June 1925 Volume XXXIII, No. 3 The Journal of Political Economy EDITED BY THE DEPARTMENT OF POLITICAL ECONOMY OF THE The Journal of Political Economy is published bi-monthly, by the University of Chicago at the University of Chicago Press, 5750 Ellis Avenue, Chicago, Illinois. The subscription price is $4.00 per year; the price of single copies is 75 cents. Orders for service of less than a half-year will be charged at the singlecopy rate. 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Communications for the editors and manuscripts should be addressed to the Editors of THE JOURNAL OF POLITICAL ECONOMY, The University of Chicago, Chicago, Ill. Entered as second-class matter, January 16, 1893, at the Post-office at Chicago, Illinois, under the Act of March 3, 1870Acceptance for mailing at special rate of postage provided for in Section 1103, Act of October 3, 1917, authorized on July 15, 1918. PRINTED IN THE U.S.A. SOME RECENT TITLES Office Management: By William Henry Leffingwell, Member, The Taylor Society, The Society of Industral Engi neers, and Associate of The American Society of Mechanical Engineers, President, The Leffingwell-Ream Co., Author, Scientific Office Management," etc. HERE, at last, is a book that develops from over 20 years' experience in literally hundreds of offices, the actual principles underlying practically every activity of office management. It places special emphasis upon the significant position of the office in relation to the other departments of business and the scientific method of approach to, and handling of, all office problems. 880 pages. Net, $5. Principles of Merchandising By Melvin T. Copeland, Professor of Marketing, Graduate School of Business Administration, Harvard University. THE author, a long-recognized authority on marketing, builds up a comprehensive, consistent body of marketing theory, backed up with actual facts, figures and data from the experiences of literally hundreds of business firms. The relation of marketing theory to orthodox economic theory is definitely indicated and certain neglected portions of orthodox economic theory effectively amplified. The place of merchandising in the general field of business is shown. Specifically, the real effect of merchandising efforts of business concerns upon demand is set forth in detail. Emphasis is placed upon application of principles. 384 pages. Net, $4. Principles of Auditing By Eric L. Kohler, M.A., C.P.A., and Paul W. Pettengill, C.P.A. Both of Kohler, Pettengill and Company; Members of the American Institute of Accountants; Members of Faculty Northwestern University School of Com Psychology in Business Relations By A. J. Snow, Ph.D., Northwestern University. WRITING in a readable style the author shows the application of the principles of psychology in the activities of business. Beginning with a study of the fundamental nature of man. he outlines the psychology of the consumer and shows the significant part that psychology really plays in merchandising, advertising, selling, and employment. The aim is to describe clearly the principles of this interesting science and show Specifically how their application has contributed to more effective marketing and the placement of employees in the work for which they are best fitted. 452 pages. Net, $4. Purchasing Power of the Consumer-a Statistical Index By W. A. Berridge, Ph.D., Associate Professor of Economics, Brown University; Emma A. Winslow, Ph.D., Lecturer in Economics, School of Business, Columbia University; and R. A. Flinn, Chief, Division of Employment, New York State Department of Labor. THIS book contains the three studies receiving the prize awards in the J. Walter Thompson Company contest for essays on the subject: “A Statistical Index of the Purchasing Power of the Consumer in the United States." It presents specifically an index of the income of factory workers, includes valuable contributions from budget studies to the construction of a statistical index of buying capacity of consumers in the United States and discusses the state labor index as a guide to purchasing power. Replete with significant charts and tables. 324 pages. Net, $4. Principles of Investment By John H. Kirshman, Ph.D., Professor of Finance, College of Business Administration, University of Nebraska. INVESTMENT tests, sound in principle and applicable to present conditions, are fully analyzed in this book. It makes clear relative merits of different kinds of securities and shows just the pivotal points to watch in investing your funds under changing economic conditions. Replete with tables and charts. 928 pages. Net, $5. Published by A. W. SHAW COMPANY CASS, HURON AND ERIE STREETS NEW YORK CHICAGO LONDON Publishers of: System, Factory, British System, Harvard Business Review, The Journal of Land & Public Utility Economics, Books for Business Execu tives, Business Textbooks for Schools, Harvard Business Problem Books, Harvard Business Reports. By LEON C. MARSHALL and Others In the Series Materials for the Study of Business For more than a decade this series of actual business cases and problems has been developing at the University of Chicago. This volume presents in bound form the ten pamphlets which have been thus far issued separately. The series has been designed to make available concrete material to be used in the discussion method of presentation. The cases cover a wide field from labor questions to problems of marketing and will be of value to students and instructors in business courses of various types. 1. The Noel Slate and Manufacturing Company. Outline of an actual problem facing an organization wishing to expand its business. 2. The Kansas City Light and Power Company. Concerned with the procedure and documents involved in financing a going concern through bond issues. 3. The Walworth Manufacturing Company. Outline of the development of the organization and operating methods of a large manufacturing company which has both branch factories and sales branches. 4. The Danner-Kraft Company. Establishes a basis for the judgment of credit risks through the study of the financial history of a concern. 5. Marketing the Stephens Brake Shoe. One company's experience in selecting the proper channels through which to market its product. 6. The Chicago Press-Feeders' Wage Arbitration Case. An arbitrated wage controversy between an association of employers and a labor union. 7. The Dennison Manufacturing Company. A complete account of the procedure of organizing a Works Committee within the factory. 8. The Chicago Foundry Company. Analyzes the business problems of a manufacturing concern of relatively small size. 9. The Co-operative Society of America. A discussion of a spectacular example of the common law trusts. 10. Organization and Methods of the Thayer Manufacturing Company. Gives details of organization of a general manager's department, and of sales and production departments. $3.00, postpaid $3.15 THE UNIVERSITY OF CHICAGO PRESS CHICAGO ILLINOIS 1 LEAGUE OF NATIONS 1925 Compiled by DR. LAURA H. MARTIN Washington, D.C. A new map in color that will be of much service to all interested in current affairs. It shows Members of the League; in red Mandates; in red stipple States not in the League; in black stipple State co-operating unofficially with the League and International Labor Office States which have signed but have not ratified the covenant Member of Labor Organization only Members of Permanent Court of International Justice Populations of countries Comparison of populations of countries in League with those not in This map is drawn on Dr. J. Paul Goode's homolosine or equal-area projection. It is 20 inches x 10 inches in size, suitable for desk and office use. A larger size for lecture use (8 X 4 feet, to sell at about $3 a copy) is contemplated for later publication. 8 cents each, postpaid 10 cents. Special prices on quantities AMON GEORG SIMMEL NICHOLAS J. SPYKMAN MONG the more earnest students of social life there is a growing realization of the inadequacy of our knowledge and a growing feeling that all is not well with the social sciences. While our electrical, mechanical, and civil engineering technique apparently conquers all obstacles, our social engineering technique is still in its infancy and largely guesswork. While progress in the natural sciences leads immediately to improved technique, progress in the social sciences seems to lead merely to an increased output of books. . . . Philosophy is still rampant in the so-called social sciences. Economics has been dominated for a century by . . . . mental gymnastics with the concepts of land, labor, and capital which are comparable only to the scholastic antics with the true, the good, and the beautiful. Political science is still trying to emerge from its wrappings, is still trying to free itself from the metaphysical doctrines which have carefully protected it from crude contacts with a harsh world of actuality. . . . . From the Preface This is the in method HIS is the first exposition in English of ologist, Georg Simmel, and is one of the most significant books which have been contributed to social science in America. Mr. Spykman believes that the lack of a common agreement as to methods is causing confusion and preventing progress in the social sciences, and he is introducing the work of Georg Simmel as the best possible starting point for a renewed discussion of the problems of method. Simmel is the greatest influence of modern times in methodology. If a general agreement can be reached regarding his propositions this book will be the point of departure for the creation of an entirely new method of procedure in the social sciences. What Simmel has done, what his ideas of formal sociology represent, are made clear for the first time by Mr. Spykman. This book may be used as a text in advanced senior courses in problems of method, and as a reference for courses on social methodology, social philosophy, and theoretical sociology. We believe that it will have so great an influence upon the future trend of social science in America, that no one interested in any aspect of the social sciences can afford not to read it. But Simmel's most important contribution to sociology has never been understood in this country. Although he has written the most profound and stimulating book in sociology, in my opinion, that has ever been written, he was not in the first instance a sociologist but a philosopher. . . . . When these writings are fully understood, I am convinced that much of the confusion and uncertainty that now reign in the social sciences will measurably disappear. Mr. Spykman is the first man I have ever met who seemed to me to fully understand the significance of Simmel's work. For all these reasons this book is of first-rate importance."-ROBERT E. PARK. |