(Excerpt from Capitalization and Market Value
But have we...)
Excerpt from Capitalization and Market Value
But have we not to do here solely with arithmetical processes rather than with economic doctrines - precisely as when we assume a certain rate of multiplication for sheep or mice, and set ourselves to compute the present stock adequate to promise a certain future total in a given time, we may regard ourselves as steadfast on the high table-lands of mathematical truth untempted to the lower levels of zoological or biological science?
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The Economics Of Enterprise
Herbert Joseph Davenport
The Macmillan Co., 1919
The Principles of Grammar: An Introduction to the Study of the Laws of Language by the Inductive Method
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Value and Distribution: A Critical and Constructive Study 1908
(Originally published in 1908. This volume from the Cornel...)
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Outlines of Elementary Economics (Classic Reprint)
(The purpose is severalfold: (1) To summon to the aid of t...)
The purpose is severalfold: (1) To summon to the aid of the student his fund of observation, experience, and crude generalization. This is the essential feature of the inductive method as applied to the study of social phenomena; (2) To effect, through economics, a new correlation of the students mental acquirements; (3) To stimulate the interest of the student through the association of the discussions with tlie familiar facts of his every-day experience; and (4) To concentrate his attention upon the dilliculties which will furnish the basis for the discussion which is to follow.
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Herbert Joseph Davenport was an American economist of the Austrian School, educator and author.
Background
Herbert J. Davenport was born on August 10, 1861, in Wilmington, Vermont, the second of two children. A picture of his father, Charles Newton Davenport, one of the leading lawyers and liberals of the state, hangs in the courthouse at Newfane, Vermont. A card explains that being "a Democrat he never held public office. " Davenport's mother, Louise Conant Haynes, was unusually capable and possessed a brilliant mind. His brother, Charles Haynes Davenport, was an editor and political writer.
Davenport was descended on his father's side from Thomas Davenport, who emigrated from Coventry, England, about 1640. The Reverend John Davenport, a brother of Thomas, founded New Haven, Connecticut Roger Conant, an early ancestor on his mother's side, founded Salem, Massachuseеts.
Education
After the death of his parents, Davenport went West in the early eighties to Sioux Falls, South Dakota, where he invested a substantial inheritance in real estate. He then combined the real-estate business with the process of obtaining an education.
He received the degree of Bachelor of Philosophy from the University of South Dakota in 1884 and attended Harvard Law School from 1884 to 1886.
Going abroad, Davenport studied at the University of Leipzig in 1890 and in the Ecole des Sciences Politiques, Paris, in 1890 - 1891.
In 1893 Davenport lost his holdings, which had grown to a good-sized fortune. He then became principal of the high school in Sioux Falls, leaving that post to attend the University of Chicago, from which he received the degree of Doctor of Philosophy in economics in 1898.
Career
From 1899 to 1902 Davenport was principal of the high school in Lincoln, Nebraska. Called to the University of Chicago, he served successively as instructor, assistant professor, and associate professor until 1908. In that year he became head of the department of economics at the University of Missouri. He held that position until 1914 and was then made dean of the School of Commerce.
In 1916 Davenport went to Cornell University as professor of economics, a post he held until retirement in July 1929 with the recognition of professor emeritus.
His writings, particularly Value and Distribution (1908) and The Economics of Enterprise (1913), made their impress on the thought of economists generally and won him the distinction of election to the presidency of the American Economic Association. Yet, despite this recognition, he stood apart from his fellow craftsmen. He could not bring his thought to fit the mold of classical thinking, and though his work influenced later developments in economics, it has not served as their foundation. His writings, however, including the posthumous work, The Economics of Alfred Marshall (1935), are among the distinguished works in the literature of economics.
In the classroom, Davenport made an unforgettable impression on many generations of students, some of whom became distinguished economists. Also, he was constantly seeking the reason for things. Once, in collaboration with a teacher of English, he wrote a grammar in which rules were developed by logical analysis.
Davenport was notably honest. For many years his savings went to repay friends whom he felt he owed because of losses in real-estate investments made through him. In him there was a special quality. Perhaps the clue to its nature is given by an injunction in one of his unfinished manuscripts, "Live your own life. He is but a thin-skinned fool that does otherwise. " Herbert J. Davenport died on June 15, 1931, in New York City, New York, of a coronary thrombosis, while revising manuscript for his last book.
Achievements
Herbert J. Davenport is remembered as one of the leading economic theorists of his time, who made three significant contributions in the field of what economists today call macroeconomics. By far the most important was his theory of loan fund capital – a theory of free enterprise in the supply of loan funds, including bank loans. In this theory, a person may try to issue money based on any kind of promise, although promises ordinarily are backed by some kind of material guaranty. This approach led to a theory of crises in which the main cause was errors in the appraisement of promises, errors that were exaggerated by excessive paper money creation.
With the development of central banking, which began in the U. S. about the same time as his main book on the subject was published (1914), this ingenious (and in the author’s opinion quite correct and insightful) theory was, in part, rendered irrelevant. The part that remained relevant was treated more fully by other writers on the credit system. Today, it is relevant only to those economists interested in free enterprise in banking.
Davenport is also noted for one of the earliest treatments of the unemployment problem and as a contributor to the theory of fractional reserve banking.
(Originally published in 1908. This volume from the Cornel...)
Views
An admirer of Thorstein Veblen, Herbert Davenport carved a unique niche in the world of academic economics, avoiding the Institutionalist approach inspired by Veblen, and incorporating insights from the Austrian and Lausanne economists. For Davenport, the entrepreneur was central to market activity. He accepted the Austrian concept of opportunity cost (found in the work of Friedrich von Wieser) but rejected the neoclassical conception of marginal utility.
He was a relentless critic of Alfred Marshall, his last book being a critique of The Economics of Alfred Marshall (1935). In that book, he criticized Marshall as a classical economist who subscribed to the real cost doctrine and his assumption of homogeneity of different costs.
Personality
Herbert J. Davenport was a striking figure: tall and dignified, with a stern face lighted now and then by a smile, penetrating eyes, and a great shock of upstanding hair.
His mind seemed never to stop thinking, and the range over which it wandered was wide.
Connections
On January 6, 1911, Herbert J. Davenport married Harriet Crandall of Chicago. They had two sons, Martin William and John Byrne.
Father:
Charles Newton Davenport
Mother:
Louise Conant Davenport (Haynes)
Wife:
Harriet Emeline Davenport (Crandall)
Son:
John Byrne Davenport
Son:
Martin William Davenport
Brother:
Charles Haynes Davenport
Charles Haynes Davenport was an editor and political writer.
