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Social scientists frequently associate political, cul tural, and social progress with economic growth and change in a developing nation. In this relationship it is assumed that eco nomic growth is essentially a mechanical process requiring new inputs of capital and technology of the right type and propor tions. In contrast to this, an indispensable part of the economic task in most cases is to generate better use of existing resources. Unless the poor nation is interested in more output to the point where it is prepared to utilize its factors fully to that end, eco nomic growth will not follow simply from additional resources and technology. Most poor countries are composites of mod ern and traditional sectors, both of which could benefit from a greater degree of interdependence. The economic program must foster such integration, and this requires that extensive efforts be applied directly in the larger, more backward parts of the economy. Monetary and physical resources are of limited significance for these tasks; administration, guidance, and devoted leadership are essential. This type of program can be mounted and can succeed only under a governmental leadership prepared to give it priority attention, and prepared to research and develop the most promising specific actions for growth. Such political leadership is therefore a prerequisite to persistent economic expansion.

Soc Sci'ts frequently associate pol'al, cultural, & soc progress with econ growth & change in a developing nation. In this relationship it is assumed that econ growth is essentially a mechanical process requiring new inputs of capital & technology of the right type & proportions. In contrast to this, an indispensable part of the econ task in most cases is to generate better use of existing resources. Unless the poor nation is interested in more output to the point where it is prepared to utilize its factors fully to that end, econ growth will not follow simply from additional resources & technology. Most poor countries are composites of modern & traditional sectors, both of which could benefit from a greater degree of interdependence. The econ program must foster such integration, & this requires that extensive efforts be applied directly in the larger, more backward parts of the economy. Monetary & physical resources are of limited signif for these tasks; admin, guidance, & devoted leadership are essential. This type of program can be mounted & can succeed only under a gov'al leadership prepared to give it priority attention, & prepared to res & develop the most promising specific actions for growth. Such pol'al leadership is therefore a prerequisite to persistent econ expansion. AA.

AbstractThis paper explores the economic nature of return factors by incorporating a multifactor return generating process into the traditional CAPM. It attempts to remedy the arbitrage pricing theory, which is not capable of assigning proper economic meanings to return factors. There are at least three significant factors associated with general production, investment, financial, and employment variables. These economic factors explain the risk‐return relationship as well as those obtained by the arbitrage pricing theory.