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monobank (G2)<br />The single state-owned bank of a Soviettype economy which functions both as a CENTRAL BANK and as a RETAIL BANK throughout the economy. Although most capitalist economies have separate banking institutions which specialize in different banking functions, in the nineteenth century in several European countries there were banks with united functions.
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1938 he contributed to the emerging macroeconomics of KEYNES by participating in the CAMBRIDGE CIRCUS. His subsequent career was spent at the League of Nations (1940-7), as professor of commerce at the London School of Economics (1947-57) and at Cambridge as professor of political economy (1957-67). He was awarded the NOBEL PRIZE FOR ECONOMICS in 1977, with OHLIN, for his work on international trade. In wartime, with Richard STONE, he produced National Income and Expenditure (1944), a book which influenced much of post-war NATIONAL INCOME accounting. Subsequent books on international economics, especially Theory of International Policy (1951, 1955), clearly expounded the leading aspects of the subject, e.g. his examination of the relationship between a country's INTERNAL AND EXTERNAL BALANCES which has become a standard tool of macroeconomic analysis. Like the leading economists of the nineteenth century, he produced his Principles of Political Economy (four volumes, 196576). Numerous other works include those on CAPITAL THEORY, wealth distribution and INCOMES POLICY. In 1978 he chaired the Meade Commission on 'The Structure and Reform of Direct Taxation'.<br /><em>Reference</em><br />Howson, S. and Moggeridge, D. (eds) (1988-90) The Collected Papers of James Meade, Vols I-IV, London: Unwin Hyman.<br /> Johnson, H.G. (1978) 'James Meade's contribution to economics', Scandinavian Journal of Economics 80: 64-85.
location theory (R1, R3)<br />A study of the determinants of the geographical distribution of agriculture, industry and other economic activities. An early influential model was von Thiinen's which viewed the location of activities in terms of concentric rings around a central urban market with land uses and land values being reduced the further they were from the centre. Later theorists, including Losch, sought to explain how industrial activity would be located at the point of minimum transport cost and maximum profitability, given the dispersion of raw material sources and consumers. As the theory of the firm was expanded to consider aims other than PROFIT MAXIMIZATION, location theory took into account the possibility that a location could be chosen to satisfice rather than maximize the benefit to a firm and that sales rather than profits were of dominant concern. Much of location theory is now incorporated into URBAN ECONOMICS and REGIONAL ECONOMICS as location theorists have increasingly studied urban settlements.<br /><em>Reference</em><br />Beckman, M. (1968) Location Theory, New York: Random House.<br /> Hall, P. (ed.) (1966) Von Thunen's Isolated State (1826 ), Oxford and New York: Pergamon.
social welfare function (HO)<br />The total well-being of a society as a function of its resource allocation. Originally this was regarded as the sum of individual utilities but ARROW showed the impossibility of this when individuals have divergent opinions. The four conditions of collective rationality - the PARETO principle, non-dictatorship and independence of any alternative in an environment other than where the social choice is made cannot simultaneously be satisfied.<br /><em>See also:</em> Arrow; Bergson; impossibility theorem
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