In response to the paper by Buckland and Yeomans in this issue, we would make the following points.

Professor Currie's Comment not only strengthens his already well‐known leading sector strategy of development; it also raises some further interesting questions regarding the behavior of suppliers in Latin America which are crucial to the choice of policy for development. While the definitive...

Economists have had problems interpreting the gravity model, particularly as applied to migration behaviour. Its physical analogy is unappealing and theories of economic behaviour do not generally give rise to gravity laws. Some years ago Niedercorn and Bechdolt (1969) published a paper in which...

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 the land reform literature an important issue has been the effect land redistribution has on the allocation of resources and agricultural productivity. Generally, monopolistic behaviour of plantation owners with respect to land has prevailed since control of the land has generated...

The last few decades have seen increasing attention to problems of open and disguised unemployment (and underemployment) in developing countries. Open unemployment appears to have increased in the sixties. Disguised unemployment of persons in the labour force (as defined by marginal product of...

We have in recent years witnessed a spectacular revival of a doctrine which most economists had presumed to be dead, buried and thoroughly discredited. This is a doctrine which came to be known as the Treasury View. In brief the Treasury View stated that all attempts to stimulate employment by...

Since the original Harrod‐Domar capital‐output models, and the highly influential work of Ragnar Nurkse, nearly all writers have found the effective constraints on growth to be on the side of supply. Thus stress has been placed on the “exchange gap” (shortage of imports) or the...

This paper is concerned with the optimum solution for the adjustment problem. It is obvious from the outset that it is much easier to discuss non‐optimum solutions, or the pessimum solution, than to discuss the optimum solution. That remark needs to be qualified, however: there would be no...

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...