EST. 1903 - Presenting global influential leaders from business, labour, education & government through events
Godfrey, Hollis; Morrow
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The work of the speaker's Foundation, to examine these problems: How does wealth, goods and service of value for human use, grow? How do these tools of our modern civilization, railways, motors, roads, structures, all these tools with which we live and have our being, grow? What work is required to keep wealth growing? The lack of any real literature on the subject as it affects the United States and Canada. Sources of information. A detailed description of the research that has been done. Finding information on the growth of wealth in the United States. Some figures that were determined. Why wealth had turned at specific points in history. Examining the effects of man and man's work on these turning points. A relationship between the growth of wealth and education. The growth of knowledge as another factor. Examining the growth of the Harvard Library. Three factors in any growth of wealth: men who are educated men, the tools used by the educated man and the books which record organized knowledge, and thirdly, wealth. Examining the actual content of the books in the Harvard Library and newspapers of the time to understand why wealth turned. The beginning of business news in 1840. Reaching the conclusion that man and his mind, man and his book, man and gain in wealth all move together. Turning to the question of work that produces that wealth, and the resources back of it. First, a review of what the capacities for doing work really are. The four fundamental resources. Discovering that wealth came first from the increased use, the useful use of biological energy and man power, of physical energy and power, and of chemical energy and chemical products. The factor of finance. Looking at success and failure in business. How man power affects business, with illustration. The effect of the great epidemics upon business crises.
Professor Morrow of the University of Western Ontario, London, continued with a discussion of this entire problem in terms of Canadian resources and the Canadian environment.
Two outstanding phenomena, or inventions that mark the two eras when there was a sudden reorganization of knowledge within the field of economics: the publication of Adam Smith's "Wealth of Nations" and later when Mr. Walker from Yale University advanced the applied practical economics by trying to reach his conclusions not on a basis of deductive theory but on a basis of measurement. The introduction of statistical theory during the last few years. The lack of the facts and figures that lie behind human life. Comments on the contribution of Dr. Godfrey's work, which reach conclusions about America, but not Canada. Trying to determine Canada's facts. Differentiating the two economies, and countries.