THE INSTITUTE OF ECONOMICS 
The Carnegie Corporation of New York in establishing the Institute of 
Economics declared: “The Carnegie Corporation, in committing to the 
Trustees the administration of the endowment, over which the Corporation 
will have no control whatsoever, has in mind a single purpose—namely, 
that the Institute shall be conducted with the sole object of ascertaining 
the facts about current economic problems and of interpreting these facts 
for the people of the United States in the most simple and understandable 
form. The Institute shall be administered by its Trustees without regard 
to the special interests of any group in the body politic, whether political, 
social, or economic.” In order that the Council and Staff of the Institute 
may enjoy the freedom which is conceded as essential to scientific progress, 
the Trustees of the Institute have adopted the following resolution: “The 
primary function of the trustees is not to express their views upon the 
scientific investigations conducted by the Institute, but only to make it 
possible for such scientific work to be done under the most favorable 
auspices.” 
OFFICERS 
ROBERT S. BROOKINGS, President 
VERNON KELLOGG, Vice-President 
Davo F. Houston, Treasurer 
HarorLp G. MouLtoN, Director 
COUNCIL 
TaOoMAS WALKER PAGE, Chairman 
Harorp G. MouLTON 
EpwiN G. NOURSE 
CrARLES O. HarDY 
RoBErRT R. KUCzyNSKI 
TRUSTEES 
EpwiN A. ALDERMAN VeErNON KELLOGG 
ROBERT S. BROOKINGS SAMUEL MATHER 
WarTErFoorD R. CoLE Jorn C. MERRIAM 
FrREDERIC A. DELANO JoEN BArTON PAYNE 
ArTHUR © HADLEY Leo S. Rowe 
ErnEsT M.. HOPKINS BorroN SMITH 
Davip F. Houston Paur M. WARBURG