Month: July 2015

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Courses Curriculum Economists Johns Hopkins Regulations

Johns Hopkins Economics. Ph.D. Regulations, Courses 1880

Johns Hopkins University began instruction October 3, 1876. The class schedule for the entire university could be printed as a single page matrix of hours by days in 1879.

By the academic year 1880-81 Johns Hopkins University had awarded a single Ph.D. in political science, which is where political economy still was classified.

In this posting  we approach the beginning of the Big Bang of graduate education in economics in the U.S.

General Statements for 1880-81
Information for Graduate Students
Enumeration of Classes

 

________________________

[p. 54]

GENERAL STATEMENTS FOR 1880-81.

Instruction is provided for both Collegiate and University students….

Admission of Students.

Arrangements are made for the reception of the following classes of students:

I.
Graduates.

Young men who have already graduated in this or other institutions of acknowledged standing are received on the presentation of their diplomas, after satisfying the chief instructors in the departments of study which they propose to follow that they are qualified to pursue the courses here given. They may be enrolled as candidates for the degree of Doctor of Philosophy or not, at their option. Those whose years and attainments correspond with those of graduates may also be received as special students.

II.
Matriculates.

Students who wish a collegiate training are expected, unless excused for some special reason, to offer themselves for matriculation at the time of their admission. If they can pass satisfactorily in a considerable part of the required studies, but not in all, they may be admitted as candidates for matriculation, but their names will not be printed as enrolled students until the examination is completed. They will not be considered as candidates for more than one academic year.

Students who present themselves with higher attainments than are requisite for matriculation may, upon examination, receive credit for the same, be admitted to advanced classes, and so graduate in less time than would otherwise be requisite.

III.
Non-Matriculates.

  1. Students in subjects preliminary to a medical course…
  2. Young men of collegiate age…sufficiently advanced in character and attainments to be allowed the privilege, and that there is some good reason why they should not offer themselves for matriculation…
  3. Attendants upon lectures. –The University has extended certain privileges to teachers…, to medical students…, and to other persons…[they] are not enumerated as enrolled students.

Fees for Tuition, Etc.

The charges are as follows, payable in advance, unless, for specific reasons satisfactory to the Treasurer, he permits the payment to be deferred:

For Tuition, $80 per annum.

[…]

Board and lodging in private houses near the University, including care of room, fuel and light, may be obtained at five dollars, an upwards, per week. Some students pay even less.

[p. 55]

 

INFORMATION FOR GRADUATE STUDENTS.

Graduate Courses.

Advanced and graduate students are received with or without reference to their being candidates for a degree, and they are permitted to attend such lectures and exercises as they may individually select…

…The University professors are not absorbed in the details of college routine, but are free to give personal counsel and instruction to those who seek it; books and instruments adapted to investigation and advanced work have been liberally provided; the system of Fellowships secures the presence of twenty special students, imbued with the University spirit, most of them looking forward to academic careers; seminaries limited to a few advanced students, under the guidance of a director, have been organized in Greek, Mathematics, Physics, and History; societies devoted to Philology, to Mathematical, Physical, and Natural Science, and to History and Political Science, afford opportunities for the presentation of memoirs and original communications….

The instruction is carried on by such methods (varying of course with individual scholars, and with the different departments of work) as will encourage the student to become an independent and original investigator, while he is growing more and more familiar with the work now in progress elsewhere, and with the results which have been obtained by other scholars in the same field, and while he is adding to his general intellectual culture…

Degree of Doctor of Philosophy.

The Degree of Master of Arts and Doctor of Philosophy will be conferred in conformity with the following regulations:

Every candidate for the degree of A.M: and Ph.D. will be required:

  1. To have obtained the Baccalaureate degree of this University (or to present the diploma of some other college which the Faculty shall accept as equivalent), and to have subsequently devoted not less than two years to University study in the special department of learning which he may have chosen. The appointment to a Fellowship will be regarded by the faculty as equivalent to the attainment of a Bachelor’s Degree, so far as this is a necessary condition of obtaining a higher degree.
  2. To produce a thesis which shall be approved by the Faculty. This thesis must be the result of original investigation in the main subject for examination, and the subject of the thesis must be submitted for approval to the head of the department, or the chief examiner in it, not less than six months before the degree is conferred.
  3. To pass an examination in one main and one or more subsidiary subjects; the choice of which is to be referred by the candidate to the chief examiner, and through him to the Faculty for final approval. The method of examination will vary according to the subject, and will be written, oral, practical, or all three, as may be deemed best.
  4. To enroll himself as a candidate for the degree, at least one year in advance of the time when he proposes to apply for examination.

Degrees will be conferred by the Trustees on the recommendation of the Faculty, probably twice a year, in the middle of the winter and at the end of the academic term.

The Diploma will indicate the department of study to which the candidate has directed his attention.

Degrees Conferred.—The degree of Doctor of Philosophy has been conferred on the following named persons, who have passed the required examinations:

 

1878 [4 Ph.D. degrees awarded, one in economics  (no other in economics through 1880)]

Henry C. Adams, A.B., Iowa College, 1874; now Lecturer on Political Economy at Cornell University and at the Johns Hopkins University.

 

[…]

 

ENUMERATION OF CLASSES

Which have been instructed during the Academic Year 1879-80.

[pp. 61]

History and Political Science. (33 Students.)

Seminary of American History (15).

Once weekly, two months: Dr. [Austin] Scott.

Comparative Constitutional History (5).

Once weekly, four months: Dr. H. B. Adams.

History of the Renaissance and Reformation (17).

Daily, first half-year, also ten public lectures: Dr. H. B. Adams.

English Constitutional History, Stubbs’ Select Charters (15).

Once weekly, six months: Dr. H. B. Adams.

Political Economy (13).

Four times weekly, two months : Dr. H. B. Adams.

Money and Banking (12).

Four times weekly, two months: Dr. H. C. Adams.

National Debts.

Nine public lectures: Dr. H. C. Adams.

________________________

Source: Johns Hopkins University. University Circulars. No. 5, May, 1880, pp. 54-55, 61.

Categories
Economists Harvard

Harvard Economics. Daniel Ellsberg profiles Richard Goodwin

A member of the CRIMSON, [Goodwin] left to become one of the founders of a competing newspaper. As a senior, he started a rival to the Advocate, an “intellectual magazine” called the Harvard Critic. “We were far in advance of our time, I will say that for us,” he recalls, speaking of the group’s major project, a Kinsey-type poll of undergraduate sex-life. Aided the a professor of clinical psychology, the staff composed a carefully-worded questionnaire and had 2000 conscientious replies. The date was recorded on IBM cards, and the professor prepared to tabulate it on the University’s IBM machines. At this point the Dean’s Office made the students a sporting offer, one alternative being to publish the results and be expelled. Goodwin shipped the cards back home to Newcastle, Indiana.

Note: this Faculty Profile was written by Daniel Ellsberg who later brought us The Pentagon Papers. The on-line version of the article misspelled Ellsberg’s name.

WONDERING WHAT HAPPENED TO THE PUNCH CARDS….

Source: May 24, 1951: The Harvard Crimson

Categories
Economists Harvard Transcript

Harvard Economics. Richard M. Goodwin, 1949

The economics department of Columbia University set up a search committee  to identify “the names of the most promising young economists, wherever trained and wherever located” from which a short list of three names for the replacement of Louis M. Hacker in Columbia College was selected. The Chairman of the Harvard Economics Department, Harold H. Burbank, suggested a few names to the committee. In this posting I have assembled Burbank’s letter, another by Schumpeter and a data-sheet apparently provided by the Harvard economics department (including a list of graduate courses taken at Harvard) plus a list of Goodwin’s publications as of the end of 1949.

_____________________

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS
Office of the Chairman
M-8 Littauer Center
Cambridge 38, Massachusetts

November 28, 1949

Dear Jimmy

I had thought that I might be able to make one or two definite recommendations by this time, but I find that I cannot be at all definite.

The young man whom I had expected to recommend most strongly is Richard M. Goodwin. Goodwin was graduated from Harvard College in 1934, summa cum laude. After three years at Oxford I had him return to the Department and he has been with us since that time. During the war years he worked with the group in mathematics and physics, improving and consolidating his knowledge of mathematics to a point where it is highly useful in his econonmics. Goodwin is now in the fourth year of his appointment as an assistant professor. Undoubtedly he will be considered for a permanent place here which is probably the best recommendation I can give you. With us he has worked mainly in theory and money and banking and in cycles. I am enclosing a copy of his publications It is true enough that his main interest for the moment is in monetary economics but his interests are so definitely broad that I feel that it would be no great difficulty for him to meet your needs.

[…]

Very sincerely

[signed]

H. H. Burbank

Professor James W. Angell
Department of Economics
Columbia University
New York 27, New York

Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

_____________________

 

Richard Murphey Goodwin

Address:                  7 Revere Street, Cambridge; E1 4-2981

Born:                        1913 in U.S.

Married:                  Yes

Degrees:

A. B. Harvard, 1934
B.A. Oxford, 1936
B. Litt. Oxford, 1937
A.M., Harvard, 1939
Ph.D. Harvard, 1941

Experience:         Annual Instructor, Harvard, 1939-46

Assistant Professor, Harvard, 1946-

Courses:               1937-38

Ec. 116 (Price Theory)           B+
Ec. 103a (Adv. Theory)         A
Ec. 121 (Statistics)                 A+, Exc.
Ec. 145 (Cycles)                      A, A
Ec. 4a (Math. Ec.)                  B+

1938-39

Ec.171 (Com. Dist)                 A

 

Fields of Study:   Theory, Ec. History, Statistics, Cycles; write-off, Commodity Distribution and Prices

Special Field:           Money and Banking

Thesis Topic:           Studies in Money; England and Wales, 1919 to 1938

Generals:                 Passed May 24, 1938 with grade of Good Plus

Specials:                  Passed May 22, 1941 with grade of Excellent Minus

Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

 _____________________

Richard M. Goodwin – Bibliography

“The Supply of Bank Money in England and Wales, 1920-38”, Oxford Economic Papers, no. 5, 1941.

“Keynesian and Other Interest Theories,” Review of [Economic] Statistics, Vol. XXV, No. 1, February, 1943.

“Keynesian Economics,” a review of a book of Mabel Timlin, Review of Economic Statistics, Aug. 1944. Vol. XXVI.

“Innovations and the Irregularity of Economic Cycles,” Review of Economic Statistics, May 1946.

“Dynamical Coupling with Special Reference to Markets Having Production Lags,” Econometrica, July 1947.

“The Multiplier”, an article in the New Economics, edited by S. E. Harris, 1947.

“Secular and Cyclical Aspects of the Multiplier and the Accelerator,” a chapter in Income, Employment and Public Policy – Essays in Honor of Alvin Hansen, 1948.

“The Business Cycle as a Self Sustaining Mechanism,” a paper delivered befoe the Econmetric Society, December, 1948. Abstract published in Econometrica for April 1949.

“Liquidity and Uncertainty”, a discussion paper delivered at the Annual Meeting of the American Economic Association in Cleveland, December 1948. Published in the Proceedings of the convention.

“The Multiplier as Matrix” accepted for publication but not yet published by the Economic Journal of the Royal Economic Society.

A book, “Dynamic Economics”, now in preparation.

Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

 _____________________

JOSEPH A. SCHUMPETER
7 Acacia Street
Cambridge 38, Massachusetts
December 3, 1949

Professor James W. Angell
Executive Officer
Department of Economics
Columbia University
New York 27, N.Y.

Private and confidential:

Dear Angell:

I greatly regret my inability to thank you, before leaving New York, for your hospitality and to have a chat with you. Now there is nothing confidential in this. What is strictly confidential however is a topic which I wished to bring up in that chat. The next year will terminate the five-year appointment of one of our best young men, Assistant Professor Richard Goodwin. According to our practice, the question of his promotion to permanent office is going to be discussed presently and I have no hope of securing a majority for him that the administration will consider adequate. This is not because any one has any fault to find with him personally but simply because other people have other candidates. You know how that is. Myself, I believe that Goodwin’s work in the field of dynamic models (and in particular four of his ten published articles) is of striking force and originality and also promises well for the future. In addition, I know that he is an excellent teacher. On the undergraduate level he runs personally and independently our biggest course, namely, the course on Money and Banking (But I do not count the general introductory course because it is run by sections). On the graduate level I have much admired his ability to express convey difficult material to an audience not really in command of the requisite technique. Therefore I am, myself, strongly in favor of promoting him but since I do not anticipate success I am anxious to sound you confidentially as regards possibilities at Columbia. An appointment might be combined with work at the National Bureau and would not therefore burden your budget very much immediately. Of course you will realize that the matter is strictly confidential but I would very much like to have your opinion.

Cordially yours,

[signed]
Joseph A. Schumpeter

JAS/jcs

[handwritten note by Schumpeter at bottom of page] I have talked to Burns

Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

 _____________________

Image Source: Harvard Class of 1951 Yearbook.

Categories
Courses Harvard Syllabus

Harvard Economics. Course. Graduate Theory. Schumpeter. 1935-36

 

 

The graduate economic theory course, Economics 11, was taught by Schumpeter for both semesters of the academic year 1935-36. According to Schumpeter’s own handwritten list of students and grades for that course, Paul Samuelson received a grade of A+ and represented the local maximum of the “Ec 11 boys, graduates”.

1935_6_Ec11_SchumpeterGrades

____________________

Because the “cost controversy” was discussed during the first term of the academic year 1935-36 (one can gleam a glimpse of content from Schumpeter’s course notes from random names and words not written in his shorthand) I append here the corresponding readings assigned for the second term of the the academic year 1934-35.  Note that Pigovian welfare economics appears to have been covered some time during the second term of the academic year 1935-36, see the exam below.

____________________

The Laws of Cost and Returns. Probably three or four weeks. It is proposed to deal fully with the so-called “cost controversy”, a series of more or less closely connected articles which appeared in the Economic Journal from 1922 to 1932. The following is a list of the articles in the order of their appearance. Students will not be held responsible for those included in brackets, some of which are connected only remotely with the main controversy. 1) “On Empty Economic Boxes”, J. H. Clapham, Sept. 1922; “Empty Economic Boxes: a Reply”, A.C. Pigou, Dec. 1922; “Those Empty Boxes”, D. H. Robertson, March, 1924; “The Laws of Returns under Competitive Conditions”, P. Sraffa, Dec. 1926; [“The Laws of Diminishing and Increasing Costs”, A.C. Pigou, June 1927]; [“An Analysis of Supply”, A. C. Pigou; June 1928]; “Varying Costs and Marginal Net Products”, G. F. Shove, June 1928; [“The Instability of Capitalism”, J.A. Schumpeter, Sept. 1928;] [“The Representative Firm”, L.C. Robbins, Sept. 1928]; “Increasing Returns and Economic Progress”, A.A. Young, Dec. 1928; “Increasing Returns and the Representative Firm: a Symposium”, D.H. Robertson, G.F. Shove, and P. Sraffa, March 1930. The following two articles by R.F. Harrod are in effect a continuation of the “cost controversy”, but they will be considered later in connection with the discussion of imperfect competition: “Notes on Supply”, June 1930; and “The Law of Decreasing Cost”, Dec. 1931.

Source: Harvard University Archives,  HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: Ec11 Fall 1935.

____________________

Economics 11 [First term]

            Following is a list of some of the most important works in English dealing with problems outside the range of perfect competition. They are not all assigned, but assigned reading is taken altogether from this list.

Pigou, A. C., Economics of Welfare, 3rd Edition.
Chamberlin, E. H., The Theory of Monopolistic Competition.
Chamberlin, E. H., On Imperfect Competition, in the March, 1934 Supplement of The American Economic Review, pp. 23-27.
Robinson, Joan, Economics of Imperfect Competition.
Robinson, Joan, What is Perfect Competition, Q. J. E., Nov. 1934.
Zeuthen, F., Problems of Monopoly and Economic Warfare.
Cournot, A. A., Mathematical Principles of the Theory of Wealth.
Edgeworth, F. Y., The Pure Theory of Monopoly (Papers, Vol. I)
Hotelling, Harold, Stability in Competition, E. J., March 1929.
Shove, G. F., The Imperfection of the Market, E. J., March 1933.
Harrod, R. F., Doctrines of Imperfect Competition, Q. J. E., May 1934.
Hicks, J. R., The Theory of Monopoly, Econometrica, Jan. 1935.

The subjects, in the order in which they will be taken up, together with the assigned reading, are given below.

I. The Technique and the Background.
Pigou, Part II, Ch. XIV.
Robinson, Chs. 1, 2.
Chamberlin, Chs. 1, 2.		 V. Monopolistic Competition
Chamberlin, Chs. 4, 5, 6, 7.
Robinson, Ch. 7. Q.J.E., Nov. ‘34
Shove, E.J., March ’33.
Harrod, Q.J.E., May ’34.
II. Simple Monopoly.
Pigou, Part II, Ch. XVI.
Robinson, Chs. 3, 4, 5.		 VI. Discrimination.
Pigou, Chs. XVII, XVIII (Part II).
Robinson, Chs. 15, 16.
III. Duopoly and Oligopoly
Pigou, Part II, Ch. XV.
Chamberlin, Ch. 3.		 VII. Imperfect Competition and the Theory of Distribution.
Chamberlin, in March ’34 A.E.R. Supplement.
IV. Bilateral Monopoly.(To be discussed in class)

 

Source: Harvard University Archives,  HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: Ec11 Fall 1935.

____________________

1935-36
HARVARD UNIVERSITY
ECONOMICS 11

Four questions may be omitted. Arrange your answers in the order of the questions.

  1. Discuss the concepts “internal economies” and “spreading of overhead” and explain what, if any, relations exist between the two.
  2. What do we mean by Production Function? Discuss its principal properties, and state why and for what purpose we need this instrument of analysis.
  3. “Wherever products are differentiated, the theory of monopoly seems adequately to describe their prices. Competition is not eliminated from the explanation; it is fully taken into account by the recognition that substitutes affect the elasticity of demand for each monopolist’s product.” Do you agree? Justify your answer.
  4. “Under imperfect competition, in conditions of full long period equilibrium, it is not only true that average costs for the individual firm may be falling; they must be falling.” Discuss. Does this necessarily imply falling supply price?
  5. Assume that a commodity is offered by two sellers. Disregard costs. Describe the courses of action open to the two sellers, and discuss the conditions of the case in which price and quantity sold are uniquely determined. Show that in this case price will as a rule be higher than under perfect competition and lower than under monopoly.
  6. In his 1926 article, Sraffa says, “It is necessary to abandon the path of free competition and turn in the opposite direction, namely, towards monopoly.” Discuss the considerations which led him to adopt this view.
  7. Discuss price and output under discriminating monopoly.
  8. State and discuss the principle involved in “Hotelling’s case.”
  9. “The economist has shown that, granted certain assumptions, a set of prices exists which, if established from the beginning, would produce a state of equilibrium; he has never demonstrated, however, that forces are at work which would tend to establish such a system of prices.” Discuss.

Mid-Year. 1936.

Source: Harvard University Archives,  HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: Ec11 Fall 1935.

____________________

ECONOMICS 11 [Second term]

            The first four or five weeks of the second term will be devoted to a study of distribution, with special emphasis on the theory of wages. Topics to be covered include (1) marginal productivity, (2) the elasticity of substitution, and (3) opportunity costs. The following is a list of reading.

  1. Marginal Productivity and the Theory of Wages
    1. Marshall, Bk. VI, especially Ch. I.
    2. Hicks, J. R., “The Theory of Wages”, Chs. I and VI.
    3. ——-, Marginal Productivity and the Principle of Variation,” Economica, Feb., 1932.
    4. Schultz, Henry and Hicks, J. R., “Marginal Productivity and the Lausanne School: A Reply” and “A Rejoinder”, Economica, Aug., 1932.
    5. Clark, J. B., “The Distribution of Wealth”, Ch. VIII.
    6. Robertson, D. H., “Wage Grumbles” in the volume of essays entitled Economic Fragments.
  2. Elasticity of Substitution
    1. Hicks, Ch. VI (Cf. above).
      (mathematical treatment in Appendix for those who prefer)
    2. Machlup, Fritz, “The Common Sense of the Elasticity of Substitution”, Review of Economic Studies, June, 1935.
    3. Also notes and articles on substitution in Review of Economic Studies, Vol. I, nos. 1 and 2, though not required reading, may be consulted.
  3. Opportunity Costs.
    1. Green, D.I., “Pain Cost and Opportunity Cost”, Quarterly Journal of Economics, 1894.
    2. Davenport, H.J. , “Economics of Enterprise”, Ch. VI.
    3. Knight, F.H., “A Suggestion for Simplifying the Statement of the General Theory of Price”, Journal of Political Economy, 1928.

Source: Harvard University Archives,  HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: Ec11 1935-36.

____________________

ECONOMICS 11  [Second term]

            The next two or three weeks will be devoted to the discussion of capital and interest. A select bibliography and the assigned reading are listed below. The readings from Wicksell and Knight will probably not be covered in class and may, therefore, at pleasure be postponed until the reading period. As usual in this course there will be no additional reading period assignment.

 

BIBLIOGRAPHY

  1. Böhm-Bawerk, E., Capital and Interest (a history of interest theories); The Positive Theory of Capital (the third edition, available only in German, containing the polemical Excursi, is to be preferred to the English translation)
  2. Marx, Karl, Capital (especially Vol. I, Parts III and VII; Vol. II, Part III; Vol. III, Parts II and III)
  3. Wicksell, Knut, Über Wert, Kapital und Rente;  Lectures on Political Economy, Vol. I
  4. Fisher, Irving, The Rate of Interest (1907);  The Theory of Interest (1930) (a rewriting of the earlier work)
  5. Taussig, F.W., Wages and Capital
  6. Knight, F.H., “Interest”, article in The Encyc. of Soc. Science
  7. For a rather complete list of the numerous recent articles on capital, interest and the structure of production, Cf. Machlup, Fritz, “Professor Knight and the Period of Production”, Journal of Political Economy, 1935, first footnote.
  8. For an exposition of Böhm-Bawerk, Wicksell and the later work along the same lines done in Sweden, particularly by Gustav Akerman, Cf. Kirchmann, Hans, Studien zur Grenzproduktivitätstheorie des Kapitalzinses.

 

ASSIGNED READING

  1. Fisher, The Rate of Interest, Part I, Chs. 1,2,3; Part III, Ch. 10
  2. Böhm-Bawerk, Positive Theory, Book I, Ch. 2; Book II, Chs. 2,4,5; Book V, Chs. 1,2,3,4,5; Book VI, Chs. 5,6,7; Book VII, Chs. 1,2,3.
  3. Wicksell, Lectures, Vol. I, pp. 144-171; 185-195.
  4. Knight, “Professor Fisher’s Theory of Interest: a Case in Point”, Journal of Political Economy, April, 1931.

Source:  Harvard University Archives, HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: “Ec11 1935-36”

____________________

[Given that Economic Welfare, the distinction between marginal social value and private net value product, and the national dividend show up in questions 5 and 6 in the final, I append here the corresponding readings assigned for the second term of the the academic year 1934-35]

Welfare and the National Dividend. Approximately two weeks. The discussion will turn around the following chapters from “The Economics of Welfare” by A.C. Pigou (3rd or 4th edition): Part I, Chapters 1,2,3,5,6,7,8; Part IV, Chapter 2; and Part II, Chapters 1,2,3,4,11. In the second edition the corresponding chapters from Part I are 1-7 inclusive and from Part II, 1,2,3,4,10. Chap. 10 Part II is completely revised in the third edition (where it appears as Chap. 11, Part II) and should if possible be read in the third.

Source:  Harvard University Archives, HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: “Ec11 Fall 1935”

____________________

1935-36
Final Examination
Economics 11

One question may be omitted. Arrange your answers in the order of the questions:

  1. What is the relation between elasticity of substitution and elasticity of demand? Interpret the following statement: “If the demand price of capital increases as a result of a fall in wages, then the elasticity of demand for labor is greater than the elasticity of substitution.”
  2. How would you expect inventions to affect the rate of interest?
  3. Marginal productivity of labor is held to determine wages. How does this work out in the cases of perfect and of imperfect competition?
  4. State and discuss Boehm-Bawerk’s theory of interest.
  5. “If in all industries the values of marginal social and marginal private net product differed to exactly the same extent, the optimum distribution of resources [between their possible uses] would always be attained, and there would be, on these lines, no case for fiscal interference”. Discuss.
  6. Define Economic Welfare and National Dividend. Do you consider these two concepts to be serviceable instruments of economic analysis? Why or why not?

 

Source:  Harvard University Archives, HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: “Ec11 Fall 1935”

____________________

Categories
Courses Exam Questions Harvard Syllabus

Harvard Economics. Course. Graduate Theory. Schumpeter. Spring 1935

The second semester of Economics 11 for the academic year 1934-35  was taught by Joseph Schumpeter after Frank W. Taussig taught the first semester.

Wolfgang Stolper’s notes for the course (Box 19, Notebook “Taussig Ec 11 Theory. 1934-35”) taken during the Spring Semester 1935 follow the printed reading lists given below that are undated in the folder marked “Ec11 Fall 1935” in Schumpeter’s papers.

_____________________

Economics 11

The following is a brief outline of what will be covered in the first four to six weeks of the second semester.

I. Welfare and the National Dividend. Approximately two weeks. The discussion will turn around the following chapters from “The Economics of Welfare” by A.C. Pigou (3rd or 4th edition): Part I, Chapters 1,2,3,5,6,7,8; Part IV, Chapter 2; and Part II, Chapters 1,2,3,4,11. In the second edition the corresponding chapters from Part I are 1-7 inclusive and from Part II, 1,2,3,4,10. Chap. 10 Part II is completely revised in the third edition (where it appears as Chap. 11, Part II) and should if possible be read in the third. The material from Part II leads to the second main topic, namely,

II. The Laws of Cost and Returns. Probably three or four weeks. It is proposed to deal fully with the so-called “cost controversy”, a series of more or less closely connected articles which appeared in the Economic Journal from 1922 to 1932. The following is a list of the articles in the order of their appearance. Students will not be held responsible for those included in brackets, some of which are connected only remotely with the main controversy. 1) “On Empty Economic Boxes”, J. H. Clapham, Sept. 1922; “Empty Economic Boxes: a Reply”, A.C. Pigou, Dec. 1922; “Those Empty Boxes”, D. H. Robertson, March, 1924; “The Laws of Returns under Competitive Conditions”, P. Sraffa, Dec. 1926; [“The Laws of Diminishing and Increasing Costs”, A.C. Pigou, June 1927]; [“An Analysis of Supply”, A. C. Pigou; June 1928]; “Varying Costs and Marginal Net Products”, G. F. Shove, June 1928; [“The Instability of Capitalism”, J.A. Schumpeter, Sept. 1928;] [“The Representative Firm”, L.C. Robbins, Sept. 1928]; “Increasing Returns and Economic Progress”, A.A. Young, Dec. 1928; “Increasing Returns and the Representative Firm: a Symposium”, D.H. Robertson, G.F. Shove, and P. Sraffa, March 1930. The following two articles by R.F. Harrod are in effect a continuation of the “cost controversy”, but they will be considered later in connection with the discussion of imperfect competition: “Notes on Supply”, June 1930; and “The Law of Decreasing Cost”, Dec. 1931.

_____________________

[There is a gap in reading lists between the laws of costs and production above and the discussion of imperfect competition and monopolistic competition below. The following three topics and readings are taken from the second term of the academic year 1935-36. According to Stolper’s notes (both from class and his reading notes), the topics and material were at least touched upon in the second term of the academic year 1934-35. Cf. the final exam questions below.]

 

  1. Marginal Productivity and the Theory of Wages
    1. Marshall, Bk. VI, especially Ch. I.
    2. Hicks, J. R., “The Theory of Wages”, Chs. I and VI.
    3. ——-, Marginal Productivity and the Principle of Variation,” Economica, Feb., 1932.
    4. Schultz, Henry and Hicks, J. R., “Marginal Productivity and the Lausanne School: A Reply” and “A Rejoinder”, Economica, Aug., 1932.
    5. Clark, J. B., “The Distribution of Wealth”, Ch. VIII.
    6. Robertson, D. H., “Wage Grumbles” in the volume of essays entitled Economic Fragments.
  2. Elasticity of Substitution
    1. Hicks, Ch. VI (Cf. above).
      (mathematical treatment in Appendix for those who prefer)
    2. Machlup, Fritz, “The Common Sense of the Elasticity of Substitution”, Review of Economic Studies, June, 1935.
    3. Also notes and articles on substitution in Review of Economic Studies, Vol. I, nos. 1 and 2, though not required reading, may be consulted.
  3. Opportunity Costs.
    1. Green, D.I., “Pain Cost and Opportunity Cost”, Quarterly Journal of Economics, 1894.
    2. Davenport, H.J. , “Economics of Enterprise”, Ch. VI.
    3. Knight, F.H., “A Suggestion for Simplifying the Statement of the General Theory of Price”, Journal of Political Economy, 1928.

Source: Harvard University Archives, HUC (FP) – 4.62. Joseph Schumpeter Lecture Notes, Box 9, Folder “Ec11 1935-36”.

_____________________

Economics 11

Following is a list of some of the most important works in English dealing with problems outside the range of perfect competition. They are not all assigned, but assigned reading is taken altogether from this list.

Pigou, A. C., Economics of Welfare, 3rd Edition.
Chamberlin, E. H., The Theory of Monopolistic Competition.
Chamberlin, E. H., On Imperfect Competition, in the March, 1934 Supplement of The American Economic Review, pp. 23-27.
Robinson, Joan, Economics of Imperfect Competition.
Robinson, Joan, What is Perfect Competition, Q. J. E., Nov. 1934.
Zeuthen, F., Problems of Monopoly and Economic Warfare.
Cournot, A. A., Mathematical Principles of the Theory of Wealth.
Edgeworth, F. Y., The Pure Theory of Monopoly (Papers, Vol. I)
Hotelling, Harold, Stability in Competition, E. J., March 1929.
Shove, G. F., The Imperfection of the Market, E. J., March 1933.
Harrod, R. F., Doctrines of Imperfect Competition, Q. J. E., May 1934.
Hicks, J. R., The Theory of Monopoly, Econometrica, Jan. 1935.

The subjects, in the order in which they will be taken up, together with the assigned reading, are given below.

I. The Technique and the Background.Pigou, Part II, Ch. XIV.
Robinson, Chs. 1, 2.
Chamberlin, Chs. 1, 2.		 V. Monopolistic CompetitionChamberlin, Chs. 4, 5, 6, 7.
Robinson, Ch. 7. Q.J.E., Nov. ‘34
Shove, E.J., March ’33.
Harrod, Q.J.E., May ’34.
II. Simple Monopoly.Pigou, Part II, Ch. XVI.
Robinson, Chs. 3, 4, 5.		 VI. Discrimination.Pigou, Chs. XVII, XVIII (Part II).
Robinson, Chs. 15, 16.
III. Duopoly and OligopolyPigou, Part II, Ch. XV.
Chamberlin, Ch. 3.		 VII. Imperfect Competition and the Theory of Distribution.Chamberlin, in March ’34 A.E.R. Supplement.
IV. Bilateral Monopoly.(To be discussed in class)  

_____________________

1934-35
Harvard University
ECONOMICS 11

Two questions may be omitted. Arrange your answers in the order of the questions.

  1. State the principle of Pigou’s method of measuring the National Dividend, and explain the relation of variations in the National Dividend, as thus measured, to “Welfare.”
  2. “What the production of any commodity costs to society or any individual, is the satisfaction which could have been derived from producing something else with the same means of production.” What do you think of this proposition?
  3. Explain briefly what is meant by
    (a) Elasticity of demand,
    (b) Elasticity of substitution,
    (c) Marginal revenue,
    (d) Bilateral monopoly,
    (e) Perfect competition.
  4. State the three theorems, which together constitute the “theory of marginal productivity” and show what, if anything, corresponds to each of them in the case of imperfect competition.
  5. “Monopolistic competition implies oligopoly and could not exist without it.” Do you agree?
  6. Define discrimination, and formulate the condition which must be fulfilled in order to maximize the discriminating monopolists profit. Do you think that the monopolists output will be greater or less than it would be without discrimination?

Final. 1935.

No. 55

_____________________

Source: Harvard University Archives. HUC (FP)–4.62. Joseph Schumpeter Lecture Notes, Box 6. Folder “Ec 11, Fall 1935”.

Categories
Economists Harvard Research Tip

Harvard Economics. Schumpeter. Harvard Crimson. March 1, 1934

Research Tip:

For the undergraduate point of view and reporting about Harvard developments:  The Archive of The Harvard Crimson.

Example: this written portrait of Joseph Alois Schumpeter by a student none-too-happy with the policy views of Harvard’s “Civil War School”.

Categories
Courses Exam Questions Harvard Syllabus

Harvard Economics. Course. Graduate Economic Theory. Taussig. 1934-5

Frank W. Taussig’s last time teaching the graduate theory course, Economics 11, was  in the Fall Semester of 1934. Joseph Schumpeter took over the second half of the course for the Spring Semester of 1935. In Schumpeter’s papers are 3 pages of Taussig’s handwritten notes and carbon copies of reading lists. Note: the folder where the material is found is labelled “Ec 11 Fall 1935” but material from 1934-35 is in it as well.

 

ECONOMICS 11, FALL SEMESTER 1934

_________________

[handwritten notes by F. W. Taussig, cf. initials in letter June 9, 1914 to Hunnewell in Lowell Papers, Box 14 Folder 403]

Economics 11 — 1934-35

Topics taken up by F.W.T. [Taussig], in order

  1. Ricardo, Mill—Theory of Value + Distribution
  2. “Labor Theory” as modified by non-competing Groups + Social Stratification
  3. Temporary Equil of S. + D.—inflow of goods to market from an existing stock
  4. Equil. of S. + D. for longer period.
    a) Marshall 2nd period—inflow from existing plant
    b)      “           3rd period—inflow from changing plant
  5. External + Internal Economies—M’s [Marshall’s] 4th period
  6. Quasi-Rent
    Agricultural + Urban Rent
  7. Profits
  8. Clark—B.B. [Böhm-Bawerk]
  9. Consumer’s Surplus.

Topics not taken up

Theory of Monopoly Price
Austrian Theory of Value

_________________

[handwritten notes by F. W. Taussig]

(1

Ec 11 — ‘34-35

I

Ricardo, chs I Value (omitting the discussion of Adam Smith)

“    II Rent,   III Rent of Mines
“    IV
“    V Wages
“    VI Profits

Mill, Bk III chs I, III[,] IV

(Value, omitting ch II, which was considered later in connection with Marshall)

Mill   Bk II, ch. XVI ; Bk I, ch. XII (Rent)

“      Bk II, ch XI ; XIII, §§3-4 Wages
“      Bk II, ch XV ;   Profits
“      Bk IV, chs IV[,] V, VI ; Profits to a minimum

_________________

[handwritten notes by F. W. Taussig]

(2

Reading List—Econ 11 — 1934-35

Non-competing Groups + Labor Theory of Value

Cairnes[,] Leading Principles.  P+I, ch. III

Mill[,] Bk II, ch XIV (Differences of wages), cf. Adam Smith, Bk I, ch. X

Taussig, Principles, ch 47, 48

Marshall, Book VI chs IV, V;  Book IV, ch 6

Cf. Marshall second edition,  Bk VI, ch I, §3 (p. 557-558)

_________________

[handwritten addition] 3)

[Typed table of readings that is nearly identical to Wolfgang Stolper’s hand-written reading list in his course notes from the Fall Semester 1934. Cf. Duke University, Rubenstein Rare Book & Manuscript Library. Wolfgang F. Stolper Papers, Box 19, Notebook: Taussig Ec 11 Theory, 1934-35]

Economics 11
1934-35

Demand,
Market
Value		 Mill, Book III, chs. 1, 2.
Marshall, Book III, ch. 3; Book V, chs. 1, 2.
Taussig, Quarterly Journal of Economics, May 1921
Normal
Value		 Mill, Book III, chs. 3, 4.
Marshall, Book V, chs. 3, 4, 5.
Viner, Zeitschrift f. Nationaloekonomie, Sept. 1931, vol. I
Taussig, Quarterly Journal of Economics, February 1919.
Marshall, Appendix H
Quasi
Rent		 Marshall, Book V, ch. 8; Book V, ch. 9.
Fetter, Quarterly Journal of Economics, May 1901 (vol. 15).
Increasing
Returns		 Marshall, Book V, ch. 12; Book IV, ch. 9, §7; ch. 10, 13.
Agricultural
Rent,
Urban Rent		 Marshall, Book IV, chs. 2, 3; Book V, ch. 10, (omit §§4, 5); Book VI, ch. 9; Book V, ch. 11.
Ely, Outlines, 5th ed., ch. 22.
Profits Mill, Book II, ch. 15.
Marshall, Book IV, chs. 12, 13; Book VI, chs. 7, 8.
Knight, “Risk, Uncertainty and Profits”, chs. 9, 10.
Ely, Outlines, ch. 24.L.
Robbins, The Representative Firm, Economic Journal (1928)
[handwritten addition] Marshall Bk V, ch. 10 §2 (settlers in a new country); Bk VI, ch V, §7 (rare natural abilities)
[handwritten addition] Schumpeter—Theory of Ec. Development ch. IV

_________________

[Typed carbon list]

[handwritten addition] 4)

Economics 11
1934-35
Reading

I

Böhm-Bawerk, Positive Theory of Capital

Book II, chs. 1, 2, 4, 6
Book V, chs. 1, 2, 3, 4, 5
Book VI, chs. 1 (pp. 285-286), 2, 4, 5, 6
Book VII, chs. 1, 2, 5

II

Clark, Distribution of Wealth

chs. 6, 7, 8, 9, 20
chs. 11, 12, 13, 21

Marshall, Book IV, ch. 7 (“The Growth of Wealth”—Capital, Saving etc); Book VI, chs. 1, 2

_________________

[Final Exam Economics 11, Fall Semester 1934]

1934-35
HARVARD UNIVERSITY
ECONOMICS 11

One question may be omitted. Arrange your answers in the order of the questions.

  1. “Suppose that society is divided into a number of horizontal grades, each of which is recruited from the children of its own members; and each of which has its own standard of comfort, and increases in numbers rapidly when the earnings to be got in it rise above, and shrinks rapidly when they fall below that standard. Suppose, then, that parents can bring up their children to any trade in their own grade, but cannot easily raise them above it and will not consent to sink them below it….”

Suppose also that there is free competition as regards the earnings of capital.

On these suppositions what would be the relation between

(a) the values of commodities and their “real cost”
(b) the values of commodities and their money costs;
(c) the values of commodities and their supply prices?

  1. “Internal economies of large-scale production are primarily a long-run phenomenon, dependent upon appropriate adjustment of scale of plant to each successive output. They should not be confused with the economies resulting from ‘spreading of overhead.’” Why or why not to be thus confused?

“Internal economies of large-scale production are independent of the size of output of the industry as a whole, and may be accruing to a particular concern whose output is increasing at the same time that the output of the industry as a whole is undergoing a decline.” Why or why not?

  1. Does quasi-rent have the same meaning in the following passages?

(a) “The quasi-rent of farm-buildings.”
(b) “When the artisan or professional man has once obtained the skill required for his work, a part of his earnings are for the future really a quasi-rent of the capital and labor invested in fitting him for his work, in obtaining his start in life, his business connections, and generally his opportunity for turning his faculties to good account; and only the remainder of his income is true earnings of effort. But this remainder is generally a large part of the whole. And here lies the contrast. For when a similar analysis is made of the profits of the business man, the proportions are found to be different; in his case the greater part is quasi-rent.”
(c) “In relation to normal value the earnings of high ability are to one regarded as a quasi-rent rather than as a rent proper.”

  1. Is it fatal to the conception of consumers’ surplus to admit:

(a) that differences in income make it impossible to measure satisfactions;
(b) that each unit of a homogeneous supply yields ipso facto the same satisfaction as every other unit;
(c) that the satisfaction indicated by the high price paid for an article having “prestige value” will disappear when the article becomes cheap

  1. Does “capital,” as distinguished from “capital goods,” serve to synchronize the effort of labor with the reward for labor? If so, how? If not, why not?
  1. Explain the distinctions

(a) between the intensive and the extensive margins of cultivation for land;
(b) the intensive and the extensive zones of indifference in the application of labor;
(c) the marginal product of labor and the product of marginal labor.

State summarily your opinion of the usefulness of the distinctions as tools of analysis.

Mid-Year. 1935.

No. 37

Source: Harvard University Archives. Joseph Schumpeter Papers. HUC (FP) – 4.62
Box 9 (Lecture Notes), Folder “Ec11 Fall 1935”.

Categories
Courses Harvard Socialism Syllabus

Harvard Economics. Course. Economics of Socialism. Sweezy. 1940

The course “Economics of Socialism” (Economics 11b) was taught during the Spring Semester 1940 by Dr. Paul M. Sweezy. According to the Report of the President of Harvard College and Reports of Departments for 1939-40 (p. 99), sixty students were enrolled:  20 Seniors, 25 Juniors, 6 Sophomores and 9  out-of-course candidates for the Bachelor’s degree.

For biographical detail about Paul Sweezy, take to the following link at the Monthly Review website for the Memorial Service for Paul Marlor Sweezy (1910-2004) by John Bellamy Foster (Feb 27, 2004).

Addition April 18, 2017:  Final Examination for Sweezy’s course “Economics of Socialism” in 1940.

Fun Fact:  John F. Kennedy took this course in the second semester of his senior year according to the copy of his Harvard College record at the John F. Kennedy Presidential Library.

____________________

ECONOMICS 11b
1939-40

 

Outline and Assignments—First Eight Weeks

The first eight weeks (to spring recess) will be devoted to the socialist critique of capitalist economy. The last four weeks will be devoted to the problems of socialist economy. This sheet covers only the first eight weeks.

Assigned readings are taken from the following works:

  1. Böhm-Bawerk, E. v., Karl Marx and the Close of his System
  1. Burns, Emile, Handbook of Marxism.
  1. Dobb, Maurice, Political Economy and Capitalism.
  1. Lenin, V. I., Imperialism.
  1. Lenin, V. I., State and Revolution.
  1. Marx, Karl, Capital, Vols. I and III.
  1. Marx, Karl, Value, Price and Profit.
  1. Lange, Oskar, “Marxian Economics and Modern Economic Theory,” Review of Economic Studies, June 1935.

In addition to the assigned reading every student will be expected to submit before the spring recess a report of about 1500 words on one of the following books:

  1. Cole, G. D. H., Life of Robert Owen.
  1. Foster, W. Z., From Bryan to Stalin.
  1. Fox, Ralph, Lenin: a Biography.
  1. Freeman, Joseph, An American Testament.
  1. Hicks, Granville, John Reed, the Making of a Revolutionary.
  1. Hillquit, Morris, Loose Leaves from a Busy Life.
  1. Mayer, Gustav, Friedrich Engels: a Biography.
  1. Mehring, Franz, Karl Marx: the Story of his Life.
  1. Trotsky, Leon, My Life: an Attempt at an Autobiography.
  1. Weir, L.M., The Tragedy of Ramsey Macdonald.

____________________

Outline and Assignments

FIRST WEEK. Marx and Engels; dialectical materialism and historical materialism; classical economics.

Burns, Handbook of Marxism, Chs. I, XIII, XIV, XX.

Ricardo, Principles, Ch. I (Sections I-V inclusive).

SECOND AND THIRD WEEKS. Commodities; the law of value; suplus value; accumulation; the reserve army of labor.

Marx, Capital, Vol. I, Ch. I (sections 1, 4).

Marx, Value, Price and Profit.

Marx, Capital, Vol. I, Ch. XXIII; Ch. XXIV (sections 1, 2 3); Ch. XXV.

FOURTH WEEK. Law of the falling tendency of the rate of profit; crises.

Marx, Capital, Vol. III, Part III.

Dobb, Political Economy and Capitalism, Ch. IV.

FIFTH WEEK. Value calculation and price calculation.

Marx, Capital, Vol. III, Chs. VIII, IX.

Böhm-Bawerk, Karl Marx and the Close of his System, Chs. II, III.

SIXTH WEEK. Theory of Social Classes and the State.

Lenin, State and Revolution.

SEVENTH WEEK. Monopoly and the Theory of Imperialism.

Lenin, Imperialism.

Dobb, Political Economy and Capitalism, Ch. VII.

Lange, “Marxian Economics and Modern Economic Theory.”

EIGHT WEEK. Review.

Book reports due. No additional assignment.

____________________

ECONOMICS 11b
1939-40

Outline and Assignments—Last Four Weeks and Reading Period

Assigned readings are taken from the following works:

  1. Dickinson, H. D., Economics of Socialism (1939).
  1. Pigou, A. C., Socialism vs. Capitalism (1937).
  1. Lange, Oskar and Taylor, F. M., On the Economic Theory of Socialism (1938).

NINTH WEEK (April 7-13). Historical sketch of the economics of a socialist society; demand and cost in a socialist economy.

Dickinson, Economics of Socialism, pp. 24-98.

TENTH WEEK (April 14-20). Prices and incomes in a socialist economy.

Dickinson, Economics of Socialism, pp. 98-166.

ELEVENTH WEEK (April 21-27). Special problems of a socialist economy.

Dickinson, Economics of Socialism, pp. 166-226.

TWELFTH WEEK (April 28-May 4). Income distribution in socialist theory and practice.

Assignment to be announced.

 

READING PERIOD

Read both:

1. Pigou, Socialism vs. Capitalism.

2. Lange and Taylor, On the Economic Theory of Socialism. pp. 55-142.

____________________

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1. Box 2, Folder (1939-1940, No. 1).

Categories
Economists Harvard Transcript

Harvard. Wolfgang Stolper’s Coursework. 1934-37

The picture shows the economics department of Swarthmore ca. 1942:
Standing: John W. Seybold (1916-2004), Frank Pierson (1911-1996)
Seated: Wolfgang F. Stolper (1912-2002), Clair Wilcox (1898-1970), Herbert F. Fraser (1890-1953).

One can read about them and others in One Hundred Years of Economics at Swarthmore by Joshua Hausman (Swarthmore, Class of 2005)

Below is the course record of the first author of the classic paper “Protection and Real Wages,” Review of Economic Studies, 1941. The second author was the economist seen in center of this blog’s rear-view mirror.

____________________________________

HARVARD UNIVERSITY

THE GRADUATE SCHOOL OF ARTS AND SCIENCES

24 UNIVERSITY HALL, CAMBRIDGE, MASSACHUSETTS

May 23, 1938

 

Transcript of the record of Mr. Friedrich Wolfgang Stolper

 

Course

1934-35

GRADE
Economics 11
[Economic theory]

(1 course)
[Taussig, Schumpeter]

Excused
Economics 51
[Business cycles and economic forecasting]

(1 course)
[Schumpeter]

A
Economics 1a1
[Introduction to economic statistics]

(½ course)
Frickey

A
Economics 10a1
[History of commerce, 1450-1750]

(½ course)
[Usher]

A
Economics 10b2
[History of industry and agriculture, 1450-1750]

(½ course)
[Usher]

A minus
Economics 31b2
[Theory of economic statistics]

(½ course)
[Crum]

Excused

1935-36
Mathematics A

(1 course)

C plus
Economics 121
[Monopolistic competition and allied problems in value theory]

(½ course)
[Chamberlin]

A minus
Economics 20
[Economic research]		 (1 course)
Mason

A

1936-37
Economics 20
[Economic research]

(1½ courses)
Schumpeter

A
Economics 147a hf
[Seminar: Selected problems in money and banking]

(½ course)
[Harris]

A

Mr. Stolper received the degree of Master of Arts in June, 1935.

 

The established grades are A, B, C, D, and E.

A grade of A, B, Credit, Satisfactory, or Excused indicates that the course was passed with distinction. Only courses passed with distinction may be counted toward a higher degree.

*Courses marked with an asterisk are elementary and therefore may not be counted toward a higher degree.

[signed] Lawrence S. Mayo
Assistant Dean

 

Source: Wolfgang F. Stolper papers. Duke University, Rubenstein Rare Book & Manuscript Library, Box 23 c. 1.

Image Source: p. 15 of The Halcyon 1943 (Swarthmore Yearbook).

Categories
Chicago Courses Economists Exam Questions Syllabus

Chicago. Course Notes. Theory of Income and Employment. Marschak. 1948.

The Cowles Commission Archive at Yale provides a copy of Income, Employment, and the Price Level: Notes on Lectures Given at the University of Chicago Autumn 1948 and 1949 by Jacob Marschak. Notes edited by David Fand and Harry Markowitz, 1951. Problems, course examination (Fall 1949) and reading list are included.

See the biographical memoir for Jacob Marschak (1898-1977) written by Kenneth Arrow to appreciate the enormous debt modern economics owes to Marschak.

From the Course Announcements this would have been Economics 335, The Theory of Income and Employment offered in Autumn and Spring quarters.  The notes explicitly refer to only the Autumn Quarters of 1948 and 1949. Oswald H. Brownlee was listed  in the Announcements for the course for the Spring Quarter in 1949.

In the Evsey D. Domar Papers at Duke University’s Rubenstein Library, Box 16 c.1, folder “Final Exams: Johns Hopkins, Stanford, U. of Michigan”, there is a one page mimeographed page of final exam questions for “Economics 335, June 17, 1948” which is the time Domar had an joint appointment Cowles Commission/Department of Economics at the University of Chicago and corresponds to the precise end of the Spring quarter. Thus I consider it highly likely to most probable that Domar taught the Spring term, 1948 of Economics 335.

Image Source: Carl F. Christ. History of the Cowles Commission, 1932-1952.