Knowledge that Transforms

I. Introductory, 360. — The purchasing-power-parity doctrine; objections to it, 361. — II. The foreign exchange markets, 364. — General method; basic assumptions, 367. — The principal media of international payment, 368. — Mechanism of the exchange market; equilibrium tendencies, 369. — The formula for media of payment; for the exchange rate, 376. — The short-run par of exchange under paper, 379. — III. The commodity markets, 383. — The relations between prices of media of payment and of commodities, 385. — The formula for exports and imports; nature of the equilibrium tendencies, 389. — Changes in the volume of commodity movements, 392. — Mechanism of the exchange and commodity markets in a specific case of disturbance, 394. — Summary of results to this point, 398. — IV. Long-run aspects, 399. — Long-run results of the specific disturbance previously examined, 400. — Relations between domestic and international prices, 404. — The business cycle, 408. — The paper par of exchange, 410. — Conclusion, 411.

I. Present disagreement on analysis of mine royalties, 290. — Ricardo's analysis, 291. — Modern writers: Taussig, Marshall, 292. — Limitation of Ricardian theory to settled countries and established industries, 293. — Rent of mineral land and agricultural land distinguished, 294. — Analysis of royalties in practice, 296. — II. Proof of the theory. Differences in royalties due to quality of coal, 297; to date of lease, location, fertility of mines, 299. — Relation of thickness to value of seam, 300. — The no-rent mine, 301. — Mine royalties in France, England, the United States, 302. — Graphic representation, 308. — Extensive and intensive margins; diminishing returns, 311. — III. Nationalization. Possible division of royalties if mines are purchased; if confiscated, 312. — Possible results under government operation, under lease to private operators, under free mining, 313. — Effect of nationalization on price of coal; on wages, 314. — Conclusion, 317.

I. Germany's economic paradox, 482. — The pre-war trade balance, 483. — Why the London Settlement on reparations broke down, 483. — The two periods of falling exchange since the Armistice, and the different behavior of the foreign trade, 485. — II. The reasons for the paradox: composition of the exports and the imports, 487. — Effect upon imports of the abolition of food price control, 489. — Relation of United States exports to German imports last year, 489. — The system of export control, 490. — Effects of depreciating exchange on home buying, 492. — The export trade has responded more sympathetically to a moderate rise of the mark, 493. — A growth of exports sufficient to pay reparations depends largely upon recovery of the Russian market, 493. — How the imports have been paid for and the reparation charges met, 495. — III. Germany's experiences furnish light on the theory of foreign exchange under paper, 498. — Export and domestic prices compared, 499. — The causal sequence appears to have run as follows: reparation payments, depreciating exchange, rising export and import prices, rising internal prices, budgetary deficits and increased private demand for credit, increased note issue, 501.

New sources of reliable data, 414. — I. The facts: primary and secondary data, 415. — Examples in industry, the laws of the optimum and of the two returns, 416. — Similarly in agriculture, 421. — The costs of production decrease with the increase in capital, examples in industry, 425. — Similarly in agriculture, 429. — Vertical integration reduces cost, 430. — Two opposing factors bring about the emergence of the three laws, 431. — II. The theory: New formulation of the two laws of return, 437. — The law of equilibrium, 442. — The emergence of the optimum size, 446. — Differences in capitals the cause of the emergence of profit, 447. — The older theories invalid, 447. — The Marxian theory is based on wrong secondary data, which assume but do not prove the conclusions, 448. — Theory of interest, 449. — Influence of both kinds of size, 451. — Influence of time, 452. — Singular position of commercial loans, 452.

Kate of exchange between two moneys part of a larger problem, 52. — Conditions requisite to equilibrium of exchange, 53. — Exceptions (1) government control, (2) monopoly, 54. — Connection between different commodities in international exchange, 56. — The effect of inconvertible paper, 62. — Purchasing power parities, 63. — Lapses from alignment between actual and normal rates of exchange, 70.

Social and industrial background; structure of the guilds, 80. — Distribution of function and control, 85. — Guild principles: "organized public service, " the Guild form of contract, Guild workmanship, workers' control, continuous pay and remuneration, 90. — Credit, finance, and insurance; relations with the C. W. S.; the Guild's financial record, 100. — Experience of the guilds: competitive tendering; the Guild's challenge; continuous pay costs; comparative labor efficiency; building costs on Guild contracts; the quality of Guild workmanship; Guild discipline and employment management; progress of the Guild movement, 106. — Conclusions: as to the building guilds; as to Guild Socialism in general, 127.

Journal Article The Early Use of the Term Industrial Revolution Get access Anna Bezanson Anna Bezanson University of Pennsylvania Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 36, Issue 2, February 1922, Pages 343–349, https://doi.org/10.2307/1883486 Published: 01 February 1922

Bearing on problem of scope and method, 454. — Both economics and ethics deal with value, 454. — Economics as a pure science has given too little attention to separation of constants from variables, 455. — Sense in which wants can be considered as data, 455. — Economic interpretation as a theory of conduct, 459. — Are human motives predominantly economic, 460. — Are they predominantly instinctive, 466. The adaptation theory, 469. — The pleasure theory, 469. — Economics as a study of the adaptation of means to ends, 472. — What becomes of ethics, 476. — Three kinds of treatment of conduct, 481.