Knowledge that Transforms

I. Introduction, 640.—II. Saint-Simon in his relation to the policy of laissez-faire, 642.—Neither Saint-Simon nor the Saint-Simonians were socialists, 648.—III. The philosophy of history, 650.—The principle of productivity and its importance, 651.—IV. The rule of law and the harmony of interests in a society of producers, 657.—V. The Saint-Simonian criticism of competition, 665.—The division between the idle and the producing class, 668.—The rationalisation of economic enterprise, 674.—VI. The position and importance of the banks, 675.—The theory and rational use of credit, 677.—VII. Conclusion, 680.

Journal Article The Motives of Inventors Get access Joseph Rossman Joseph Rossman United States Patent Office, Washington, D. C. Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 45, Issue 3, May 1931, Pages 522–528, https://doi.org/10.2307/1883903 Published: 01 May 1931

Journal Article The Decline of the Commercial Loan Get access Lauchlin Currie Lauchlin Currie Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 45, Issue 4, August 1931, Pages 698–709, https://doi.org/10.2307/1883250 Published: 01 August 1931

I. Scope of the treatise, 547.—II. The theory of prices; the equations of exchange; relation between investment and saving, 549.— Does it solve the “dilemma” of the “over-savings” theories? 553. — Specific maladjustments, 555.— Profit versus anticipated profit, 556.— III. The money mechanism. Distinction between income and savings deposits; treatment of demand and time deposits, 558. The problem of business deposits, 560. Security booms and deposits; does speculation tie up credit? 567.—IV. Bank control of prices, 573. Bank rate and investment, 575.— Market rate and “natural rate,” 578. Bank control and the major depressions: the nineties, 581; — England since the war, 583; — the current depression, 584.— Bank control by action “in advance,” 584.— External versus internal stability, 586.

Introduction. The concept “control.” — Types of control; complete ownership, 72; majority control, 73; legal device, 74; minority control, 81; and management control, 83. — Separation of ownership and control among the 200 largest American corporations; basis of classification and extent of separation, 89. — Conclusion, 95. — Tables showing types of control, 98.

I. Wants and Activities; Utility Theory and the Development of Character through the Exercise of Faculties, 102. — II. The Supplies of the Factors of Production, 113. — III. Real Costs, 119. — IV. Free Enterprise and Laissez-faire, 123. — V. Social Evolution, 128. — VI. The "Natural Order, " 132. — VII. Human Nature, 135. — Conclusion, 139.

I. The technique of the Schultz and Leontief methods, 219. — II. The logic of the methods, 223. — III. Application of both methods to price-quantity data for coffee, 232; copper, 237; sugar, 240. — IV. English import and export indexes, 242. — V. Comparison of the results of these experiments, 253. — VI. Criticism of the Leontief and Schultz logic, 255. — Conclusion, 260.

The article presents views of the author on the article "Selling and Administration Expense Analysis As a Basis for Cost Reduction." I think that the title should probably have seemed more logical and orthodox than the one adopted. It is quite true that expense analysis has generally had as its object the reduction of costs, it is also quite apparent that cost reduction should object of such analysis. Why then inject this type of analysis as a basis for sales control? Just what do we mean by cost reduction? Is it merely a reduction in size as compared with previous dimensions, or should it be measured in a different way? Is it something that can be considered alone, or must it be studied as a relative thing? Should we think of costs as money and service outlay or as standards of measurement? And if we view them as standards of measurement what do they measure? I know of no cost that is not a measure of performance. In fact, a performance without cost, in business, is quite unthinkable. Performances and costs run along parallel lines. The performance creates the cost, but parallel lines may or may not be of the proper relative lengths. Even in a profitable business, viewed as a whole, where the performance line is naturally longer than the cost line, we have no assurances that either line is of the right length.

To budget machinery raises many difficult problems. The first problem is to determine the period which the budget should cover. In budgeting the sales and production of a business, the fiscal period, usually a year, is the basis followed. A monthly detailed budget supplements the annual budget. There are several reasons for using the year as the basis for budgeting sales. First, it is the period covered by the profit and loss statement. Second, the year is a comprehensive enough period to include all the seasonal changes, and thus the relation between seasons may be determined. Third, the yearly budget provides a basis by which comparisons of similar periods in different years, or full years may be fairly made. These reason also hold good for the budgeting of production on a yearly basis, productivity depending on the same seasons fluctuation as do sales. In budgeting machinery, however, the fiscal year may not be the logical period. There is no relation between the fiscal year and machinery production.

Reviews the book "American Monetary and Banking Policies," by George W. Dowrie.