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The backward art of spending money

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Readers are invited to familiarize themselves with the translation of the article devoted to financial literacy by the American economist W.K. Mitchell (1884-1948) "The Backward Art of Spending Money" (1912) [1], known to the Russian reader, first of all, as the founder of conjunctural-statistical institutionalism. This article opened the collection with the same name (1937) [2], which included W.K. Mitchell's works devoted to problems beyond the framework of conjunctural-statistical problems. Since today financial literacy issues are receiving a lot of attention at all levels and forms of education, W.K. Mitchell's ideas on the backward art of spending money will be interesting to read. As Mitchell writes, "...much of the free advice given on mending our ways is sound. Conscience admits the first, common sense the second. But in our haste to plead guilty we forget certain mitigating circumstances which might go far toward recommending us to the mercy of an impartial court. To spend money is easy, to spend it well is hard. Our faults as spenders are not wholly due to wanton ness, but largely to broad conditions over which as individuals we have slight control." [2, с. 269]. The relevance of this article is that promoting the ideas of financial literacy in the domestic literature and financial education, little attention is paid to the fact that the presence or absence of financial literacy is manifested in the art of managing finances in the household.

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