Wicker

Abstract: Recently, a newly fashionable theory-the backing theory-has been used to explain the purchasing power of paper money during a number of historical episodes. The terminology is unfortunate, because the theory is different from traditional theories of backing. The backing referred to by the new theory consists of government tax revenues plus other government assets, not the traditional commodity backing. Accordingly, the new backing theory holds that the purchasing power of money is determined by government fiscal policy.' The new backing theorists claim that the price level will not be affected by changes in the quantity of money provided appropriate fiscal policies are followed. The theory has been used by Bruce Smith and Elmus Wicker to explain the purchasing power of American colonial currencies, and by Charles Calomiris, in a recent article in this JOURNAL, to explain the purchasing power of the continental currency issued during the American Revolution.2 The purpose of this comment is to address a new twist Calomiris has given to the backing theory, to review the evidence he presents, and to show some points of similarity between the colonial and revolutionary episodes. My position is that the backing theory has little or no explanatory value when applied to either the American colonial or revolutionary periods.3 Smith, Wicker, and Calomiris conclude that changes in prices were largely unrelated to changes in the money supply, but they overlook two important institutional facts. First, the measures of the money supply used by all three are seriously flawed. In the case of colonial America, the money supply data do not accurately measure even the amount of paper money in circulation

Abstract: Joseph Blanchette's image Telephone Pole and Sun on Allen Alley is a metaphor for our interconnected and technology-dependent world, and for the tangled relationships between global networks and local places. Investments in communications infrastructure support the competitiveness of communities and dramatically influence economic development alternatives. In his Longer View, Edward Blakely discusses the new communications systems and their implications for the economic future of cities and regions. Three other specialists respond with their own takes on the new technology economy. The artist, who studied for 6 years at the San Francisco Art Institute, believes that “the profound exists within the ordinary” and states that his work “solicits the awareness of the enigmatic within the ordinary moment.” This painting is currently being presented by Jernigan Wicker Fine Art Galleries of San Francisco, and other works of his can be viewed at , , and...

Abstract: This invention relates to the production of tubular articles, made from synthetic thermoplastic materials, which resemble wood, rattan, bamboo, cane, reed, wicker, reed, rush, and similar natural materials, and also to the production of furniture, structures, and every kind of ornament in general employing thermoplastic materials which replace the natural materials mentioned above, coloring and veining such thermoplastic materials, and also joining and securing by means of ties made from rigid, semi-rigid or plastified polyvinyl the natural and artificial materials above mentioned, for the purpose of assembling furniture and structures in general