The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-12-29
CLOSING SESSION.
Economic Associations Winds Ur
with Election of Officers.

Detroit, Mich, Dec. 29-The attend
ance at the closing session today OF the
American Economic session was great
ly diminished in members.
The first paper Of the day, that Of DR..
Trorstein Veblen, OF Chicago, on Tn
dustrial and Pecuniary Occupations
was read by title The paper IS as fol-
'arhe Oldest economists believe in
three factors in production-land, labor
and capital (to which fourth factor OF
managing ability was subsequently
added), and they assumed these factors
received in the form of rent, wages, IN
terest and profits, shares of the total
wealth produced which were proportion
ate to their respective contributions to
its production Thus they treated ac-
QUESTION, or pecuniary activity as a sub
head under production or industrial ac-
Ilvlty. Today pecuniary activities are
no longer, il ever they were. mere Incl
dental features of the process Of social
production and consumption; they have
become the dominating factor in modern
industrial processes. Now many buSt-
ness activities are lucrative without be-
ing Serviceable to the community. They
are concerned primarily with the value
of goods and only secondarily with
their serviceability. Large bodies of the
population have but an incidental con-
tact with the business side of the enter
prise in which they are engaged while
a minority have little if any other con-
Germ with the enterprise than its pecun-
larry management. We have then, a
new class engaged in industrial and an
other in pecuniary occupations Inc
class in Industrial occupations. not
merely factory hands, but also highly
skilled mechanics, are often improvident
and incompetent to take care OF the
pecuniary details of their own life. Com
pairing our factory hands with the older
class of handicraftsmen whom they
have displaced, or with the farming
population Of today, it is apparent thar
their inferiority in this respect is not
the effect Of scantier opportunity for
saving. 1t seems to be rather traceable
to the relative absence of pecuniary
training in the discipline of their daily
life
1T is worth considering too, whether
the apparent growth in certain indus
trial towns of socialistic notions inimical
to the very institution of property is not
taking place chiefly among those whose
specialized industrial occupations eX-
empt them, in great part from the intel
lectual discipline of pecuniary manage
ment."
1.-THE next decade in economic theory"
a paper by Prof. Frank A Fetter, OF the
Leland Stanford university was also
read.
The report of the committee on uni
form municipal accounts and statistics
was read by M. n. Baker, chairman Of
the committee.
The election Of officers resulted in the
reelection OF Richard T. Ely. LII d. |
as president; Thomas Marburg, of Bal
timore, first vice president: F. N. Taylor
of the University of Michigan, second |
vice president; John c. Schwab of Yale |
third vice president. Charles H Hull, of !
ithaca, n. Y, was reelected secretary |
and treasury.
1t was decided to leave the matter of |
the selection of the next place Of tie |
meeting to the executive committee and |
the preference was expressed for WASH
ington, at Christmas time, one year
hence.