The OkieLegacy

Castle On The Hill
1937 The Ranger Annual
Northwestern State Teachers' College

Economics Department

by - Wilton Anderson

Adam Smith's "Wealth of a Nation" published in 1776 was our first record of the propounded theory of economics. Since his day economics has developed much, and has more possibilities for the future than any known science. One has to delve beneath the surface of economics before he can appreciate what various economists have done for us, such as Marshal, say, the Austrian school, and present day Hansen.

We point with pride to the proof of the fallacies possessed by the bi-metallic standard which is hailed so heartily by a few folk during all depressional days. And too, for more recent benefits received from the study of economics, we realize the futility of our traditional gold standard. Aside from monetary lines, we are benefitted greatly by studies in corporation finance, statistics, banking, causes, preventions, and cures for cyclical movements along with various stabilization schemes, forcasting, tariffs, and insurance. One can hardly point to anything without seeing a direct relation to econmic thought.

Our present day society has been compared to the 1937 model engine in the 1907 car body. The economist has the job of modernizing the "body." We have passed through the hunting and fishing stage, the pastoral stage, the agricultural, and are at present in the industrial stage; however, for future generations, we offer the age of statistics, a correlated part of economics.

The main purpose of the econmist is to preserve the order of private capitalism. This offers greater challenge to the economist than any other scientist has been confronted with.

The general public has not recognized the value of economics as we easily conclude by the requirements for any degree from higher institutions in our state. Our State Board of Education has seen fit to exclude social science as a reuired course in teh conquest for a degree. Some look to the ability to translate Latin, quote Shakespeare, or diagnose a case with a dreadful disease to alleviate our burdens, but ultimately, if we are to be assisted, beyond a doubt we must look toward the economist.

Northwestern's economics department has been directed by Dean Sabin C. Percefull (sic), a member of the American Association of Economists, and recognized as one of the best economists in the southwest. Mr. Ward has recently been appointed associate professor of the social science department.

I close by thaniing Dean Percefull on behalf of the student body, for his untiring efforts in the field of economics, for obtaining funds for the sonctruction of our new buildings while he was acting president of the institution, and for numerous other services.

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