Suchergebnisse

Abstract. The speculative demand for money has occupied an important role in Keynes' General Theory. Since then it has received only sporadic attention. The lack of sustained interest among specialists in monetary theory is largely due to the fact that the theory, in its original form, has usually failed to survive the empirical tests. In this paper, an attempt is made to estimate the speculative demand for money using the general framework of the "Efficient Markets Theory." The study uses the United States seasonally adjusted monthly data for the period 1952‐72. The results strongly indicate the existence of the speculative demand for money.

Abstract. Most of the agricultural sector in Brazil during the 1960s bore the autocratic imprint of latifundismo, which determined interpersonal relationships and those between man and land. Latifundios and agriculture in general were not labor‐absorptive, and farm size tended to vary inversely with the amount of intensively tilled land. Polyvalency of employment acted in concert with farm management practices to strengthen latifundismo and to impede realization of socio‐economic potentials for most rural inhabitants. Probable high frequency of multiple farm ownership by the landed élite verified that the areal extension of latifundismo had encountered no effective resistance. Elements of modernization on large estates seemed to betoken changes in technology and financing rather than alteration of traditional contexts. As an instrument for agrarian reform, the Estatuto da Terra (1964) was impotent, and beneficiaries of land were all but non‐existent under the military regime.

Abstract. Much has been written in recent years concerning the issue of capital punishment. The major argument on the side of the retentionists appears to revolve around deterrence. Using postulates from modern welfare economics the authors demonstrate that the deterrence question is largely irrelevant. Attention is also given to extracting materials from the writings of earlier economists from Petty to Mill which may be helpful in resolving the issue. The conclusion which emerges is that capital punishment is not justifiable on economic grounds.

Abstract. If forest industry taxation is to be put on a sound economic basis, the Federal Government, the largest land owner, should pay the same taxes as any other landowner, so that the social and economic effects of taxation are realized. Specialists report that the form of the property tax preferred for the taxation of the property of the forest industry, under most circumstances, is land value taxation, not the property tax based on income realized at some point In the future which presumed the continued existence of virgin forests. This paper recognizes that the forest industry now is based on harvests of tree crops and proposes a further development of the land value taxation principle in the form of a forest tax composed of a land value tax combined with a tax on tree growth which increases as growth as a percentage of volume growth decreases with the tree's increasing age.

Abstract. A consequent of Thorstein Veblen's theory of 'invidious comparison' is investigated as it applies to class and status. This research evaluates specifically shifting socioeconomic effects within the structure of society that are often taken to be important causes for determining leisure interests by class. That time, employment, personal debt, and costs effect leisure were hypothesized to be decisive factors in the class leisure outcome. The relative and total predictive influence of the independent variables was analyzed and found to predict differences of leisure interests between the social classes. The findings lend support to Veblen's notion of the leisured class and its acquisition of status.