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APPENDIX 
here came a second renaissance, a second development of interest in 
sconomic problems. As there was no place in this country at the time 
here these studies could be pursued, there was a veritable exodus of these 
ounger men, perhaps a dozen in number, to the continent of Europe. On 
their return they filled the newly created chairs of political economy in most 
f our leading colleges. 
Professor Clark was the first of those younger men to go abroad. 
hortly after he and the others returned, they founded the society soon 
o be known as the American Economic Association, and which from those 
ays of small beginnings, has grown to be of considerable magnitude and 
importance. There were one or two older men to whom we gave what we 
nd they considered to be the honor of the presidency. But when these 
en had served their time, General Walker and Professor Dunbar, the 
ime for the younger men came. By universal assent, our birthday child 
as chosen to be the President of the American Economic Association. 
Since his day there have been many presidents, and I rejoice to see in 
his august company tonight not a few of the past presidents of the Amer- 
ican Economic Association. To one of them who is with us tonight is due 
he passing of another milestone in the history of economic thought. If, as 
rofessor Giddings has told us, Professor Clark was responsible for the far- 
reaching distinction between capital and capital goods, the gentleman upon 
whom I now have the honor to call was responsible for another similarly 
important distinction in theory, namely, the distinction between capital 
and income. It was he also who approached economic problems from the 
psychological side, with its many economic implications. I have great 
oleasure, therefore, in calling upon our distinguished friend and colleague, 
‘he Professor of Economics at Princeton—Professor Fetter. 
Professor Frank A. Fetter 
May I be pardoned for breaking in upon the monopoly that Columbia 
as thus far enjoyed? I bring a note, I trust not a discordant note, from 
he outer world. First I shall address our honored guest as a fellow 
rincetonian. A few months ago, over in Philadelphia, there was a 
esquicentennial, at which the university of hard knocks conferred the world 
rown of pugilism upon the best man. About thirty years ago a ses- 
uicentennial was held at Princeton, and John Bates Clark was the out- 
tanding American economist upon whom an honorary degree was conferred. 
t is my business to help produce Princeton men, though I am not myself 
‘a son of Princeton,” but Professor Clark is a son of Princeton born in the 
ear 1896 and by that token he is my son and I greet him as one of who 
e are proud. 
would speak also as a student and a disciple of Professor Clark’s. 1 
ever had the privilege of sitting in his classes as a student, though I was 
always envious of those who had; but I am one of that large company who 
have zealously studied his writings. These are so full of novel ideas and of