New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-08-26
ECONOMISTS AT WORK.
THEIR SECOND DAYS SESSION At CHAU.
TAUQUA
READING THEORETICAL AND TECHNICAL PAPERS
-oFFIcERs OF THE ASSOCIATION ELECTED.
ny TELEGRAPH TO THE TKiBUNE.1


Chauauoua, ~ y, Aug 25.-The American Eco
nomic Association row In session. Is characterized py
~. largest attendance In It's history. College HAL
has been filed to-day with members representing every
important college aud university IN the country oc-
sides lawyers, clergymen and students OF eooiomo
questions. contrast with the papers read ana us
crssed Yesterday those read today were theoreocal
"a tecbnical rather than practical. The morning
and afternoon sessions were conducted by the Com
nttle Oh Economic Theory. Professor simon N fdl'c"
~ rbe University OF Pennsylvania, on "lhe lh"rPre
,sron OF Ricardo" said that every recent theory III
economies has at It's basis at least portion Oh Cdo'
doctrine The speaker first discussed the standpoint
,,ro which Ricardo looks upon economic phenomena
and tried TO determine whether not his theory was
to be regarded theory OF prosperity or d theoil
NJ distribution. lie then considered the meaning oi
the contrast which Ricardo draws so constantly W
tween profits and wages, and tried 10 sho" tna' 'e
idea Ricardo wishes convey could be better eA'
n-essed nv the terms surplus and cost. Al costs
ro rssolyable into wages, while the surplus above
costs Is prof1ts 20 ,
On "The Ultimate Standard Of Value" j. D. Clark
professor economies at smith and Amherst coeses'
soid. "Science needs an absolute measure OF VaH'c'
The business world the dollar as standard De
oorse currency is the equivalent OF dtincuvey social
labor II Is a rude grasp at correct labor standard
The speaker then discussed the difficulties which nave
nreyented the satisfactory establishment OF such u
sandard I'm scientific studies, and concluded with the
mate unit of value is the sacrihce entaeu On so'i'V
BY the most wesrying part of its work.
Professor Glddinc's address was an analysis Oh
.Valuen The common elements in all dehmuohS
~ value were found 10 be certain ideas OF uun'y
and measure. Professor Gddfngs rejects tne Wow
that subjective value is identical with SUBJECTIVE
uti,,ty 1t Is rather judgment about subjective
util,ty and the mental valuation may therefore ue'
widely from the true subjective utility. according 10
the enlightenment ignorance OF the ihui'luu'''
Objective value value In exchange Is 'eS"
OF q comparison OF many Individual ]uugneh'S Ia
the process OF bidding In the markeplace A reVos,
n,tion OF this fact explains phenomenon OF demand
-. h,,h.r,o accounted for. Demand does not vary
oxoc,v With supply 1t varies affected by Social
PSYCHOLOGICAL process, wherein men compare ana
:" size upn each others enjoyments, advantages anu
powers ,. ,,.o,...oa
Professor Taussg OF Harvard University, olscusSeo
tho theories OF value and distribution put lor'h III
protessor Marshalrs recent treatise on economies.
H. o,d that Professor Marshall's book. published only
two years ago. at once took prominent place anu
Is certainly the most important contributor maui I"
economic theory in England since Milfs iohucM
Fconomy.p Its most marked pecuharity y "'''
unlke almost all previous systematic books, III treats
s,,s,,,,on and exchange as one subject, and not
, Tho causes that determine the wages OF laborers
and capiasts and OF different classes OF iapores anu
the causes that determine the exchange value u
commodities are discussed together ana are ueatco
as at bottom Identical. .. -.
Professor J. r. Commons Of the department OF
economies and social science at the lhul""a oH'
r.r,ty gave reasons for holding that the law OF
diminishing returns applies not only 10 ag1cutuic'
h,. 20 all industries lie held that the law OF rent
depends upon that of diminishing returns ana 'nis
Law can be extended not to certain kinds OF hAen
can,tal rs some economists propose, but to certain
fixed social relations analogous to land such as nan
h,s.s natent rights goodwill and all monopoly
privileges. , ~,
Professor j. ii. Hoander. of Johns Hopkins I'M
versity discussed. as study in municipal acuVl!'
the Cincinnati southern Railway. THIS rHiiOao' o''
miles long extends TO Chattanooga, Tenn. IL was
buIlt by the city OF Cincinnati In default OF private
enterprise for the purpose of terrifying her COM
merciaI position, and Is notable instance Vi ZIG
latent vigor OF American municipal govennen., H
than S1sOOOOO expended In building the roa az
The Commercial purposes the construction Of INC
road have been attained and many kinds OF business business
in Cincinnati have been stimulated py tne oon'p'0
The newly. elected officers OF the atssocidao arr
President, Charles F. DunDsr; OF r drvniu Yale and
c ~ pstfen OF the University Of Pennsylvania secic
tary E. A. Ross, OF Cornell treasurer, f. b. 1iawIes,
oos,sts of q council in which the following in~
members were elected at this session tYeor -: I'd
Miller Of Chicago University F. G CIaTn. Le MiH
ns,s F. W Wilcox Cornell University L. N KeaSS
I'niverslty al Colorado; F. W Moore, Vand@bit I'M
versity William A. SSDtt, ,Iser John Cav North
W,.s,ey University: f. A. Ross, Cornell UnlTersly
DR. ! G. Adams and DR.. sidney Saea WOO o p,r
- ,obn,iir College The closing sessions Will be held
tomorrDw The next meeting VIII be at CMcaso
drrriqg the Worlds Fair, In connection WIN U'o 'i''
"" Sbsntanaua has been cut on from all man ana
.,.,rsnb service to-day by the heavy storm OF last
night