Capital and Rates of Return in Manufacturing Industries.
STIGLER George J. (1963.)
£125.00 [First Edition]
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First edition. 8vo. xiii, , 229,  pp., with an 8 pp. 'Errata Statement' dated 'July 6, 1964', original self-wrappers, stapled as issued, loosely inserted at rear. Original blue cloth, spine lettered and ruled in gilt, dust jacket (small ink ownership inscription to front free endpaper, staples from errata have left two small rust stains to rear pastedown, spine panel of jacket faintly toned, with some shallow chips to head and tail, otherwise a very good copy indeed). Princeton, Princeton University Press. National Bureau of Economic Research, Number 78, General Series.
An empirical study carried out during Stigler's time as a staff member of the National Bureau of Economic Research, analysing investments and rates of return in American manufacturing industries from 1938 to 1957. 'His study indicates that the primary determinant of year to year changes in investment is the changing demand for industry’s product: on average a dollar increase in sales is associated with 60 cents of additional capital investment. But over a period of several years, the rate of return on investment becomes at least as important an influence on investment rates. In the period 1947 to 1956, if an industry's rate of return was one percent higher than the average of all industries, it rate of investment was 6,6 per cent higher' (from dust jacket).
Stock Code: 239776