The Annals of the American Academy of Political and Social Science Volume 9

The Annals of the American Academy of Political and Social Science Volume 9

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1897 edition. Excerpt: ... The currency bonds in the first comparison 'ANNALS, January, 1897, Vol. ix. pp. 122-26. were to run ten years longer than the coin bonds." The " time factor " and the elimination of the effect of difference in duration of the bonds were especiat objects of calculation (pp. 41-45). 5. Mr. Powers misconstrues my use of " labor interest." I expressly disclaimed adherence to the labor standard. Wages were employed only tentatively and as an index of money incomes in general (pp. 72, 74). My quantitative conclusions rested, not on wage statistics, but on Mr. Bowley's incometstatistics (p. 72). These, by the way, lend no support to Mr. Powers' apparent assumption that a rise of wages takes place at the expense of profits. 6. "But when the author asserts that retail prices should be considered instead of wholesale, and that rent, labor and services should be included as forming part of the family budget, he betrays a total ignorance (or neglect) of the real relation between prices and debts." Mr. Powers has mistaken negative criticism of one system of index numbers for positive approval of another. I did not propose to take the " domestic purchasing power " as a measure of the value of money. In order to obtain the latter, we must know, as I particularly explained, a second item, viz., money incomes (pp. 72, 82), and in this item are included the effects of all influences which Mr. Powers seems to think I have omitted, viz., the influence of a change of wages and wholesale prices on the entrepreneur's profits, 1'. e., his income. 7. Referring to risk of appreciation, Mr. Powers states: " Doubtless risks incurred must be borne, but should we or should more

Product details

  • Paperback | 216 pages
  • 189 x 246 x 12mm | 395g
  • United States
  • English
  • black & white illustrations
  • 123680158X
  • 9781236801586