Background
Jacob was born in 1839 in Oppenheim, Germany, where his father was a school teacher.
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- Works
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- Works
book
The Industrial Situation and the Question of Wages. a Study in Social Physiology
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A History of Money and Prices
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A History of Money and Prices, Being an Inquiry Into Their Relations from the Thirteenth Century to the Present Time
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The Economy of High Wages. An Inquiry Into the Cause of High Wages and Their Effect on Methods and Cost of Production
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The Destructive Influence of the Tariff Upon Manufacture and Commerce and the Figures and Facts Relating Thereto
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Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.
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Jacob Schoenhof
Edit ProfileCareer
In 1861 Jacob Schoenhof emigrated to the United States and engaged in the wholesale lace business until 1884, when he retired.
President Cleveland's first administration afforded special opportunity for the development and application of Schoenhof's characteristic ideas. Cleveland, at first uninformed on the tariff issue, advocated reduction of duties as the means of breaking up government favoritism and dispelling the surplus which high customs were piling up in the treasury. On November 23, 1885, Schoenhof was appointed United States consul at Tunstall, England, and later, as the confidential agent of Thomas F. Bayard, Cleveland's secretary of state, he studied industrial conditions in Great Britain, France, and Germany.
In most of his works, but particularly in The Industrial Situation and the Question of Wages (1885) and in The Economy of High Wages (1892) he sought to refute the argument, universally advanced by the protectionists, that killing competition would be offered to American industry by the low-paid labor of Europe were the tariff reduced.
Schoenhof brought to his argument about the removal of impediments to trade as the condition of continually mounting output a vast amount of practical documentation, and with boldness and skill made the most of the apparent paradox in his reasoning to the effect that high indirect costs were low direct costs.
His History of Money and Prices (1896), which owed something to the lesson of the return to specie payments in 1879, was a refutation of the quantity theory of prices that had influenced his earlier work.
In 1893 he was appointed assistant appraiser at the port of New York and served as such throughout Cleveland's second administration.
He died in New York City.
Achievements
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Jacob Schoenhof's main ideas and theories were developed and formulated in his famous works: His History of Money and Prices (1896), The Destructive Influence of the Tariff Upon Manufacture and Commerce (1883), Wages and Trade in Manufacturing Industries in America and in Europe (1884), Influences Bearing on Production (1888). Throughout his life he fighted for free-trade, that was essential to the continued advance of the country. His ideas about high money wages, that were generally the accompaniment of low unit cost of production, forecasted the doctrine later associated with the name of Henry Ford.
Works
book
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The Economy of High Wages. An Inquiry Into the Cause of High Wages and Their Effect on Methods and Cost of Production
(Unlike some other reproductions of classic texts (1) We h...)
-
The Destructive Influence of the Tariff Upon Manufacture and Commerce and the Figures and Facts Relating Thereto
(Unlike some other reproductions of classic texts (1) We h...)
-
The Industrial Situation and the Question of Wages. a Study in Social Physiology
( This work has been selected by scholars as being cultur...)
-
A History of Money and Prices
( This work has been selected by scholars as being cultur...)
-
A History of Money and Prices, Being an Inquiry Into Their Relations from the Thirteenth Century to the Present Time
( This work has been selected by scholars as being cultur...)
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The Economy of High Wages. An Inquiry Into the Cause of High Wages and Their Effect on Methods and Cost of Production
Views
Schoenhof was as much struck as had been John Rae, Mathew and Henry C. Carey, Daniel Raymond, and Friedrich List with the desirability of economic capacity as compared with the older objective of wealth in the form of mere physical output. A prosperous country, in his estimation, was one which has as its principal productive equipment a high standard of living for the working classes, with resulting mental alertness, ingenuity in mechanical invention and business organization, and a high degree of adaptability to changing economic circumstances.
He urged the removal of impediments to trade as the condition of continually mounting output and the only means of insuring economic stability within the country.
Quotations: "Prices of commodities move in obedience to natural and inherent causes, independent of circulating money quantities and result from the interplay of a wide variety of economic forces"
Connections
In 1867 Schoenhof married Henrietta Werner.
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Born
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Died
March 14, 1903 (aged 64) -
Nationality
American