Consumers' Surplus and Index-Numbers Get access J. R. Hicks J. R. Hicks Manchester Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 9, Issue 2, Summer 1942, Pages 126–137, https://doi.org/10.2307/2967665 Published: 01 July 1942

The author was asked to discuss the section of the Statement of Accounting Principles, which deals with capital and he shall endeavor to confine his remarks to that subject though it may be necessary occasionally to refer to related statements made in other sections. The initial words in the section dealing with capital are: corporate capital, the equity of stockholders of all classes in the enterprise. The author thinks this specification should be kept clearly in mind. What is being discussed in the pamphlet is the accountability of a corporation to its stockholders. It is not the economic capital of the corporation which would be represented by its assets, nor is it the capital from the standpoint of the stockholders. Accounting principle relates primarily to the interpretation of transactions, which have occurred. From the standpoint of ethics it might be argued that it would be unfair to take capital contributed by stockholders of one class and use it to buy shares from another class of stockholders. Rights of different classes of stockholders are established by law and by the contract contained in charter of the corporation.

Reviews the book "Office Management and Practices," by John J. W. Neuner and Benjamin R. Haynes.

Reviews the book "General Accounting," by H.A. Finney.

The article presents information about the execution of the Federal Budget of the United States. There are three phases in the development of the budget. (1) The Budget Document is the most comprehensive expression of the work of the U.S. Bureau of the Budget. It is based on the Budget and Accounting Act of 1921 that introduced the executive budget into the system of Federal finances. The Act was a long step forward in bringing order out of chaos. (2) A new landmark in the development of the Budget was the Reorganization Act of 1939, which placed the Bureau of the Budget in the Executive Office of U.S. President. (3) Through the reorganization, the emphasis of the work in the Bureau of the Budget has been shifted from the watchdog function into an instrument of management. The new procedures developed in the present emergency period promise to become a regular instrument of national policy in the future. The U.S. Congress may appropriate for what has been called "developmental programs" extending though a period of years, but leaving the timing of actual expenditures to the Executive, within the framework of the law.

Richard Stone, D. G. Champernowne, J. E. Meade; The Precision of National Income Estimates, The Review of Economic Studies, Volume 9, Issue 2, 1 July 1942,