Yearbook of the Economic Club of New York: Containing the Addresses at the Four Meetings of the Season, Volume 3

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The Club, 1913 - Economics
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Page 10 - We do not believe this is because American engineers are any less ingenious or original than those of Europe, though they may indeed be deficient in training and scientific education compared with those of Germany. We believe the main cause is the wholesale consolidation which has taken place in American industry. A huge organization is too clumsy to take up the development of an original idea. With the market closely controlled and profits certain by following standard methods, those who control...
Page 10 - We are today something like five years behind Germany in iron and steel metallurgy, and such innovations as are being introduced by our iron and steel manufacturers are most of them merely following the lead set by foreigners years ago.
Page 8 - ... not necessarily involve destructive and unrestrained competition, any more than the maintenance of liberty implies license or anarchy. We learned long ago that liberty could be preserved only by limiting in some way the freedom of action of individuals; that otherwise liberty would necessarily lead to absolutism and in the same way we have learned that unless there be regulation of competition, its excesses will lead to the destruction of competition, and monopoly will take its place. A large...
Page 11 - It is a well-known fact that modern trade combinations tend strongly toward constancy of process and products, and by their very nature are opposed to new processes and new products originated by independent inventors and hence tend to restrain competition in the development and sale of patents and patent rights; and consequently tend to discourage independent inventive thought, to the great detriment of the nation, and with injustice to inventors whom the Constitution especially intended to encourage...
Page 8 - ... indefinitely with the size of the business. Very often a business grows in efficiency as it grows from a small business to a large business; but there is a unit of greatest efficiency in every business at any time, and a business may be too large to be efficient, as well as too small. Our people have also learned that these profits are not due in the main to efficiency but are due to control of the market, to the exercise by a small body of men of the sovereign taxing power. Nothing has helped...
Page 110 - Most town councils not only supply water, gas and electric lighting and power, and make a good profit in relief of local expenditure, but also finance all the hospitals, treatment of phthisis, and all the schools, including colleges for advanced technical instruction. In most places the municipalities own and work the tramways with very low fares and very high profits; they maintain fire stations with the most advanced apparatus ; they have abbatoirs regulated by veterinary science for the slaughter...
Page 134 - Charles 8. Johnson (1936). We, in this great American Republic are, and should be, the guiding star for all the world ; and if, united with the other nations related to us in spirit and aspirations, we do our full duty, progress will be assured, the peace of the world will be conserved, and we shall set an example that will be emulated all over the world. — Rudolph Blankenburg (1913). Oppression will drive men mad. But we know how to make States that will stand, and not merely stand still, but...
Page 110 - ... The Town Council also prescribes the material to be used in the construction of roadways and footpaths, whether wood paving, asphalt or something else. The naming of streets is also entirely in the hands of the Town Council. The Council decides in what streets front gardens are to be permitted and how large they must be, what streets are to be planted with trees, and where public squares, playgrounds, etc., are to be situated. In this way a distribution of open spaces and playgrounds all over...
Page 165 - We can provide by legislation the sort of cars which a railroad shall use and the rates which it shall impose; we cannot by legislation force one single dollar of private capital into railroad investment against its will.
Page 108 - It has been well said that this system has been shaped by the conviction that the work of governing a town is so important and so difficult that it requires the whole working time and all the powers and thought of able men who have acquired special knowledge of the problems of town administration by a long experience of the work, and who know that if they are guilty of neglect of duty or act dishonestly, they will be ruined for life by losing their position, the salaries on which they live, and the...

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