bluuebunny/crossref_metadata_2025 huggingface dataset:
International Comparisons in Management Training and Development
Authors: Kanellopoulos C.
Published: March 2008

A multinational research programme on the management development methods used in industry was carried out with top representatives of the major institutes offering management seminars and courses for business executives. Interviews were held with two institutes in Athens, six in West Berlin, eight in London and three in the metropolitan area of New York. The general opinion in all four countries covered by the study (Greece, West Germany, Britain and the US) was that the demand for training and development of managers will increase in the future, but that the degree of increase would differ in each country. The comparative results of information collected through the survey are presented below.
Power Problems at the Managerial level
Authors: Brown David
Published: March 2008

There are few ideas as attractive—and also as misleading—as those which have to do with managerial power and authority. As one is introduced to each new job, there is pointed out in both subtle and not‐so‐subtle ways the power that the new occupant will shortly have. The space to be occupied, the furniture, and the prequisites all reflect it. One is shown a job description, is introduced to staff already there, and has pointed out via the organizational chart the lines of authority. One sees not only the new responsibilities to be assumed but also the power and prestige which will ensure their being fulfilled.
How Chief Executives Succeed
Authors: Margerison Charles J.
Published: March 2008

There has long been a fascination about what Chief Executives do. It is well recognised that they have considerable influence and power and live what most people assume are fast and exciting lives. Their decisions influence the lives of most of us as today the majority of people work in some form of organisation.
Design for Learning in Management Training and Development: A View
Authors: Binsted Don
Published: March 2008

This monograph is written with the management trainer, development adviser or OD consultant in mind. People engaged in other types of training may find ideas and approaches which are useful in a different context. A precise definition of who “management” are may be difficult, but the one I wish to work from would include “managers, supervisors and any person engaged in management work”. Such a definition would include supervisors in an office but exclude their subordinates. This definition would also include professional staff in for example marketing, or operations research, who are involved in the processes of management within an organisation, even though they had no responsibilities for subordinates. This monograph is written in four sections, each dealing with a particular aspect of design.
Career Self‐Management for the Mature Executive
Authors: Weatherley Michael J.
Published: March 2008

The aim of this article is to explain one of the interventions—known as Career Development Conferences—being made by the Training Services Division (TSD) of the Manpower Services Commission to help mature unemployed executives reorganise their careers. The activity includes a certain amount of counselling by counsellors and by peer groups and, since the activity is directed at mature individuals, a certain amount of self‐counselling.
Training, Learning and the Instructor's Role
Authors: James Roger
Published: March 2008

It would be an interesting question to ask how many of the people reading this article see themselves as machines—on a par with a motor car for example or a transistor radio or a pocket calculator. I feel I am on safe ground if I predict that less than one per cent of you habitually think of yourselves in this way. Possibly I would be equally safe in suggesting that less than one per cent of you see yourselves in these terms even for a few minutes once a year. In fact very few people see themselves as either simple or complex machines. I know this to be true for myself and for most of the people I have ever met. The really fascinating thing is that personally I find it very, very easy to see every other human being as a machine. I am in a position to know that inside me is an “I”—as self. I consider my body to be an extension of that self. The problem is that I cannot see the “self” or the “I” in you. All I can see is the body, the extension of your “self”.
Natural Learning
Authors: French John
Published: March 2008

The human specie, along with other species, is born with the ability to learn. Learning is indispensable for survival. The infant from birth has a natural curiosity about its environment and the instinctive capacity to orientate itself towards satisfying this need. Adult protection is necessary during infancy but balance in this is vital to growth—over protection robs the infant of chances to engage in meaningful learning experiences and under protection to possible injury or worse. Learning experiences are unique to the individual and no set of experiences can be a carbon copy of another.
Adding Reality to Role Play
Authors: Fineman Stephen , Eden Colin
Published: March 2008

Many different techniques are available for use in developing managerial skills. These range from large, complex exercises which focus on organisational or group activities, to events based more upon individual behaviour. An example of this latter form of training is role play. Typically role play can involve an interaction between a “manager” and a “subordinate” acting out their roles according to pre‐arranged scripts (which may be based upon actual or fictitious managerial situations). After the role play the participants will usually discuss their experiences, aided by feedback from an observer. It is hoped that this process can lead to more permanent changes in the leader's attitudes and/or behaviour.
Introducing Quality Circles — Training's Key Role
Authors: Cox John
Published: March 2008

We now accept that the Japanese success story embraces effectiveness in all facets of the enterprise, but perhaps the crucial factor is their attention to quality and reliability, not only as a policy decision, but also as care in producing. Whenever we are confronted or confounded by success there are those amongst us who seek the single elixir. Because of their success, the Japanese have been subjected to a continuous stream of observers from the West. A significant number of these observers have noticed small groups of operators collecting on the shop‐floor whilst plant has been in operation. Questioning of management has revealed that these groups are known as Quality Circles which detach themselves from the production line as problems occur to attempt to arrive at satisfactory solutions. The observers reasoned that since the Japanese penetration into world markets was in large part due to their new reputation for quality and reliability of product there could well be some correlation with the undoubted presence of Quality Circles in considerable numbers.
The Computer Terminal as a Simulator
Authors: Stammers R.B.
Published: March 2008

The traditional distinction between computer‐assisted learning and simulator training is becoming increasingly blurred. Computers play an important part in training simulators and in turn computer‐assisted learning uses simulation techniques. In addition, a number of developments are reviewed which point to an increasing use of the computer terminal as a training device, many of them resembling the use of simulators.
Learning through Self‐Development
Authors: Artingstall B.
Published: March 2008

What Were We Trying to Achieve? This article is about a particular course which my colleagues and I developed as a starter programme for managers employed by the City of Bradford Council. To date we have run five courses and I have drawn together some of the experiences and posit some tentative conclusions.
Health and Safety Training:
Authors: Beaumont P.B. , Coyle J.R. , Leopold J.W.
Published: March 2008

The safety representative/committee regulations of the Health and Safety at Work Act 1974, which became law in October 1978, have led to a substantial health and safety training programme being mounted by the TUC. In May 1977 a special TUC Conference on workplace health and safety discussed a variety of matters pertaining to this subject area. Among their most important decisions was one reaffirming that the emphasis of such training should be on TUC approved courses only, with the key functions of such training being to help identify health and safety issues in the workplace, find appropriate means and standards for dealing with health and safety problems and help establish an “infallible union workplace organisation” to ensure that the employers actually implemented safety measures. The TUC's target was that some 160,000 safety representatives would have undergone such training by 1980. In fact the TUC failed to attain this extremely ambitious target figure as is evidenced by the following figures:
Assertiveness Training — A Practical Approach
Authors: Tennant Charles
Published: March 2008

The purpose of this article is to clarify the goals of assertiveness training and to give some advice on how to achieve them.
Making Training Interventions More Effective
Authors: Jones J.A.G.
Published: March 2008

Background, It is noticeable that an increasing number of practising trainers in the United Kingdom are beginning to adopt the language of the organisational development consultant and are moving into the kind of work that is more to do with directly intervening in the organisation than with the traditional activities associated with trainers. Increasingly in the training literature the terms “intervention” and “training consultant” are appearing.
Management Development: An Operational Reality
Authors: Walton Michael
Published: March 2008

Main line managers do have responsibilities for the training and development, not only of themselves, but of their subordinates and colleagues. Training and personnel professionals, too, have a responsibility, not only for ensuring that they are competent in what they do, but that their principal responsibility is towards improving operational effectiveness rather than that of any methodologies and mystiques of training.
Assessing Human Resource Needs and Priorities
Authors: Teare Richard , Brotherton Bab
Published: March 2008

How from a contracting labour market can staff be recruited, motivated, trained and retained to meet future demands for more and better quality services?
A Profile for Management Development and Training
Authors: Jones Peter A.
Published: March 2008

The concept off management “competences” may provide a framework in which to integrate structured training, leading to a recognised professional qualification in hospitality management.
Management Development Approaches for the 1990s
Authors: Litteljohn David , Watson Sandra
Published: March 2008

Management development approaches may be more advantageous than traditional training in meeting future managerial needs.
DOMESTIC AND FOREIGN COMPETITION AND THE DEGREE OF MONOPOLY — A NOTE
Authors: HITIRIS T.
Published: March 2008

It is often stated that profits, which in the long‐run and under perfect competition are supposed by theory to be approaching the “normal rate”, reflect by their observed interfirm diversity different competitive conditions in the demand or the supply side of the market or both. For this reason, it is expected that profits are associated with the degree of competition.
MARKET EFFICIENCY AND THE ROLE OF ISSUING HOUSES: A REJOINDER
Authors: WILSON K.W. , STRAY S.J.
Published: March 2008

In response to the paper by Buckland and Yeomans in this issue, we would make the following points.
KEYNES, KEYNESIANS AND THE EVIDENCE ON U.K. TRADE CYCLES
Authors: KLOTZ BENJAMIN P.
Published: March 2008

Many scholars have noted that, since at least 1790, U.K. economic fluctuations have seemed to reach major peaks every 7–10 years. Keynes (1936, ch.18) used the elements of his theory to explain non‐periodic economic fluctuations. His explanation of periodic fluctuations, i.e. cycles, appears in Chapter 22 of the General Theory. As is well known, he believed that fluctuations in “animal spirits” (that were often only loosely connected with the cost and the real rate of return on capital) led to oscillations in investment which, combined with the durability of capital goods, caused the duration of modern major cycles; fluctuations in liquidity preference and the propensity to consume played lesser roles. Bowing to Jevons (1964), Keynes also noted that unstable agricultural inventories could have been a source of waves in the early 19th Century when agriculture was relatively more important in the U.K. But Keynes did not demonstrate just how his investment theory implied a definite cycle period, because he did not merge his multiplier with the accelerator principle to provide an endogenous explanation of periodic turning points in output. Consequently, as Hicks (1950, p. l) notes, Keynes did not demonstrate how investment and income could peak every 7–10 years; his was really a theory of nonperiodic waves.
GROWTH AND VALUATION IN ‘MANAGERIAL’ THEORY: AN ALTERNATIVE VIEW
Authors: BAKER A.J.
Published: March 2008

The general aim is to represent managerial thinking on strategy choice in a context other than steady‐state growth. The model has the following features: (i) Strategy choice is defined as the adoption of rules governing investment choice; (ii) given its strategy, management sees growth in terms of a probability distribution of growth‐paths of expected dividend; (iii) managment's valuation model closely matches its probabilistic view of growth prospects; (iv) the managerial utility function has an extended horizon. Discussion of strategy choice yields no general presumption that managment senses a conflict between its own preference and its commonsense interpretation of investors' preferences.
DEPENDENCY THEORIES AND UNDERDEVELOPMENT
Authors: STEIN LESLIE
Published: March 2008

At the beginning of the 1970s, new concepts of development theory began increasingly to be articulated in English by writers inspired by the work of radical Latin American scholars. These concepts which have come to be known as dependency theories, have not only gained, in a short space of time, widespread acceptance by left wing intellectuals but have also permeated the thinking of LDC spokemen who were instrumental in embodying within the 1974 U.N. Declaration of a new international economic order, the view that dependence was the central feature of the current international economic system. As of late, the issue has intruded into conventional economic journals and is “amongst the central questions being discussed” at the Sussex Institute of Development Studies, but nonetheless, it still remains true that a large proportion of mainstream economists are either entirely ignorant or only dimly aware of it. This ignorance is partly the result of the scant exposure of dependency theories in orthodox literature and partly due to the fact that the ‘theory’ has many versions, which in and among themselves are either contradictory or lack testable hypotheses. This paper attempts to provide a critical account of such theories from the perspective of a conventional economist; The views are not necessarily discussed in the order in which they chronologically appeared nor is every contribution included, the object being to present the main ingredients of the theory rather than a detailed literature review.
IS THERE AN URBAN BIAS? CRITIQUE OF MICHAEL LIPTON'S
Authors: CURRIE LAUCHLIN
Published: March 2008

In his diagnosis Lipton occupies an unusual position. He is critical both of the Left and of the Right, of the classicists as well as of the Marxists. He is strongly critical of inequality though he maintains that growth is necessary for development, and development for the abolition of inequality. The struggle is not between the rich and the poor, but between the urban and the rural sectors. The former exploits the latter so that the explanation of poverty (mostly in the rural areas) is urban exploitation in a variety of subtle ways. This exploitation and its consequences — a product of a state of mind — is characterized as “urban bias”, which is the key phrase of the subtitle (“Urban Bias in World Development”).
RECENT DEVELOPMENTS IN THE INTERNATIONAL MONETARY SYSTEM AND THEIR IMPLICATIONS FOR INTERNATIONAL ECONOMIC RELATIONS
Authors: ABBOTT GEORGE C.
Published: March 2008

1978 will probably turn out to be one of the most momentous years in the post‐war history of international monetary affairs. It was the year in which the leaders of the European Economic Community (EEC) made the first positive steps towards the establishment of a European Monetary System (EMS). It was also the year in which members of the International Monetary Fund (IMF) adopted the Second Amendment to the Fund's Articles of Agreement.
STARTS AND COMPLETIONS OF PRIVATE DWELLINGS: FOUR MODELS OF DISTRIBUTED LAG BEHAVIOUR
Authors: BOROOAH V.K.
Published: March 2008

The distributed lag relationship between completions and starts of private dwellings in the U.K. has been studied by Whitehead (1971, 1974) and Hadjimatheou (1976), the typical relationship estimated by them being of the form
INTERNAL AND EXTERNAL BALANCE — PROBLEMS OF INTERPRETATION
Authors: SHONE RONALD
Published: March 2008

The literature discusses “internal balance” and “external balance” (hereafter labelled IB and XB respectively) as if they are clearly defined concepts. If an economy is to achieve IB or XB or both then it must know what it is trying to achieve! In addition, this begs the question of precisely who it is that is achieving the stated objectives. Is it the government? Is it some decentralised decision unit, like the Treasury or the Bank of England? Furthermore what has been said so far presupposes that IB and XB are definitely objectives rather than constrainsts. If we suppose for the moment that XB means balance of payments equilibrium (yet to be defined), then some would argue that this is not an objective but rather a constraint. We shall not enter this debate here and treat XB as an objective.
The Cost to the United Kingdom of Accession to the European Community
Authors: Penketh Keith
Published: March 2008

The permanence of regional trading blocs is primarily influenced by the relative costs and benefits of membership. Whilst these are complex and wide ranging, such effects are unlikely to be captured by financial contributions to regional budgets. Budgetary contribution to the EEC is discussed, but the analysis inevitably leads to a balance of trade approach to membership. Whilst econometric exercises to locate the source and extent of balance of payments deficits and surpluses have produced some disaggregated estimates, a variety of sources are used to extend the direct cost concept of UK membership of the EEC.
Economic Growth, Distribution and Incomes of the Poor
Authors: Loehr William
Published: March 2008

We question whether increasing inequality accompanies growth in LDCs. Most cross‐section studies claim that it does. Our fourteen LDC cross‐section is similar to others, but changes over time in these LDCs do not indicate increased inequality with growth.
Environment Quality in a Marxian Model of Reproduction
Authors: England Richard W.
Published: March 2008

In this paper, a two‐sector model of production and reproduction with waste residuals and environmental pollution is developed. Assuming a subsistence real wage rate, a fixed method of production for each sector, a surplus of employable workers, and full utilisation of both produced inputs, the model is solved for aggregate output and employment, the level of environmental quality and the mass of surplus value. An hypothesis is advanced about the impact of recent technical innovations on profitability and environmental quality.
Fifty Years of Ideology: A Selective Survey of Academic Economics in the United States 1930 to 1980
Authors: Bornemann Alfred H.
Published: March 2008

Ideology as a mixture of consciously or unconsciously accepted ideas and beliefs provides the underlying support or rationalisation for fundamental features of thought and action in a society. A vigorously promoted contending ideology may at any given time also influence developments. Value judgments, which are likewise not based on the logical rules of observation and verification, may for present purposes be taken as concerned with less comprehensive or less fundamental matters than ideology.
Traditional Peak‐Load Pricing Theory: A Synthesis
Authors: Platts A.R.
Published: March 2008

The purpose of this note is to provide a short synthesis of what may be called the traditional models of peak‐load pricing developed by Boiteux (1949), Steiner (1957), Hirshleifer (1958) and Williamson (1966), and reviewed by Crew and Kleindorfer (1979). The elements of the analysis are familiar but all the main features and conclusions, hitherto arrived at by methods that differ slightly from one another, can be seen in one simple model. We will use here the example of a public electricity authority by way of illustration, assuming that the basic unit of electric power is 1 kilowatt (KW) and that the overall time cycle is 24 hours long. There is assumed to be a finite number of time periods within this cycle, each of which exhibits a distinct level of demand which is both constant over time and independent of the demand in every other period. Other main assumptions which are usual in this kind of analysis are mentioned below.
The Portfolio Selection Approach and Short‐Run Econometric Models of Capital Flows and the Foreign Exchange Market: A Theoretical Analysis
Authors: McGregor Peter G.
Published: March 2008

This study attempts to provide a systematic theoretical analysis of the portfolio selection approach to the determination of inter‐regional and international capital flows, and to identify the implications of this analysis for the appropriate specification of short‐run econometric models of the foreign exchange market.
Income Inequality and the Social Welfare Function
Authors: Moreh J.
Published: March 2008

After‐tax income distributions in the UK for a period of 12 years have been used for estimating the coefficient of inequality‐aversion ε implicit in the income distributions, the change in ε during the period, as well as Atkinson's index of inequality corresponding to the different ε. The method used is non‐linear regression analysis.
Producer Subsidies in the Dairy Industry in Peninsular Malaysia
Authors: Wells R.J.G.
Published: March 2008

It is noted that a number of presently developing countries, in an attempt to offset the unfavourable internal terms of trade facing their agricultural sector, have recently increased subsidies to this sector. A useful aid to the measurement of subsidies is the Producer Subsidy Equivalent (PSE); this conceptually simple “tool” possesses the merit of being easily computed and easily comprehended by policy‐makers. In this article the results of a study of PSEs for the dairy industry in Peninsular Malaysia are presented and analysed. Overall, it is observed that the dairy industry is heavily subsidised, with the parastatal ranch sector more so than the smallholder sector. Doubt is also expressed as to whether the infant‐industry argument is a valid one in Malaysian conditions.
Balanced Demand and Supply‐Side Fiscal Policies
Authors: Spindler Z.A.
Published: March 2008

This paper analyses the general equilibrium and disequilibrium effects of fiscal policy when fiscal instruments have direct impacts on both aggregate supply and demand. A model is specified which incorporates the direct impacts of expenditure and tax instruments on the behavioural function for individuals and firms and which explicitly recognises the role of public production and supply. In contrast to simple Keynesian and neoclassical models, this model involves direct supply‐side crowding out and budget composition effects that operate on both aggregate demand and supply. It also reveals the relative efficiency of various “balanced instruments” under Keynesian and neoclassical conditions.
Intergenerational Sharecropping in Haiti: A Re‐Interpretation of the Murray Thesis
Authors: Lundahl Mats
Published: March 2008

The article questions a recent interpretation of increased intergenerational sharecropping in Haiti as a labour‐mobilising device and offers a re‐interpretation based on the increasing relative price of land.
LDCs versus DCs: Trade and Growth
Authors: van de Klundert Theo , Kolnaar Ad
Published: March 2008

Our aim is to analyse patterns of international trade and economic growth in connection with the North‐South income gap. The analysis is based on the familiar two‐factor, two‐sector, two‐country model adapted to the specific situation in question. Less developed countries, LDCs, are characterised by a low level of capital per head and a low productivity level compared with developed countries, DCs. Massive hidden or overt unemployment is supposed to be another feature of poor countries. The full employment equilibrium wage rate lies then below the subsistence level, which is characteristic of a labour‐surplus economy. By introducing a distortion in the form of a fixed real wage level in LDCs we can make use of the results obtained by Brecher (1974) with regard to the pure theory of international trade. The main difference from Brecher's analysis, apart from our specific interpretation, is the emphasis we put on economic growth. For that reason we have to consider a number of specialisation patterns which may emerge in the course of time. These and other links between trade and growth are dealt with in a number of papers in the economic literature. As Takayama (1972) shows, the main concern of the authors in this field is uniqueness and stability of equilibrium growth. Although we have something to say on the long‐term properties of our model, stability analysis will not be the central issue.
Oligopoly and Myopic Behaviour
Authors: Clarke Roger
Published: March 2008

In this article a generalisation of the Cournot oligopoly model is discussed, and it is shown that seemingly myopic conjectural behaviour is in fact in the (combined) interests of the market participants.
Identifying the Gains from Pure Intra‐Industry Exchange
Authors: Greenaway David
Published: March 2008

This article modifies a framework developed in industrial organisation analysis to identify the nature of the gains associated with pure intra‐industry exchange, and to isolate the factors which may influence their magnitude. The analysis suggests that since the magnitude of any gains is dependent on a number of variables no general statements can be made about the gains from intra‐industry exchange relative to inter‐industry exchange.
The Determinants of Export Performance of Developing Countries
Authors: Love J.
Published: March 2008

Over the past decade several authors have argued that the traditional emphasis on the role of demand factors in determining the export performance of developing countries is largely misplaced and that supply rather than demand factors play the dominant role. The purpose of this article is to examine the relative importance of the determinants of export performance.
Wages, Unemployment and Expectations in Developing Countries: The Labour Market and the Augmented Phillips Curve for Chile
Authors: Hojman David E.
Published: March 2008

Conventional and alternative versions of the augmented Phillips curve are tested for Chile for the period 1974–1979. All regressors are significant. The alternative formulation and rationally formed expectations provide the best fit, with the minimum wage indexation and conventional curve results suggesting the presence of non‐wage inflationary pressures in addition to wage ones. Forecasting is made possible by deriving the relationship between real wages and the unemployment rate, and combinations of moderate‐to‐substantial real wage increases and unemployment reductions were feasible, over the medium term, under the policies and economic conditions prevailing up to mid‐1979.
A Binary Choice Model of Foreign Holiday Demand
Authors: Witt Stephen P.
Published: March 2008

A binary choice model explaining the distribution of holidays abroad undertaken by UK residents is constructed and estimated. The foreign holiday demand function is generated from a comparison of holiday costs and benefits, and stochastic behaviour is permitted. In addition, the effects of incomplete knowledge on holiday choice are incorporated in the model. It is shown that the empirical results support the theoretical framework and that the £50 foreign currency limit imposed by the British Government between 1966 and 1969 resulted in a shift in the distribution of foreign holidays.
The Simple Welfare Economics of Monopolistic Competition
Authors: de Meza David
Published: March 2008

The familiar Chamberlin diagram is shown to be sufficient to determine whether a monopolistically competitive industry over‐supplies or under‐supplies product variety.
Analyst Forecasts and Dividend Information
Authors: Paul Roy S.
Published: March 2008

Analyst forecasts made approximately nine months prior to the end of year t are used as surrogates for market expectations of earnings and dividends of year t. A popular mathematical expectations model is also used for comparison. Using the two factor asset pricing models to predict market betas, and to estimate abnormal security returns, cumulative average residuals are computed and partitioned on the sign of the two dividend information variables indicated in the preceding paragraph. The results were consistent with those of Watts and Gonedes in that no significant dividend information was detected.
Production in the Heckscher‐Ohlin‐Samuelson Model of International Trade Theory: A Simple Mathematical Treatment
Authors: Kohli Ulrich
Published: March 2008

Using duality theory, we give a simple mathematical proof of some well‐known theorems of international trade theory. The two‐sector production model is described by a joint cost function from which the standard comparative statics results can be derived with little difficulty: all that is basically needed is the inversion of a Hessian matrix. This representation of the technology emphasises the importance of the assumption of non‐joint production, and it is useful for generalisation to many goods and factors, for treatment of intermediate products, and for empirical implementation.
Diversifying Mergers and Risk: Some Empirical Tests
Authors: Thompson R.S.
Published: March 2008

This article examines the impact of substantial mergers on systematic risk — market model beta — estimates for a sample of large UK companies. Unlike the previous US studies in the area, the paper then relates the change in beta to a measure of the extent of diversification present in the acquisition. It is found that diversifying mergers did not decrease risk and, indeed, increased it on average. Furthermore, diversifying mergers did have a significantly greater impact on risk than non‐diversifying mergers.
Functional and Structural Breaks in the UK Demand for Money Function: 1963–1979
Authors: Oxley Leslie T.
Published: March 2008

Estimates of the UK demand for money function are obtained utilising the Box‐Cox family of power transformations based on a Bank of England adjusted data set for the period 1963I — 1979IV. The functions are subjected to functional and structural stability testing with careful consideration of the resulting error structure. First‐order autocorrelation problems are encountered in the narrow money series Ml and attempts to consider a more flexible dynamic structure are investigated.
The Scientific Method of Keynes
Authors: Littleboy B. , Mehta G.
Published: March 2008

The great stimulus to macroeconomic theory provided by Keynes is well recognised, but much less is said about his views on scientific methodology and his influence there. There is a widespread belief among economists that Keynes was an a priori thinker who dealt with “facts” and empirical material in a cavalier and high‐handed manner. We question the validity of this interpretation and give evidence to show that Keynes' methodology was not hostile to empiricism.
E. H. Chamberlin: The Origins and Development of Monopolistic Competition
Authors: Skinner Andrew S.
Published: March 2008

The Preliminary Argument The fifteen years following the end of the Great War saw considerable activity amongst economists concerned with competitive structures and the “firm”. As has been argued elsewhere much of this work may be interpreted as an attack on Marshall's treatment of the subject with a view to replacing it by a more “rigorous” and formal analysis. E. H. Chamberlin to a very large extent stands apart from these developments, as he makes plain in the “Origin and Early Development of Monopolistic Competition Theory” (1961). Serious work on his thesis apparently began in 1924, was largely completed in 1926 and the study filed in the following year. This means that Chamberlin's “discovery” of the curves of marginal cost and marginal revenue was made quite independently of his English and German colleagues. Further, as Chamberlin himself made clear, the thesis had no link either with Sraffa or the Symposium of 1931: “Nor did the Book itself attack Marshall…on any of the issues there involved” (ibid., p. 532). Indeed, he always insisted that his work was an attack “not on Marshall, but on the theory of perfect competition” (ibid., p. 540). He might have added that Monopolistic Competition is essentially Marshallian both in its style of reasoning and in the pre‐occupation with realism; a pre‐occupation which led Chamberlin to play down the operational significance of the marginal curves while recognising their importance in a technical sense (1957, pp. 274–76).
A Note on Revenue‐Maximising Oligopoly
Authors: Clarke R.
Published: March 2008

This paper considers Baumol‐type, revenue‐maximising firms in an explicit oligopoly framework. It shows, somewhat surprisingly, that, in contrast to the profit‐maximising case, an increase in firm numbers leads to an increase in market price in revenue‐maximising equilibrium.
Review Article: Feasible Socialism
Authors: Clunies Ross Anthony
Published: March 2008

The first thing to be said about this excellent book is that it is written at least as much for laypeople as for professionals. With the exception of an occasional technical term such as “externality” and inevitable references to Marxian expressions that have special meanings, there is nothing in it that should deter the interested general reader. Alec Nove matches any abstraction with a gallery of lively illustrations, so that his meaning is easily discerned.
G. L. S. Shackle: A Brief Bio‐Bibliographical Portrait
Authors: Ford J.L.
Published: March 2008

George Lennox Sharman Shackle is now in his 82nd year having been born on 14 July 1903. Yet during the 25 years that I have known him (beginning when I was an undergraduate at the University of Liverpool in 1957) he has hardly seemed to change at all, in physical appearance, in temperament, and in his attitude to his work: retirement is a word that does not enter his vocabulary. In appearance, Professor Shackle lives up to the popular image: out of any crowd, “the man in the street” would have no hesitation in identifying him as a professor. He looks the true scholar (rounded glasses and all), benign, self‐contained, appearing absent‐minded, preoccupied with higher thoughts. Since, indeed, he has altered so little over the years it is difficult to think of him as having had to pass through the “ages of man”. As he has done so, however, his temperament has also hardly changed. He is a most modest and kind person, ever willing to assist those, young and old, who seek his help with the unravelling of economic theory. As with all true scholars and researchers of distinction, Professor Shackle's byword is humility.
Professor Shackle and the Liquidity Preference Theory of Interest Rates
Authors: McGregor Peter G.
Published: March 2008

Professor Shackle has long maintained both the originality of the liquidity preference theory of interest rates and its paramount importance for macroeconomics. He has argued, for example, that:
A Dynamic Model of the Competitive Firm with a Forward Market
Authors: Hey John D.
Published: March 2008

This article brings together and extends several strands of literature concerning the behaviour of the competitive firm operating under (spot) price uncertainty. Specifically, the article analyses a dynamic model in which the firm can hold inventories and can sell in the forward market (at a certain price). It shows that both the existence of inventories and the existence of a forward market encourages the firm to increase its output. Comparative static propositions are derived, and the results related to previous findings in the earlier literature.
Sources of Growth in Colombia, 1963–80
Authors: Desmond McCarthy F. , Hanson James A. , Kwon Soonwon
Published: March 2008

In their analysis of the sources of Colombia's notable economic growth over the period 1963–80, the authors find that, although much can be accounted for by growth in labour, capital and improvements in the labour force, the contribution of inputs was much higher than expected, particularly in the sub‐period 1974–1980. The authors conclude that future investigations into sources of economic growth would benefit from breaking down growth into sub‐periods, and investigating reasons for sharp differences in performance.
Does Defence Expenditure Mobilise Resources in LDCs?
Authors: Deger Saadet
Published: March 2008

Military expenditure in developing countries is large and rising; its economic effects are a matter of vital concern. This article analyses the impact of military spending on the mobilisation of physical resources in less developed economies; resource creation is proxied by the saving‐income ratio. Both theoretical and empirical arguments are provided to show that, though there are some beneficial spin‐offs from defence, the overall impact is to lower the rate of resource creation significantly. This may have sizable negative effect on growth and development.
Inflation in Saudi Arabia: An Econometric Investigation
Authors: Darrat Ali F.
Published: March 2008

This article investigates empirically the determinants of inflation in Saudi Arabia using the quarterly time‐series data over the period 1962:1 to 1981:IV. The basis of this investigation is the monetary approach whereby the roles of both the money‐supply growth and the money‐demand growth are taken into account. Moreover, the potential effect of external monetary factors on the Saudi inflation is genuinely incorporated through the underlying money‐demand function. The proposed monetary model provides an adequate explanation of the Saudi inflationary process. Furthermore, the empirical results exhibit structural stability over time and do not suffer from simultaneous‐equation bias. The empirical results show that external monetary factors (particularly foreign interest rates) and inflationary expectations exert significant positive effects on inflation in Saudi Arabia. Importantly, the results also indicate that money‐supply growth has a quick and powerful positive impact upon the Saudi inflation with a unitary elasticity. Therefore, control over money‐supply growth appears an essential ingredient in any anti‐inflation policy in Saudi Arabia. Such monetary control can only be achieved in Saudi Arabia (and other oil‐exporting countries) through control over domestic government expenditures that have escalated particularly during the past decade.
Managed Floating Exchange Rates, Intervention Policy and Macroeconomic Policies
Authors: Lai Ching‐Chong , Hsiao Wen‐tzong , Chang Wen‐ya
Published: March 2008

Traditionally, international monetary economists focus their attention on the framework of either a pure fixed or a pure flexible exchange rate system. With the demise of the Bretton Woods system, many countries have begun to use an intervention policy in the foreign exchange market and adopted the regime of managed floating exchange rates. Such a change has encouraged many economists into the field of this system. Although the contributions in this area are very rich, there is no systematic analysis concerning whether intervention policy will enhance or weaken the effectiveness of macroeconomic policies. That is why this article is written.
A Pedagogical Note on Bond Financing of Government Expenditure
Authors: Alpine R.L.W.
Published: March 2008

The author's use of a dynamic model leads to the conclusion that a necessary condition for a bond‐financed rise in government spending to lead to a new equilibrium level of national income must be the existence of wealth effects in the consumption and money‐demand equations.
The Employment Effects of Changes in the Structure of UK Trade
Authors: Driver Ciaran , Kilpatrick Andrew , Naisbitt Barry
Published: March 2008

This article uses a 22‐industry breakdown of the UK manufacturing sector to examine the effects on employment of various changes in the structure, but not the overall level, of exports, imports, and trade balances within an input‐output framework. The analyses reported relate to greater specialisation in trade, faster structural adjustment and import substitution. The results show both the industrial pattern and overall net effect of employment changes and the distinction is made between the direct employment consequences of changes in the trade balances of the industries concerned and induced employment changes via derived demands for intermediate inputs.
The Metzler Paradox and the Non‐Equivalence of Tariffs and Quotas: Further Results
Authors: Casas François R. , Choi Eun K.
Published: March 2008

This article demonstrates that a Metzler Paradox may result from decreasing costs in the domestic import‐competing sector rather than in the foreign export industry, although the allocative implications would differ in the two cases. The article also shows that the non‐equivalence of tariffs and quotas in the presence of domestic monopoly holds even if the protected industry is not small in the world market.
Money Demand in Saudi Arabia: An Exchange of Views
Authors: Fadil Farah
Published: March 2008

In a recent article in this journal Ali Darrat estimated a money demand function for Saudi Arabia (1962/I‐1981/IV) showing that domestic money holdings were significantly influenced by external factors: foreign interest rates and currency exchange rates. This comment is intended to clarify some basic misconceptions about the scale variable he used in this function, which may affect the validity of his strong empirical evidence.
The Money Demand Relationship in Saudi Arabia: An Empirical Investigation: Reply
Authors: Darrat Ali F.
Published: March 2008

The main objective of my article, (Darrat, 1984), was to examine the sensitivity of domestic money demand in Saudi Arabia to changes in external monetary and financial factors such as foreign interest rates. Regression results over the quarterly period 1962/I‐1981/IV indicated that the Saudi money demand was significantly influenced by movements in foreign short‐term interest rates and currency exchange rates.
A Behavioural Analysis of Demand Elasticities
Authors: Earl Peter E.
Published: March 2008

It is argued on the basis of ideas from personal construct psychology that people feel attached, or desire strongly to become attached, to particular consumption pathways because they judge that to do otherwise would carry “implications” of a predominantly negative kind with respect to their abilities to make sense of the complex and uncertain world around them. It is noted that information‐processing problems may make it impossible for consumers to compute the overall implications of alternative strategies when market conditions change. Hence they may use simplifying decision procedures which may conflict with the principle of substitution.
Issues in Measuring the Information Economy
Authors: Dias Karunaratne Neil
Published: March 2008

This article presents a set of techniques to measure and analyse the structure of the information economy of a country using input‐output methods. Published national data bases for many countries fail to identify the information economy and the focus has been on the measurement of conventional sectors such as agriculture, manufacturing and services. However, it is now widely recognised that the information sector is emerging as a major force in the restructuring and growth of many economies in the world. The measurement and analysis of this information economy is invaluable for proper policy formulation in this information age. The article demonstrates the operational nature of the techniques proposed herein, by their application to Australia and a few developing economies in the Pacific.
Models and Forecasts of Inflation in a Developing Economy
Authors: Shamsul Alam A.K.M. , Kamath Shyam J.
Published: March 2008

A striking feature of inflation in developing countries is the high variability from one period to another. This feature would seem to make forecasting of the inflation rate a difficult task. This article applies three different forecasting techniques to predict the monthly rate of inflation in India over the period June, 1971 to May, 1980: The three methods used include the more conventional regression method and the newer time‐series and combined regression‐time‐series methods. A subsidiary objective is to examine the empirical applicability of the monetarist model of inflation in a developing economy. It is found that the combined regression‐time‐series model and the regression model are good predictors of the monthly rate of inflation in India. The results also indicate that the monetarist model performs well in predicting the monthly inflation rate in a regression framework.
The (Non‐) Equivalence of Quantitative Restrictions
Authors: Herander Mark G.
Published: March 2008

Research on country‐specific import quotas (CSQs), whereby an aggregate quota quantity is allocated to specific exporting nations, has been overlooked despite the fact that they are empirically relevant. This article demonstrates that the economic effects of CSQs may differ markedly from those of voluntary export restraints (VERs) and aggregate import quotas (AQs). For example, CSQs may result in higher domestic prices and lower import quantities than AQs. Moreover, profits of foreign exporters under CSQs may actually increase relative to free trade. Recognition of these differences by policy makers is of particular importance in the light of the fact that these particular quantitative restrictions are viewed as policy substitutes.
Edward Chamberlin: The Theory of Monopolistic Competition: A Re‐orientation of the Theory of Value
Authors: Skinner Andrew S.
Published: March 2008

This article is not the work of an expert on the period in question (see Robinson, 1971; Rheinwald, 1977); rather it is a commentary on a book whose half‐century has just passed almost unnoticed. In a sense the argument involves a further visit to what J.A. Schumpeter once described as the “lumber room” of historical knowledge, although this particular visit is prompted neither by nostalgia nor piety, but rather by the conviction that Chamberlin still has much to teach those interested in the theory of the firm and in the wider area of industrial economics. The article is also prompted by the conviction that the conventional textbook accounts of Chamberlin's work have introduced misleading simplifications in pursuing the qualities of coherence and precision in the presentation of ideas.
Decision
Authors: Shackle G.L.S.
Published: March 2008

Decision as a First Cause Decision, in my theme, is the imagining of rival paths of affairs; the assigning of these paths to the respective actions, amongst those the decision maker can envisage, which seem to make them possible; and the resolving upon that action which, at best, offers a sequel more powerfully out‐weighing what it threatens at worst, than any rival action. We thus suppose the decision maker necessarily to originate the entities, each an action and its skein of rival imagined sequels deemed possible, amongst which he will choose. The business of inventing such entities will be stopped only by his reaching a deadline for decision.