ECONOMIC PRINCIPLES IN PRACTICE,

Revised Edition, by Bruce Winton Knight.Farrar if Rinehart, Inc., New York, 1942,642 pp. $3.50.

THE FOLLOWING CHARACTERIZATION by the present reviewer of the first edition of this book may appropriately be repeated with respect to the revised edition:

"Professor Bruce Winton Knight succeeds admirably in achieving his aim of producing an economic text which both teaches economics and enlists the interest of the reader. Most efforts in this direction have degenerated into a watered-down variety of 'economics made easy.' But by various devices Professor Knight injects the interest ingredient without seriously impairing the substance. His style of writing is clear, simple, semi-popular, and he has vitalized it by a subtle touch of humor and by frequent literary allusions. He also sustains interest by a logical, well-integrated organization of the material, so that the reader is carried along by a natural unfolding of the subject. Moreover, realism is developed by generous illustration, and by the blending of theoretical analysis and applied economics."

This new edition manifests several improvements growing out of a reconsideration of the material by the author after applying the tests of teaching experience for several years. Refinements in organization, a truer balance in the space accorded different topics, and improvements by rewriting several chapters are clearly evident. The treatment of price, distribution, and, finance has been notably strengthened. Currentness has been provided by a new chapter on the economics of war, by discussing the problems of a war economy at appropriate points, and by bringing up to date the material on applied economics.

The thirty-four chapters of the book are grouped into seven separate "Parts." Part I is concerned with competition and diminishing returns; Part II deals with business organization, labor, and finance; Part 111 treats demand, supply, and price; Part IV is concerned with regulated prices and trusts; Part V deals with the value of money and business cycles; Part VI develops the subject of income distribution; and Part VII includes government finance, international economics, economic reform, and war economics.

LAn even wider use of this than of the first edition may well be expected in college courses. It is also highly commended to the general reader who seeks a readable, yet substantial account of how the economic system works.

Professor Kenneth N. Ogle is the author of An Optical Unit for Obtaining Variable Magnification in Ophthalmic Use, reprinted from the March issue of the Journal of the OpticalSociety of America.

Professor Theodore F. Karwoski and Harrison Warrener '39 are the authors of Studiesin the Peripheral Retina: 11. The PurkinjeAfter-Image on the Near Foveal Area of theRetina, reprinted from The Journal of General Psychology, 1942.

Studies in Synesthetic Thinking: I. Musicaland Verbal Associations of Color and Mood, by Professors H. S. Odbert '3O, T. F. Karwoski, and A. B. Eckerson '39, has been reprinted from The Journal of General Psychology, 1942.

Some of New Hampshire's Winter Birds, by Dr. Richard Lee Weaver, appears in the March issue of The New Hampshire Troubadour.

An article on Helena Modjeska the actress, written by Professor Eric P. Kelly '06 appears in the current number of Wiadomosci Polskie, a publication put out in London for the Polish exiles in England and Scotland.