Journal Article International Control of Price Levels Get access Harold L. Reed Harold L. Reed Cornell University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 45, Issue 2, February 1931, Pages 357–364, https://doi.org/10.2307/1885480 Published: 01 February 1931
The assumption of independent national price systems, in theory and in treatment of current problems, 409. — I. No domestic and no international prices; only local prices, more or less sensitive to external conditions, 410; merchandise and services, wholesale and retail prices, not differentiated in the terms "international" and "domestic" commodities, 413. — II. Parallelism in movement of wholesale price indices, 413; Internationalization of the commodity price structure, 414. — III. Illusion of domestic price structure for wholesale merchandise: large or sustained movement not essential to price interdependence, 422; defective market data and apparent price deviations, 432; limitations upon actual deviation; a priori indications of high correlation, 433. — IV. Reformulation: the local category consists mainly of services and retail prices, 436; merchandise at wholesale is international, 437; regional prices structurally related, 442. — V. Practical applications: farm relief, 452; export combinations, 453; tariff and monetary problems, 455. — VI. Regional prices of international goods: as affected by foreign exchange, 456; by movement of specie or changes in purchasing power, 457; a possible reconciliation with orthodox theory, 458; price stabilization through credit policies of central banks, 459.
Introduction, 1. — I. Definition of terms, 2. — II. Reactions to a falsified good: (1) the genuine is displaced, 8; (2) both remain in use, 11; (3) the falsified disappears, 13; (4) the demand for both falls, 13; (5) the demand for both increases, 16. — Importance of knowledge, 17. — III. Effect of conditions of production, 20; of elasticity of supply, 21. — IV. Effect of legal enactments: labelling, 23; grading, 25. — V. Effect upon the national economy and the final user, 26. — Waste, 27. — Introduction of novelties, 30. — Expense for protection, 31.
Owing to the comparative youth of the accounting profession, court decisions affecting its members are few and scattering. However, the importance of these adjudications to the profession in inverse proportion to their number. An attempt is made in this article to state the significant parts of the American and English cases which have been decided during the past half century. Since accounting has attained the dignity of a profession, its members are subject to the same rules in their practice as are the members of other skilled professions. The damages claimed on account of the losses from the defalcations of the clerk and the insolvency of his surety are too remote to recovered, without showing the existence of special circumstances, known to defendants from which they ought to have known that much losses were likely to result from failure to disclose the true condition of affairs. Such losses are neither the natural nor the proximate consequences of the failure of defendants to make a proper audit.