Knowledge that Transforms

I. The Ricardian view as a starting-point: advances to laborers, 334.—Are there advances? Clark's view considered, 336.—Do capital goods reproduce themselves, and does their maintenance involve abstinence? Advances to laborers in a complex society, 339.—II. The law of diminishing returns as applied to capital by Carver, 348; by Clark, 350; by Böhm-Bawerk, 352.—Criticism of this view, 353.—Static and dynamic conditions, 356.—The law of diminishing returns and the law of diminishing utility not the same, 360.—Conclusion, 362.

Journal Article The Controversy about the Capital Concept Get access Frederick B. Hawley Frederick B. Hawley Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 22, Issue 3, May 1908, Pages 467–475, https://doi.org/10.2307/1883742 Published: 01 May 1908

The panic of 1907 witnessed a premium upon money in New York lasting two months and rising as high as 4 per cent., 290–293.—The extent of hoarding on the part of the public is roughly indicated by the amount of money that disappeared from the banks, 293; and by the number of safe deposit boxes rented in New York and other cities, 294–296.—The banks of the South and West aggravated the situation by accumulating abnormal reserves, 296–299.

Representative constructive workers in pure economics have conceived of an inductive statistical complement without whose development the a priori instrument must lack concrete effectiveness, 1.— The most important statistical processes that must be employed in the elaboration of the inductive science are described, 8.—Steps which have already been taken in the attempt to bring together pure economics and the theory of statistics in the treatment of concrete material are illustrated, 23.—From a survey of what has been accomplished it is inferred that fecund scientific ideas as well as abiding practical results are to be gained from the development of the Statistical Complement of Pure Economics, 33.

I. The General Movement. The official figures of 1869–75, 67.— Magnitude of the movement in 1876–1906 as reflected in the figures of the Bureau of Statistics, 69; doubts as to these figures, 73; they understate the truth, 77.—Unreliability of statistics for emigration into particular countries of Europe, 78.—II. The Overland Movement, 79.—Unreliability of the official classification into “permanent” and “temporary” emigration, 80; total permanent emigration by another method, 83; extent of temporary emigration into Europe, 84.—III. The Oversea Movement. Transatlantic emigration in American figures, 88.—These figures higher than those of the Italian Bureau of Statistics, 91.—Inference that they are also more reliable strengthened by examination of other figures, 92.—Magnitude of the return movement from America, 95; as affected by American economic conditions, 98; growth of the return movement, 99.— Recapitulation and conclusion, 101.

Journal Article Substitutes for Cash in the Panic of 1907 Get access A. Piatt Andrew A. Piatt Andrew Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 22, Issue 4, August 1908, Pages 497–516, https://doi.org/10.2307/1884914 Published: 01 August 1908

The knowledge of ways and means is a communal product, 517.—Access to the common stock of technological knowledge is necessary to the production of a livelihood, 524.—With the advance of the industrial arts the possession of material equipment has become a requisite to the effective use of this common stock of knowledge and skill, 527.—Hence the great advantage of owning capital goods, 530; and hence the dominant position of the owner-employer in modern economic life, 535.—Summary conclusion, 541.

Professor Clark's commanding position, 147–150.—Harmless misinformation as to primitive man, 151–154.—Significance of the accumulated experience of mankind overlooked, 155–157.—The classical school and Clark are alike hedonistic, utilitarian, taxonomic, 158–160.—His doctrine as to capital and capital-goods, 161–167.—Natural distribution, final productivity, and effective utility, 168–172.—The supposition of consumer's surplus vitiates that of reward according to productivity, 173–176.—Consistently, monopolists also must be admitted to get rewards based on effective utility and so on “natural” law, 177–183.—The legislation proposed by Clark as to monopoly not related to his theoretic principles, 183–185.—How far any surplus of utiHty over disutility can be consistently reasoned out, 186–189.—Consumer's surplus and producer's surplus vanish on close examination, 190–193.—Conclusion, 194–195.

Introductory summary, 104.—Certain effects of investment and the price system, 105.—Intangible assets, their nature, derivation, and basis, 111.—Summary of analysis of assets, 115.—Tangible and intangible assets distinct, but mutually convertible, 116.—Dependence of all assets on industrial production, 122.—Non-capitalizable income from assets, 125.—Place and function of the "Pecuniary Magnate, " 126.—"Timeless" gains from the use of (large) capital, 130.—Source of such "timeless" gains, 132.—Consequences for ordinary business men and ordinary profits, 135.