Income from Independent Professional Practice
New York: National Bureau of Economic Research, 1945.
First Edition; First Printing. Hardcover. Very Good- with no dust jacket. Item #14909
Library stamps/marks/label, light tone, otherwise light wear. Solid hardcover. ; A description of the income structure of the professions of medicine, dentistry, law, accounting, and engineering during 1929-36. "[W] Allen [Wallis] went first to New Deal Washington. Largely through his efforts, I followed in the summer of 1935, working at the National Resources Committee on the design of a large consumer budget study then under way. This was one of the two principal components of my later Theory of the Consumption Function. The other came from my next job - at the National Bureau of Economic Research, where I went in the fall of 1937 to assist Simon Kuznets in his studies of professional income. The end result was our jointly published Incomes from Independent Professional Practice, which also served as my doctoral dissertation at Columbia. That book was finished by 1940, but its publication was delayed until after the war because of controversy among some Bureau directors about our conclusion that the medical profession's monopoly powers had raised substantially the incomes of physicians relative to that of dentists. More important, scientifically, that book introduced the concepts of permanent and transitory income." - Milton Friedman, Nobel Prize Autobiography. Quite uncommon first edition of this early book co-authored by two future Nobel Prize economists. ; Publications of the National Bureau of Economic Research; Ex-Library; Vol. 45; xxxiii, 599 pages.