SECTIONAL TRANSACTIONS .—F. 505 
Prof. H. M. Hatiswortu, C.B.E.—The work of development boards 
(12.0). 
Tuesday, September 12. 
Prof. P. S. FLorence.—Types and supply price of entrepreneur and business 
administrator (10.0). 
Economists are still apt to assume that management is mainly in the 
hands of an entrepreneur highly sensitive to variations in profit. In reality 
there are to-day a number of types of business administrator in control of 
industry, many of them with weaker pecuniary incentives. 
These types include the self-made entrepreneur, the head of a family 
business, the financier, the guinea-pig and ex-professional-man director, 
the ex-foreman, the ex-technician, and, finally, the trained administrator. 
Each type has different incentives and reacts differently to the vital problems 
upon whose solution large-scale efficiency depends. Each must be assessed 
differently in respect of efficiency in initiating large-scale expansion, in 
co-ordinating the several departments and functions of the firm, in re- 
investing capital, in making appointments, and in co-operating or combining 
with other firms. 
The self-made entrepreneur often fails to adapt himself and his organisa- 
tion to large-scale planning and technique ; his education, experience and 
individualist habits are not conducive to the successful co-ordination and 
reintegration of specialists or to co-operation with other firms. The 
family-head entrepreneur does not always wish to expand business in 
response to the chance of higher profits; he has the fixed though high 
standard of living of the gentleman of leisure, and the chance of a higher 
supply price will not necessarily increase his output. The trained adminis- 
trator offers on the whole the best hope that large-scale operations may be 
expanded with the same initiative that the entrepreneur displays when 
expanding his small-scale undertaking. 
Mr. E. L. Harcreaves.—The problem of business recovery (11.30). 
General view of industrial fluctuations. The different phases of fluctua- 
tions. The stage of recovery. The various explanations of how recovery 
occurs. The inadequacy of these explanations. The conception of an 
oscillation round an equilibrium level. The neglect of long period or 
secular movements. The various types of secular change and their inter- 
dependence. Relative rates of change of long-period factors. Inter- 
relations of cyclical and secular movements. The explanation of the 
differences in different cycles. Historical considerations and some quali- 
fications. Economic progress and future tendencies. Questions of policy. 
Conclusions. 
Wednesday, September 13. 
Mr. J. Syxes.—Public expenditure and public works (10.0). 
The aim is to examine some of the fundamental arguments advanced 
for and against the policy of promoting public works during depression, 
with more particular reference to the contemporary situation. 
