ALBERT

Notes: KENNETH J. ARROW, LEONID HURWICZ and HIROFUMI UZAWA. Studies in Linear and Non-Linear Programming. (Stanford Mathematical Studies in the Social Sciences, n.) Stanford, California, 1958.FRITZ BAADE. Die deutsche Landwirtschaft im Gemeinramen Markt (Germany's Agriculture and the Common Market). Baden-Baden 1958. August Lutzeyer. 232 pp. 19.80 DMALICE BOURNEUF. Norway: The Planned Revival. (Harvard Economic Studies, Vol. CVI.) Cambridge, Mass., 1958.RALF DAHRENDORF. Homo Sociologicus. Ein Versuch zur Geschichte, Bedeutung und Kritik der Kategorie der sozialen Rolle. Koln und Opladen 1959. Westdeutscher Verlag. 72 p. DM 4.J. P. DAVISON, P. S. FLORENCE, B. GRAY, and N. S. Ross. Productiuity and Economic Incentives. London 1958. Allen & Unwin. 306 pp. 35s.FELIKS GROSS. The Seizure of Political Power in a Centuv of Revolutions. New York 1958. Philosophical Library. XXVII, 398 S.JAMES M. HENDERSON and RICHARD E. QUANDT. Microeconomic Theory: A Mathematical Approach. New York/Toronto/London, I 958. McGraw-Hill. XXII, 291 pp. 58s.W. G, HOFFMANN. The Growth of Industrial Economies. Manchester 1958. Manchester University Press. IX, 179 pp. 25s.HERBERT KOTTER. Landbevolkerung im sozialen Wandel (Rural Population and Social Change). Ein Beitrag zur liindlichen Soziologie. Diisseldorf 1958. Eugen Diederichs Verlag. 183 pp. 13.80 DMROBERT M. LICHTENBERG. The Role of Middleman Transactions in IVorld Trade. National Bureau of Economic Research, Occasional Paper No. 64. New York 1959. XVI, 86 pp. $1.50INGVAR SVENNILSON. Prospects of Development in Western Europe, 1955–1975. Stockholm 1959. The Industrial Institute for Economic and Social Research. 85 pp. (stencil.)SHIGETO TSURU. Essays on Japanese Economy. Tokyo 1958. Kinokuniya Bookstore. 241 pp.ERNEST W. WILLIAMS, Jr. and GEORGE NOVAK. Freight Transportation in the Soviet Union: A Comparison with the United States. New York I 959. National Bureau of Economic Research, Occasional Paper 65. 38 PP. $0.75A. J. YOUNGSON. Possibilities of Economic Progress. London I 959. Cambridge University Press. x, 325 pp. 32s. 6d.The Development of Manufacturing Industry in Egypt, Israel and Turkey. United Nations, Department of Economic Affairs.

Notes: Robert Cooley Angell Free Society and Moral Crisis. Ann ArborMary Jean Bowman (Ed.). Expectations, Uncertainty and Business BehaviourAlfred Bürgin. Geschichte des Geigy-Unternehmens von 1758 bis 1939. Ein Beitrag zur Basler Unternehmer- und Wirtschaftsgeschichte (Ver-öffentlichung zum 200 jährigen Bestehen des Geigy-Unternehmens)Armand Cuvillier. Sociologie et problèmes actuelsWilma Donahue, Woodrow W. Hunter, Dorothy H. Coons and Helen K.Maurice (Eds.). Free Time–Challenge to Later Maturity. Ann Arbor 1958Friedrich Engels. The Condition of the Working Class in England. Translated and edited by W. O. Henderson and W. H. ChalonerRUDOLF FREI (ed.). Economic Systems of the West (Wirtschaftssysteme des Westens - Systèmes économiques de ľOccident), Vol. I. (Publications of the List Society, Vol. 6.)ERNST B. HAAS. The Uniting of Europe. Political, Social and Economic Forces 1950–1937. (Published under the auspices of the London Institute of World Affairs.)Georges Hartmann. Konjunktur und Krise- gestern, heute, morgen. Genf 1958G. F. LOEB. Industrialization and Balanced Growth, with special reference to Brazil. Groningen 1957Karl Mannheim. Systematic Sociology. An Introduction to the Study of Society. Hg. von J. S. Erös und W. A. C. Stewart.Gunnar Myrdal. Value in Social Theory. A Selection of Essays on Methodology. Edited by Paul StreetenDieter Oberndörfer. Von der Einsamkeit des Menschen in der modernen amerikanischen Gesellschaft. (The Loneliness of Man in Modern American Society.) Freiburg im Breisgau 1958Mark Perlman. Labor Union Theories in America. Background and DevelopmentRaymond H. Potvin. An Analysis of Labor-Management Satisfaction within the Enterprise Councils of Belgian Industry. Washington D. C. 1958Melvin W. Reder. Labor in a Growing EconomyB. C. Roberts. National Wages Policy in War and Peace. London 1958Max Silberschmidt. Amerikas industrielle Entwicklung. Von der Zeit der Pioniere zur Aera von Big BusinessW. G. Waffenschmidt. WirtschaftsmechanikThe Challenge of Development. The Hebrew UniversityGegenwartsprobleme der Agrarökonomie. Dédiéà Fritz Baade pour son 65e anniversaire

Notes: Kenneth J. Arrow, Samuel Karlin, Herbert Scarf (with contributions by Martin J. Beckmann, John Gessford, Richard F. Muth). Studies in the Mathematical Theory of Inventory and Production. Stanford, California, 1958Martin J. Beckmann. Lineare Planungsrechnung (Linear Programming). Ludwigshafen am Rhein 1959Duncan Burn (ed.) The Structure of British Industry: A Symposium. Published by the Cambridge University Press for the National Institute of Economic and Social Research. London 1958C. F. Carter and B. R. Williams. Investment in Innovation. London 1958NEIL W. CHAMBERLAIN.Labor (625 S. 54s. 6d.) und Sourcebook on Labor (xiv, 1104 S.)Friedrich Fürstenberg. Probleme der Lohnstruktur. Die wirtschaft-liche und soziale Bedeutung der Lohnunterschiede. Tübingen 1958Roy Harrod. Policy Against InflationFritz M. Heichelheim. An Ancient Economic History. From the Palaeolithic Age to the Migrations of the Germanic, Slavic and Arabic NationsJames M. Henderson. The Efficiency of the Coal IndustryW. O. Henderson. The State and the Industrial Revolution in Prussia, 1740–1870. Liverpool 1958Reinhold Henzler. Die Marktunion - eine betriebswirtschaftliche Wende. Köln und Opladen 1958Karl Herczeg. Zukunft der Weltwirtschqft. Düsseldorf 1958Günter Hedtkamp. Instrumente und Probleme westlicher und sowjetischer Wirtschaftslenkung: Nationalbudget und Nationalplan. Giessen 1958Calvin B. Hoover. The Economy, Liberty and the State. New York 1959Erin E. Jucker-Fleetwood. Economic Theory and Policy in Finland, igi4-ig2. (Basle Centre for Economic and Financial Research.)Cho-Ming Li. The Economic Development of Communist China. Berkeley and Los AngelesEdward S. Mason. Economic Concentration and the Monopoly ProblemSeymour Melman. Decision-Making and ProductivityJames O. Morris. Conflict within the AFL–A Study of Craft versus Industrial Unionism, 1901–1938. Ithaca, N. Y., 1958. New York State School of Industrial and Labor RelationsJohn T. Noonan, Jr. The Scholastic Analysis of UsuryPerry D. Teitelbaum: Nuclear Energy and the U.S. Fuel Economy, 1955–1980 (xii, 188 S. $3.-), und Cornelius J. Dwyer: Nuclear Energy and World Fuel PricesOtto Veit. Der Wert unseres GeldesWilhelm Weber. Österreichs Energiewirtschaft. Eine wirtschaftspoli-tische UntersuchungJan Wszelaki. Communist Economic Strategy: The Role of East-Central EuropeP. Lamartine Yates. Forty Years of Foreign Trade. A Statistical Handbook with Special Reference to Primary Products and Underdeveloped CountriesIdeengeschichte der Agrarwirtschaft und Agrarpolitik im deutschen Sprach-gebiet. Band i: Sigmund von Frauendorfer, Von den Anfangen bis zum Ersten Weltkrieg. 580 S. 64 DM. Band II: Heinz Haushofer, Vom Ersten Weltkrieg bis zur GegenwartInternational Economic Papers, No, 8. Translations prepared for the International Economic Association. Edited by Alan T. Peacock, Ralph Turvey, Wolfgang Stolper and Elizabeth Henderson

Notes: Hans Barth. Die Idee der Ordnung - Beitrdge zu einer politischen Philosophic. Erlenbach-Zürich und Stuttgart 1958Kenneth E. Boulding. The Skills of the EconomistP.Lesley Cook (en collaboration avec Ruth Cohen etc.). The Effects of Mergers. London 1958Erbe René. Die nationalsozialistische Wirtschaftspolitik 1933–1939 im Lichte der modernen Theorie. (Hg. vom Basle Centre for Economic and Financial ResearchC. J. Friedrich. Constitutional Reason of State. The Survival of the Constitutional Order. (The Colver Lectures in Brown University, 1956.) Providence, Rhode Island 1957RENÉ KÖNIG (Hg.). Soziologie. (Fischer Lexikon, Bd. 10.) Frankfurt a.M. und Hamburg 1958Henry A. Landsberger. Hawthorne Revisited. “Management and the Worker”, its Critics and Developments in Human Relations in IndustrySubimal Mookerjee. Factor Endowments and International Trade. Bombay 1958. Asia Publishing HouseRichard A. Musgrave und Alan T. Peacock (Hg.). Classics in the Theory of Public Finance. London und New YorkMarc Nerlove. Distributed Lags and Demand Analysis for Agricultural and Other Commodities. Agriculture Handbook No. 141, Washington D. c, June 1958. U.S. Government Printing OfficeAndreas G. Papandreou. Economics as a Science. Chicago 1958. LippincottJoel Seidman. Democracy in the Labor Movement, Bulletin 39, New York State School of Industrial and Labor Relations, Cornell University, Ithaca, New YorkRichard M. Titmuss. Essays on “The Welfare State”. London 1958. Allen & UnwinRobert Triffin. Europe and the Money Muddle. From Bilateralism to Near-Convertibility, 1947–1956. (Yale Studies in Economics: 7.) New Haven 1957. Yale University PressTheo Vosschmidt. Die westdeutschen Kreditgenossenschaften. Ihre Stellung aufdem KreditmarktJohannes Winckelmann. Gesellschaft und Staat in der verstehenden Soziologie Max Webers. Berlin 1957Aspectos monetarios de las economías latinoamericanas, 1957. Veröffentlicht vom Centro de Estudios Monetarios Latinoamericanos, MexicoInternational Economic Papers, No. y. Translations prepared for the International Economic Association. Edited by Alan T. Peacock, Ralph Turvey, Wolfgang F. Stolper, Elizabeth Henderson. London and New York 1957

Notes: Recent theories of capitalism concentrate upon the defects of markets. The theories of Karl Polanyi and Bruno Seidel are examined in this article. In a broad survey of economic history since the middle ages, Polanyi concludes that the whole economic market system destroys the substance of society and creates disadvantages for all groups. Yet disintegration was halted through the principle of social protection which comprises all forms of collective economic actions, whether by groups or states. Yet, the author has failed to give a specific market analysis which would indicate how specific disadvantages arise in the process of pricing. The all comprehensive “social protection” contains so many diverse elements that one cannot infer from the principle how interventions have reformed the market system of capitalism.In his analysis of industrialism and capitalism, Seidel sees a conflict between the industrial and capitalist elements of our economy. Capitalist elements have been “tamed”, while we have been unable to control the industrial elements. Modern technology has become independent of capitalist property and markets. Industrialism has been economically beneficial and socially disintegrating. Deconcentration of large concerns and decentralization of large cities are proposed as necessary reforms. Interventions in markets spring from cartels of producers, organizations of farmers, unions of laborers, and the interference of states. The multitude of interventions is developing into a planned capitalism. The result of these interventions has been a greater degree of equality in the economic and social relationships among men. Control of capitalism was achieved through introducing social-ethical principles into the economy.The newer version of the defect theory limits control of the market system to the most recent period, and states some of the reasons why organized groups control their markets. The theory of social protection is limited in its scope; its economic, political and social impact upon capitalism is traced in detail. Yet missing is still a theory of deficient markets as well as of controlled markets. The future task of economic research is to provide an analysis of the different market sectors controlled by groups, of the monopoly of concentrated property, of the specific nature of social protection, and the economic role of big government in controlled capitalism.

Notes: Jean-Pierre DE Bodt. La formation des prix.Derek Curtis Bok.The First Three Years of the Schuman PlanP. J. Bouman. Einführung in die Soziologie.Fritz Croner. Die Angestellten in der modernen Gesellschaft.Werner Hofmann.Wohin steuert die Sowjetwirtschaft?W. A. JÖhrand H. W. Singer. The Role of the Economist as Official Adviser.Kenneth K. Kurihara(ed.). Post-Keynesian Economics.Ben Lehbert. Entwicklungstendenzen in der westeuropäischen EnergiewirtschqftW. Arthur Lewis.The Theory of ‘Economic Growth.Edward Nevin. The Mechanism of Cheap Money.Jan A. Richmond. Roman Britain.Giorgio Roletto. La costruzione economica sovietica: formazione, struttura, tenderize.Clarence Seniorand Douglas Manley.A Report on Jamaican Migration to Great Britain.Walter A. Weisskopf. The Psychology of Economics.Charles Wolf, Jr., and SidneyC. Sufrin. Capital Formation and Foreign Investment in Underdeveloped Areas.

Notes: New Aspects of Price and Production Theory. Despite recent progress, price and production theory is still inadequate, because it is not applicable to the management of business enterprises and it cannot be used in macro-economic models. What is needed is not the refinement of a few special points in the theory, which suffers from the defect of narrowness, but rather an effort to extend its scope, particularly in the following respects:(a) Investigation of such relations as may exist between markets or between industries;(b) Specification of the production functions;(c) The working-out of a theory of organisations, which would make it possible to grasp and express, in simple terms, the differences that are to be expected in the behaviour of a co-operative society and a share company, a trust and a cartel a free and a dependent enterprise, etc.;(d) Investigation of cases falling somewhere between a duopoly and a polypoly— the only forms which really exist—detailed treatment being given to the possible reactions of enterprisers (price changes, advertisements, participations etc.), and the result being systematised on the basis of a new logical principle, which, to all appearance, can only be the one underlying the theory of games.It looks as if we are now upon the brink of such an extension of the theory. This would constitute the second “revolution” of the price and production theory. The book Business Concentration and Price Policy reviews the stage now reached by research with regard to a large number of important points, such as:- the concept of industry,- investigation of yields,- the extent of concentration and degree of integration of business firms,- the incidence of taxes,- the tactics of imperfect competition,- the relations between markets.Although it suffers from want of systematic arrangement, the book nevertheless supplies a great many data necessary for the elaboration of a general theory.

Notes: Fictitious Centralism in large enterprises. In order that each of the threads of an increasingly complicated business enterprise may be kept in hand, they are all actually made to converge at the highest level. But this centralisation is fictitious; for, in reality, it leads to an overburdening of the man at the top, who is thus rendered incapable of performing his proper function—namely, to take decisions. Instead, he becomes the weakest link in the routine.Imperfect delegation, i. e., the delegation of matters for treatment without simultaneous surrender of competence, condemns those in the middle grade to subaltern standing, in which they too are unable to take any decision or assume the responsibility that goes with the taking of decisions. The typical result is that nobody decides, that—to exaggerate slightly—the life of an industrial concern is controlled not by definite volition but by the law of cause and effect.Imperfect delegation is one of the causes of the hypertrophy and sluggishness of the internal bureaucracy of business concerns. The fact of clinging to theoretical powers which in reality are not exercised has, for instance, the result that the modern forms of accounting practice not only fail to give the internal life of a big enterprise the elasticity and commerciality which they quite well could have given it, but, instead, lead to a multiplication of bureaucratic processes.The negative effects of the fictitious centralism which distinguishes the industrial system from the great organisations of the past (e. g. the ancient polis and the feudal state, both of which tended to delegate too many rather than too few functions) are certainly well known, yet it seems impossible to overcome it. This fact is only to be explained in the light of the history of ideas (“Geistesgeschichte”). From his predecessor, the capitalistic entrepreneur, the present-day manager has taken over the automatic equation of what he does with work, and the consequent justification of his social position in his own eyes and those of society. This attitude, which was alien to most of the leading groups in history, prevents him from extricating himself from the vicious circle which he has got into as the result of fictitious centralism.

Notes: Hans Albert. Ökonomische Ideologic und politische Theorie.Maurice Allais. Traité d'économic pure.Egon Ernest Bergel. Urban Sociology.Adolf A. Berle, Jr. The Twentieth-Century Capitalist Revolution.RenÉ D. Bollier. Die These einer chronischen Dollarknappheit.FranÇois Boudot. La coopération en FranceArnold Gehlen. Urmensch und Spätkultur.H. D. Henderson.The Inter-War Years and Other Papers.Jean Marchal. Cours d'économie politique.Jacques Milleron. Étude sur l'économie espagnole.Eugene Rotwein(Ed.): David Hume — Writings on Economics.Peter Scherrer. Die Terms of Trade und die Beschäftigung.Hans JÜrgen Seraphim. Theorie der allgemeinen Volkswirtschaftspolitik.Hans Thorelli. The Federal Antitrust Policy: Origination of an American Tradition.W. S. Woytinsky and E. S. Woytinsky. World Commerce and Governments - Trends and Outlook.

Notes: AllanM. Cartter. The Redistribution of Income in Postwar BritainKarlW. Deutsch. Nationalism and Social Communication: An Inquiry into the Foundations of NationalityPierre Samuel Du Pont DE NemoursOn Economic CurvesThe Economic Development of MalayaJ. Goudriaan. Economie in 16 bladzijdenDouglas C. Hague and Alfred W. Stonier. The Essentials of EconomicsBert G. Hickman. The Korean War and United States Economic Activity, 1950–1952C. Hildreth and F. G. Jarrett. A Statistical Study of Livestock Production and MarketingDon D. Humphrey. American ImportsEmile James. Histoire sommaire de la pensée économiqueEmile James. Histoire de la pensée économique au XXe StècleNicholas Kaldor. An Expenditure TaxPaul Keller. Dogmengeschichte des wohlstandspolitischen InterventionismusHarvey Leibenstein. A Theory of Economic-Demographic DevelopmentFriedrich A. Lutz. Das Problem der WirtschafsprognosenWilliam Petersen. Planned Migration—The Social Determinants of the Dutch-Canadian MovementVilles et campagnes—Civilisation urbaine et civilisation rurale en FranceWilliam L. Westermann. The Slave Systems of Greek and Roman Antiquity

Notes: The fact has been widely recognized that the present stagnation of social sciences is fraught with dangers for the physical existence of humanity. This premise being accepted, the article sets out to discover the factors hampering the development of social sciences. These, it is here suggested, have three sources: (1) the nature of the subject of enquiry; (2) the nature of the empiric method and (3) the limited applicability of the present-day social sciences to the life of the private individual.The difficulties attributable to the first source are two: the high degree of differentiation in human psychology and the inventive capacity of the human mind. Both of them have the effect of creating a pattern of behaviour distinguished by great variety and rapidity of change. Ensuing, to some extent, from the other two is the third characteristic, namely the fact that some of our lines of behaviour are incapable of being measured quantitatively. Under such conditions, the task of scientific analysis is obviously extremely difficult, and this accounts for the strong “post-ante” bias inherent in most of our present-day social sciences.The empirical method of analysis, so much in vogue at present, has contributed two additional difficulties of its own. These are: taxonomic approach and anti-normative inclination. The former is another way of saying that, unlike their predecessors in the 18th and 19th centuries, which operated on the implied assumption of the perennial uniformity of human behaviour, the present-day social sciences have adopted the method of dealing with each situation as a unique case. Consequently, the “social laws” derived from this procedure have only a limited validity.It was the very simplicity of the social sciences of the preceding two centuries that made them popular and gave them an influence over the actual shaping of public life, and, incidentally, it is the lack of such simplicity that so effectually prevents the social sciences of today from winning popularity. For it is manifest that, in the present state of social knowledge, an extremely important aim of social science—probably the most important of all its aims—namely, to help the individual to form a comprehensive and consistent outlook on life, is a dream of the very distant future.But, however formidable the difficulties in this field may be, the need for the social sciences of our day to produce a coherent synthesis is most pressing. This is so because of (1) the decline in the influence of religion, (2) the increasing capacity of man for self-destruction and (3) the existence of sharp political conflict between the communist and non-communist worlds. This necessity being admitted, a further problem arises. It is a question of popularizing the social sciences. For, assuming that our social sciences are, or will shortly be, capable of serving as a guide to the understanding of social life, it is obvious that unless such knowledge is widely spread it will remain useless. Here the main stumbling-block is the low earning power of social sciences. Thus it would appear that the prospects of solving the problems connected with the relative underdevelopment of our social knowledge are by no means hopeful.

Notes: In this paper it has been argued that a comparison between Schumpeter's entrepreneur type and a charismatic leader developed by Max Weber discloses certain factors that can be utilized to make the Schumpeterian construct a more useful conceptual tool.Both Schumpeter and Weber were faced with very similar analytical problems, In each case it was necessary to explain how the dynamics of change could be encompassed within a functional system. In each case a disturbing force was introduced. Schumpeter called his the entrepreneur—Weber's designation was the charismatic leader. Schumpeter attempted to make the entrepreneur endogenous to the system he was attempting to explain. Weber's type was frankly exogenous to any system. The strength of Schumpeter's position was that he could explain in some measure how the entrepreneur could be nurtured. The weaknesss was that the type never remained completely endogenous to the capitalism to which Schumpeter related it.If the entrepreneur-type is viewed as a sub-type of the Weberian charismatic leader certain analytical advantages can be realized. The Weberian type is a generalized one that may take a number of forms. The Schumpeterian type is specific and is dependent upon certain objective conditions for it to emerge. In this paper it has been argued that the minimum essentials for the emergence of the entrepreneur-type from the more generalized type are the following: (1) accessible resources, (2) large markets, (3) an independent banking system, (4) consumer choice, and (5) calcuable law. There is no plea made for the values that may underlie the attainment of these objective conditions but that merely if charisma is to be channeled into entrepreneurship, rather than any of the other numerous paths it may take, then these conditions as they have been explained must be present.A better understanding of the significance and the usefulness of Weber's type can be gained to the extent that a large variety of other sub-types are constructed and the objective conditions for their operation explored. In this way, it is argued, the significance not only of Weber's type can be better understood but the value of Schumpeter's entrepreneur may be realized both as it stands by itself and as it is supported by a variety of other types. The policy implications of this kind of analysis seem particularly important in a world characterized not only by great change but by a wide variety of conditions that may channel charisma into as wide a variety of directions.

Notes: The vigorous movement towards raising the levels of economic performance and consumption in the underdeveloped areas has become one of the central economic issues of our time. But so far no satisfactory theory has been constructed to explain this movement, its implications and effects.The starting-point for any attempt to construct a theory of development in underdeveloped countries must be an analysis of the major factors and conditions responsible for economic growth in Western countries. These are: (1) capital formation of an impressive magnitude, as a continuous process increasing in breadth and intensity and including the formation of intellectual capital. The introduction of mechanical means of production was of paramount importance in this process, because it radically changed the rate of progress; (2) operation of effective incentives either in the form of material rewards (profits) or spiritual inducements or both; (3) availability of an expanding market to absorb the rising flow of goods; (4) tendency for a balanced ratio to be maintained between population growth and economic growth; (5) a succession of scientific discoveries and a readiness on the part of entrepreneurs and technicians to utilise them for the continual improvement of techniques of production; (6) apolitical regime and a social order conducive to economic development. Since several of these factors either do not obtain at all in underdeveloped countries, or obtain only partially, a theory of economic development built on the cornerstones of economic growth in the West would not fit conditions in underdeveloped countries.The gradual change to an independent existence with higher standards of living and higher levels of economic performance is being brought about by a transfer of means and techniques of economic development from outside through a process of implantation. In place of the incentives which served in the Western world and which are not reproduced to the extent required to stimulate a comprehensive process of development in the immediate future, substitutes are in operation. Modern nationalism is one of the motive forces of economic development in underdeveloped countries. On the same plane is the acceptance of entrepreneurial functions by governmental agencies.The progress in transferability of modern techniques of production has immensely facilitated the promotion of up-to-date processes of production and distribution in underdeveloped countries also. Finally, a difference is to be noted in the economic mechanism by which the various elements of the socio-economic process are geared together and kept in motion.

Notes: Fictitious Centralism in large enterprises. In order that each of the threads of an increasingly complicated business enterprise may be kept in hand, they are all actually made to converge at the highest level. But this centralisation is fictitious; for, in reality, it leads to an overburdening of the man at the top, who is thus rendered incapable of performing his proper function—namely, to take decisions. Instead, he becomes the weakest link in the routine.Imperfect delegation, i. e., the delegation of matters for treatment without simultaneous surrender of competence, condemns those in the middle grade to subaltern standing, in which they too are unable to take any decision or assume the responsibility that goes with the taking of decisions. The typical result is that nobody decides, that—to exaggerate slightly—the life of an industrial concern is controlled not by definite volition but by the law of cause and effect.Imperfect delegation is one of the causes of the hypertrophy and sluggishness of the internal bureaucracy of business concerns. The fact of clinging to theoretical powers which in reality are not exercised has, for instance, the result that the modern forms of accounting practice not only fail to give the internal life of a big enterprise the elasticity and commerciality which they quite well could have given it, but, instead, lead to a multiplication of bureaucratic processes.The negative effects of the fictitious centralism which distinguishes the industrial system from the great organisations of the past (e. g. the ancient polis and the feudal state, both of which tended to delegate too many rather than too few functions) are certainly well known, yet it seems impossible to overcome it. This fact is only to be explained in the light of the history of ideas (“Geistesgeschichte”). From his predecessor, the capitalistic entrepreneur, the present-day manager has taken over the automatic equation of what he does with work, and the consequent justification of his social position in his own eyes and those of society. This attitude, which was alien to most of the leading groups in history, prevents him from extricating himself from the vicious circle which he has got into as the result of fictitious centralism.

Notes: First the article points out the excellence and the limitations of Professor Ashton's volume of a new economic history of England and gives his definition of its task: to find answers to the questions which economists ask or should ask of the past. What are these questions and can they be answered for England in the eighteenth century? The problems of economic growth: An adequate treatment of these would require a fuller picture and a more complete analysis of English society between 1700 and 1800 than Professor Ashton permits himself. The structure of the book tends to lean towards questions of economic organisation without much reference to long-term change and recent controversies among economists. The social consequences of industrialization are of much interest to the general historian and the politician, but they are similarly handled with a marked economy of discussion. The old melodramatic history of the Industrial Revolution is discarded here, but the picture of a society in process of violent economic change remains undrawn; this is perhaps to be done in a later volume.Professor Ashton's book represents a reaction against old general views but avoids the substitution of new ones. The present position of economic history calls however not only for a critique of interpretations, but also for reinterpretation. The special difficulty of economic history lies in the need somehow to reconcile the economist's and sociologist's need to analyse in terms of general concepts with the historian's duty to recreate from original sources the unique historical situation which it is his wish to narrate and to explain.

Notes: Charles Albro Barker. Henry George. New York 1955. Oxford University Press, XVII, 696 p. $9.50. Soviet Economic Growth - Conditions and Perspectives. Abram Bergson, Editor. Evanston, Illinois, and White Plains, N. Y., 1953. Row, Peterson, VIII, 376 p.EdwinA. Bock. Fifty Years of Technical Assistance. Some Administrative Experiences of U. S. Voluntary Agencies. Chicago 1954. Public Administration Clearing House, X, 65 p. $1.50.NormanS. Buchananand HowardS. Ellis. Approaches to Economic Development. New York 1955. Twentieth Century Fund, XIV, 493 p. $5.00.E. M. Carus-Wilson. Medieval Merchant Venturers: Collected Studies. London 1954. Methuen. XXXII, 314 p. 30s.Harold C. Edey et Alan T. Peacock, National Income and Social Accounting. London 1954. Hutchinson's University Library, VIII, 224 p. 8s 6d.Maurice Halbwachs. Esquisse d'une psychologie des classes sociales. Paris 1955. Librairie Marcel Rivière. 238 p. ffr. 540.W. O. Henderson. Britain and Industrial Europe 1750-1870. Studies in British Influence on the Industrial Revolution in Western Europe. Liverpool 1954. University Press, VII, 255 p. 25s.Bruno Kiesewetter. Statistiken zur Wirtschaft Ost-und Südosteuropas. Teil I: Industrie, Teil II: Landwirtschaft. Deutsches Institut für Wirtschaftsforschung, Sonderhefte N. F. Nr. 33. Berlin 1955. Duncker & Humblot. 48 und 44 S. DM 7.50 und DM 7.20. Les ↞Sciences de la Politique↠ aux Etats-Unis; Domaines et Techniques. Recueil d'études sous la direction de Harold D. Lasswellet Daniel Lerner. Paris 1951. Armand Colin, XVI, 305 p.Ashok Mitra. The Share of Wages in National Income. 113 p., no publisher or price.Vilfredo Pareto. Allgemeine Soziologie. Ausgewählt, eingeleitet und übersetzt von Carl Brinkmann, besorgt von Hans Wolfram Gerhard. Tübingen 1955. J. C. B. Mohr (Paul Siebeck). IX, 263 S., Brosch. DM 17. -, Lw. DM 19. 80.Kjeld Philip. Inter-Governmental Fiscal Relations. Institute of Economics and History, Copenhagen 1954. Einar Munksgaard. 171 p.Robert Redfield. The Little Community. Chicago 1955. University of Chicago Press. 182 p. $4.00.Fritz Sternberg. Marx und die Gegenwart. Entwicklungstendenzen in der zweiten Hälfte des 20. Jahrhunderts. Köln 1955. Verlag für Politik und Wirtschaft. 388 S.

Notes: The question how currency devaluation would affect the net terms of trade has been debated for many years, chiefly because one wanted to know what this change in the terms of trade would do to real national income, and also how this income change in turn would alter the trade balance. Yet, changes in the net terms of trade can have determinate effects on real income only if the productivity of resources is unchanged, and devaluation usually affects productivity through the resource reallocation which it induces; indeed, where there is no such reallocation the net terms cannot be affected by devaluation. Hence, even if the net terms should be adversely affected by devaluation, this may be associated with an improved use of resources which raises productivity enough to cause real national income to be increased rather than reduced. A deterioration of the net terms of trade may sometimes be a pre-condition for an increase in real national income as well as for an improvement in the balance of trade. The presumption is strong that the devaluation of an overvalued currency will lead to a more efficient allocation of resources. The contention that a deterioration of the net terms of trade will normally cause a reduction of the real national income and a worsening of the balance of trade by equal amounts must surely be rejected.The conceptual identity between real output and real income cannot be maintained when the terms of trade change. Clear analysis of the problems under discussion requires distinctions between “real output”, “real intake”, and “real income”. If the idea of a “change in the real balance of trade” is to make sense, it must relate to the difference between changes in real domestic output and real domestic intake. The socalled “primary burden” of devaluation may be interpreted as the fall in real intake when real output and terms of trade are unchanged; if there is any “secondary burden”, it need not be another reduction in real intake, but rather a reduction in real income. Since real output and real income may move simultaneously in different directions, it becomes necessary to ask on which of them the spending propensities—investment, consumption, imports, hoarding—are based. Depending on the incidence of changes in “income”, it will sometimes be real output, sometimes real income that will determine expenditures. Yet in most algebraic models there is just a simple Y for both.

Notes: Lines of Development of Modern Economic Theory. The economic happenings in human society are so complicated and manifold that it is not possible to establish a comprehensive theory. Theorists in economics have always been obliged, in the first place, to deduce simple processes from a few fundamental phenomena. They have to take progressively more and more phenomena into consideration in their models, if they want to provide practitioners—whether economic policy-makers or enterprisers—with a set of instruments serving to explain the causal nexus underlying the economic phenomena of society. It is dangerous to set up a theoretical model—say, the traditional model of a market with perfect competition—as a goal for economic policy, if the said model is not accessible to genuine value judgements. Furthermore, a large group of models will not, without reservation, lend themselves to the drawing of inferences for economic policy, because, owing to the axioms upon which they are based, they are not able to show those connections in the development of the economic processus of society which are brought about by technical improvements, growth of population, changes in consumer habits, etc.While in the twenties and thirties a growing accumulation of factual material without any theoretical interpretation confronted an abundance of theoretical models without empirical substance, developments in economic theory—especially in macro-economics—during the last fifteen years or so, and developments in practical research, as practised in, say, the U. S. A., the Netherlands and the Scandinavian countries, have been characterised by an effort to bridge this gap. Thus, modern theorists are trying to construct statistically testable models which will enable policy-makers to gauge the effect of their measures with greater accuracy. National accounting and the models for analysing the interdependence of the processes of production and the connections between income, savings, consumption and investment represent attempts to fill up this gap which have, in some respects, scored a considerable success. We are by no means in sight of the end of developments in this branch of theory, especially as regards dynamic theory.The second important characteristic of the newer economic theory is the further development of market theory. Here, promising attempts are being made, through a conception of a systematic theory of economic behaviour with the aid of the theory of games, to lift economic subjects out of the state of quasi-isolation which in traditional market theory exists, and to make it possible for morphology to be incorporated in economic theory.