Knowledge that Transforms

Increased attention to state income taxes since 1895, 296. — Bills introduced in several states; laws passed in South Carolina and Oklahoma, 300. — Discussion by Tax Commissions, 303. — Constitutional limitations removed in five states, 304.

Journal Article The Measurement of Concentration of Wealth Get access G. P. Watkins, G. P. Watkins New York, N.Y. Search for other works by this author on: Oxford Academic Google Scholar Warren M. Persons Warren M. Persons Dartmouth College Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 24, Issue 1, November 1909, Pages 160–190, https://doi.org/10.2307/1886060 Published: 01 November 1909

The "true principle, " of equalizing cost of production, virtually new in 1908, 2. — Its fallaciousness, 2. — High wages and cost of production, 4. — Significance of the "true principle" as a concession to the demand for revision, 5. — Character of the debate of 1909, 7. — Crass protectionism, 9. — The Bill before the Ways and Means Committee, 11. — German comments pigeonholed, 13. — Action of the House, 15. — Situation in the Senate; log-rolling brings advances in duty, 16. — Conference Committee settles details, 18. — Duty on hides abolished, 19. — Duties on lumber and iron reduced, 21. — Iron and steel duties lowered, 24. — Shoes and leather, 25. — Advances on cotton goods, hosiery, silks, 27. — Economic characteristics of these industries, 31. — Insignificant changes on wool and woollens, 31, and on sugar, 33. — Sugar from the Philippines free, 34. — Advances on petty items, "jokers, " 35. — Maximum and minimum provisions, 36. — Conclusion 38.

The movement, a result of the panic of 1907, 86. — Provisions of the Oklahoma law, 88. — National banks unable to participate in the guaranty, many become state banks, 90. — Rapid increase in the deposits of state banks, 94. — The guaranty of deposits generally favored by the people outside the larger cities, 103. — Political aspects of the question, 103. — More strict banking laws have in every instance accompanied the adoption of the guaranty or insurance of deposits, 106.

I. The decline has taken place, for the national banks, by abrupt drops in periods of business revival, with steadiness in intervening periods, 697.—Has extended to all classes of banks, 698.—Due proximately to rapid increase of deposits, with stationary capital, 699.—II. The main cause has been an increase of lawful money supplied to the banks by the general public, 703.—III. The same tendency appears in the English banks, the Canadian banks, the State banks, 708.—IV. The decline not necessarily an indication of weakness, 712.

Introduction: the success of existing central banks, 363.—Minor obstacles in the United States, 365.—The functions of central banks, 369.—I. The activities of central banks in normal times, 373.—The absence of branch banking an insuperable obstacle in the case of government deposits and the issue of notes, 380.—Credit notes a dangerous instrument, when the use of deposit credit is general, 386.—II. The precautionary stage in the policy of central banks, 388.—The sliding scale of discount would be ineffective in the United States, 393. —The kind of central bank which has been proposed for the United States is unlike those in Europe, because it would not be able to restrain credit expansion, 396.—III. Activities of central banks during crises: a central bank not needed to handle the foreign exchange situation, 400; or to insure the continuance of loans, 403.—The suspension of payments can be remedied without revolutionary changes in our present system, 407.—Conclusion, 413.

I. Literature. Character previous to the opening of the Vatican Archives, 251. — Notable recent works, 254. — II. Administration. Development of a financial department, 260. — Central organization, 263. — External agents, 267. — III. Revenues. Classification, 273. — Census, 275. — Income taxes, 280. — Benefice taxes, 282. — Fees and miscellaneous receipts, 292.

There is no generally accepted method of measuring the concentration of wealth, 416.—The methods of Lorenz, 417, Pareto, 419, and Watkins, 427, explained and analyzed.—The coefficient of variability, as used by statistical biologists; suggested as a good measure, 429.—Application of that measure to income statistics, 436, and to wealth statistics of Massachusetts, France, and the United Kingdom, 440.—Conclusion, and summary of the features of the different measures of variability, 447.