Economics, as it is frequently taught nowadays, consists largely of supply and demand curves. Within their graceful lines are contained the wisdom of the ages—the key to the past and the barometer of the future. If superimposed on one another, these curves have all the esthetic quality of dynamistic drawings. So completely have they dominated economic thinking that when a group of economists considered the possibility of founding an Economic History Association, their first impulse was to establish a demand curve. This was done, as Professor Heaton has intimated, by Miss Anne Bezanson, who canvassed the field. She discovered that four hundred people could be counted upon immediately to support a Journal of Economic History.

The steamboat was the first great American contribution to modern technology. First developed to the point of practical commercial success in this country, the steamboat was quickly incorporated into the economic structure of the nation and within a few years became the principal vehicle of transportation on the main channels of inland commerce. Eventually the influence of the American steamboat was felt all over the globe, and there were few great river systems that in time did not feel the beat of the paddlewheels by which it was propelled.

Geographers and city planners, endeavoring to explain or foretell changes in urban population, sometimes use an approach called basic-nonbasic. A basic factor is one which brings in money from outside of the city and which usually sells its products beyond the city limits. The nonbasic factor furnishes services and supplies to the city. Thus a factory would normally be a basic factor, while grocery stores, barber shops, and similar institutions, together with most professional groups, would be nonbasic. A factory employing a thousand workmen would add to the city not merely the workmen's families but about an equal group of nonbasic families, perhaps a total of six or seven thousand persons. This concept is a very useful one in modern society and is worth testing for its possibilities for medieval settlements.

The elaborate Chinese standard histories, which, if all translated, would fill several hundred thick volumes, provide illuminating information about many aspects of economic history. In this paper, I shall present a passage that enables us to estimate the gold stock of the Chinese at the beginning of the Christian era, a type of information rarely available.

In his History of the Former Han Dynasty, Ban Gu (writing about A.D. 80) has occasion to illustrate the stinginess of a usurping emperor, Wang Mang, and enumerates his wealth as follows:

At this time [A.D. 23], in the inner apartments of the Wei-yang Palace, ten thousand catties of actual gold were put into one chest and there still remained sixty chests. In each office for storage of the Yellow Gate and of the Intendant of Palace Parks and in the workshops of the Master of Recipes, there were also several chests. The Imperial Treasury at the Ch'ang-lo Palace and the Bureau of Equalization and Standards in the capital in addition stored very much cash, silk, pearls, jade, and valuables.

Joseph Schumpeter had more influence on professional economic thinking than any other economist of his generation with the one exception of Keynes. His influence was exerted through numerous articles and books written and published in many languages; it was exerted even more through his teaching; his world-wide fame attracted students from everywhere and through them his influence spread to all the corners of the world in which economics is taken seriously.

This paper applies a feminist analysis to the measurement of living standards during the 1970s. It suggests that widely made assumptions of homogeneous pooling and redistribution of income, labor, and expenditures within families mask inequalities and uneven changes in the living standards of wage-working husbands and wives. Two waves of the Panel Study of Income dynamics are used to create two rough indicators, that is, reproduction pay and surplus, to test for inequalities and uneven changes in 1968 and again in 1979. In general, the findings show differential living standards between husbands and wives when assumptions of homogeneous pooling and redistribution are not made. The paper concludes that the suggested rough indicators are useful for the measurement of living standards.