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Presents information related to several abstracts on economics published in the February 1962 issue of the journal 'Oxford Economic Papers.' Examination of India's third five year plan; Marginal rate of saving in the Indian economy; Indian balance of payments policy and exchange auctions.

This article presents abstracts of articles on economics published in the January-March 1965 issue of The Indian Economic Journal. In the paper An Activity Analysis Approach to Measure Productive Efficiency in Agriculture: A Case Study of Ahmednagar and Nasik Districts, by K. R. Bharadwaj and R. Bharadwaj, the authors have made an attempt to employ the activity analysis technique to measure productive efficiency of agriculture in India. This technique enables the authors to handle more efficiently multiple inputs without varying the usual index number problems. The approach requires only the more general convexity condition on the production set and the non-positivity of the slope of the isoquant. In the first two sections the methodological issues and the empirical procedure have been discussed. In the final section the results of an empirical enquiry using the farm management data pertaining to the Ahmednagar and Nasik districts have been presented. Furthermore, the article Central Banking in Developing Countries: Some Lessons of Australian Experience, by H. W. Arndt considers each of the major central banking functions such as foreign exchange policy, control of money supply, selective control of credit and development of capital market in order to show how they have come to be exercised by Australia's Central Bank, what problems have arisen and what lessons the Australian experience may hold for central banking in the developing countries. Moreover, the purpose of the paper Production Function for Indian Steel Industry, by A. K. Sarkar is to study the functional relationship of output in the Indian steel industry with that of different inputs. The modified Cobb-Douglas type regression equation has been fitted to the time-series data by the method of least squares in the multiple regression equation with a linear relationship.

This section presents abstracts of articles on economics published in the October-December 1964 issue of The Indian Economic Journal. The article Aspects of Trade Policy in India, by D. T. Lakdawala surveys the various aspects of trade policy in India. The various aspects of import regulation are critically scrutinized in the context of development. The problems of increasing imports which brings forth for consideration the various aspects of import substitution are examined. Meanwhile, the article Migration of Agrarian Labour Force and the Theory of Disguised Equilibrium, by Yasusuke Murakami and Machiko Kubo argues that agriculture still occupies an important place in the Japanese economy and though non-capitalistic in a sense, it coexists with the capitalistic sectors. The equilibrium between agricultural labour and non-agricultural labours must be sought in the comparison of per capita agricultural income and per capita non-agricultural wages. Moreover, the paper The Representative Firm and the Theory of Value, by V. Dubby is an attempt to show that the concept of the representative firm is not only useful for exposition but a tool with analytical significance. The technique of using the representative firm to derive the long-period supply curve of the industry is here developed in two steps. First, it is assumed that the relation of the price to the average cost of the representative firm determines the variation in the size of the industry. Second, a relationship between the average cost of the representative firm and the output of the industry is established.

The interrelation between changes in the economic structure, i.e., industrial distribution of income and labor force, and the size distribution of income is studied in this paper in a case study of India (1961–1960). The change in the size distribution of income is the sum of changes due to (1) inter-sectoral factors and (2) intra-sectoral factors. The need for this distinction is emphasized by the result obtained for India, that 85% of the changes in the size distribution may he assigned to inter-sectoral factors, and only 16% to intrasectoral factors. Since the inter-sectoral factors are significantly influenced by changes in the industrial distribution of income and labor force, our result points out a relation between economic growth and the size distribution which quite often is overlooked in studies of the size distribution. The results obtained in this paper support several cross-section results of Professor Kuznets. In particular some of these are: (a) inter-sectoral inequality in the economic structure widened with economic growth, (b) the inequality in the size distribution of India widened, (c) the level of inequality in India is higher than in any of the eight developed countries considered. [ABSTRACT FROM AUTHOR]

Book reviewed in this Article A nstey, V era, and M artin, A nne. An Introduction to Economics-For Students in India and Pakistan. B axa, J akob. Adam Müllers Lebenszeugnisse. B ergler, R einhold (Ed.). Psychologische Marktanalyse. C ampbell, R obert W. Soviet Economic Power C ohen, B enjamin J. Adjustment Costs and the Distribution of new Reserves C outsoumaris, G., W estebbe, R. M., P silos, D., M ichalakis, A., and X anthakis, N. Analysis and assessment of the economic effects of the U. S. -PL 480 Programm in Greece F riedmann, K aren J. German Grain Policies and Prices: G urvitch, G eorges. The Spectrum of Social Time. H eide, H olger. Die langfristige Wirtschqftsplanung in Schweden H elleiner, K arl F. The Imperial Loans H ershlag, Z. Y. Introduction to the Modern Economic History of the Middle East. Leiden H icks, J ohn. Capital and Growth. ISEA. Planification et analyse économiques J ohri, C. K. Monetary Policy in a Developing Economy J oint E conomic C ommittee (Congress of the United States). New Directions in the Soviet Economy K iss, G ábor. Gibt es eine ≪marxistische≫ Soziologie? L ebrecht, R obert G. Automatische Konjunkturstabilisatoren oder be-wusste Konjunkturpolitik ? L eontief, W assily. Input-Output Economics. M alinvaud, E. Statistical Methods of Econometrics M artin, A lfred VON. Mensch und Gesellschaft heute. N eufeld, M aurice F. Poor Countries and Authoritarian Rule. Ø lgaard, A nders. Growth, Productivity and Relative Prices. O ulÈs, F. Economic Planning and Democracy. P opper, K arl R. Logik der Forschung. R obinson, J oan. Economics-An Awkward Corner. S achverstÄndigenrat zur B egutachtung DER GESAMTWIRTSCHAFTLICHEN E ntwigklung. Jahresgutachten S eitz, T ycho. Preisführerschaft im Oligopol. T amagna, F rank. Central Banking in Latin America. T heil, H enri. Economics and Information Theory T illy, R ichard. Financial Institutions and Industrialization in the Rhineland T ouraine, A. (et al.). Workers' Attitudes to Technical Change T ullock, G ordon (Hrsg.). Papers on Non-Market Decision Making. Y eager, L eland B. International Monetary Relations; Theory, History and Policy. Y oung, J ohn P arke. United States Gold Policy: The Case for Change [ABSTRACT FROM AUTHOR]

The well-known theoretical construct of a U-shaped long-run average cost curve has been put to the test of empirical validity in quite a few studies made in some countries. As the rising arm of the U has been found to be virtually flat in most of the industries studied, an L-shaped average cost curve is already becoming popular. The purpose of the present paper in this context is twofold: First, to determine the long-run cost functions in some manufacturing industries of India, and to see if their shapes tally with the findings in other countries. Second, to determine, with the help of these cost functions, the optimal plant size, and the importance of scale-economies in every industry, in order to answer a few questions regarding concentration, efficiency and barriers to entry. The first section deals with the determination of cost functions, the second with concentration and efficiency, and the third with barriers to entry. The method adopted here to determine cost functions on the basis of these data is like this: In every industry total cost and output over a period of five years were calculated for the plants lying in each size-group.

Presents information related to several abstracts on economics published in the April 1962 issue of the journal 'The Indian Economic Journal.' Applicability and limitations of economic development theory; Tax resources in the third plan in India; Economic growth and price level in the American economy; Co-operative farming, investment and organizational problems in agriculture.

This is a comprehensive look at big business and marketing in India, stressing the social and economic differences between East and West. India's passion for education, research, and modernization as well as her yearning for the past have conflicting influences. [ABSTRACT FROM AUTHOR]

The article focuses on direct private foreign investment (DPFI) in less-developed countries (LDC). DPFI can create problems in LDC, which react in their own self-interest by establishing restrictions on foreign capital policies that Western investors consider unreasonable. The issues are: DPFI providing permanent social benefit to the host country within its national economic development plan; conflict over the right of foreign investors to repatriate profits and investment; and the responsibility for foreign exchange costs. Six benefits of DPFI include creation of jobs, transfer of technical and managerial skills, and growth in the gross national product. An example is given of competition challenging an American company that does business in India.

The article focuses on pattern of income distribution in an underdeveloped economy referring to a case study in India. It is generally believed that the pattern of income distribution is more unequal in an underdeveloped economy than in a developed one. Recently researcher Simon Kuznets collected the available evidence with regard to the income distribution pattern in some developed and underdeveloped countries and this evidence seems to support the hypothesis about greater income inequality in the underdeveloped countries than in the developed countries. This evidence also includes estimates on the pattern of distribution in India. Estimates on the income distribution pattern in the underdeveloped countries, however, are not very reliable and estimates about India, in particular, are based on highly inadequate data and involve some questionable assumptions. Recently, more adequate and reliable data and estimates relating to national income, consumers' expenditure, earnings of agricultural and industrial labor, population, saving, and so on, have become available in the case of India; some of these data are not available even for some developed countries. For the purpose of this study, the income-receiving unit is taken to be the household and not the individual.

The article discusses problems of economic growth in the poorer nations that became a major foreign policy concern of the wealthy and powerful nations of the world. The relative progress in the development of the two countries, India and China, is of great significance. There were strong parallels in their preplan structure and strong contrasts between China's totalitarian and India's democratic programs. Their performance relative to one another may influence the programs adopted by other, now less advanced, countries. It will certainly bear upon the United States and Soviet foreign policies. Furthermore, the record of the course of development in these two lands provides a unique opportunity for examining the process of development as such. Structural unemployment, underutilized resources, overurbanization, nonmonetized savings and investment flows-these are illustrative of the types of problems that must be understood and treated if there are to be steady output gains in most of today's underdeveloped areas.

This article presents a study which examined growth patterns across the regions of India by utilizing data from its economy. It has been possible to identify growth patterns among the different regions in India using the same analytical framework as applied to the study of growth patterns using international cross-section data. Interregional growth patterns display the same qualitative characteristics as international growth patterns. While the normal equations estimated in this study provide a satisfactory explanation for the changing structure of production and over time prediction, more satisfactory normal equations should be estimated. This, of course, means using additional explanatory variables, particularly those relating to the role of capital formation and interregional trade. A combination of cross-section and time series data is a meaningful way to study growth patterns. More work needs to be done based on time series data. The importance of size classification of the states is firmly established. This is in conformity with the findings from the use of international cross-section data. It is clear that even within the same country the size of different states cannot be ignored.

The article offers news briefs related to various developments in the field of economics across the world as of July 1, 1898. Information on the courses that will be offered by college teacher William Cunningham at Trinity College in Cambridge, England is presented. The British government has appointed an Indian Currency Committee for establishing gold standard in India. Brief information about the content of the report of the Massachusetts Commission on Street Railways is presented.