CURRENT ECONOMIC PROBLEMS

THE UNIVERSITY OF CHICAGO PRESS

CHICAGO, ILLINOIS

Agents

THE BAKER & TAYLOR COMPANY

NEW YORK

THE CUNNINGHAM, CURTISS & WELCH COMPANY

LOS ANGELES

THE CAMBRIDGE UNIVERSITY PRESS

LONDON AND EDINBURGH

THE MARUZEN-KABUSHIKI-KAISHA
TOKYO, OSAKA, KYOTO

THE MISSION BOOK COMPANY

SHANGHAI

KARL W. HIERSEMANN

LEIPZIG

PROBLEMS

A SERIES OF READINGS IN THE CONTROL OF
INDUSTRIAL DEVELOPMENT

PREFACE

The addition of this collection of readings to the long list of books in elementary economics is due to no premeditated design. It had assumed dimensions too formidable to be suppressed before the decision to publish it was made. It has emerged as a by-product of some years of experience with classes in current economic problems. Its beginning is to be found in the use, as supplementary material, of some readings quite different in kind from the matter presented in the texts. As time has passed, the purpose, viewpoint, subject-matter, and arrangement of the course have all undergone constant modification. The readings, accordingly, have also changed in purpose, in character, and in arrangement. They have increased in number until the collection eventually has come to assume pretentious size. Its growth has known its periods of gradual accretion and its times of stress and strain. The latter have resulted in the appearance of a collection of readings in mimeographed form nearly three years ago, a revision in printed form a year later, and the present re-revised edition. Its gradual emergence is the result, in part of the editor's developing conception of the subject, in part of class room experience. Unfortunately both of these forces impelling development are still in process. The editor can, accordingly, give no guaranty that for the indefinite future he will vouch for the present collection, either in its general outlines, or in its detailed arrangement. But, if there is to be no end, there must be, for a time at least, a respite from experimentation.

An attempt has been made to adapt these readings to the needs of an introductory course. This has been all the more necessary, because the greater part of them were not intended for this use. This adaptation has involved the elimination of extraneous matter, as well as the omission of discussions of subtle points. The latter, however valuable to advanced students, are likely to divert the minds of novices in economics from the main issues. In this process most of the readings have been reduced materially in length. In many cases the reduction has been quite drastic. Since this volume is not intended for reference purposes, the omissions have not been indicated in the text. The footnotes of the originals, except where imperatively demanded, have been dispensed with. Most of the titles are of the editor's selection. An attempt has been made, however, faithfully and accurately to preserve the viewpoint and

vii