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THE

QUARTERLY JOURNAL

OF

ECONOMICS

VOLUME XXIX

CAMBRIDGE, MASS., U. S. A.
PUBLISHED BY THE HARVARD UNIVERSITY PRESS

1915

Reprinted with permission of the publishers by
KRAUS REPRINT CORPORATION, NEW YORK 17, N.Y.

COPYRIGHT, 1914-15, BY THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE

PRINTED IN THE UNITED STATES OF AMERICA

WRITERS

РАав

ADRIANCE, W. M. Specific Productivity

149

ANDERSON, B. M., Jr. The Concept of Value Further Considered 674

BAUER, J. Depreciation and Rate Control: A Question of Justice.

Note.

651

BENDIX, L._Germany's Financial Mobilization

724

Boggs, T. H. Capital Investments and Trade Balances within
the British Empire

768

CLARK, J. M. Hobson's Work and Wealth. Review

177

The Concept of Value

633
A Rejoinder

709
COOKE, T. Deposit Guaranty in Mississippi. Note

419
COPELAND, M. T. Statistical Indices of Business Conditions 522
DAVIS, J. S.. Depreciation and Rate Control:
A Criticism

362
A Rejoinder

388
Day, C. "The Economic Synthesis. Review

401

DICKINSON, Z. C. State Guaranty of Bank Deposits in Nebraska.

Note

187

DURAND, E. D. The Trust Legislation of 1914

72

ENGLAND, M. T. Promotion as the Cause of Crises .

748

FISHER, W. C. Marconcini's L'Industria Domestica Salariata.

Review

410

HAIG, R. M. The Effects of increment Taxes upon Building
Operations. Note.

829

HAMMOND, M. B. Wages Boards in Australia:

I. Victoria

98

II. Boards Outside Victoria

326

III. Organization and Procedure

339

IV. Social and Economic Results of Wages Boards

563

HARING, C. H. American Gold and Silver Production in the First

Half of the Sixteenth Century

433

Appendix: Monetary Values in Spanish America

475

HEILMAN, R. E. Two Rate Decisions of Importance. Note 840

KEYNES, J. M. The City of London and the Bank of England,

August, 1914

48

LIEFMANN, R. Monopoly or Competition as the Basis of a Gov-
ernment Trust Policy

308
LOCKHART, O.C. Recent Developments in Taxation in Ohio 480
LORIA, A. The Economic Synthesis: A Reply. Note

647

MITCHELL, W.C. Human Behavior and Economics: A Survey of

Recent Literature

1

PERSONS, C. E. Women's Work and Wages in the United States 201
SPRAGUE, O. M. W. The War and the Financial Situation in the
United States. Note

181
Swayze, F. J. Ely's Property and Contract. Review

820
TAUSSIG, F. W. Lincoln and the Tariff: A Sequel. Note

426
Two Biographies of Inventors: Dickinson's Life of Fulton
and Morse's Letters of Morse. Review

642
THOMPSON, C. B. Scientific Management in Practice

262

Tossal, H. R. The Tobacco Industry since the Dissolution of

the Trust. Note

848

TUCKER, R. S. The British Taxes on Land Values in Practice 794
WRIGHT, P. G. The Contest in Congress between Organized
Labor and Organized Business

235

Moore's Economic Cycles. Review

631

YOUNG, A. A. Depreciation and Rate Control:

A Reply.

378

Concluding Comments

395

üi

SUBJECTS

PAGE

American Gold and Silver Production in the First Half of the Six-
teenth Century: By C. H. Haring

433
Appendix: Monetary Values in Spanish America

475

Bank of England, August, 1914, The City of London and the. By

J. M. Keynes

48

British Taxes on Land Values in Practice, The. By R. S. Tucker 794
Business Conditions, Statistical Indices of. By M. T. Copeland 522
Capital Investments and Trade Balances within the British Em-
pire. By T. H. Boggs .

768
Deposit Guaranty in Mississippi. Note. By T. Cooke

419

Depreciation and Rate Control: A Question of Justice. Note.

By J. Bauer

651

Depreciation and Rate Control. By J. 8. Davis.

A Criticism

362

A Rejoinder

388

Depreciation and Rate Control. By A. A. Young.

A Reply.

378

Concluding Comments.

395

Dickinson's Life of Fulton. Review. By F. W. Taussig

642

Economic Synthesis, The. Review. By C. Day

401

Economic Synthesis, The: A Reply. Note. By A. Loria

647

Ely's Property and Contract. Review. By F. J. Swayze

820

Germany's Financial Mobilization. By L. Bendix

724

Hobson's Work and Wealth. Review. By J. M. Clark

177

Human Behavior and Economics: A Survey of Recent Literature.

By W. C. Mitchell

1

Increment Taxes, Effects of, upon Building Operations. Note.
By R. M. Haig

829

Lincoln and the Tariff: A Sequel

. Note. By F. W. Taussig 426

Marconcini's L'Industria Domestica Salariata. Review. Ву
W. C. Fisher

410
Monopoly or Competition as the Basis of a Government Trust
Policy. By R. Liefmann

308
Moore's Économic Cycles. Review. By P. G. Wright

631
Morse's Letters of Morse. Review. By F. W. Taussig

642
Organized Labor and Organized Business, The Contest in Congress
between. By P. G. Wright

235
Promotion as the Cause of Crises. By M. T. England

748
Rate Decisions, Two, of Importance. Note. By R. E. Heilman 840
Scientific Management in Practice. By C. B. Thompson

262

Specific Productivity. By W. M. Adriance

149

State Guaranty of Bank Deposits in Nebraska. Note. By Z. C.

Dickinson

187

Taxation in Ohio, Recent Developments in. By 0. C. Lockhart 480

Tobacco Industry since the Dissolution of the Trust. Note. By

H. R. Tosdal

848

Trust Legislation of 1914, The By E. D. Durand

72

Value, The Concept of. By J. M. Clark

663

Value, The Concept of, Further Considered. By B. M. Ander-

674

Value, The Concept of: A Rejoinder. By J. M. Clark

709

Wages Boards in Australia. By M. B. Hammond.

I. Victoria

98

II. Boards Outside Victoria

326

III. Organization and Procedure

339
IV. Social and Economic Results of Wages Boards

563

War, The, and the Financial Situation in the United States.

Note. By O. M. W. Sprague :

181

Women's Work and Wages in the United States. By C. E. Per-

201

son, Jr..

sons

THE

QUARTERLY JOURNAL

OF

ECONOMICS

NOVEMBER, 1914

HUMAN BEHAVIOR AND ECONOMICS: A

SURVEY OF RECENT LITERATURE

SUMMARY

Introduction: psychology and economics, 1. - I. Parmelee, Science of Human Behavior, 3. — II. Thorndike, The Original Nature of Man, 6. — III. Wallas, The Great Society, 12. — IV. eblen, The Instinct of Workmanship, 19. — V. Sombart, Der Bourgeois, 29. – VI. Lippmann, A Preface to Politics, 37. – VII. Walling, Progressivism and After, 41. – VIII. Conclusion, 46.

A SLIGHT but significant change seems to be taking place in the attitude of economic theorists toward psychology. Most of the older writers made no overt reference to psychology, but tacitly imputed to the men whose behavior they were analyzing certain traits consistent with common sense and convenient as a basis for theorizing. By recent writers, on the contrary, non-intercourse with psychology, long practised in silence, is explicitly proclaimed to be the proper policy.

This definite pronouncement has arisen from a somewhat tardy recognition that hedonism is unsound psychology, and that the economics of both Ricardo and Jevons originally rested on hedonistic preconceptions. Since hedonism is unsound, either we must admit that both the classical and the marginal analysis

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