Knowledge that Transforms

Journal Article Cassel's Theoretische Sozialökonomie Get access Frank H. Knight Frank H. Knight State University of Iowa Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 36, Issue 1, November 1921, Pages 145–154, https://doi.org/10.2307/1883783 Published: 01 November 1921

Aim and method of the present inquiry, 557. — The two fundamental problems, 558. — Prices should be treated as ratios, . 559. — When so treated the paradox of the arithmetic and harmonic means is resolved, 559. — Ratios are not fractional quantities, 561. — The completely weighted arithmetic mean is a ratio of aggregates, 563. — Geometrical representation of the price level, 563. — The method of least squares, 566. — The method of summation, 568. — Changes of the general price level, 568. — Effect of changes of the relative importance of trade in different types of commodities, 571. — Substitution of "dollar's worths" for physical units, 571. — Fisher's index number, 572. — Conclusion, 573.

The political and social situation in France at the end of 1920, 175. — All classes dissatisfied, 177. — A social or political revolution improbable, 178. — The critical economic position: agriculture, steel, coal production, 180. — Foreign trade, exchanges, prices, 182. — The financial situation alarming. — Public expenditure and public revenue during the war, 185. — The public debt, 191. — The financial policy of the administrations during the war and since the armistice, 191. — The burden of the taxpayer in France, 205. — The future financial position of France depends on four matters: reduction of expenditure, reduction of the foreign debt, German reparations, stabilization of the exchanges 206.

Cycles of approximately eight years in the yield per acre of British crops have probably recurred in a continuous series during the last one hundred and sixty years. In consequence of the law of demand, these crop cycles have generated corresponding cycles in the prices of food and of organic raw materials. In conformity with the law of competitive price, the cycles in the prices of food and of raw materials should have been followed by corresponding cycles in the prices of manufactured commodities. As a matter of fact, the analysis of Sauerbeck's index numbers of general wholesale reveals real cycles of approximately eight years in which the originating, generating crop cycles are reflected throughout the century for which the Sauerbeck index numbers have been computed. The principal results of the investigation appear in the graphs of Figures 5 and 6. I. Data and method, 504. — II. An analysis of a century of prices, 508. — III. Crop cycles as generating cycles, 515.

Vicissitudes in the Shipping Trade, 1870–1920 Get access E. S. Gregg E. S. Gregg New York City Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 35, Issue 4, August 1921, Pages 603–617, https://doi.org/10.2307/1882428 Published: 01 August 1921

The persistence of the eight-year generating cycle in England for one hundred and sixty years; the congruence of the eight-year crop cycles in England, France, and the United States; the persistence of the eight-year meteorological cycles, and their congruence in Europe and America; the congruence of the economic and meteorological cycles — these uniformities and agreements suggest that their cause must be sought in a cosmical cycle. The probable cause is the planet Venus in its eight-yearly periodic motion with respect to the Earth and the Sun. I. Economic cycles, 2. — II. Meteorological cycles, 8. — III. The cause of the eight-year generating cycle, 18.

Nature of the study, 84. — Underlying assumptions of the study, 86. — I. Previous earnings of the representative consolidation compared with actual earnings, 90. — II. Estimated earnings of the representative consolidation compared with actual earnings, 91. — III. First-year earnings of the representative consolidation compared with later earnings, 93. — Table of fundamental data, 95.

I. Theory and practise of the excess profits tax, 364.—II. Reasons for immediate repeal, 369. — 1. Prevailing opinion, 369. — 2. The income tax endangered, 370. — 3. Danger of administrative collapse, 371. — 4. "Invested capital" an insoluble problem, 374. — III. Theory of the present law: invested capital, 376. — The Excess Profits Credit, 380. — The Personal Equation, 384. — Borrowed capital, 385. — IV. Can the tax be perfected? Administrative discretion, 386. — Pre-war profits, 388. — True normal deduction, 389. — Scope of the tax, 390. — Future of the tax, 392.

I. Marx's view of history is technological not economic. — II. The social process according to Marx, 75. — III. Technological changes, the class struggle and human adjustments to environment, 75. — IV. Forces lying back of technological evolution, according to Marx and Engels: extension of markets, development of science, cosmic evolution, 78. — V. The Marxian view against the background of fundamental factors and forces, 80. — VI. Criticism of the Marxian theory, 82. — VII. Conclusion, 83.