JOSEPH A. SCHUMPETER (1883 - 1950) was sometime Professor of Economics at the Universities of Graz, Bonn and Harvard. His major works which made him one of the all-time great economic theorists and historians of economic thought included Business Cycles; Capitalism, Socialism and Democracy and The History of Economic Analysis. YASUMA TAKATA (1883-1971) was sometime Professor of Economics at Kyoto and Osaka Universities. In 1965 he received the Bunka Koro-sho (Prize for Contribution to Culture) and in 1971 the Kun-itto (the first class honour) both from the Japanese Government. His major works, all published in Japanese, included Principles of Political Economy (5 volumes), On the Rate of Interest and Essays in Power Theory of Economics. The editor, MICHIO MORISHIMA is Professor Emeritus of Economics at the London School of Economics and Political Science.