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Monetary conditions necessary for equilibrium:[Keynes] “A Treatise on Money,” Vol. I, Books 3 and 4Robertson's “Banking Policy and the Price Level”Hayek's “Prices and Production”Marshall (short period of equilibrium: quasi-rent – supplementary cost, Book V, Chapters 4, 5, 9)Harrod, The Economic Journal, June 1930, “Notes on Supply”Kahn, The Economic Journal, June 1931, “Relation of Home Investment to Unemployment”

Allyn Young′s lectures, as recorded by the young Nicholas Kaldor, survey the historical roots of the subject from Aristotle through to the modern neo‐classical writers. The focus throughout is on the conditions making for economic progress, with stress on the institutional developments that extend and are extended by the size of the market. Organisational changes that promote the division of labour and specialisation within and between firms and industries, and which promote competition and mobility, are seen as the vital factors in growth. In the absence of new markets, inventions as such play only a minor role. The economic system is an inter‐related whole, or a living “organon”. It is from this perspective that micro‐economic relations are analysed, and this helps expose certain fallacies of composition associated with the marginal productivity theory of production and distribution. Factors are paid not because they are productive but because they are scarce. Likewise he shows why Marshallian supply and demand schedules, based on the “one thing at a time” approach, cannot adequately describe the dynamic growth properties of the system. Supply and demand cannot be simply integrated to arrive at a picture of the whole economy. These notes are complemented by eleven articles in the Encyclopaedia Britannica which were published shortly after Young′s sudden death in 1929.

FIVE years ago a score or so of Work Study enthusiasts met in Holland to consider the desirability of creating an organic link between their national bodies. The following year, slightly increased in numbers, they gathered in Germany to create what is now the European Work Study Federation. Since then, through an annual Congress in Stockholm, London and Zurich, it has established itself as an international body.

The purpose of this paper is to explore the role and viability of changing contract terms as a project progresses and to offer an original analysis in this respect. Commonly, projects start out with broadly defined information, and this gets refined as the project progresses. This suggests that a prudent approach would be to tailor the contract between the project owner and the project contractor to the project stage, with conversions along the way. Information asymmetry between owner and contractor also suggests the need to tailor a contract to a project ' s situation.

An original method of analysis of the conversion of contract terms within projects is given, along with discussion on the risk transfer between owner and contractor, the common law issues associated with implementing such conversions, any compensation that the owner might need to pay, the timing of the conversion and associated practical implementation issues. The paper, for definiteness, concentrates on construction contracts with conversion between payment types, but the paper’s approach applies to all contracts and all terms within contracts.

The paper provides a readily usable method for analysing the value of having a convertible contract, couched within acceptable common law practice.

The paper offers a novel method and framework usable by practitioners for establishing the value of convertibility within a contract. Having convertibility within a contract can be shown to offer benefits to both contracting parties.

The idea of having flexible contracts is not new, but, hitherto, a rational method of analysing their value has been missing. This paper gives an original analysis of contracts with conversion capabilities. Current literature does not deal directly with the matter addressed in the paper.

The construction industry can be characterised as a sector of the economy that uses planning, design, construction, maintenance and repair, and operation to transform various resources into physical facilities in both developed and developing countries. Residential and non-residential structures, as well as heavy construction, are among the types of public and private facilities built, and these physical facilities play an important and visible part in the development process. Major participants in the construction industry include the design team (architects, engineers and quantity surveyors), management consultants, general contractors, heavy construction contractors, special trade contractors or subcontractors, and construction workers, as well as the owners, managers and users of the built facility. Building financing and insurance businesses, land developers, real estate agents and material and machinery suppliers and distributors, to name a few, are all involved in construction, yet they are categorised as independent but connected industries. Cost is a major factor that affects and determine the choice and engagement of these processes and stakeholders, and the same has been a measure of project success from the time immemorial.

The purpose of this paper is to contribute to the literature on demand-driven Keynesian growth in open economies by developing a formal model that combines Dixon and Thirlwall’s (1975) export-led growth model and Thirlwall’s (1979) balance-of-payments constrained growth model into a more general specification. Then, based on the model developed in this paper, the authors analyse more broadly some important issues concerning the net impact of currency depreciation on the short-run growth.

The authors build upon Dixon and Thirlwall’s (1975) export-led growth model and Thirlwall’s (1979) balance-of-payments constrained growth model in order to develop the theoretical framework. The authors also run numerical simulations to illustrate the net impact of devaluation on the short-run growth rate in different scenarios.

The authors demonstrate that the net impact of currency devaluation on growth can go either way, depending on some structural conditions such as the average share of imported intermediate inputs in prime costs of domestic firms and the institutional capacity of trade unions to set nominal wages through the bargaining process. The model also shows that the effectiveness of a competitive real exchange rate to promote growth is higher in countries where the share of labour in domestic income is also higher.

This paper provides a coherent formal starting-point for further theoretical developments on the interrelatedness between currency devaluation, income distribution and growth. These findings provide empirically testable hypothesis for future research.

The present study proposes an alternative formal solution for the theoretical problem of imposing a balance-of-payments constraint on the process of cumulative causation often incorporated in Kaldorian growth models. In terms of policy, the framework sheds further light on the relevance of income distribution and the labour market institutional framework for the dynamics of the exchange rate pass-through mechanism and allows us to map out related conditions under which currency devaluation can promote growth.

Inventory carrying costs represent one of the highest costs of distribution. Although they are a necessary input to the design of logistical systems, such costs are ignored by many companies and when they are used usually represent estimates or industry benchmarks. The authors present a methodology designed to provide managers with a practical framework for determining the costs of carrying inventory.

The purpose of this paper is to examine different categories of building project procurement routes based on organisational, contractual, financial and technical issues.

The paper is based on review of literature and conditions of contracts. The UK construction industry serves as a general frame of reference. The Royal Institution of Chartered Surveyors survey of Contracts in Use from 1985 to 2004 is used to probe the share and value of contracts along different procurement routes and across different conditions of contracts in the UK. The logic is that the value and the share of contracts will indicate the behaviour of different procurement routes in the UK construction market while the in‐depth analysis of conditions of contracts will show the gaps and relationships between the general definition/categorisation and contractual context (conditions of contracts) of each of the procurement routes.

The preliminary result of the analysis shows that traditional routes remain the main type of procurement route for the construction project industry sector, within which different management and incentivisation systems are applied for greater efficiency. The conditions of contracts in the UK support this assertion by aligning different procurement routes to different conditions of contracts and additionally specifying different forms of agreements, special provisions and incentivisation in order to increase performance, reduce risks and improve compensation methods.

The study can serve as a learning opportunity for construction project stakeholders internationally, and clients in particular, to differentiate between procurement routes, management‐oriented systems, relational contracting and incentivisation.

The research provides an original assessment of construction procurement which can be used as intervening tool in different levels of private and public procurement strategies.

There has been no lack of criticism in the literature of accounting and logistics over the attention given, or not given, to distribution costs. Dobson stated flatly: “Distribution is neglected by cost accountants”. Only slightly less deprecating were Lambert and Armitage, who concluded that, for years, “control over distribution costs has been at best haphazard and, at worst, nonexistent”.