bluuebunny/crossref_metadata_2025_split huggingface dataset:
A SYSTEM OF SOCIAL MATRICES
Authors: Stone Richard 
Published: April 2005

The paper is concerned with a method of organizing and analyzing information relating to human stocks and flows. The kind of statistical reporting system envisaged is of a traditional kind, but extended so as to record year‐to‐year changes of state. Life is divided into a number of sequences, each with its own set of characteristic classifications, to avoid an excessive proliferation of categories and so enable many analyses to be made with the kind of statistics already avilable in a number of countries. The need, for some analytical purposes, to combine classifications from different sequences is fully recognized; and this need indicates a direction in which statistical reporting systems should move in the future.The main analytical tool is a set of linear difference equations which, under suitable conditions, can be interpreted either in terms of an input‐output system, as in economics, or in terms of an absorbing Markov chain, as in probability theory. A simple regression model is used to link characteristic classifications.About half the paper is taken up with numerical examples, mainly connected with the British educational system as it was in the mid‐1960's. An application is also given to movements into, through and out of a psychiatric service system in Scotland.
EXPERIENCE IN MEASUREMENT OF WELFARE COMPONENTS AND THEIR REGIONAL IMPLICATIONS
Authors: Blohm Margareta , Ohlsson Ingvar 
Published: April 2005

The paper relates the Swedish discussion and criticism of national accounting statistics, especially GNP, as a measure of welfare. It describes some results of recent Swedish attempts to find practicable measures of welfare components, i.e. the investigations of the Low Income Commission and of the Expert Group on Regional Development Research. In both cases the regional aspects of welfare are emphasized in the paper.The results are presented as a sign of important needs for new methods and new systems of concepts in measuring welfare. The Expert Group has for instance in different ways tried to map and compare the “service structure” of separate parts of Sweden. The Low Income Commission has principally studied the position in Swedish society of low income recipients and has not been working particularly on the illumination of regional differences, but since different types of region are included as a background variable, the investigations also give certain measures of the regional aspects of welfare.In the last part of the paper some of the risks that seem to be difficult to avoid in trying to use welfare measurements are pointed out.
HUMAN CAPITAL: DETERIORATION AND NET INVESTMENT
Authors: Moreh J. 
Published: April 2005

The current practice in national accounting is to exclude from national product investment in schooling and on‐the‐job training, except for direct costs of schooling which are included in consumption. Foregone earnings, which form the major part of investment in human capital, go unrecorded.Much is to be gained in consistency and analytical clarity by treating human capital like physical capital in national accounting. Estimating the amount of foregone earnings net of deterioration, that is, net investment, is a step in this direction.Using the framework of the life‐cycle hypothesis of earnings, and assuming declining‐balance deterioration of human capital, estimates of deterioration rates in respect of American males by race and education level are computed for 1960. Every such d is, however, the minimum consistent with the respective costs and benefits profile. Hence an upper limit d is assumed. The model generates for each costs and benefits profile and in respect of either d, a year‐by‐year series of net investment in human capital. These are used to obtain two estimates (which turn out to be close to each other) of aggregate net investment in American white males in 1960. On the basis of these estimates, aggregate net investment in human capital is found to be about equal to net investment in physical assets (including consumers’durables).It is also found that the Denison method of estimating the contribution of the increase in human capital to economic growth understates this contribution by a ratio approximately equal to net investment in on‐the‐job training to returns to human capital. This was about 16 percent in 1960.
INDIAN SAVING BEHAVIOR: A RECONCILIATION OF TIME SERIES AND CROSS SECTION EVIDENCE
Authors: Vakil Firouz 
Published: April 2005

Serious doubts have been raised as to the validity of using cross‐sectional estimates of the average propensity to consume over time. These d⊙ubts are based on empirical evidence for the United States presented by Kuznets and Goldsmith. This paper extends these considerations to developing countries by looking at the evidence for India. Simple statistical techniques, including ordinary least squares regression, Chow tests, and t‐tests, are used in the estimation of the consumption functions and the formulation of hypotheses. Both India and the U.S. are seen to exhibit the same characteristic secular constancy in the average propensity to consume. For India the average propensity to consume is about 0.95 and is maintained in the face of no substantial secular increases in per capita income during the period under study (1919–1960).The same inconsistencies between time series and cross‐section evidence on the average propensity to consume are found to exist for India. The permanent income theory suggested only a partial explanation of these inconsistencies and the reconciliation was achieved by a Duesenberry type explanation based on evidence for a shifting cross section consumption function over time. The date was provided by a set of Family Living Surveys for Industrial Workers: 1926, 1933–1935, 1950–1952, 1958–1959.Finally it was noted that the cross‐section consumption function in India had shifted both upwards and downwards over the period under study, in contrast to the strict upward shift for the U.S. In an economy such as India's, where secular growth is by no means assured, it is not always likely that consumers can avoid lowering previously achieved consumption standards in the face of cyclical economic conditions.
U.S. INCOME, SAVING, AND WEALTH, 1929—1969
Authors: Christensen Lurits R. , Jorgenson Dale W. 
Published: April 2005

The objective of this paper is to present income and expenditure accounts, accumulation accounts, and the asset side of the wealth accounts for the U.S. private national economy in current and constant prices. These accounts are integrated with the production and factor outlay accounts for the U.S. private domestic economy in current and constant prices given in our earlier papers. Taken together, these accounts constitute a complete accounting system in current and constant prices for the private sector of the U.S. economy.Our complete accounting system incorporates a new concept of the standard of living, defined as the ratio of the quantity index of gross private national expenditures to the quantity index of gross private national consumer receipts. Our concept of the standard of living is similar but not identical to our concept of total factor productivity. Changes in the private standard of living reflect both changes in total factor productivity and changes in the proportion of the total product consumed in the public sector.
RELIABILITY OF THE QUARTERLY NATIONAL INCOME AND PRODUCT ACCOUNTS OF THE UNITED STATES, 1947–1971*
Authors: Young Allan H. 
Published: April 2005

The reliability of the quarterly national income and product (NIP) accounts of the United States is examined from several standpoints. First, possible sources of error in the quarterly NIP accounts are explored, the most important being the lack of appropriate data, seasonal adjustment errors, sampling errors and biases, and the nature of the U.S. statistical system. Next, four ways of assessing the reliability of the accounts are considered. The most weight is given to measures of revisions in early estimates of the quarterly NIP aggregates. Results of previous studies of revisions are reviewed, and a summary of a major study of revisions for the period 1947–71 is given. The other ways of assessing reliability which are examined are the effect of errors on economic policy making, analysis of the statistical discrepancy, and expert judgment on sources and methodology.The degree of accuracy is judged to be generally sufficient for the policy decisions for which the NIP estimates are used. The early estimates of a quarter's change in GNP almost always distinguish whether the ultimate estimate will be large or small and will usually distinguish whether the ultimate estimate will be larger or smaller than the preceding quarter. While the accuracy of the estimates has generally been sufficient, the accuracy for 1965 was judged insufficient by policymakers. There is some evidence that errors have been reduced over time.
PROBLEMS OF DETERMINING AND MEASURING THE RELIABILITY OF THE NATIONAL ACCOUNTS: HUNGARY'S EXPERIENCES
Authors: ÁRVAY J. 
Published: April 2005

Economic realities can be described in national accounting only by certain approximative means and presumptions; therefore they cannot be measured with absolute accuracy. However, because of their great importance these investigations must fulfil as far as possible the reliability required for the economic control and planning of the national economy, in accordance with predetermined concepts and methods.The reliability of national accounting is favourable in Hungary, as they are based mostly (92 percent) on the bookkeeping data of enterprises, cooperatives and institutions. The bookkeeping system is uniform in all economic organizations, in conformity with central regulations, and it takes into account the demand of computations for national accounting.Despite these favourable conditions lesser or greater contradictions can be found in the national accounts every year. The absolute measure of the differences is not significant; however, if compared to the annual increase it results in uncertainty of 15 percent. The uncertainty is reduced by the fact that the sign of differences is the same every year.The author classifies the causes of uncertainty in national accounts into four groups: 1. problems of the time shift of the connected economic processes and of their accounting; 2. effect of the enterprise interests; 3. inadequacy of methodological regulation; 4. inaccuracy of data surveys and processing. The study deals with the special factors of inaccuracy occurring in constant price accounting. Inaccuracy of the most important aggregates, for instance that of the volume index of the national income, comes to 0.5‐0.7 percent which results, in the case of a yearly 5 percent “real” increase in the index, in reliability limits of 10 to 15 percent.In the concluding part of the study the author points out that in Hungary the unexplored contradictions are not shown as “statistical discrepancy” but they are included in the various aggregates on the basis of considerations discussed in the study.
DISTRIBUTION OF LABOR INCOMES IN URBAN ZAIRE
Authors: McCabe James L. 
Published: April 2005

The author addresses himself first to the problem that summary measures of wage income inequality, computed for Kinshasa, the main urban area in Zaire, tend to overstate the degree of total labor income inequality among sharing units of comparable size. It is argued that this is true for two main reasons: (1) earnings from female commercial activity are not recorded in the available statistics; and (2) the 1960 UN definition of household upon which the measures of inequality are based understates the size of the actual sharing unit. Data taken from the 1967 Socio‐Demographic Survey of Kinshasa and the 1970 household budget study are used to test these hypotheses regarding short‐run income inequality.The policy observation is made that, while modernization of the commodity distribution system may provide a disincentive for sharing and a reduction in opportunities for female employment, investment in non‐service sectors may equalize the secular income distribution for a given migration cohort. Evidence of unskilled migrants moving from service to non‐service sector employment in response to increased labor demand is presented. This is accomplished by supplementing sample survey data with time series on aggregate employment by sector for Kinshasa.
THE SIZE DISTRIBUTION OF PERSONAL WEALTH IN THE REPUBLIC OF IRELAND1
Authors: Lyons Patrick M. 
Published: April 2005

This paper presents the results of applying the mortality multiplier approach to estate duty statistics in order to estimate the size distribution of personal wealth in the Republic of Ireland. It commences with an examination of the limitations of the estate duty statistics, a discussion of the problems involved in collecting the data, and a short consideration of the mortality multipliers used.Estimates are presented for the size distribution of personal wealth, and the distribution of wealth between age groups. Some comparisons are given with wealth in Northern Ireland, Great Britain and the U.S.A. Estimates of the components of personal capital were not found possible.Finally, preliminary estimates are made for the distribution of wealth among married and single persons, in order to provide the basis for an analysis of wealth possessed by wealth‐owning units (defined as single males, single females and married couples). By making extreme assumptions, upper and lower limits are placed on the actual pattern of the size distribution of wealth by wealth‐owning units.
MEASUREMENT OF THE DISTRIBUTION OF WEALTH IN CANADA
Authors: Podoluk J. R. 
Published: April 2005

The only periodic data available in Canada on the asset holdings and net worth of the household sector are data collected through a series of household surveys originally initiated in 1954. Some limited data on the holdings of financial claims by the personal and unincorporated business sector are available from flow of funds work. Data are unavailable for estimation from estate tax returns.The scope of the surveys has been expanded substantially so that the most recent survey obtained a very comprehensive list of asset holdings. The experience with Canadian surveys has been similar to that of other countries; surveys appear to underestimate asset holdings although the estimates are more reliable for widely held assets than for assets with a very skewed distribution. Nevertheless, the surveys appear to trace the accumulated distribution of personal savings over time to a considerable degree and provide useful cross‐sectional trend data.Canadian data show that wealth is more unequally distributed among family units than is income although wealth appears to be more equally distributed between income groups than is income. Wealth is also very unequally distributed within the same income group. Over time, there appears to have been some movement towards a more equal distribution of asset holdings between income groups.
THE EFFICIENCY OF REAL AND HUMAN RESOURCES IN HUNGARIAN INDUSTRY
Authors: Nyilas András 
Published: April 2005

The author attributes economic growth in Hungary to three factors: structural change, increase of employment, and productivity. On the basis of this he points out that in the 1950's the first two factors were responsible for nearly half of the economic growth. From the 1960's this tendency has changed; more and more importance has been taken by the increase of productivity. As the main source of economic growth is the increase of industrial productivity, in the further part of the study the author makes an attempt to break down the development of Hungarian industry into its components and to analyse their efficiency. Starting from the present conditions of industrial development he investigates what further increase of industry the resources accumulated till now and their probable growth will allow in the future.Taking into account the role of material and human resources the author draws the following conclusions.Industrial production will increase in the future at the same rate as productivity.The increase of industrial investment will probably be lessened, which postulates the greater increase of capital productivity as well as that productivity will increase at a higher rate than the capital‐labour ratio.These conclusions assume an increase in the efficiency of industrial investment and an above average increase in the high‐productivity branches.A further source of increasing productivity is accumulated human capital. The higher educational level is one of the guarantees for the ever‐increasing role of productivity in economic growth in the future.
SUGGESTIONS FOR TREATMENT OF HUMAN CAPITAL IN NATIONAL ACCOUNTS—WITH ILLUSTRATIONS FROM INDIAN DATA*
Authors: Sharma Devindra , Ram Rati 
Published: April 2005

After giving a brief discussion of the biases that exist in the conventional estimation procedures followed in the construction of national accounts, this paper argues for restructuring of national accounts so as to treat human capital formation as investment rather than consumption and suggests that a beginning should be made in respect of schooling. The argument is based on the notion that “investment” or “capital” is that which yields future income streams and also on the rather obvious point that treating as consumption large outlays that really constitute investment distorts analyses of resource allocation, growth and income distribution, and obscures intersectoral relations. It is pointed out that the proposed restructuring of national accounts is more relevant and important for developing countries, many of which are embarked on investment planning. Another major point emphasized is that the input of students’time should be properly measured and included in the estimates of capital formation by schooling.To illustrate what these proposals imply, revision has been attempted of the estimates of (a) educational outlay (or activity in the education sector), (b) gross capital formation, and (c) gross national product, pertaining to the national accounts of a major developing country, namely India, for the years 1960–61 through 1965–66. The modified estimates, though first approximations and covering only a part of the human capital formation and having a systematically downward bias, nevertheless indicate an upward revision of the estimate of activity in the education sector by about 200 to 300 percent, of gross capital formation by about 50 percent and of the gross national product by 4 to 7 percent. These magnitudes show the substantial order of distortion involved in the conventional procedures.
MEASURING NEW ZEALAND'S GDP 1865–1933: A COINTEGRATION‐BASED APPROACH
Authors: Greasley David , Oxley Les 
Published: April 2005

Official and semi‐official estimates of New Zealand's national income are available on an annual basis for the years since 1932. Retrospective, non‐official, estimates are available from 1859. Chiefly these are constructed following Doblin's (1951) pioneering use of money stock data, velocity, and the implications of the Quantity Theory of Money, and include the estimates of Hawke (1975), Rankin (1992) and Cashin (1995).This paper estimates New Zealand real GDP per capita with monetary data using valid, intervention‐free, cointegration methods. The new measures avoid the ad hoc adjustments found in Rankin (1992), yet unlike Cashin (1995), they incoporate specific New Zealand monetary features. The new time series conform well with independent benchmarks and the historiography of the pre‐1914 period. Alternatively, they suggest an interpretation of New Zealand's growth experience for years around World War One which differs from that of Australia, and from the findings of Rankin (1992) and Cashin (1995).
THE QUIET RESTRUCTURING
Authors: Kensinger John W. , Martin John D. 
Published: April 2005

Every individual, therefore, endeavors as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value … and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.— Adam Smith, 17761—
LEVERAGED ESOPS AND CORPORATE RESTRUCTURING
Authors: Bruner Robert F. 
Published: April 2005

The ESOP is treated as simply an employee benefit, but it is really a device to save the human race.—Louis T. Kelso, founder of ESOP1
The American public is not too well‐informed….these plans have been heralded as the basic solution for many of our economic ills. Specifically, one of our chief proponents… has said that widespread adoption of ESOPs will accomplish the following objectives: The restoration and acceleration of economic growth to unprecedented levels; create legitimate full employment for two or three decades; and lay the foundation for arresting inflation. I must confess that these are some claims. Certainly no one since I have been chairing this committee has come before us with program that promises that much.—Sen. Hubert Humphrey, Joint Economic Committee Hearings, 1975
(Kelsonomics is) an amateurish and crankish fad.—Paul Samuelson, San Juan Star, April 27, 1972
The ESOP is first and foremost an employee benefit plan.—Rosen, Klein, Young, 1986
THE BRITISH PETROLEUM STOCK OFFERING: AN APPLICATION OF OPTION PRICING
Authors: Muscarella Chris , Vetsuypens Michael 
Published: April 2005

With the world's economic health said to be banging in the balance, Britain announced that it would proceed with its offering of British Petroleum Co. shares…. Never has a single stock offering so galvanized the attention of Wall Street, world capital markets and investors.‐Wall Street Journal, October 30, 1987
THE MOTIVES AND CONSEQUENCES OF DEBT‐EQUITY SWAPS AND DEFEASANCES: MORE EVIDENCE THAT IT DOES NOT PAY TO MANIPULATE EARNINGS
Authors: Hand John R. M. , Hughes Patricia J. 
Published: April 2005

On February 9,1982, Hammermill Paper registered with the Securities and Exchange Commission to swap as many as 400,000 common shares for $13.4 million of the company's 8.07% promissory notes due February 1, 1997. The resulting swap increased Hammermill's 1st quarter earnings by $3.7 million, accounting for more than a third of its earnings for that period. Between February 9 and 10, the market value of Hammermill's equity fell by 4.5%.On January 28, 1985, United Airlines announced that its preceding 4th quarter earnings included a $3 million extraordinary gain from the defeasance of $38 million of outstanding notes, and that earnings for all of 1984 included a defeasance gain of $21.5 million, representing 7.6% of UAL's 1984 net income. Between January 28 and 29, the market value of UAL's equity declined by 4.6%.
AVOIDING NEW EVILS BY APPLYING NEW REMEDIES: TAXES AND THE CROSS‐BORDER TRANSACTION
Authors: Briffett Richard 
Published: April 2005

He that will not apply new remedies must expect new evils; for time is the greatest innovator; and if time of course alter things to the worse, and wisdom and counsel shall not alter them to the better, what shall be the end?—Francis Bacon (1625)1