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[email protected] http://www.unotheory.org/news_II_1 Newsletter 1-26-1 03-5984-3764 Fax 03-3991-1198 E-mail:[email protected] http://www.unotheory.org 3 3 A research note on the Unoist Theory of Capital Efficiency, Three-Layer Model and Reproduction [email protected] 3 Π1 Π2 Π3 1994 TOB takeover bid 1 capital efficiency 1949 p.113 1 Newsletter 2 10 1973 p.154 163 23 1950 1952 p.269 273 274 293 1952 p.153 157 176 1960 p.159 1962 1967 p.240 1977 p.133 p.213 1979 9 p.188 1979 p.149 1982 p.413 2 W 414 2 1 W’ G W’ W’ G’ 5 1984 p.68 69 3 Wirkungsgrad Wirkungsgrad 1968 G 2 3 P G P p.152 W’ 4 1949 p.120 122 5 6 1968 p.261 p.262 1964 p.154 155 1964 p.151 Stoffwechsel 7 1964 1977 2 3 262 Newsletter 2 10 23 8 1 1999 10 2001 8 12 v m c v p.97 1990 2 m 80 the profits of stock 1959 p.187 1990 p.31 p.35 3 1 22 4 1983 p.1047 p.1047 p.1048 4 p.1047 3 4 2 30 2 1981 10 W w P W’ p.100 W w 2 1 5 1987 p.133 6 1952 p.305 p.305 1979 p.231 1977 p.36 7 R R 1 1967 p.225 1965 1 5 R t2 t2 1 Newsletter 8 2 10 23 1962 EDLP everyday low price 3 5 3 2003 3 2004 2004 2010 2011 Π1 1 Π1 K Π1 M 1 M Π1 1 K 1968 p.156 KV M KV 1 2 1 Π1 M KV KV K 2 2 K KV KC 1 m KV KV n 2 3 Π1 mn KV KC KV m KV m’ 3 KV K KC 6 KV q 3 3 4 m’ n Π1 1 4 q 4 m’ n m’ n q Π1 Π1 2 Π1 3 1 2 16 m’ M’ M’ v m’n n M’ m’ n 1 m’vn v m’n M’ m’ 1 6 1985 p.482 M’ m’n 1 p.484 1 485 1983 p.110 1 3 p.113 p.158 4 2 m’ M’ 3 3 v 7 Newsletter 2 10 23 8 1986 p.98 q m’ q m’ 3 9 3 1987 15 p.446 R 1985 6 p.85 p.98 p.98 3 10 3 2 1 Pm G A W { Pm A } P 2 G G’ P P W’ W’ W’ G’ 7 P 8 P 3 6 1985 p.241 p.242 1950 p.152 P p.146 Π1 circulation of money-capital 2 Π1 P 1 1 3 12 1983 p.600 p.598 601 2 supply chain useful effect idling time 9 Newsletter 2 8 5 3 900 10 23 15 6 5 1 2 48 1 3 6 32 5 1 3 8 9 4,800 6 1985 p.443 p.444 3 1970 p.79 p.103 80 104 1 15 p.91 4 1950 2 10 1 3 p.131 p.132 5 Π1 6 Π2 Π1 Π1 performance 7 Π1 authority power legitimacy 1979 8 hierarchy control sanction 9 10 rights competency rational 11 deliberate self-organizing emergent 12 1964 2 11 Newsletter 2 10 23 p.50 p.52 13 transnational IT 14 ubiquitous 1 1996 G W 2 2 W p.183 2 15 3 1968 3 p.98 12 3 p.108 1960 p.167 P Π2 3 1970 p.107 4 product price place promotion 4P 1970 p.26 p.26 p.26 27 risk 5 spontaneity 13 Newsletter 2 10 23 1993 p.31 6 2011 4 p.124 1985 1 p.10 56 3 1995 1 J 1985 S 4 7 1 19 4 1983 p.950 951 14 3 p.952 result output) performance appraisal resultism job size agent QWL quality of working life 2901 1988 10 MBO management by objectives MBO remuneration 1993 1954 p.36 p.37 fluid solid F Edwards=Gordon 1985 p.40 S 41 Reich 4 36 2 specificity effective and efficient 8 1993 15 5 Newsletter 2 10 23 dual system 2010 task management 9 1996 p.139 sanction p.196 position p238 authority p255 power 256 role position post behavior praise sanction 10 1968 7 1 2 3 1 p.85 16 2 3 3 p.98 99 impersonal system personal willingness effectiveness and efficiency 11 2009 authority rights power competency association mutuality federalism self-organizing 1989 1970 p.245 12 1985 6 p.264 p.265 conceptual skill technical skill human skill 1993 4 p.91 p.93 10 17 Newsletter p.308 2 10 23 309 13 1964 2 1 p.52 1 53 1 1987 p.26 27 p.27 p.37 14 2007 K S 333 334 p.8 p.8 24 discrete IT 2006 18 3 p.66 supply chain demand chain IT 2003 p.59 p.59 Π1 Π2 Π2 K KF KD KW working capital c x2 c v x2 v Π2 x2 M Π2 x2 c v KF 1 c 5 v KD 5 KW m M 1 m x2 Π2 c v KF KD Π2 KD c x 2m v p’ 6 6 1 KW 2 Π1 5 KW p’ KF AC AC p’ 6 AC 1 1 Π2 19 Newsletter 2 10 23 3 Π2 U U Π2 M indefinite U U risk chance 1 1960 stock revenue capitals circulating capital fixed capital p.236 237 working capital 2 3 Π1 Π2 Π2 3 57 4 p.19 20 1995 12 1864 1865 3 8 3 p.20 3 1 4 2 2 2 16 16 1868 1870 2 p.22 Π1 Π2 2 9 5 4,000 6 1985 p.288 289 p.291 292 1 2 p.292 Wertumschlag cost Π2 Π1 1967 57 p.248 249 1972 p.126 1964 21 3 1 Newsletter 2 10 23 p.146 Π1 4 indefinite 3 cost circulation of commodity-capital P rotation of productive capital 50 1 1988 6 p.41 1861 63 p.52 p.54 p.57 Π1 Π2 Π1 Π2 Π2 9 Π3 p.56 22 3 1 2 10 1 37 2 37 4 1972 1977 2 3 1971 1 1 2 G G’ P P W’ W’ p.35 Π2 1964 2 2 p.82 1 1979 p.192 p.192 p.192 opportunity cost 23 9 83 Newsletter 2 10 23 Π2 cost return return Unkosten U 2 cost allocation Π1 G KF KF KF G wear and tear KF G KF KF KF G D sunk cost D 3 G KF 4 Π2 KF KF cost deferred charges KF depreciation cash out reserve for depreciation Π2 Π2 KF 6 Π3 risk hedge 6 1952 3 24 3 3 p.467 p.468 p.468 p.471 p.470 p.473 p.473 basis 2 7 2002 4 p.78 p.80 p.82 5 A D 25 B C Newsletter 2 10 23 D A B C p.111 guarantee liquidity return 8 increasing risk Π1 P carrying cost P 1980 p.95 innovation p.95 p.96 working capital 26 3 p.117 118 circulating capital p.130 carrying cost p.139 p.141 risk-taking) 9) custody 1968 p.364 confidence trust credit confidence credit transaction deposit credit substitution trust 10) leverage credit expansion 11) finality 27 Newsletter 2 10 fee 23 interest 12) reserve fictitious capital 3 13) 14) debt finance equity finance Mobilisierung 15) 1 1964 W’ G’ p.93 p.93 1971 p.99 94 3 1960 28 3 42 p.99 1962 8 p.157 OR operations research p.100 p.101 Π2 Π1 Π2 2 1981 Zirkulationskosten: expense of circulation p.337 p.337 p.340 3 10 1994 (m p.67 n)(a0 a)w (m 29 3 F n) a0 Newsletter a 2 10 w 23 1 F p.68 A B B A B A 4 1978 2 B 3 p.220 p.229 p.232 p.234 235 p.254 255 p.259 5 1977 7 1 2 1 2 2 p.173 8 30 3 6 1985 p.254 1 1977 p.181 p.187 193 p.65 1983 1 1964 1 1 p.93 6 2 1982 4 2 p.125 31 126 Newsletter 2 10 p.127 23 130 5 p.149 p.150 p.163 p.173 p.175 p.175 p.177 7 37 2000 9 p.132 2 A A B p.137 32 B 3 A B p.139 p.140 basis 8 1 18 2 1998 3 goldsmith 17 18 4 p.49 p.50 17 p.54 18 1 p.61 p.62 33 63 Newsletter 2 10 23 p.68 1995 p.130 1630 guarantee) broker 9 37 2000 p.133 2005 actual cost opportunity cost p.331 1973 p.1077 10 deposit yield curve 2005 trust confidence 34 credit 336 9 16 3 p.43 confidence fiduciary fiduciary duty; fiduciary obligation “in the interest of” or “for the benefit of” his beneficiary duty of loyalty; duty of fidelity; duty of good faith p.49 1990 uncertain speculation 11 1982 p.372 p.373 373 374 p.375 1988 5 1905 p.186 p.191 credit inflation 20 35 fictitious capital 2004 Newsletter 2 2 10 23 = 1977 Betriebskredit p.271 p.273 1977 p.136 p.136 137 agio Π2 12 45 2 2008 7 p.15 2 fee CP 2 interest 36 3 13 1941 2007 1993 p.65 1993 p.68 p.70 14 2010 p.4 1 3 p.45 p.9 15 3 23 10 1987 p.630 37 p.626 Newsletter 2 10 23 p.632 p.639 MM debt finance equity finance 100 MM 2005 7 MM 8 1967 8 p.105 increasing risk p.106 degree of risk p.106 p.107 share and reserve capital p.108 p.108 p.109 Π3 Π3 U Π3 1 2 38 7 3 M Π3 c X3 U v c X3 KF m U KD v KW UF m UF UD 7 UW UD UW UW U M 1 u u M X3 m X3 r r 7 Π3 c v m r’ U u X3 m X3 1 c v m AS 8 AS r’ KF 8 KD KW UF UD 8 UW 1 r’ AS Π3 U r’ AS Π3 U 3 1950 p.160 Π2 Π3 4 TR TR U X3 AS Π3 1 d ΠI KW 5 ΠI 9 39 e Newsletter m X3 ΠI KF KD 2 10 23 d 1 e 9 KW 9 KW e e 0 e 1 1 6 1 u* ΠT d X3 ΠT eKW ΠT 10 u* UF UD 10 UW ΠT TR 11 eKW TR KF UF KD UD 1 d e UW d u* KW m d u TR 1 11 KW e u ΠI Π2 12 X2 m KF KD X3 KW KF m KD Π2 d 1 e X2m KD KF 1 KD e KW KW 13 m X3 1 Π3 X2m d 12 KW 12 KF ΠI X3 m d 13 13 14 X3 m m X2 X3 d 14 X2 Π2 U 40 Π3 3 14 X3 AS m d X2m X3 12 Π2 Π3 10 10 AS X3 10 ΠT u* X3 ΠI ΠI 7 ΠI Π2 13 X3 m d Π2 Π3 X2m X2m X3 Π2 m d Π3 AS X3 ΠI KF Π2 100 ΠI 8 3 16 9 1987 p.476 Π1 Π2 9 41 AS Newsletter 1 2 10 23 1952 p.498 2 3 16 9 1987 p.457 458 7 8 9 3 3 17 9 1987 p.490 4 1 2 1 1982 p.157 wie warum wodurch Basis 1978 Π3 5 Π3 3 17 9 1987 42 p.484 3 p.485 ( ) 4 1962 p.228 20 18 p.235 p.236 100 50 50 180m 180 50 900 100 50 12 p.238 239 p.239 1959 p.263 p.264 p.264 265 Π2 Π3 6 3 16 43 Newsletter 9 1987 2 10 23 p.474 KW 7 1983 3 3 p.239 p.240 p.240 241 1969 p.122 2 8 213 8 30 p.99 p.100 9 1967 p.273 p.274 44 1985 3 p.277 Π3 3 16 9 1987 p.461 p.463 464 1977 p.43 p.43 1 3 16 9 Π3 1987 11 TR 45 p.469 Newsletter 2 10 23 14 X3 AS 1977 p.62 Π3 1 6 KW p.63 p.65 p.65 p.66 p.67 indefinite ΠT e 10 KW UF UD UW 1 u* X3 UW u* ΠT X3 UW u* X3 UW ΠT ΠT 46 3 ΠT ΠT peak basis 2 1964 3 3 p.211 212 indefinite risk basis Π2 3 3 1963 47 Newsletter 2 10 23 p.144 4 1977 p.66 peak 145 1983 9 p.51 p.53 p.57 p.58 5 outsourcing uncertainty 6 indefinite uncertain 7 risk 48 3 going concern 8 9 1972 p.83 p.84 Π3 e 9 KW 1 ΠI 10 T eKW 10 3 17 9 49 Newsletter 1987 2 10 23 p.498 B b B b b B p.500 b B0 B0 B 11 p.500 b B K b p.501 B b K B K b % b 1 10 b p.504 14 AS X3 ΠT ΠI 11 KW u* 1952 3 3 p.505 reward compensation Π3 21 p.28 50 4 1990 3 ME p.28 12 supply chain working capital useful effect prodctive IT productive labor 13 1996 p.9 circulativity Π2 Π3 P valuable effect 14 1 1980 p.219 220 agent or factor fee commercial profit interest 2 1972 51 Newsletter 2 10 23 p.129 Π3 ΠT 1 3 3 peak 5 18 9 1987 p.517 P.523 p.527 p.528 1983 p.238 basis 3 1993 52 5 3 p.125 126 p.97 p.98 4 Π2 1959 p.258 1977 5 1983 p.302 p.303 6 1977 53 Newsletter 2 10 23 p.14 Π3 going concern 7 1959 p.268 p.295 p.296 P.296 p.297 p.298 p.303 p.343 p.344 345 54 3 p.378 p.378 379 rent risk factor 1952 3 3 p.506 p.506 p.506 3 1983 3 p.243 p.242 p.245 debt finance equity finance P.509 55 Newsletter 2 10 23 capital gain 8 1980 P.65 opportunism transaction 9 1969 p.121 p.121 10 3 17 56 122 2 3 9 11 B0 B 1987 b Π3 1 B0 B p.491 6 KW b X3 11 12 2000 p.3 1 1 B 1 productive master servant 13 44 5 2012 3 p.198 14 productive labor Π2 agent 1961 1960 1999 57 Newsletter 2 10 23 1997 productive 1953 p.19 1 driving force p.79 p.80 2 p.71 3 p.23 p.23 1953 58 3 p.98 p.98 p.104 p.108 p.109 rE P rE i rE 4) (15) KD (15) KE P i KE KD r P KE r KD KD KE (15) (16) rE r r (16) i r (16) i r r 5) i rE i r rE r 6) i rE 1 Π1 Π2 Π3 2 1982 framework A A DF driving force B capabilities C results B C DF p.58 C 59 B Newsletter 2 10 23 A B human resources DF p.153 3 1971 p.183 p.187 p.187 1979 p.102 p.103 1983 p.10 60 3 p.12 1970 p.336 p.337 p.337 1990 90 2008 5 BRICs p.3 1 p.13 2011 p.226 4 227 Π2 2 6 2009 p.14 p.24 5 1998 ROE ROI return on investment return on equity p.101 61 102 Newsletter 2 10 23 1990 ROE ROE p.104 ROE R return ROE E equity ROE 6 33 3 34 9 4 1980 2 1980 19 1833 p.138 J.Marshall p.139 WP ( =1 2) WP1 WP2 (17) WP1 C1 V1 M1 C1 wN1 1 m’ WP2 C2 V2 M2 C2 wN2 1 m’ (17) C V (17) M N w 1 m’ WQ WQ1 WQ2 WQ1 I1 I2 WQ2 w N1 (18) Z1 N2 ( =1 2) (18) Z2 c M1 (18) M2 I D I Z K K D Z D C 62 c M 3 1 K N Z D K N C K Z I K D Z (19) D K 1 (19) K D (19) 2 K 2 (17) (18) (19) WP WQ (20) K1 K2 (20) K1 K2 swm’ (20) s c s c 1 (20) g g (21) 3 g swm’ (21) (21) g s 1 (21) wm’ n’ g n’ 4 (17) (18) (19) WP2 WQ2 (22) K1 sm’ w K2 1 (22) K1 w (22) cm’ K2 h (17) q (22) h (23) h h 5 q sm’ 1 cm’ (23) 63 Newsletter 2 10 23 (23) K t+1 K1 t I1 t D1 t K2 t+1 K2 t I2 t D2 t gi I t K t g1 I t K1 K1 t K g2 K2 K t+1 1 g1 t K1 t K2 t+1 1 g2 t K2 t (24) g1 g2 t D t g2 h t s h t s t g1 c 1 c 0 q m’ t+1 c t+1 t h t (24) K2 c t 2 (24) (23) g1 1 t g2 t c s t+1 6 t s 0 s 1 (25) 7 q 1 m’ h (25) (25) h s 0 c q 1 m’ (23) 1 8 g1 g2 g 9 1) agent forced saving 2) 1987 1 3 125 2002 12 1955 64 1995 5 3 p.9 p.9 1960 75 p.9 75 85 85 90 90 95 p.12 p.12 3) K1 20 K1 K2 K2 s K2 swm’ M1 N1 swm’ K1 N2 K2 19 wm’ M2 85 N1 N2 M1 M2 K1 21 1959 fund p.89 C V V 1976 G Y s M N M C G Y Y s C p.26 N K (19) N N N N N sM swm’ sM N swm’ N K 21 65 N 1 Newsletter 2 10 23 1 23 p.49 diverging point Π3 4) 1975 g p.93 n’ 1969 p.28 29 p.29 g n’ 5) 2012 4 Y=AK L Y A K L p.106 C1 10 100 C1 1995 1987 66 3 p.287 p.246 6) g1 g2 t s t t s t+1 forced saving 7) s h q h q 1 c 0 23 m’ h q 2009 p.116 s 0 c g 1 0 8) 2009 9) 5 1967 p.199 100 ad hoc 67 Newsletter 2 10 39 23 3 1989 p.200 201 1976 1,100M 50 1,650 900M 350 550 1,650 1,500MK 150MV 500 50 500 (23) 500 s K1 K2 p.268 (26) q sm’ 1 cm’ (26) h (26) h K1 K2 h (19) (27) w (27) N1 N2 c M1 M2 C2 wN2 1 m’ (27) (18) (17) (27) 1) 2) 1962 1976 2 68 2 3 p.277 (25) 3) p.273 (23) q h p.280 g1 h h g2 g h h K1 h w N1 N2 h K2 (28) c M1 M2 C2 wN2 1 m’ (28) (28) 4) 1) 2009 p.207 z 69 q Newsletter 2 r1 rE1 10 23 r2 rE2 p.214 1 c 0 s (21) g wm’ (23) h m’ h q z h 2) h z h 1953 q h m’ 0 q (27) B p.122 p.123 p.61 62 3) 1967 1981 p.51 70 q 3 p.52 7 p.122 p.122 4) 1967 p.166 s 167 h h h forced saving 2009 r1 r2 q p.215 (28) 1 r i 2 g1 K1 K2 g h g1 g2 g 3) r1 r2 r1 71 r2 r r Newsletter 2 10 23 4) g1 K1 K2 q m’ g g2 5 g g g1 g2 g m’ g1 g2 g2 g1 6) g g2 g g1 7) 8) 1 1953 p.148 ROI 1987 72 3 p.40 19 DCF discounted cash flow 2009 IRR internal rate of return 2 59 9 2011 1 p.18 2 19 3 1989 p.8 11 1965 p.126 148 4 1968 1907 p.282 1972 p.96 p.109 56 1 1983 73 6 Newsletter 2 10 23 p.309 5 1967 p.251 256 6 1979 p.285 1 2 3 1 2 3 p.289 p.296 p.125 p.125 126 p.128 p.140 141 74 3 p.137 140 p.159 160 O E E p.297 p.298 2012 p.46 p.46 2012 p.143 p.143 1988 75 47 O Newsletter 2 10 23 p.245 7 1953 p.140 8 Π3 Π2 Π1 1 541 2008 542 2008 7 2 2008 8 45 10 3 thesis antithesis homogeneous exchangeability form of value 20 1 commensurability substance of value 1 2 1 20 76 3 quid juris supply chain 3 demand chain marketability confidence 4 credit confidence 5 fiduciary trust duty of fidelity deposit credit elementary form the greatest common measure store of value convertible value of property convertibility everyday goods solidity fluidity liquidity current asset 77 Newsletter 2 10 23 scarcity malleability decomposability liquidity quid pro quo convertibility bank note convertibility legal tender currency 6 synthesis circulativity liquidity 7 force 1 8 mimeograph 1977 3 job anonymous rotation standard of operation performance appraisal manpower= 2 1969 G W G’ G G G’ 78 W G’ 3 p.26 p.32 3 2 542 2008 8 p.2 p.2 p.2 4 1989 17 18 2 fair weekly market market looker p.39 p.65 3 17 p.86 shopkeeper middleman, factor common carrier p.103 p.113 5 2 542 2008 8 p.14 79 chapman Newsletter p.15 2 10 23 W W p.16 6 2008 p.146 147 7 1953 C p.126 8 emerge wie warum wodurch reflexive determination quid pro quo=something in return iPhone5 hoarding accumulation 80 3 conceptual reality basic theory stages theory dichotomy 1970 p.475 476 1 1978 2 1964 3 2003 4 15 3 1968 3 5 1977 6 44 5 2012 7 8 3 2004 10 1994 9 2005 10 2008 11 1980 12 1961 13 1949 14 1950 15 1952 16 1952 17 1959 18 3 81 1963 Newsletter 19 2 10 23 1964 20 1967 21 1968 22 1969 23 1969 24 1970 25 1971 26 1973 27 1973 28 1977 29 1967 30 1968 31 1968 32 1981 33 1982 34 1983 35 1979 36 1978 37 2009 5 38 2012 39 213 1985 8 40 3 57 4 1995 1864 1865 12 41 2010 42 43 44 1965 1967 1977 45 1987 46 2010 47 1967 48 1996 49 2009 50 1960 51 1967 52 59 53 2011 1962 82 8 9 3 54 1979 55 1979 56 1980 57 1981 58 2005 59 1979 60 1979 61 1980 62 1977 63 1977 64 90 65 2008 2011 66 2006 67 2 30 68 2 1981 10 1 541 2008 7 69 2 542 2008 8 70 45 3 2008 10 71 1977 72 1977 73 1970 74 2007 75 1960 76 1962 77 2009 78 1959 79 1960 80 33 4 1980 34 2 1980 3 81 9 83 5 Newsletter 2 10 23 82 21 4 1990 83 125 2002 12 84 2009 85 1 3 1971 2 1 10 86 2 37 4 37 1972 2 1 1 87 2000 88 1989 89 37 2000 9 90 1999 91 Edwards=Gordon=Reich 36 2 1985 4 92 2901 1988 10 93 1993 94 5 1972 95 1975 96 1976 97 1982 98 1959 99 1998 100 2010 101 1999 102 10 12 2001 8 103 1985 104 1985 105 1988 106 1989 107 2012 108 1941 109 2005 110 1968 84 3 111 1971 112 1997 113 1976 114 1972 115 1977 116 1983 117 1993 118 1995 119 1982 120 1968 121 1996 122 1990 123 2003 124 2004 125 39 126 3 1989 1990 127 2007 128 1993 129 1970 130 1 1982 131 3 1983 132 4 1983 133 5 1984 134 6 1985 135 8 1986 136 9 1987 137 10 1987 138 2011 139 2011 140 mimeograph 1977 141 3 56 142 3 1995 1 1989 143 1 144 18 2 1998 3 2002 145 1993 146 50 6 147 1977 85 1 1988 2 Newsletter 2 148 10 23 1993 149 145 1983 9 150 1988 151 20 2004 152 56 153 1 1983 6 1983 154 1987 155 1996 156 45 2 2008 7 157 1987 158 1987 159 4 1962 86 http://www.unotheory.org/news_II_1 Newsletter 1-26-1 03-5984-3764 Fax 03-3991-1198 E-mail:[email protected] http://www.unotheory.org Newsletter 2008 2 2008 10 23 2012 2010 2012 2010 1 2008 2010 2008 1 p77 p154 p76 2010 p146 1 1 [ ] 2010-1 A=B A=C B=C 2012 p244 p245 2 Newsletter 2 10 23 2011 2011 116 2010 1 p146 3 2012 2012 p246 3 p245~6 1992 4 p Newsletter 2 10 23 1870 2012 p250 2012 p248 2006 p7 1970 80 1 2008 p15 17 5 2012 p246 1966 1960 1953 1971 1971 53 3 1 1 2 1960 1953 1958 2010 p254 1958 6 Newsletter 2 10 23 3 30 2 [2010 2] 20 3 p249 2010 1 p151 2 20 2010 1 p151 p152 7 2012 p250 20 2012 p250 1 2012 p251 2008 p78 2008 p81 8 Newsletter 2008 2 10 23 p81 2010 2 2012 p253 9 2012 2010 1 p253 p152 2012 p253 p254 10 Newsletter p99 2010 2 10 23 10 2 1971 197 5 1975 179 11 178 1954 54 1971 263 1917 12 Newsletter 2 263 10 23 264 54 1967-1 13 1967-1 p17 18 [ 1973] p182 1967 3 54 21 3 p254 40 20 40 1970 1 2 1952 55 14 Newsletter 1953 2 10 23 56 50 60 60 73 68 70 70 50 60 70 6 7 15 1951 2 2012 2010 p255 1 2008 p84 2012 p256 p256~7 p257 16 Newsletter 2 10 23 1958 2012 p257 2010 1 2008 p84 2010 1967 2012 17 p258~9 1 p156~7 OB 2012 p256 7 18 Newsletter 1958 p206 19 2 1974 10 p147 23 1 20 Newsletter 2 10 23 15 19 19 19 19 20 20 30 20 2 21 2012 p256 21 20 1 2 2008 p78 p79 1 2010 2012 p149 p261 22 2 Newsletter 1 2 2 10 23 2 2010 p149 1 2 23 1 1983 p61 4 2010 2012 2010 1 263 p149 2012 p263 24 1 p149 Newsletter 2 10 1964 p44~5 2010 25 p149 23 3 2012 P264 5 p149 26 Newsletter 27 2 10 23 Newsletter 2 2 http://www.unotheory.org/news_II_2 28