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As John Campbell and Luis Viceira point in their "Strategic Asset Allocation", published this year by Oxford University Press, the model ignores future income from work which tends to dwindle with age. Another way to look at it is that income from labor is assumed to be constant forever! To avoid being regarded as utterly inane, economists weigh time.
Its difficulties disappear when we realize clearly that the real cost of anything is the curtailment of the supply of other useful things, which the production of that particular thing entails. The Allocation of Resources. However strange the above conception may seem, there should be no doubt that this cost is very "real."
In Scotland at the same time a certain part of Scotland's share of the "whisky" money was set aside for the provision of secondary education in urban and rural districts, and Secondary Education Committees were appointed in the counties and principal boroughs charged with the allocation of the funds towards the aid and increase of the provision of higher education in their respective districts.
Notwithstanding all our efforts, and very ingenious ones they were, we never, in a single instance, succeeded in procuring an allocation of original shares; and though we did now and then make a hit by purchase, we more frequently bought at a premium, and parted with our scrip at a discount. At the end of six months, we were not twenty pounds richer than before.
The only events which could have occasioned a change of opinion are the attitude of the Russian press and the allocation of the Russian troops. As regards the press, I cannot assign any importance to it per se. People say that it is of greater consequence in Russia than in France. I believe the very opposite to be true. In France the press is a power influencing the decisions of the government.
Somebody had been bulling the stock without orders; and, as they can have no information which we are not perfectly up to, depend upon it, it is done for a purpose. I suspect Sawley and his friends. They have never been quite happy since the allocation; and I caught him yesterday pumping our broker in the back shop. We'll see in a day or two.
Notwithstanding all our efforts, and very ingenious ones they were, we never, in a single instance, succeeded in procuring an allocation of original shares; and though we did now and then make a bit by purchase, we more frequently bought at a premium, and parted with our scrip at a discount. At the end of six months we were not twenty pounds richer than before.
Else how comes it that David Spreul received but yesterday an allocation of two hundred shares in the Westermidden Junction; whilst your application and mine, for a thousand each, were overlooked? Is this a state of things to be tolerated? Why should he, with his fifty thousand pounds, receive a slapping premium, whilst our three hundred of available capital remains unrepresented?
To remedy this grievance, increased productivity, along with greater economy in working, is the first essential in order to obtain the funds out of which higher wages can be paid; the second, to get a fair allocation and distribution of the profit made. Increased benefit will also be a stimulus to better work.
Childers was to give compensation to Ireland by making an allocation of revenue in her favour, to be employed in promoting the material prosperity and social welfare of the country. This is the course which has been pursued by Unionist statesmen, and finds practical expression in their Constructive policy.
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