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The Soviet-type economy of the eastern bloc nations was analyzed using the theories of economist Ludwig von Mises. Slow economic growth, poor dynamic efficiency, low living standards and uneven income distribution were the results of 40 years with this type of economy despite numerous attempts at reform. This phenomenon was caused by the imprecise analysis of factors of production and an inaccurate system of incentives. The change to a market type economy currently poses massive socio-economic problems for reformers.

The article presents the abstracts of several papers on economics published in the July 1965 issue of the "Southern Economic Journal." The first paper of the journal is "Short-Run Returns to Scale and the Production of Services," by W. David Maxwell. The second paper "The Association of Income and Education for Males by Region, Race, and Age," by Roy L. Lassiter, employs correlation and regression techniques and data from the 1960 Census of Population to analyze the relationship between income and education for males in South and non-south areas of the United States by race and age. The third paper "The Cyclical Behavior of Consumers' Income and Spending: 1921-1961," by Saul H. Hymans, focuses on personal consumption in an attempt to judge whether any environmental or behavioral changes which may have occurred in the past four decades in U.S. economy have acted to reduce the cyclical sensitivity of important component of gross national product. The fifth paper of the journal "On Liquidity and Transaction Costs," by H. Laurence Miller, attempts to clarify the concept of liquidity while investigating the relationship between liquidity and transaction costs.