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The article highlights the concept of political economy coined by well-known socio-economist Horace Greeley. Historians of economic thought, in customarily appointing Henry C. Carey dean of the American School, have generally neglected the high spokesman of discontent, Horace Greeley, founder and editor of the "New York Tribune." Horace Greeley's life and political economy stand out as clearer expressions of a young America in its middle period transition. Greeley was an awakened figure of his time. Never the totally eccentric dreamer he is frequently considered, he found himself aware that narrow parochialisms were breaking up, and he aimed to conform society to the changes under way. He saw his country as the great chance for righting wrongs- and he wished to make it a proving ground for social experimentation. Thus, he devoted his life and his paper to teaching the people to seek freedom by building a wealthy nation in which resources should be correctly utilized and special privileges should be destroyed.

This paper attempts to review and evaluate the concepts of estimating procedures employed in measuring capital input for use in total factor productivity estimation. Where alternative estimating procedures are used an effort is made to determine how sensitive the estimates of capital input is to each alternative. The review and critique are restricted to four estimates of the U.S. economy. [ABSTRACT FROM AUTHOR]

Few areas of inquiry in the field of economics demonstrate more clearly the importance of an institutional approach to the discipline than the area of social insurance. At a time when one wing of economics is finding more and more uses of mathematics in the development of the theoretical analysis of the behavior of markets and prices, another wing, more concerned in the role of the human factor in the economic equation, is seeking the aid of the full spectrum of social science to discover the interrelations of economic policy and the enhancement of our way of life. It is good that this is so. The traditions of the discipline of economics are broad enough and deep enough to encompass a widely varied attack upon the essential problem of how man organizes his productive efforts to assure the best possible livelihood for himself and his fellows. It is a matter of personal taste and predilection whether one prefers to analyze by the most precise methods the operation of any or all measurable phenomena or to range more widely in the exercise of both analysis and judgment in developing new structures and devices for the improvement of the economic machinery of our society. The economist with a mathematical bent warms to the deductive process of a tightly reasoned demonstration from assumed economic premises. If the premises are approximations of reality and the deductive process is sound, results of much value to understanding are achieved. As in all scientific proof, however, the essential consideration in the evaluation of results is in large measure aesthetic. Is the solution neat and tidy? Is it beautifully symmetrical and simple? Does it "click" into place and fit situations other than those used in the demonstration? On the assumption-the basic faith of all scientists-that this is an orderly world, such an aesthetically satisfying solution may reveal truths of far-reaching application. They may eventually change the premises of all future policy. [ABSTRACT FROM AUTHOR]