Journal Article Theory and Practice in Socialist Economics Get access A. P. Lerner A. P. Lerner London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 6, Issue 1, October 1938, Pages 71–75, https://doi.org/10.2307/2967541 Published: 01 October 1938
I. Why S = I, 297.— Difficulties of seeing this: the confusion between stocks and flows, 299; the paradox of individual freedom and social necessity, 300; the habit of labeling expenditure as "out of" particular income receipts, 302; the failure to recognize the mathematical or analytical nature of the proposition, 304; a misunderstanding of arguments about equilibrium, 305. — II. Miss Curtis' condition that "all income is spent, " 305; her failure to see the place of "wishes" in economic analysis, 307.— III. An attempt to salvage one of Miss Curtis' results, 308.
Abstract The past decade has witnessed a new emphasis on accounting principles and practices. This added emphasis has resulted in a critical re-analysis of our principles, and a revaluation of many of our practices. Of the many factors which contributed to bring about this change, two seem basic: changing price levels and technological changes. The first raises, in a new light, the problems of valuation; the second raises the problem of writing off assets which are physically usable but economically useless. Both of these factors, obviously, operate to qualify profit and loss statements and balance sheets. The differences between surplus changes and profits to surplus, as determined above, are not a result of the profits or deficits carried to surplus. Such changes, which are not accounted for by profits or deficits to surplus, however, do qualify reported profits or losses. These changes might be related to total profits or losses before fixed charges, before cash dividends, or as was done in this study, to profits or losses carried to surplus after fixed charges and cash dividends.
Abstract There is probably no field of accounting in which a greater opportunity for missionary work exists. The field of governmental accounting has received as little recognition as any, but the education of those who will keep the records cannot go far until those who arc to install and audit the records understand the proper procedures to follow. The governmental units have a larger dollar volume than any other industry but there is probably no industry in which less adequate accounting systems may be found. The increasing scope of public business in municipal, state, and Federal governments should be recognized. The accountant will be looked to as the one who can meet this situation, but if his training has included nothing on this special problem he will not be ready. It may be that the failure to give more importance to governmental accounting is attributable to the lack of a widespread offering in colleges and universities comparable to other accounting subjects. Education for the aspiring accountant should not be measured by what is available, but by the value and need of certain fields of study. The courses offered should fit the need of the student and not the desire of the school.