Month: August 2015

Categories
Columbia Courses Syllabus

Columbia. Money and Banking Reading List. Angell, 1933

This reading list for J. W. Angell’s courses on Money and Banking at Columbia University from 1933 was found in Milton Friedman’s papers at the Hoover Institution.

_____________________

READING LIST IN MONEY AND BANKING (Economics 127-128)
Revised: 1933

# Required reading.

## Required reading, to be prepared for class-room discussion. It will be found advisable, in the required reading, to follow the order of titles as here given.

1. FINANCIAL ORGANIZATION OF THE UNITED STATES

# [✓] Mitchell, W. C., Business Cycles: The Problem and Its Setting: vol. I (1927), chap. 2, esp. pp. 116-154.

# [✓] Noyes, A. D., Forty Years of American Finance: 1865-1907 (1909).

# [✓] ————–, The War Period of American Finance: 1908-1925 (1926).

[one of (Goldenweiser, Kemmerer, Willis)]

#Goldenweiser, E. A., The Federal Reserve System in Operation (1925).

# Kemmerer, E. W., The A.B.C. of the Federal Reserve System (9 ed., 1932).

#Willis, H. P., The Federal Reserve System (1923).

__________

#Beckhart, B. H., The Discount Policy of the Federal Reserve System (1929), chaps. 1, 3, 4.

# Burgess, W. R., The Reserve Banks and the Money Market (1927).

#Reed, H. L., The Development of Federal Reserve Policy (1922).

#————-, Federal Reserve Policy, 1921-1930 (1930).

#Hardy, C. O., Credit Policy of the Federal Reserve System (1932).

# [✓] National Industrial Conference Board, The Banking Situation in the U. S. (1932).

# [✓] Magee, J. D. et al., The National Recovery Program (1933).

__________

Dewey, D. R., Financial History of the United Sttes (1930).

Dowrie, G. W., American Monetary and Banking Policies (1930).

Kilborne, R. D., Principles of Money and Banking (2 ed., 1929).

Moulton, H. G., Financial Organization of Society (3 ed., 1930).

Rodkey, R. G., The Banking Process (1929).

White, H., Money and Banking (5 ed., 1914).

__________

Anderson, B. M., The “Free Gold” of the Federal Reserve System (Chase Economic Bulletin, Sept 29, 1930).

Chamber of Commerce of the U. S., The Federal Reserve System (2 parts: 1929).

Dunbar, C. F., The Theory and History of Banking (5 ed., 1929); see section on the Federal Reserve.

Federal Reserve Bank of New York, Monthly Review (also see other cities).

Federal Reserve Bulletin.

Federal Reserve System: Committee on Bank Reserves, Member Bank Reserves (1931).

Harris, S. E., Twenty Years of Federal Reserve Policy (2 vols., 1932); has an excellent bibliography.

Spahr, W. The Federal Reserve System and the Control of Credit (1931).

Strong, B., Interpretations of Federal Reserve Policy (ed. W. R. Burgess, 1930).

Tippetts, C. S., State Banks and the Federal Reserve System (1929).

United States: House: Committee on Currency and Banking, Hearings on the Stabilization of the Price Level for Commodities in General (the Strong Bill) (69: 2 Congress, H. R. 7895, 2 vols., 1926; 70: 1 Congress, H. R. 11806, 1928).

————-: Senate: Committee on Banking and Currency, Hearings on the Operation of the National and Federal Reserve Banking Systems (71:3 Congress, S. Res. 71; in 7 parts, 1931).

Warburg, P. M., The Federal Reserve System (2 vols, 1930).

Willis, H. P., and Steiner, W. H., Federal Reserve Banking Practise (1926).

__________

American Acceptance Council, Facts and Figures Relating to the American Money Market (1931). Also see other publications of the Council.

Beckhart, B. H., ed., The New York Money Market (4 vols., 1931-32).

Bell, J. W., Recent Changes in the Character of Bank Liabilities and the Problem of Bank Reserves (Am. Econ. Rev., March, 1931, Suppl.)

Cartinhour, G. T., Branch, Group and Chain Banking (1931).

Curris, L., The Decline of the Commercial Loan (Quar. Jour. Econ., Aug., 1931).

Eliot, Clara, The Farmer’s Campaign for Credit (1927).

Furniss, E. W., Foreign Exchange (1922); section on New York money market.

Hoover, C. B., Brokers’ Loans and Bank Deposits (Jour. Pol. Econ., 1932).

Lawrence, J. S., Banking Consolidations in the U. S. (1930).

National Bureau of Economic Research, various volumes and current reports.

National Industrial Conference Board, Economic Reconstruction Legislation of 1933 (1933).

Owens, R. N., and Hardy, C. O., Interest Rates and Stock Speculation (1925); 2 ed., 1930).

Persons, C., Credit Expansion, 1920 to 1929, and Its Lessons (Quar. Jour. Econ., Nov., 1930).

Riefler, W. W., Money Rates and Money Markets in the U. S. (1930).

Rogers, J. H., America Weighs Her Gold (1931).

United States: House: Committee on Currency and Banking, Hearings on Branch, Chain and Group Banking (71:2 Congress, H. Res. 141; in 15 parts, 1931).

Young, Allyn A., An Analysis of Bank Statistics of the United States (Rev. Econ. Stat., 1928; reprinted separately).

__________

President’s Conference on Unemployment: Committee on Recent Economic Changes, Recent Economic Changes in the U. S. (2 vols., 1929).

 

2. FINANCIAL ORGANIZATION OF LEADING FOREIGN COUNTRIES
(Also see Part 5)

#Beckhart, B. H., The Discount Policy of the Federal Reserve System (1929), chaps. 1, 2.

__________

(Read at last two in this group)

#Andréadès, A., The Bank of England, (2 ed., 1924).

#Bagehot, W., Lombard Street (14 ed., 1915).

#Beckhart, B. H., The Banking System of Canada (1929).

#Brown, W. A., England and the New Gold Standard (1929).

#Conant, C. A., History of Modern Bnaks of Issue (6 ed., 1927).

#Dulles, E. L., The French Franc, 1914-1928 (1929).

#Flink, S., The German Reichsbank (1931).

#Riesser, J., The German Great Banks (Natl. Monetary Commission Reports; 1910).

#Rogers, J. H., The Procdss of Inflation in France, 1914-1927 (1929).

#Whale, P. B., Joint Stock Banking in Germany (1930).

#Willis, H. P., and Beckhart, B. H., eds., Foreign Banking Systems (1929).

__________

Arndt, E. H. D., Banking and Currency Developments in South Africa (1928).

Cassel, G., Money and Foreign Exchange After 1914 (1922).

———, Post-War Monetary Stabilization (1928).

Dulles, E. L., The Bank for International Settlements at Work (1932).

Edie, L. D., and Weaver, D., Velocity of Bank Deposits in England (Jour. Pol. Econ., Aug., 1930).

Federal Reserve Bulletin (articles and statistics on foreign monetary and banking conditions).

Furniss, E. S., Foeign Exchange (1922); section on the London money market.

Goschen, Viscount G. J., Foreign Exchange (1861; reprinted); sections on the London money market.

Gregory, T. E., The Return to Gold (1925).

Harris, S. E., Monetary Policies of the British Empire (1931).

Hawtrey, R. C., Monetary Reconstruction (1923).

Katzenellenbaum, S. S., Russian Currency and Banking, 1914-1924 (1925).

Kemmerer, E. W., Modern Currency Reforms (1916).

Kemmerer, E. W., and Vissering, G., Report on the Resumption of Gold Payments by the Union of South Africa (1925).

Keynes, J. M., Indian Currency and Finance (1913).

Lavington, F., The English Capital Market (1921).

Mason, D. M., Monetary Policy, 1914-1925 (1927).

Parker, W., The Paris Bourse and French Finance (1919).

Peake, E. G., An Academic Study of Some Money Market and Other Statistics, 1884-1914 (1923).

Spalding, W. F., Eastern Exchange, Currency and Finance (4 ed., 1924).

________________, The London Money Market (1922).

United Kingdom: Committee on Finance and Industry, Report (Cd. 3897; 1931) (The Macmillan Report).

Withers, H., The Meaning of Money (3 ed., 1924).

Young, J. P., Central American Currencies (1925).

 

3. THE GENERAL THEORY OF MONEY, BANKING AND PRICES

##Layton, Sir W. T., Introduction to the Study of Prices (1920).

#Mitchell, W. C., Business Cycles: The Problem and its Setting: vol. I (1927), chap. 2, esp. pp. 116-154.

##Fisher, Irving, The Purchasing Power of Money (1911).

##Keynes, J. M., Monetary Reform (1924), pp. 1-95.

##Angell, J. W., Theory of International Prices (1926), pp. 116-135, 178-186, 274-280, 308-312, 324-331.

##Gregory, T. E., The Gold Standard and its Future (1932), chaps. 1, 2.

#Steiner, W. H., Some Aspects of Banking Theory (1920).

__________

##Hawtrey, R. G., Currency and Credit (3 ed., 1927).

##Foster, W. T., and Catchings, W., Profits (1925).

##Mitchell, W. C., Business Cycles: The Problem and its Setting: vol. I (1927), Chap. 1.

##Keynes, J. M., Treaties on Money (2 vols., 1930).

##Robertson, D. H., Banking Policy and the Price Level (1926).

##Hayek, F., Prices and Production (1931).

#Hansen, A. H., and Tout, H., Annual Survey of Business Cycle Theory (Econometrica, April, 1933).

##Angell, J. W. Money, Prices and Production: Some Fundamental Concepts (Quar. Jour. Econ., November, 1933).

__________

#Phillips, C. A., Bank Credit (1921), chaps. 1-6.

__________

Anderson, B. M., The Value of Money (1917).

Auspitz, R., and Lieben, R., Recherches sur la théorie des prix (trans. Into French, 2 vols., 1914).

Cannan, E. A., Money (6 ed., 1929).

Dunbar, C. F., Theory and History of Banking (5ed., 1929).

Dunkman, W. E., Qualitative Credit Control (1933).

Edie, L. T., Money, Production and Prices (1929).

Fisher, Irving, Mathematical Investigations in the Theory of Value and Prices (1895; reprinted 1925).

Foster, W. T., and Catchings, W., Money (1929).

Greidanus, T., The Value of Money (1932).

Hahn, L. A., Geld und Kredit (3 ed., 1929).

Hawtrey, R. G., The Art of Central Banking (1932).

Kemmerer, E. W., Money and Credit Instruments in Relation to Prices (2 ed., 1909).

Knapp, G. F., The State Theory of Money (1905; translated 1924).

Laughlin, J. L., Principles of Money (1903).

————, Money, Credit and Prices (1931).

Leaf, W., Banking (1927).

Marshall, Alfred, Money, Credit and Commerce (1923).

———————, Official Papers (1926); esp. No. 2.

Mill, J. S., Principles of Political Economy (1848; ed. W. J. Ashley, 1920), Bk. III, chaps. 7-14, 19, 21, 22, 24.

Mises, L. von, Theorie des Geldes und der Umlaufsmittel (2 ed., 1924).

Monroe, A. E., Monetary Theory before Adam Smith (1923).

Pollak Foundation, Prize Essays (1927) (criticisms of Foster and Catchings’ Profits).

Robertson, D. H., Money (1922).

Taussig, F. W., Principles of Economics (3 ed., 1923), Bk. III.

__________

Aftalion, A., L’Or et sa distribution mondiale (1932).

Angell, J. W. Monetary Prerequisites for Employment Stabilization (chapter in The Stabilization of Employment, edited by C. F. Roos, 1933).

Angell, J. W., and Ficek, K., The Expansion of Bank Credit (Jour. Pol. Econ., Feb. and April, 1933).

Bell, J. W., Recent Changes in the Character of Bank Liabilities and the Problem of Bank Reserves (Am. Econ. Rev., March, 1932. Supplement).

Blackett, Sir Basil P., Planned Money (1933).

Bradford, F. A., Some Aspects of the Stable Money Question (Quar. Jour. Econ., Aug., 1931).

Copeland, M. A., Money, Trade and Prices—A Test of Causal Primacy (Quar. Jour. Econ., Aug., 1929).

Currie, L., The Decline of the Commercial Loan (Quar. Jour. Econ., Aug., 1931).

Davenport, H. J., Velocities, Turnovers and Prices (Am. Econ. Rev., March, 1931).

Edie, L. T., Gold, Production and Prices (1928).

Einzig, P., International Gold Movements (1930).

Gardner, W. R., Central Gold Reserves, 1925-1931 (Am. Econ. Rev., March, 1932).

Hawtrey, R. G., The Gold Standard in Theory and Practise (1927).

—————–, Monetary Reconstruction (1923).

Hoover, C. B., Brokers’ Loans and Bank Deposits (Jour. Pol. Econ. 1932).

Kisch, C. H., and Elkins, W. A., Central Banks (1928).

Lawrence, J. S., Borrowed Reserves and Bank Expansion (Quar. Jour. Econ., Aug., 1928).

—————–, The Stabilization of Prices (1928).

League of Nations, The Course and Phases of the World Economic Depression (1931).

—————–, World Economic Survey (annual since 1932).

League of Nations: Gold Delegation, Reports, Documents, etc. (1930ff.)

Lounsbury, R. H., Velocity Concepts and Prices (Quar. Jour. Econ., 1931).

Mlynarski, F., Gold and Central Banks (1929).

Neiswanger, W. A., The Expansion of Bank Credit (Am. Econ. Rev., June, 1933).

Pigou, A. C., and Robertson, D. H., Economic Essays and Addresses (1931).

Rogers, J. H., The Effect of Stock Speculation on the New York Money Market (Quar. Jour. Econ. , May, 1926).

Royal Institute of International Affairs, The International Gold Problem (1931).

Shaw, W. A., The Theory and Principles of Central Banking (1930).

Snyder, C., New Measures of the Relations of Credit and Trade (Proceedings, Academy of Political Science, Jan., 1931).

Sprague, O. M. W., and Burgess, W. R., Money and Credit and Their Effect on Business (chapter in Recent Economic Changes in the U. S., vol. 2, 1931).

Stamp, Sir Josiah, Papers on Gold and the Price Level (1931).

Williams, J. H., The Crisis of the Gold Standard (Foreign Affairs, Jan. 1932).

—————–, The Monetary Doctrines of J. M. Keynes (Quar. Jour. Econ., Aug., 1931).

Willis, H. P., Central Banking (Encyclopedia of the Socieal Sciences: vol. 3, 1930).

 

4. BUSINESS CYCLES (in addition to titles given in Part 3)

Adams, A., Economics of Business Cycles (1925).

Aftalion, A., Les crises périodiques de surproduction (1913).

Clark, J. M., The Economics of Overhead Costs (1923).

Hansen, A. H., Business-Cycle Theory (1927).

Hawtrey, R. G., Good and Bad Trade (1913).

Hayek, F., Monetary Theory and the Trade Cycle (1933; a collection of earlier essays).

Hexter, M. B., Social Consequences of Business Cycles (1925).

Kuznets, S., Cyclical Fluctuations (1926).

————–, Equilibrium Economics and Business Cycle Theory (Quar. Jour. Econ., May, 1930).

————–, Monetary Business Cycle Theory in Germany (Jour. Pol. Econ., April, 1930=.

————–, Secular Movements in Production and Prices (1930).

Lavington, F., The English Capital Market (1921).

—————-, The Trade Cycle (1922).

Mills, F. C., The Behavior of Prices (1927).

————-, Economic Tendencies (1932).

Mitchell, W. C., Business Cycles (1913).

—————–, Business Cycles (Encyclopedia of the Social Sciences, vol. 3, 1930).

—————–, Business Cycles: The Problem and Its Setting (vol. I, 1927).

Persons, W.M., Indices of General Business Conditions (Rev. Econ. Stat., 1919; reprinted separately).

Pigou, A. C., Industrial Fluctuations (2nd ed., 1929).

Robertson, D. H., A Study of Industrial Fluctuations (1915).

Snyder, C., Business Cycles and Business Measurements (1927).

Souter, R. W., Equilibrium Economics and Business Cycle Theory (Quar. Jour. Econ., Nov., 1930).

Thorp, W. L., and Mitchell, W. C., Business Annals (1926).

Wagemann, E., Economic Rhythms (translated 1929).

 

5. UNSTABLE AND DEPRECIATED CURRENCIES: SILVER
(ALSO SEE PART 2).

#Angell, J. W., Theory of International Prices (1926), chaps. 7, 17.

#Keynes, J. M., Monetary Reform (1924), chaps. 2, 3.

#Taussig, F. W., International Trade (1927), chaps. 26-30.

#Angell, J. W., Exchange Depreciation. Foreign Trade and National Welfare (Proceedings, Academy of Political Science, June, 1933).

__________

Angell, J. W., Monetary Theory and Monetary Policy (Quar. Jour. Econ., 1925).

Bordes, J., The Austrian Crown (1924).

Brown, W. A., England and the New Gold Standard (1929).

Cassel, G., Money and Foreign Exchange after 1914 (1922).

———–, Post-War Monetary Stabilization (1928).

Dulles, E.L., The French Franc, 1914-1928 (1929).

Fetter, F. W., Monetary Inflation in Chile (1931).

Graham, F. D., Exchange, Prices and Production in Hyper-Inflation: Germany, 1920-1923 (1930).

Hawtrey, R. G., Monetary Reconstruction (1923).

Hecksher, E. P. Swedish Monetary History, 1914-1925 (article in the Carnegie Endowment’s Economic and Social History of the World War, volume on Sweden, Norway, etc., 1930).

Keynes, J. M., Treatise on Money (2 vols. 1930);see index for relevant sections.

Nogaro, B., Modern Monetary Systems (translated 1927).

Rist, C., La déflation en pratique (1924).

Rogers, J. H., The Process of Inflation in France, 1914-1927 (1929).

United States: Senate: Commission of Gold and Silver Inquiry, Foreign Currency and Exchange Investigation (by J. P. Young; 2 vols., 1925).

—————————–, Tariff Commission, Depreciated Exchange and International Trade (2 ed., 1922).

Young, J. P., Central American Currencies (1925).

__________

#Elliston, H. B., The Silver Problem (Foreign Affairs, April, 1931).

Gregory, T. E., The Silver Situation (Manchester University, 1932).

Leong, Y. S., Silver (1933).

 

Source: Hoover Institution Archives. Papers of Milton Friedman. Box 5, Folder 12 “Student years”.

Categories
Courses Exam Questions Harvard Syllabus

Harvard. Intro to Mathematical Economics. Schumpeter, Leontief 1935-42

Graduate classes in Mathematical Economics (Econ 13b in 1934-35, Econ 104b in later years) were taught every second year by Edwin Biddle Wilson (1934-35, 1936-37, 1938-39, 1940-41, 1942-43). An introduction for undergraduates and graduates was offered by Joseph Schumpeter in 1934-35 (Econ 8a), but the course was taken over and offered for nearly a decade by Wassily Leontief (new course number beginning 1936-37, Econ 4a). In this posting you will find different scraps from the Schumpeter/Leontief course over the years.

 

____________________________

[Schumpeter’s exam questions (1934-35)]

[Note these exam questions are in the Ec11 Folder. Instructor: Schumpeter according to course catalogue]
[Introduction to the Mathematical Treatment of Economic Theory, 1934/35 academic year]

 

Ec 8a
Midyear Exam Febr 4th 1935

Answer at least three of the following questions:

  1. Define elasticity of demand, and deduce that demand function, which corresponds to a constant coefficient of elasticity.
  2. Let D be quantity demanded, p price, and D = a – bp the demand function. Assume there are no costs of production. Then the price p0 which will maximize monopoly-revenue is equal to one half of that price p1, at which D would vanish. Prove.
  3. A product P is being produced by two factors of production L and C. The production-function is P = bLkC1-k , b and k being constants. Calculate the marginal degrees of productivity of L and C, and show that remuneration of factors according to the marginal productivity principle will in this case just exhaust the product.
  4. In perfect competition equilibrium price is equal to marginal costs. Prove this proposition and work it out for the special case of the total cost function
    y = a + bx, y being total cost, x quantity produced, and a and b
  5. If y be the satisfaction which a person derives from an income x, and if we assume (following Bernoulli) that the increase of satisfaction which he derives from an addition of one per cent to his income, is the same whatever the amount of the income, we have dy/dx = constant/x.
    Find y. Should an income tax be proportional to income, or progressive or regressive, if Bernoulli’s hypothesis is assumed to be correct, and if the tax is to inflict equal sacrifice on everyone?

[Following derivation added in pencil]
{{p}_{1}}=\frac{a}{b}

\frac{dp}{dD}=-\frac{1}{b}

\frac{d\,\,Dp}{dp}=D+p\frac{dD}{dp}=

=a-bp-bp=a-2bp

\therefore p=\frac{a}{2b}

Source: Harvard University Archives. Joseph Schumpeter Lecture Notes HUC(FP)–4.62, Box 9, Folder: “Ec 11 Fall 1935”.

 

Transcription of Schumpeter’s official typed version of the Economic 8a, 1934-35.

____________________________

[1935-36]

*Economics 8a 2hf. Introduction to the Mathematical Treatment of Economics
Half-course (second half-year). Mon. 4 to 6. Assistant Professor Leontief. [Course may be taken by either undergraduates or graduates for credit.]

Economics A [Principles of Economics] and Mathematics A, or their equivalents, are prerequisites for this course.

 

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences for the Academic Year 1935-36 (2nd edition), p. 138.

____________________________

[Excerpt from undated lecture notes, in Folder “Introduction mathematical economics 1937”]

Intr. to Math. Ec.

Introduction

Math. Ec. Economics & Mathematics

I. The subject of m.e. and Economic Theory is the same.

MathEconVennDiagram

  1. Parts of Economics – non-quantitative in character.
  2. Parts of Economics—quantitative but can be handled without math symbols. (marg. cost [unclear word].
  3. Quantitative—of such complexity that it hardly can be handled without math. symbols (f. ex. general equilibrium distribution etc.)

Fundamental difference only in the method of handling.

Non-math economists “are mathematicians without knowing it”

 

II. Two application of math. in economics.

a) theory b) statistics

Difference in application of math to economic theory and f.ex. to physics: More general type of argument Instead of definite interrelation we have knowledge only of some characteristics.

Math economics is not imitation of physics.

 

III. Fundamental problem of math. ec.:

Translation of economic problems into mathematical terms and back. Math. economist must know economics and mathematics.

In math. econ. To formulate a problem means to solve it.

IV. The aim of this course is to

  1. teach you to apply math. to the analysis of theor. ec. problem.

Mostly we will dwell in “region 2” although some time we will advance into the “region 3”.

Main subjects.

Theory of value.

Theory of production.

  1. Procedure:

a) lecture on fundamental problem

b) Discussion of special applications

c) Solution of problems out of class.

3. Knowledge of math:

a) elementary algebra

b) elementary calculus

c) partial derivatives

Knowledge of ec.

Ec A [Principles of Economics].

4. Graphic analysis vs. calculus.

Graphic analysis is a summary which helps us to talk of.

 

V.  Literature

  1. Antoine A. Cournot (1801-1877).
    “Researches into the mathematical principles of the theory of wealth” (1838)

Léon Walras (1834-1910).
“Elements of pure political economy” (1874-1877)

Vilfredo Pareto (1848-1923)
“Cours d’Economie Politique” (1896)
“Manuale d’economiea politica” (1906)

  1. Irving Fisher
    “Mathematical Investigations in the Theory of value and prices” (1892)
    F. Y. Edgeworth (1845-1926)
    Alfred Marshall (1842-1924)  “Appendix to the Principles”

Italian School
“Econometrica”
“Review of Economic Studies”
etc.

  1. No good textbook

A. L. Bowley
“The Mathematical Groundwork of Economics”, 1924.

Evans
“Introduction into mathematical economics”.

Source: Harvard University Archives. Wassily Leontief Papers. HUG 4517.30, Box 5, Folder “Introduction to Mathematical Economics (notes)”.

____________________________

[Reading Period assignment: 1936, Leontief ]

Economics 8a: Evans, G. C., Mathematical Introduction to Economics, Chs. I and II.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folder “1935-1936”.

____________________________

[Course Final Exam 1936, Leontief]

[carbon copy]

1935-36

HARVARD UNIVERSITY
ECONOMICS 8a2

 

Answer THE FIRST and at least THREE of the subsequent questions:

  1. Discuss the relation between the cost function and the production function of a single enterprise.
  2. Prove that in the point where the average unit costs are the smallest, they are equal to the marginal costs.
  3. Given a total revenue curve, R = Aq –Bq2, and a total cost curve, C= K + Lq, find the monopoly output, the monopoly price and the net revenue of monopolist. (A, B, K, and L are constants.)
  4. Discuss Cournot’s analysis of competition between two monopolies (duopoly).
  5. Given the production function Z = x½ y½ find out whether the two factors x and y are complementary or competing.
  6. Derive the relation between factor prices and marginal productivities under conditions of free competition (fixed prices).

Final   1936

 

Source: Harvard University Archives. Wassily Leontief Papers. Box 5, Folder “(notes Introduction to Mathematical Economics”

____________________________

[Reading Period assignment: 1937, Leontief ]

 Economics 4a:

A. Cournot, Researches into Mathematical Economics.

Ch. IV, pp. 44-55;
Ch. V, pp. 56-61.
Ch. IX, pp. 99-107.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folder “1936-1937”.

____________________________

[Reading Period assignment: 1938, 1939, 1940, Leontief]

Economics 4a: Read the following

  1. Cournot, Researches into Mathematical Economics. Chs. IV, V, VII, VIII, IX.
  2. Evans, Mathematical Introduction to Economics, Ch. II.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folders “1937-1938”, “1938-39”, “1939-40”.

____________________________

[Course Outline, Leontief]

Economics 4a
1939-40
Introduction to the Mathematical Treatment of Economic Theory

 

Introductory remarks. The profit function and the profit tax. The cost function; total, fixed, variable, marginal and average costs. Minimum average total and minimum average variable costs. General properties and the cost function. Aggregate cost function of a multiple plant enterprise.

The revenue function, the demand function and the price. Marginal revenue and elasticity concept. Principle of dimensional transformation. Conditions for the existence of an individual supply function.

Introduction into the theory of the markets. Necessary and sufficient conditions for the existence of market supply and market supply functions. Competition and monopoly. Theory of discrimination.

Introduction into the study of the production function. Marginal productivity, increasing and diminishing returns. Complementary and competing factors. Principle of minimum costs. Cost function and production function.

Introduction into the theory of consumers behavior: Concept of the indifference varieties.

Introduction into the analysis of dynamic economies. The cobweb problem and basic equilibrium concepts.

Introduction into the theory of general interdependence. Data and variables, basic equations and unknowns.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folder “1939-1940”.

____________________________

[Course Outline, Leontief]

Economics 4a
1941-42 [also for 1942-43]

 

  1. Introductory remarks.
    The profit function.
    Maximizing profits.
  2. The cost functions: Total costs, fixed costs, variable costs, average costs, marginal costs, increasing and decreasing marginal costs.
    Minimizing average total and average variable costs.
  3. The revenue function.
    Price and marginal revenue.
    Demand function
    Elasticity and flexibility.
  4. Maximizing the net revenue (profits).
    Monopolistic maximum.
    Competitive maximum.
    Supply function.
  5. Joint costs and accounting methods of cost imputation.
    Multiple plants.
    Price discrimination.
  6. Production function.
    Marginal productivity.
    Increasing and decreasing productivity.
    Homogeneous and non-homogeneous production functions.
  7. Maximizing net revenue, second method.
    Minimizing costs for a fixed output.
    Marginal costs and marginal productivity.
  8. Introduction into the theory of consumers’ behavior.
    Indifference curves and the utility function.
  9. Introduction to the theory of the market.
    Concept of market equilibrium.
    Duopoly, bilateral monopoly.
    Pure competition.
  10. Cobweb problem.
  11. Introduction into the theory of general equilibrium.

 

Reading: R. G. D. Allen, Mathematical Analysis for Economists.

Evans, Introduction into Mathematical Economics.

Antoine Cournot, Researches into the Mathematical Principles of the Theory of Wealth.

Weekly problems.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 3, Folders “1941-1942”. “1942-1943 (1 of 2)”.

____________________________

[Reading Period assignment: 1942, Leontief]

 

Evans, Introduction into Mathematical Economics. Ch’s I, II, III

Antoine Cournot, Researches into the Mathematical Principles of the Theory of Wealth. pp. 44-55, 56-66, 99-107.

Econ. 4.[a]

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 3, Folder “1941-1942”.

Categories
Columbia Regulations

Columbia. Ph.D. Memo On Oral Examinations. 1932-33

 

 

The Committee on Instruction of the Columbia University Faculty of Political Science (consisting of the four departments of public law, history, economics and sociology) circulated the following memorandum regarding the oral subject examinations for the Ph.D. degree. One is struck at both the apparent informality and variation of practice in the matter at the time the memorandum was written (most likely sometime during the academic year 1932-33). Of 74 examinations in economics, 52 were passed unconditionally during the three years 1929-30 through 1931-32.

__________________________________________

From the Committee on Instruction to the Members of the Faculty of Political Science
Memorandum on the Procedure of Doctor’s Examinations

At a recent meeting the Committee on Instruction discussed certain questions which seem pertinent in respect of the procedure in and standards of oral subject examinations for the Doctor of Philosophy degree. The Committee has decided to submit to the members of the Faculty certain of these considerations in the hope that the several Departments will discuss in departmental meetings any matters which seem important.

The procedure of oral subject examinations apparently rests in large part on custom. When a candidate is proposed for examination by a Department notices are sent to all the members of the proposing Department who are members of the Faculty of Political Science and a notice goes also to each of the other three Departments. The proposing Department can be represented at the examination by a committee of its members; it may add to the committee Professors who are not on the Faculty of Political Science; and the three non-proposing Departments are expected to designate representatives. In some cases this representative is a junior officer under the Faculty.

These inquiries concerning the conventions of examinations are not intended to suggest that there should be any attempt to draw up detailed rules and regulations. It is not thought that any existing evils—if there are such—can be eliminated by a codification of practices and agreement that the code should be followed. With the procedure based on custom, however, it does seem to the Committee on Instruction worth while for the customs to be recanvassed by informal discussions. This would seem to be the more desirable because of the increase in the number of doctoral candidates and the increased number of professors who serve on examining committees. A few years ago every member of a Department attended every departmental examination. Now there is increasing turnover among examiners. Hence, as has been said, it is more important that pertinent questions be rediscussed In submitting these questions the Committee on Instruction does no more than suggest that they are worthy of consideration. The Committee now expresses no opinion of how the questions should be answered:

1) Should oral examinations be made formal? Manifestly the occasion is an important one for the candidate. Should members of the examining committee smoke during the examination? Should the candidate smoke? Should member of the examining committee bring books, papers or proofs with them and carry on their work save when they themselves are asking questions? Should the presiding officer at the examination attempt to check conversations à deux or à trois between members of the examining committee when they are not asking questions?

2) Is it desirable to have any general understanding concerning the time allotted for the major subject and for the minor subject (a) when both subjects are within the same department, and (b) when the minor subject is in a different Department? Presumably in the case of (a) the matter can be settled within the Department. In the case of (b) the allocation seems to vary greatly, from twenty-five minutes to an hour.

3) Is it desirable to have the time of the examination devoted to questioning by four or five professors or is it desirable to have the questioning by eight or even more professors? If the questioning must be conducted by the larger number is it desirable to allow at least one of them a full half or three quarters of an hour?

4) Should all the professors who have asked questions be present at the conclusion of the examination and participate in the discussion of the candidate’s fate? Is it desirable for a questioner, after finishing his questions, to leave the examination room telling the Chairman his opinion of the candidate on his subject?

5) How should the decision of the examining committee be reached? By majority vote?

6) Should encouragement be given the practice of questions by representatives of other departments? What weight should be attached to the opinions of these representatives? Should efforts be made to give candidates less extemporaneous examinations?

8) Is there any reason for a change in the form of the Dean’s blanks so that on the record of the examination there will appear a list of the professors present and the special subjects on which they examined?

9) In the discussions of whether a student is to be passed or failed references to previous students who have passed or failed rest on the recollections of professors who have been on both examining committees. Is it desirable that notations be made on the blanks giving some indication of the nature of the performance of candidates and would it be possible for the Dean’s office to cumulate these notations and to send over with each new blank a summary of recent performances in that department?

10) Should consideration be given to the question of whether, in the absence of an examining committee of a certain size (including representatives from other departments) the examination should be postponed?

Record of Oral Subjects Examinations for the PhD Degree
Faculty of Political Science

Passed

 Failed

Conditioned

1929-30
Public Law

6

 10

4
History

13

 12

6
Economics

21

 2

4
Sociology

7

 1

1

1930-31
Public Law

13

 6

3
History

20

 6
Economics

17

 3

5
Sociology

11

 2

1931-32
Public Law

12

 9

2
History

16

10
Economics

14

 5

3
Sociology

7

 7

 

Source: Columbia University Libraries. Manuscript Collections. Columbia University Department of Economics Collection. Carl Shoup Materials. Box 10. Folder “Columbia University—General”.

Categories
ERVM

Outpost of Economics in the Rear-View Mirror on Facebook

Following the example of distinguished bloggers, today I set up an “outpost” on Facebook to announce the posting of new artifacts. Spread the word!

P. S.  For Twitter:    @irwincollier

Categories
Chicago Columbia Cornell Harvard Wisconsin

Chicago Economics’ Subjective Self-Ranking in 1913

The Dean of the University of Chicago’s College of Commerce and Administration, L. C. Marshall, submitted a proposal October 30, 1913 to President Harry Pratt Judson of the University of Chicago that outlined immediate steps for a transition from temporary arrangements for the College of Commerce and Administration to a permanent policy to go into effect 1914-15. Part of Marshall’s proposal addressed the issue of “the preparation of a student constituency” which besides outreach to entering freshmen and advanced undergraduates included the item “attracting graduate students”. The appendix transcribed for this posting presents a subjective ranking of the factors involved in drawing economics graduate students to the University of Chicago.

The overall ranking was determined by adding the ranks for seven factors with two of those factors given a double-weight.

According to L. C. Marshall, the scholarly reputation of Chicago in economics in 1913 put it in fifth place behind Columbia, Harvard, Cornell and Wisconsin.

_____________________________

Appendix I

AN ESTIMATE OF THE RANKING OF SIX INSTITUTIONS IN ABILITY TO DRAW GRADUATE STUDENTS IN ECONOMICS

Notes:

  1. This is an attempt to estimate how the institutions are regarded by prospective graduate students and not an attempt to estimate real merit.
  2. The estimate is based on the ranking according to the seven main items which are likely to draw students: I. Geographical location; II. Reputation for discipline given; III. General reputation of social science departments; IV. Scholarly reputation of economics department; V. Reputation for placing men; VI. Opportunities for self-support; and VII. Influence of Teachers out.
  3. Two items are weighted, viz; VI. Opportunities for self-support, and VII. Influence of teachers out.

I.

II.

Geographical Location

Reputation for Discipline given
1  Chicago
2  Columbia
3  Harvard
4  Wisconsin
5  Cornell
6  Illinois		 1  Harvard
2  Chicago
3  Columbia
4  Wisconsin
5  Cornell
6  Illinois

III.

IV.

General Reputation of Social Science Departments

Scholarly Reputation of Economics Department
1  Columbia
2  Harvard
3  Wisconsin
4  Chicago
5  Cornell
6  Illinois		 1  Columbia
2  Harvard
3  Cornell
4  Wisconsin
5  Chicago
6  Illinois

V.

VI.

Reputation for Placing Men

Opportunities for Self-support
(weighted by 2)
1  Columbia
2  Harvard
3  Wisconsin
4  Chicago
5  Cornell
6  Illinois		 1  Harvard
2  Wisconsin
3  Columbia
4  Illinois
5  Chicago
6  Cornell

VII.

VIII.

Influence of Teachers out
(weighted by 2)

Final Ranking and Points
1  Harvard
2  Columbia
3  Wisconsin
4  Cornell
5  Chicago
6  Illinois		 1  Harvard              14
2  Columbia           18
3  Wisconsin          28
4  Chicago              36
5  Cornell               43
6  Illinois                50

Comments:

No. I is eminently satisfactory

No. II will see Chicago at the head of the list when III, IV, and VII have been remedied

No. III and IV require (a) on the administrative side, carrying through the plans of the College of Commerce and Administration; (b) the earning of scholarly reputation by the members of the department

No. V will care for itself. Chicago will be at the top of this list in five years if we remedy III, IV, VI, and VII.

No. VI is a very serious matter, and requires consideration too detailed to be attempted here

No. VII will not be overcome for ten years.

 

Source: University of Chicago Archives. Department of Economics Records, Box 14, Folder 13

Image Source:  Picture of Dean Leon C. Marshall from University of Chicago Photographic Archive, apf1-04113, Special Collections Research Center, University of Chicago Library.

Categories
Courses Exam Questions Harvard

Harvard. Advanced Economic Theory, Schumpeter, 1941-42

Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the list of “artifacts” from the history of economics I have already assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below.  There is also an opportunity to comment below….

______________________

According to the Presidential Report of Harvard University, in 1941-42 nine graduate students were enrolled in Joseph Schumpeter’s full-year course, Economics 103, Advanced Economic Theory. Reading lists and exam questions are provided here for both semesters.

 ________________________________

[Course Announcements 1941-42]

For Undergraduates and Graduates

The Courses for Undergraduates and Graduates, unless otherwise stated, are open only to students who have passed in Course A [Principles of Economics]

[…]

*Economics 1. Economic Theory

Mon., Wed., and (at the pleasure of the instructors) Fri., at 11. Professor Chamberlin, Dr. O. H. Taylor, and Associate Professor Leontief.

This course will be conducted mainly by discussion. It is open only to candidates for the degree with honors.

[…]

*Economics 103. Advanced Economic Theory

Tu., Th., and (at the pleasure of the instructor) Sat., at 10. Professor Schumpeter.

Economics 1, or an equivalent training, is a prerequisite for this course. It may be taken as a half-course in either half-year.

Source: Official Register of Harvard University, Vol. 38, No. 11 (March 19, 1941). Provisional Announcement of the the Courses of Instruction offered by the Faculty of Arts and Sciences during 1941-42, pp. 56-59.

________________________________

ECONOMICS 103
Program of Course and Reading List
1941-42

This course is to serve the two purposes, first, of a critical survey of “traditional” (Marshall-Wicksell) theory as improved by later work on the same lines; second, of an introduction into modern “dynamics” and into the problems arising out of the necessity of fitting theory to time-series material. The first purpose will be dominating in the work of the first, the second in the work of the second semester.

First Semester

 

I. Preliminaries. The nature of economic variables and equilibria. Various meanings of Stability. Structural and confluent relations. Statics and Dynamics vs. stationary and evolutionary states. Comparative Statics. One to two weeks.

No reading assignments.

II. Monetary and “real” processes. Aggregative Models. One to two weeks.

Keynes, General Theory.

Lange, “The rate of interest and the optimum propensity to consume,” Economica, February 1938.

III. The (traditional) theory of the individual household and the individual firm.

Rest of semester.

The background of this theory is Marshallian. Marshall’s Principles and Wicksell’s Lectures, Vol. I, should be thoroughly familiar to, and frequently referred to, by every student. No specific references will hence be made to them in what follows. In addition, general reference is here made to:

J. R. Hicks, Value and Capital.
E. H. Chamberlin, The Theory of Monopolistic Competition.

A. Walras’ static equilibrium relations. One week.

No additional reading (but refer to Wicksell and Hicks).

B. Statics of the family budget. Indifference maps. Engels curves. Two weeks.

Hicks, first part.
Frisch, New Methods of Measuring Marginal Utility (1932).
Suggestion: Allen and Bowley, Family Expenditure, 1935.

C. Statics of the individual firm. Production functions and isoquants. Cost calculation. Depreciation. The Marshallian supply curves. Two weeks.

Kaldor, “The Equilibrium of the Firm,” Economic Journal, 1934.
Machlup, “The Common Sense of the Elasticity of Substitution,” Review of Economic Studies, 1935.
Sraffa, “The Laws of Return under Competitive Conditions,” Economic Journal, 1926.
Robinson, “Imperfect Competition and Falling Supply Price,” Economic Journal, 1932.
Robinson, “What Is Perfect Competition?,” Quarterly Journal of Economics, 1934.
Viner, “Cost and Supply Curves,” Zeitschrift für Nationalökonomie, 1931.
Kahn, “Some Notes on Ideal Output,” Economic Journal, 1935.

D. Problems of monopolistic and oligopolistic price policy. Oligopoly and bilateral monopoly. Discrimination. Two weeks.

Hicks, “The Theory of Monopoly,” Econometrica, 1935.
Lerner, “The Concept and Measurement of Monopoly Power,” Review of Economic Studies, 1934.
Robinson, Economics of Imperfect Competition, Books II, IV, V.
Leontief, “The Theory of Limited and Unlimited Discrimination,” Quarterly Journal of Economics, 1934.

E. Locational Problems. One week.

Hotelling, “Stability in Competition,” Economic Journal, 1929.
Hoover, Location Theory and the Shoe and Leather Industries, Harvard Economic Studies, No. LV.

Reading Period Suggestion:

A. C. Pigou, Employment and Equilibrium, 1941.

Source: Harvard University Archives. HUG(FP)—4.62. Joseph Schumpeter Papers, Box 12, Folder: “Ec 103, Fall 1942”

________________________________

1941-42
Harvard University
Economics 103

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

  1. Define the nature of economic equilibria. Give examples of the various types of them. Distinguish between equilibrium, determinateness, and stability.
  2. Explain the difference between Dynamics and Comparative Statics. In what respects do you consider the first approach to be superior to the second?
  3. Keynes’ General Theory, as thrown into a system of equations by Oscar Lange, purports to give a model of the economic process. So does the system of equations written by Walras. What are the principal differences between the two and what do you think of their relative merits a) in general, b) with respect to particular set of problems?
  4. We have replaced the old concept of marginal utility by the concept of marginal rate of substitution. What were the reasons for this and what have we gained thereby?
  5. Define the surface of consumption and discuss the three curves which are traced out by the sections of that surface by planes perpendicular to the three axes.
  6. What is meant by elasticity of substitution? And what are the principal uses for this concept?
  7. Explain the nature of a linear production function that is homogeneous of the first degree and state the reasons why many economists are so partial to it. Should we, or should we not, make that particular assumption about the form of our production functions?
  8. In what sense is it time to say that, in framing a rational price policy, firms should take no account of overhead but only of marginal cost?

Mid-Year, 1942.

Source: Harvard University Archives, HUG(FP)-4.62. Joseph Schumpeter Papers, Box 4, Folder “Ec 103, Sp & Fall 41-42”.

________________________________

Economics 103
Program of Course and Reading List
1941-42
Second Semester

I

The work of this semester is, first, to complete the critical survey of “traditional” (Marshall-Wicksell) theory begun in the first semester; and to deal with modern “dynamics” and some of the problems arising out of the fact that economic theory is under the necessity of using time-series material. The general background will be supplied, as it has been in the first semester, by the following treatises to which no further reference will be made in this Reading List:

Alfred Marshall, Principles.
Knut Wicksell, Lectures, Vol. I.
Edward H. Chamberlin, Theory of Monopolistic Competition.
J. R. Hicks, Value and Capital.
J. M. Keynes, General Theory of Employment, Interest and Money.

II

Not assigned, nor necessary in order to fulfill course requirements, but suggested are the following works (this suggestion also covering the usual Reading Period assignments):

A. C. Pigou, Employment and Equilibrium, 1941.
Erik Lundberg, Studies in the Theory of Economic expansion, Stockholm Economic Studies, 1936).
J. Tinbergen, Statistic Testing of Business-Cycle Theories, II, Business Cycles in the United States of America: 1919-1932, League of Nations, Geneva, 1939. (This work, which may seem to be far removed from the field of pure theory, nevertheless constitutes a most important contributions to it.)

III

(1) Distinction between Dynamics and the Theory of Economic Development. Disturbances, Transitional States, and the Long-Run Normal. Economic Hysteresis and Walras Reaction. Microdynamic and Macrodynamic Models.

No reading assignments.

(2) Lagged Reaction. The Hog-Cycle Case. (Cobweb). Buyers reacting to current price, sellers reacting to a previous price. The case of durable goods; the shipbuilding cycle.

(Tinbergen: Ein Schiffbauzyklus? Weltwirtschaftliches Archiv, July, 1931, not assigned.)

(3) Other “dynamising” factors: reaction to current rate of change of price; reaction to weighted average of past prices. Friction. The Theory of Expectations.

N. Kaldor, “Speculation and Economic Stability,” Review of Economic Studies, October, 1939.
L. M. Lachmann, “Uncertainty and Liquidity Preference, “ Economica, August, 1937.
F. A. von Hayek, “Economics and Knowledge,” Economica, February, 1937.
F. Lavington, “An Approach to the Theory of Business Risks,” Economic Journal, June, 1925.

(4) Statistical Demand and Cost Curves.

Henry Schultz, Statistical Laws of Demand and Supply, 1928. (This will stand instead of the much more significant, but also much more difficult work of the same author: Theory and Measurement of Demand, 1940.
Joel Dean, The Relations of Cost to Output (National Bureau of Economic Research, Technical Paper No. 2, 19).

(5) Problems of Price Policy.

(See First-Semester Reading List, III/D.)

(6) Some Aspects of the Theory of Capital and interest.

G. Mackenroth, “Period of Production, Durability and the Rate of Interest,” Journal of Political Economy, December, 1930.
F. H. Knight, “Capital, Time, and the Interest Rate,” Economica, August, 1934.
F. Machlup, “Professor Knight and the Period of Production,” Journal of Political Economy, October, 1935.
John B. Canning, The Economics of Accountancy, 1929. (Chapter on Depreciation.)
Irving Fisher, The Theory of Interest, 1916.

(7) Some Macrodynamic Models

F. R. Harrod, “An Essay in Dynamic Theory,” Economic Journal, March, 1939.
N. Kaldor, “A Model of the Trade Cycle,” Economic Journal, March 1940.
M. Kalecki, “A Theory of the Business Cycle,” Review of Economic Studies, February, 1937. (Reprinted in Essays on the Theory of Economic Fluctuations.)
(R. Frisch, “Impulses and Propagation Waves,” Essays in Honor of Gustaf Cassel; technically difficult.)

Source: Harvard University Archives. HUG(FP)—4.62. Joseph Schumpeter Papers, Box 12, Folder: “Ec 103, Fall 1942”

________________________________

1941-42
Harvard University
Economics 103

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

  1. Consider the micro-dynamic model which is usually referred to as the “cobweb” pattern. Explain the commonsense of the underlying theory. Discuss its value in interpreting reality.
  2. A dynamic model may yield damped, stationary or anti-damped (explosive) solutions. Should we exclude the anti-damped ones on the ground that they are unrealistic because as a matter of fact economic patterns do not explode?
  3. In what sense can it be said that increasing returns are incompatible with perfect (pure) competition?
  4. Assume that the only purpose of the Practice of Depreciation is to allocate the costs of durable instruments of production among the periods of account (“years”) covered by the service life of those instruments. Given that purpose, what is the correct principle of figuring out the amount of depreciation?
  5. State the classical (Marshallian) theory of the influence of commodity speculation (trade in futures) on the time-shape of values (fluctuations in prices and in quantities sold). How does modern theory differ from that picture? What is your own opinion about the influence of speculation?
  6. Let a statistical demand curve be derived by plotting the prices of a commodity, divided by a wholesale price index, against the corresponding amounts of its per capita consumption. What do you think of such a procedure and how would you judge such a demand curve?
  7. If a firm owns several plants, how will it distribute a given amount of output among them?
  8. Show that, in the absence of further information, price is indeterminate in the case of Bilateral Monopoly.

Final, 1942.

Source: Harvard University Archives, HUG(FP)-4.62. Joseph Schumpeter Papers, Box 4, Folder “Ec 103, sp & Fall 41-42”.

Categories
Bibliography Chicago Harvard

Laughlin’s List: Recommended Teacher’s Library of Economics, 1887.

 

 

While still an assistant professor of political economy at Harvard, J. Laurence Laughlin (who went on to become professor and first head of  the Chicago department of political economy) included the following bibliography of works that together would constitute “A Teacher’s Library”. I provide here links to almost every item on the Laughlin List. When I could not find the exact edition that Laughlin referenced, I have taken the liberty of substituting the closest edition I was able to find quickly.

_________________________________

A TEACHER’S LIBRARY,
SELECTED FROM ENGLISH, FRENCH, AND GERMAN AUTHORS.

[By J. Laurence Laughlin, 1887]

General Treatises.

John Stuart Mill’s “Principles of Political Economy.” Abridged, with critical, bibliographical, and explanatory notes, and a sketch of the History of Political Economy, by J. Laurence Laughlin. A textbook for colleges (1884).

Professor Fawcett’s “Manual of Political Economy” (London, sixth edition, 1883) is a brief statement of Mill’s book, with additional matter on the precious metals, slavery, trades-unions, co-operation, local taxation, etc.

Antoine-Élise Cherbuliez’s “Précis de la science économique” (Paris, 1862, [Vol. 1, Vol. 2]) follows the same arrangement as Mill, and is considered the best treatise on economic science in the French language. He is methodical, profound, and clear, and separates pure from applied political economy.

Other excellent books in French are: Courcelle-Seneuil’s “Traité théorique et pratique d’économie politique” (1858), (Paris, second edition, 1867, [Vol. 1, Vol. 2), and a compendium by Henri Baudrillart, “Manuel d’économie politique” (third edition, 1872).

Roscher’s “Principles of Political Economy” [Die Grundlagen der Nationalökonomie (1854 edition); (1897, 22nd edition)] is a good example of the German historical method: its notes are crowded with facts; but the English translation ([Vol. 1, Vol. 2] New York, 1878) is badly done. There is an excellent translation [Vol. 1, Vol. 2] of it into French by Wolowski.

A desirable elementary work, “The Economics of Industry” (London, 1879; second edition, 1881), was prepared by Mr. and Mrs. Marshall.

Professor Jevons wrote a “Primer of Political Economy” (1878), which is a simple, bird’s-eye view of the subject in a very narrow compass.

 

Important General Works.

Adam Smith’s “Wealth of Nations” (1776). The edition of McCulloch is, perhaps, more serviceable than that of J. E. T. Rogers [Vol. 1, Vol. 2].

Ricardo’s “Principles of Political Economy and Taxation” (1817).

J. S. Mill’s” Principles of Political Economy” (2 vols., 1848, sixth edition, 1865, [7th edition. W. J. Ashley, ed. (1909)]).

Schönberg’s “Handbuch der politischen Oekonomie” (1882) [3rd edition (1890)]. This is a large co-operative treatise by twenty-one writers from the historical school.

Cairnes’s “Leading Principles of Political Economy” (1874); “Logical Method ” (1875), lectures first delivered in Dublin in 1857.

Carey’s ” Social Science ” (1877), in three volumes [Vol. 1, Vol. 2, Vol. 3]. This has been abridged in one volume by Kate McLean.

F. A. Walker’s “Political Economy” (1883). This author differs from other economists, chiefly on wages and questions of distribution.

 

Treatises on Special Subjects.

W. T. Thornton’s “On Labor” (1869).

H. George’s “Progress and Poverty” (1879). In connection with this, read F. A. Walker’s “Land and Rent” (1883).

J. Caird’s “Landed Interest” (fourth edition, 1880), treating of English land and the food-supply.

MacLeod’s “Theory and Practice of Banking” (third edition, 1875-1876) [Vol. 1 (4ed, 1883), Vol. 2 (4ed, 1886)]

Goschen’s “Theory of Foreign Exchanges ” (eighth edition, 1875) [10ed, 1879].

A. T. Hadley’s “Railroad Transportation” (1885).

F. W. Taussig’s “History of the Present Tariff” (1886).

W. G. Sumner’s “History of Protection in the United States.” (1883)

Giles B. Stebbins’s “[The American] Protectionist’s Manual.” (1883).

Erastus B. Bigelow’s “The Tariff Question.” [1862]

W. G. Sumner’s “History of American Currency” (1874).

John Jay Knox’s “United States Notes” ([2ed] 1884).

Jevons’s “Money and the Mechanism of Exchange” (1875).

J. L. Laughlin’s “History of Bimetallism in the United States” (1885). [2ed (1888),  4ed (1898)]

Tooke and Newmarch’s “History of Prices” (1837-1856), in six volumes.
[Vol. 1, 1838; Vol. 2, 1838; Vol. 3, 1840; Vol. 4, 1848; Vol. 5, 1857; Vol. 6, 1857]

M. Block’s “Traité théorique et pratique de statistique” (1878). [2e, 1886]

Leroy-Beaulieu’s “Traité de la science des finances” (1883) [5ed (1891/2), Vol. 1, Vol. 2]. This is an extended work, in two volumes, on taxation and finance; “Essai sur la répartition des richesses ” (second edition, 1883).

F. A. Walker’s “The Wages Question ” (1876); “Money” (1878).

M. Louis Reybaud’s “Études sur les réformateurs, ou socialistes modernes ” (seventh edition, 1864). [Vol. 1; Vol. 2]

Rae’s “Contemporary Socialism” (1884) gives a compendious statement of the tenets of modern socialists. See, also, R. T. Ely’s “French and German Socialism” (1883).

D. A. Wells’s “Our Merchant Marine.” [1890]

Dictionaries.

McCulloch’s “Commercial Dictionary ” (new and enlarged edition, 1882).
[Published 1880 by Longmans in London, edited by Hugh G. Reid.]

Lalor’s “Cyclopaedia of Political Science” (1881-1884) is devoted to articles on political science, political economy, and American history. [Vol. 1 (Abdication—Duty), 1883; Vol. 2 (East India Company—Nullification), 1883; Vol. 3 (Oath—Zollverein), 1890]

Coquelin and Guillaumin’s “Dictionnaire de l’économie politique ” (1851-1853, third edition, 1864), in two large volumes. [Vol. 1 (1864); Vol. 2 (1864)]

 

Reports and Statistics.

The “Compendiums of the Census” for 1840, 1850, 1860, and 1870, are desirable. The volumes of the tenth census (1880) are of great value for all questions; as is also F. A. Walker’s “Statistical Atlas ” (1874); and Scribner’s ” Statistical Atlas of the United States,” based on the census of 1880.

The United States Bureau of Statistics issues quarterly statements; and annually a report on “Commerce and Navigation,” and another on the “Internal Commerce of the United States.” [e.g. 1877 report]

The “Statistical Abstract” is an annual publication, by the same department, compact and useful. It dates only from 1878.

The Director of the Mint issues an annual report dealing with the precious metals and the circulation. Its tables are important.

The Comptroller of the Currency (especially during the administration of J. J. Knox) has given important annual reports upon the banking systems of the United States.

The reports of the Secretary of the Treasury deal with the general finances of the United States. These, with the two last mentioned, are bound together in the volume of “Finance Reports,” but often shorn of their tables.

There are valuable special reports to Congress of commissioners on the tariff, shipping, and other subjects, published by the Government.

The report on the “International Monetary Conference of 1878” contains a vast quantity of material on monetary questions.

The British parliamentary documents contain several annual “Statistical Abstracts” of the greatest value, of which the one relating to other European states is peculiarly convenient and useful. These can always be purchased at given prices.

A. R. Spofford’s “American Almanac” is an annual of great usefulness. [e.g. (1887)]

J. H. Hickcox, Washington, publishes a very useful catalogue of the Government publications, entitled ” United States Publications.” [Vol. 1 (1885), Vol. 2 (1886), Vol. 3 (1887)]

_______________________

Source:  J. Laurence Laughlin (1887). The Elements of Political Economy with some Applications to Questions of the Day. New York: D. Appleton and Company.

An earlier version with essentially the same Teacher’s Library also found in: J. Laurence Laughlin (1885). The Study of Political Economy. Hints to Students and Teachers. New York: D. Appleton and Company.

 

Image Source: J. Laurence Laughlin in Plans of National Currency Reform. 78th meeting of the Sunset Club, December 6, 1894 held at the Grand Pacific Hotel in Chicago, p. 3. Found in the University of Chicago Archives, Papers of J. Laurence Laughlin, Box 1, Folder 17.

 

 

 

 

Categories
Courses Exam Questions Harvard

Harvard. Principles of Sociology Exam. First Semester, Carver 1922-23.

In the previous post we have a syllabus with links to the assigned readings for the full-year course Economics 8, Principles of Sociology, taught at Harvard by Professor Thomas Nixon Carver. This copy of the printed exam questions for the first term of the academic year 1922-23 was found in the papers of Vernon Orval Watts in the Hoover Institution archives.  The examination questions for the final examination for the second semester has been posted as well.

Watts’ own notes for the course are for following academic year. A brief c.v. for Watts and his obituary from the Los Angeles Times provide some biographic detail for Vernon Orval Watts. He was awarded a Ph.D. from Harvard in 1932 in economics for the dissertation “The development of the technological concept of production in Anglo-American Thought.” His autobiography Recollections of an Unplanned Life is available to read on-line at hathitrust.org.

From Watts’ course notes we can see the following major differences between the 1917-18 syllabus and what was taught in 1923-24.

  • More chapters in Lucius Moody Bristol’s Social Adaptation were discussed in the lectures (Watts’ papers included his notes on Chapters 1-13);
  • Added were the published Sigma Xi Lectures delivered at Yale University, 1921-22 (George Alfred Baitsell, ed., The Evolution of Man. New Haven, Yale University Press, 1922);
  • Added for the second term was the newly published textbook by Frederick A. Bushee, Principles of Sociology. New York: Henry Holt & Company, 1924.

Watts’ course notes also show that Carver still assigned the vast bulk of his book of readings in sociology (Sociology and Social Progress, 1905) as well as a collection of his essays published in 1915. Indeed it appears to me that reading the first 13 chapters of Bristol and these two Carver books would have been quite sufficient for a student to get a good grade in the course.

_________________________________

1922-23
HARVARD UNIVERSITY
ECONOMICS 8

  1. Would you call sociology a branch of economics or economics a branch of sociology? Explain why.
  2. How would you determine whether a given social change is progressive or not?
  3. Do men work together in groups because they are socially minded, or do they become socially minded because it pays economically to work together in groups?
  4. What are the chief eugenic agencies now at work in this country? Defend your answer.
  5. What are the chief dysgenic agencies now at work in this country? Defend your answer.
  6. To which group of factors, the moral or the intellectual, does Buckle attach the greater importance in the promotion of civilization? Why?
  7. What are meant by “self-appraisal,” “consciousness of kind,” sympathy, and imitation, and how is each related to the process of socialization?
  8. How are “self-appraisal” and “consciousness of kind” related to what is known as the race problem?
  9. How does Ross dispose of the “economic interpretation of history”?
  10. Discuss the question: Are human instincts the primary social factors?

Mid-Year. 1923.

 

Source: Hoover Institution Archives. Papers of V. Orval Watts, Box No. 8. Folder: “Harvard Univ. 1922-23 Notes on readings”.

 

 

Categories
Courses Harvard Syllabus

Harvard. Sociology Syllabus. Carver, 1917-18


Economics 8, Principles of Sociology, was taught by Professor Thomas Nixon Carver in 1917-18. The course could be taken by both undergraduates and graduate students. 17 students were registered (7 Seniors, 8 Juniors, 2 other classifications). Links to all readings are provided!

Added later to Economics in the Rear-View Mirror: mid-year exam questions (from February 1923 for a later version of the course) and the final examination questions from June 1918.

 

_____________________________

ECONOMICS 8
I
Introduction

1.  Various definitions of Sociology.

Spencer, Principles of Sociology. Part I, chaps. 1.
Carver, Sociology and Social Progress. Pages 1-14 and 65-70

2.  Sociology considered.

1) As the study of the development and progress of social groups, particularly the sovereign group called the state or the nation.
2) As a study of human adaptation as it is affected and modified by the social group.

Carver, Sociology and Social Progress. Pages 88-120.
Spencer, Principles of Sociology. Part II, chaps. 1-6.

3.  Adaptation.

(a) Passive.
(b) Active.

    The Environment.

(a) Physical.
(b) Social.

Bristol, Social Adaptation, Preface and Introduction.
Carver, Sociology and Social Progress. Pages 174-270.

4.  The method of trial and error, or of variation and selection in adaptation.

Carver, Sociology and Social Progress. Pages 276-391.

 

II
Physical Adaptation

5.  The Problem of race improvement.

Carver, Sociology and Social Progress. Pages 392-418, 631-715.

6.  Heredity and Environment as factors in the determination of individual character.

Bristol, Social Adaptation. Chaps. 4, 5, and 6.

7.  Tests of fitness for survival.—The validity of the economic and commercial as compared with the political tests.

Carver, Sociology and Social Progress. Pages 121-126, 419-471, and 522-576.
Carver, Essays in Social Justice. Chap. 7.

8.  The selective agencies at work in modern society.

Carver, Sociology and Social Progress. Pages 676-715.
Carver, Essays in Social Justice. Chap. 5.

 

III
Moral Adaptation

9.  The breeding up of a tame, domesticated, or socialized variety of the human species as opposed to a wild, unsocial or criminal variety.

Carver, Sociology and Social Progress. Pages 577-592.
Spencer, Principles of Sociology. Part III, chaps. 1-3, and 9-12.

10. Morality considered as the economizing and utilizing of human energy, and immorality as the wasting or dissipating of that energy.

Spencer, Principles of Sociology. Part IV, chaps. 1, 11, and 12.
Carver, Essays in Social Justice. 1 and 2.
Carver, Sociology and Social Progress. Pages 577-592.

11. The variation and selection of moral codes.

Sumner, Folkways. Sections 1-40; 159-165; 712-728.

12. Forms of conflict.

(a) Destructive.
(b) Deceptive.
(c) Persuasive.
(d) Productive

Carver, Essays in Social Justice. Chaps. 3, 4, and 5.
Carver, Sociology and Social Progress. Pages 133-173.

13. The earmarks of a good religion.

Carver, The Religion Worth Having.

14. Sympathy; Imitation; Consciousness of Kind.

Carver, Sociology and Social Progress. Pages 472-521.

15. Earmarks of a good man.

A. Knowledge of environment.

(a) physical.
(b) social.

B. Forethought.

(a) industry.
(b) thrift.

C. Dependability.

(a) honesty.
(b) sobriety.
(c) courage.
(d) fidelity.

Ross, Social Control. Pages 1-88; 432-442.
Bristol, Social Adaptation. Pages 301-304.

 

IV
Control of the Physical Environment

16. Scarcity; Economy; Wellbeing.

Spencer, Principles of Sociology. Part VI, chaps. 1, 2, 3, 21, 22, 23.

17.  Desire and repugnance; attainment of good and avoidance of harm.
Production and destruction.

Spencer [sic, “Carver” is correct], Sociology and Social Progress. Pages 127-132.
Spencer, Principles of Sociology. Part VI, chaps. 1, 15, 16

18. Proportionality.

(a) of consumers’ goods.
(b) of producers’ goods.

19.  Valuation.

Carver, Essays in Social Justice. Pages 85-202.

Cost.
Coördination of labor performed:

(a) at different places.
(b) at different times.

Carver, Essays in Social Justice. Pages 203-263.

20. The storing of social energy.
The standard of living.

Veblen, The Theory of Business Enterprise. Pages 1-82, 133-150.

21. The battle of the standards.
Economic competition.

Taussig, Principles of Economics. Vol. II, pages 443-478.

22. Poverty and the uneconomic distribution of human talent.
Summary—The earmarks of a good industrial system.

A. An ample product.
B. Distributed in proportion to merit.
(see Earmarks of a good man)
C.  Consumed rationally.

Carver, Essays in Social Justice. Pages 264-375.

 

V
Control of the Social Environment

23. Purpose of social control.

(a) release,
(b) direction,
(c) storing of social energy.

Right of the state to be.
Limits of state interference.

Carver, Essays in Social Justice. Pages 376-429.
Carver, Sociology and Social Progress. Pages 788-808.

24. Source of social control.

Is monarchy a more highly evolved form of government than democracy?
Republican and democratic theories.
Psychology of self-government.

Spencer, Principles of Sociology. Part V, chaps. 1, 2, 17, 18.

25. Voting a means of increasing governmental sensitiveness.
Can democracy select good men?

Spencer, Principles of Sociology. Part V, chap. 19.
Carver, Sociology and Social Progress. Pages 716-788.

26. Can democracy discipline itself?
The earmarks of a good government.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 1, Folder “1917-1918”.

Categories
Columbia Courses Curriculum

Columbia. Economics Curriculum 1898-99

In the December 1898 issue of the Columbia University Quarterly an overview of the curriculum for economics and social science (i.e. sociology with a bit of anthropology without political science that was split between the subjects  of history and public law) offered by the Faculty of Political Science was sketched by Professor Richmond Mayo-Smith. I have appended the Economics and Sociology course offerings for 1898-99 (which can be compared to an earlier posting for 1905-07). In the early years of graduate education there was considerable overlap between undergraduate and graduate course offerings so that an understanding of the graduate training in economics at least in these early years requires us to keep an eye on undergraduate curriculum as well.

_______________________________________

Department of Economics and Social Science.—The courses in this department have been so systematized as to meet the needs of both undergraduate and graduate students, while offering to other members of the University and of allied institutions the opportunity to broaden their studies by some knowledge of social theory and social problems.

The undergraduate begins with the Economic History of England and America (Economics 1), which gives him that understanding of the evolution of economic institutions, such as the systems of land tenure, the factory system, the institutions of commerce and trade, which is necessary for any approach to economic discussion. That is followed by the Elements of Political Economy (Economics A), where the fundamental principles of the science are laid down and illustrated by contemporary events. These courses are usually taken during the Junior year, but may be taken a year earlier by students desiring to specialize in this direction. The lettered course is required of every student, and is in the nature of logical discipline for clear reasoning and a preparation for good citizenship. The College is held thereby to have discharged its duty to itself, in fulfilling the minimum required for the degree of A.B., and to the community, in inculcating sound principles in its graduates.

For the majority of undergraduates these courses are but the preliminary sketch, the details of which are to be filled out by the more intensive study of Senior year. For this abundant opportunity is offered in the course on modern industrial problems, money, and labor (Economics 3), in the treatment of finance and taxation (Economics 4) and in the critical consideration of theories of socialism (Economics 11) and projects of social reform (Economics 12). At the same time the elements of sociology (Sociology 15) furnish a broader foundation for generalization in regard to the fundamental principles of social life, and afford the student on the eve of graduation an opportunity to coordinate his knowledge of history, economics, philosophy, and ethics into a theory of society.

These courses of Senior year constitute the fundamental university courses, and are frequented by graduates of other colleges and by many students from the law school, the theological seminaries, and Teachers College, who find them valuable as auxiliary to their main lines of study. For the specialist and special student these courses in their turn are preliminary. They form the introduction to the university courses proper.

Here the specialist finds opportunity for development in economic theory (Economics 8, [Economics] 9, and [Economics] 10) and for further practical work (Economics 5 and [Economics] 7), for sociological theory (Sociology 20, [Sociology] 21, and 25 [sic, perhaps “Sociology 24” intended, no record found here or in earlier/later years for a course “Sociology 25”], for the treatment of problems of crime and pauperism (Sociology 22 and [Sociology] 23), and for the theory and practice of statistics as an instrument of investigation in all the social sciences (Sociology 17, [Sociology] 18, and [Sociology] 19). Crowning the whole are the seminars in political economy and sociology, and the statistical laboratory, where the student is trained for original work.

Columbia University has attempted thus to formulate in the Department of Economics and Social Science a programme that shall be systematic, in the sense of orderly development and logical sequence (the course covers four or five years), and at the same time flexible, for the purpose of meeting the just demands of a great variety of students—the undergraduate, the specialist, and the special student.

R. M.-S. [Richmond Mayo-Smith]

 

Source: Columbia University Quarterly, Vol. 1, December, 1898, pp. 76-77.

________________________________________

COURSES OF STUDY AND RESEARCH
Group III — Economics and Social Science

It is presumed that students before entering the school have studied the general principles of political economy as laid down in the ordinary manuals, and possess some knowledge of the facts of economic history. Students who are not thus prepared are recommended to take the following courses in Columbia College: [The lettered course is required of all candidates for A.B. in Columbia College.]

Economics 1 — Economic History of England and America. — This course studies primarily the economic history of England, as affording the clearest picture of the evolution of economic life from primitive society to the complicated mechanism of modern industrial life. Incidentally a comparison is made with the contemporary movements in other European countries. Beginning with the seventeenth century, attention is directed to facts of American economic development, and the last part of the course is devoted exclusively to the study of the economic and social conditions underlying the history of the United States.-Three hours a week, first half-year: Prof. [Edwin R. A.] Seligman and Mr. [Arthur M.] Day.

Economics A — Outlines of Economics. — Bullock’s introduction to the study of economics, and lectures on the evolution of the modern economic organization, the principle of economic freedom and the institution of private property.— Three hours a week, second half-year: Prof. [Richmond] Mayo-Smith and Mr. [Arthur M.] Day.

The university courses fall under two subjects: A. Political Economy and Finance. B. Sociology and Statistics.

Courses 3, 4, 11, 12, 15 and 16 are open to Seniors in Columbia College, and count towards the degree of A. B. If taken for the higher degrees, such additional work must be done in connection with them as may be prescribed by the instructor.

Subject A — Political Economy and Finance

Economics 3 — Practical Political Economy. — This course is divided into four sections as follows:

(a) Problems of Modern Industry . — This part of the course is devoted to a special study of the modern industrial organization and of the application of economic principles to social life. The principal topics are: The scope, method and function of political economy; the physical environment; law of population; economic freedom and private property; theory and problems of consumption; theory and problems of production, land-tenure, labor and machinery, the growth of capital; forms of productive enterprise, the concentration of industry; monopolies and trusts; governmental enterprise; effects of modern methods of production on producer and consumer. Three hours a week, first half-year: Prof. [Richmond] Mayo-Smith. [Open to Seniors in Columbia College]

(b) The Problems of Exchange. — (Money and Trade.) This course is devoted to a study of the mechanism of exchange with special reference to modern currency and commercial questions. The principal topics are: Value and prices, speculation, law of monopoly prices, commercial crises; money, bimetallism, the silver question in the United States; credit, banking, paper money; international exchange; transportation and commerce. Three hours a week, second half-year (1899-1900) [For students desiring to take (a), (b) and (c) in one year a short résumé of the omitted course (b) or (c) will be given.]: Prof. [Richmond] Mayo-Smith. [Open to Seniors in Columbia College]

(c) The Problems of Distribution. — (Labor and Capital.) This course is devoted largely to the labor question. The principal topics are: The theory of distribution, history and present condition of the laboring class, wages, trades unions and strikes, arbitration and conciliation, co-operation and profit-sharing; factory laws, employer’s liability; interest, profit and rent; social distribution; distributive justice. Three hours a week, second half-year (1898—’99), alternates with above. [For students desiring to take (a), (b) and (c) in one year a short résumé of the omitted course (b) or (c) will be given.]: Prof. [Richmond] Mayo-Smith. [Open to Seniors in Columbia College]

(d) Readings in Marshall’s Principles of Economics. — This course constitutes a fourth hour in connection with the lectures under (a), (b) and (c). It is open to candidates for A.B. by special permission, but the hour cannot be counted towards that degree. It, or its equivalent, is required of all candidates for the degrees of A.M. and Ph.D., taking Economics III. as a major or minor. One hour a week: Prof. [Richmond] Mayo-Smith. [Open to Seniors in Columbia College]

Economics 4 — Science of Finance. — This course is historical as well as comparative and critical. After giving a general introduction and tracing the history of the science, it treats of the various rules of public expenditures and the methods of meeting the same among different civilized nations. It describes the different kinds of public revenue, including the public domain and public property, public works and industrial undertakings, special assessments, fees and taxes It is in great part a course on the history, theories and methods of taxation in all civilized countries. It considers also public debt, methods of borrowing, redemption, refunding, repudiation, etc. Finally, it describes the fiscal organization of the state by which the revenue is collected and expended, and discusses the budget, national, state and local. Although the course is comparative, the point of view is American. Students are furnished with the current public documents of the United States Treasury, and the chief financial reports of the leading commonwealths, and are expected to understand all the facts in regard to public debt, revenue and expenditure therein contained. — Two hours a week: Prof. [Edwin R. A.] Seligman. [Open to Seniors in Columbia College]

Economics 5 — Fiscal and Industrial History of the United States. — This course endeavors to present a survey of national legislation on currency, finance and taxation, including the tariff together with its relations to the state of industry and commerce. Attention is called to the fiscal and industrial conditions of the colonies; to the financial methods of the revolution and the confederation; to the genesis of the protective idea; to the fiscal policies of the Federalists and of the Republicans; to the financial management of the war of 1812; to the industrial effects of the restriction war period; to the crises of 1819, 1825 and 1837; to the tariffs of 1816, 1824 and 1828; to the distribution of the surplus and the Bank war; to the compromise tariff and its effect on industry; to the currency problems before 1863; to the era of “free trade,” and the tariffs of 1846 and 1857; to the fiscal problems of the Civil War; to the methods of resumption, conversion and payment of the debt; to the disappearance of the war taxes; to the continuance of the war tariffs; to the money question and the acts of 1878 and 1890; to the loans of 1894-1896; to the tariffs of 1890, 1894 and 1897. The course closes with a discussion of the current problems of currency and coinage, and with a general consideration of the arguments for and against protection as illustrated by the practical operation of the various tariffs. Two hours a week, first half year (1899-1900): Prof. [Edwin R. A.] Seligman.

Economics 7 — Railroad Problems; Economic, Social and Legal. — These lectures treat of railroads in the fourfold aspect of their relation to the investors, the employees, the public and the state respectively. A history of railways and railway policy in America and Europe forms the preliminary part of the course. The chief problems of railway management, so far as they are of economic importance, come up for discussion.

Among the subjects treated are: Financial methods, railway construction, speculation, profits, failures, accounts and reports, expenses, tariffs, principles of rates, classification and discrimination, competition and pooling, accidents, and employers’ liability. Especial attention is paid to the methods of regulation and legislation in the United States as compared with European methods, and the course closes with a general discussion of state versus private management. — Two hours a week, second half-year (1899-1900): Prof. [Edwin R. A.] Seligman.

Economics 8 — History of Economics. — In this course the various systems of political economy are discussed in their historical development. The chief exponents of the different schools are taken up in their order, and especial attention is directed to the wider aspects of the connection between the theories and the organization of the existing industrial society. The chief writers discussed are:

I Antiquity: The oriental codes; Plato, Aristotle, Xenophon, Cato, Seneca, Cicero, the Agrarians, the Jurists.

II Middle Ages: The Church Fathers, Aquinas, the Glossators, the writers on money, trade, and usury.

III Mercantilists: Hales, Mun, Petty, Barbon, North, Locke; Bodin, Vauban, Boisguillebert, Forbonnais; Serra, Galiani; Justi, Sonnenfels.

IV Physiocrats: Quesnay, Gournay, Turgot, Mirabeau, etc.

V Adam Smith and precursors: Tucker, Hume, Cantillon, Steuart.

VI English school: Malthus, Ricardo, Senior, McCulloch, Chalmers, Jones, Mill.

VII The continent: Say, Sismondi, Cournot, Bastiat; Herrmann, List, and Thunen.

VIII German historical school: Roscher, Knies, Hildebrand.

IX Recent development: England: Rogers, Jevons, Cairnes, Bagehot, Leslie, Toynbee, Marshall; Germany: Wagner, Schmoller, Held, Brentano, Cohn, Schaffle; Austria: Menger, Sax, Böhm-Bawerk, Wieser; France: Leroy-Beaulieu, De Laveleye, Gide, Walras; Italy: Cossa, Loria, Pantaleoni; America: Carey, George, Walker, Clark, Patten, Adams.

—Two hours a week: Prof. [Edwin R. A.] Seligman.

Economics 9 — Economic Theory I. — This course discusses the static laws of distribution. If the processes of industry were not changing, wages and industry would tend to adjust themselves according to certain standards. A study of the mechanism of production would then show that one part of the product is specifically attributable to labor, and that another part is imputable to capital. It is the object of the course to show that the tendency of free competition, under such conditions, is to give to labor, in the form of wages, the amount that it specifically creates, and also to give to capital, in the form of interest, what it specifically produces. The theory undertakes to prove that the earnings of labor and of capital are governed by a principle of final productivity, and that this principle must be studied on a social scale, rather than in any one department of production. — Two hours a week, first half-year: Prof. [John Bates] Clark.

Economics 10 — Economic Theory II. — This course discusses the dynamic laws of distribution. The processes of industry are actually progressing. Mechanical invention, emigration, and other influences, cause capital and labor to be applied in new ways and with enlarging results. These influences do not repress the action of the static forces of distribution, but they bring a new set of forces into action. They create, first, employers’ profits, and, later, additions to wages and interest. It is the object of the course to show how industrial progress affects the several shares in distribution under a system of competition, and also to determine whether the consolidations of labor and capital, which are a distinctive feature cf modern industry, have the effect of repressing competition. — Two hours a week, second half-year: Prof. [John Bates] Clark.

Economics 11 — Communistic and Socialistic Theories. — This course studies the theories of St. Simon, Fourier, Proudhon, Rodbertus, Marx, Lassalle, and others. It aims to utilize recent discoveries in economic science in making a critical test of these theories themselves and of certain counter-arguments. It examines the socialistic ideals of distribution, and the effects that, by reason of natural laws, would follow an attempt to realize them through the action of the State. — Two hours a week, first half-year: Prof. [John Bates] Clark. [Open to Seniors in Columbia College]

Economics 12 — Theories of Social Reform. — This course treats of certain plans for the partial reconstruction of industrial society that have been advocated in the United States, and endeavors to determine what reforms are in harmony with economic principles. It treats of the proposed single tax, of the measures advocated by the Farmers’ Alliance and of those proposed by labor organizations. It studies the general relation of the state to industry. — Two hours a week, second half-year: Prof. [John Bates] Clark. [Open to Seniors in Columbia College]

Economics 14 — Seminar in Political Economy and Finance. — For advanced students. — Two hours, bi-weekly: Professors [Edwin R. A.] Seligman and [John Bates] Clark.

Subject B— Sociology and Statistics

Sociology 15 — Principles of Sociology. — This is a textbook course. — Two hours a week: Professor [Franklin H.] Giddings. [Open to Seniors in Columbia College]

Sociology 16 — Applied Anthropology. — This course is composed of two distinct parts. In the first half-year under Dr. Farrand of the Faculty of Philosophy, primitive institutions, language, mythology and religions are considered primarily from the psychological point of view. This is important for sociological work. Anthropometry and the history of the science of anthropology are also treated. The second half-year work given by Dr. [William Z.] Ripley is primarily concerned with the anthropology and ethnology of the civilized peoples of Europe. This is intended to subserve two ends. It is an ethnological preparation for the historical courses, especially those concerning the classic peoples of antiquity; and it also provides a groundwork for the statistical and demographic study of the populations of Europe. In this sense it is distinctly sociological in its interests. — Two hours a week. [Open to Seniors in Columbia College]

Sociology 17 — Statistics and Sociology. — This course is given every year, and is intended to train students in the use of statistics as an instrument of investigation in social science. The topics covered are: Relation of statistics to sociology, criteria of statistics, population, population and land, sex, age and conjugal condition, births, marriages, deaths, sickness and mortality, race and nationality, migration, social position, infirmities, suicide, vice, crime, nature of statistical regularities. — Two hours a week, first half-year: Prof. [Richmond] Mayo-Smith.

Sociology 18 — Statistics and Economics. — This course covers those statistics of most use in political economy, but which have also a direct bearing on the problems of sociology. These include the statistics of land, production of food, condition of labor, wages, money, credit, prices, commerce, manufactures, trade, imports and exports, national wealth, public debt, and relative incomes. Two hours a week, second half-year, given in 1898-99 and each alternate year: Prof. [Richmond] Mayo-Smith.

Sociology 19 — Theory, Technique, and History of Statistical Science. — This course studies the theory of statistics, law of probabilities, averages, mean error, rules for collecting, tabulating and presenting statistics, graphical methods, the question of the freedom of the will, the value of the results obtained by the statistical method, the possibility of discovering social laws. Some account will also be given of the history and literature of statistics, and the organization of statistical bureaus. — Two hours a week, second half-year, given in 1899-1900, and each alternate year: Prof. [Richmond] Mayo-Smith.

Sociology 20 — General Sociology . — A foundation for special work is laid in this fundamental course. It includes two parts, namely: (1) the analysis and classification of social facts, with special attention to the systems of Aristotle, Comte, Spencer, Schäffle, De Greef, Gumplowicz, Ward, Tarde and other theoretical writers; (2) an examination of sociological laws, in which the more important social phenomena of modern times and the principles of theoretical sociology are together brought under critical review in a study of social feeling, public opinion, and organized action. In this second part an attempt is made to analyze the causes of emotional epidemics, panics, outbreaks of mob violence, and revolutions; to explain by general principles the growth of public opinion on great questions; and to prove from history and from current events that public action is governed by definite laws of social choice. — Two hours a week, first half-year: Prof. [Franklin H.] Giddings.

Sociology 21 — Progress and Democracy. — The phenomena of social progress are the general subject of this course, which includes two parts, namely: (1) a study of the historical evolution of society, with special attention to social origins; to the development of the family, of the clan and of the tribe; and to the beginnings of civilization; (2) the social as distinguished from the political organization of modern democracies. This part of the course may otherwise be described as a study of the modern “state behind the constitution.” The forms of voluntary organization are observed, and the question is raised, To what extent are the non-political associations of men in modern democracies themselves democratic? Do business corporations labor unions, churches, and associations for culture and pleasure, tend to become more or less democratic? The democratic social ideals of equality and fraternity are examined, and an attempt is made to show their relations to social order and to liberty. Modern philanthropic movements, including the work of university and other social settlements, and many social phases of municipal reform are touched upon in this course. —Two hours a week, second half-year: Prof. [Franklin H.] Giddings.

Sociology 22 — Pauperism, Poor Laws and Charities. — This course begins with a study of the English poor law, its history, practical working, and consequences. On this foundation is built a study of pauperism in general, but especially as it may now be observed in great cities. The laws of the different commonwealths in regard to paupers, out-relief, alms-houses, and dependent children, are compared. Finally the special modern methods of public and private philanthropy are considered, with particular attention to charity organization, the restriction of out-door alms, and the reclamation of children.— Two hours a week, first half-year: Prof. [Franklin H.] Giddings.

Sociology 23 — Crime and Penology — The topics taken up in this course are the nature and definitions of crime, the increase of crime and its modern forms, criminal anthropology, the social causes of crime, surroundings, parental neglect, education, the question of responsibility, historical methods of punishment, the history of efforts to reform prison methods, modern methods, the solitary system, the Elmira system, classification of criminals, classes of prisons, reformatories, and jails. — Two hours a week, second half year: Prof. [Franklin H.] Giddings.

Sociology 24 — The Civil Aspects of Ecclesiastical Organizations. — The purpose of this course is to define the present relations of the institutional church to the other institutions of American society; the state, the government, marriage, family, education and public wealth. An analysis is made of the guarantees of religious liberty contained in the federal and commonwealth constitutions, of the civil status of churches in terms of constitutional and statute law, of the methods of incorporation, of the functions of trustees, of legislative and judicial control, of denominational polity according to its type, of the functional activity of churches in their departments of legislation, administration, adjudication, discipline and mission, of the influence of churches on ethical standards, of the distribution of nationalities among the denominations, of the territorial distribution of denominational strength, of the relation of polity to density of population and of the current movements in and between various organizations tending toward changes of function and structure. One hour a week: Dr. [George James] Bayles.

Sociology 29 — Laboratory Work in Statistics. — The object of the laboratory is to train the student in methods of statistical analysis and computation. Each student will pursue a course of laboratory practice dealing with the general statistics of population, the relation of classes, the distribution of wealth, and the statistics of crime, vice and misfortune. He will be taught how to judge current statistics and to detect statistical fallacies; in short, to become an expert in judging of the value of sociological evidence. Each year some practical piece of work on an extensive scale is undertaken by the class. — In connection with courses 17, 18 and 19: Prof. [Richmond] Mayo-Smith.

Sociology 30 — Seminar in Sociology and Statistics. — Discussions and papers, theses and dissertations presented in the seminar may be upon any of the following topics:

I
POPULATION

1 The growth of population in the United States, inducing studies of birth rates and death rates.
2 Immigration into the United States.
3 The migration of population within the United States.

II
RACES AND NATIONALITIES

4 The social traits, habits and organization of any race (e. g. negro or Indian) in the United States.
5 The social traits, habits and organization of any nationality (e. g. Irish or German or Italian) in the United States.

Ill
THE FAMILY

6 Historical or statistical studies of marriage, of divorce, or of the parental care and education of children in the United States.
7 Studies of legislation affecting the family in the United States.

IV
COMMUNITIES

8 Descriptive or historical studies of peculiar, exceptional or otherwise noteworthy communities or sections.

V
THE SOCIAL LIFE AND ORGANIZATION OF THE SELF-SUPPORTING POOR

9 Dwellings and surroundings.
10 Expenditure and domestic economy.
11 Marriages, domestic festivals, funerals, family life and morals.
12 Education.
13 Religious ideas, habits, meetings, festivals and institutions.
14 Amusements, celebrations, social festivals and clubs.
15 Trade unions.
16 Political and legal ideas, affiliations and activities.

VI
PAUPERISM AND CHARITY

17 Historical studies of the origin, growth and forms of pauperism.
18 Statistical studies of the extent and causes of pauperism.
19 Historical and comparative studies of poor laws and public relief.
20 Historical and comparative studies of the methods of private charity.

VII
CRIME AND PUNISHMENT

21 Historical studies of the origin, increase and forms of crime.
22 Statistical studies of the extent and causes of crime.
23 Critical studies of criminal anthropology or criminal sociology.
24 Historical and comparative studies of punishment and reformation.

Two hours bi-weekly: Profs. [Franklin H.] Giddings and [Richmond] Mayo-Smith.

Source: Columbia University, School of Political Science, Announcement, 1898-99, pp. 29-40.