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Soap-Bubble Systems. Since 1946, U.S. economics has undergone some pervasive changes. The spiritual parent of these transformations was Columbia University's Professor Wesley Clair Mitchell (1874-1948), whose treatise, Business Cycles, is widely regarded as the most important of all U.S. contributions to economics. Mitchell was the "prophet of facts and figures." In his youth he studied economics and philosophy, and he noticed in both a common tendency to "spin speculations by the yard," build up "grand systems like soap bubbles." Mitchell insisted that what economics needed was more facts. To that end he founded...

Author: /time Magazine | Title: The Economy: The Pragmatic Professor | 3/3/1961 | See Source »

Prayer v. Play. Methodism's founder, Anglican Minister John Wesley, was also the founder of Methodism's schools. In 1748, shocked at the fact that only one Englishman in 50 could read and convinced that "every voluntary blockhead is a knave," he set up a school for English miners' children. In his grimly Methodical way, Wesley roused his ill-fed pupils at 4 a.m., forbade recesses, ignored weekends, decreed a harsh round of Greek, Hebrew, philosophy and math, interrupted only by prayers. Said he: "Those who play when they are young will play when they...

Author: /time Magazine | Title: Education: College-Building Church | 2/3/1961 | See Source »

...Planting. By 1796, Cokesbury had twice gone up in flames. Despite this omen, U.S. Methodists went on building colleges. The work was done by tempestuous circuit riders, such as the legendary Peter Cartwright, who wrestled the devil up and down the Ohio Valley (his biographer says he won). Though Wesley exhorted his circuit riders to "preach expressly on education," learning for themselves was another matter. Until 1934, Methodist ministers needed no bachelor's degree for ordination, qualified by a laughable oral exam. One minister bragged about his answers. What is the world's highest mountain? "Mount Zion, bless...

Author: /time Magazine | Title: Education: College-Building Church | 2/3/1961 | See Source »

...inaugural eve, confusion was complete. At least 10,000 cars were stalled and abandoned. Airplanes stacked up over the airport, then flew away; Herbert Hoover, winging up from Miami, had to turn back, never got to the inaugural. It took Pat Nixon 2½ hours to get from her Wesley Heights home to the Senate Office Building, where her husband was holding a farewell party for his staff. Secretary of State Christian Herter got stuck for two hours in the traffic jam. At the White House, 30 members of President Eisenhower's staff were snowbound for the night. Determined...

Author: /time Magazine | Title: The Presidency: The 35th: John Fitzgerald Kennedy | 1/27/1961 | See Source »

Thus the Methodists agree with the Presbyterian and Protestant Episcopal churches' concept of the Communion, a basic factor in our conversations toward unity. (THE REV.) WILLIAM BLAIR GOULD Wesley Foundation University of Nebraska Lincoln...

Author: /time Magazine | Title: Letters: Jan. 6, 1961 | 1/6/1961 | See Source »

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