Intangible capital is not a distinct factor of production as is physical capital or labor. Rather it is the "glue" that creates value from other factor inputs. This perspective naturally suggests an empirical model in which intangible capital is defined in terms of adjustment costs. My estimates of these adjustment costs from firm-level panel data suggest that no appreciable intangibles are associated with R&D and advertising, whereas information technology creates intangibles with a 72% annual rate of return--a sizable figure that is nevertheless much smaller than that reported in previous studies. To build a bridge to previous research, I show that much larger estimates can be obtained with ordinary least squares, a method that ignores the possibility that the value of the firm and its investment policy are simultaneously determined.

One of the most basic principles in economics is that competitive pressure promotes efficiency. However, this pressure can also have a dark side because it makes firms reluctant to act on private information that is unpopular with consumers. As a result, firms that possess superior information about the consequences of their actions for consumers' welfare may choose not to use it. We develop this idea in a simple model of delegated investment in which agents are fully rational and risk neutral, and agency problems are absent. We show that competitive pressure obliges firms to make inefficient decisions when their information advantage over consumers is relatively small. This result could be applied to a broad range of economically important situations.

Title: The Christian church's duty to the freedmen: a sermon preached on Thanksgiving day, December 7, 1865, in Christ Church, Reading, Pa.Author: Alexander G CumminsPublisher: Gale, Sabin Americana Description: Based on Joseph Sabin's famed bibliography, Bibliotheca Americana, Sabin Americana, 1500--1926 contains a collection of books, pamphlets, serials and other works about the Americas, from the time of their discovery to the early 1900s. Sabin Americana is rich in original accounts of discovery and exploration, pioneering and westward expansion, the U.S. Civil War and other military actions, Native Americans, slavery and abolition, religious history and more.Sabin Americana offers an up-close perspective on life in the western hemisphere, encompassing the arrival of the Europeans on the shores of North America in the late 15th century to the first decades of the 20th century. Covering a span of over 400 years in North, Central and South America as well as the Caribbean, this collection highlights the society, politics, religious beliefs, culture, contemporary opinions and momentous events of the time. It provides access to documents from an assortment of genres, sermons, political tracts, newspapers, books, pamphlets, maps, legislation, literature and more.Now for the first time, these high-quality digital scans of original works are available via print-on-demand, making them readily accessible to libraries, students, independent scholars, and readers of all ages.++++The below data was compiled from various identification fields in the bibliographic record of this title. This data is provided as an additional tool in helping to insure edition identification: ++++SourceLibrary: Huntington LibraryDocumentID: SABCP00653900CollectionID: CTRG10184509-BPublicationDate: 18650101SourceBibCitation: Selected Americana from Sabin's Dictionary of books relating to AmericaNotes: Collation: 30 p.; 22 cm

2012 Reprint of 1963 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. Gelfand was a Soviet mathematician who made major contributions to many branches of mathematics, including group theory, representation theory and functional analysis. The recipient of numerous awards and honors, including the Order of Lenin and the Wolf Prize, he was a Fellow of the Royal Society and a lifelong academic, serving decades as a professor at Moscow State University and, after immigrating to the United States shortly before his 76th birthday, at the Busch Campus of New Jersey's Rutgers University. He is known for having educated and inspired generations of students through his legendary seminar at Moscow State University. This treatise is devoted to the description and detailed study of the representations of the rotation group of three dimensional space and of the Lorentz group. These groups are of fundamental importance in theoretical physics. The book is also designed for mathematicians studying the representations of Lie groups. For them the book can serve as in introduction to the general theory of representations.