Knowledge that Transforms

I. Introduction, 553. — II. Nature and origin of the managing agency system, 554; critical role of the agency firm, 554; British and Indian agency firms contrasted, 556; origin and development of the managing agency system, 559. — III. Scope of the managing agency system, 563; industrial distribution of the agency system, 564; type and size of agency firms, 565. — IV. Relations between the agency firm and operating companies, 567; the managing agency contract, 568; financial relations, 569; control of voting rights by the agency firm, 573; role of boards of directors, 573. — V. Conclusion, 575.

The contents of this large and (physically) very heavy volume are correctly indicated by its title. It is not a history of theories of policy; nor is it a history of economic systems; these matters are discussed only in so far as they throw light on the central subject — the evolution of those techniques of thought which enable us to describe and explain the economic aspects of reality. The plan falls into five parts. Part I (pp. 3–50) is devoted to a vindication of the autonomy of the subject and a discussion of its relations with other branches of knowledge. Part II (pp. 51–378) traces developments from the beginnings in Greco-Roman times to the promulgation in the last half of the eighteenth century of the Physiocratic and Smithian systems. Part III (pp. 379–752) deals with the period 1780 to 1870, so covering the English Classical school in its full development. Part IV (pp. 753–1138) takes us down to 1914 “and later, ” and ranges far and wide over the evolution of analysis since the Jevonian revolution. Part V (pp. 1139–84) is a fragment and deals in a sketchy way with certain very recent developments.

Introduction, 402. — I. Suggested new definitions, 404. — II. Clark's treatment of sectors, 406. — III. Fisher's approach, 409. — IV. Fourastié's definition, 412. — V. Strengths and weaknesses of suggested new definitions, 414. — VI. Conclusion, 419.

I. Introduction, 137. — II. Quesnay's Tableau, 138. — III. The Tableau Économique as an input-output system, 140. — IV. Suggested interpretations of the Tableau Économique, 142. — V. Conclusions, 144.

I. Introduction: the medieval contribution, 161. — II. The school of Salamanca, 167. — III. The demise of scholastic economics, 171. — IV. Scholasticism and mercantilism: a contrast, 177. — V. Conclusions, 185.

I. A suggested criterion for investment allocation, 343. — II. The case for high labor productivity in underdeveloped areas, 353; the level of labor productivity in underdeveloped areas, 353; labor productivity and capital allocation, 355; population growth and development, 363; some obstacles to high labor productivity in backward areas, 367. — III. Conclusion, 369.

Introduction, 99. — I. Some general features of rational choice, 100.— II. The essential simplifications, 103. — III. Existence and uniqueness of solutions, 111. — IV. Further comments on dynamics, 113. — V. Conclusion, 114. — Appendix, 115.

Reviews the book "Confederate Finance," by Richard Cecil Todd.

The article discusses the ways of viewing in perspective, the practice of accountancy. The practice of accountancy can mean far more than a mere livelihood if, as far as possible, all tendencies to take a dull, prosaic, jaundiced slant on one's work are discarded and instead meaning and inspiration in professional activities are looked for. To fulfil this goal the written word in accountancy should be clearly and interestingly conveyed, striving always to make communications compact models of useful intelligence. Varied reading should be done, thus drawing on the thinking of men of other times and places, and thereby enlarging one's own horizons and ventilating minds. Teaching, in the broadest sense, should mean creating true illumination by explaining principles. One should observe more alertly and broadly explore his professional environment, and then apply this chosen science, so that all may better adapt themselves to their limitations and likewise to their highest potentialities.

The article focuses on the requirement of accountants within the Atomic Energy Commission. The commission's Junior Management Development Program employs ten persons each year to help provide a flow of trained people. One of the qualifying fields is business administration. These people are needed because atomic energy just in the past few years has become big business, and one of the fastest growing industries in the United States. The training program is aimed at the graduates to be sound on technical points, such as inventory pricing, depreciation, testing of records for audit purposes, bank reconciliation, and all the others. The accountant, the auditor, the budget analyst, must not only have sound ideas and thoughts, but he must be able to present these thoughts so that they are understood, are convincing, and secure a desired response. The training and examination methodology of the program is discussed in the article. The author suggests a need for improvement in both written and oral presentations.