I. Lack of focus in discussion of policy, 73. — Limiting assumptions necessary to achieve focus, 75. — II. Political assumptions stated, indicating probable continuance of general policy, 75. — III. Relative laxity of past enforcement, 78. — Changes of emphasis in discussions of policy, 81. — Continuing importance of problems emphasized in earlier discussions, 82. — IV. Possible changes in substantive law to provide more effective enforcement, 84. — V. Present deficiencies in administration, 89. — Possible improvement of administration, 90. — VI. Methods of making exceptions to anti-trust policy, 93. — Limits upon use of consent decrees, 97. — Legislative approach to exemption of particular industries, 98. — VII. Anti-trust law policy not "archaic, " 100. — Does not imply government of narrow powers, 101. — Greater effectiveness possible, 101.

Journal Article Saving and Investment: Definitions, Assumptions, Objectives Get access A. P. Lerner A. P. Lerner Chicago Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 53, Issue 4, August 1939, Pages 611–619, https://doi.org/10.2307/1883280 Published: 01 August 1939

Abstract Apologists for stock exchanges have advanced various arguments to justify the maintenance of the exchange machinery. Many of these arguments have been carefully analyzed, but the contention of exchange officials that stock exchanges provide industry with capital has not been thoroughly explored. In some instances the argument is stated in just this form; in other instances the connection between prospective capital funds in the hands of investors and industrial investment is traced through the active markets made possible by the operations of speculators. Implicit in the writings and testimony of stock exchange officials is the thought that without the operations of stock exchanges, industry would have difficulty in securing new capital funds. Financing cannot ordinarily be effected directly through the stock exchanges since the listing rules of these exchanges call for seasoned and widely distributed issues. Therefore the financing function can only operate indirectly through the play of economic forces which are mirrored on the stock exchanges and which thereby facilitate the selection of successful companies by purchasers of securities.

Reviews the book "Social Research," by Manuel C. Elmer.

Reviews the book "Social Security Taxation and Records," by Calvin E. Favinger and Daniel A. Wilcox.

Reviews the book "Papers on Accounting Principles and Procedure Presented at Fifty-first Annual Meeting of the American Institute of Accountants."

Also published in: ‘Jan Tinbergen Selected Papers’, edited by L.H. Klaassen, L.M. Koyck and H.J. Witteveen, Nort- Holland Publishing Company, Amsterdam, 1959, pp. 165-181