Economic Dynamics: An Introduction by William J. Baumol; Ralph TurveyReview by: B. S. KeirsteadThe Canadian Journal of Economics and Political Science / Revue canadienne d'Economique etde Science politique, Vol. 18, No. 2 (May, 1952), pp. 247-248Published by: Wiley on behalf of Canadian Economics AssociationStable URL: http://www.jstor.org/stable/138167 .

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Era, 1891-1920"; Part IV, "The Search for Clear Aims in a Secular Society, 1921-1951." In each of these sections the writer attempts to study the way in which the philosophy of the Association is related to its programme and or- ganization, and how these in turn have been influenced by other developments in Canada. This is a tremendous task, and to accomplish it Dr. Ross has worked conscientiously through the abundant material. The resulting study is prob- ably one of the best descriptions we have of the growtlh and development of a Canadian institution. In fact, the reviewer can for once agree with the paper cover blurb which describes the study as "an honest and challenging book which marks a milestone in the life of the Y.M.C.A."

In his introduction, Dr. Ross seems to be on the defensive about his findings, to fear that his objective analysis may be considered too critical. This appre- hension seems to have prompted him to go through the harrowing experience of allowing "literally hundreds of people" to read and comment on parts of the original manuscript. Fortunately Dr. Ross has done an admirable job of either disregarding their advice, or incorporating it into his script, for the text reads smoothly and pleasantly. The social scientist might be disposed to wish that a more precise theoretical framework could have been used in analysing the data. Dr. Ross seems to have missed a very good opportunity of interpreting the development of the Y.M.C.A. in terms of the growth of a social movement. The implication is there, but the formal statement is lacking. It is to be hoped, therefore, that Dr. Ross will consider this work a "preliminary canter"; for, having found his way through this great mass of material, he is now in the position to make a really profound analysis of the growth of this interesting Association. In an era of rapid social change this could be an outstanding contribution to our knowledge of the process of social change.

[AILEEN D. Ross]

Economic Dynamics: An Introduction, by WILLIAM J. BAUMOL, with a contribution by RALPH TURVEY (New York: The Macmillan Company [Toronto: The Macmillan Company of Canada Limited], 1951, pp. xvi, 262, $5.00). This is an admirable introduction to the study of economic dynamics. The author does not attempt to build up a theory of his own but rather to introduce the reader to the various branches of dynamic analysis. He skilfully condenses and presents the theories he selects, and he covers a wide field. Great ingenuity is shown in setting forth the views of the classical school, of Marx, and of Schumpeter. I was particularly taken with the diagrammatic presentation of the Ricardian theory on page 18. Of the contemporary writers of dynamic theory, Mr. Harrod is selected as representing those who have attempted a general theory of economic development, and Mr. Hicks as representing those who have attempted a dynamic theory of the firm. I think students and teachers alike will find these chapters helpful. Mr. Turvey has contributed a chapter on period analysis, and gives to English readers a brief statement of contemporary Swedish writing. The final part of the book consists of chapters on model-building and some examples of dynamic models. The subject-matter is not easy, but the handling of the material is so lucid that even a reader with

Era, 1891-1920"; Part IV, "The Search for Clear Aims in a Secular Society, 1921-1951." In each of these sections the writer attempts to study the way in which the philosophy of the Association is related to its programme and or- ganization, and how these in turn have been influenced by other developments in Canada. This is a tremendous task, and to accomplish it Dr. Ross has worked conscientiously through the abundant material. The resulting study is prob- ably one of the best descriptions we have of the growtlh and development of a Canadian institution. In fact, the reviewer can for once agree with the paper cover blurb which describes the study as "an honest and challenging book which marks a milestone in the life of the Y.M.C.A."

In his introduction, Dr. Ross seems to be on the defensive about his findings, to fear that his objective analysis may be considered too critical. This appre- hension seems to have prompted him to go through the harrowing experience of allowing "literally hundreds of people" to read and comment on parts of the original manuscript. Fortunately Dr. Ross has done an admirable job of either disregarding their advice, or incorporating it into his script, for the text reads smoothly and pleasantly. The social scientist might be disposed to wish that a more precise theoretical framework could have been used in analysing the data. Dr. Ross seems to have missed a very good opportunity of interpreting the development of the Y.M.C.A. in terms of the growth of a social movement. The implication is there, but the formal statement is lacking. It is to be hoped, therefore, that Dr. Ross will consider this work a "preliminary canter"; for, having found his way through this great mass of material, he is now in the position to make a really profound analysis of the growth of this interesting Association. In an era of rapid social change this could be an outstanding contribution to our knowledge of the process of social change.

[AILEEN D. Ross]

Economic Dynamics: An Introduction, by WILLIAM J. BAUMOL, with a contribution by RALPH TURVEY (New York: The Macmillan Company [Toronto: The Macmillan Company of Canada Limited], 1951, pp. xvi, 262, $5.00). This is an admirable introduction to the study of economic dynamics. The author does not attempt to build up a theory of his own but rather to introduce the reader to the various branches of dynamic analysis. He skilfully condenses and presents the theories he selects, and he covers a wide field. Great ingenuity is shown in setting forth the views of the classical school, of Marx, and of Schumpeter. I was particularly taken with the diagrammatic presentation of the Ricardian theory on page 18. Of the contemporary writers of dynamic theory, Mr. Harrod is selected as representing those who have attempted a general theory of economic development, and Mr. Hicks as representing those who have attempted a dynamic theory of the firm. I think students and teachers alike will find these chapters helpful. Mr. Turvey has contributed a chapter on period analysis, and gives to English readers a brief statement of contemporary Swedish writing. The final part of the book consists of chapters on model-building and some examples of dynamic models. The subject-matter is not easy, but the handling of the material is so lucid that even a reader with

Reviews of Books Reviews of Books 247 247

This content downloaded from 194.29.185.251 on Thu, 12 Jun 2014 23:11:42 PMAll use subject to JSTOR Terms and Conditions

The Canadian Journal of Economics and Political Science The Canadian Journal of Economics and Political Science The Canadian Journal of Economics and Political Science

only moderate mathematical training can read the text with understanding and profit.

This book seems to me to be a model of what a book for students ought to be. It is clearly thought out and written in a lucid, precise, and interesting style. It is short. When one considers the usual text-book, dull, badly written, crammed with tiresome "illustrations" which obstruct an already halting argu- ment, and padded out to eight hundred pages so as to satisfy the commercial

requirements of the publisher, one must give special commendation to the authors of a book like this, and to the publishers, too, who have had the

courage to defy the prevailing mores of commercial publishing. One welcomes the appearance of a book which has been accepted on grounds of merit rather than of sheer weight. [B. S. KEIRSTEAD]

The Cheyenne in Plains Indian Trade Relations, 1795-1840, by JosEPEI JABLOW (Monographs of the American Ethnological Society, edited by MABIAN W. SMITH, XIX, New York: J. J. Augustin Publisher, 1951, pp. x, 100, $2.50). This is a monograph of the American Ethnological Society giving a detailed account of a well-known tribe of Indians in so far as it was affected by Euro- pean influence through the fur trade and the diffusion of the horse. The account includes a description of changing patterns of trade and their effects on cul- tural features of the Cheyenne and other tribes. The detail is illuminated by two maps but more information on them would be useful to the reader.

For the economic historian the monograph is of limited value as it does not

attempt to throw light on specific problems. One is tempted to ask for a more detailed account of the significance of changing technology, for example in tile shift in character of river transportation, changes in the demand for furs in Europe, the type of business organization and its relative efficiency in the fur market, and the implications of these various factors for the culture of the Indians involved. How far did improvements in communication lead to a

change in the character of furs; i.e. from the high-value furs to the heavy buffalo skins? Were the dynamics of change located in the price system and the profit motive of Anglo-Saxons, in rapid changes of technology, or in the character of cultural traits incidental to dependance on the buffalo and the spread in the use of the horse? It is suggested (pp. 87-8) that the horse was important to

military organization but on this one would welcome an extended discussion. To these suggestions, the author may well reply that he did not set out to answer these questions; the reviewer would answer that he does not feel that the questions which the author set himself can be answered effectively until a wider approach is undertaken. [H. A. INNIS]

Corporation, Trust, and Company: An Essay in Legal History, by C. A. COOKE (Manchester: Manchester University Press, 1950, pp. 206, 15s.). This book traces the evolution in England of the limited liability company up to the passing of the general Companies Act in 1862. The author is interested largely in legal questions, but he shows the interplay of legal form, economic forces and social function, and presents aspects of economic history which have been given scant attention by most writers on that subject. [C. A. ASHLEY]

only moderate mathematical training can read the text with understanding and profit.

This book seems to me to be a model of what a book for students ought to be. It is clearly thought out and written in a lucid, precise, and interesting style. It is short. When one considers the usual text-book, dull, badly written, crammed with tiresome "illustrations" which obstruct an already halting argu- ment, and padded out to eight hundred pages so as to satisfy the commercial

requirements of the publisher, one must give special commendation to the authors of a book like this, and to the publishers, too, who have had the

courage to defy the prevailing mores of commercial publishing. One welcomes the appearance of a book which has been accepted on grounds of merit rather than of sheer weight. [B. S. KEIRSTEAD]

The Cheyenne in Plains Indian Trade Relations, 1795-1840, by JosEPEI JABLOW (Monographs of the American Ethnological Society, edited by MABIAN W. SMITH, XIX, New York: J. J. Augustin Publisher, 1951, pp. x, 100, $2.50). This is a monograph of the American Ethnological Society giving a detailed account of a well-known tribe of Indians in so far as it was affected by Euro- pean influence through the fur trade and the diffusion of the horse. The account includes a description of changing patterns of trade and their effects on cul- tural features of the Cheyenne and other tribes. The detail is illuminated by two maps but more information on them would be useful to the reader.

For the economic historian the monograph is of limited value as it does not

attempt to throw light on specific problems. One is tempted to ask for a more detailed account of the significance of changing technology, for example in tile shift in character of river transportation, changes in the demand for furs in Europe, the type of business organization and its relative efficiency in the fur market, and the implications of these various factors for the culture of the Indians involved. How far did improvements in communication lead to a

change in the character of furs; i.e. from the high-value furs to the heavy buffalo skins? Were the dynamics of change located in the price system and the profit motive of Anglo-Saxons, in rapid changes of technology, or in the character of cultural traits incidental to dependance on the buffalo and the spread in the use of the horse? It is suggested (pp. 87-8) that the horse was important to

military organization but on this one would welcome an extended discussion. To these suggestions, the author may well reply that he did not set out to answer these questions; the reviewer would answer that he does not feel that the questions which the author set himself can be answered effectively until a wider approach is undertaken. [H. A. INNIS]

Corporation, Trust, and Company: An Essay in Legal History, by C. A. COOKE (Manchester: Manchester University Press, 1950, pp. 206, 15s.). This book traces the evolution in England of the limited liability company up to the passing of the general Companies Act in 1862. The author is interested largely in legal questions, but he shows the interplay of legal form, economic forces and social function, and presents aspects of economic history which have been given scant attention by most writers on that subject. [C. A. ASHLEY]

only moderate mathematical training can read the text with understanding and profit.

This book seems to me to be a model of what a book for students ought to be. It is clearly thought out and written in a lucid, precise, and interesting style. It is short. When one considers the usual text-book, dull, badly written, crammed with tiresome "illustrations" which obstruct an already halting argu- ment, and padded out to eight hundred pages so as to satisfy the commercial

requirements of the publisher, one must give special commendation to the authors of a book like this, and to the publishers, too, who have had the

courage to defy the prevailing mores of commercial publishing. One welcomes the appearance of a book which has been accepted on grounds of merit rather than of sheer weight. [B. S. KEIRSTEAD]

The Cheyenne in Plains Indian Trade Relations, 1795-1840, by JosEPEI JABLOW (Monographs of the American Ethnological Society, edited by MABIAN W. SMITH, XIX, New York: J. J. Augustin Publisher, 1951, pp. x, 100, $2.50). This is a monograph of the American Ethnological Society giving a detailed account of a well-known tribe of Indians in so far as it was affected by Euro- pean influence through the fur trade and the diffusion of the horse. The account includes a description of changing patterns of trade and their effects on cul- tural features of the Cheyenne and other tribes. The detail is illuminated by two maps but more information on them would be useful to the reader.

For the economic historian the monograph is of limited value as it does not

attempt to throw light on specific problems. One is tempted to ask for a more detailed account of the significance of changing technology, for example in tile shift in character of river transportation, changes in the demand for furs in Europe, the type of business organization and its relative efficiency in the fur market, and the implications of these various factors for the culture of the Indians involved. How far did improvements in communication lead to a

change in the character of furs; i.e. from the high-value furs to the heavy buffalo skins? Were the dynamics of change located in the price system and the profit motive of Anglo-Saxons, in rapid changes of technology, or in the character of cultural traits incidental to dependance on the buffalo and the spread in the use of the horse? It is suggested (pp. 87-8) that the horse was important to

military organization but on this one would welcome an extended discussion. To these suggestions, the author may well reply that he did not set out to answer these questions; the reviewer would answer that he does not feel that the questions which the author set himself can be answered effectively until a wider approach is undertaken. [H. A. INNIS]

Corporation, Trust, and Company: An Essay in Legal History, by C. A. COOKE (Manchester: Manchester University Press, 1950, pp. 206, 15s.). This book traces the evolution in England of the limited liability company up to the passing of the general Companies Act in 1862. The author is interested largely in legal questions, but he shows the interplay of legal form, economic forces and social function, and presents aspects of economic history which have been given scant attention by most writers on that subject. [C. A. ASHLEY]

248 248 248

This content downloaded from 194.29.185.251 on Thu, 12 Jun 2014 23:11:42 PMAll use subject to JSTOR Terms and Conditions