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Exposition; all sold rapidly.
168. A term generally traced to the 1930s Prison Notebooks of the Italian Marxist Antonio Gramsci (Hoare and Nowell Smith 1971).
169. Tugwell (1927, p. 364). Of course, Ford certainly did worry about markets, and for him costs not just output were at center stage.
170. Baruch (1921, p. 69).
171. Hutchins (1948, p. 53).
172. Williams (1996, pp. 28–33).
173. Hutchins (1948, p. 54).
174. Dos Passos (1962, pp. 149–51).
175. Nevins and Hill (1957, p. 63).
176. Ford with Crowther (1922, p. 246).
177. Beasley (1947, pp. 81–89); Williams (1996, p. 33).
178. They were also used in World War II. The last American vessel sunk by a German tor-
pedo was an Eagle boat. Neil Vigdor, “U.S. Ship Sunk in World War II by German Sub Is Found Off Maine Coast,” New York Times, July 19, 2019.
179. Ford with Crowther (1922, p. 247).
180. DeWeerd (1968, p. 236).
181. Chandler and Salsbury (1971, p. 402–27); DeWeerd (1968, pp. 237–38).
586 Notes to Chapter 4
182. Crouch (2000).
183. Katznelson and Howells (2014).
184. Bittlingmayer (1988, pp. 230–32).
185. Johnson (2004, p. 28).
186. Trimble (1990).
187. Katznelson and Howells (2014, p. 22). NACA had been formed under the Naval Appro-
priation Bill of March 2015 as a research and development organization for aeronautics.
188. Katznelson and Howells (2014, p. 45). By comparison, in 1915 approximately 100 car- makers had voluntarily created an agreement, through the National Automobile Chamber of Commerce, to cross-license “non-revolutionary” patents without royalty (Epstein 1928, pp. 236–39). By then, of course, the Selden patent, analogous to but legally much weaker than
the Wright and Curtiss patents, had expired. 189. Johnson (2004, p. 31).
190. Bilstein (1983, p. 29).
191. Morris (2017, p. 37).
192. Holley (1953, p. 29).
193. Nelson and Langlois (1983).
194. Crowell (1919, p. 235). Crowell was Assistant Secretary of War and Director of
Munitions.
195. Holley (1953, p. 36).
196. DeWeerd (1968, p. 236–37); Holley (1953, pp. 41–45).
197. Dickey (1968); Marcosson (1947).
198. Along with Thomas J. Watson Sr., the future founder of IBM, and others at National
Cash Register, Deeds also narrowly avoided a one-year jail term for a conviction under one of William Howard Taft’s late-term Sherman antitrust suits. The verdict was overturned on appeal in 1913, and the Wilson administration declined to push the matter further.
199. Crowell (1919, p. 267).
200. Dickey (1968, p. 97).
201. Beasley (1947, pp. 83–84).
202. Nevins and Hill (1957, pp. 66–68). 203. Dickey (1968, p. 66).
204. Dickey (1968, p. 95). As a result, the engines made by Packard were some of the lowest-quality produced. This harmed Packard’s reputation, which in turn harmed postwar sales because the company’s business model was to sell a high-price but high-quality vehicle.
205. Beasley (1947, pp. 82–83). Du Pont complained of the same micromanagement in its contract to build the Old Hickory plant (Chandler and Salsbury 1971, p. 423).
206. Dickey (1968, p. 68).
207. Trimble (1990, p. 22).
208. Dickey (1968, p. 68).
209. Dickey (1968, p. 101).
210. “Backward Airplane Production,” New York Times, March 20, 1918, p. 12.
211. Mooney and Layman (1944, p 31). A subcommittee of the Senate Committee on Military
Affairs also undertook hearings.
212. Holley (1953, pp. 68ff.); Mooney and Layman (1944, pp 31–35).
1. Mitchell (1920, p. 143).
Notes to Chapter 5 587 Chapter 5: Interlude
2. These latter included John Maurice Clark (1944) and a young Paul Samuelson (Samuelson and Hagen 1943).
3. J. M. Clark (1931, p. 53).
4. Kennedy (1980, p. 251). Samuelson and Hagen (1943, p. 6) use a similar image, albeit with a less elegant turn of phrase.
5. J. M. Clark (1931, p. 54); Samuelson and Hagen (1943, p. 6).
6. J. M. Clark (1931, p. 121).
7. Samuel H. Williamson, “Annualized Growth Rate of Various Historical Economic Series,”
MeasuringWorth, 2022, https://www.measuringworth.com/calculators/growth/ (accessed August 17, 2022).
8. Kennedy (1980, p. 264). Although Kennedy made this assertion in 1980, it is almost cer- tainly still true.
9. Samuelson and Hagen (1943, p. 31). 10. Murray (1955, chapter 4).
11. Coben (1964).
12. Kennedy (1980, pp. 278–84).
13. Allen (1931, p. 43).
14. Murray (1955, chapter 5).
15. Urofsky (1969, chapter 7).
16. Soule (1947, pp. 194–96).
17. Murray (1955, chapter 8); (1955); Shlaes (2013, chapter 6); Sobel (1998, chapter 6).
18. Murray (1955, chapters 12 and 13).
19. Friedman and Schwartz (1963, pp. 221–31); Meltzer (2003, pp. 98–109).
20. “Governor Harding,” New York Times, April 8, 1930, p. 22.
21. Friedman and Schwartz (1963, pp. 228).
22. Chandler (1958, p. 148).
23. Bordo et al. (2007, p. 8).
24. Friedman and Schwartz (1963, pp. 131–39).
25. Meltzer (2003, pp. 109–11). “WE MUST DEFLATE,” Strong told an official of the Trea-
sury Department as early as February 6, 1919. “Notwithstanding the hardships and losses result- ing, I believe you will agree that it is inevitably necessary that our banking position must be gradually deflated. If this is not done, we must face the necessity of either continuing the gold embargo . . . or else lose a large amount of gold at a time when it would be inconvenient for us to do so” (Chandler 1958, p. 139).
26. Wicker (1966).
27. Romer (1988, p. 109).
28. Bordo et al. (2007, p. 10).
29. Alston et al. (1994, p. 414); Lauterbach (1942, p. 515).
30. Soule (1947, p. 100).
31. Romer (1988, p. 109).
32. Samuel H. Williamson, “The Annual Consumer Price Index for the United States, 1774–2015,”
Measuring Worth, http://www.measuringworth.com/uscpi/ (accessed February 19, 2018).
588 Notes to Chapter 5
33. Christopher Hanes, “Wholesale and Producer Price Indexes, By Commodity Group:
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