The Turnover of Factory Labor. Sumner H. Slichter
Journal of Political Economy
6I5 as a Lord Chancellor." For Professor Scott joins grace with meat, and in nice balance helps by his scholarship and charms by his style. Of the six lectures that make up the volume, the third, "The Financial Burden of Today and Tomorrow," is perhaps the most valuable. In carrying back the "all-loan" and the "all-tax" theories of warfinancing to their respective beginnings, and in tracing the subsequent development of the contrasting doctrines, Professor Scott has not only thrown much needed
... thrown much needed light upon current discussion, but has made a real contribution to the history of public finance. So too the early pages of the essay on "Conscription or Proscription of Capital" provide a secure historical perspective in a way that sheaves of excerpts and citations in less deft hands would fail to supply. The papers on "Mare Liberum-Aer Clausus" and "A League of Nations and Commercial Policy" are model examples of economic argument, pervaded by courageous optimism. The discussion of reconstruction and afterwar finance leaves the reader blinking at the swiftness with which even now water is flowing under the bridge. The author's introductory characterization of his book explains better than I can the ground it is intended to cover. He says: Although nominally a study of labor turnover, the work is fundamentally a study of methods of handling men. The subject of handling men has been strangely neglected in works on management. These works deal fully with the organization for and methods of handling materials and controlling manufacturing processes, such matters as purchasing, storing materials, planning, routing and scheduling work, the numerous devices for establishing simple and reliable central control over operations, but among the processes to be controlled the handling of labor is not included. The idea that a definite and well planned labor policy is as necessary as standardized methods of manufacturing, and that means are necessary to provide for the formulation and execution of such a policy, is lacking. The fundamental thesis of this This content downloaded from 139.184.