Journal Article The Present Position of the Theory of International Trade Get access J. C. Gilbert J. C. Gilbert Dundee Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 3, Issue 1, October 1935, Pages 18–34, https://doi.org/10.2307/2967568 Published: 01 October 1935

Journal Article The Period of Production and Derived Concepts Get access J. Marcus Fleming J. Marcus Fleming Edinburgh Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 3, Issue 1, October 1935, Pages 1–17, https://doi.org/10.2307/2967567 Published: 01 October 1935

Paternalism Replaces Voluntarism, 237.—The Post-War Collapse, 240. — Catering to the Powers, 243. — Depression and the N.R.A. Jolt Labor out of Complacency, 246.—The New Progressivism, 247.— Labor at the Crossroads, 249.

Journal Article Comments Get access Earl J. Hamilton Earl J. Hamilton Duke University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 50, Issue 1, November 1935, Pages 185–192, https://doi.org/10.2307/1882349 Published: 01 November 1935

Introduction, 561.— I. Labor incomes, dividends and interest: all corporations, 563. — What is national income? 566.— Choice of a base for comparison, 571.— Dividends and interest payments vs. net earnings, 573.— II. The manufacturing industries taken separately, 575. — Further evidence on dividend payments, 581.— Corporate capitalization during the depression, 584.— III. Confusion of profits with interest and dividends, 585.— Different experience of these items, 586.— The fortunate exceptions, 590.— Computation of profits, 590. — Reduction in interest payments, 593.— Net profits in 1933 and 1934, 595.— Deficits, 599.— Conclusions, 599.

Introduction, 394. — The definition of marketing, 396. — Retailing costs, 398. — Wholesaling costs, 398. — Manufacturer's marketing costs more difficult to estimate, 399. — Total cost of marketing in excess of 24 billion, 1929, 401. — Marketing costs compared with value added by manufacture, 402. — Income from marketing, 403. — Census of distribution facilitates estimate of marketing employment, 404. — Total marketing employment in excess of 8 million, 1929, 406. — Employment in marketing increased rapidly during the last two decades, 407. — Conclusions, 411. — Increasing specialization as a cause of increasing marketing costs, 412.

I. Scope of the study, 255. — II. The data used, 257. — III. Method of analysis, 264. — IV. Comparison with costs, 267. — V. The implied assumptions: a representative sample, 269; diifferences between groups, 271; equilibrium adjustment of market factors, 274. — VI. College training: (1) Value of abilities exceeds cost of training, 275; (2) Women graduates, 278. — VII. Values and costs of professional training: M.A. and Ph.D., 278; physicians, 279; engineers, 280; business men, 281; lawyers, 281. — VIII. Non-competing groups again, 283. — IX. Conclusion, 284.

A,N author may rightly be asked to define his subject clearly, and he should also be required to define himself a little bit, so that all have a better chance to criticize his interpretations. Therefore, I will expose what faiths or prejudices of mine have a bearing on my subject. I have a basic faith in the essential soundheadedness of the United States. I do not believe that what we are living through is a crisis of the system, of the mode of life that has made the United States the great nation that it is. I think it is a crisis within the system. This means that I believe that, when policies clearly threaten the system, the policies will be forced to change. Therefore, all my conclusions are colored by a basic faith that the nation's difficulties will finally be worked out only along the pattern of life which has made the United States what it is. Having defined my own prejudices, the subject of inflation, I find, hardly permits of a coverall definition. Moreover, in order to bring my discussion in line with the actualities of the present situation, I must not confine myself to inflation in a restricted sense, because we are faced not only with that inflation which is classically the method by which governments meet an insolvency of their treasury. We are faced with it also as part of a planned recovery. It is therefore necessary to consider the widely conflicting schools of money management and economic planning as a part of my subject.

IT is not possible to forecast changes in currency and in bank deposits in this country. Some inkling of the future may be obtained, however, by making a survey of recent developments and of the mechanical possibilities of expansion, using approximate figures for gold, circulating bank deposits, federal reserve issues, silver coin or certificates, and greenbacks. Some attention should be devoted to the methods available for control when and if currency and deposit expansion should pass any limit thought by the Administration to be satisfactory. At the very heart of the present problem, we find the policies of the Treasury as to gold and the financing of the federal deficit by sales of bonds to banks. For the time being, the Administration has suspended the established and recognized central bank method of facilitating and encouraging expansion i.e., the creation of new bank reserves by increased open market purchases or rediscounts by the federal reserve banks and has fallen back upon the method used for the financing of the War. To be sure, we did not then have gold devaluation nor the seizure of gold stocks by the Treasury, but otherwise the method is the same. Gold devaluation, as applied at the outset to that portion of the gold stock which was commandeered by the Treasury, resulted directly in a mark-up or bookkeeping profit of 2.8 billion dollars in terms of the new money of account. Thereafter, to the end of I934, domestic gold production plus devaluation profits on coin and old gold certificates dribbling in added 0.2 billions. Further, as an indirect result of devaluation at a mint price which undervalued the dollar, there was a large import of gold which was turned over to the Treasury. The net gold imports, including net release from earmark, between January 3I and December 3I, I934 amounted to I.2 billion dollars, in terms of the new money of account. Thus, in the aggregate, 4.2 billions were placed at the disposal of the Treasury for manipulation.