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Originally published in 1971, this is a rigorous analysis of the
economic aspects of the efficiency of public enterprises at the
time. The author first restates and extends the relevant parts of
welfare economics, and then illustrates its application to
particular cases, drawing on the work of the National Board for
Prices and Incomes, of which he was Deputy Chairman. The analysis
is developed stage by stage, with the emphasis on applicability and
ease of comprehension, rather than on generality or mathematical
elegance. Financial performance, the second-best, the optimal
degree of complexity of price structures and problems of optimal
quality are first discussed in a static framework. Time is next
introduced, leading to a marginal cost concept derived from a
multi-period optimizing model. The analysis is then related to
urban transport, shipping, gas and coal. This is likely to become a
standard work of more general scope than the authors earlier book
on electricity supply. It rests, however, on a similar combination
of economic theory and high-level experience of the real problems
of public enterprises.
Originally published in 1968, this book was one of the first
full-scale published studies of the principles of investment
planning and of the structure of marginal costs in a public
enterprise. The concepts involved were more developed and applied
in the world's electricity industries than elsewhere, and this book
will be of interest to both engineers and administrators who are
concerned with electricity supply, by setting out the
characteristics of investment planning in this sector and the
implications for cost analysis.
Originally published in 1957. This book applies modern economic
theory to the subject of land economics. The author is primarily
concerned to show the role of analysis, with the main emphasis on
urban real property. The first part discusses the working of the
price mechanism in the property market. The second contains an
extension and application of the analysis to property taxation and
to two kinds of State intervention in the use of property. The
chapter on the taxation of site values, for instance, is an
original, general equilibrium analysis of the effects of taxation.
The chapter on Compensation and Betterment, which ends the book,
includes an analysis of recent British experience.
First published in 1960, Interest Rates and Asset Prices presents
an analysis of the determination of interest rates and asset prices
with the help of few simple assumptions. The theory can be regarded
either as an alternative to the liquidity preference theory or as
an extension of it. Like that theory, it is aggregative and simple,
but it is applicable not only to interest rates on government
securities but also to yields on real assets. Furthermore, it can
be formulated in terms of actually measurable variables, so that it
is directly applicable to particular situations. This is
demonstrated by a statistical example relating to the average yield
on U.S. Government securities in the post- war period. In addition
to the main analysis the author discusses the role of financial
intermediaries and the structure of interest rates, and there is
also a re-examination of the determinants of the transactions
demand for money. This is book is an essential read for students of
economics.
First published in 1971, Demand and Supply is an introduction to
the economics of resource allocation, often known as
micro-economics. Ralph Turvey examines how the economy really works
and does not just give the economists' textbook version, which
oversimplifies technology and exaggerates the importance of prices
in adjusting supply and demand. Instead of offering theoretical
diagrams and imaginary examples, he refrains from expounding those
ideas that cannot be simply demonstrated or applied. But he
includes sections on retail margins, urban land values, and the
value of time - topics rarely dealt with in beginner's books. Some
examples of the examples are: university teachers' pay; cotton
spinning costs; pricing of tin cans; demand for farm tractors;
newspaper economics; competition in the bus industry. This is the
kind of economics used in practice and rests on down to earth fact
finding. This book will be useful for both general readers and A-
level and first year university students.
Originally published in 1957. This book applies modern economic
theory to the subject of land economics. The author is primarily
concerned to show the role of analysis, with the main emphasis on
urban real property. The first part discusses the working of the
price mechanism in the property market. The second contains an
extension and application of the analysis to property taxation and
to two kinds of State intervention in the use of property. The
chapter on the taxation of site values, for instance, is an
original, general equilibrium analysis of the effects of taxation.
The chapter on Compensation and Betterment, which ends the book,
includes an analysis of recent British experience.
Originally published in 1971, this is a rigorous analysis of the
economic aspects of the efficiency of public enterprises at the
time. The author first restates and extends the relevant parts of
welfare economics, and then illustrates its application to
particular cases, drawing on the work of the National Board for
Prices and Incomes, of which he was Deputy Chairman. The analysis
is developed stage by stage, with the emphasis on applicability and
ease of comprehension, rather than on generality or mathematical
elegance. Financial performance, the second-best, the optimal
degree of complexity of price structures and problems of optimal
quality are first discussed in a static framework. Time is next
introduced, leading to a marginal cost concept derived from a
multi-period optimizing model. The analysis is then related to
urban transport, shipping, gas and coal. This is likely to become a
standard work of more general scope than the authors earlier book
on electricity supply. It rests, however, on a similar combination
of economic theory and high-level experience of the real problems
of public enterprises.
Originally published in 1968, this book was one of the first
full-scale published studies of the principles of investment
planning and of the structure of marginal costs in a public
enterprise. The concepts involved were more developed and applied
in the world's electricity industries than elsewhere, and this book
will be of interest to both engineers and administrators who are
concerned with electricity supply, by setting out the
characteristics of investment planning in this sector and the
implications for cost analysis.
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