The concepts of the traditional theory of demand have not been found suitable for realistic studies of consumers' behaviour. Since 1954, however, new lines of exploration have evolved, of which that of Professor Jean Stoetzel has proved most fruitful. The idea that, since price served as a...

It is common knowledge that the emergence of a secondary market implies that the price in the primary market has not equated supply and demand, and it can generally be assumed that this is the result of an “administered” price, coupled with some more or less arbitrary system of allocation.

Examines a study carried out on the acquisition of consumer durables by a selection of English households. Reveals the class structure of ownership, the proportion of first acquisitions and replacements, and the reasons for timing. Presents an analysis based on the returns of 548 households...

No issue concerning the Bank Rate could effectively be discussed without constant reference to the complex institutional framework within which it operates. How complex it is can be gauged by the fact that its detailed description in the Report of the Royal Commission on the Working of the...

Britain provides an impressive array of completely or partly subsidised services, certain selections of which are often referred to under the name of the Welfare State. Whether this identification is correct or not is a question which I propose to discuss a little later; for a start let us look...

The purpose of this paper is to discuss a recent Russian publication which appears to be of interest both to students of Marxian theory and to observers of economic development in the USSR.

During Stalin's lifetime and even for some years after his death in 1953, in fact until Khrushchev's denunciation of “Stalinism” in a secret session of the Soviet Communist Party held in February 1956 was allowed to become public knowledge later that year, the economists of the socialist...

Mr Dobb is quite right: I think than an arithmetical example can prove something, namely, that a certain hypothesis is of no general validity and this is what I have demonstrated in my Note. (It might prove, in addition, that the compiler of the example is not very good at arithmetic.) As...