In August, 1971 the Bretton Woods system of international monetary relations ended, “not with a bang but a whimper”. The so‐called Nixon measures signalled a change of arrangements and attitudes which put the world on notice that the United States was no longer prepared to fill the key...

From December, 1969 to March, 1970 a sample survey was conducted throughout Chile to determine individual utilization and expenditures on health services. As a by‐product of this survey, information was obtained on individual schooling and income by age, occupation, and region of residence....

Many modern microeconomic theory textbooks similarly conclude that the bilateral monopoly equilibrium price and quantity are theoretically indeterminate given the usual assumptions of the theory of the firm; they usually state that additional assumptions about bargaining power or firm behaviour...

The effect of increased uncertainty on the agent's allocation decision is an intriguing general question and has recently received some systematic attention in the literature. Sandmo has analyzed the effect of savings rate uncertainty on the savings decision and both he and Leland have explored...

A recent symposium in the Journal of Political Economy was devoted to two papers in which Professor Friedman had developed more explicitly than previously the theoretical framework underlying his monetary analysis. In the view of the present authors — and, to judge from his reply to his...

A strike is not the only available collective sanction open to a dissatisfied workforce, which may have recourse to alternative forms of militant action such as the go‐slow or overtime ban. Nevertheless, despite their well known limitations, strike statistics constitute the only available...

Considerable interest has been shown in recent years in the calculation of regional income and/or employment multipliers. Their role in the formulation and evaluation of regional policy has been stressed by Wilson (1968) and some writers have been prepared to suggest that high levels of leakage...

The purpose of this paper is to analyse the structural changes and pattern of specialisation that followed the formation of the Central American Common Market (CACM) in the early 1960s. In the first section it is shown that the fear did exist that trade‐creating and “backwash” effects...

Immiserising growth is a phenomenon whereby an increase in the productive capacity of an economy — due to growth in factor endowments or technological progress — results in a reduction in social welfare.

The general importance of technological advances, based on successful industrial research and development, is well established in the economics of international trade and investment. A part of the emphasis on technology as a factor in international trade has resulted from the general reaction to...