Excerpt from How Much Shall I Give?

Forty or more papers were submitted to the American Economic Association in competition for the Karelsen Prize of 1920, on'the subject, What can a man afford The Committee on Award, of which I was Chairman, narrowed the competition, after a careful reading, to some six or seven papers of exceptional merit. Among these, three stood out above the rest and were included by each of the three judges, after their independent reading of the papers and without consultation, in the list of the best three essays. The ranking within this group of three presented, however, no small difficulty.

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