Disequilibrium,power and economic systems

Summary This is a review article of D.B.J. Schouten's new book Macht en wanorde, Een vergelijking van economische stelsels (Power and Disorder, A Comparison of Economic Systems). After having summarised the book's contents, three points are discussed: (a) does the book offer a comparison of economic systems as its subtitle suggests; (b) how does Schouten's theory relate to disequilibrium analysis and does it give a better understanding of disequilibria than disequilibrium analysis; (c) is Schouten's proposal of a centrally-guided rate of return policy indeed to be preferred above a centrally-guided wage policy in order to overcome the basic problem in capitalist market economies of slow and sometimes perverse adjustments?D.B.J. Schouten,Macht en wanorde, Een vergelijking van economische stelsels, (Power and Disorder, A Comparison of Economic Systems), H.E. Stenfert Kroese b.v., Leiden/Antwerpen, 1980: Pp. 270. Dfl. 47,50.I am indebted to Professor Th. van de Klundert for useful comments.     

A Hedonic price index for the Dutch car market

Summary A hedonic, or constant-quality, price index is constructed for the Dutch car market over the period 1950–72. Quality changes are evaluated by relating car prices to various characteristics in two cross-section analyses, and both the choice of variables - horsepower and weight - and the form of the relation confirm Griliches' analysis of American data. A price index is then constructed by linking a series of year-to-year indices, and it is found that relative car prices have been reduced by about half over the twenty-two year period. Both in the cross-section study and in the price index the analysis is confined to a limited number of car models with major shares of the market.We gratefully acknowledge the help ofR.A.I. andMinisterie van Financieën in providing the data, and ofF. den Butter, J. Broekhuis andMiss J. Meijering in the preparation of this report.     

Reviews

Book review in this Article Claude Mossé . Ancient Culture and Society: The Ancient World at Work. P. J. Ucko and G. W. Dimbleby (Eds.). The Domestication and Exploitation of Plants and Animals. N. Rubinstein (Ed.). Florentine Studies. Politics and Society in Renaissance Florence. Raymond de Roover . The Bruges Money Market around 1400. Henri Touchard . Le commerce maritime breton à la fin du Moyen Age. Guillermo Lohmann Villena . Les Espinosa, une famille d'hommes d'affaires en Espagne et aux Indes à l'époque de la colonisation. J. H. Shennan . Government and Society in France, 1461–1661. Marcel Couturier . Recherches sur les structures sociales de Châteaudun F. Jaupart . L'activité commerciale de Bayonne au XVIIIe siècle. Pierre Jeannin . L'Europe du Nord-Ouest et du Nord aux XVIIe et XVIIIe siècles. T. Emmons . The Russian Landed Gentry and the Peasant Emancipation of 1861. Helmuth Stoecke (Ed.). Kamerun unter Deutscher Kolonialherrschaft. Dieter Petzina . Autarkiepolitik im Dritten Reich. Der nationalsozialistische Vierjahresplan. Carl Bridenbaugh . The Beginnings of the American People: Vexed and Troubled Englishmen, 1590–1642. Vincent Ponko , Jr. The Privy Council and the Spirit of Elizabethan Economic Management, 1558–1603. Darrett B. Rutman . Husbandmen of Plymouth: Farms and Villages in the Old Colony, 1620–1692. Brooke Hindle . Technology in Early America. Sam Bass Warner , Jr . The Private City: Philadelphia in Three Periods of its Growth. N. Rosenberg (Ed.). The American System of Manufactures. The Report of the Committee on the Machinery of the United States and the Special Reports of George Wallis and Joseph Whitworth. Harry N. Scheiber . Ohio Canal Era: A Case Study of Government and the Economy, 1820–1861. Grace Rogers Cooper . The Invention of the Sewing Machine. Melvin M. Leiman . Jacob N. Cardozo: Economic Thought in the Antebellum South. Ralph D. Gray . The National Waterway. Stanley Buder . Pullman: An Experiment in Industrial Order and Community Planning, 1880–1930. Philip Taft . Labor Politics American Style: the California State Federation of Labor. M. Melnyk . Long Fluctuations in Real Series of American Economy. Edward L. and Frederick H. Schapsmeier . Henry A. Wallace of Iowa: The Agrarian years, 1910–1940. Karl Schriftgiesser . Business and Public Policy: The Role of the Committee for Economic Development, 1942–1967. C. A. Blyth . American Business Cycles, 1945–50. A. W. Coats and Ross M. Robertson (Eds.). Essays in American Economic History. Acta Historiae Neerlandica. M. A. Arnould . L'impôt direct dans le Tournaisis au début régime espagnol (1523–1571). H. Bauduin and J. Jansen . Aspecten van de Limburgse landbouwgeschiedenis. W. Berghuis . Ontstaan en ontwikkeling van de Nederlandse beleggingsfondsen tot 1914. W. P. Coolhaas . Generale Missiven van Gouverneurs-Generaal en Raden aan Heren XVII der Verenigde Oostindische Compagnie. A. M. de Jong . Geschiedenis van de Nederlandsche Bank (1814–1914). J. A. de Jonge . De industrialisatie in Nederland tussen 1850 en 1914. A. C. J. de Vrankrijker . Belastingen in Nederland, 1848–1893. De strijd om een modernisering van het stelsel. H. Galle . La “Famine du coton”, 1861–1865. Effets de la Guerre de Sécession sur l'industrie cotonnière gantoise P. Harsin and E. Helin . Problèmes de mortalité. Méthodes, sources et bibliographie en démographie historique. J. Leaonard -Etienne . Recherches sur l'investissement et la rentabilité dans l'industrie liégeoise. A. Louant . Le journal d'un bourgeois de Mons, 1505–1536. B. Lyon and A. Verhulst . Medieval Finance. A Comparison of Financial Institutions in Northwestern Europe. A. Moureaux-van neck . Assistance publique, 1856–1956. J. G. Nanninga . Bronnen tot de Geschiedenis van den Levantschen handel. Recherches sur l'histoire des finances publiques en Belgique. J. Ruwet , E. Helin , F. Ladrier , and L. van Buyten . Le marché des céréales à Ruremonde, Luxembourg, Namur et Diest aux XVIIe et XVIIIe siècles. G. Spitaels . Le mouvement syndical en Belgique. M.-R. Thielemans . Bourgogne et Angleterre. Relations politiques et economiques entre les Pays-Bas bourguignons et l'Angleterre, 1435–1467. F. van Bocxlaer . De evolutie van de economische pers in België. J. M. G. van der Poel . Honderd jaar landbouwmechanisatie in Nederland. G. Vandewalle . De conjuncturele evolutie in Kongo en Ruanda-Urundi van 1920 tot 1939 en van 1949 tot 1958. M. van Durme . Les archives générales de Simancas et l'histoire de la Belgique, IX-XIXe sièdes. M. van Durme . Les archives générales de Simancas et l'histoire de la Belgique, IX-XIXe siècles. J. A. van Houtte . Bruges. Essai d'histoire urbaine. D. van Rijssel . De Gentse huishuren tussen 1500 et 1795. Bijdrage tot de kennis van de konjunktuur van de Stad. Pro Civitate. F. van Tyghem . Op en om de Middeleeuwse bouwwerf. De gereedschappen en toestellen gebruikt bij het bouwen van de Vroege Middeleeuwen tot omstreeks 1600. H. van Werveke . Miscellanea Mediaevalia. Verspreide opstellen over economische en sociale Geschiedenis van de Middeleeuwen. A. Verhulst . Het landschap in Vlaanderen in historisch perspectief. Ch . Verlinden , E. Scholliers , H. Desmedt -Coppejans , J. Craeybeckx , and G. Impens . Dokumenten voor de geschiedenis van prijzen en lonen in Vlaanderen en Brabant. H. Wouters . Documenten betreffende de geschiedenis der arbeidersbeweging (1853–1865). Bedrijf en Samenleving. Economisch-historische studies over Nederland in de negentiende en twintigste eeuw aangeboden aan Prof. Dr I. J. Brugmans bij zijn aftreden als hoogleraar aan de Universiteit van Amsterdam. L'impôt dans le cadre de la ville et de l'Etat. De belasting in het raam van stad en staat.     

Reviews

Book Reviewed in this article: M. M. Postan. Essays on Medieval Agriculture and General Problems of the Medieval Economy. M. M. Postan. Medieval Trade and Finance. Richard W. Kaeuper. Bankers to the Crown: The Riccardi of Lucca and Edward I. Alan Crossley (Ed.). A Victoria History of the County of Oxford, vol. X. Banbury Hundred. David Underdown. Somerset in the Civil War and Interregnum. Margaret Roake and John Whyman (Eds.). Essays in Kentish History. Alan Everitt (Ed.). Perspectives in English Urban History. David Baker (Ed.). The Inhabitants of Cardington in 1782. J. A. Robey and L. Porter. The Copper and Lead Mines of Ecton Hill, Staffordshire. John Foster. Class Struggle and the Industrial Revolution: Early Industrial Capitalism in Three English Towns. Philip J. Riden. The Butterley Company, 1790–1830: A Derbyshire Ironworks in the Industrial Revolution. Patricia Hollis (Ed.). Class and Conflict in Nineteenth-Century England, 1815–1850. Douglas C. North and Robert Paul Thomas. The Rise of the Western World: A New Economic History. D. V. Glass and Roger Revelle (Eds.). Population & Social Change. Henry A. Landsberger (Ed.). Rural Protest: Peasant Movements and Social Change. Georges Duby. The Early Growth of the European Economy: Warriors and Peasants from the Seventh to the Twelfth Century. Peter Earle (Ed.). Essays in European History, 1500–1800. Marcello Carmagnani. Les Mécanismes de la Vie Economique dans une Société Coloniale: Le Chili (1680–1830). Eugen Mewes (Ed.). Terra Nostra; Culegere de Materiale Privind Istoria Agrará a Romanici. Imre Wellmann (Ed.). Proceedings of the Hungarian Agricultural Museum, 1971–2. I. T. Berend and G. Ranki. Hungary. A Century of Economic Development. Theodore Zeldin. France: 1848–1945. Volume One. Ambition, Love and Politics. Ronald Dore. British Factory—Japanese Factory: The Origins of National Diversity in Industrial Relations. Internationaal Colloquium (Spa 5–8-IX-1968). De burgerlijke openbare gebouwen in de Europese steden en hun financiering in de Middeleeuwen en onder het Ancien Régime. Handelingen. D. Degreve, D'une analyse de la révolution industrielle à un diagnostic du sous-développement (suite et fin). H. Thomas, A. L. Constantse, et alia. ‘De Spaanse Burgeroorlog en zijn gevolgen. J. H. Munro. Wool, Cloth and Gold: The Struggle for Bullion in Anglo-Burgundian Trade, 1340–1478. K. Bertels. Geschiedenis tussen struktuur en evenment. Een methodologisch en wijsgerig onderzoek. ‘Special Issue on Agricultural History in Nineteenth Century Belgium’, Revue belge d'histoire contemporaine S. Hart. ‘Amsterdam Shipping and Trade to Northern Russia in the Seventeenth Century’, Mededelingen van de Nederlandse Vereniging voor zeegeschiedenis J. Everaert. De internationale en koloniale handel der Vlaamse firma's te Cadiz, 1670–1700 (avec un résumé français: le commerce international et colonial des firmes flamandes à Cadix, 1670–1700). Acta Historiae Neerlandicau: Studies on the History of the Netherlands. P. Creutzberg (Ed.). Het ekonomisch beleid in Nederlandsch-Indië. Capita selecta. Een bronnenpublikatie, Vol. I. W. De Vries. 150 Jaar Welstand, de Maatschappij tot bevordering van welstand, voornamelijk onder landlieden, 1822–1972. J. De Vries. De Nederlandse economie tijdens de 20ste eeuw. Een verkenning van het meest kenmerkende. M. Van Durme (Ed.). Les Archives générales de Simancas et l'histoire de la Belgique (IXe–XIXe siècles) P. M. M. Klep. Het huishouden in westelyk Noord-Brabant: Structuur en ontivikkeling, 1750–1849. H. A. Enno Van Gelder. Gegevens betreffende roerend en onroerend bezit in de Nederlanden in de 16e eeuw J. De Vries. De Coöperatieve Raffaisen- en Boerenleenbanken in Nederland, 1948–1973: Van exponent tot component. J. F. Bläsing. Das goldene Delta und sein eisernes Hinterland, 1815–1851. Von niederländischpreussischen zu deutsch-niederlandischen Wirtschaftsbeziehungen. T. Van der Wal. Op zoek naar een nieuwe vrijheid: Een kwart eeuw arbeidersbeweging in Friesland, 1870–1895. L. Vire. La distribution publique d'eau à Bruxelles, 1830–1870. J. van Herwaarden (Ed.). Lof der Historie. Opstellen over geschiedenis en maatschappij. L. Schepens. Van Vlaskutser tot Franschman. Bijdrage tot de Geschiedenis van de Westvlaamse plattelandsbevolking in de negentiende eeuw. G. Hansotte. La principauté de Stavelot-Malmédy à la fin de l'Ancien Régime. Carte de la principauté en 1789; dénombrement des maisons, des chevaux et des bestiaux vers 1750. J. Fichefet. Histoire de la commune de Saint-Martin. M. Claeys-Van Haegendoorn. Hendrik de Man: Biografie. C. Verlinden et. al. Dokumenten voor de Geschiedenis van Prijzen en Lonen in Vlaanderen en Brabant (XVIe-XIXe E.) W. P. Blockmans (Ed.). Handelingen van de leden en van de staten van Vlaanderen. Regeringen van Maria van Bourgondië en Filips de Schone (5 januari 1477–26 september 1506). Excerpten uit de rekeningen van de Vlaamse steden en kasselrijen en van de vorstelijke ambtenaren. Deel I: tot de vrede van Kadzand, 1492. Histoire Economique de la Belgique. Traitement des Sources et Etat des Questions—Economische Geschiedenis van België. Behandeling van de Bronnen en Problematiek. Actes du Colloque de Bruxelles—Handelingen van het Colloquium te Brussel. 17–19 nov. 1971 Histoire Economique de la Belgique. Traitement des Sources et Etat des Questions P. M. M. Klep. Groeidynamiek en stagnatie in een agrarisch grensgebied. De ekonomische ontwikkeling in de Noordanlwerpse Kempen en de Baronie van Breda, 1750–1850. Studies over de sociaal-economische geschiedenis van Limburg F. Pollentier. De Admiraliteit en de oorlog ter zee onder de Aartshertogen (1596–1609).     

Onzekerheid en Investeringsbeslissingen

Summary In the article an attempt is made to throw some light on the role of uncertainty in making investment decisions. At first a critical analysis is given of the present value method and some other conventional rules of thumb. As the discounting process needs a unique income stream, which is not available, the present value method must be rejected. The expected value of the possible income streams cannot be regarded as an adequate solution for this problem. Moreover it is quite impossible to choosethe appropriate discount rate: in case uncertainty is involved, an objective discount rate must be considered as non-existing. With respect to the rules of thumb such as the maximin criterion of gain, it is also to be concluded, that subjectivity plays a key role. The use of a cardinal utility function in determining investment volume demonstrates once more, how important the subjective element is in the theory of investment. Apart from examining several proposed decision criteria the author is considering, how the entrepreneur arrives at the probability judgment concerning the possible outcomes of the project. For this purpose the theory, developed by Fellner, in which subjective and objective (based on frequency observations) probability judgments are blended, is critically analysed.

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Dit artikel is een bewerking van een door de auteur geleverde bijdrage aan de op 12 januari 1968 aan de Katholieke Hogeschool te Tilburg gehouden conferentie voor theoretische economie. Gaarne betuig ik hierbij mijn dank aan Prof. Dr. Th. C. M. J. van de Klundert voor zijn stimulerende kritiek.     

Bijdrage tot de geschiedenis der Nederlandsche sociale wetgeving (1840–1874)

«We began with no abstract theory of social justice or the rights of man», (uit de voorrede vanSidney Webb bij A History of Factory Legislation vanB. L. Hutchins enA. Harrison 1911).Met toestemming van Zijne Excellentie den Minister van Arbeid bewerkt naar officieele gegevens uit het oud-archief van de vroegere Afdeeling: «Nijverheid» van het Departement van Binnenlandsche Zaken. Aan het einde van deze verhandeling zijn de geraadpleegde archiefstukken, waarvan speciaal voor dit opstel gebruik werd gemaakt, te zamen vermeld. De dossiers van Binnenlandsche Zaken van vóór 1874 op den kinderarbeid betrekking hebbende, zijn blijkbaar na de wet-van Houten overgebracht naar het Departement van Justitie, dat met de uitvoering dezer wet was belast. De verzameling stukken op dit punt loopt dan van 1874 door tot 1892, toen de uitvoering van de Arbeidswet van 1889 van Justitie werd overgebracht naar het Ministerie van Waterstaat, Handel en Nijverheid (Afd. Arbeid en Fabriekswezen van Sept. 1893). Verhuisden de pakketten 1840–1892 afzonderlijk gehouden, met de Afdeeling Arbeid mede en kwamen zij — post varios hominumque urbisque labores — eindelijk bij het Ministerie van Arbeid?Voor zoover gebruik is gemaakt van archiefstukken der provinciale besturen is voor deze verhandeling ook van die besturen toestemming tot publicatie verkregen.Voor de medewerking betuigen wij gaarne onzen dank.     

A demand and supply model of economic growth

Summary A demand and supply model of economic growth has been developed. By means of this model a number of characteristics of the growth process have been investigated. Special attention has been given to the causes and consequences of growth disequilibria and the determinants of income distribution.The analysis leads to the conclusion that three growth situations must be distinguished: output is restricted by effective demand, by effective supply, and by the size of the labour force. The causes of growth disequilibria and the determinants of income distribution differ in each of these three cases. In this respect the model is more general than traditional post-keynesian, neo-keynesian and neo-classical growth models.The author is indebted to Professor Frits J. de Jong for his non-desisting support during the preparation of this paper. He is grateful to Mrs. Gerda H. de Jong of Veendam, The Netherlands, and to Dr. James H. Gapinski, Assistant Professor, Florida State University, Tallahassee, Florida for kindly improving the English of this article.In many respects this article draws heavily upon my doctoral dissertation:De betekenis van vraag- en aanbodfactoren in groeimodellen met één sector, mimeographed, Groningen, 1970.     

Technical progress,factor substitutability and models of production: II

Summary This paper is the concluding installment of a series which surveys a number of fundamental production tenets. This examines and hence compares the properties of several production models which result from alternative pairings of the progress and substitutability assumptions discussed in part 1. Part I appeared in a recent issue ofDe Economist.I again thank E. Ray Canterbery, Simon K. Kuipers, T. Krishma Kumar, and Th. van de Klundert for their comments. I also thank Chiu-Yeung Chan, Franklin M. Fisher, and William F. James for their help with a few specifies. The responsibility for errors is mine alone.     

A putty-clay vintage model for sectors of industry in the Netherlands

Summary A putty-clay vintage model has been estimated for five industrial sectors: food, beverages and tobacco manufacturing; textiles, clothing and footwear manufacturing; chemical industry and oil refineries; metal manufacturing, and total manufacturing. Substitutabilityex ante between labour and capital appeared to be small in the first four sectors, with textiles, clothing and footwear manufacturing as an exception. Substitutabilityex ante in total manufacturing industry is rather high: an elasticity of substitution of –0.74. Embodied technical progress is strong in all industrial sectors. In textiles, clothing and footwear manufacturing and in total manufacturing it is both labour- and capital-augmenting in nature. In the other sectors it is mainly of the labour-augmenting variety.This research has partly been made possible by a grant of the National Programme of Labour Market Research (NPAO). Advice by Professor Th. van de Klundert and Mr. A.H. van Zon is gratefully acknowledged.     

Income and substitution effects in family labour supply

Summary In this article, the results are presented of the estimation of a variant of Leuthold's model of labour supply of married couples in the Netherlands. Both in the case of husbands and in the case of wives the labour supply curve proves to be forward bending. The income effects are negative, but significantly different from zero only in the case of wives. The theorem that the substitution effect is positive is confirmed by the empirical results obtained. The labour supply of wives proves to be more sensitive to wage rate and income changes than the labour supply of wives proves to be more sensitive to wage rate and income changes than the labour supply of husbands. A comparison is made between the results obtained here and those mentioned in studies for the United States. The article is closed with an overview of some policy implications. During the period the author contributed to this article he was at the Economic Institute, State University of Utrecht; The authors wish to thank Dr. C. de Galan, Professor J.M.M. Ritzen, Dr. J.J.M. Theeuwes and Professor F.A.A.M. van Winden for their comments on an earlier draft of this article. Unless when stated otherwise, the data are obtained from theAanvullend Voorzieningengebruik Onderzoek 1979, a national survey carried out by the Social and Cultural Planning Bureau. The authors are indebted to this bureau for providing the data. It should be noted that some of these data (e.g. the yearly wage incomes) are based on computational adaptions of the original figures.     

The Netherlands Bank's narrow monetary policy

Summary In his article Mr. Timmerman describes the way the Netherlands Bank conducts its so-called narrow monetary policy,i.e. the policy pursued in the money and foreign exchange markets. The developments during the period October 1979–July 1981 serve as example of how movements in Dutch money market rates are dominated by exogenous factors. The author concludes that in a small open economy which maintains a stable exchange rate there is no room for an independent money market policy and that the hectic developments in the international money and foreign exchange markets have made illusory what until very recently was regarded as the most important objective of the narrow monetary policy,viz. an orderly money market. P.C. Timmerman was Deputy Director of De Nederlandsche Bank N.V. and is now Managing Director of De Bank van de Nederlandse Antillen. A similar article by the author appeared inZoeklicht op beleid, liber amicorum in honour of Professor G.A. Kessler.     

Britsch Guyana in 1878

Enkele dngen vóór het verschijnen dezer Aflevering gewordt ons nevensgaand artikel van den Hr. J. A. T. Cohen Stuart, die reeds vroeger zijne inzigten omtrent de immigratie-kwestie in dit Tijdschrift mededeelde, en wiens jarenlange ambtenaars-loopbaan als administrateur der financien in Suriname hem voorzeker allezins aanspraak geeft, mede gehoord te worden. Ofschoon zijne inzigten geheel van die van mr. S. van Praag verschillen, hebben wij, bij de welligt kort op handen zijnde afdoening van het Immigratieontwerp, om de zoo even gemelde reden gemcend aan het verlangen van den geachten inzender te kunnen toegeven, om ook zijne beschouwingen nog met dit No voor het publiek le brengen,-alzoo het audi et alteram partemgaarne, zooveel doenlijk, ook hier toepassende.     

De vraag Naar Hypothecair krediet en de Rentevorming of de Hypotheekmarkt

Summary This paper presents an econometric model for the Dutch mortgage market. It comprises demand equations for housing and other mortgages, estimated over the period 1965II–1974I, a mortgage rate equation and a set of equations describing the allocation of mortgage credit over four categories of financial institutions. For the demand for mortgages on houses we found a long-term interest elasticity of –1.14 and for the demand for other mortgages one of – 0.58. Mortgage rate differentials seem to influence the distribution of mortgages over the financial institutions. However, the main determinant is the share of new deposits going to commercial banks.

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De schrijvers zijn verbonden aan de Nederlandsche Bank. Drs. Den Butter en drs. Dongelmans zijn medewerkers van de econometrische researchgroep. Dr. Fase is directie-assistent voor wetenschappelijk onderzoek en hoofd van deze groep. Gaarne betuigen we onze dank aan de heren mr. Th. A. Hoog en ir. N. Snijders, indertijd resp. voorzitter en bestuurslid van de Vereniging van Hypotheekbanken, voor hun bereidwilligheid met de beide laatstgenoemde auteurs van gedachten te wisselen over de structuur en werking van de hypotheekmarkt. De heer M. J. Broekhuisen was ons behulpzaam bij het bijeenbrengen van de gegevens en de uitvoering van de talloze berekeningen die tijdens het onderzoek zijn verricht. Een referee zijn we erkentelijk voor een aantal nuttige opmerkingen.     

Relative productivity and factor-intensity in the manufacturing sectors of the U.S. and the U.K. during the nineteenth century

Summary The main objective of the paper is to examine the relationship between relative factor-costs and relative factor-intensity in the American and British textile sectors during the nineteenth century. The empirical attempt is made within an explicit theoretical framework (a model). This framework is based primarily onimplicit analytical arguments made by E. Rothbarth and H. J. Habakkuk while explaining the causes for the superiority of American industrial efficiency as compared with the British. It is shown that various indicators for the textile sectors during most of the second half of the nineteenth century favor a higher capitalintensity in the U.S.This work is part of a Ph.D. thesis written for the University of Rochester Department of Economics. The author is deeply indebted to S. Engerman for his valuable help and comments. He has also benefited from comments by E. Drandakis, G. S. Maddala, F. J. de Jong and T. K. Kumar. Needless to say, the author takes full responsibility for the content of this paper. Currently the author is an Assistant Professor at Florida State University, Tallahassee, Florida, U.S.A.     

Uit de geschiedenis van's Rijks vlottende schuld

Dit opstel is het laatste van een serie van drie artikelen over de geschiedenis van 's Rijks vlottende schuld gedurende het tijdvak voorafgaande aan den tweeden wereldoorlog. Het eerste artikel, dat de jaren 1841–84 bestreek, is gepubliceerd inDe Economist van 1946, blz. 24–72. Het tweede, dat de periode 1885–1913 behandelde, verscheen inDe Economist van 1954, blz. 1–32.     

De Economie Van De Overvloed

J.K. Galbraith, De economie van de de overvloed. (Oorspronkelijke titel: The Affluent Society). Vertaling van A. Nuis. N.V. de Arbeiderspers, Amsterdam 1961. 308 blz.     

The influence of debt management on the term-structure of interest rates

Summary This article focuses onthe influence of debt management on the term-structure of interest rates. Four theories are discussed which try to explain the factors influencing the term-structure. It proved that the four theories could be distinguished according to three aspects which have been investigated by means of analysis of variance and of the estiamtion of two reduced form equations with Dutch data during the period 1950 through 1973. It could be concluded that the liquidity preference theory and to a smaller extent the preferred habitat theory fitted the data relatively well. From this it followed that the influence of debt management on the term-structure of interest rates is rather small. This article is an elaboration of a paper written at the end of the author’s study at Groningen State University. He thanks Dr. S. K. Kuipers, Mr. P. W. Otter and Mr. B. S. Wilpstra, all connected with the Groningen State University, for their advice during the writing of the paper. He also thanks Mr. A. van der Veen, who took care of all the calculation which was necessary for the elaboration. He further thanks Dr. M. M. G. Fase for the comments he made on a previous version of this article. The author works at the Central Bureau of Statistics in The Hague.     

Voor Munt- en Penningverzamelaars

Het verzamelen van munten en penningen. Handbock tot het aanleggen van eene munt- en penningverzameling, door Mr.Ch. M. Dozy. Leiden. —A. W. Sijthoff.