Economic essays

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Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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362 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

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