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Minutes of the 23d Annual Meeting at Saint Louis, Mo.

The Bulletin of the American Economic Association is published six times a year, in March, April, June, July, September, and December.

Copyright, 1911, by the

Printed by


The American Economic Association is an organization composed of persons interested in the study of political economy or the economic phases of political and social questions. As may be seen by examining the list of members and subscribers printed in this volume, not only are all the universities and the most prominent colleges in the country represented in the Association by their teachers of political economy and related subjects, but a large number of members come from among business men, journalists, lawyers, politicians, and others interested in the theories of political economy or, more often, in their applications to social life. There are, further, nearly two hundred subscribers, including the most important libraries of this country. The Association has besides a growing representation in foreign countries.

The annual meetings give opportunity for social intercourse; they create and cement acquaintanceship and friendship between teachers in different institutions, and bring into touch with each other students and business men interested in the social and economic problems of the day. The meetings aim to counteract any tendency to particularism which the geographical separation and the diverse interests might otherwise foster. The annual meeting for 1911 will be held in Washington, D. C., between Christmas and New Year's.

The Publications of the Association, a complete list of which is printed at the end of this volume, were begun in March, 1886. The first series of eleven volumes was completed by a general index in 1897. The second series, comprising two volumes, was published in 1897-1899, and in addition thereto the Association issued during 1896-1899 four volumes of Economic Studies. In 1900 a third series of Quarterly Publications was begun with the Papers and Proceedings of the Twelfth Annual Meeting, and has been continued since with ample amount and variety of matter. The Economic Bulletin, issued quarterly and devoted to bibliography and current notes, was also published by the Association during the three years, 1908, 1909, and 1910.

Beginning with the present year, 1911, the Association is publishing the American Economic Review, a quarterly journal de

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voted to articles on economic subjects, book reviews, and a classified bibliography of economic publications.

The American Economic Association is the organ of no party, sect, or institution. It has no creed. Persons of all shades of economic opinion are found among its members, and widely different views are given a hearing in its annual meetings and through its publications.

With the exception of the editor of the American Economic Review, the officers of the Association receive no pay for their services. Its entire receipts are expended for the editing, printing, and circulation of the publications and for the annual meetings. Any member, therefore, may regard his annual dues either as a subscription to an economic publication, a payment for membership in a scientific association, or a contribution to a publication fund for aiding the publication of valuable manuscript.

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This society shall be known as the AMERICAN ECONOMIC Asso



1. The encouragement of economic research, especially the historical and statistical study of the actual conditions of industrial life.

2. The issue of publications on economic subjects.

3. The encouragement of perfect freedom of economic discussion. The Association as such will take no partisan attitude, nor will it commit its members to any position on practical economic questions.


1. Any person interested in economic inquiry may, on the nomination of a member, be enrolled in this Association by paying $3, and after the first year may continue a member by paying an annual fee of $3.

2. On payment of $50 any person may become a life member,
exempt from annual dues.

3. Foreign economists of distinction, not exceeding twenty-five
in number, may be elected honorary members of the Association.
4. Every member is entitled to receive, as they appear, all re-
ports and publications of the Association.

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