NYU Washington Square College - Album Yearbook (New York, NY)

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Xl.liXANlJlf.R 0. ca1c'1 1'1,11R 111121111111 ,1. MRAR11 1-11 H1411, 11. czL:1xc11' l'1'r1fr'.sp1fn' ny f.lII'llll.Sf7-Y. Pmfw.s.sm' ul! l.s.x1.1'lm1l 1'mf1's5Ur nf lfz'011on1ir'.s'. Dirwlrn' uf Tm,-1,j,,q Ff,jj,,u1 j,, jjjnlmry 7'r1,xi111lrJg,1' lizwrlirlg Slllfllllii, ll'..S.fI. E AJS.. 1515111 Mawr, 16135 hi l5.S,. K1.CI.N.Y.. Iflllll A.NI,,C1ol11111I:in. ILS.. New York I?11ixc'1'sity. 1926: MA.. New ' K 1909: l'I1.ll.. filllllllllllii. 1912: I,l.,lJ.. York U11i1'c1'sil1, 19214: PI1.D., New Xork l'11i- Sl. klohm. 1931 11-wily. 1931 IFXIJIER Ii. CiR.Xll.XNl Professor of A1llflIt'IIllllfl'A', .l.s.sm'inIf' Ihvnz of Il'.,S'.C.. Cllllfflllflll of lJ1'l1IlI'lH11'lIl of l1'I!lflI1'IIlIIfff'S AB.. lz111o1'v :xml Ilcnrx. 19119: AAI.. X 11'- gmm. 1911 Jw' 0 Mifwf: 12' , ,,L6 , ,., WW? , WILLI.-XXI GREEN I'.Xl'I. HAINI-18 I11slr111'lm' in I'l1iln.voll1l1y Ir1xIr111'lm' in 1'fllglf.YlI LE., Bro9kl111 l,0lf'l6K'l1IliL' IIlNl1llllC. 1921: BS., l.z1I'a1yette. 1926: Ohio XVCSICNZIII NIA.. Klolumlwizu. 1927 1928 FRICD H. Il.XRRlNCL'l'0N KIHXRLES IIIIQLD lflllill H. HITCHINS Insfrurlm' in lIi.1'Im'v I11.11'r1u'lrn' in Sjlflrrhsll. :1!l1IlIilIi.Yl'VllfiT'I' .-I.v.vi.sl1111l IHsfr111'lr1r in Hi.Stm'y A.B.. Clmnell. 1933: LM., New York l'11i- IRA., Wisc'o11Si11. 1922: MA., XViSi'0IlNiIl. 1924: .X.B., N'cs1e1'11 fJlllllI'i0, 1923: AAI., NV versity. 1934 XA.. fLl'Lll'Cl2llNl. 1918 cm f,I1l2lI'iO, 1924: Pl1.D., l'c1111syl1111 1930

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max a dilemma of long standing. The pre- conceptions of the classical and neo-classical economic theory revolved around ideas of value, cost, utility, and price, the op- eration of which rested on a notion of a free exchange of goods under somewhat primitive economic conditions in which costs measured prices. The downfall of the 'Acost analysis followed the hnal recognition of the non-ex- istent conditions of free exchange, and the function of ability-to-pay price determina- tions. The marginal utility school took the matter up there, and explained the determina- tion of price in terms of the downward slope of the demand curve produced by diminishing utilities. Price being determined at the mar- ginal point. Such men as Veblen and Mitch- ell have attacked this explanation on the grounds that it assumed a balance of supply and demandg that it rested on a concept of homogeneity of desires and utilitiesg that it is normalistic, hedonistic and rationalistic as was this classical theory. In spite of this the theory of its general form is probably accept- able to the large majority of professional economists. Developments of the last few years have cracked it much more obviously than ever be- fore. Under the present monopolistic condi- tions and the efforts at control, organizing on an assumption of freely operating forces of supply and demand takes on the appearance ol' blindness and intellectual astigmatism. The dilemma is the existence of a body of doctrine which does not ht realities, but the apparent difhculty of a well-knit theory grow- ing out of the realities. Economists of the ex- nt-me left have interpreted modern trends as the evidence of a system in the throes of decay and imminent death. Efforts to stem the tide of destruction are therefore efforts of a ration- al capitalism to save itself. At the opposite ex- treme are the die-hards who insist that al- though there are logical and psychological shortcomings of the cost and marginal theory, it possesses essential integrity, a consider- able resemblance to the facts, pedagogi- cal compactness, logical coherence and avail- ability, and a large measure of economic truth. In practical affairs they hark back to the innnutable laws of economic life, and maintain that departures from the traditional routines will cause grass to grow in the market place. Obviously this group has been both active and intellectually unhappy under the pressure of recent events. The most hopeful group is one which stands, not in between, but separate from either ol' the two above. This group, following a great variety of paths is unwilling to accept authoritative promulgations about the natur- al laws of economic activity, or the behavior of man, without subjecting the operation of the going concern to the closest scrutiny. Some of them contend that there is no virtue whatsoever in the old categories. Others say if they are to serve any function whatever, a theory of value must be based on up-to-date knowledge of human nature. Economic sci- ence must be based on realistic studies of the functioning of economic institutions. The rapid economic and social revolutions through which the United States has been passing has and will continue to give wide scope to such endeavors to formulate a realistic theory of economics. Lois hftll-JONALD 92

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XLHERT HOFSI'.Xl1'1'l2R KARL HOI1XKNliiIH'l' glljxliy HOOK IIIAIIAIHNJI' Ill l'l11I0sr1j1l1v ,hyistant professor of En 4. , -- v , 1. , . 1 - , 1 1. 1 1 Q Y , , Y V Y I D 1.. glmh ,l.s.mr1at1 Im 155111 ll I 11 '. Cl 7 lS.S..C..,C..N.X.,v19293 AAI., 5cw.No1'k l,111xc1's1ly. AJS., I.o11isxilIe. 1920: AAI., Department I UI 1'f'5 l 'P . 'QFH3 lh-DH NCW 30144 lllIYCl'9llf', 1935 l'c1111s1'lu111iz1, 1921: l'h.D., Penn- Scxll., C,C.N.Y.. 19233 AAI. Cflllllllhill, 19263 wylxamm, 1923 l'h.D.. Cilllllllhiil. 1927 Rl 1'H IS. HOWIAXD .XLFREIJ I . I'll'li'lL'l'Xl-IR lil'lL1iXli Nl. LICIBIQRT ,1S.Y!lf'i1lfH Pmfrfssor' of liiolrrgkv I'1'r1f1's.w11' of Biology ,'l.S'.W1l'fIlfI' l'mf1's.yr11' of F1'1'111'l1 l'I1.lE.. SSIYIIIISC, 191183 l'l1,Nl.. Sf'l'2H'llSC, 194193 ,-LB.. South llzlkotzl. 1916: LSI.. Cfbllllllbill. ,X,x1..NviNi'0llSi!1, 1913: 1'h.D.. 1923 I'l1.l1.,Yz1lc. 19211 1918: I'l1.D.. Clllllllnlill. 1923 .Xl.l3FR'l' l,lPI'NIAN IRYIXG LOXVEN FRNNK H. NIc1CI.OSKliY I11.x'I1'11r'Ir1r in 1fW11fl1 l.1'1't111'r'1' 011 1'l1ysir's .l.v.vr1fi11lr' 1,I'0vfC'.S.VII' of E11g'li.x'l1 ABN Hmm,-dv ,omg A-Nfl,Xfg15l1i11gIOIl, 1923 BS.. C.C1.N.Y.. 19313 P11.lJ., New LB., SXTRICIISC. 1916: AAI.. New York l'lll York lvIliXCl'Sily. 1934 xc1'sity.'1924g PhD.. Hz11'vz11'd. 1929