Knowledge that Transforms

The change from a peace to a war-time economy, 211. — Scope of the present study, 212. — Pre-war preparations for control, 212. — The time schedule of war control, 214. — Methods of control: maximum prices, 216; priorities, 218; supply controls, 219; licenses, 222. — Organization and administration of control, 222. — Problems of control, 224. — Personnel, 225. — Priorities, 226. — Business practices, 228. — The London Metal Exchange, 230. — Small firms, 231. — Scrap metal, 232. — Administration of the control, 235. — Conclusions, 237.

The full title of Mr. Wickens' volume is necessary to suggest the comprehensive nature of the work.

The meaning of monopoly, 271. — The problem of measurement, 272. — Theoretical excess profits as indicators of monopoly, 273. — The problem of defining the rate of excess profit, 275. — Definition of the rate for a short fiscal period, 277. — The quantity of assets which a competitive firm will hold, 281. — The relation of the accounting to the theoretical rate of profit, 289. — The accounting profit rate as a measure of monopoly power, 291.

Introduction: popular misconceptions, 413. — Definitions: exploitation, 414; marginal product, 415; the wage of labor, 418. — Classification of exploitation, 419. — Non-deliberate exploitation: rising labor supply curve, 419; the cost of change, 420; discontinuous product demand curves, 423; stability of price under mature and immature oligopoly, 426. — Deliberate exploitation: monopsonistic discrimination, 434; the “sweated industry” fallacy, 434; conditions necessary for the existence of deliberate exploitation, 437. — The importance of exploitation, 439. — The rôle of unions, 440.

Journal Article The Planning Approach in Public Economy: A Reply Get access Richard Abel Musgrave Richard Abel Musgrave Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 55, Issue 2, February 1941, Pages 319–324, https://doi.org/10.2307/1882066 Published: 01 February 1941

I. Germany's Food Requirements During the War. The lessons of the World War, 364. — War preparation: consumption planning, 366. — Food policy during the present war, 369. — Total German food requirements, 370. — II. Germany's Ability to Produce its War-time Food Requirements. Food policy as an integral part of the rearmament program, 373. — Accomplishments of the food production program, 374. — Strains resulting from the agricultural “battle of production”: farm labor, 378; farm machinery and other improvements, 381; fertilizer, 382. — German food supplies in war time: factors influencing the domestic supply situation, 386; potential food imports, 393; the outlook, 397. — III. The Rôle of the Conquered Nation. Adjustment to war conditions, 401. — German policy under the occupation, 407. — Indirect effects, 410.

Reviews several books. "Federal Tax Handbook," by Robert H. Montgomery; "Studies in Federal Taxation," by Randolph E. Paul; "Federal Income Tax Accounting," 2nd ed., by Stewart Y. McMullen.

Business management must establish policies to distinguish between capital and revenue expenditures in order to maintain and successfully operate an accounting system, which provides for the classification and control of depreciable fixed assets. Certain standards must be devised by accounting or engineering department in order to separate capital from expense items. The adoption of such policies and standards is more important now than ever before because of management problems involved in fulfilling defense contracts. Accurate costs have to be determined whether or not the type of governmental supply contract is described as a fixed-price, cost-plus-a-fixed-fee, or cost-plus-a-percentage-of-cost contract. Emergency facilities, including land, buildings, machinery and equipment, used for the purpose of completing a defense contract can be amortized over a period of 60 months if certain government regulations and requirements ate followed. Therefore, it becomes necessary for the management to distinguish carefully between costs coming under a supply contract and costs involved in capital expansion.

The article focuses on questions on standards governing accounting. In an attempt to clarify some of the points raised by critics relating to accounting standards in the book, "An Introduction to Corporate Accounting Standards," the author has collected some questions from the correspondences and tried to answer them in his own views. To a question whether or not the phrase "measured consideration" is merely another way of saying money value and if there is any evidence to prove that the term "measured consideration" is more appropriate than the word "value" to indicate the subject matter of accounting, the author replies that he does not know of any evidence that could prove that one term was better than the other. He also comments that he is prejudiced against the use of the term "value" to indicate the subject matter of accounting. To a question why facts are more objective and verifiable now than they used to be before the author replies that modern complexities do seem to place difficulties in the path.