Did fictitious profits contribute to the decline in the rate of profit?

Zusammenfassung Ein auf Anschaffungskosten basierendes Steuersystem führt in Zeiten steigender Inflationsraten zu Scheingewinnen und somit einer Erhöhung der realen Steuerbelastung. Als Folge wird ein Absinken des Ertrags pro eingesetzter Kapitaleinheit angeführt. Der folgende Aufsatz zeigt jedoch, daß diesem negative Effekt die Abzugsfähigkeit der Nominalzinsen und die in Österreich betriebene Zinspolitik als neutralisierende Einflüsse gegenüberstehen. Solange die Inflationsrate unter 10% bleibt und eine autonome Zinspolitik betrieben werden kann, bleibt die reale Ertragskraft des Eigenkapitals erhalten.     

Theory and Tests of Generalized Purchasing-Power Parity: Common Trends and Real Exchange Rates In the Pacific Rim

The paper develops the theory of generalized purchasing-power parity (G-PPP) to explain the “stylized facts” of real exchange-rate behavior. the fundamental economic variables determining real exchange rates are nonstationary; thus, real rates are nonstationary. If the fundamentals are sufficiently integrated, as in a currency area, the real rates will share common trends. the theory is tested using the Pacific Rim nations. It is shown that G-PPP holds between each of the Pacific Rim nations and the large industrialized countries. There is only mild evidence that G-PPP holds among the Pacific Rim nations as a group.     

Controlling unwanted communications to the home

A greater volume of communications into the home increases concerns about offensive messages and unwanted solicitations. The author presents legal, regulatory and technical approaches to giving individuals more control over the communications they receive through the mails, over the telephone network, via broadcast television, and from cable TV. Technical means for allowing greater subscriber control are available, but they generally receive low priority in system design. Although receivers' rights to avoid unwanted communications may conflict with senders' rights to free speech, the author favours placing more choice and responsibility on the recipient.     

The Delphi technique: An experimental evaluation

Much research has been devoted to the Delphi technique. However, very little substantive work has been done on the subject of Delphi accuracy. The purpose of this effort was to test the accuracy of Delphi vs the conference method in making long-range forecasts. College students were used to form Delphi and conference groups that predicted the point spreads of college football games far in advance of play. The results substantiate the claim that Delphi outperforms conference methods on the basis of accuracy for long-range forecasting.