Reviews the book "How to Operate under the Wage-Hour Law," by Alexander Feller and Jacob E. Hurwitz.

The Australian Case for Protection Reexamined Get access Marion Crawford Samuelson Marion Crawford Samuelson Radcliffe College Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 54, Issue 1_Part_1, November 1939, Pages 143–149, https://doi.org/10.1093/qje/54.1_Part_1.143 Published: 01 November 1939

PARETO deserves a place of honor among those economists who have aimed at a unification of theoretical-quantitative and empirical-quantitative approach to economic problems. His, sometimes misplaced,' exaltation of method led him to affirm that the progress of economic science in future will depend to a large extent upon investigation of empirical laws, derived from statistics, which will then be compared with known theoretical laws, or will lead to discovery of new laws. The new empirical laws will be essentially result of application to statistical data of methods of interpolation.2 Pareto's empirical formula which describes distribution of personal incomes seemed to open a wide and promising perspective of fruitful research. Professor Benini-who, following Pareto's suggestion, conceived in 1907 bold plan of a new science of inductive quantitative economics-contended that Pareto, by stating his law of incomes, had written first chapter of that new science.3 So far Pareto's and Benini's hopes have not been fulfilled. Though statistics and verification have played in last few decades a role of increasing importance, progress of economic theory has been mainly achieved by a process of scientific investigation, which is by no means that suggested by Pareto in passage quoted above. Interpolation has continued to be a useful statistical tool for practical purposes; but empirical and quite arbitrary formulae, on which it is based, generally are lacking in scientific interest. Pareto's Law forms an exception. The fact that incomes, in different places and epochs, are approximately distributed in accordance with this law, gives it a special significance. Though more than forty years have now elapsed since Pareto enunciated it, it is still attracting attention of economists and statisticians.3 I only need recall de-

Journal Article A New Instrument of Central Bank Policy Get access C. R. Whittlesey C. R. Whittlesey Princeton University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 54, Issue 1_Part_1, November 1939, Pages 158–160, https://doi.org/10.1093/qje/54.1_Part_1.158 Published: 01 November 1939

Reviews the book "Pick Your Job and Land It," by S.W.Edlund and M.G.Edlund.

Reviews the book "Advanced Cost Accounting," by Charles F.Schlatter.

Abstract In June 1936, the executive committee of the American Accounting Association published "A Tentative Statement of Accounting Principles." Accounting theory has been debated in the Association's annual meetings and in accounting periodicals with an energy never before displayed. From the beginning the Committee recognized the tentative nature of the statement of principles and looked forward to the time when revision would be undertaken. The appearance of revenue marks the accomplishment of the principal objective of business, namely, placing new utilities in the hands of consumers. The tests by which the reality of the profit or loss that may be embedded in revenue has been judged are as follows, economic tests, service has been rendered by a producer, utility has been accepted by a purchaser, a price has been determined by independent bargaining; legal tests, delivery has been completed, title to product has been passed, producer's claim for payment in due course is "property." Since the association of revenue and performance is basic to the concept of revenue, accounting standards should direct the preservation of that association; recognition of revenue should neither anticipate performance nor be delayed beyond performance.