DOCSLIB.ORG

Thinking About Growth \Lt~ the UNITED STATES in the TWNTIETH CENTURY Edited by and Other Essays on Economic Growth and Welfare Louis Galambos and Robert Gallman

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Thinking About Growth \Lt~ the UNITED STATES in the TWNTIETH CENTURY Edited by and Other Essays on Economic Growth and Welfare Louis Galambos and Robert Gallman , i i-c EA-~ .) STUIES IN ECONOMIC HISTORY AND POLICY Thinking about growth \lt~ THE UNITED STATES IN THE TWNTIETH CENTURY Edited by And other essays on economic growth and welfare Louis Galambos and Robert Gallman Other books in the series Peter D, McClelland and Alan L. Magdovitz: Crisis in the making: the MOSES ABRAMOVITZ political economy of New York State since 1945 Stanford University Hugh Rockoff: Drastic measures: a history of wage and price controls in the United States William N. Parker: Europe, America, and the wider world: essays on the economic history of Western capitalism Richard H. K. Vietor: Energy policy in America since 1945: a study of business-government relations . Christopher L. Tomls: The state and the unions: labor relations, law, and the organized labor movement in America, 1880-1960 Leonard S, Reich: The making of American industrial research: science and business at GE and Bell, 1876-1926 Margaret 13, W, Graham: RCA and the VideoDisc: the business of research Michael A. l3emstein: The Great Depression: delayed recover and eco- nomic change in America, 1929-1939 . Michael J. Hogan: The Marshall Plan: America, Britain, and the reconstruc- tion of Western Europe, 1947-1952 David A. Hounshell and John Kenly Smith, Jr.: Science and corporate strategy: Du Pont R&D, 1902-1980 Simon Kuznets; edited by Robert Gallan: Economic development, the il; Ii family, and income distribution: selected essays ì' i The right of ihë " Univ~f3ity a/Cambridge' 10 print and sell all manner of books WQS granted by Henry VI/I in /534. The Universi'y has printed and published coniinuolUlY since 1$84. " CAMBRIDGE UNIVERSITY PRESS Cambridge New York Port Chester Melbourne Sydney Published by the Press Syndicate of the University of Cambridge The Pitt Building, Trumpington Street, Cambridge CB2 1RP 32 East 57th Street, New York, NY 10022, USA 10 Stamford Road, Oakleigh, Melbourne 3166, Australia I! Cambridge University Press 1989 First published 1989 Printed in the United States of America Library of Congress Cataloging-in-Publication Data To Carre, with love Abramovitz, Moses. Thinking about growth and other essays on economic growth and welfare. (Studies in economic history and policy) 1. United States-Economic conditions, 2. Public welfare -United States - History. i. Title. 11, Series, HC106,A33 1989 338.973 88-18902 British Library Cataloguing in Publication Datà Abramovitz, Moses Thinking about growth: and other essays on economic growth and welfare. - (Studies in economic history and policy; the United States in the twentieth century). 1. Economic growth i. Title II. Series 339.5 ISBN 0 521 33396 2 ü: , l ~O\Æl_ ~ __~i-~ l.~~S \ \ ¡- I; Bibl§otrH,~ L 1: ~.R.UJJlnburg .Â...._. :l \ 0\0\b$2 I,. i1' i Thinkig about growth Economic growth is one of the oldest subjects in economics and one of the youngest. It was a pricipal concern of the Wealth of Nations, and it filed the thoughts of economists for the next' three quarters of a century. As the Victorian Age wore on, however, growth lost its hold on the attention and imagiation of the great body of academic econo- mists. It was left to Marx and his followers, whose premature obses- sion with the demise of capitalsm appealed to neither the political tastes nor the scientific bent of the disciplie's exponents, And then, afer the Second World War, following a hundred years of compara- tive neglect, there was a resurgence of interest and study that has been proceeding with vigor for the last four decades. In the new effort, much that had been known a century and more ago had to be relearned. The new effort has had the benefit, however, of far better and more extensive historical and statistical materials and a more sophisticated theoretical framework. The accomplishments of the new research, however, have been modest, which is testíony both to the complexity of the subject and to the litations of econom- ics and of the other social sciences as well. Yet the study of growth is going on energetically. It is interestig, therefore, to ask what the newerstands. work has added to the older and where the ~subject now This sketch of the erratic involvement of economists with economic growth, although it stretches over many pages, is sti no more than a sketch. It is spare and unshaded, as a sketch must be. It deals mainy with the causes of economic growth, not its consequences. It looks at I ackowledge with thanks the caeful review and encouragement of colleagues who read early drafts of this paper. They include Eli Ginzberg, Charles Kidleberger, Rich- ard Nelson, Nathan Rosenberg, Walt Rostow and the editors of this volume, Louis Galambos and Robert Galln. I owe a special debt to Paul David's thorough and crtical readig. 3 4 Thinking about growth Thinking about growth 5 past work largely in terms of what it has contrbuted to our present Smith's theories were developed and refined in the decades after the understanding. It deals with growth only as this presents itself in appearance of his great book. Malthus's famous essay on population, advanced capitalist countres. It concentrates on the increase of pro- taken together with Ricardo's treatment of diminishing returns in the ductivity, the principal component of per capita output growth; and it use of land, sharpened the sense of conflct between population and sets aside the companion subject of population growth. It is con- resources. At thf' sáme tie, there was a growig appreciation of the cerned mainly with the overal productivity growth of nations; it ne- possibilties of progress based on the advance of knowledge. John glects the strctural change that growth requires, except as a coun- Stuart Mi's Principles of Political Economy (1848) gave the economics of tr's capacity to accomplish such change lits its rate of aggregate growth its definitive statement at the hands of the classical economists, growth. In all these ways, this sketch of the terrain is incomplete; The organiing theme of Mi's treatise has a distictly modem ring: even so, it serves a purpose, particularly if more complete and de- tailed maps are not at hand. We may say, then, . that the requisites of production are Labour, Capital, and Land, The increase of próduction, therefore, depends on the properties of these elements, It is a resùlt,of the increase either of the elements them- i. Growth and the older economists selves, or of their productiveness, The law of the increase of production must be a consequence of the laws of these elements; the limits to the increase of Adam Smith was the father, not oiùy of modern economics, but more production must be the liits, whatever they are, set by these laws. (Princi- partcularly of the political economy of growth. The Wealth of Nations ples, Ashley edition, p. 156) , in its very title announces Smith's concern with the forces that govern the relative levels of prosperity among countres and that cause some What are these laws? On labor, Mi is a Malthusian, Free of re- to forge ahead and others to fal behind, His very first chapters are straint, population multiplies rapidly so long as output per head ex- devoted to the advantages of the division of labor and its dependence ceeds some minimum standard. "The use (people) commonly choose on the scale of activity and the extent of the market. Smith saw that to make of any advantageous change in their circumstances, is to, take large-scale activity permtted a specialization and simplication of it out in the form which, by augmenting the population, deprives the trades and tasks that raised the skis of workers, saved their time, succeeding generation of the benefit" (p. 161). But Mill is a reluctant and enabled clever artsans to devise labor-savig tools and devices; it and somewhat qualied Malthusian. Conceivably people can come to enlarged the outlet for capital to embody the improved methods, and raise their minium standard. "Every advance they make in educa- afforded businessmen a profitable and productive way to employ tion, civilization and social improvement, tends to raise this standard their savings, In Smith's view, therefore, the advance in productivity and there is no doubt that it is gradually, though slowly, rising in the was an interactive process that ran from scale of market to the division advanced countres of Western Europe" (p. 161). of labor, thence to the enhancement of skis, the invention of new Mill noted that population growth rates in these progressive coun- tools, and the accumulation of capital, finally feeding back to market tres had been declining; yet he did not fully trust such hopeful signs, scale. Smith saw the political institutions under which peopl~ lived as He feared the force of people's power of natural increase. the main determnant to their abilty to exploit the scale advantages Capital too tends to increase under the impulse of its earning power, made possible by trade and, therefore, to their abilty to make full use As with the earnngs of labor, however, the profit rate must e'tceed a of their talents and natural resources. miimum standard, This threshold level is low where wealth is abun- With few exceptions, Smith thought, the "policy of Europe" should dant and people's "effective desire for accumulation" is strong. It is be one of laissez-faire. But the Wealth of Nations also displays Smith's high where business is risky and property insecure. lively sense of the tendency of people to multiply their numbers and If labor were the only element in production, output would increase to press on the physical liits of a stationary supply of land.
Load more

Recommended publications
  • Monetary Policy and Transmission in the Eurozone and in Hungary Before and After the 2008-2009 Crisis
    JUDIT SÁGI BALÁZS FERKELT Monetary policy and transmission in the eurozone and in Hungary before and after the 2008-2009 crisis APOSZTRÓF JUDIT SÁGI – BALÁZS FERKELT Monetary policy and transmission in the eurozone and in Hungary before and after the 2008-2009 crisis JUDIT SÁGI – BALÁZS FERKELT Monetary policy and transmission in the eurozone and in Hungary before and after the 2008-2009 crisis Aposztróf, Budapest, 2020 TABLE OF CONTENTS LIST OF TABLES AND FIGURES 9 INTRODUCTION 13 1. MONETARY POLICY INTERVENTIONS AND TRANSMISSION FROM A THEORETICAL POINT OF VIEW 15 1.1. EFFECTIVENESS OF MONETARY POLICY INTERVENTIONS 15 1.2. MONETARY TRANSMISSION, THE EFFECTS OF CENTRAL BANK INTERVENTION - GENERAL MACROECONOMIC MODEL 18 1.2.1. PHASES OF MONETARY TRANSMISSION 21 1.2.1.1. The st1 Phase 21 1.2.1.2. The 2nd Phase 23 1.2.1.3. The rd3 Phase 26 1.3. THE NEW MACROECONOMIC MODEL WITH QUANTITATIVE EASING 29 2. PECULIARITIES OF THE CREATION OF THE EURO AREA 37 3. THE MONETARY POLICY OF THE EUROPEAN CENTRAL BANK IN PRACTICE 47 3.1. THE MONETARY POLICY STRATEGY OF ECB 47 3.2. ASSESSMENT OF MONETARY POLICY IN THE EURO AREA 52 3.2.1. Monetary policy in the euro area (January 1999 - August 2008) 53 3.2.1.1. Meeting the inflation target 53 3.2.1.2. Interest rate policy 55 3.2.1.3. Interventions 61 3.2.2. Impact of the 2008-2009 worldwide financial and economic crisis and the sovereign debt crisis on the euro area 63 3.2.3.
    [Show full text]
  • Mid-Term Conference of International Sociological Association, Research Committee on Sociology of Leisure (RC 13) Organiser
    Mid-term Conference of International Sociological Association, Research Committee on Sociology of Leisure (RC 13) Organiser: Institute of Applied Health Sciences and Health Promotion, University of Szeged, Juhász Gyula Faculty of Education Co-organiser: Szeged Affiliation of the Hungarian Academy of Sciences, Scientific Committee on Medical Sciences, Working Committee on Health Promotion LEISURE, HEALTH AND WELL-BEING Subtitle: Holistic Leisure and Health CONFERENCE ABSTRACTS Szeged, Hungary 18. – 20. September 2013. Editor in Chief: Prof. Zsuzsanna Benk ı Editors: Klára Tarkó, PhD. László Lippai, PhD. Proof-readers : Prof. Dr. György Csepeli Prof. Ishwar Modi International Scientific Board Prof. Zsuzsanna Benk ı, president of the board, head of the Institute of Applied Health Sciences and Health Promotion, University of Szeged, Juhász Gyula Faculty of Education, Hungary Prof. Ishwar Modi, President of ISA RC13 (Sociology of Leisure), International Institute of Social Sciences, India Prof. Dr. Imre Dékány, President of Szeged Affiliation of the Hungarian Academy of Sciences Prof. Dr. György Csepeli, President of the Hungarian Sociological Association, Budapest, Hungary Prof. Miklós Tóth, President of the Hungarian Association of Sport Science, Budapest, Hungary Prof. Róza Ádány, President of the National Association of Public Health Education- and Research Institutes, Debrecen, Hungary Prof. Attila Oláh, President of the Hungarian Psychological Association, Budapest, Hungary Prof. Zoltán Vokó, Former Director General of National Institute for Health Development, Budapest, Hungary Organising Committee Klára Tarkó, PhD. president of the Committee, University of Szeged, Juhász Gyula Faculty of Education, Institute of Applied Health Sciences and Health Promotion, Hungary László Lippai, PhD. University of Szeged, Juhász Gyula Faculty of Education, Institute of Applied Health Sciences and Health Promotion, Hungary Ferenc Gy ıri, PhD.
    [Show full text]
  • Off to a Good Start: the Nber and the Measurement of National Income
    NBER WORKING PAPER SERIES OFF TO A GOOD START: THE NBER AND THE MEASUREMENT OF NATIONAL INCOME Hugh Rockoff Working Paper 26895 http://www.nber.org/papers/w26895 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2020 Many thanks are due to Katharine Abraham who discussed a previous draft when it was presented at the 2020 annual meeting of the American Economic Association in a session celebrating the 100th anniversary of the Bureau, and to Claudia Goldin for many helpful comments. The remaining errors are mine. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2020 by Hugh Rockoff. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Off to a Good Start: The NBER and the Measurement of National Income Hugh Rockoff NBER Working Paper No. 26895 March 2020 JEL No. B0,N12 ABSTRACT The creation of the National Bureau of Economic Research was a response to the bitter controversies over the distribution of income that roiled the United States during the Progressive Era. Thanks to Malcolm Rorty, a business economist, and Nahum I. Stone, an independent socialist economist, a “Committee on the Distribution of Income” was created; what might be considered the first name of the Bureau.
    [Show full text]
  • Speech--Chairman Ben S. Bernanke
    For release on delivery 9:30 a.m. EDT May 8, 2010 Commencement Address: The Economics of Happiness Remarks by Ben S. Bernanke Chairman Board of Governors of the Federal Reserve System at the University of South Carolina Columbia, South Carolina May 8, 2010 I want to begin by thanking the Board of Trustees of the University of South Carolina, President Pastides, and this year’s graduates for the great honor of addressing this commencement ceremony. Although I was born just across the border in Augusta, Georgia, I considered South Carolina my home from early childhood until I married and took my first academic job after graduate school. During most of that time, my family lived in Dillon, a couple of hours’ drive from here. I have had several occasions to visit Dillon and other places in the Carolinas since I got into government work, and I am both amazed and proud about the remarkable economic and social progress that has occurred since I grew up here. South Carolina, like America, is always reinventing itself, despite new and, it sometimes seems, ever more difficult challenges. I always find it difficult to choose a topic for a commencement talk. I am an economist, but my experience has been that people in a celebratory frame of mind are usually not that interested in an economics lecture. (I can’t quite understand why not.) Instead, they are generally looking for something more personal and inspirational. So I thought I would split the difference between an economics lecture and inspirational remarks and speak briefly about what economics and social science more generally have to say about personal happiness, and what those ideas imply both for economic policymaking and the choices each of you will make as you leave college for other pursuits.
    [Show full text]
  • Michael J. Boskin T
    CURRICULUM VITAE Michael J. Boskin T. M. Friedman Professor of Economics & Wohlford Family Hoover Institution Senior Fellow Stanford University Stanford, California 94305-6010 TELEPHONE: Office: (650) 723-6482 Fax: (650) 723-6494 EDUCATION: B.A. (with highest honors), 1967; M.A., 1968; Ph.D., 1971 (Economics) University of California, Berkeley ADDITIONAL RESEARCH Research Associate, National Bureau of AFFILIATIONS: Economic Research Cambridge, Massachusetts PUBLIC SERVICE POSITIONS: Advisor, National Commission on Private Philanthropy and Public Needs, 1974-75 Chairman, President’s Council of Economic Advisers, 1989-93 Chairman, Governor’s Task Force on Tax Reform and Reduction, 1993-94 Member, Governor’s Council of Economic Advisors, 1993-98 Member, Advisory Panel, Congressional Budget Office, 1994-2003; 2007-2008 Chairman, Commission on the Consumer Price Index, 1995-1996 Advisor, Joint Committee on Taxation, U.S. Congress 1995-98 Member, Advisory Board, National Income and Product Accounts, U.S. Department of Commerce, Bureau of Economic Analysis, 2000-2008 Member, Governor’s Council of Economic Advisors, 2003-2010 1 Member, Commission on 21st Century Economy, 2009 (California Tax Reform Commission appointed by the Governor, Assembly Speaker and Senate President Pro Tem.) ALSO: Member, Advisor, or Consultant at Various times to: U.S. Congress, House Ways and Means Committee; U.S. Senate Finance Committee; U.S. Department of the Treasury; Joint Economic Committee, U.S. Congress; Federal Reserve Board; U.S. Department of Labor; National
    [Show full text]
  • The Great Depression As a Historical Problem
    Upjohn Institute Press The Great Depression as a Historical Problem Michael A. Bernstein University of California, San Diego Chapter 3 (pp. 63-94) in: The Economics of the Great Depression Mark Wheeler, ed. Kalamazoo, MI: W.E. Upjohn Institute for Employment Research, 1998 DOI: 10.17848/9780585322049.ch3 Copyright ©1998. W.E. Upjohn Institute for Employment Research. All rights reserved. 3 The Great Depression as a Historical Problem Michael A. Bernstein University of California, San Diego It is now over a half-century since the Great Depression of the 1930s, the most severe and protracted economic crisis in American his tory. To this day, there exists no general agreement about its causes, although there tends to be a consensus about its consequences. Those who at the time argued that the Depression was symptomatic of a pro found weakness in the mechanisms of capitalism were only briefly heard. After World War II, their views appeared hysterical and exag gerated, as the industrialized nations (the United States most prominent among them) sustained dramatic rates of growth and as the economics profession became increasingly preoccupied with the development of Keynesian theory and the management of the mixed economy. As a consequence, the economic slump of the inter-war period came to be viewed as a policy problem rather than as an outgrowth of fundamental tendencies in capitalist development. Within that new context, a debate persisted for a few years, but it too eventually subsided. The presump tion was that the Great Depression could never be repeated owing to the increasing sophistication of economic analysis and policy formula tion.
    [Show full text]
  • Front Matter In" Wesley Clair Mitchell: the Economic Scientist"
    This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Wesley Clair Mitchell: The Economic Scientist Volume Author/Editor: Arthur F. Burns, ed. Volume Publisher: NBER Volume ISBN: 0-87014-052-3 Volume URL: http://www.nber.org/books/burn52-1 Publication Date: 1952 Chapter Title: Front matter in "Wesley Clair Mitchell: The Economic Scientist" Chapter Author: Arthur F. Burns Chapter URL: http://www.nber.org/chapters/c3093 Chapter pages in book: (p. -14 - 0) We Clair Mitchell The Economic'Scientist.' Edited by ARTHUR F. BURNS NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. NEW YORK 1952 S Copyright,1952, by Bureau of Economic Research, Inc. 1819 Broadway, New York 23 All Rights Reserved Typography by Oscar Leventhal, Inc. Presswork and binding by H. Wolff Library of Congress Catalog Card Number: 52-6013 PUBLICATIONS OF THE NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. NUMBER 53 WESLEY CLAIR MITCHELL THE ECONOMIC SCIENTIST '•1 OFFICERS 1952 Harry Scherman, Chairman C. C. Balderston, President Percival F. Brundage, Vice-President George B. Roberts, Treasurer W. J. Carson, Executive Director DIRECTORS AT LARGE Donald R. Beicher, American Telephone and Telegraph Company Oswald W. Knauth, Beau fort, South Carolina Simon Kuznets, University of Pennsylvania H. W. Laidler, Executive Director, League for Industrial Democracy Shepard Morgan, New York City C. Reinold Noyes, Princeton, New Jersey George B. Roberts, Vice-President, National City Bank Beardsley Rumi, New York City Harry Scherman, Chairman, Book-of-the-Month Club George Soule, Bennington College N. I. Stone, Consulting Economist J. Raymond Walsh, New York City Leo Wolman, Columbia University Theodore 0.
    [Show full text]
  • Institutional Economics
    INSTITUTIONAL ECONOMICS AT COLUMBIA UNIVERSITY Malcolm Rutherford University of Victoria (This Draft: March 2001) This paper draws on archival work using the James Bonbright Papers, J. M. Clark Papers, Joseph Dorfman Papers, Carter Goodrich Papers, Robert Hale Papers, and Wesley Mitchell Papers, all at the Rare Book and Manuscript Library, Columbia University, the Arthur F. Burns Papers at the Eisenhower Library, Abilene, Kansas, and the John R. Commons Papers at the State Historical Society of Wisconsin. My thanks to Lowell Harriss, Aaron Warner, Eli Ginzberg, Donald Dewey, Mark Perlman, Daniel Fusfeld, Mark Blaug, and Walter Neale for sharing their recollections of Columbia. Thanks also to my research assistant Cristobal Young. Any errors are my responsibility. This research has been supported by a Social Science and Humanities Research Council of Canada research grant (project # 410-99-0465). 1 1. Introduction In a number of recent papers I have attempted to outline the nature of the institutionalist movement in American economics in the interwar period (Rutherford 2000a, 2000b, 2000c). At that time institutionalism was a very significant part of American economics. In terms of research output and the production of graduate students, the main centers for institutionalism were the university of Chicago (until 1926 and the departure of J. M. Clark), the University of Wisconsin, the Robert Brookings Graduate School (which existed only briefly between 1923 and 1928), and, after the arrival of Wesley Mitchell in 1913, and J. M. Clark in 1926, Columbia University. Columbia University became the academic home of a large concentration of economists of institutionalist leaning, and other Schools and Departments in the University, particularly Business, Law, Sociology, and Philosophy, also contained many people of similar or related persuasion.
    [Show full text]
  • Milton Friedman: a Bibliography
    __________________________________________________________________ MILTON FRIEDMAN: A BIBLIOGRAPHY Compiled by Julio H. Cole1 Milton Friedman (1912-2006), the world-famous author of Capitalism and Freedom (1962) and Free to Choose (1980), was one of the most influential economists of the 20th century, and his memory will live long in the lore of economics. To mark the centenary of his birth, Laissez-Faire is pleased to publish this bibliography, the most complete listing to date of his scholarly writings. It provides both an indication of the breadth of his interests, and a measure of the magnitude of his contribution to economic scholarship. A. Books by Milton Friedman .…………………………………………… 98 B. Other Publications by Milton Friedman .……………………………… 100 C. Published Correspondence ……………………………………………. 120 D. Published Interviews ...………………………………………………... 121 1Professor of Economics, Universidad Francisco Marroquín (Guatemala). This bibliography is based upon three earlier bibliographical orientations to Friedman‘s writings: Niels Thygesen, ―The Scientific Contributions of Milton Friedman,‖ Scandinavian Journal of Economics, 79 (1977): 84-98, Kurt Leube (ed.), The Essence of Friedman (Stanford, CA: Hoover Institution Press, 1987), pp. 526-51 (compiled by Gloria Valentine), and Marc Lavoie and Mario Seccareccia (eds.), Milton Friedman et son oeuvre (Montreal: Presses de l‘Université de Montréal, 1993), pp. 191-24 (compiled by Gilles Dostaler). It includes books authored, co-authored or edited by Milton Friedman, introductions and forewords to books by other authors, articles in scholarly and professional journals, comments and replies, chapters in edited volumes, articles in encyclopedias and general interest magazines, book reviews, and published interviews. It does not include articles published in newspapers or in news magazines, speeches, or testimonies to congressional committees.
    [Show full text]
  • Front Matter, EVIDENCES OP LONG SWINGS in AGGREGATE
    This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Evidences of Long Swings in Aggregate Construction Since the Civil War Volume Author/Editor: Moses Abramovitz Volume Publisher: NBER Volume ISBN: 0-87014-404-9 Volume URL: http://www.nber.org/books/abra64-1 Publication Date: 1964 Chapter Title: Front matter, Evidences of Long Swings in Aggregate Construction since the Civil War Chapter Author: Moses Abramovitz Chapter URL: http://www.nber.org/chapters/c1799 Chapter pages in book: (p. -14 - 0) OCCASIONAL PAPER EVIDENCESOP LONG SWINGS IN AGGREGATE CONSTRUCTION SINCE THE CIVILWAR MOSESABRAMOVITZ StanfordUniversity Published by NATIONAL BUREAU OF ECONOMIC RESEARCH NEW YORK Distributed by COLUMBIA UNIVERSITYPRESS NEW YORK and LONDON Copyright0 1964 by NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. 261 Madison Avenue, New York 16, N. Y. All Rights Reserved LIBRARY OF CONGRESS CATALOG CARD NUMBER: 64-7747 PRICE: $4.00 Printed in the United States of America NATIONAL BUREAU OF ECONOMIC RESEARCH 1964 OFFICERS Albert J. Hettinger, Jr., Chairman Arthur F. Burns, President Frank W. Fetter, Vice-President Donald B. Woodward, Treasurer Solomon Fabricant, Director of Research Geoffrey H. Moore, Associate Director of Research Hal B. Lary, Associate Director of Research William J. Carson, Executive Director DJRECTORS AT LARGE Robert B. Anderson, New York City Wallace J. Campbell, Foundation for Cooperative Housing Erwin D. Canham, Christian Science Monitor Solomon Fabricant, New York University Marion B. Folsom, Eastman Kodak Company Crawford H. Greenewalt, E. I. du Pont de Nemours & Company Gabriel Hauge, Manufacturers Hanover Trust Company A. J. Hayes, International Association of Machinists Albert J.
    [Show full text]
  • Fortresses of the Intellect Ismaili and Other Islamic Studies in Honour of Farhad Daftary
    Fortresses of the Intellect Ismaili and Other Islamic Studies in Honour of Farhad Daftary Edited by Omar Alí-de-Unzaga I.B.Tauris Publishers LONDON • NEW YORK in association with The Institute of Ismaili Studies London Published in 2011 by I.B.Tauris & Co. Ltd 6 Salem Road, London W2 4BU 175 Fifth Avenue, New York, NY 10010 www.ibtauris.com in association with The Institute of Ismaili Studies 210 Euston Road, London NW1 2DA www.iis.ac.uk Distributed in the United States and Canada Exclusively by Palgrave Macmillan, 175 Fifth Avenue, New York, NY 10010 Copyright © Islamic Publications Ltd, 2011 All rights reserved. Except for brief quotations in a review, this book, or any part thereof, may not be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher. ISBN: 978 1 84885 626 4 A full CIP record for this book is available from the British Library A full CIP record for this book is available from the Library of Congress Library of Congress catalog card: available Typeset in Minion Tra for The Institute of Ismaili Studies Printed and bound in Great Britain by TJ International, Padstow, Cornwall Contents Foreword Azim Nanji xi List of Illustrations xiv List of Contributors xv 1. Introduction: A Biographical Sketch Omar Alí-de-Unzaga 1 2. Bibliography of the Works of Farhad Daftary 33 3. Persian, the Other Sacred Language of Islam: Some Brief Notes Mohammad Ali Amir-Moezzi 59 4.
    [Show full text]
  • Gross Domestic Product—An Index of Economic Welfare Or a Meaningless Metric?
    SUBSCRIBE NOW AND RECEIVE CRISIS AND LEVIATHAN* FREE! “The Independent Review does not accept “The Independent Review is pronouncements of government officials nor the excellent.” conventional wisdom at face value.” —GARY BECKER, Noble Laureate —JOHN R. MACARTHUR, Publisher, Harper’s in Economic Sciences Subscribe to The Independent Review and receive a free book of your choice* such as the 25th Anniversary Edition of Crisis and Leviathan: Critical Episodes in the Growth of American Government, by Founding Editor Robert Higgs. This quarterly journal, guided by co-editors Christopher J. Coyne, and Michael C. Munger, and Robert M. Whaples offers leading-edge insights on today’s most critical issues in economics, healthcare, education, law, history, political science, philosophy, and sociology. Thought-provoking and educational, The Independent Review is blazing the way toward informed debate! Student? Educator? Journalist? Business or civic leader? Engaged citizen? This journal is for YOU! *Order today for more FREE book options Perfect for students or anyone on the go! The Independent Review is available on mobile devices or tablets: iOS devices, Amazon Kindle Fire, or Android through Magzter. INDEPENDENT INSTITUTE, 100 SWAN WAY, OAKLAND, CA 94621 • 800-927-8733 • [email protected] PROMO CODE IRA1703 Etceteras . Gross Domestic Product—an Index of Economic Welfare or a Meaningless Metric? ROBERT HIGGS The blind transfer of the striving for quantitative measurements to a field in which the specific conditions are not present which give it its basic impor- tance in the natural sciences . not only leads frequently to the selection for study of the most irrelevant aspects of the phenomena because they happen to be measurable, but also to “measurements” and assignments of numerical values which are absolutely meaningless.
    [Show full text]