Keynesian and monetary theories of business fluctuations. Their methods and conclusions were sharply disputed in papers by scholars Donald Hester, Albert Ando and Franco Modigliani, and Michael DePrano and Thomas Mayer. The purpose is to review this controversy. The method is the simple one of first replicating the studies over the original sample periods and then examining the postsample performance of the competing equations. On a sociological level there can be little doubt that this controversy was and continues to be, enormously valuable. Many economists have been stimulated to work on the questions disputed by the monetarist and Keynesian combatants and it is probably correct to argue that two models of the U.S. economy are a direct outgrowth of the controversy. What has been missing from this continuing controversy, however, is an ex post evaluation of the earlier empirical work.

The article comments on the underlying theory and the conclusions on economic policy derived from the proposals by Professor Ragnar Frisch for a thorough study of balance of payments broken down by countries and currencies. Several countries, short of foreign exchange, balance their imports by state control at the amount available from exports and other sources; any increase in exports enables them to import more, any decrease in exports forces them to import less. In the U.S., on the other hand, the volume of imports is determined by private importers independently of the reserve position of the country; the total volume of imports is below the level determined by national income and relative prices, and no change of exports would influence the actual volume of imports. In these conditions, discrimination against imports from the U.S. will increase world trade.

This article discusses the effect on income of Phase II of the wage-price control program of the United States. Several discussants commented on the issue of income shares under the Phase II program. R. A. Gordon, William Branson, and others noted that, with productivity growing exceptionally fast because of the rapid cyclical expansion expected in the economy, profit margins would widen so much that some cost absorption by business would still permit the profit share to expand. Arthur Okun noted that Perry's neutrality was defined as the state of income shares that would prevail in the absence of the program and that the cyclical expansion of profit margins that we are experiencing would have occurred anyhow. Gardner Ackley argued that we did not know enough about what has happened to price-cost relations in recent years to take any strong position about what income shares should be. Therefore Perry's neutrality concept should not override the need to slow inflation, and some cost absorption was appropriate as a way to help accomplish this. James Duesenberry and Michael Posner felt that the most serious practical problem was not the question of existing income shares but rather delivering on the promise to slow prices noticeably. The trade unions are reluctant to accept wage controls because they have little faith that the inflation will slow down. Differing views were expressed on the use of profit margin ceilings in Phase II. Alan Greenspan pointed out that the application of the rules on the basis of the margins of individual firms would hold down overall prices and margins more than people thought.

Econometric model building of the type represented in the Duesenberry-Bosworth paper was at best an attempt to see whether systems of, say more than 25 equations, add much to our knowledge of the economy and the response to policy changes. They have not, I believe, at least to this point, and I am not optimistic about a change in the next few years, instead of commenting on the details of the particular models presented at this session, I will explain some of the reasoning that brings me to that conclusion. Before doing so, let me make clear that my comments are not directed at either "theory" or empirical science. There is very little of either in current econometric practice. I view my comments as a criticism of large models, models of twenty-five or more equations, not as a criticism of modelling or testing economic hypotheses. [ABSTRACT FROM AUTHOR]

The article presents abstracts of management literature. They include "Administration and Economic Development in India," edited by Ralph Braibanti and Joseph J. Spengler, "Automation and Technological Change," edited by John T. Dunlop, and "The Business Representative in Washington," by Paul W. Cherington and Ralph L. Gillen.

This paper seeks to identify an optimum set of monetary-fiscal policies to aid in economic adjustments to general and complete disarmament on a specified model. A solution is located by econometric analysis of the effects of changes in taxes and of government expenditures on GNP, employment, and the federal budget. The implications, potentialities, and limitations of surplus budgets, reduction of federal debt, and monetary expansion for disarmament adjustment are also explored. The obstacles to the adoption of the proposed policy are appraised, and a strategy for overcoming them is suggested, which would, incidentally, help to overcome structural obstacles and also conserve for the civilian economy some of the dynamic economic contributions of national defense. While much excellent work has been done on defense economics, there has been relatively little specific and technical discussion of disarmament economics, particularly of the bearing of fiscal and monetary theory upon it.However, the Program of Research on Economic Adjustments to Disarmament (READ) has now in press a report of two years of research on the problem, which will deal at some length with monetary-fiscal adjustments. This paper will serve as a preliminary report on a part of our findings, although obviously the particular conclusions I draw reflect only my own opinions. [ABSTRACT FROM AUTHOR]

The article comments on the articles of economists Peter Oppenheimer and Robert Mundell on the rise of gold prices. The author discusses his views on the recommendations for raising the price of gold and his opinion on the views of Mundell on the changes in the International Monetary Fund charter. He explains that an initiative from the U.S. and cooperation from South Africa are required for a rise in the price of gold. Several proposals of Mundell for an International Monetary Pool are also discussed.

Professor Renwick has presented an interesting and worthwhile overview of the portfolio problem. Observations on the divergence of thought and implementation with regard to the conceptualization and measurement of risk appear to be of particular value to theorist and practitioner alike. The paper is indeed meritorious in many additional respects, but there remain, at least in this observer's opinion, some rather serious deficiencies. It is to this latter set that the following comments are addressed. [ABSTRACT FROM AUTHOR]