20–6119
The book is one of the series of Hart, Schaffner, and Marx prize essays in economics and the thesis is concerned with the meaning and application of the term “Fair valuation” as used by utility commissions. The usage of the term is a loose one and open to much confusion on the part of the public as well as of the courts. The author’s inquiry rests on the points: “that the public utility is essentially different from other industry; that private property devoted to the public use is not the same as other private property, and does not enjoy the same legal protection; that the service rendered is governmental in its nature, and; that the purpose of regulation is curtailment of ‘private rights’ and the encumbrance of ‘private property.’” The book falls into two parts: 1, The meaning of the term “fair value” contains: The basis of regulation; The purpose of regulation; Valuation and regulation; The theory of valuation; Valuation methods. 2, The application of the theory of fair value, contains: The valuation of tangible property; Valuation of intangible property; Depreciation; The return on the investment; Conclusion. There is also a selected bibliography, a table of cases, and an index.
“The first is far the more significant part. A valid criticism of the book is that it overstrains legal definitions and logical legal relationships.” J: Bauer
+ − Am Econ R 10:822 D ’20 880w
“A useful and opportune classifying of a large mass of scattered material.”
+ Booklist 16:329 Jl ’20
“‘Fair value’ is, withal, a most exhaustive and illuminative work on current economics, with principles, laws, court decisions and commission opinions all set forth in such a fashion that even the uninitiate in such matters are able to grasp Mr Hartman’s theories of valuation.” G. M. H.
+ Boston Transcript p11 My 22 ’20 550w
Review 3:448 N 10 ’20 1100w