EDITOR'S NOTE Dr. Charles F. Phillips, student, teacher, consultant, and author on matters of economics in general and marketing in particular, has been president of Bates College at Lewiston, Maine, since 1944. This article was first presented as an address before the 26th Annual Boston Conference on Distribution, October 19, 1954. Published February, 1955 Permission to reprint granted without special request. Printed in U.S.A. THE FOUNDATION FOR ECONOMIC EDUC...
