Money creation and economic activity

Summary In the Netherlands not much attention is paid to money supply figures as an indicator of actual monetary conditions. This can be partly explained by the publication lag and the continuous revisions of seasonally adjusted data. However, the information that can be derived from money supply figures is limited because of temporary disturbances originating from the foreign exchange market. In this paper a correction method for these temporary disturbances is proposed. Money supply figures show a much closer link to real economic activity when corrected in this way.A different version of this essay with less emphasis on Holland but more information about other West-European countries has been published as chapter II Watching the money supply in: Eduard J. Bomhoff,Monetary Uncertainty, Amsterdam and New York, 1983. We gratefully acknowledge the able research assistance of Isolde B. Woittiez and Geert Rouwenhorst; Kempen and Co. kindly provided the two figures.     

The economics of dying: A misapplication of tools

Conclusions Unlike McKenzie and Tullock, we do not know how personsshould treat their bodily organs or what is an ideal exit. That depends upon their utility goals, which are defined in output terms specific to the decision maker. We contend that the body is an input into the utility production process, and therefore, as with any input, it must be maintained and repaired at a level consistent with the output goals for maximization of utility. Thus, from this framework, it is quite consistent for a person to die with healthy organs without any thought of belief in reincarnation or the desire to bequeath one's bodily organs to others, or religious values. Self interest is all that must prevail.Also, the fact that there are interrelationships between the organs in the system, and at points these relationships take on fixed factor characteristics such that reduced levels of operation in one organ can create disorientation or coma or damage to other organs, means that the body cannot die as M-T suggest. Zero capacity for all organs at death is a technical impossibility as well as being inconsistent with the output goals of utility maximizers.     

Marketing versus public relations in selling nuclear power

All too often, the terminology and practices of public relations are used when marketing is what is really needed. This misapplication appears most often when a concept, an idea, or an intangible product is involved. Webster defines public relations as: relations with the general public through publicity; those functions of a corporation, organization, branch of military service, etc., concerned with informing the public of its activities, policies, etc., and attempting to create favorable public opinion.This definition implies a general, ongoing effort to supply information supporting the image of an organization. There is, however, a considerable difference between this kind of activity and the specific, overt process of marketing. This difference has been particularly apparent in attempts of public utilities to “sell” nuclear power plants. Utilities, of course, are monopoly suppliers and, as such, must seek a favorable image in the community. Thus, when public opposition to nuclear power plants mounted, many utilities responded with stepped-up public relations programs; the method they knew best. This article examines the experience of several utilities in locating nuclear plants and suggests how marketing techniques might be used in selling this intangible product.     

THE PLACE OF MANAGERS IN INDUSTRIAL DEMOCRACY

The discussion of industrial democracy in Britain has exploded in the last few years, but the result has been to write an agenda which has still to be worked through, not to reveal a consensus which can be written into action at once.     

Building more business with industrial direct mail advertising

One of the most effective tools of promotion in industrial markets, though often misused and little understood, is the proper use of direct mail. This article focuses upon the major considerations, with numerous examples, for planning and executing different direct mail programs.