- #！！！！！!!!！!！Ëſ EŒ Œ Œ œ Œ© ®###Ë&ſ§řář∞; ∞， ∞; ∞, ∞; ∞， ∞; ∞， ∞， ∞; ∞， ∞） • • • • • • • • •Ð EEſſli§Nº.$'，'\\$Ķ} E8|E±（−−) A №s N\! №ſ ：-）r. ſaerae;| *~ ĒE r.，ſaeſi №ſ ae Eoſ E， , |||ſly º Ǻ | | ſī №ſ „Řº， …，=§v § < -2-2 |· iż---' , '...'."~|-， jºš 272：ſae， ae … - - - - -* * * * . .：： 2：2№/;ZA| № HÀIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIHIHIHITIHH），ſººſ&&{\INȚIIIII Hillſ|| sº |||||||||||||||||| { ≤X≤x≤×£§§§©®°¶r√∞i√∞'， ſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſſ: •Q（x-x'）****）• ſił ſił ſiłł, , ， , , ） iſ iſłį“; jij}{i} {{{ſiſ}|{{#if: {{ }} f FRANCIS D. POLLAK FOUNDATION 2 FOR ECONOMIC RESEARCH & PRIZES OFFERED IN 1921 RIZES: For the best essay submitted during 1921, the Francis D. Pollak Founda- tion for Economic Research offers three prizes as follows: 1. A first prize of $1,000, open to everybody, anywhere, without restriction. 2. A second prize of $500, open to undergraduates in universities, colleges, or other institutions of college grade in the United States. 3. A third prize, a scholarship of $500 in any college, or other institution of college grade. This prize is open to students in high schools and other schools of secondary grade in the United States. Any student regularly enrolled at any time during the calendar year 1921 is eligible. - A student who is enrolled a part of the year in a high school and a part of the year in a college may compete for either the second or the third prize, as he chooses. -- Only students enrolled during 1921 are eligible for the second and third prizes, but all the essays received will be considered for the first prize. Any candidate may submit as many essays as he pleases. No single essay will be eligible for more than one prize. A BJECTs: In 1921 an essay to be considered for any prize must be on one of the following subjects, or on a related subject approved in advance by the Foundation: 1. The Part that Money Plays in Economic Theory. 2. Causes of Unemployment and Remedies. 3. Conditions Which Determine How Much the Consumer Gets for His Dollar. There are other subjects within the general field of monetary problems that would be equally satisfactory. Anyone who proposes to write on another topic should submit it to the . Foundation, preferably with a very brief outline of the field to be covered. NGTH: Each essay must have not more than ten thousand words. The writer may, however, make liberal use of footnotes, references to authorities, tables, diagrams, charts and appendices in addition to the ten thousand words of the essay. In order to write a creditable essay within the pre- scribed limits, most writers will find it necessary to mark off definitely the limited field they purpose to treat and confine themselves rigidly within the defined limits. The prize essays may be revised and prepared for pub- lication without reference to prescribed limits. Essays must be neatly written, or typewritten, preferably on paper of letter sheet size, 8% inches by 11 inches, and on only one side of the sheet. Altho the judges will consider matter as far more important than form, good English and agreeable style and economy in words will add to the merits of the essay. - . PUBLICATION: The copyright of the prize essays will be owned by the Francis D. Pollak Foundation. It is the intention of the Foundation to issue some or all of them in a series of Pollak Publications. Each successful contestant will receive the prize as soon as the manuscript is approved for publication by the Director of the Foundation. No essay will be eligible which has been printed in whole or in part. JUDGES: The judges for 1921 are: WALLACE B. DONHAM, Dean, Harvard Graduate School of Business Administration. - IRVING FISHER, Professor of Economics, Yale University. WESLEY C. MITCHELL, Director of Research, National Bureau of Economic Research. The judges reserve the right to withhold any prize if no essay is sub- mitted which, in their judgment, deserves the award. There should be nothing in the manuscript to reveal to the judges the name of the author. Each manuscript should bear an assumed name and an indication whether the author is eligible for the second prize, or the third prize, or only for the first prize, and a sealed envelope should be attached containing the real name and address and school or college of the writer. TIME LIMIT: All essays which are mailed anywhere on or before December 31, 1921, will be eligible for prizes. REFERENCES: A list of references and a list of suggestive questions have been prepared by the Foundation for the possible assistance of writers. The judges, however, have had nothing to do with the preparation of these lists. Presumably they will consider original ideas or new interpretations of old material as most meritorious. A LIST OF SUGGESTIVE QUESTIONS What is the relation of purchasing power created by banks to increase in purchasing power in consumption? - What are the effects of capitalizing expected future earnings? In what respect or to what extent was there over-production during 1920? What is the effect of placing purchasing power (in the form of wages) on the market in advance of the goods for the production of which wages have been paid? To what extent, if any, was the falling off in trade in 1920 due to “a con- sumers' strike” against high prices, and to what extent, if any, was it due to lack of purchasing power? To what extent, if any, was the apparent over-production due to changes in the distribution of income? - Can the medium of exchange needed to finance increased volume of trade be supplied in some better way than thru expansion of bank credit? Can it be supplied without change of price level? * - What is the extent of the interdependence of the markets in which bank credit constitutes the chief source of supply and those in which capital comes from unconsumed production? f - How can we measure the desirable limits of credit expansion? How, if at all, did the 1920 period of “depression” differ from previous & & & y 9 panics”? What is the difference in the effect on prices between demand for consumers’ goods and demand for (1) existing or (2) new capital goods? What is the effect on prices of the growing volume of commercial credit transactions? What are the ways to mitigate miscalculation and maladjustment of capital enterprise during periods of prosperity? - . During the past decade to what extent, if any, did higher prices precede increase in volume of currency? . How do the seasonal demands for money complicate the problems of stabiliza- tion of prices? Could speculation (as far as it is economically desirable) be financed from savings? What is the correlation between active speculation on the stock exchange and production? - To what extent would “business cycles” be possible under a barter economy? What is the economic effect of money made on the Stock Exchange? What is the effect of the creation of new capital facilities on the production and consumption of consumers' goods? What effect when these new facilities are necessary? When unnecessary? What is the effect of savings on general prosperity? What is the extent to which the general level of prices may be forced up thru-organization of producers, distributors, or wage earners? What are the causes of the present rate of interest and what are its effects upon prices? A LIST OF REFERENCES Note: Books marked thus * are among the best treatises on the general pri ciples of economics. Books marked thus ** are especially clear and readable. Anderson, B. M., Jr., “The Value of Money”, Macmillan, 1917. Bagehot, Walter, “Lombard Street”,” Dutton, 1910. Beveridge, W. H., “Unemployment”, Longmans, Green & Co., 1912. Clay, Henry, “Economics for the General Reader”, (American Edition),” Macmillan, 1920. Commons, John R., “History of Labor in the United States”, Macmillan, 191 Davenport, H. J., “Economics of Enterprise”,” Macmillan, 1913. Fisher, Irving, “Purchasing Power of Money”,” Macmillan, 1920. Fisher, Irving, “Stabilizing the Dollar”, Macmillan, 1920. Friday, David, “Profits, Wages and Prices”, Harcourt, Brace & Co., 1920. Hawtrey, R. G., “Currency and Credit”, Longmans, Green & Co., 1919. Hobson, J. A., “Work and Wealth”, Macmillan, 1914. Jevº W. Stanley, “Money and the Mechanism of Exchange”, D. Appleton O., e Kemmerer, E. W., “High Prices and Deflation”, Princeton University Press, 192 Kemmerer, E. W., “Money and Credit Instruments in Their Relation to Genera Prices”, Holt, 1909. Laughlin, J. L., “Labor and Wages.” Ten Tracts, National Association o Manufacturers, 30 Church Street, New York, 1920. Marshall, Alfred, “Principles of Economics”,” Macmillan, 1916. Mill, John Stuart, “Political Economy.” Mitchell, W. C., “Business Cycles”,” University of California Press, 1913. Parker, Carleton, “Casual Laborer", Harcourt, Brace & Co., 1920. Phillips, C. A., “Readings in Money and Banking”, Macmillan, 1920. Smith, Adam, “Wealth of Nations.” * Taussig, F. W., “Principles of Economics”,” Macmillan, 1916. Taylor, W. G. L., “The Credit System”, Macmillan, 1913. Veblen, T., “The Theory of Business Enterprise”,” Scribner's, 1920. Withers, Hartley, “The Meaning of Money”,” E. P. Dutton & Co., 1920. JOURNALS IN THE FIELD OF ECONOMICS: “American Economic Review” National City Bank of New York “Monthly Letter” “Annals of the American Academy.” “New York Times Annalist” “Commercial and Financial Chronicle” “Journal of Political Economy” “Economic Journal” (London) “Quarterly Journal of Economics” “Federal Reserve Bulletin” “Political Science Quarterly” * Prize essays and all communications concerning them should - be addressed to DR. WILLIAM T. Foster, Director, Newton 58, Massachusetts. iſill 694 258 |liſi 3 9015 081 ſae· .| _№aeae- - . № Haeſae.ſae|- |--|- ſ.|- - . （ ）|× - №.