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After briefly reviewing the past history of Bayesian econometrics and Alan Greenspan's (2004) recent description of his use of Bayesian methods in managing policy-making risk, some of the issues and needs that he mentions are discussed and linked to past and present Bayesian econometric research. Then a review of some recent Bayesian econometric research and needs is presented. Finally, some thoughts are presented that relate to the future of Bayesian econometrics.

ALL the auguries for the Bournemouth Conference appear to be good. Our local secretary, Mr. Charles Riddle, seems to have spared neither energy nor ability to render our second visit to the town, whose libraries he initiated and has controlled for thirty‐seven years, useful and enjoyable. There will not be quite so many social events as usual, but that is appropriate in the national circumstances. There will be enough of all sorts of meetings to supply what the President of the A.L.A. describes as “the calling which collects and organizes books and other printed matter for the use and benefit of mankind and which brings together the reader and the printed word in a vital relationship.” We hope the discussions will be thorough, but without those long auto‐biographical speeches which are meant for home newspapers, that readers will make time for seeing the exhibitions, and that Bournemouth will be a source of health and pleasure to all our readers who can be there.

OUR pages continue the discussion on book‐display, about which all has not been said by any means. The ingenious librarian will always sharpen his wits upon the attracting of readers, and the main problem in the matter is merely: what sort of reader is it most desirable to attract? We do not apologise for this reiteration, because it is the fundamental subject now facing librarians. We are not in the least moved by a comment in a contemporary that we are decrying libraries when we assert, and in spite of him we do assert, that fiction issues nearly all over London show a decline. That decline, we repeat, is due to the slight increase in the employment of readers, and to cheap fiction libraries. What the public librarian has to decide is if he shall compete with such libraries or more definitely diverge from them. If a middle course is preferred—as it usually is by Britons—what is that course? Ultimately, is the educated reader to be the standard for whom the library works, or the uneducated? Or, to put it another way, is the librarian in any way responsible for the quality of the books his community reads? Our readers, young and not so young, are invited to help us to answers to these live questions.

Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.

This chapter provides an alternative interpretation of the emergence of the “Ramsey-Cass-Koopmans” growth model, a framework which, alongside the overlapping generation model, is the dominant approach in today’s macroeconomics. By focusing on the role Paul Samuelson played through the works he developed in the turnpike literature, the author’s goal is to provide a more accurate history of growth theory of the 1940–1960s, one which started before Solow (1956) but never had him as a central reference. Inspired by John von Neumann’s famous 1945 article, Samuelson wrote his first turnpike paper by trying to conjecture an alternative optimal growth path (Samuelson, 1949 [1966]). In the 1960s, after reformulating the intertemporal utility model presented in Ramsey (1928), Samuelson began to propound it as a representative agent model. Through Samuelson’s interactions with colleagues and PhD students at the Massachusetts Institute of Technology (MIT), and given his standing in the profession, he encouraged a broader use of that device in macroeconomics, particularly, in growth theory. With the publication of Samuelson (1965), Tjalling Koopmans and Lionel McKenzie rewrote their own articles in order to account for the new approach. This work complements a recently written account on growth theory by Assaf and Duarte (2018).

THERE are now so many meetings of the Library Association and its branches and sections that the good custom of recording meetings and the discussions at them has fallen into desuetude. In a way it is a gain, for when the discussion was commonplace the account of a meeting became a mere list of those who attended and spoke, bones without flesh; but in the days when The Library Association Record really was a record, its reports were a part of the educational and informational material of every librarian. Something should be done about this, because 1938 opened with a series of meetings which all deserved the fullest report. The principal one was the investiture meeting of the President of the Library Association on January 17th. The attendance was greater than that at any meeting of librarians in recent years, of course other than the Annual Conference. Chaucer House was beautifully arranged, decorated and lighted for the occasion, an atmosphere of cheerfulness and camaraderie pervaded the affair. The speeches were limited to a few preliminary words by the retiring President, the Archbishop of York, before placing the badge on his successor's neck; a brief, but deserved panegyric of Dr. Temple's services by Mr. Berwick Sayers; and then a delightful acknowledgment from His Grace. The serious point the Archbishop made was his surprise at learning the wide extent of the library movement and his conviction that it must be of great value to the community. His lighter touch was exquisite; especially his story of the ceremonial key, which broke in the lock and jammed it when he was opening a library in state, and of his pause to settle mentally the ethical point as to whether he could conscientiously declare he had “opened” a place when he had made it impossible for anyone to get in until a carpenter had been fetched. Altogether a memorable evening, which proved, too, as a guest rightly said, that one cannot easily entertain librarians, but, if you get them together in comfortable conditions, they entertain themselves right well.