IN a recent paper, Domestic Production and Foreign Trade; the American Capital Position Re-Examined, 1 Professor Wassily Leontief utilizes materials drawn from his wellknown input-output studies to fill one of the more conspicuously empty economic boxes, namely: the actual structural basis of international trade. The general theoretical principle of comparative costs, long with us, indicates the advantage to be gained from a suitable allocation of productive resources in each of the countries engaged in trade. But we have had so little systematic knowledge of the productive structure of our own or of any other national economy that the application of such general theoretical principles to the analysis and explanation of actual foreign trade relationships has been practically out of the question. For practical conclusions, we have been forced back on common sense. Thus:

Abstract The purpose of this article is to examine some of the factors involved in the present concept of generally accepted accounting principles as well as their application. Even though no formal, codified set of accounting principles exists, there is general agreement among those who prepare and use financial statements as to the basic principles. The concepts of the going concern, matching of income with related expense, and cost as an original measure of value are probably unchallenged. Conservatism, or the postulate of anticipate no profits and provide for all probable losses is likewise widely accepted. The following criterions are suggested as a means of selecting those who might assume the responsibility for determining standards of application as well as principles: a demonstrated proficiency in accounting and an interest in accounting as a rational subject, per se. In seeking those who satisfy the first requirement, an acceptable though not infallible guide is the C.P.A. certificate. Finding those who also satisfy the second requirement is more difficult. However, practicing certified public accountants and college instructors in accounting should in general satisfy this second requirement.

TABLE OF CONTENTS -- Chapter I: The modern viewpoint on the classical theory of probability and its applications. Tests of statistical hypotheses. Introduction. Part 1: On the theory of probability. Part 2: Probability and experimentation. Part 3: Tests of statistical hypotheses. Chapter II: Some controversial matters relating to agricultural trials. Part 1: Randomized and systematic arrangements of field experiments. Part 2: On certain problems of plant breeding. Chapter III: Some statistical problems in social and economic research. Part 1: Sampling human populations. General theory. Part 2: Theory of Friedman-Wilcox method of sampling. Part 3: On a most powerful method of discovering statistical regularities. Chapter IV: Statistical estimation. Part 1: Practical problems and various attempts to formulate their mathematical equivalents. Part 2: Outline of the theory of confidence intervals. Part 3: Fiducial argument and the theory of confidence intervals. Part 4: Stein’s sequential procedure. Index of Names. Index of Terms

Reviews the book "Internal Auditing for Management," by Frank A. Lamperti and John B. Thurston.

Reviews the book "The Frontiers of Economic Knowledge ," by Arthur F. Burns.