New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-27
ECONOMISTS IN SESSION.
THEIR ANNUAL MEETING BEING HELD
HERE.
PRESIDENT CLARK SAYS THAT NORMAL. coMPE-
Triton Will. BE SECURED IN THE END Hf
THE COOPERATION oT LEGAL AND
NATURAL ECONOMIC FORCES.
NATURAL EcoNoMIc Fore

NATURAL ECONOMIC FORCES.
The frs, session Of the annual meeting OF the
American Economic Association was ned last night
in the Library BuiIdng OF Columbia College inc
association started in 1888. and embraces among
its 500 members many professors and advanced SUI
dents Of political economy and kindred soreness
Among those present last night were Sidney Sher-
wood Johns Hopkins University; +. W. FERNS Uni
versitv OF Chicago: II. 4. Saeger. j. .. Adams Dr
L. s Rowe and Emery Il. Johnson, OF the nj
versity of Pennsylvania; Or. Il. X J." "oul'' W
Washington. d. G.; Professor W ii. FolweiI I'M
versity Of Minnesota: the Rev. Nicholas !. 'Iiha"'
OF Boston; Or Victor Rosewater. Of Omaha Dr'
George G. Wilson, Of Brown University ana III
Earnest Won Halle OF Berlin. Germany
President John r. Clark presided. lreS''e"'
Low OF Columbia. made an address 81 "e'o',''
He said that it was pleasure to wel'omc ~ NV
halls Of Columbia men so nierestcl III p'""',"
co profound and so real The present was the
age of invention and science, while at me SIM
time distinctly an Industrial age. Science han
Wrought great changes. In fact everything "aS
changing and :. was in times Ike these tha' INC
roltical economy OF the past was tested. II was
IN times of great troubles and disturbances 'n"'
the wheat was sifod from the chah-
President Clark responded saying that the'e were
probably none present who did no; kno" that th'
ec,.n,n of poli,ical economy much indebted To
Columbia College and ne only hoped tha' III some
way they could partially pay the depl me" own
association had held its first business meeting ''i'
nine wears ago. and again its second meeting 'l|n'
years ago. After his informal address mn' ,''"
proceeded II the reading Of MS paper on me MOI
ern Appeal 10 Legal Forces III '''"o''' INV
said IN substance:
Two movements born Of discomfort are III pr"f''sS
Anarchism assails the state" Socialism at'tVh" inv
Industrial system. and appeals to the H'""' me
motive Of the appeal Is a belief mat .poi''s "''
robbed by the natural working OF economic ia"S.
I, pl1
economic forces called for? Should not III" Hta''
aim to perfect the industrial .ys''in ,i, '7
To the plan which Development y ,n,,,i,,
Economic theory shows that IRE" -
tends 10 secure honest distribution % ,,.,i
a were living In ISOLATION ms ',l% uro,c.
!, yynuid be- an honest income Exchanges as
euise the modem rei ie ,b Hi iSrn hing thai he
makes. what d" docs krep' n2w'',. the ouantity
In a factory mat employs thouslnI men l'i IT,,
c mem ' ia N" WORKING force Tn, men thus adisl
represent definite incIei' III We, @f ,oth per day
I'm addition go It's former output anu u ; ,,,r,-
OF this extra product measures inc P''"''"' ''"
,ir than the value 81 a hundred yards n coth
the employer cannot pay TO the net" men i, H5 " ih
he is obliged 10 pay y conI"l'i3,h rol,, OH
tha, how how arFr 'he Eroage' a5 nat 20 conform Sin
Attributed io labor only. aE'- 'H.,.' No. n.cidr
TO inct ivIty ~ social labor , ,,.,r.
l. there AZ present enough ''i'i i''i" =, s,,ts.s
"'.,..I ar rof.nfial Docs test oi "h1ulhh'f
betwecu EMPLOYER and employed appeal I'D Any
v,,v Ia the productivity OF social lAbot ~ 's't
ard Of war,s9 Yes. because n mon demand mum
more than ihis they cannot ct it h'lt Pa H.,
u'ul lac ull,I hv taken rom o'h'i lu.ii' y,
Ga. 0.ld II they demand less. ih'} tt -
MT. directly appeals 60 tn" nAtnIhi @''"'hlr ~.
y.ares inc troIuctylty % Labor 90 tho GENERA OF
,r77,i a.d \ monopy aims 20 r"iuc" Is OUTPUT
- |oots and 10 Increase IFS prices " u 81,
cects IL crowds too much lah'T ih'" -, ~
u,i.h .ornp,,ition g. free. II niso'tt,s razor ~
rci,,r.s rs rroductivty AMI ia} u no, w
world full Of monopoles. ana ar" not wages "'''
hy relucrit .. ,..t ,, ,h. fact
,ha, no cannot greatly raise psiC't "l'l"ul
causinr new competitors to appear y M a,e
yccrc ct,icent enough, they wo"il "u' ~,
vrsp.s since that done only bN iniS'1,
ishor and this again. IS due 70 the cur'AiHhS o'
IITaur,,,o ., cleavage that separates socialstic
- orIi,,ailon would adjust wages IN Way
maj would depart NOR" or less rom IN, s'"''',
sci bv the productivity ~ Itn'f ''l'' -, ,. D.,
ration has to conform TO that siardtil ilNlhE ~
-, ,r. ,,rircs Of goods produced DIS trusts WOMB
tn,r,dnce an arbitrary element Into distribution
Keeping IN. field open 20 ne" cor 'l'.''i' 49,
a. ch,rk ,,nulI MAKE distribution normal \ POM
IL open 10 that at every step ,hp,t"' ni"' ~
.conornic forces. and tends g. max" ih" y -''.N
industry honest. proturflt" ana ever H'ui' ~
+, ,,,rc,acq the productive power. an therefore
10 ,,,v ~ lahor.rS Vs." takr 10 ai'l'f'I' l'i'
~ Attending this system Eyll comes 'afVugh inc
pcrvcrsion of g. ami cool is nh'It I'D ~ " ,,
We shall retain this system "r not 7 no h "l',
question w shall have 10 retain 10 s-"i'iN f'"l-
a. way hv experiments. and While lev W''iHnI -
MAJ look socal.~ic may Doe retained. N"~.' ihi''
~, ,hn toef hor- used really sorialifur are
SIRE 10 be abandoned. In th" end regal for" n's
co-or4rafe with natural "rnhoillc i"i' ny
MAKE competition normal ana fI''. y OF 'I' ,
of men now living et This harmonious acton ''F"'