Knowledge that Transforms

Introduction: scope of the paper, 165. — I. Individual demand schedules: fundamental properties, 166; alternative maximum bids, 168; reconstitution of the demand curve, 170; the reaction function, 172. — II. Collective demand schedules: additivity in closed markets, 175; more complex cases and the theory of games, 179; successive adaptation and time intervals, 182; recontracting, 185; successive adaptation in open markets, 186; further properties, non-additivity, 189. — III. Applications: elasticity of demand, 191; monopolistic discrimination and monopolistic competition, 195; the cobweb theorem, 198; the supply curve, non-additivity, 199. — Conclusions, 200.

Introduction: impact of the Nazi economic policy on the cartels, 576. — I. Potash: early developments, 577; the 1919 legislation, 578; operations under the 1919 law, 582; the International Potash Cartel, 582; penetration of the American potash industry, 584; the Potash Cartel and Combines under the Nazi regime, 585. — II. Cement: pre-Nazi market controls, 588; early stages of Nazi control, 589; the cement industry during the war, 591; the International Cement Cartel, 594.

Journal Article The Measurement of Progressivity and Built-In Flexibility Get access Richard E. Slitor Richard E. Slitor University of Oklahoma Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 62, Issue 2, February 1948, Pages 309–313, https://doi.org/10.2307/1883224 Published: 01 February 1948

Journal Article Output Quotas in Imperfect Cartels Get access Joe S. Bain Joe S. Bain University of California, Berkeley, California Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 62, Issue 4, August 1948, Pages 617–622, https://doi.org/10.2307/1881769 Published: 01 August 1948

Journal Article The Fallacies of Lord Keynes' General Theory: Comment Get access James Tobin James Tobin Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 62, Issue 5, November 1948, Pages 763–770, https://doi.org/10.2307/1883470 Published: 01 November 1948

Reviews the book "The Board of Directors and Business Management," by Melvin T. Copeland and Andrew R. Towl.

Reviews the book "Bookkeeping," by Ernest A. Zelliot and Walter P. Leidner.

Reviews the book "Industrial Accounting," by Samuel W. Specthrie.

The lack of exceptions, qualifications, or explanations concerning consistency is somewhat disturbing to the critical reader in a period of rapidly changing economic conditions from phase of the business cycle to another. From one tax law to another with changes in products, distribution methods, and administrative organization, with changes from a controlled economy to one of relative freedom, with labor unrest, inflation, and unsettled international economic conditions, it would seem that an audit would quite often result in some material differences of opinion on accounting principles which failed of reconciliation. The principles of accounting so consistently applied by corporate management that the residual unresolved differences of opinion are almost invariably minor in character and not deserving of mention in the accountant's opinion report of the public accountant which can almost invariably declare that generally accepted accounting principles are applied on a basis consistent with that of the preceding year.

The primary benefit accruing to farmers' cooperatives are the right to exemption from federal income taxes and the right to use the hank for cooperatives. Several federal statutes define and describe the prerequisites for these benefits. The most important of these provisions is found in Section 101 of the internal-revenue code dealing with exempt organizations and, more specifically, paragraph 12. The exemption from federal taxation is not automatic and it is not sufficient that the organization qualify as a matter of operation and organization. Form 1028, Exemption Affidavit, must be filed with the U.S. Treasury Department and a definite letter must be received from the Department before the exemption is effective. This form is an informational form and requires data as to the provisions of by-laws, charter, marketing agreements, etc. If the request filed after the beginning of operations, a detailed balance sheet must be submitted as well as a "classified statement of the receipts and disbursements'' during the current year. Unless the Commissioner has determined that an organization is exempt, it must prepare and file an income-tax return for each taxable year of its existence. A large number of farmers' cooperatives are not tax exempt. Many associations may not be so organized as to meet the specific qualifications for exemption. In other cases the associations may prefer to have a nonexempt status if management and owners believe that it is more advantageous to be taxed than to meet the statutory conditions of exemption. It is possible for these associations to be organized and operated is such a way that there is little taxable income.