Chairman Seligman read a report of the Special Finance Committee. It was voted to receive and file the report, and to express the thanks of the Association for the excellent results accomplished by the Committee. The Committee on Instruction in Economics in Secondary Schools, through Professor Kiekhofer, reported progress and recommended the two following motions, which were adopted: 1. That the Committee be permitted to publish in the American Economic Review a suggested outline of social studies in the secondary schools as a basis of discussion by members of the Association. 2. That the Association appoint two members to serve on a Joint Commission on the Teaching of Social Studies in the Secondary Schools, the Commission to be composed of two representatives each of the American Economic Association, the American Political Science Association, the American Sociological Society, the American Historical Association, the Association of Collegiate Schools of Business, and the National Council of Geography Teachers. This Joint Commission is to continue the study of the appropriate organization and presentation of the social studies in the secondary schools and to take such action in coöperation with the National Council of Teachers of Social Studies or other agencies as may prove desirable. Professor Friday, the Representative of the American Economic Association on the National Research Council, made the following report, which it was voted to receive and file. REPORT OF THE NATIONAL BUREAU OF ECONOMIC RESEARCH, INC., The Bureau has continued its work during the last year on an estimate of Income in the United States. It has completed and recently published a Summary Volume entitled "Income in the United States-Its Amount and Distribution," and has now in press a second volume on the same subject, which contains the detailed methods employed in arriving at the amounts shown in the Summary Volume. This second volume will be ready for publication in March or April. The second topic assigned to the staff by the Board of Directors is a general one entitled “Business Cycles." It is planned to make separate reports on specific aspects of the cyclical movements of business and industry, choosing those topics which are most amenable to statistical analysis, and which are most in need of further research. Work on this subject is only now being begun. It will probably occupy the staff for at least two years. Now that the initial stages of the organization have been passed through, and that the record of accomplishment may be shown, it is hoped that additional sums may be obtained to permit an enlargement of the staff. The President then appointed the following to serve: On the Nominations Committee: Professor Seligman (Chairman), and Professors Carver, Commons, Ely, Gardner, Mitchell. On the Resolutions' Committee: Professors Bogart (Chairman), Gephart, Hammond, Whitney, McCabe. Adjourned. The Executive Committee of the American Economic Association assembled for a second meeting at the Hotel William Penn at Pittsburgh, December 29, 1921, President Hollander presiding. Voted: To request the incoming President to appoint a subcommitte of three members of the Executive Committee as a Committee on Budget. Voted: To appoint Professor Seligman, chairman, and four others to be designated by him, to present at the next Annual Meeting of the Association a plan for the Association's permanent financing. Voted: To instruct the Secretary to publish a simple list of members and their addresses, omitting the usual geographical index. Voted: To refer Mr. R. W. Babson's proposal to establish a permanent sub-secretary's office to the Special Permanent Finance Committee. Voted: To lay on the table the motion to accept the invitation of the Personnel Research Federation to join the Federation. Voted: To appoint the incoming President, the Secretary, and Dr. H. C. Taylor a committee to coöperate with the National Research Council in preparing the proposed personnel files. Voted: To request the incoming President to appoint a Special Committee on Membership to conduct a campaign the coming year. Adjourned. The second business meeting of the American Economic Association was held at the Hotel William Penn, Pittsburgh, December 30, 1921, President Hollander presiding. The minutes of the first business meeting, including the minutes of the second meeting of the Executive Committee, were read and approved. Professor Carver, reporting for the Committee on Honorary Members, named the three present Honorary Members, Professors Alfred Marshall, F. J. Edgeworth, and Charles Gide, and nominated the following persons for honorary membership in the Association: Professor A. C. Pigou, Cambridge University. Professor Friedrich von Wieser, University of Vienna. Professor Charles Rist, University of Paris. These nominees were unanimously elected. The question of the place of the next Annual Meeting was discussed, various invitations being presented by letter and from speakers from the floor. It was voted to refer the various invitations and recommendations to the Executive Committee with power. Voted: That a special committee of three or five be appointed by the Executive Committee to inquire as to the feasibility of an international conference to consider the international economic situation; and that this committee report to the Executive Committee, which shall be empowered to act with the officers of other appropriate organizations in bringing about such a conference if such action seems wise. Voted: To refer to the Executive Committee the matter of communicating with the federal government concerning the revival and continuance of certain publications, e.g., the Market Reporter, the Crop Reporter, the Labor Review. Professor Doten reported for the Joint Committee on Census Statistics. It was voted to receive and file the report. Professor Bogart, Chairman of the Resolutions Committee, submitted the following resolutions, which were adopted by the Association: Resolved: That the American Economic Association, assembled in Pittsburgh at its Thirty-fourth Annual Meeting, desires to express its appreciation of the courtesies shown its members during the session. It wishes, in particular, to extend its thanks to the Chamber of Commerce of Pittsburgh, the Economic Club of Pittsburgh, the manager of the William Penn Hotel, the Carnegie Institute of Technology, the University of Pittsburgh, and the Local Entertainment Committee. And be it further Resolved: That the Secretary be instructed to transmit to each of these bodies the thanks of the American Economic Association. E. L. BOGART, Chairman. W. F. GEPHART. M. B. HAMMOND. D. A. MCCABE. N. R. WHITNEY. Professor Seligman, Chairman of the Nominations Committee, reported the following nominations: For President: Henry R. Seager, Columbia University. For Vice-Presidents: Walker D. Hines, New York; Thomas W. Page, Virginia. For Secretary-Treasurer: Ray B. Westerfield, Yale University. For the Executive Committee: Henry C. Taylor, U. S. Department of Agriculture (to succeed himself); M. B. Hammond, Ohio State University (to succeed M. H. Robinson). For Managing Editor of the AMERICAN ECONOMIC REVIEW: Davis R. Dewey. For the Editorial Board: G. A. Kleene, Trinity College, Hartford, Conn.; B. H. Hibbard, University of Wisconsin. For the Program Committee: E. L. Bogart, University of Illinois. These nominees were elected. Adjourned. The third meeting of the Executive Committee was held at the Hotel William Penn, Pittsburgh, December 30, Professor Ely presiding. Voted: To instruct the Secretary to write to the Chairman of the Congressional Joint Committee on Printing, stating that a resolution had been passed at the Annual Meeting of the American Economic Association to the effect that it is desirable that the Market Reporter and Crop Reporter be revived and the Labor Review be continued. Voted: To appoint the following persons to constitute the special committee to inquire into the feasibility of an international conference on the international economic situation: F. W. Taussig (Chairman), W. C. Mitchell, J. H. Hollander, E. E. Day, R. T. Ely. Voted: To have a spring meeting of the Executive Committee. Adjourned. RAY B. WESTERFIELD, Secretary. NOMIC ASSOCIATION FOR THE YEAR ENDING In the interest of a more economical administration, it was President Hollander's decision in March to dispense with the customary spring meeting of the Executive Committee. The Secretary has therefore submit various motions to the members of the ComThe following votes were thus made: been obliged to mittee by mail. On April 6: That the President and Secretary of the Association be authorized to arrange to hold the next Annual Meeting of the Association at Pittsburgh. On April 16: That in accordance with the decision of the judges in the Prize Essay competition on "What Can a Man Afford" the first Karelsen prize of $1000 be awarded to Professor Paul H. and Dorothy Douglas of the University of Chicago and the second prize of $500 be awarded to Mr. Carl Joslyn of Cambridge, Massachusetts, and that the Treasurer be authorized to make such payments. On April 16: That the publication of the Handbook of the Association be dispensed with for the year 1921. On October 7: That the Secretary be authorized to send complimentary copies of the AMERICAN ECONOMIC REVIEW to a limited number of European economists recommended by Professor E. R. A. Seligman for the years 1921 and 1922. On November 5, a motion submitted, That the Executive Committee of the American Economic Association favors the general plan of placing the scientific bureaus of the Government at Washington under the jurisdiction of the Board of Regents of the Smithsonian Institution, with the view to developing government science to the highest possible efficiency, by affording scientific workers permanent tenure of office, greater freedom in investigation, non-interference of politicians, and adequate salaries, was lost by vote of the Executive Committee, 3 voting for and 7 against it. During the year the following appointments were made to represent the American Economic Association: Professor F. W. Taussig at the Inauguration of Dr. James Rowland Angell to the Presidency of Yale University, June 23. Professors W. F. Willcox and Irving Fisher at the Second International Eugenics Congress, New York, September 22-8. Professor Geo. E. Barnett at the Annual Meeting of the Personnel Research Federation, November 21. Dr. H. C. Taylor at the Congressional hearings on the book sections. of the Tariff Bill, Washington, December 21. Through the kindness of Mr. Ephraim A. Karelsen, the Secretary met Mr. Clarence C. Vernam, of Street and Smith, Publishers, New |