Download or read book The American Economic Review, Vol. 12 (Classic Reprint) written by American Economic Association and published by Forgotten Books. This book was released on 2018-02-14 with total page 770 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The American Economic Review, Vol. 12 At our entry into the war the opportunity would thus seem to have been present for the exercise of a large influence upon affairs. The course of the struggle had made it evident that eventually the race must be to the economically strongest; and the experiences of the belligerents had shown the penalty of economic bungling. In the physical sciences there was swift mobilization and quick tender and ready acceptance of scientific guidance. As to the economists there is a different story. There had been no preparedness in the three fateful years that preceded our entry into the World War, and there was no collective proffer after we had entered. Even more, there was at the outset no instinctive recourse to the economist on the part of public authority, and but slow and half-hearted requisition of his services thereafter. The results were twofold - both unfortunate. On the one hand, failing systematic mobilization, a wasteful individualism prevailed. The American economist either ate his soul out in enforced inactivity; or, the situation becoming intolerable, accepted subordinate, often clerical position, rather than do nothing at all. And on the other hand, his proper r61e was taken over in part by a group of transmuted men of affairs; in part by a corps of business technicians, distinguished from the economic investigator by the more austere title statistician. Of the whole company of American economists, including all of those whose names we delight to honor, not a single figure was in the first instance chosen or was thereafter permitted to exercise formative, determining influence in the economic conduct of the war. Services of great usefulness, of high importance, were rendered by almost every member of our body, and I should fail lamentably in my purpose did I seem to be insensible of this. But nowhere and at no time was the opportunity afforded to shape and direct. And on the other hand, in instance after instance, constructive discretion and responsible leader ship were vested in men whose excellencies, high as the heavens, were yet marked by absence of those qualities which we insist distinguish the scientifically equipped economist. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.