The object of this paper is fivefold. The first objective is to derive a practical system of demand equations which possess properties usually considered desirable from the standpoint of elementary economic theory. The second is to consider the statistical problems involved in applying the system of equations. The third is to analyse the pattern of demand for consumers' goods in terms of this system on the basis of annual data relating to the United Kingdom over the years 1920-38. The fourth is to compare the results of this system, and systems like it, with the actual state of demand in 1900. Finally, the fifth is to compare the post-war structure of demand with what might be expected from the inter-war relationshipp under free-market condition.
Richard StoneRelated topics
analyse annual applying compare condition datum elementary goods kingdom might objective paper relating second state third under yearsRelated quotes
Imagine each family as a kind of little factory--a multiperson unit producing meals, health, skills, children, and self-esteem from market goods and the time, skills, and knowledge of its members. This is only one of the remarkable concepts explored by Gary Becker in his landmark work on the family. Becker applies economic theory to the most sensitive and fateful personal decisions, such as choosing a spouse or having children. He uses the basic economic assumptions of maximizing behavior, stable preferences, arid equilibria in explicit or implicit markets to analyze the allocation of time to child care as well as to careers, to marriage and divorce in polygynous as well as monogamous societies, to the increase and decrease of wealth from one generation to another.
Gary Becker
Thus, all unknown quantities can be expressed in terms of a single quantity, whenever the problem can be constructed by means of circles and straight lines, or by conic sections, or even by some other curve of degree not greater than the third or fourth.
But I shall not stop to explain this in more detail, because I should deprive you of the pleasure of mastering it yourself, as well as of the advantage of training your mind by working over it, which is in my opinion the principal benefit to be derived from this science. Because, I find nothing here so difficult that it cannot be worked out by anyone at all familiar with ordinary geometry and with algebra, who will consider carefully all that is set forth in this treatise.
René Descartes
Justice is the end of government. It is the end of civil society. It ever has been, and ever will be, pursued, until it be obtained, or until liberty be lost in the pursuit. In a society, under the forms of which the stronger faction can readily unite and oppress the weaker, anarchy may as truly be said to reign, as in a state of nature where the weaker individual is not secured against the violence of the stronger: And as in the latter state even the stronger individuals are prompted by the uncertainty of their condition, to submit to a government which may protect the weak, as well as themselves: so in the former state, will the more powerful factions be gradually induced by a like motive, to wish for a government which will protect all parties, the weaker as well as the more powerful.
Alexander Hamilton
In recent years there has been increased interest in the effects of internal communication on decision processes. A number of hypotheses relating the bias in information to the final decision have been proposed. In this paper we discuss two laboratory experiments which were designed to test two such hypotheses. The first experiment tests the hypothesis that cost and sales estimations are made with the implicit assumption that a biased pay-off structure exists. The second experiment tests explicitly the effects of biased and unbiased pay-off structures on estimation within an organization. An analysis of the data for the two experiments is made and some implications for further research are drawn from the results.
James G. March
The subject detects the presence and interrelationships of the basic components of one of the two-dimensional drawings - particularly, the variously oriented straight lines, the several types of vertices by which they are connected and, presumably, something of the structural relationships among these components within the two-dimensional pattern. Then, on the basis of some higher-level processing of these extracted features and their interrelationships, an internal representation, code, or verbal description is generated for each picture separately that captures the intrinsic structure of the three-dimensional object in a form that is independent of the particular orientation in which that object happens to be displayed.
Roger Shepard