AMERICAN ECONOMIC REVIEW December 1965.

The article discusses the abstracts of several papers on economics published in the December 1965 issue of the journal "American Economic Review." The first abstract "The U.S. Downturn of 1948," by Rendigs Fels, develops a simple mathematical model that puts into rigorous form a tailor-made explanation of the upper turning of the business cycle in the U.S.A. of November 1948. The second article of the journal is "Economic Discrimination and Unemployment," by Harry J. Gilman. Unemployment rates for all workers, and for males and females separately, are higher for non-whites than for whites. This has been true for at least the last three decades, though the differentials have increased over time. The third article "Firm Size, Market Structure, Opportunity, and The Output of Patented Inventions," by F.M. Scherer, which reports on statistical tests of several hypotheses concerning the determinants of industrial activity, as measured by invention patents received in 1959 and research and development personnel employed in 1955 by 448 relatively large firms.