The Australian Case for Protection Reexamined Get access Marion Crawford Samuelson Marion Crawford Samuelson Radcliffe College Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 54, Issue 1_Part_1, November 1939, Pages 143–149, https://doi.org/10.1093/qje/54.1_Part_1.143 Published: 01 November 1939

PARETO deserves a place of honor among those economists who have aimed at a unification of theoretical-quantitative and empirical-quantitative approach to economic problems. His, sometimes misplaced,' exaltation of method led him to affirm that the progress of economic science in future will depend to a large extent upon investigation of empirical laws, derived from statistics, which will then be compared with known theoretical laws, or will lead to discovery of new laws. The new empirical laws will be essentially result of application to statistical data of methods of interpolation.2 Pareto's empirical formula which describes distribution of personal incomes seemed to open a wide and promising perspective of fruitful research. Professor Benini-who, following Pareto's suggestion, conceived in 1907 bold plan of a new science of inductive quantitative economics-contended that Pareto, by stating his law of incomes, had written first chapter of that new science.3 So far Pareto's and Benini's hopes have not been fulfilled. Though statistics and verification have played in last few decades a role of increasing importance, progress of economic theory has been mainly achieved by a process of scientific investigation, which is by no means that suggested by Pareto in passage quoted above. Interpolation has continued to be a useful statistical tool for practical purposes; but empirical and quite arbitrary formulae, on which it is based, generally are lacking in scientific interest. Pareto's Law forms an exception. The fact that incomes, in different places and epochs, are approximately distributed in accordance with this law, gives it a special significance. Though more than forty years have now elapsed since Pareto enunciated it, it is still attracting attention of economists and statisticians.3 I only need recall de-

Journal Article A New Instrument of Central Bank Policy Get access C. R. Whittlesey C. R. Whittlesey Princeton University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 54, Issue 1_Part_1, November 1939, Pages 158–160, https://doi.org/10.1093/qje/54.1_Part_1.158 Published: 01 November 1939

Reviews the book "Advanced Cost Accounting," by Charles F.Schlatter.

Abstract This article focuses on governmental accounting education in the U.S. The position of the 1937 Committee on Education of the American Accounting Association appears to have been so widely misunderstood that a brief statement of clarification seems proper. Particularly, the failure of the committee to include governmental accounting in the syllabus, except under the Maximum Program, has been rather sharply criticized. An elaboration of such additional graduate work was not attempted at that time and no further statement has been made since. It was the opinion of the committee, however, that the place of governmental accounting lies somewhere in the senior elective area or in the graduate years. It is hoped that a further development will come through a study of offerings of universities and colleges whose graduates are presumed to have been prepared for the profession of accountancy. A grading, and classifying of curricula of various educational institutions should be undertaken, and the committee doing such work should be widely representative. It would, however, be futile to attempt such a task until the syllabus has been subjected to the most severe criticism.

Reviews the book "How to Operate under the Wage-Hour Law," by Alexander Feller and Jacob E. Hurwitz.

Abstract The price legislation referred to in this article includes the Robinson-Patman Act, the various state resale-price-maintenance laws together with the Miller-Tydlings amendment, and the minimum-price laws, which have recently enacted by the U.S. government. Some of the features which these laws have in common have been suggested. These laws impinge upon prices in apparently different ways, the first deals with relative prices paid by retailers, the second with prices relative and absolute charged by retailers for identical branded goods, and the third group with prices charged by retailers on any and all goods relative to the costs of those goods. To discover the real significance of these laws, one must be concerned with the identity of sponsors, their motives, and the state of mind of the public and the legislators who approved them than with the defenses that can be offered for them. The broader significance of recent price laws is that they are antichain-store and antiprice-cutting laws. As such, they are designed to protect the general run of independent merchants from the competition of those who threaten the existing order.

Abstract In this article, the author discusses economic aspects of fixed-capital obsolescence illustrating issues in patent laws and ordering. He describes that prior to the twentieth century, obsolescence of fixed capital or intellectual assets was usually treated as a factor of depreciation. In recent years an attempt has been made in some instances definitely to separate depredation and obsolescence. ice. Although alike in their fundamental nature, the two are traditionally separated because the latter is consumed in a single use, while the consumption of the former extends over a longer period of time. The physical results of depreciation are apparent, but the same cannot be said of financial results. Accountants also suggested that in many cases producers must use their judgment as to what they consider the best time to retire certain assets from use. There has been considerable agitation in recent years toward a change in the patent laws. It is claimed that modern economic conditions require several modifications of present laws in order to prevent the misuse of patent rights.