Nearly 85 years ago, Wesley Clair Mitchell, the acknowledged leader
of American economists during the first half of this century,
wrote: "Important as the art of spending is, we have developed less
skill in its practice than in the practice of making money. Common
sense forbids our wasting dollars earned by irksome efforts; and
yet we are notoriously extravagant. Ignorance of qualities,
uncertainty of taste, lack of accounting, carelessness about
pricesa. Many of us scarcely know what becomes of our moneya."More
than ever, in our world of ever-increasing credit card debt,
lenient bankruptcy laws, and runaway consumption, these words still
ring true. This collection of Mitchell's essays, makes it easier
for today's and tomorrow's economists and social scientists to
become acquainted with Mitchell's many contributions to the study
of the American economy.Regrettably, the passage of time can blur
and even obliterate the reputation and achievements of yesterday's
leaders of ideas and actions. Although the National Bureau of
Economic Research, which Mitchell helped to found and which he led
in the 1920s and 1930s, remains a leading research institution,
relatively few of its associates, who represent the elite among
U.S. academic economists, have any first-hand acquaintance with
Mitchell's work. Eli Ginzberg rounds out this edition with
Mitchell's comprehensive analysis of "Business Cycles," first
published in 1929, an area that commanded most of his scholarly
efforts. Ginzberg's essay on Mitchell, written in 1931 and
published for the first time in 1997, serves as an appropriate
introduction to this new edition. His afterword contains remarks
delivered at the 50th anniversary of Mitchell's death at the
meeting of the Allied Social Sciences Association held in Chicago
early in 1998, a telling tribute to this undisputed giant in the
field.Wesley Clair Mitchell (1874u1948) held major teaching posts
at the University of California and Columbia University. One of the
most eminent U.S. economists, Mitchell focused much of his research
on the statistical investigation of business cycles. His two major
works are Business Cycles (1913) and Business Cycles: The Problem
at its Setting, (1927).Eli Ginzberg is A. Barton Hepburn Professor
Emeritus at the Graduate School of Business, and Director of the
Eisenhower Center for the Conservation of Human Resources at
Columbia University.
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