UitDe Economist van 1894

Ohne Zusammenfassung

---

Fromde Economisst in 1894

---

Twee vergaderingen van voorstanders van het bimetallisme, blz. 522–532.

---

translated by Richard Gigengack     

Over de beheersbaarheid van de geldhoeveelheid in Nederland

Summary The well-known multiplier approach to money supply processes is extended to the case of the open economy of the Netherlands. It was found, first, that the Dutch banking system serves as an important buffer in the Dutch money supply process. Second, the short-run elasticities of money supply and money demand with respect to the call-money rate were found to be +0.23 and −0.09 respectively. Third, the impact multiplier of money with respect to the open market policy variable turned out to be 0.52. The conclusion is that the Dutch central bank is capable, in principle, to control the stock of money in the short run.

---

---

Rede, uitgesproken bij de aanvaarding van het ambt van gewoon hoogleraar in de staathuishoudkunde aan de Rijksuniversiteit te Rotterdam op donderdag 22 maart 1973.     

De arbeid van vrouwen en kinderen in Groot-Brittannie

---

---

Vervolg van blz. 59.     

De eerste stap naar het nieuw-mercantilisme

---

De eerste stap naar het nieuw-mercantilisme

---

Scheveningen, Dec. 1912     

De Vraag Naar Liquiditeiten in Nederland, 1952–1971

Summary This study examines the demand for money (broadly defined) in the Netherlands. The basic model assumes the long run demand for money to depend upon expected real income and prices, the rate of interest and a cyclical indicator. The actual money balances approach equilibrium with an exponentially distributed lag. The model is estimated with seasonally adjusted quarterly data covering the period 1952: I-1971:IV. We found an income elasticity of 0.85 and an interest elasticity of –0.20, a price elasticity close to 1 and a negative correlation between the demand for money and the cyclical indicator. We also found some statistical evidence for the hypothesis that the demand function is stable over time.

---

---

De auteurs zijn hoofd resp. medewerker van de sectie wetenschappelijk onderzoek en econometrie op De Nederlandsche Bank N.V. Ze zijn de heer N. J. A. van der Hoeven veel dank verschuldigd voor zijn hulp bij de uitvoering van de berekeningen.     

Een Actief Arbeidsmarktbeleid

---

Active labour market policy in The Netherlands

---

Referaat gehouden voor de jaarlijkse bijeenkomst van de Vereniging van Afgestudeerden der N.E.H. te Rotterdam, op 17 Mei 1967.     

ZP-stichwort: Percentage-of-completion-methode

Ohne Zusammenfassung

---

ZP-stichwort: Percentage-of-completion-methode

---

Der Verfasser dankt Herrn Dipl.-Kfm. Thomas Wernicke für die konstruktiven Anregungen bei der kritischen Durchsicht des Manuskripts.     

Sweden's iron ore exports to Germany, 1933–1944

Abstract

Rolf Karlbom's article about Swedish iron ore exports to Germany during the Nazi era¹ is an attempt to examine a very important problem as yet unsolved—the significance of the Swedish ore deliveries to Germany. His study begins with the following two questions:² 1. ‘How much of the total consumption of this raw material by German industry did Swedish ore cover during these years?’

2. ‘How far was access to Swedish iron ore a sine qua non for the continuance of the armaments programme?’

3. These basic questions indicate the main problems. Karlbom's answers to them are not wholly convincing because of some weaknesses in his approach.

     

Prof. Mr. Dr. A. Heringa †

Ohne Zusammenfassung

---

Utrecht, 1 Februari 1921     

Farm household economics: Some policy implications for emergent farmers in Southern Africa

Farm household economics recognises the fact that production and consumption decisions are made jointly by small farm (ie surplus‐producing) households. This phenomenon is of particular importance in areas where small farm households predominate.

Most empirical applications of farm household economics have been directed at measuring the effects of price changes on consumption and have relied on the ‘separable’ approach in deriving estimates. This approach assumes that production decisions always precede consumption decisions with farm households treated as profit maximizers in production and utility maximizers in consumption. Results have clearly demonstrated consumption responses smaller than estimates based on consumer theory alone.

Although many researchers regard mathematical programming as a potentially suitable tool for simulating smallholder behaviour, proponents of new household economics would be reluctant to accept any model that does not (a) maximize utility (rather than profit) and (b) capture the ‘profit effect’ which variations in product prices have on the farm household's full‐income constraint. Attempts to include these basic postulates of farm household economics in programming models are in progress.     

über die Theorie des Wirtschaftlichen Wachstums und Ihre Bedeutung

Summary The study is devoted to the theory of economic growth and its relevance to pure and applied theory. It is maintained that by trying to explain the development of the factors of production the theory of growth represents an important generalization of the static theory of general equilibrium. The main conceptual categories and specific methods of growth theory are shown to be the examination of the existence and stability of growth equilibrium and of comparative dynamics. As far as applied theory is concerned the principle conclusions are the following: economic models devised to explain a country's economic development should be based on the theory of growth rather than on an entirely Keynesian business cycle approach. This does not seem to be generally realised, since the majority of macro-economic models is of basically Keynesian nature. On the other hand the theory of growth needs to be supplemented by a theory of business cycles, because the actual economic development exhibits growth as well as fluctuations. Although great stress is laid on the essential role of the growth theory in any attempt to explain a country's economic development, it is doubted whether the theory can as yet be usefully applied to practical situations. There remain a number of unsolved problems (of measurement etc.) typically connected with the theory of economic growth. While this may, for the time being, prevent the theory from being put to practical use, it in no way affects its basic validity.

---

---

Gastcollege, gegeven aan de Faculteit de Economische Wetenschappen van de Rijksuniversiteit te Groningen op 11 mei 1967.     

Verkenningen langs het micro-groeipad

Summary The theories of the growth of the firm of Mrs. E. Penrose, W. Baumol, R. Marris and H. Albach have two features in common,viz., the formulation of the firm's goal in terms of growth and the analysis of growth stimulating and growth impeding factors. As limiting factors the managerial and the financial restraint, with the “take-over” menace as a special case, get special attention. The analysis of the financial restraint shows the interdependence of limitations to productive capacity and extension of sales as factors setting a limit to the growth of the firm. If the assumption of fixed prices is dropped and a sales function is introduced, both capacity and market restrictions can be included in one comprehensive model.

---

---

De schrijver dankt A. Heertje voor diens stimulerende kritiek.     

Economie en vooruitgangsidee

Summary The object of this article is the relation between economic science and the idea of progress in western civilization. That relation can clearly be observed in classical economic theory (influenced by the Enlightment) and the modern theory of growth (Golden Age Economics). The author rejects any identification of economic progress with an unlimited increase of GNP. He proposes a link between the idea of economic progress and the divine mandate of stewardship, which implies that the inter-subjective scarcity of non-renewable resources and environmental factors should constantly be taken into account. He concludes with some remarks about economic growth as a goal of economic policy.

---

---

Rede uitgesproken bij de aanvaarding van het ambt van gewoon hoogleraar aan de Vrije Universiteit op 10 maart 1972.     

Marktanalyse en markttheorie

Summary The introduction of expectations in market theory has increased its dynamic nature and realism. It is argued that only the incorporation of historical time in the theory will suggest the market development patterns needed by analysts. Dynamic market theory can usefully be based on the development stages of the product cycle. The scope of such a theory is much wider than is currently acknowledged. It comprises entrepreneurial theory, the theory of profits, competition and industrial change, and provides the building blocks of a theory of international business. The application of methods of analysis in the various stages of market development is mentioned.

---

---

Rede, uitgesproken bij de aanvaarding van het ambt van lector in de bedrijfshuishoudkunde aan de Universiteit van Amsterdam op 27 april 1971. Prof. Dr. P. Hennipman heeft door zijn critische opmerkingen wezenlijk bijgedragen tot de formulering en nuancering van het gegeven betoog.     

Briefwisseling tussen S. Vissering en N. G. Pierson

Summary The correspondence between Vissering (1818–1888), professor of economics at Leiden University, and the better known Pierson (1839–1909) which, in so far as it is available, is published here for the first time, contains many interesting comments on practical and scientific economic problems, current events, their own publications and those of others. One example is their endorsement of the government proposal to continue the Netherlands Bank's monopoly of the note issue when its charter expired in 1863 against the strong attacks of other economists who favoured free banking. A quarter of a century later they wrote about the renewal of the charter as insiders, Pierson then being President and Vissering one of the directors of the Bank.

---

Briefwisseling tussen S. Vissering en N. G. Pierson

---

Oud-ambassadeur.     

Herverdelingspolitiek van hoofdzaak naar bijzaak?

Summary A more equitable personal distribution cannot be achieved exclusively by a general incomes policy which changes primary distribution only. In that case people that have left the labour force are beyond the scope of incomes policy because their incomes often consist of transfers. Neither can redistribution instruments be considered as pseudo-policies for these groups. An effective incomes policy will therefore have not only to bring about fundamental changes in the conditions of supply and demand on the factor markets, but to make use of transfers as well.

---

---

Rede, uitgesproken bij de aanvaarding van het ambt van gewoon hoogleraar in de staathuishoudkunde aan de Nederlandse Economische Hogeschool te Rotterdam op 20 april 1972.     

Een terugblik op Mr. N. G. Pierson

Summary Dr. Holtrop's address on the occasion of the award of the Dr. N. G. Pierson medal to Professor C. Goedhart and to Professor G. A. Kessler answers the question why it is still meaningful to commemorate Dr. N. G. Pierson (1839–1909), the foremost Dutch economist of the 19th century. Pierson was successively a managing director and later governor of the Nederlandsche Bank (1868–1891), a professor of economics (1877–1886), a minister of finance (1891–1894 and 1897–1901) and a prime-minister (1897–1901). A brief outline is given of Pierson's publications in the fields of (1) methodology, (2) the social problem, (3) the international monetary system, and (4) equitable taxation. The address concludes with a quotation from Alfred Marshall's last letter to Pierson.

---

---

Oud-president van de Nederlandsche Bank.

---

Tekst van een toespraak, gehouden als voorzitter van de Stichting Mr. N. G. Pierson Fonds, ter gelegenheid van de uitreiking der Mr. N. G. Pierson-penning aan Prof. dr. C. Goedhart en aan Prof. dr. G. A. Kessler op 15 september 1978 in het gebouw van De Nederlandsche Bank te Amsterdam. De inleiding van de toespraak is enigszins verkort weergegeven.     

How much can we trust China’s investment statistics?

Abstract

Building upon recent research into the underestimation of China’s official final consumption expenditure, this paper investigates the quality of China’s investment data. We strictly follow the official method to estimate the annual gross fixed capital formation (GFCF) expenditure from 2004 to 2012, and the resulting figures are significantly different from the official statistics. This implies that the ‘total investment in fixed assets’ data, which are the primary source for the estimation of GFCF, grossly exaggerate actual investments, and that the official GFCF figures are not, strictly speaking, independently estimated, as they are purported to be. We deduce that the official gross capital formation figure is more or less a residual item obtained by subtracting final consumption and net exports from the official GDP figure that is calculated based on the production-cum-income approach. As a result, the underestimation of China’s consumption expenditure automatically translates into overestimation of investment expenditure. We conclude that China’s official consumption and investment statistics cannot be trusted as the basis for policy discussions and academic research.     

The Retirement Consumption in Korea: Evidence from the Korean Labor and Income Panel Study

Abstract

This paper examines the retirement consumption in Korea using the Korean Labor and Income Panel Study. This paper reports a significant post-retirement consumption fall among elderly households. The empirical results of this paper suggest that a reduction in work-related expenses is an important factor to explain the observed post-retirement consumption fall. In addition, this paper finds that the post-retirement consumption growth rate varies depending on each household's pre-retirement wealth level. The findings of this paper provide empirical evidence on retirement consumption in an emerging market with no matured public pension programmes.     

Similarities in the Consumption Patterns of the Five Asian Tigers

The five countries of Hong Kong, Japan, Korea, Singapore and Taiwan are considered to be the major Asian economic 'Tigers' behind Asia's growth in the late 1900s. In this paper, we analyze the consumption patterns of these five countries, using the most recent consumption data and employing the system-wide approach. We find that the consumption data from these five countries support a number of empirical regularities, including the 'law of demand' and 'Engel's law'. Based on the estimation results, we find that in all five countries, food, housing and medical care (except in Taiwan) are necessities, while clothing, durables (except in Singapore) and transport are luxuries. Demand for all the commodities is price inelastic. Furthermore, we find that the demand hypothesis, homogeneity, is acceptable for all five countries while Slutsky symmetry is acceptable only for Hong Kong, Singapore and Taiwan. We also find that the preference-independence hypothesis is acceptable for all countries except Japan. Overall, consumption patterns of consumers appear to be similar across the five countries, while some differences exist between Japan and the other four countries.