List of contributors; Editors’ Introduction; The Harry Johnson Memorial Lecture; 1. The Road Not Taken: Reflections on a Minseito-Zaibatsu Japan Martin Bronfenbrenner; The Frank Paish Lecture; 2. Government Deficits and Capital Accumulation James Tobin; Macroeconomic Issues; Demand Management Policy in Changing Historic Circumstances Andrew Graham Discussion M.J. Artis 4. The Foreign Trade Multiplier Revisited C. Kennedy and A. Thirlwall Discussion D.G. Mayes; Empirical Studies; 5. The Application of Rational Expectations to the U.K. Foreign Exchange Market M. Beenstock and S. Bell Discussion J.P. Hutton 6. A Supply and Demand Analysis of Hours of Work D.G. Leslie Discussion J.K. Bowers; Public Sector Economics; 7. Where Did Prescriptive Welfare Economics Go Wrong? D.J. Mayston Discussion P.J. Simmons 8. Cost Benefit Analysis as a Planning Procedure P.J. Hammond Discussion Parthe Dasgupta 9. The Welfare Economics of Private and Public Education P.G. Hare and D.J. Ulph Discussion Paul Grout 10. Human Capital, Risk Aversion and the Value of Life M.W. Jones-Lee Discussion M. Parsonage 11. The Growth of the Relative Size of the Public Sector Peter Jackson Discussion Kerry Schott; Risk and Uncertainty; 12. Measuring Risk and Measuring Risk Aversion J.D. Hey Discussion A.H. Vanegs 13. Risk Premiums in Commodity Portfolios Michael Allingham Discussion A.K. Dixit; Monopoly, Competition and Markets; 14. Pricing in the Trade Cycle: A Quasi-Competitive Model John Sutton Discussion J.D. Hey 15. Roy’s Identity and Monopoly Welfare Loss N.J. Ireland Discussion M. Waterson 16. Take-over Bids, the Managerial Theory of the Firm and the Free Rider Problem S. Grossman and O. Hart Discussion A. Cigno 17. Costs and Decisions J. Wiseman