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(Directeur). Les conventions et déclarations de la Haye de 1899 et 1907. New York: Oxford University Press. 1918. pp. 318. $2.00. (Dotation Carnegie pour la Paix Internationale.)

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- (Editor). Une cour de justice internationale. New York: Oxford University Press. 1918. pp. 269. $2.50. (Dotation Carnegie

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CONTENTS FOR NOVEMBER, 1918

I. THE WHEAT AND FLOUR TRADE UNDER FOOD ADMINIS-
TRATION CONTROL: 1917-18

II. THE PRICE-FIXING OF COPPER

III. AN ESTIMATE OF THE STANDARD OF LIVING IN CHINA

IV. RAILWAY SERVICE AND REGULATION

Wilfred Eldred

Lewis Kennedy Morse

C. G. Dittmer

C. O. Ruggles

APPENDIX

REVIEWS:

Laughlin's Credit of the Nations

E. L. Bogart

Adams' American Railway Accounting

NOTES AND MEMORANDA:

Organization of American Railroads under Government Con

W. J. Cunningham

Brice Clagett

T. N. Carver

CONTENTS FOR FEBRUARY, 1919

I. PRICE-FIXING AS SEEN BY A PRICE-FIXER

II. THE BURDEN OF WAR AND FUTURE GENERATIONS

III. WAGE THEORY AND THEORIES

IV. THE TAXATION OF LUXURIES AND THE RATE OF

F. W. Taussig

A. C. Pigou

H. J. Davenport

V. WAR LABOR POLICIES AND THEIR OUTCOME IN PEACE
VI. FOUR LABOR PROGRAMS

[Entered as Second-class Mail Matter. Acceptance for mailing at special postage rate provided for by Section Act of October 3, 1917, authorised on July 31, 1918.]

1103,

QUARTERLY JOURNAL

OF

ECONOMICS

MAY, 1919

THE RELATIONS OF RECENT PSYCHO-
LOGICAL DEVELOPMENTS TO
ECONOMIC THEORY

SUMMARY

The purely objective factors in economics, 377. — Psychological principles necessarily used in addition, 381.- Social assumptions, 385. - Psychical factors are human motives, 387; their analysis needed for most social problems, 389. - Adequacy of psychology assumed in economic theory in dispute, 390, Analysis of arguments pro and con, 392. - Hedonistic foundation, 394. - Costless production, 401.- Industrial peace, 404.- Sums of utility, 406. - Social demand, 407. — Institutional economics, 409. - Most accurate psychology needed, of producers' motives, 415; of consumers' demands, 419.

In spite of several attempts made in recent years to improve upon economic theory by renovating its psychology, economists in general do not perceive that psychological debates are relevant to economics. They have not been convinced that any real economic principles have been invalidated by the "new psychology that has been exhibited to them, or that the latter promises any profitable extension of the body of economic theory.

It is said, for instance, that the generalized man assumed by our theory, who was supposed to pursue his economic interests in usually reasonable ways, must be