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Since the financial crisis, amid outrage at the likes of Citigroup and JPMorganChase and Washington's rejiggering of the financial system, the banking industry has had one major defender: Richard X. Bove. Now he explains why big banks are the nation's lifeline to success, and why financial disaster will ensue if we make it impossible for them to fill their role in the economy. Bove argues that big banks are necessary to ensure America's position in global finance; to assist corporations in achieving their goals against foreign competition; and, most importantly, to defend the average household's access to financial services. Limiting the major banks, he shows, is an attack on our future growth. Bove offers ways to improve the economy's stability, including allowing some banks to be "too big to fail" and lessening the demand on liquidity so they won't need to sell existing loans. His main argument, that we need to stop fighting our greatest guardians of prosperity, is sure to be controversial.

Abstract. The economist Adolph Lowe has developed a methodological alternative, designated Political Economics, for the development of economic theory and the application of economic policy. In totality his system—with a methodology he calls instrumental—makes up a unity that can be seen as a logically derived paradigm shift for economics as a scientific discipline. Under it, by a democratic political process, some desired end‐state is first consciously and systematically determined. Then economic means are instrumentally employed to bring about the economic and social behavior necessary to attain and maintain that end‐state. Available knowledge and tools are useful for this model; however, there is no question that the approach raises significant technical, political and philosophical issues. But these are overshadowed by Lowe's paradigmatic vision, and its corollary modular framework of Political Economics.

Abstract. From the economist Adolph Lowe's voluminous‐writings, Allen Oakleyh has selected eight essays which present the gist of Lowe's thought. It unifies his structural analyses and his instrumental analyses into the system Lowe calls "Political Economics." This pre‐orders desired ends or effects and then determines or applies goal‐adequate means to achieve these ends. Lowe's Essays in Political Economics sketches the economic paradigm by which he expands the evolutionary way of thinking from the subject —economic behavior— to the object, the socioeconomic world. He argues that instability is fundamental, basic and inherent in contemporary industrial capitalism as it has evolved physically, technologically and socially and stability can be restored by an approach which reverses the continuum to end‐means. He holds that if the world evolves, and it does, so must the goal‐adequate methods and instrumentalities to deal with it.

An exploration through a case example ;o';&ahe,unegrtginties of results associated with even.thp,mosk carefully designed.:& j executed evaluation of an action demonstration program. 'Realistic appraisal of the uncertainties attached to evaluative efforts is important if public officials, admin'ors, & soc sci'ts are to collaborate without disillusionment in obtaining 'hard data' to support changes in soc policy to improve standards of health, educ, & welfare in the US. The case of the -Weekend Rangers Program,' part of the federally supported Boston Youth Opportunities Project & designed to prevent & control JD'cy, is used. A pretest-posttest control group design was adopted to evaluate the project. 84 M's between the ages of 13.5 & 16 under formal or informal supervision of the Juvenile Courts in Roxbury, North Dorchester, & Charlestown sections of Boston at the time of recruitment, stratified by race & probationary status, were randomly assigned to exp'al & control groups. Police record data on the probationer pop were collected. Reporting & monitoring systems, proceedings of staff orientation sessions, & testimonies of participants, camp personnel, & res staff yielded descriptive data on the program as actually implemented. Comparison of 27 treated probationers with 26 probationers serving as controls via fixed-effect, 2-way analysis of variance, using pretest scores as covariate adjustors, gave statistical evidence that the Weekend Rangers Program had no impact-positive or negative-on the value orientations, att's, or self-concept of the treated probationers. Neither race by itself nor race & treatment interacting showed any measurable effects. While group diff's in volume of offenses committed 3 months during the program & in seriousness of offenses committed 6 months after the program came close to the 10% signif level, the diff's in volume of offenses committed 6 months after the program dropped to chance level. Findings are discussed & the importance of exp'tion & evaluation in soc change programs is affirmed. Massive subsidization may be necessary. 5 Tables. M. Maxfield.

In the first of this series of letters, W.D. Wagner, Business Manager of the Local Chapter of the International Brotherhood of Electrical Workers, writes to Catherine May to express his concerns over the closing of reactors at Hanford, and the potential layoff of employees. May inquires the Atomic Energy Commission on Wagner's behalf, and acting assistant General Manager John V. Vincifuena responds by redirecting Wagner to a Richland Operations Office employee for answers.