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American Economic Association
The Classical Theory of Wages and the Role of Demand Schedules in the Determination of
Relative Prices
Author(s): Pierangelo Garegnani
Source: The American Economic Review, Vol. 73, No. 2, Papers and Proceedings of the Ninety-
Fifth Annual Meeting of the American Economic Association (May, 1983), pp. 309-313
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The Classical Theory of Wages and the Role of Demand 
Schedules in the Determination of Relative Prices 
By PIERANGELO GAREGNANI* 
My purpose in this paper will be twofold. 
First, I shall argue that the role of demand 
functions in determining prices depends on 
their role in determining distribution by 
means of the "relative scarcity" of the "fac- 
tors of production." As a result, these func- 
tions would have no role in determining 
prices in the approach of Adam Smith and 
Ricardo who did not explain distribution in 
that way. These considerations will lay the 
ground for my second purpose: to dis- 
tinguish between the notion of demand 
schedules for commodities and that of "ef- 
fectual demand" in Smith and Ricardo, and 
to contend that the attempt to read in the 
classical authors as explanation of relative 
prices along the lines of modern theory is not 
well founded. 
I. Demand and " Marginalist" Prices 
The notion of demand schedule requires 
that the price-quantity relationship be de- 
terminate for all prices in the relevant range, 
and not only for the "natural" or "normal" 
price, which, however, is the only one that 
we may expect to experience under the non- 
accidental conditions that are likely to emerge 
through a repetition of the situation. We are 
therefore dealing with a much stricter notion 
than the immediately plausible one accord- 
ing to which an accidental fall in the quan- 
tity supplied below its normal level is likely 
to be accompanied by a rise in the price, and 
vice versa: in this notion no attempt would 
be made to determine the magnitude of such 
a rise, considered as depending on accidental 
factors. 
This second, weaker notion (which, as I 
shall contend below, is that held by the 
classical authors) could not be represented 
by a curve in the familiar diagram: the prices 
corresponding to quantities below (above) 
the normal quantity qn would be determinate 
only in that they are higher (lower) than the 
normal price pn. If we wished to represent 
this notion in such a diagram, we would find 
two areas, North-West (NW) and South-East 
(SE) of the normal price-quantity point P, 
where NW indicates where the price is likely 
to be found when the quantity supplied has 
fallen accidentally short of qn, and SE indi- 
cates where it is likely to be in the opposite 
case. To pass from this diagram to the 
familiar demand curve requires the assump- 
tion that the price-quantity relations falling 
into those two areas are as definite as they 
are at the normal point P. This, though 
formally tempting, cannot be done without a 
theory which allows us to determine those 
points. 
The theory which has been advanced to 
that effect is the dominant one in its two 
aspects of: (i) asserting definite tastes for 
each consumer such that, given his income 
and any set of relative prices, the quantities 
of goods he demands are determined; (ii) 
ensuring individual income levels corre- 
sponding to the full employment of their 
productive services or, more generally, deter- 
minable simultaneously with the demand 
price of the commodity and undergoing com- 
paratively small changes as the quantity sup- 
plied changes. (The demand function is based 
here on the general equilibrium system, but 
any "partial equilibrium" notion of it rests 
on its general equilibrium counterpart to 
which we should refer in order to ascertain 
its properties and adequacy.) 
The same analysis ensures a persistence of 
the demand function sufficient to correct 
accidental deviations from it through repeti- 
tion over time. Such persistence will in fact 
be that of individual tastes and of the other 
data of the system. *University of Rome. 
309 
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310 A EA PAPERS AND PROCEEDINGS MA Y 1983 
It is, on the other hand, generally recog- 
nized that the same theory allows us to con- 
clude that the demand functions will gener- 
ally show a negative price-quantity relation, 
and thus to argue for the uniqueness and 
stability of the equilibrium concerned. This 
negative relation, I should note, requires a 
specific ordering between each price-quantity 
point. Even more importantly, the theory 
does not regard these points as results of 
accidental and temporary deviations of the 
quantity supplied from the "normal" level, 
but rather as determinate points likely to 
emerge from a repetition of the event. 
If the notion of the demand function for a 
product depends upon the dominant theories 
for its rational basis, its role in determining 
the relative prices of the products depends 
on the idea, which is characteristic of these 
theories, that the distribution of the social 
product is determined by an "equilibrium" 
between the "demand and supply" of the 
services of factors of production. 
In fact, let us assume, as is generally done 
in these theories, that constant returns to 
scale prevail in each industry. Let us also 
assume, at first, that land is free. It follows 
that, given the real wage, or, alternatively, 
the rate of profit (interest), the relative prices 
of all products will be determined indepen- 
dently of any demand functions. Thus the 
demand functions can enter into the de- 
termination of the prices of products only to 
the extent to which they enter into the de- 
termination of the division of the product 
between wages and profits. And the demand 
functions for products do enter the de- 
termination of distribution in modern the- 
ory, because the decreasing demand func- 
tions for services of factors are derived from 
them, as well as from the conditions of tech- 
nical substitution. 
This conclusion, according to which a de- 
mand schedule can only affect the price of 
the corresponding product to the extent to 
which it affects distribution, might at first 
puzzle the reader used to thinking in terms 
of the intersection of the demand and supply 
curves of the product in question. It is evi- 
dent, however, that the demand curve of a 
product can affect its price only if the supply 
curve is nonhorizontal. Now, under the as- 
sumption of constant returns to scale, the 
supply curve will have a rising slope because 
the expansion of output will generally render 
the factors used in relatively higher propor- 
tions for the product in question more costly. 
Indeed the nonhorizontality of the supply 
curve is the expression of the extent to which 
the quantity produced, and hence the de- 
mand conditions of thecommodity, affect 
distribution. The same nonhorizontality is, 
on the other hand, the agency through which 
this effect on distribution makes itself felt on 
the price of the commodity. 
This role of consumer choice in determin- 
ing prices seems, at times, to be imperfectly 
grasped in the literature. An example is 
perhaps provided by the sense of novelty 
that the "nonsubstitution theorems" have 
aroused. Thus, to take the most significant of 
these theorems, Paul Samuelson (1961, 
p. 528) found that in an economy where pro- 
duction requires only labor and capital goods, 
"a stipulated change in the pattern of de- 
mand for end-goods" will affect neither the 
relative prices of such goods nor the methods 
of production in use, once the rate of interest 
(profit) is given. This proposition would have 
seemed less novel had it been clear that the 
pattern of demand can only affect relative 
prices. 
II. Demand and "Classical" Prices 
When this role of demand functions in the 
determination of the prices of products is 
understood, it should become clear why they 
are not to be found in Adam Smith and 
Ricardo, who had a different theory of distri- 
bution. These authors envisaged the real wage 
as dependent, essentially, on institutional 
factors, together with the conditions affect- 
ing what might perhaps be summed up as the 
relative bargaining position of workers and 
employers. 
Thus Adam Smith attributed a central role 
to the notion of a culturally determined level 
of subsistence (Wealth, II, pp. 351-52) and 
held that the tendency towards such a level 
was largely explained by the "advantage" 
which masters have in disputes over wages, 
both because they are always "in a sort of 
tacit, but constant and uniform combination, 
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VOL. 73 NO. 2 CLASSICAL ECONOMICS 311 
not to raise the wages of labour" and be- 
cause in case of dispute they can "hold out 
much longer" (Wealth, I, p. 59). Ricardo, for 
his part, also focused his explanation of the 
real wage on a notion of subsistence which, 
determined by historical no less than by bio- 
logical factors, was in the given conditions 
the minimum acceptable by workers for any 
length of time. For the tendency of the 
" market" wage towards such a "'natural" 
level, Ricardo, influenced by Malthus, relied 
on changes in population, which Smith had 
also considered, though more flexibly than 
Ricardo. Ricardo's own position was how- 
ever far from rigid: he freely admitted that 
" with better education and improved habits" 
the natural wage could itself rise (compare, 
for example, Ricardo's spirited reaction to 
Malthus in Works, II, p. 115). 
It seems therefore that what characterized 
these authors was not the idea of a wage 
determined by subsistence, even less that of a 
subsistence constant over time. It was, more 
generally, the importance attributed, in the 
determination of the real wage, to elements 
which were best studied before and indepen- 
dently of the determination of relative prices 
and of the other shares in total product. This 
separate determination found expression in 
the fact that these authors took the real wage 
as given when approaching the determina- 
tion of relative prices. This in turn implied 
that the price system and the rate of profit 
could be determined independently of any 
demand functions for the products. 
An interpretation of Adam Smith and 
Ricardo as "modern economists trying to be 
born," holding, that is, a demand and supply 
analysis of wages while seeking to say some- 
thing "significant and limiting about their 
properties" (p. 1415), has been advanced by 
Samuelson (1978) with his "canonical classi- 
cal model." According to it, Smith and 
Ricardo would have determined the "equi- 
librium" real wage as that balancing the 
growth of the supply of labor with that of its 
demand, resulting from accumulation (p. 
1416). The "demand" for labor of this in- 
terpretation would be rigid, implying, 
as Samuelson notices (p. 1423), either zero 
wages or zero profits or an indeterminate 
breakdown between wages and profits- 
which would be limiting indeed for "modern 
economists." But, above all, this interpreta- 
tion and, particularly, the relation between 
the real wage and growth of population on 
which it is based, seems to suffer from the 
tendency to see functional relations of known 
general properties where the classical 
economists saw relations too complex and 
variable to be quantified in any exact way. 
Thus Smith wrote that " the liberal reward of 
labor," by enabling workers to provide for 
their children, tends to increase population 
(Wealth, I, p. 71), but he also brought out 
elements which went in the opposite direc- 
tion (see, for example, Wealth, II, p. 353), or 
could go in either direction (Wealth, I, pp. 
62-63) (on this see also Joseph Spengler, 
1959, p. 7). I have already mentioned the 
flexibility of Ricardo's position on this 
matter. 
It might be objected that my argument 
concerning the classical economists has so 
far rested on the assumption of constant 
returns to scale to labor and capital and that, 
when this assumption is abandoned, a sec- 
ond route emerges through which outputs 
and hence, presumably, demand functions, 
may affect prices even when the real wage is 
given. 
What this objection presumes is that de- 
mand functions must be introduced to de- 
termine outputs even when distribution is 
otherwise determined. We may here lay aside 
the difficulties of envisaging these functions 
in a classical setting (compare my earlier 
discussion on the determination of consumer 
incomes). It is the usefulness of this proce- 
dure which is questionable in the first place. 
As noted above, the modem analysis of de- 
mand is in fact mainly concerned with some 
formal properties of consumer tastes, specifi- 
cally with the determinateness, persistence, 
and slope of the demand curves, and not 
with the actual content of these tastes (which 
is generally left to the sociologist or psychol- 
ogist). This content, jointly with the levels of 
activity, distribution and techniques, is how- 
ever, what determines the position of the 
demand curve and is thus the main influence 
on the levels of output. Now, those formal 
properties, basic as they are for the modern 
supply-and-demand analysis of distribution, 
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312 A EA PA PERS A ND PROCEEDINGS MA Y 1983 
were largely irrelevant for the classical 
economists with their different theory. It was 
therefore natural that these authors should, 
so to speak, face the content of consumer 
tastes directly, without the intermediate 
screen of any formal properties, whether in 
order to take it as given (as is generally done 
in modern theory) or in order to examine it, 
as they generally did (for example, in con- 
nection with workers' "necessaries"). In 
either case, the procedure was to take this 
content as given when determining the system 
of relative prices-leaving it for a separate 
analysis, like that to be conducted for the 
other determinants of output (real wages, 
levels of activity, and techniques). The very 
levels of output could then be taken as given 
in just the same way as the real wage was 
taken as given. 
The analysis of changes in outputs and 
prices was thus conducted by the classical 
economists in what we may describe as two 
distinct logical stages: (i) the effect on rela- 
tive prices of the change in real wages, or 
techniques, or outputs was examined with 
outputs as independent variables; (ii) the 
possible effects on outputs of the change in 
relativeprices were then analyzed in accor- 
dance with the circumstances of the case 
under consideration, jointly with any possi- 
ble further effects on prices and distribution 
due to nonconstant returns to scale.' With 
this the classical economists distinguished 
between field of analysis (i), where necessary 
quantitative relations could be found be- 
tween rates of remuneration, and between 
these rates and relative prices, and other 
fields where no such necessary relations could 
be established, and where actual relations 
had to be studied in their multiplicity and 
diversity according to circumstances. This 
procedure by separate logical stages is in fact 
nothing new, even for modern theory: it will, 
for example, be generally admitted that tech- 
nical changes will generally affect consumers' 
tastes, but any such effect will be considered, 
if at all, at a stage which is logically distinct 
from the determination of distribution and 
prices, where consumers' tastes and technical 
conditions of production appear as data. It 
remains, however, true that the procedure of 
the classical economists renounces what was 
attempted by later theory, namely, a simulta- 
neous treatment of the interrelations between 
most economic phenomena. This modesty of 
goals may however be the most appropriate 
one in a subject as complex as economics 
where, as Marshall reminds us, "the func- 
tion... of analysis and deduction.. .is not to 
forge a few long chains of reasoning, but to 
forge rightly many short chains" (Principles, 
Appendix C; 3; p. 773). 
III. The Classical Notion of "Effectual Demand" 
In Adam Smith and Ricardo we find the 
notion of "effectual demand," defined as 
" the demand of those who are willing to pay 
the natural price of the commodity" (Wealth, 
Bk. I, ch. VII, I, p. 49). The analysis above 
should make it easy to see the difference 
between this notion and that of demand 
schedule. The role of effectual demand is to 
explain the tendency of the actual or 
" market" price toward the normal price and 
not that of determining the latter. It does not 
therefore consist of a curve but of a single 
determinate price-quantity point. Apart from 
this single point, Smith needs only to sup- 
pose that when the quantity supplied falls 
short of effectual demand, the actual or 
market price will exceed the natural price, 
thus setting in motion forces which tend to 
raise the quantity supplied and bring the 
market price down to the natural level (and 
vice versa). 
This classical notion of demand, which 
was consistent with the theoretical frame- 
work of which it was an integral part, has 
however been often envisaged as a rudimen- 
tary expression of the modern notion of de- 
mand function. Marshall showed the way. In 
his Principles he refers to the "market" 
price-defined by Smith and Ricardo as the 
actual price, accidental in its absolute level 
and determinate only in its order relative to 
the natural price- as a "temporary equi- 
librium" price (see, for example, Marshall, 
Principles, Bk. V, ch. V, 8; I, pp. 378-79; 
also p. VII). With this he attributed to Smith 
'As for the dependence of prices on outputs in the 
case of jointly produced commodities, the relative scar- 
city of these commodities will tend to find an objective 
expression in the co-existence of processes producing 
the same commodities (compare Sraffa, p. 43). 
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VOL. 73 NO. 2 CLA SSICA L ECONOMICS 313 
a demand curve, determinate also at points 
(like that of the "equilibrium" market price) 
other than the effectual demand point. After 
this first step, it was easy for Marshall to 
proceed and argue that the distinction be- 
tween market and normal price was only one 
of degree, relating to the period of time over 
which the equilibriating process was sup- 
posed to occur, thus implicitly attributing to 
Smith and Ricardo also a demand-and- 
supply determination of the normal price (on 
this point, see Krishna Bharadwaj, pp. 
264-65). 
If, in Smith's case, the shortcomings of 
this interpretation could pass almost un- 
noticed, it was inevitable that they should 
crop up in the case of the more consistent 
version of the theory provided by Ricardo. 
In particular, it seemed clear that Ricardo 
determined prices independently of anything 
resembling demand schedules. 
As is well known, Marshall attempted to 
cope with this difficulty by contending that 
Ricardo could avoid referring to demand 
and utility only by assuming what Marshall 
characterized as the ""law of constant return,"9 
by which in the first place he meant a hori- 
zontal long-period supply curve for the in- 
dustry in question (Principles, p. 671). 
Marshall here overlooks or leaves aside the 
fact that the dependence of prices on de- 
mand functions is based on distribution and 
not on the laws of returns to scale to capital 
and labor-to which he might also be taken 
to refer with his "laws of return." Indeed 
Ricardo could have deduced a constant 
supply price from constant returns to scale 
to capital and labor only to the extent that 
he was not explaining the distribution of 
wages and profits in Marshall's way. The 
incorrectness of Marshall's interpretation is, 
on the other hand, evident from the fact that 
in agriculture, where clearly Ricardo did not 
assume "constant return" in either sense, he 
did not introduce demand functions any 
more than he had done for manufacturing. 
Gerald Shove took up this argument, but 
was more cautious than Marshall in attribut- 
ing demand functions to Ricardo. He per- 
ceived that a "step" was involved in passing 
from Ricardo's discussion of the "market" 
price to a demand function (p. 301) and saw 
a dilemma in Ricardo's theory of value: either 
introducing demand functions or remaining 
confined to the special case of constant 
supply price (p. 297). This unreal dilemma 
has recently been revived by S. C. Rankin 
who claims, p. 251, that, in Ricardo, demand 
functions do enter the determination of prices: 
his evidence is, however, that Ricardo has 
agricultural prices dependent on "de- 
mand," by which Ricardo meant "effectual 
demand," as is clear in the passages quoted 
by Rankin. 
REFERENCES 
Bharadwaj, Krishna, " The Subversion of 
Classical Analysis: Alfred Marshall's Early 
Writing on Value," Cambridge Journal of 
Economics, September 1978, 2, 253-71. 
Marshall, Alfred, Principles of Economics, 
London: McMillan & Co., 1920. 
Rankin, S. C., "Supply and Demand in 
Ricardian Price Theory: a Re-Interpreta- 
tion," Oxford Economic Papers, July 1980, 
32, 241-62. 
Ricardo, David, The Works and Correspon- 
dence of David Ricardo, Sraffa ed., Vol. 
I-IX, Cambridge: Cambridge University 
Press, 1951-58. 
Samuelson, Paul, A., "A New Theorem on 
Non-Substitution," in Ugo Hegeland, ed., 
Money, Growth and Methodology and Other 
Essays in Economics; In Honor of Johan 
Akerman, Lund: CWK Gleerup, March 
1961. 
9, "The Canonical Classical Model of 
Political Economy," Journal of Economic 
Literature, December 1978, 16, 1415-34. 
Shove, Gerald F., "The Place of Marshall's 
Principles in the Development of Eco- 
nomic Theory," Economic Journal, Decem- 
ber 1942, 52, 294-329. 
Smith, Adam, The Wealth of Nations, London: 
J. M. Dent & Sons, 1950. 
Spengler, Joseph, "Adam Smith's Theory of 
Economic Growth," Part II, Southern Eco- 
nomic Journal, July 1959, 26, 1-12. 
Sraffa, Piero, Production of Commodities by 
Means of Commodities, Cambridge: Cam- 
bridge University Press, 1960. 
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All use subject to JSTOR Terms and Conditions
	Article Contents
	p. 309
	p. 310
	p. 311
	p. 312
	p. 313Issue Table of Contents
	The American Economic Review, Vol. 73, No. 2, Papers and Proceedings of the Ninety-Fifth Annual Meeting of the American Economic Association (May, 1983), pp. ii-v+vii+1-426+i-xx
	Front Matter [pp. ii-383]
	Richard T. Ely Lecture
	Monetary Policy and Economic Activity: Benefits and Costs of Monetarism [pp. 1-12]
	Research in Economic Education
	The Efficacy of Innovative Teaching Techniques in Economics: The U.K. Experience [pp. 13-17]
	Modeling Multiple Outputs in Educational Production Functions [pp. 18-22]
	Who Maximizes What? A Study in Student Time Allocation [pp. 23-28]
	Economics of Fertility
	Mortality Rates, Mortality Events, and the Number of Births [pp. 29-32]
	Economic Analyses of the Spacing of Births [pp. 33-37]
	Consumer Demand and Household Production: The Relationship Between Fertility and Child Mortality [pp. 38-42]
	International Dimensions of Monetary Management
	U.S. Monetary Policy and World Liquidity [pp. 43-47]
	Monetary Policy: Domestic Targets and International Constraints [pp. 48-53]
	Internationally Managed Moneys [pp. 54-58]
	Exploring Black Welfare Dependency
	Changes in Black Family Structure: Implications for Welfare Dependency [pp. 59-64]
	Budget Cuts as Welfare Reform [pp. 65-70]
	Investment, Savings, and Incentives
	The Determinants of Investment: Another Look [pp. 71-75]
	Investment, Savings, and Incentive
	Welfare Aspects of Current U.S. Corporate Taxation [pp. 76-81]
	National Savings and Economic Policy: The Efficacy of Investment vs. Savings Incentives [pp. 82-87]
	Recent Structural Change in the Capital Markets
	The Process of Financial Innovation [pp. 89-95]
	Policy Implications of Structural Changes in Financial Markets [pp. 96-100]
	Financial Innovation in Canada: Causes and Consequences [pp. 101-106]
	The Role of Alien Entrepreneurs in Economic Development
	An Entrepreneurial Problem [pp. 107-111]
	Chinese Entrepreneurs in Southeast Asia [pp. 112-117]
	The Levantines in Latin America [pp. 118-122]
	Women and Health
	Women and Absenteeism: Health or Economics? [pp. 123-127]
	Women and the Use of Health Services [pp. 128-133]
	Time Allocation, Market Work, and Changes in Female Health [pp. 134-139]
	Long Waves in Economic Activity
	Long Waves and Technological Innovation [pp. 141-145]
	Long Waves and Economic Growth: A Critical Appraisal [pp. 146-151]
	Long Swings and the Nonreproductive Cycle [pp. 152-157]
	The Changing Fortunes of Regions
	On the Effects of Federal Aid [pp. 159-163]
	Industrial Bases and City Sizes [pp. 164-168]
	Economists, Economics, and State Economic Policy [pp. 169-171]
	Economics of Mass Migration from Poor to Rich Countries
	Leading Issues of Fact and Theory [pp. 173-177]
	International Migration Models and Policies [pp. 178-182]
	Trade Theory, Distribution of Income, and Immigration [pp. 183-187]
	Deregulation, Competition, and Efficiency
	Marginal vs. Average Cost Pricing in the Presence of a Public Monopoly [pp. 189-193]
	The Present Direction of the FCC: An Appraisal [pp. 194-197]
	The First Step in Bank Deregulation: What About the FDIC? [pp. 198-203]
	R & D and Prductivity Increases
	Technological Change and Market Structure: An Empirical Study [pp. 205-209]
	R & D and Productivity Growth: Policy Studies and Issues [pp. 210-214]
	R & D and Declining Productivity Growth [pp. 215-218]
	Macroeconomics: Major Issues and Developments
	Is Unemployment a Macroeconomic Problem? [pp. 219-222]
	Microeconomic Developments and Macroeconomics [pp. 223-227]
	Is There a Monetary Business Cycle? [pp. 228-233]
	The World Food Situation
	Changing Trends in World Food Production and Trade [pp. 235-238]
	Food Prospects for the Developing Countries [pp. 239-243]
	Food Prospects in the Developing Countries: A Qualified Optimistic View [pp. 244-248]
	Segmented Labor Markets
	Labor Market Segmentation: To What Paradigm Does It Belong? [pp. 249-253]
	Segmented Labor Markets in LDCs [pp. 254-259]
	The Internalization of Labor Markets: Causes and Consequences [pp. 260-265]
	Recent Advances in the Theory of Industrial Structure
	Raising Rivals' Costs [pp. 267-271]
	The Welfare Effects of Intermittent Interruptions of Trade [pp. 272-277]
	Information, Competition, and Markets [pp. 278-283]
	The Budget and Inflation
	Budget Expansion and Cost Inflation [pp. 285-290]
	The Interconnection Between Public Expenditure and Inflation in Britain [pp. 291-296]
	Money, Credit Constraints, and Economic Activity [pp. 297-302]
	Classical Economics: The Subsistence Wage, and Demand-Supply Analysis
	Marx and the Iron Law of Wages [pp. 303-308]
	The Classical Theory of Wages and the Role of Demand Schedules in the Determination of Relative Prices [pp. 309-313]
	On the Interpretation of Ricardian Economics: The Assumptions Regarding Wages [pp. 314-318]
	Chinese Economic Reforms
	Price Adjustment, the Responsibility System, and Agricultural Productivity [pp. 319-324]
	Economic Reforms and External Imbalance in China, 1978-81 [pp. 325-328]
	Enterprise-Level Reforms in Chinese State-Owned Industry [pp. 329-332]
	International Trade
	De-Skilling, Skilled Commodities, and the NICs' Emerging Competitive Advantage [pp. 333-337]
	Linking Up to Distant Markets: South to North Exports of Manufactured Consumer Goods [pp. 338-342]
	New Theories of Trade Among Industrial Countries [pp. 343-347]
	The IMF and Conditionality
	Lender of Early Resort: The IMF and the Poorest [pp. 349-353]
	On Seeking to Improve IMF Conditionality [pp. 354-358]
	Devaluation: A Critical Appraisal of the IMF's Policy Prescriptions [pp. 359-363]
	Special Report on Book Publication
	On Contracting with Publishers: Author's Information Updated [pp. 365-381]
	Proceedings of the Ninety-Fifth Annual Meeting
	Minutes of the Annual Meeting New York, New York December 29, 1982 [pp. 385-386]
	Minutes of the Executive Committee Meetings [pp. 387-392]
	Report of the Secretary for 1982 [pp. 393-396]
	Report of the Treasurer For the Year Ending December 31, 1982 [p. 397]
	Report of the Finance Committee [pp. 398-400]
	Report of the Managing Editor: American Economic Review [pp. 401-406]
	Report of the Managing Editor: Journal of Economic Literature [pp. 407-408]
	Report of the Director Job Openings for Economists [pp. 409-410]
	International Economic Association [p. 411]
	Report of the Committee on Economic Education [p. 412]
	Report of the Representative to the National Bureau of Economic Research [pp. 413-414]
	Report of the Representative to the U.S. National Commission for UNESCO [pp. 415-416]
	Report of the Committee on U.S.-China Exchanges [p. 417]
	Policy and Advisory Board for the Economics Institute [p. 418]
	The Committee on the Status of Women in The Economics Profession [pp. 419-426]
	Back Matter [pp. i-xx]