Knowledge that Transforms

I. The use of theory in the interpretation of statistical demand curves, 601. — II. The equilibrium analysis; its assumptions; the difficulties of applying it to statistical curves, 603. — III. Dynamic curves interpreted with the time element left in, as (a) paths of equilibrium, on the basis of the equilibrium analysis; (b) moving schedules, with different assumptions. Marshall's view, 608. — IV. A possible application of the static analysis; all time elements eliminated from the statistical curves; Moore's curves and their meaning; dynamic curves not demand curves in the orthodox sense; the concept of elasticity not applicable to such curves; present statistical curves neither dynamic nor static; not to be interpreted in terms of orthodox theory, 614.

Journal Article Mitchell's Business Cycles Get access Joseph Schumpeter Joseph Schumpeter Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 45, Issue 1, November 1930, Pages 150–172, https://doi.org/10.2307/1882530 Published: 01 November 1930

I. Advantages and disadvantages of industrial concentration. — Possible relation to the business cycle, 131. — II. The criterion of concentration and diversification here used: value added by manufacture, 134. — Results for sixteen cities in 1919, 135. — In later years, 138. — III. Relation between industries of producers' goods and of consumers' goods, 146. — Some significant results as to concentration and business fluctuations, 148.

PROFESSOR EINAUDI has raised an interesting question in his note on " James Pennington or James Mill: An Early Correction of Ricardo," published in the November number of this Journal (

Credit Expansion. — Bank loans and investments, 95. — Urban real estate mortgages; held by banks, mortgage trusts, mutual savings banks, Life Insurance Companies, Building and Loan Associations, 96. — Farm mortgages; held by Federal Land banks, Joint Stock banks; general data, 105. — Securities outstanding, 107. — Installment selling; electrical equipment, radio industry, General Motors Acceptance Corporation, 108. — Summary, 115. — Credit expansion somewhat analogous to monetary inflation, 119. — Consequence of credit expansion: illustrated by developments in the radio industry, the automobile industry, the construction industry, 121. — Conclusion, 128.

Growth in number of book stockholders in recent years, 561. — More rapid growth in immediate post-war period, 566. — Customer and employee sales important only after 1920, 567. — Examination of income-tax data for possible shift in ownership, 570. — Large shift in ownership from rich to less rich apparent between 1916 and 1921, none thereafter, 574. — Check on validity of figures by examination of methods of manipulation, 575; by examination of income-tax data, particularly for tax evasion, 576; by discussion of possible explanations of shift, 585; by the evidence of growth in number of book stockholders, 591. — Conclusion, 591. — Statistical Appendix, Tables I–VIII, 593.

Reviews the book "Stock Movements and Speculation," by Frederic Drew Bond.

This article presents information on the report of the committee of the American Institute's on the definition on earned surplus. The definition, as finally revised, follows: "Earned surplus is the balance of the net profits, net income, and gains of a corporation after deducting losses and after deducting distributions to stockholders and transfers to capital-stock accounts." Further on in the committee's report net profits, net income, and gains are described as including "profits from the disposition of any corporate asset and arise from transactions resulting in the acquisition of cash or of property which at the time of its receipt may ordinarily be classified as or converted into, a current asset or from transactions in which the consideration received includes the complete or partial discharge of a liability." The hope is thus indirectly expressed that any newly-created revaluation surplus will be treated as indicated in last year's report. Disclosures and qualifications and their repetition on successive balance sheets are subjects concerning which much remains unsaid. They are likely to be the subjects of rules of conduct which the future holds in store for the profession. In the meantime they must be discussed fully and frankly if definitions and uniform practices are to be adopted by the profession and their wording must be significant and must, furthermore, become a definite addition to the parlance of the financial world.

This article focuses on the comparative analysis of the business periodicals of Germany and the U.S. Periodicals like "The Accounting Review" and "The Journal of Accountancy" simply do not exist in Germany, at least not as scientific periodicals. The German periodicals cover the whole field of business economics. Only recently is specialization noticeable, based upon purely practice considerations, and this, to be sure, partly under the influence of its American models. The German periodicals can best be compared with the Harvard Business Review, although even there the field of finance and marketing is prominently emphasized. Some of the articles therein, would also, in Germany, be considered in the field of political economy. One might object that the contrast between the working out of the study of business economics in the United States and in Germany is not quite so sharp as seems emphasized here. In Germany the two subjects, Political Economy and Business Economics, are two widely separated sciences. This may occasionally be deplored, yet each of the subjects places value upon its particular point of view, although both are working' toward the same objective.

Reviews the book "Accountancy in Modern Business," by O. Wunderlich.