Month: August 2015

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Columbia Courses Syllabus

Columbia. Readings International Economics. Angell, 1933

This course title is a bit misleading from today’s perspective. The emphasis is on international finance and commercial policy with maybe one-third of the second semester devoted to trade theory. This course reading list comes from Milton Friedman’s Papers at the Hoover Institution though this particular course was apparently not ever taken for credit by Milton Friedman. I have not yet found a more recent picture of Angell than this passport photo taken when he was 23-24 years of age.

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Economics 125-126—International trade. 3 points each session. Professor J. W. Angell.
M. and W. at 11. 301 Fayerweather.

World trade currents today; the foreign trade of the United States. The foreign exchanges and the world money markets. The classical theory of international trade; the maintenance of equilibrium in trade; international capital movements. Tariffs and the protective controversy. The effects of currency depreciation. Reparations and inter-ally debts.

Students who have not completed Economics 125 are admitted to Economics 126 only by permission of the instructor.

Source: Columbia University. Bulletin of Information 32 Series, No. 33 (May 14, 1932). History, Economics, Public Law, and Social Science. Courses Offered by the Faculty of Political Science for Winter and Spring Sessions 1932-33, pp. 28-29.

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READING LIST IN INTERNATIONAL TRADE
Economics 125-126
Revised: 1933

#          Required reading

##       Required reading, to be prepared for class-room discussion

 

FIRST SEMESTER

  1. The Balance of International Payments: World Trade Currents

# U.S. Dept. of Commerce, The Balance of International Payments of the U. S. in 19__ (Trade Information Bulletin). This study is made annually; read study for current year.

Boggs, T. F., The International Trade Balance (1922).

Bullock, C. J., Williams and Tucker, The Balance of Trade of the U.S. (Review of Economic Statistics, 1919; reprinted separately).

German Statistical Office, Wirtschaft und Statistik (this journal contains semi-annual studies of the German balance of payments).

Great Britain, Board of Trade, Journal (contains annual survey of the British balance of payments).

League of Nations, Memorandum on Balance of Payments (appears about every two years).

Lewis, Cleona, The International Accounts (1927).

Meynial, P., La Balance des Comptes (articles appearing about once a year on the French balance of payments, in La Vie Économique Française or in the Revue d’Éonomie Politique).

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Bishop, A. L., Outlines of American Foreign Commerce (1923).

Cowden, D., Measures of Exports of the U. S. (1931).

Day, C., History of Commerce (1917; new ed. 1931).

Johnson, E. R., History of the Domestic and Foreign Commerce of the U. S. (1915).

League of Nations, World Economic Survey: 1931-32; 1932-33 (successive volumes).

U.S. Dept. of Commerce, Commerce Yearbook (annual).

 

  1. Foreign Exchange; Money Markets

##Furniss, E. S., Foreign Exchange (1922). [✓]

# Keynes, J. M., Monetary Reform (1924), pp. 125-151. [✓]

#Angell, J. W., Foreign Exchange (Encyclopedia of the Social Sciences, 1931). [✓]

Cross, I. B., Domestic and Foreign Exchange (1923).

Edwards, G. W., International Trade Finance (1924).

Escher, F., Elements of Foreign Exchange (1910).

Whitaker, A. C., Foreign Exchange (1921).

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Bagehot, W., Lombard Street (1873; 14 ed. 1915).

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

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

Goschen, Viscount G. J., Foreign Exchange (1861; reprinted 1926).

Spalding, F., The London Money Market (1924).

Withers, H., International Finance (1916).

———–, The Meaning of Money (1909, reprinted).

 

  1. Tariffs: International Commercial Policies

##Taussig, F. W., Selected Readings in International Trade (1921): pp. 62-69; Parts II, III.

#Ashley, P., Modern Tariff History (1920).

#Delle Donne, O., European Tariff Policies (1928).

#Taussig, F. W., Necessary Changes in Our Commercial Policy (Foreign Affairs, April, 1933).

#————, Some Aspects of the Tariff Question ( 3 ed. 1931).

#————, Tariff History of the U. S. (7 [(corrected by MF) 8] ed., 1931).

American Tariff League, Statistical Bulletin.

Allix, E., Les Droits de Douanes (2 vols.; Paris, 1932).

Berglund, A., and Wright, P. G., The Tariff on Iron and Steel (1929). Also see other studies in this series (Institute of Economics) for other commodities.

Beveridge, Sir W. H., ed., Tariffs: The Case Examined (1931).

Bidwell, P., Tariff Policy of the U. S. (Council on Foreign Relations, 1933).

Cairnes, J. E., Leading Principles of Political Economy (1874): Part III, ch. 4.

Crompton, G., The Tariff (1927): esp. chs. 13, 14.

Eiteman, W. J., The Rise and Decline of Orthodox Tariff Propaganda (Quar. Jour. Econ., Nov. 1930).

Foreign Policy Association, Reports, passim.

Graham, F. D., Some Aspects of Protection Further Considered (Quar. Jour. Econ., 1923).

Gregory, T. E., Tariffs (1921).

Grunzel, J., Economic Protectionism (translated 1916).

Hewins, A. S., Trade in the Balance (1924).

Marshall, A., The Fiscal Policy of International Trade (British Parliamentary Papers, 1908; Cd. 321).

McClure, W., Commercial Policy of the U. S. (1924).

Page, T. W., Making the Tariff in the U. S. (1929).

Schüller, R., Schutzzoll und Freihandel (1905).

Stanwood, E., American Tariff Controversies in the 19th Century (1903).

Stewart, M. S., Tariff Issues Confronting the New Administration (Foreign Policy Association, Reports, March 29, 1933).

Taussig, F. W., Free Trade, The Tariff and Reciprocity (1920).

—————–, State Papers and Speeches on the Tariff (1893).

—————–, The Tariff Act of 1930 (Quar. Jour. Econ., Nov. 1930).

U. S. Dept. of Commerce, Trade Information Bulletins, passim.

U. S. Tariff Commission, Reports, etc. (so far as published).

Wright, P. G., Sugar in Relation to the Tariff (1924).

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#Angell, J. W., Financial Foreign Policy of the U. S. (Council on Foreign Relations), 1933). [✓]

[One (of Culbertson, Donaldson or Fisk/Peirce)]

#Culbertson, W. S., International Economic Policies (1925).

# Donaldson, J., International Economic Relations (1926).

#Fisk, G. M., and Peirce, P. S., International Commercial Policies (1923), esp., chs. 8, 11, 12.

# Williams, B. H., Economic Foreign Policy of the U. S. (1929). [✓]

Delaisi, F., Political Myths and Economic Realities (1927); also other works.

Donham, W. B., National Ideals and Internationalist Idols (Harvard Business Review, April, 1933).

Eulenberg, F. Aussenhandel und Aussenhandelspolitik (1929).

Fontana-Russo, L. Traité de politique commerciale (1908).

Knight, M. M., Water and the Course of Empire in North Africa (Quar. Jour. Econ., Nov. 1928).

Moon, P. T., Imperialism and World Politics (1927).

Somary, F., Changes in the Structure of World Economics since the War (1931).

Viner, J., Dumping (1923).

———-, Memorandum on Dumping (League of Nations, 1927).

Wallace, B. B., and Edminster, L. R., International Control of Raw Materials (1930).

Whittlesey, C. R., Governmental Control of Crude Rubber (1931).

 

SECOND SEMESTER

  1. The General Theory of International Trade

## Ricardo, D., Principles of Political Economy (1817): ch. 7.

## Mill, J. S., Principles of Political Economy (1848): Bk. III, chs. 17-22, 25.

## Cairnes, J. E., Leading Principles of Political Economy, (1874): Part III, chs. 1, 2, 3, 5.

#   —————-, Essays in Political Economy (1873): chs. I, II.

## Bastable, C. F., Theory of International Trade (4 ed., 1903): chs. 1-4.

## Taussig, F. W., International Trade (1927): chs. 1-18.

# Angell, J. W., Theory of International Prices (1926): chs. 14, 16, 18.

# —————, Equilibrium in International Trade (Quar. Jour. Econ., May, 1928).

#Viner, J., International Trade: Theory (Encyclopedia of the Social Sciences, 1932).

Burns, A. F., A Note on Comparative Costs (Quar. Jour. Econ., 1928).

Carr, R. M., The Role of Prices in the International Trade Mechanism (Quar. Jour. Econ., 1931).

Cournot, A. A., Principes de la théorie des richesses (1863).

Graham, F. D., The Theory of International Values Re-Examined (Quar. Jour. Econ., 1923).

——————, The Theory of International Values (Quar. Jour. Econ., Sept. 1932).

Haberler, G., The Theory of Comparative Costs Once More (Quar. Jour. Econ., 1929).

Keynes, J. M., Treatise on Money (2 vols.; 1930): esp. ch. 21.

Mangoldt, J., Grundriss der Volkswirtschaftslehre (1863; 2 ed., 1871).

Marshall, A., Pure Theory of Foreign Trade (1879; reprinted in Royal Economic Society, Reprints of Scarce Tracts, vol. i: 1930).

Ohlin, B., Equilibrium in International Trade (Quar. Jour. Econ., 1928).

———–, Interregional and International Trade (1933).

Pareto, V., Cours d’économie politique (2 vols.; 1896-97).

Williams, J. H., The Theory of International Trade Reconsidered (Econ. Jour., 1929).

Yntema, T. O., A Mathematical Reformulation of the Theory of International Trade (1932).

Young, A. A., Marshall on Consumer’s Surplus in International Trade (Quar. Jour. Econ., 1924).

Zapoleon, L. B., International And Domestic Commodities and the Theory of Prices (Quar. Jour. Econ., May, 1931).

 

  1. International Capital Movements; Reparations and Inter-Ally Debts

## Taussig, F. W., International Trade (1927): chs. 19-25.

# Angell, J. W., Theory of International Prices (1926): Appendix I.

# Gregory, T. E., The Gold Standard and Its Future (1932): chs. 1, 2.

Bullock, C. J., Williams and Tucker, The Balance of Trade of the U. S. (Review of Economic Statistics, 1919: reprinted separately).

Einzig, P. Some New Features of Gold Movements (Econ. Jour., 1930).

———–, International Gold Movements (1930).

Feis, H., Europe: The World’s Banker, 1870-1914 (1930).

Graham, F. D., International Trade of the U. S., 1862-1879 (unpublished thesis in Harvard University Library: 1922).

Hobson, C. K., The Export of Capital (1912).

Jenks, L. H., The Migration of British Capital to 1875 (1927).

McGuire, C., Italy’s International Economic Position (1926). Also see other Institute of Economics studies of post-war European finance.

National Industrial Conference Board, The International Financial Position of the U. S. (1929).

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

Viner, J., Canada’s Balance of International Indebtedness, 1900-1913 (1924).

Williams, J. H., Argentine International Trade, 1880-1900 (1920).

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Agent General for Reparation Payments, Reports (Berlin, 1924-1930).

Angell, J. W., The Recovery of Germany (1929).

#————–, Reparation (Encyclopedia of the Social Sciences, 1934).

————–, Reparations and the Inter-Ally Debts in 1930 (Foreign Policy Association, Reports, April 29, 1931, 2 ed., August, 1931).

International Conciliation (series; see especially no’s. 262, 282).

Keynes, J. M., The Economic Consequences of the Peace (1919).

Long, R. C., The Mythology of Reparations (1928).

McFadyean, Sir Andrew, Reparation Reviewed (1930).

Moulton, H. G., and Pasvolsky, L., War Debts and World Prosperity (1932).

—————————————–, World War Debt Settlements (1926).

National Industrial Conference Board, The Inter-Ally Debts and the United States (1925).

Reparation Commission, Reports, etc. (1922 ff.).

Royal Institute of International Affairs (London), Survey of International Affairs (annual, on intergovernment debts see especially volumes for 1920-23 and for 1926).

Schacht, H., The End of Reparations (translated, 1931).

Wheeler-Bennett, J. W., and Latimer, H., Information on the Reparation Settlement (1930).

World Peace Foundation (reprints of many documents on intergovernment debts, with explanatory comments).

 

  1. Depreciated Currencies and Foreign Exchanges

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

#—————–, Exchange Depreciation, Foreign Trade and National Welfare (Proceedings, Academy of Political Science, June, 1933).

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

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

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

Brown, W. A., England and the Gold Standard (1928).

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).

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

Nogaro, B., La monnaie (1924). English translation: Modern Monetary Systems (1927).

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

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

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

U. S. Tariff Commission, Depreciated Exchange and International Trade (2 ed., 1922).

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Source: Hoover Institution Archives, Milton Friedman Papers, Box 5, Folder 5.12 (Student years)

Image Source:  James Waterhouse Angell’s July 18, 1922 U.S. passport application. National Archives.

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Chicago Courses Exam Questions Uncategorized

Chicago. Money and Banking. Economics 330 Exam. Autumn 1932

Here we have the exam questions and Milton Friedman’s choices together with his notes for one of the answers to Lloyd Mints’ graduate course (first in a sequence of the two quarter courses.) on Money and Banking in 1932.

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[Univ. of Chicago]

[Milton Friedman (MF signature)]

 

ECONOMICS 330
Autumn, 1932

Write on any four questions.

  1. [✓] “The banks could either keep the demand for real capital within the limits set by the supply of savings or keep the price level steady; but they cannot perform both functions at once.” (Hayek) Discuss this statement critically.
  2. “Only the purely static quantity theory needs no index number, for its comparisons assume relative prices to be unchanged inter se. The objections to Professor Fisher’s Equation of Exchange arise mainly from the faults of the price index implied in it.” (Hawtrey) Explain and evaluate this statement.
  3. [✓] The criticism is sometimes made of the quantity theory that it assumes other things to be equal, whereas in fact they are not. Discuss this criticism. What “other things” are referred to?
  4. Discuss the relation between the k of Keynes’ earlier equation and the velocity of circulation.
    b. Discuss the statement that changes in the velocity of circulation of goods cannot bring about changes in the price level because of the fact that they necessarily bring about compensating changes in the velocity of circulation of money.
  5. [✓] According to Keynes’ analysis what would it be necessary to do in order to eliminate the business cycle? State and support your opinion of Keynes’ conclusion.

_____________________________

[Milton Friedman’s right margin notes for Question 4:]

n=pk
p=\frac{n}{k}
\frac{n}{k}=\frac{MV}{T}\text{ (MF then cancels }n\text{ with }M\text{)}
\frac{1}{k}=\frac{V}{T}
k=\frac{T}{V}=\frac{1}{V}

Source: Hoover Institution Archives, Milton Friedman Papers, Box 115, Folder  13 (Biographical. Class exams, ca 1932-38).

_____________________________

Cf. Keynes: Tract on Monetary Reform (1923), p. 76-77

“We can measure this definite amount of purchasing power in terms of a unit made up of a collection of specified quantities of their standard articles of consumption or other objects of expenditure….Let us call such a unit a ‘consumption unit’ and assume that the public require to hold an amount of money having a purchasing power over k consumption units. Let there be n currency notes or other forms of cash in circulation with the public, and let p be the prices of each consumption unit (i.e., p is the index number of the cost of living), then it follows from the above that n = pk. This is the famous Quantity Theory of Money.”

 

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Chicago Courses

Chicago. Money and Banking. Economics 331. Mints 1932

This is the reading list for the second quarter of the two-quarter sequence Money and Banking taught by Lloyd Mints in 1932. The Economics 330 reading list for the Summer of 1932 is found in the previous posting. There you will also find a course description for both quarters. This reading list come from the papers of Albert G. Hart at Columbia University Archives. Handwritten annotations by Hart are written in italics inside of square brackets.  My additions are likewise within the square brackets and placed inside parentheses, i.e. [Hart annotation (Collier addition)]. As for the previous post I have substituted asterisks for checkmarks that appear to designate required or recommended reading.

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Reading Reference

Economics 331

MONEY AND BANKING

  1. Control through the routine operations of the banking system (banking theory)
    1. The earning assets of commercial banks
      [*one (of Agger, Dunbar or Conant)]

      1. Agger, Organized Banking, pages 37-52
      2. Dunbar, The Theory and History of Banking, in the second edition chapter III, pages 20-38
      3. Conant, The Principles of Money and Banking, Vol. II, Book IV, pages 45-56.
      4. [*]Moulton, Commercial Banking and Capital Formation, in the Journal of Political Economy, vol. 26, pages 705-731.
    2. Deposits and notes
      [1 of Agger, Conant, Dunbar]

      1. Agger, part of chapter II, pages 53-63; and chapters IV and V, pages 76-104.
      2. Conant, Vol. II, Book IV, chapters II, part of III, and VII, pages 17-44, 57-66, 143-164.
      3. Dunbar, chapter V, pages 54-66.
      4. Dunbar, chapter VI, pages 67-77.
        [Mints, J.P.E. Elasticity of bank notes]
    3. Reserves
      1. Conant, Vol. II, Book IV, chapter IV, pages 67-84.
      2. Agger, chapters VIII and IX, pages 140-174.
      3. Warburg, The Discount System in Europe (National Monetary Commission)
    4. The Expansion of bank loans and deposits
      [W. Withers U… of Bank(?) Funds(?)]

      1. Agger, pages 31-33.
      2. [*]Cannan, The Meaning of Bank Deposits, in Economica for January, 1921, pages 28-36.
      3. Phillips, Bank Credit, chapters II, III, and IV, pages 13-83.
      4. Lawrence, Stabilization of Prices, pp. 327-367. [sample]
      5. Bradford, Borrowed Reserves and Bank Expansion, in the Quarterly Journal of Economics, Vol. 43 (November, 1928), pp. 179-184.
  2. Control through the financial system as exemplified in Europe (particularly England) and the United States.
    1. Development of the English Banking system
      1. Dunbar, chapter on the Bank of England, in the second edition ch XI, pages 191-227.
      2. Andreades, A History of the Bank of England, pages 269-294.
      3. [*]Bagehot, Lombard Street, in the edition of 1915, chapters III and VII, pages 74-97, 153-197.
      4. Withers, The English Banking System, chapter II, pages 65-98.
      5. [A. C. Feareryear. The Pound Sterling]
    2. The London Money Market
      1. Bagehot, edition of 1915, chapter XII, pages 284-309.
      2. Interviews on the Banking and Currency Systems of England, Scotland, France, Germany, Switzerland, and Italy (The National Monetary Commission), pages 7-59.
        [one (of either Whitaker or Furniss below)]
      3. Whitaker, Foreign Exchange, chapters VIII and XX.
      4. Furniss, Foreign Exchange, chapters XII and XIII.
      5. Withers, The English Banking System, chapter I.
      6. Withers, The Meaning of Money, pages 107-172.
      7. Spalding, The London Money Market, chapters IV, V and VII.
      8. Leaf, Banking, chapters III, VII and VIII.
      9. Willis, The Federal Reserve System, pages 1009-1016.
      10. [*]Escher, Foreign Exchange Explained, chapters III, and X-XII
      11. Willis and Beckhart, Foreign Banking Systems, Ch. XVII, pp. 1144-1243.
      12. Plummer, The Currency Settlement in England, in the Quarterly Journal of Economics, Vol. 43 (November, 1928), pp. 171-179
      13. The Federal Reserve Bulletin, Vol. 14 (1928), pp. 564-569 (British Currency and Bank Note Act of 1928)
        [(and) vol 17 (October 1931), pp. 553-4, 571)]
    3. The Bank of France and the Reichsbank
      1. Dunbar, chapters on the Bank of France and the Reichsbank, in the second edition chapters IX and XII.
      2. Interviews, pages 189-218, 371-391.
      3. Miscellaneous Articles on German Banking (The National Monetary Commission) pages 69-102.
      4. Riesser, The Great German Banks, (National Monetary Commission) pages 347-383, 987-994.
      5. Hauser, Germany’s Commercial Grip on the World, pages 61-91.
      6. The Federal Reserve Bulletin:
        1. Vol. 10 (1924), pp. 854-858 (The Reichsbank law of 1924)
        2. Vol. 14 (1928), pp. 570-577 (The French monetary law of 1928)
      7. Fairchild, German War Finance—A Review, in the American Economic Review, Vol. XII, (June, 1922) pages 246-261.
      8. Beckhart, The Discount Policy of the Federal Reserve System, chapter II, pages 30-98.
      9. Liesse, Evolution of Credit and Banks in France (National Monetary Commission), pages 193-239.
      10. [*]Willis and Beckhart, chapters VII and VIII, pp. 522-722.
    4. Evolution of the American Banking System
      1. [*]One of the three following-named books:
        1. Dewey, State Banking before the Civil War; and Chaddock, the Safety Fund Banking System in New York, 1829-1866.
        2. Huntington, A History of Banking and Currency in Ohio before the Civil War
        3. Preston, History of Banking in Iowa
      2. Miller, Banking Theories in the United states before 1860.
      3. [**]Sprague, Crises Under the National Banking System, chapter I.
      4. Hepburn, History of Currency in the United States, pages 306-410.
      5. Noyes, The War Period of American Finance, pages 34-50.
      6. Sprague, Banking Reform in the United States, pages 9-130.
      7. Davis, Origin of the National Banking System.

Source: Columbia University Libraries, Manuscript Collections. Albert Gailord Hart Papers. Box 60. Folder “Mints, Money 1932”.

 

Categories
Chicago Courses Syllabus

Chicago. Money and Banking, Economics 330 Mints, 1932

The following reading list for Lloyd Wynn Mints’ course “Money and Banking” (Summer Quarter of 1932) was hand-marked by Albert G. Hart indicating either required or recommended readings. Everything in italics and within square brackets, [], are Hart’s additions. I have substituted asterisks for Hart’s use of checkmarks. My additions are placed inside parentheses within the square brackets [()].

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E: THE FINANCIAL SYSTEM AND FINANCIAL ADMINISTRATION

Courses 330, 331 are introductory to the problem and research courses.

330, 331. Money and Banking.–This is a double course having two objectives. (1) The student is expected to make a wide acquaintance with the literature of the field and to become familiar with those theories and principles in the fields of money and banking which are essential to an intelligent understanding of the problems arising in these fields. The relation of a medium of exchange to the processes by which changes in the price level are brought about is critically examined. Consideration is given to the principles which should govern the operations of individual commercial banks and of the banking system, and to the relation of these operations to changes in the price level and business conditions. (2) Time is devoted to a discussion of the feasibility of control of economic activities through the pecuniary system. The outstanding issues in international finance are surveyed. Prerequisite: accounting and statistics and Economics 230 or its equivalent. Summer, Autumn, Winter, Mints.

Source: Announcements, The University of Chicago, Vol. XXXII, no. 12 February 1932. Arts, Literature and Science for the Sessions of 1932-33, p. 358.

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Economics 330
Money and Banking

  1. The functions of money and banking
    1. The origins of money
      1. Monroe, Monetary Theory before Adam Smith (See the table of contents)
      2. Moulton, Readings in Money and Banking, pages 45-74
      3. Phillips, Readings in Money and Banking, pages 7-25
    2. The functions of money
      1. Monroe (See table of contents)
      2. Mill, Principles of Political Economy, Book III, ch. 7
      3. Foster and Catchings, Money, pages 1-52
      4. Holdsworth, Money and Banking, ch. 1
      5. Johnson, Money and Currency, ch. 1 and 2
      6. Kinley, Money, ch. 1
      7. Marshall, Money, Credit, and Commerce, pages 12-20
      8. Moulton, Financial Organization of Society, ch. 1-3
      9. Moulton, Money and Banking, Part I, pages 5-13, 31-44
      10. Scott, Money and Banking, pages 1-49
    3. The functions of banking
      1. Gilbart, The History, Principles and Practice of Banking, Michie edition, Vol. I, pages 210-223
      2. Mill, Book III, ch. 11
      3. McLeod, Theory and Practice of Banking, Vol. I, pages 313-326
      4. [*]Agger, Organized Banking, pages 3-36
      5. [*]Conant, Principles of Money and Banking, Vol. II. Pages 206-219; 239-255
      6. [*]Dunbar, Theory and History of Banking, pages 1-19
      7. [*]Moulton, In the Journal of Political Economy, Vol. 26, pages 484-508; 638-663; and 849-881
      8. Watkins, (and Moulton) in the Journal of Political Economy, Vol. 27, pages 578-605
      9. Steiner, Some Aspects of Banking Theory, pages 34-67
      10. Veblen, Theory of Business enterprise, pages 91-132
  2. Statement of theories concerning the relation of money and banking to the price level
    1. Monroe, chs. 7, 12, 19, 22, 29, 30, 34
    2. [1*]Ricardo, Principles of Political Economy (Gonner edition) ch. 27
    3. [2*]Mill, Book III, chs. 7-13
    4. Laughlin, Principles of Money, chs. 8 and 9
    5. [3*]Fisher, Purchasing Power of Money, chs. 2-5 [,8]
    6. Anderson, The Value of Money, ch. 20 [sample]
    7. [4?*]Cassel, Theory of Social Economy, ch. 11
    8. [5*]Hawtrey, Currency and Credit, pages 1-110 [(3rd ed. )]
    9. Keynes, Monetary Reform, pages 81-95
    10. Cannan, Money, 4th or 5th edition, parts I and II.
    11. Robertson, Money, revised edition, chs. 2, 3, and 4.
    12. [*]Marshall, Money, Credit, and Commerce, pp. 38-50
    13. Phillips, Readings in Money and Banking, pp. 178-212
    14. [**]Pigou, The Value of Money, in the Quarterly Journal of Economics for 1917-18, pp. 38-65
    15. Foster and Catchings, Money, ch. 10
    16. Kemmerer, Relation of Money and Credit to Prices, Book I, chs. 1 and 2; Book II, chs. 1 and 8
    17. Scott, Money and Banking, ch. 4
    18. [**]Keynes, A Treatise on Money, Vol. I, chs. 9-12 and 14[-17]
  3. Appraisal of these theories by means of
    1. Logical analyses
      [Vol I of Keynes, pp. 53-120, 221-39]

      1. Anderson, The Value of Money, chs. 2-19
      2. Burns, The Quantity Theory and Price Stabilization, in The American Economic Review for December, 1929; Part III, pp. 573-579.
      3. [*]Davenport, Velocities, Turnovers and Prices, in The American Economic Review for March, 1930; pp. 9-19
        [cf. Marget in J.P.E.]
      4. Laughlin, The Principles of Money, ch. 8
      5. Lewinski, Money, Credit and Prices, chs. 1 and 3
    2. Examination of the process of changes in the price level
      1. In countries whose governmental budgets were unbalanced
        1. Early European experiences
          1. Moulton, Money and Banking, pp. 89-95; 144-148
          2. Fisher, pp. 252-256
          3. Seligman, Currency Inflation and Public Debts
          4. Johnson, Money and Currency, ch. 14
          5. Walker Money ch. 16
          6. [*]Cannan, The Paper Pound of 1797-1821; contains the text of the Bullion Report
          7. Sumner, History of American Currency, ch. 2 and the appendix, pp. 311-324; contains the text of the Bullion Report
          8. [*]Hawtrey, Currency and Credit, 1st. and 2nd. Editions, chs. 15 and 16; 3rd edition, chs. 17 and 18
          9. Andreades, A History of the Bank of England, pp. 161-242
          10. [?]Angell, The Theory of International Prices, ch. 3
            [Harris, Assignat]
        2. American experience: pre-war
          [D C Barrett, Greenbacks]

          1. White, Money and Banking, Book II, pp. 79-192
          2. Moulton, Money and Banking, pp. 148-199; 210-248
          3. Hepburn, History of Currency in the United States, chs. 2, 11 and 13; but see also the table of contents
          4. Sumner, especially pp. 1-59 and 189-227
          5. Johnson, Money and Currency, pp. 272-290
          6. [Best]Mitchell, History of Greenbacks, especially Part I, chs. 1 and 2; and Part II, ch. 10
          7. Noyes, Forty Years of American Finance, chs. 1-3
          8. Fisher, pp. 256-265
          9. Walker, Ch. 15
        3. American experience: World War
          1. Garrett, Government Control over Prices (published by the War Trade Board), pp. 23-59.
          2. Comptroller’s Reports. See, for example, that for 1926, especially pp. 268-282.
          3. Annual Reports of the Secretary of the Treasury; that for 1920, pp. 104-6; 413-16.
          4. Federal Reserve Bulletins.
          5. The Statistical Bulletin of the Standard Statistics Company.
          6. Annual Report of the Federal Reserve Board for 1926; especially pp. 40-2; 134; 142-3; and 220.
          7. The Review of Economic Statistics for July, 1927; pp. 121-141.
          8. Hardy and Cox, Forecasting Business Conditions, chs. 19-22 and Appendix A.
        4. European experience: World War
          Great Britain

          1. [*]Young, John Parke, European Currency and Finance (U. S. Senate Commission of Gold and Silver Inquiry). Vol. I, pp. 273-306; 442-69.
            [Something (from items 2-9)]
          2. Withers, Bankers and Credit, chs. 2, 4, and 5.
          3. Kirkaldy, British Finance, 1914-1921.
          4. Shaw, Currency, Credit and the Exchanges, chs. 1 and 3.
          5. Hawtrey, Monetary Reconstruction.
          6. Keynes, A Treatise on Money, Vol. II, pp. 170-89.
          7. Jack, The Restoration of European Currencies, ch. 2.
          8. Robertson, revised edition, ch. 6.
          9. Harris, Monetary Problems of the British Empire, pp. 65-82, 157-168.

          France

          1. [*]Rogers, The Process of Inflation in France, chs. 6, 11, and 12.
          2. Dulles, The French Franc, 1914-1928, chs. 1, 7, 8 and 9.
          3. Young, Vol. I, pp. 307-46; 470-93.
          4. Moulton and Lewis, The French Debt Problem.
          5. Jack, ch. 7.

          Germany

          1. [*]Graham, Exchange, Prices, and Production in Hyper-Inflation: Germany, 1920-1923, pp. 3-173.
          2. Young, Vol. I, pp. 387-430; 522-42.
          3. Rogers, ch. 7
          4. Jack, ch. 6.
          5. Moulton and McGuire, Germany’s Capacity to Pay.
          6. Keynes, Economic Consequences of the Peace.
          7. Schacht, Stabilization of the Mark.

          Austria

          1. [*]de Bordes, The Austrian Crown, pp. 144-229.
          2. Young, Vol. II, pp. 9-25, 291-297.
          3. Jack, ch. 10

          Some general references on the theory of international prices.

          1. Mill, Book III, chs. 20-22.
          2. Young, Vol. I, pp. 29-49.
          3. Taussig, Principles of Economics, first edition, Vol. I, pp. 458-462.
          4. Viner, Canada’s Balance of International Indebtedness, pp. 191-255.
          5. Cassel, Money and Foreign Exchange after 1914, pp. 137-169, 187-202.
          6. Keynes, Monetary Reform, pp. 95-116.
          7. Taussig, International Trade, pp. 34-42, 337-408; but especially pp. 337-358.
          8. Angell, The Theory of Internaitonal Prices, chs. 7, 14-17.
      2. During a peace-time business cycle.
        1. [*]Mitchell, Business Cycles: The Problem and its Setting, ch. 2.
        2. Mitchell, Business Cycles (1913), pp. 6-18.
        3. Pigou, Industrial Fluctuations, Part I, chs. 8, 12-17; but particularly chs. 8 and 12.
        4. Cassel, Theory of Social Economy, chs. 17 and 19, and pp. 458-467.
        5. Keynes, A Treatise on Money, Vol. I, chs. 18 and 19.
        6. Fisher, ch. 4.
        7. Foster and Catchings, Money, particularly ch. 20, but also ch. 18.
        8. Foster and Catchings, Profits, last chapter.
        9. Anderson, ch. 10.
        10. Laughlin, pp. 92-112.
        11. Adams, Economics of Business Cycles, pp. 198-233.
        12. Hansen, Business Cycle Theory, chs. 1 and 6.
        13. Wagemann, Economic Rhythm, chs. 18 and 19.
        14. Copeland, Two Hypotheses Concerning the Equation of Exchange, in the Journal of the American Statistical Association, Proceedings, 1929, pp. 146-48.
        15. Copeland, Recent Changes in Our Wholesale Price Level, in the Journal of the American Statistical Association, Proceedings, 1930, pp. 164-169.
        16. Copeland, Special Purpose Indexes for the United States, 1919-1927, in the Journal of the American Statistical Association for June, 1929, pp. 109-122.
        17. Some convenient sources of data:
          1. Hardy and Cox, Appendix A.
          2. Schluter, The Pre-War Business Cycle
          3. Standard Statistics Bulletin
          4. Federal Reserve Bulletin
          5. Annual Reports of the Federal Reserve Board
          6. Survey of Current Business
      3. During a longer period covering several cycles.
        1. Cassel, Theory of Social Economy, pp. 467-473.
        2. Fisher, chs. 10-12 and respective appendices.
        3. Laughlin, Money and Prices, chs. 2-4, and 6.
        4. Anderson, ch. 19.
        5. Davis, The Quantity Theory and Recent Statistical Studies, in the Journal of Political Economy for March, 1921, pp. 213-221.
        6. Working, Prices and the Quantity of the Circulating Medium, 1890-1921, in the Quarterly Journal of Economics for 1922-23, pp. 228-256.
        7. Working, Bank Deposits as a Forecaster of the General Price Level, in the Review of Economic Statistics for 1926, pp. 120-133.
        8. Snyder, New Measures in the Equation of Exchange, in the American Economic Review for December, 1924, pp. 699-713.
        9. Edie, Gold Production and Prices before and after the World War.
        10. Burns, The Quantity Theory and Price Stabilization, in the American Economic Review for December, 1929, pp. 561-573.
        11. Kitchin; Berridge; Coyle; a series of articles on the production and consumption of gold, in the Review of Economic Statistics for 1920-21, 1924-26, and 1929.

[Business cycle

Hawtry Trade & Credit. “Trade Cycle”
J. M. Clark JPE Mar 1917 “Business Acceleration & law of demand”, Overhead Costs ch 19, esp. pp. 386-96]

Source: Columbia University Libraries, Manuscript Collections. Albert Gailord Hart Papers. Box 60. Folder “Mints, Money 1932”.

Categories
Yale

Yale. Irving Fisher recording on 100% reserves, 1938

Voice recording of a campaign endorsement by Irving Fisher for Jerry Voorhis, a Yale Phi Beta Kappa, and apparent advocate of the sort of monetary reform that Irving promoted. By the way, Voorhies was defeated by Richard Nixon in 1946.

 

Image source: Voorhis campaign license plate attachment, on display at Nixon Presidential Library and Museum, Yorba Linda CA.

Categories
Chicago Courses Syllabus

Chicago. Banking Theory and Monetary Policy. Mints, 1942

“Lloyd Mints, though less brilliant and exciting than Viner, served the same function for us in monetary theory that Viner did in price theory. His Economics 330 and 331 introduced us to the organic core of monetary theory. Like Viner, Mints concentrated on the fundamentals, not on institutional arrangements. He was thorough and meticulous in his presentations and, again, like Viner, assigned us readings ranging over a wide variety of views.”
Rose Friedman in Milton and Rose D. Friedman, Two Lucky People: Memoirs (1998), p. 38.

________________________________________________

E: MONEY, BANKING, AND BUSINESS CYCLES

  1. Money.—An examination of various theories of the factors which determine the value of money in the short and in the long run. Prerequisite: Economics 230 [Mints’ course, Introduction to Money and Banking] or equivalent. Summer, 1:30; Autumn, 2:30; Mints.
  1. Banking Theory and Monetary Policy.—Theories upon which the Federal Reserve Act is based; the validity of these theories; and the possible objectives and techniques of central-bank and monetary management. Prerequisite: Same as for Economics 330. Summer, Winter, 2:30, Mints.

Source: Announcements, The University of Chicago, Vol. XLI, No. 10 (April 25, 1941). The College and the Divisions for the Sessions of 1941-42, p. 310.

________________________________________________

NOTE: The following reading list for Lloyd Wynn Mints’ course “Banking and Monetary Policy” (Winter Quarter of 1942) was hand-marked by Norman Kaplan with sufficient detail to warrant including his notes with the original reading list. Everything in italics and within square brackets, [], are Kaplan’s additions. A few non-italicized corrections/comments of mine are inside parentheses within the square brackets [()].

The identical printed reading list can be found at the Hoover Institution Archives, Milton Friedman’s papers (Box 5, Folder 12: Student years), together with other course reading lists. Since Milton Friedman himself never took this course according to his own course records and his copy of the reading list for Economics 331 definitely looks to be of a later vintage (at least less worn) from that of his reading list for Economics 330, we cannot conclude with any certainty that the reading list remained completely unchanged for the entire decade 1932-42.

________________________________________________

ECONOMICS 331
BANKING AND MONETARY POLICY

[Lloyd Mints, University of Chicago, Winter Quarter 1942]

  1. Theoretical and historical foundations of the Federal Reserve Act
    1. Theoretical
      1. Smith, The Wealth of Nations, part of Book II, chapter 2; in Everyman’s edition, pages 266-286 [in Vol I; for sake of completeness, Vol II]; in Cannan’s edition, pages 285-304
        [Read]
      2. Ricardo, Reply to Mr. Bosanquet’s Practical Observations on the Report of the Bullion Committee, chapter 5; in Gonner’s edition of Ricardo’s essays, pages 113-119
      3. Mill, Principles of Political Economy, Book III, chapter 24
      4. Scott, Money and Banking; in the second edition, pages 147-176
      5. Willis, The Federal Reserve, pages 46-84, 176-191
      6. Warburg, The Discount System in Europe (The National Monetary Commission)
      7. Dunbar, The Theory and History of Banking, chapters 3, 5, and 6
      8. Agger, Organized Banking, pages 31-33, 37-63, 140-174
        [Read pp. 31-33]
      9. Conant, The Principles of Money and Banking, Vol. II, pages 17-110, 143-163
      10. Moulton, Commercial Banking and Capital Formation, in the Journal of Political Economy, Vol. 26 (1918), pages 705-731
      11. Cannan, The Meaning of Bank Deposits, in Economica for January, 1921, pages 28-36
      12. Phillips, Bank Credit, chapter 3
        [Read]
      13. Angell and Ficek, The Expansion of Bank Credit, in the Journal of Political Economy, Vol. 41 (1933), pages 1-32, 152-193
        [Read Viner, Trade, pp. 218-288]
    2. Historical: The development of the Bank of England and the London money market
      1. Dunbar, The Theory and History of Banking, the chapter on the Bank of England
        [Read]
      2. Feavearyear, The Pound Sterling, A History of English Money
      3. Andreades, A History of the Bank of England
      4. Bagehot, Lombard Street, chapters 3, 7, 9-12
      5. Whitaker, Foreign Exchange, the chapter on “Foreign Money Market Factors”; in the first edition, chapter 8
        [Read]
      6. Leaf, Banking, chapters 3, 7 and 8
      7. Willis and Beckhart, Foreign Banking Systems, chapter 17
      8. Report of the Committee on Finance and Industry (The Macmillan Report), chapter 4
      9. The Report of the Bullion Committee; to be found in “The Paper Pound of 1797-1821,” edited by Cannan
        [Read]
      10. Gregory, the introduction to the reprint of the “History of Prices,” by Tooke and Newmarch; especially pages 69-91
    3. Historical: the development of banking in the United States before 1913
      1. Dewey, State Banking before the Civil War; and Chaddock, the Safety Fund Banking System in New York, 1829-1866 (The National Monetary Commission)
      2. Hepburn, History of Currency in the United States
      3. Noyes, The War Period of American Finance
      4. Sprague, Crises Under the National Banking System, chapter 1
        [*Read]
      5. Davis, Origin of the National Banking System
      6. The appropriate chapters in any good economic history of the United States
        [Read]
      7. Miller, Banking Theories in the United States before 1860
  1. The organization and operation of the Federal Reserve system
      1. Hardy, Credit Policies of the Federal Reserve System
        [Read]
      2. Burgess, The Reserve Banks and the Money Market
        [Read]
      3. Currie, The Suppply and Control of Money in the United States
        [Read a little if you have time]
      4. Willis and Steiner, Federal Reserve Banking Practice
        [Omit]
      5. Annual Report of the Federal Reserve Board for 1923, pages 3-39
        [*Read. Written by Walter W. Stewart, Mints thinks. Represents position of old Board which was homogeneous & consistent until 1934.]
      6. Woodworth, Supplement to Kilborne’s “Principles of Money and Banking” (1934; on recent developments)
      7. The Federal Reserve Bulletin for September, 1935 (the banking act of 1935)
      8. Huffman, Expansion Possibilities of Our Banking System, in the Journal of Political Economy, Vol. 34 (1926), pages 717-741.
        [Read if you want to]
        [added: Willis, Federal Reserve (not Res. System, a later book cf. A.5 for pages) 1st 2 or 3 chapters on what it was they were interested in in getting banking reform]
  1. The Problem of Monetary Policy
      1. Keynes, The Means to Prosperity
        [Omit]
      2. ________, Monetary Reform, pages 167-222[Read, not so important]
      3. ________, A Treatise on Money, Vol. I, pages 185-220, Vol. II, pages 211-408
        [Omit]
      4. Hawtrey, Trade Depression and the Way Out; in the first edition, pages 68-84
        [Read this or ch. 8 (of The Art of Central Banking by Hawtrey)]
      5. ________, The Art of Central Banking, chapters 5,7, and 8
        [(Read) ch. 8 or pp. 68-84 (of Trade Depression and the Way Out by Hawtrey)]
      6. Whittlesey, Banking and the New Deal (Public Policy Pamphlet No. 16)
        [Read if you want to]
      7. Fisher, 100% Money
        [Read if you don’t understand 100% money]
      8. Gayer, Monetary Policy and Economic Stabilization
        [Read if you want to]
      9. Report of the Committee on Finance and Industry (the Macmillan Report)
        [Read if you want to]
      10. Simons, Currency Systems and Commercial Policy; in the Report of the Commission of Inquiry into National Policy in International Economic Relations, pages 344-349
        [Read]
      11. ________, Rules versus Authorities in Monetary Policy, in the Journal of Political Economy for February, 1936
        [Read Esp.]
      12. ________, A Positive Program for Laissez Faire (Public Policy Pamphlet No. 15)
        [Read]
      13. Gregory, The Gold Standard and its Future
        [Read if you want to]
      14. Hansen, Economic Stabilization in an Unbalanced World, pages 277-323
        [Read]
      15. Robertson, Banking Policy and the Price Level
        [ Written as a reaction against stable price level protagonists.]
      16. ________, Theories of Banking Policy, in “Economic Essays and Addresses,” by Pigou and Robertson, pages 95-115
        [Also in Robertson’s Essays in Monetary Theory]
      17. Harrod, The Expansion of Credit in an Advancing Community, in Economica, New Series, Vol. I (1934), pages 287-299
        [Omit]
      18. Durbin, The Problem of Credit Policy, pages 80-87, 109-241
        [Omit]
      19. Mahr, Monetary Stability (Public Policy Pamphlet No. 9)
        [Omit]
      20. Cassel, A Theory of Social Economy; in the McCabe translation, pages 414-419, 473-481
        [You might read this if you want to]

[Read these:

Henry Villard, “Federal Reserve System’s Monetary Policy in 1931 & 1932.” JPE (To be read in connection with II)

L.V. Chandler, “Monopolistic Elements in Commercial Banking” JPE
G. L. Bach, “Monetary Policy & the Price Level”, typewritten condensation of doctoral dissertation

Optional on gold vs. Paper

C. R. Whittlesy, International Monetary Issues, chs. 4-7 (for paper)
F. A. Hayek, Monetary Nat’lism & Internat’l Stability (for gold)
Gregory, pro-gold standard
Heilperin (a book Mints can’t remember published in last 3 years)

You should read some in:

Hansen, Fiscal Policy & Business Cycles, ch. 15 esp.]

________________________________________________

Source: Kaplan, Norman Maurice. Papers, [Box 3, Folder 6], Special Collections Research Center, University of Chicago Library.

Image Source: From a Japanese webpage that certainly appears to be about the Chicago School(s) of Economics. Here is the link to the picture of Mints.

 

Categories
Economists Funny Business

Primer for Little Political Economists. 1896

The  economics of Henry George like you have never seen before. Some clip-art to add to presentations. Here an example I have already used.

___________________

The Up-To-Date Primer:
A First Book of Lessons for Little Political Economists.

In Words of One Syllable
With Pictures

By J. W. Bengough

Designed for use in Schools, Colleges, Universities and other Seats of Learning

NEW YORK
FUNK & WAGNALLS COMPANY
LONDON AND TORONTO
1896

Categories
Columbia Courses Economists Syllabus

Columbia. Introductory Economics. First-term, 1912-13.

According to the Columbia University Catalogue for 1912-13, Economics 1-2, Introduction to economics–Practical economic problems was a 3 hour course taught by Professors Seager, Mussey, Agger, and Dr. Anderson. According to this outline it would appear that these instructors taught the material in the assigned textbook readings listed and once a week, a professor from the graduate faculty of Political Science would hold a lecture. The printed copy of the lectures and assignments transcribed here was found in the Papers of John Bates Clark.

________________________

Columbia College

Lectures and Assignments, Economics I.
[1912-13]

 

SEPTEMBER
27 Introductory Lecture. Professor H. R. Seager
30 ELY, Chapter I.—Nature and Scope of Economics.
OCTOBER
2 SELIGMAN, Chapter V.—The Economic Stages.
4 Lecture. The Accumulation of Economic Facts. Prof. R. E. Chaddock.
7 SELIGMAN, CHAPTER IV.—The Historical Forms of Business Enterprise
9 SELIGMAN, CHAPTER IX.—Private Property
11 Lecture. Conservation as an Economic Movement. Prof. R. E. Chaddock.
14 SELIGMAN, CHAPTER X.—Competition
16 SELIGMAN, CHAPTER XI.—Freedom
18 Lecture. A Method of Approaching and Testing Economic Reforms. Prof. R. E. Chaddock.
21 ELY, Chapter VII.—Elementary Concepts. To page 101.  
23 ELY, Chapter VIII.—Consumption. Pages 106 to 113 to “Luxury”
25 Lecture. Value and Price. Dr. B. M. Anderson, Jr.
28 ELY, Chapter IX.—Production. Pages 121-131 incl. (omitting 132-145).
30 Written Quiz covering all the above.
NOVEMBER
1 Lecture. Normal Price. Dr. B. M. Anderson, Jr.
4 ELY, Chapter XI.—Value and Price. Pages 156-163 to “Elasticity”. [corrected by hand from “Electricity”]
6 ELY, Chapter XI.— Value and Price. Pages 163-168 incl.
8 Lecture. Capitalization of Value. Dr. B. M. Anderson, Jr.
11 ELY, Chapter XII.—Value and Price. Pages 170-177 to “The Surplus of Bargaining”.
13 ELY, Chapter XII.— Value and Price. Pages 177-186.
15 Lecture. The Size of the Population. Prof. H. L. Moore.
18 ELY, Chapter XIII.—Monopoly. Pages 187-192 to “Classification” and page 197 “Monopoly Price” to page 201.
20 ELY, Chapter XIII.—Monopoly. Pages 201-208 to “Monopolies and the Distribution of Wealth”.
22 Lecture. The Quality of the Population. Prof. H. L. Moore.
25 Review.
27 Written quiz.
29 Thanksgiving Holidays.
DECEMBER
2 ELY, Chapter XIX.—Distribution as an Economic Problem, Pages 315-325.
4 ELY, Chapter XIX.— Distribution as an Economic Problem, Pages 326-333.
6 Lecture. Efficiency and Income. Prof. H. L. Moore.
9 SELIGMAN, Chapter XXIII.—Profits. Sections 152-154 incl.
11 SELIGMAN, Chapter XXIII.—Profits. Sections 155-157 incl.
13 Lecture. Profits. Prof. J. B. Clark.
16 ELY, Chapter XXI.—Rent of Land. Pages 348-357 to “The Different Uses of Land”.
18 ELY, Chapter XXI.—Rent of Land. Pages 357-366.
20 Lecture. The Rent of Land and the Single Tax. Prof. J. B. Clark.
Christmas Holidays
JANUARY, 1913
6 ELY, Chapter XXII.—The Wages of Labor. Pages 367-376 to “Subsistence Theory.”
8 ELY, Chapter XXII.—The Wages of Labor. Pages 376-385.
10 Lecture. Wages of Labor. Prof. J. B. Clark.
13 ELY, Chapter XXIV.—Interest. Pages 416-425 to “The Shifting of Investment”.
15 ELY, Chapter XXIV.—Interest. Pages 425 to 438 omitting fine print.
17 Lecture. Capital and Interest. Prof. J. B. Clark.
20 Review

The text assignments are to the 1910 editions of Prof. E. R. A. Seligman’s Principles of Economics and to Prof. R. T. Ely’s Outlines of Economics.

 

            COLLATERAL READING: (Pages to be assigned)

Bücher Industrial Evolution

Bullock Readings in Economics.

George Progress and Poverty. [Memorial Edition(1898): Vol. I, Vol. II.]

 

Source: John Bates Clark Papers, Series II.4. Box 9. Folder “Administrative Records and Course Material Undated”; Rare Book and Manuscript Library, Columbia University Library.

 

Categories
Courses Exam Questions Harvard Research Tip

Harvard. Course. Money, Banking, Commercial Crises, Williams and Gilbert 1937-38

 

The Harvard course, Economics 41 “Money, Banking, and Commercial Crises,” was a full-year course that James Tobin took as an undergraduate in 1937-38. Professor John H. Williams lectured during the first term and the vast bulk of lectures for the second term were held by Dr. Richard Vincent Gilbert (A.B., Harvard, 1923; Ph.D., Harvard, 1930. Dissertation: The theory of international payments). Associate Professor Seymour Harris does not appear anywhere in Tobin’s notes, so we can presume for now that Harris was substituted for by Williams and Gilbert and that the official enrollment report (see below) was the victim of a copy-paste error.

It appears from Tobin’s notes that Gilbert had been the section leader during the first term and was succeeded in the second term by the economics graduate student Kenyon Edward Poole (A.B., Harvard, 1929; A.M., Fletcher School of Law and Diplomacy 1934) whose doctoral dissertation “German recovery policies, 1932-1937” was accepted in 1938., A.B., Harvard 1929. Tobin wrote in a marginal note to his own student notes (dated 1992) that the section that met February 16, 1938 “was Gilbert’s last section.” Thus presumably, the earlier sections must have been Gilbert’s doing.

Course enrollment, 1937-38
Course readings, first term
January Reading Period list
Mid-year examination
Course readings, second term
May Reading Period list
Final exam
Research tip

___________________________ 

Official Course Announcement
for Economics 41, 1937-38

For Undergraduates and Graduates.

Economics 41 (formerly 3). Money, Banking, and Commercial Crises
Mon., Wed., and (at the pleasure of the instructor) Fri., at 2. Professor Williams and Associate Professor Harris.

 

Source: Official Register of Harvard University, Vol. XXXIV, No. 44. Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences during 1937-38. Second edition. October 1, 1937.

Copy in Harvard University Archives. HUC 8500.16. Box 5 “Courses of Instruction”, Folder “1937-38”, p. 149.

 

___________________________

Enrollment in Economics 41,
1937-38 by class

[Economics] 41.        (formerly 3). Professor Williams and Associate Professor Harris.—Money, Banking, and Commercial Crises.

Registered total: 205, of which 3 Graduates, 49 Seniors, 121 Juniors, 30 Sophomores, 2 “Candidates for the Bachelor’s Degree out-of-course”.

 

Source: Report of the President of Harvard College and reports of departments for 1937-38, p. 85.

 

___________________________

Economics 41, 1937-38:
First Term Reading List

Economics 41
Readings: First Term [Handwritten note: “Excluding Reading Period”]

  1. The nature and function of banking
    Dunbar: Theory and History of Banking, Chs. 1,2,3,4. [pp. 1-60]
    White, Money and Banking, Ch. 16 [pp. 349-372]
  2. Creation of Deposits
    Phillips, Bank Credit, Ch. 3. [pp. 32-77]
    Currie, Supply and Control of Money, Chs. 5-7. [pp. pp. 46-83]
  3. Note Issue
    Dunbar, Ch. 5. [pp. 50-81]
    Currie, Ch. 10 [pp. 110-115]
  4. Commercial Loan Theory
    Robertson, Money, Ch. 5 [pp. 92-117|; Currie, Ch. 4. [pp. 34-46]
  5. U.S. Banking history
    White, Chs. 18-23 [pp. 387-529]
  6. The Federal Reserve System
    Dunbar, Ch. 6 [pp. 81-110]
    Burgess, Federal Reserve Banks and the Money Market [pp. 1-327],
    entire Federal Reserve Bulletin, July 1935, Supply and Use of Member Bank Reserve Funds. [pp. 419-428]
    Currie, Chs. 8,9. [pp. 83-110]
    Hardy, Credit Policies of the Federal Reserve System, Chs. 3-11. [pp. 34-243]
  7. Recent Banking Changes
    White, Chs. 29, 30. [pp. 670-738]
  8. Foreign Banking Systems
    Dunbar, Chs. 8-10 [pp. 139-235]

Source: Harvard University Archives. HUC 8522.2.1. Box 10, Folder “Syllabi, course outlines and reading lists in Economics, 1937-1938”.

 

Note: The page numbers were added to the 1937-38 readings in pencil for many items. In 1938-39, the identical titles plus pages were given for the same list of readings. The same information was copied by James Tobin into his course notes for 1937-38 (apparently correcting the page numbers listed for White under VII. to 679-738.)

 

___________________________

Economics 41, 1937-38:
Reading Period, January 1938

 

Economics 41: Read one of the following:

Hardy, Federal Reserve Policy.
Hawtrey, Art of Central Banking, pp. 116-303.
Keynes, Treatise on Money, Vol. II, Book VII.

 

Note: The Midyear Reading Period list for January 1938 was not found in the Course material folder archives, however for January 1936 and January 1939 the same three books were listed which we can presume constituted the choice of readings for January 1938. From Tobin’s notes for the course, he apparently chose the Hawtrey book.

 

___________________________

1937-38
HARVARD UNIVERSITY

ECONOMICS 41
MONEY AND BANKING
Mid-year Examination 1938.

Answer questions 1, 2 and three others.

  1. (One hour.) Supply and Use of Member Bank Reserve Funds.

(in millions of dollars.)

From
Dec. 1923 to July 1924

From
July 1924 to July 1925
Bills discounted

-430

+224
Bills bought

-332

+184
U.S. government securities

+389

-194
Other Reserve Bank credit

+9

+4
Monetary gold stock

+267

-144
Treasury and national bank currency

+9

-28
Money in circulation

-288

+36
Treasury cash and deposits with Federal Reserve banks

+18

-43
Non-member bank deposits

+9

-8
Other Federal Reserve accounts

-20

+7
Member bank reserve balances

+193

+54
    1. What is the meaning of each of the above items?
    2. Account for the changes in member bank reserve balances (or in bills discounted) in the two periods.
    3. What conclusions do you draw regarding the nature and instruments of Federal Reserve policy?
  1. Outline:
    1. Keynes’ views on the effectiveness of central banking control in England and the United States.
      (or)
    2. Hawtrey’s treatment of the development of central banking in England.
  2. “From the first, the banking system in this country has given expression to the American ideal of individuality and freedom.” Discuss
  3. Discuss the conflicting views of the role of banks in the creation of credit.
  4. Do banks create capital?
  5. Discuss the nature, purpose and wisdom of the provisions of the Federal Reserve Act concerning the issue of notes by the Federal Reserve banks.
  6. Discuss the merits of requiring the holding of reserves equal to a fixed percentage of deposits in the case of (a) central banks and (b) other banks.
  7. Discuss the relative effectiveness of open market operations and the rediscount rate as central bank instruments of control.
  8. What should be the central bank’s attitude towards the stock market?

Source: Harvard University Archives. Mid-year examinations, 1852-1943 (HUC 7000.55). Box 13: Mid-year Examinations, 1938. Papers printed for Mid-year Examinations [in] History, History of Religions,…,Economics,…,Military Science, Naval Science, January-February, 1938.

 

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Economics 41, 1937-38:
Second Term Reading List

[The following list of readings has been put together from Tobin’s class and reading notes for the course.]

Arthur D. Gayer—Monetary Policy and Economic Stabilization: A Study of the Gold Standard. 1935.
Fisher. Purchasing Power of Money, pp. 1-74 and 149-181.
Hawtrey. Currency and Credit, new ed. Chs 3-4.
Keynes. Treatise. Vol I, chs. 4,5,6 (Section 1), 7.
Hawtrey. Trade Depression and the Way Out
Foster and Catchings. Profits, Part 5
Haberler. Prosperity and Depression. Review of Theories.
Optional Keynes, ch 14 and ch on theory of inex numbers.
Taussig: International Trade: ch. 21. Adjustment on inconvertible paper.

 

Source: Yale University Library. Manuscripts Collections. James Tobin Papers. Group No. 1746, Box No. 6. Notes for Economics 41, 1937-38.

 

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Economics 41, 1937-38:
Reading Period, May 1938

Economics 41: Read one of the following:

  1. Royal Institute of International Affairs, The Future of Monetary Policy.
  2. International Chamber of Commerce, International Economic Reconstruction. Either Volume I or Volume II.
  3. Robbins, The Great Depression.
  4. Ohlin, Course and Phases of the World Depression, (League of Nations Study)
  5. Hansen, Economic Stabilization in an Unbalanced World.

 

Note: Tobin presumably chose this last item by Hansen since it is the last set of reading notes he included for the course.

Source: Harvard University Archives. HUC 8522.2.1. Box 10, Folder “Syllabi, course outlines and reading lists in Economics, 1937-1938”.

 

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Economics 41, 1937-38:
Final Exam, June 1938

1937-38
HARVARD UNIVERSITY

ECONOMICS 41

  1. Discuss either (a) or (b).
    1. “Freedom of the exchange rates insulates the national economy against cyclical disturbances or monetary instability of foreign origin.”
    2. “A country which becomes a member of an international currency system, such as the gold standard provides, surrenders a part of its freedom of action, and assumes, along with the right to such benefits as it affords, certain very stern responsibilities.”
  2. Answer either (a) or (b).
    1. “Before 1914, changes in the value of gold were largely governed by the accident of gold discoveries or inventions bearing on methods of gold production.” Does the evidence support this view?
    2. Outline and criticize Fisher’s analysis of the factors determining the value of money.
  3. Discuss either (a) or (b).
    1. The underconsumption theories of the business cycle
    2. The investment theories of the business cycle.
  4. “One’s evaluation of a policy of flexible public works as an agency of economic stabilization depends upon the theory one holds of the fundamental nature of the business cycle.” Do you favor a policy of flexible public works? If so, on what grounds? If not, why not?
  5. Answer one of the following questions.
    1. Robbins’ views on the causes of the great depression.
    2. The Royal Institute of International Affairs’ analysis of the powers and limitations of the monetary authority.
    3. Hansen’s analysis of the breakdown of the international system in 1930-35.
    4. Gregory’s views on the major influences antagonistic to currency stabilization.
    5. Ohlin’s analysis of the causes of the great depression.
    6. Write a review of the book you read during the reading period.

Final. 1938.

 

Source: Yale University Library. Manuscripts Collections. James Tobin Papers. Group No. 1746, Box No. 6. Notes for Economics 41, 1937-38.

 

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Research Tip:

While at the Harvard Archives I came across Suggested Topics for Theses in Economics 41, 1938-39, HUC 8938.121.2. In it are listed 137 topics, each topic having between one to more than a dozen suggested references, running to 31 pages that includes twelve additional thesis subjects. The entire list of suggested topics with suggested references has been transcribed and posted!

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Image: My photo taken of a box of James Tobin’s notes as a student at Harvard. Not only are they bound, they have been cleanly copied in pen and are legible at the 99.9% confidence level.