Month: October 2015

Categories
Bibliography Wisconsin

Ely and Wicker’s List for an economics library, 1904.

Appended to their Elementary Principles of Economics, Together with a Short Sketch of Economic History (1904), are  the following bibliographies of works that Richard T. Ely (Wisconsin) and George Ray Wicker (Dartmouth) “suggest that a school desiring to form a standard working library in Economics would do well to purchase”. A second edition was published in 1917 with a few additions and deletions to the bibliographies. A vast majority of these works can be obtained and/or read online by simply typing the authors’ last name and key words from the title into the search boxes at www.archive.org or www.hathitrust.org.

Also available here at Economics in the Rear-view Mirror are earlier bibliographies put together by J. Laurence Laughlin (1887) and Michael E. Sadler (1891).

___________________________

APPENDIX II
[Ely and Wicker (1904)]

COURSES OF READING

It is believed that both students and teachers may derive valuable aid from the following selected bibliographies. The first group in each case includes works of a relatively untechnical character, and therefore constitutes a sort of elementary, “minimum” course of special study of the particular topic. The books mentioned in the second group are in each case more advanced and technical, and may therefore be used either for advanced courses of study or as works of reference. The authors would suggest that a school desiring to form a standard working library in Economics would do well to purchase the books mentioned in the second groups in the order in which they are named.

 

GENERAL ECONOMICS 

Group 1

Blackmar, F. W.: Economics.

Bullock, C. J.: An Introduction to the Study of Economics.

Devine, E. T.: Economics.

Gide, Charles: Principles of Political Economy. (American adaptation, 1904.)

Seager, Henry R.: Introduction to Economics.

Walker, F. A.: Elementary Course in Political Economy; also Briefer Course in Political Economy.

 

Group 2

Smith, Adam: Wealth of Nations (in Ashley’s Economic Classics).

Marshall, A.: Principles of Economics.

Smart, W.: Introduction to the Theory of Value.

Clark, J. B.: The Distribution of Wealth.

Mill, J. S.: The Principles of Political Economy.

Ricardo, D.: Principles of Political Economy and Taxation. (Six chapters in Ashley’s Economic Classics.)

Walker, F. A.: Political Economy. (Advanced Course.)

Patten, S. N.: The Premises of Political Economy.

Hobson, J. A.: The Economics of Distribution.

Commons, J. R.: The Distribution of Wealth.

Smart, W.: The Distribution of Income.

 

ECONOMIC HISTORY

Group 1

Ashley, W. J.: Introduction to English Economic History and Theory. 2 vols.

Cheyney, E. P.: Industrial and Social History of England.

Beard, C.: The Industrial Revolution.

Ely, R. T.: Evolution of Industrial Society.

Coman, Katharine: The Industrial History of the United States.

Hewins, W. A. S.: English Trade and Finance.

Price, L. L.: History of English Commerce and Industry.

Warner, T.: Landmarks of English Industrial History.

 

Group 2

Bücher, Carl: Industrial Evolution. (Translation.)

Hobson, J. A.: The Evolution of Modern Capitalism.

Toynbee, Arnold: The Industrial Revolution.

Wright, C. D.: Industrial Evolution of the United States.

Wells, D. A.: Recent Economic Changes.

Rand, B.: Selections illustrating Economic History since 1763.

Gibbins, H. de B.: Industry in England.

Cunningham, W.: Growth of English Industry and Commerce. 2 vols.

Rogers, J. E. T.: Six Centuries of Work and Wages and A History of Agriculture and Prices in England.

Ingram, J. K.: History of Slavery.

 

THE HISTORY OF POLITICAL ECONOMY

Group 1

Price, L. L.: A Short History of Political Economy in England.

 

Group 2

Ingram, J. K.: History of Political Economy.

Ashley, W. J. (editor): Economic Classics, including selected passages from Adam Smith’s Wealth of Nations; six chapters of Ricardo’s Principles of Political Economy; selected passages from Malthus’s Theory of Population; Mun’s England’s Treasure by Foreign Trade; Jones’s Peasant Rents; and Schmoller’s The Mercantile System.

 

RENT, LAND NATIONALIZATION, AND THE SINGLE TAX

Group 1

George, Henry: Progress and Poverty.

Walker, F. A.: Land and its Rent.

 

Group 2

Commons, J. R.: The Distribution of Wealth.

Clark, J. B.: The Distribution of Wealth.

Hobson, J. A.: The Economics of Distribution.

Patten, S. N.: Dynamic Economics.

Smart, W.: The Distribution of Income.

 

MONEY, CREDIT, AND BANKING

Group 1

Bagehot, W.: Lombard Street.

Bolles, A. S.: Money, Banking, and Finance.

Jevons, W. S.: Money and the Mechanism of Exchange.

Kinley, D.: Money — A Study of the Theory of the Medium of Exchange.

Walker, F. A.: Money, Trade, and Industry.

White, Horace: Money and Banking.

 

Group 2

Report of the Monetary Commission of the Indianapolis Convention.

Scott, W. A.: Money and Banking.

Laughlin, J. L.: The Principles of Money, and The History of Bimetallism in the United States.

Dunbar, C. F.: Theory and History of Banking.

Nicholson, J. S.: Money and Monetary Problems.

Fisk, A. K.: The Modern Bank.

Cannon, J. G.: Clearing Houses.

Conant, C. A.: History of Modern Banks of Issue.

Sumner, W. G.: History of American Currency.

Muhleman, M. L.: Monetary Systems of the World.

Knox, J. J.: United States Notes.

Walker, F. A.: International Bimetallism.

Willis, H. P.: History of the Latin Monetary Union.

 

PUBLIC FINANCE

Group 1

Daniels, W. M.: Elements of Public Finance.

Plehn, C. C.: Introduction to Public Finance.

 

Group 2

Adams, H. C.: The Science of Finance.

Cohn, G.: The Science of Finance. (Translation.)

Bastable, C. F.: Public Finance.

Seligman, E. R. A.: Essays in Taxation.

Dewey, D. R.: Financial History of the United States.

Noyes, A. D.: Thirty Years of American Finance.

Ely, R. T., and Finley, J. H.: Taxation in American States and Cities.

Taussig, F. W.: The Tariff History of the United States.

Kinley, D.: The Independent Treasury.

West, Max: The Inheritance Tax.

Howe, F. C.: Taxation and Taxes in the United States under the Internal Revenue System, 1791-1895.

Kinsman, D.: The Income Tax in the Commonwealths of the United States.

 

INTERNATIONAL TRADE AND PROTECTIONISM 

Group 1

 

Bastable, C. F.: Theory of International Trade.

Bastiat, F.: Sophisms of Protection.

Clare, G.: Money Market Primer.

Ely, R. T.: Problems of To-day.

Taussig, F. W.: Tariff History of the United States.

Group 2

Sumner, W. G.: Protectionism.

Patten, S. N.: The Economic Basis of Protection.

Wells, D. A.: Practical Economics.

List, F.: National System of Political Economy.

Carey, H. C.: Harmony of Interests.

Ashley, W. J.: The Tariff Problem.

SOCIALISM

Group 1

Bellamy, E.: Looking Backward.

Brooks, J. G.: The Social Unrest.

Ely, R. T.: Socialism and Social Reform.

Gronlund, L.: The Cöoperative Commonwealth.

Howells, W. D.: A Traveller from Altruria.

Morley, H. (editor): Ideal Commonwealths.

Reeves, W. P.: State Experiments in Australia and New Zealand.

 

Group 2

Kirkup, T.: History of Socialism.

Marx, Karl: Capital. (Translation.)

Rae, J.: Contemporary Socialism.

Schäffle, A. E. F.: The Quintessence of Socialism. (Translation.)

Vandervelde, E.: Collectivism. (Translation.)

Woolsey, T. D.: Communism and Socialism.

 

LABOR: ITS POSITION, ITS CONDITIONS, AND ITS EARNINGS

Group 1

Ely, R. T.: The Labor Movement in America.

Gladden, W.: Working People and their Employers.

Mitchell, J.: Organized Labor.

Toynbee, Arnold: The Industrial Revolution in England.

Wright, C. D.: Industrial Evolution of the United States.

 

Group 2

Report of the United States Industrial Commission.

Annual and Special Reports of the United States Labor Bureau.

Hobson, J. A.: The Evolution of Modern Capitalism.

Schloss, D. F.: Methods of Industrial Remuneration.

Jevons, W. S.: The State in its Relation to Labor.

Stimson, F. J.: Handbook to the Labor Law of the United States.

Lowell, Josephine S.: Industrial Arbitration and Conciliation.

Webb, Sidney and Beatrice (Potter): History of Trade-unionism and Industrial Democracy.

Potter, Beatrice: The Cöoperative Movement in Great Britain.

Levasseur, E.: The American Workman. (Translation.)

Gilman, N. P.: Profit-sharing.

Ashley, W. J.: The Adjustment of Wages.

Rogers, J. E. T.: Six Centuries of Work and Wages.

Brassey, T.: Work and Wages.

 

MONOPOLIES AND INDUSTRIAL COMBINATIONS

Group 1

Ely, R. T.: Monopolies and Trusts.

Gunton, G.: Trusts and the Public.

Jenks, J. W.: The Trust Problem.

Lloyd, Henry D.: Wealth against Commonwealth.

Von Halle, E.: Trusts and Industrial Combinations.

Meade, E. S.: Trust Finance.

 

Group 2

Report of the United States Industrial Commission, Vols. I and II.

Adams, H. C.: The Relation of the State to Industrial Action.

Bemis, E. W.: Municipal Monopolies.

Clark, J. B.: Theory of Economic Progress.

Farrer, T. H.: The State in its Relation to Trade.

Cook, W. W.: The Corporation Problem.

Bridge, J. H. (editor): The Trust, its Book.

Bridge, J. H.: Inside History of the Carnegie Steel Co.

Baker, C. E.: Trusts and the People.

Dodd, S. C. T.: Combinations: their Uses and Abuses. (A eulogy of the Standard Oil Company by one of its attorneys); also

An Inside View of Trusts, circulated free of charge in the interests of the Standard Oil Company.

 

TRANSPORTATION

Group 1

Hadley, A. T.: Railroad Transportation.

Johnson, E. R.: American Railway Transportation.

 

Group 2

Reports (Annual) of the Interstate Commerce Commission.

Report of the United States Industrial Commission.

Meyer, B. H.: Railway Legislation in the United States.

Stickney, A. B.: The Railway Problem.

Dixon, F. H.: State Railroad Control.

Jeans, J. S.: Waterways and Water Transport.

Johnson, E. R.: Inland Waterways.

Lewis, G. H.: National Consolidation of Railways.

Newcomb, H. T.: Railway Economics.

 

CORPORATIONS AND CORPORATION FINANCE

Group 1

Cleveland, E. A.: Funds and their Uses.

Meade, E. S.: Trust Finance.

Pratt, S. A.: The Work of Wall Street.

 

Group 2

Report of the Chicago Conference on Trusts.

Burdick, F. M.: The Essentials of Business Law.

Greene, T. L.: Corporation Finance.

Cook, W. W.: The Corporation Problem.

Emery, H. C.: Speculation on the Stock and Produce Exchanges of the United States.

 

COMMERCIAL GEOGRAPHY

Group 1

Adams, C. C.: A Text-book of Commercial Geography.

Redway, J. W.: New Basis of Geography.

Trotter, Spencer: The Geography of Commerce.

 

Group 2

Reports of the Department of Commerce and Labor (U.S.), especially Commercial Relations of the United States; Consular Reports; Monthly Summary of Commerce and Finance.

Twelfth Census of the United States.

Chisholm, G. G.: A Handbook of Commercial Geography.

Keltie, J. S.: Applied Geography.

In addition to the books mentioned in the preceding paragraphs, students will find certain general works of reference of very great value. These may be most conveniently listed under the names dictionaries, periodicals, and general treatises. Every school that aspires to the possession of a working library in our subject should have a considerable number of the books in the following list, together with some of the magazines of most general use in the subject. In the first two groups the books and magazines respectively are given in the order in which the authors would recommend their purchase. For obvious reasons it has not been deemed best to do this in the case of the books mentioned in Group Three, which are therefore given in the alphabetical order of their authors. The student will not find in this book any references to German, French, or Italian authorities that have not been translated. Should he have occasion, in exceptional cases, to refer to such works, he should consult the bibliographies that are to be found in many of the general treatises included in our list

 

DICTIONARIES

Dictionary of Political Economy. Edited by R. H. Inglis Palgrave.

Cyclopedia of Political Science and Political Economy. Edited by J. J Lalor.

Cyclopedia of Social Reform. Edited by W. D. P. Bliss.

The standard encyclopedias will also be found to contain special articles on very many economic topics.

 

PERIODICALS

Publications of the American Economic Association.

The Quarterly Journal of Economics.

Political Science Quarterly.

The Yale Review.

The Journal of Political Economy.

Annals of the American Academy of Political and Social Science.

Municipal Affairs.

Commercial and Financial Chronicle.

Bradstreet’s.

Dun’s Review.

The Bankers’ Magazine. (American.)

 

GENERAL TREATISES

Andrews, E. B.: Institutes of Economics.

Bullock, C. J.: Introduction to the Study of Economics.

Devine, E. T.: Economics.

Cannan, E.: Elementary Political Economy.

Ely, R. T, Outlines of Economics; also Introduction to Political Economy. (Revised Edition, 1901.)

Davenport, H. J.: Elementary Economics.

Gide, C.: Principles of Political Economy. (Translation.)

Hadley, A. T.: Economics.

Hearn, W. E.: Plutology.

Marshall, A.: Principles of Economics; also Marshall, A. and M.: The Economics of Industry.

Nicholson, J. S.: Principles of Political Economy.

Roscher, W.: Political Economy. (Translation.)

Seager, H. R.: Introduction to Economics.

Sidgwick, H.: Principles of Political Economy.

Walker, F. A.: Political Economy. (Advanced Course.)

 

 

Source: Richard T. Ely and George Ray Wicker. Elementary principles of economics. New York: Macmillan, 1904 (Reprinted through 1916 without revision multiple times from this 1904 edition).

Image Source: Dartmouth Aegis, 1916.

Categories
Bibliography Courses Harvard

Harvard. Business Cycles Course. Hansen, 1950.

According to the course catalogue for 1950-51, this course was to be co-taught by Professor Alvin Hansen and Assistant Professor Richard Goodwin. (Official Register of Harvard University. Vol. 47, No. 23, September, 1950.) However, Goodwin did not receive tenure at Harvard and moved on to Cambridge University in 1950. In the following years material for this course was swept into the second semester of Economics 141. “Money, Banking and Economic Fluctuations” offered jointly by Hansen and John H. Williams.

________________________

Economics 145a
Business Cycles 1950-51
Professor Hansen

Part I. Descriptive Survey

Haberler, Prosperity and Depression, Ch. 1,9.
Hansen, Fiscal Policy and Business Cycles, Ch. I, II.
Schumpeter, “The Analysis of Economic Change,” in Readings in Business Cycle Theory, Ch. I.
Federal Reserve Chart Book (available at the Coop.)

Suggested Reading:

Mitchell, “Business Cycles,” in Encyclopaedia of the Social Sciences, Vol. 3, pp. 92-106.
Kondratieff, “The Long Waves in Economic Life,” in Readings in Business Cycle Theory, Ch. 3.
Frickey, Economic Fluctuations in the United States.
Burns and Mitchell, Measuring Business Cycles.
Beveridge, Full Employment in a Free Society, Part II, Sec. 1 and Appendix A.
Schumpeter, Business Cycles, pp. 161-174; 212-219.
Dewey and Dakin, Cycles, Ch. 1-9.
Aschinstein, Introduction to Business Cycles, 1950.

Part II. The Meaning and Genesis of National Product

Hansen, Economic Policy and Full Employment, Ch. 3, 4.
Gilbert and Jaszi, “National Product and Income as an Aid in Economic Problems,” in Readings in the Theory of Income and Distribution, Ch. 2.
Machlup, “Period Analysis and Multiplier Theory,” in Readings in Business Cycle Theory, Ch. 10, only pp. 210-234.
Morgan, Income and Employment, Ch. I.
Haberler, Prosperity and Depression, Ch. 8, Section 4, pp. 222-232; Ch. 13, Section 1, pp. 455-461.
Hansen, Fiscal Policy and Business Cycles, Ch. XI, XII, XIII, XIV.

Suggested Reading:

National Income, Supplement to Survey of Current Business, July, 1947.
Kuznets, (a) The National Income and its Composition, Ch. 1; (b) National Income, A Summary of Findings.
Kaldor, “The Quantitative Aspects of the Full Employment Problem in Britain,” Appendix C in Beveridge, Full Employment in a Free Society.

Part III. Theory of Cycles and Investment

Haberler, Prosperity and Depression, Ch. 10, 11, and 3; Ch. 13, Section 3, pp. 473-479.
Hansen, (a) Fiscal Policy and Business Cycles, Ch. XVI and XVII; (b) Economic Policy and Full Employment, Ch. 14-16.
Keynes, General Theory, ch. 22.
Lerner, Economics of Control, Ch. 21, 22.
Harris, The New Economics, Ch. 33.
Schumpeter, Business Cycles, Ch. IV, Sections A, B, and C, pp. 130-161; Ch. VII, Section C., pp. 325-351.
Morgan, Income and Employment, Ch. 7-9.

Suggested Reading:

Tinbergen and Polak, The Dynamics of Business Cycles.
Long, Building Cycles and the Theory of Investment, Ch. I, II, VII, VIII, XII.
Haberler, Prosperity and Depression, Chapter VIII.
Schumpeter, Business Cycles, Chapters 6 and 7.
Tinbergen, Robertson, Hayek, Hawtrey in Readings in Business Cycle Theory, Ch. 4, 15, 16, 17.
Clark, Strategic Factors in Business Cycles.
Wilson, The Fluctuations in Income and Employment Ch. 1-10.
Estey, Business Cycles, Ch. 1-16.
Hansen (a) Business Cycle Theory, Ch. 4, 8; (b) Full Recovery or Stagnation, Ch. 3 (Hayek); and Appendix Keynes’ Treatise, pp. 331-343.
Metzler, (a) “The Nature and Stability of Inventory Cycles,” in Review of Economic Statistics, August, 1941; (b) “Business Cycle Theory and the Theory of Employment,” in American Economic Review, June, 1946.
Samuelson, Readings in Business Cycle Theory, Ch. 12.
Samuelson, Chapter II in Harris’ Postwar Economic Problems: Income, Employment and Public Policy, Norton, 1948.

Part IV. Policy

Beveridge, Full Employment in a Free Society, Parts IV and V.
C. E. D., Taxes and the Budget, 1947.
Hansen, (a) Fiscal Policy and Business Cycles, Ch. 9; (b) Economic Policy and Full Employment, Ch. 5-13; 22.

Suggested Reading:

Hicks, Ch. 24, in Readings in Income Distribution (Keynes and the Classics; also in Econometrica, Vol. 5, 1937).
Pigou, Lapses from Full Employment.
Kaldor, “Stability and Full Employment,” in the Economic Journal, December, 1938.
Board of Governors of the Federal Reserve System, Postwar Studies, No. 3, Musgrave, “Federal Tax Reform,” pp. 22-52.
Schumpeter, Capitalism, Socialism and Democracy, Ch. XV, XVI, XVII.
Twentieth Century Fund, American Housing, Ch. 12, pp. 311-341.
Financing American Prosperity, Twentieth Century Fund, (especially, Clark, Slichter and Williams).

READING PERIOD ASSIGNMENT

Read one of the following four assignments:

  1. Morgan, Income and Employment, Ch. 10-18.
  2. Polanyi, Free Trade and Full Employment, Ch. 3, 4, 6, 7; AND John H. Williams, “Free Enterprise and Dull Employment,” Chapter 7 in Financing American Prosperity.
  3. Terborgh, George, The Bogey of Economic Maturity (entire book, disregarding appendices) AND H. Hansen’s review of Terborgh’s book in Appendix B in Economic Policy and Full Employment AND Wright’s review in Review of Economic Statistics, February, 1946, pp. 13-22.
  4. National and International Measures for Full Employment, United Nations, Department of Economic Affairs, 1949.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 5. Folder: “Economics, 1950-1951 (1 of 2)”.

Image Source:  Harvard Album 1952.

Categories
Bibliography Exam Questions Harvard Suggested Reading

Harvard. U.S. history for economics graduate students. F. J. Turner, 1912

The object of the “general examination” for Harvard Economics Ph.D. students in 1911-1912 was “to ascertain the applicant’s attainments within a considerable range of subjects in the field of History, Political Science, or Economics.” The ordinary case would be that Ph.D. students would be “be examined in six subjects in all, chosen from the groups defined below under the respective departments of study” but not to include the subject of a student’s “special field” that would be subject to a second examination.

“Of the six subjects, at least one must be taken from each of the groups A, B, C, and D, the first three of these groups being purely economic, while the fourth, more general in character, is intended to secure a somewhat broader basis of preparation. In all cases at least one of the subjects chosen must be historical in character, either economic history under group B or one of the historical fields defined under Group D.”

Of the seven topics listed in Group D, one was the “History of American Institutions.” In 1912 the economics chairman, Professor Charles J. Bullock asked colleagues for reading lists to provide students preparing for their degree examinations.  The historian Frederick Jackson Turner responded with the following list. In the same folder there is a list of Ph. D. examination questions for U. S. history that is undated but most likely from that time as well (1912).

__________________________________

153 Brattle St
Cambridge, June 14, 1912

 

Professor C. J. Bullock,
Harvard University

 

My dear Bullock,

I suggest the following list in reply to your letter asking for books suitable for preparation for the examination of one of your graduates in Economics. I omit economic aspects in my list, as I take it these are covered by other lists.

For a general view he should read

either

A. B. Hart (ed) Epochs of Am. Hist.—3 vols.

or

Encyclopaedia Britannica, art. U. S.—history, 11th ed.

or

Cambridge Modern History, VII (U.S.)

 

He should read more extensively in standard histories. One of the following groups would seem reasonable:

A. Select ten volumes from:

E. Channing, History of U. S. (2 vols. out)

J.  Schouler,   History of U. S.

J. F. Rhodes, History of U. S.

or B. Select fifteen volumes from:

A. B. Hart (editor) Am. Nation Series, e.g. vols. 10-19, 21-25. The colonial period and the civil war could, in this case, be supplied by reading C. M. Andrews, The Colonial Period (in press, H. Holt) and F. L. Parson, The Civil War, both of the above being little books in the Home University Library. Of course it would be better to read Channing, or Osgood (Am. Colonies, 3 vols.)

 

or C. Select ten volumes of Am. Nation Series and ten volumes of the following:

American Statesmen Series:

Washington, Hamilton, Jefferson, Clay (2 vols.), Calhoun, Lincoln, Chase, Blaine; and T. Burton, John Sherman, A. Johnson, Douglas, R. G. Thwaites, D. Boone.

 

On political institutions and diplomacy:

J. Bryce, American Commonwealth (last edn)
E. Stanwood, Presidency
A. Johnston, American Politics
C. A. Beard, American Government and Politics
McClain’s or Boyd’s Cases on Constitutional Law
H.W. Rogers (editor) Constitutional History (“Michigan Law Lectures”

J. B. Moore, American Diplomacy
or J. W. Foster, Century of American Diplomacy

A.B. Hart, Foundations of American Foreign Policy
or A. C. Coolidge, U. S. as a World Power

In general I should say that the candidate should possess a good general knowledge of the narrative American History; a clear understanding of the history of political parties and issues, including the most important constitutional questions, leading cases, etc.; a firm hold on the history of the development of the significant political institutions; a good working knowledge of the main problems of our foreign relations; and a well considered and well based estimate of the work and characteristics of the leading statesmen. (Of course such economic history as lands, tariff, internal improvement, banking, and currency and finance are otherwise provided for.)

It is not unlikely that you may conclude that the above list is either too extensive or too limited for the purpose in hand. In that case use your judgment.

Sincerely yours,

[signed]

Frederick J. Turner

__________________________________

Ph. D. Examination in American History since 1789.

  1. Of what officers was Washington’s first cabinet composed? Is the cabinet provided for in the constitution? When and under what circumstances have additions been made to it? What are its powers? What books treat of its history?
  2. What are the principal periods and steps in the development of the speakership of the House of Representatives? Name and characterize the four greatest speakers. Give a list of secondary sources useful on this topic.
  3. Could a political party which held the Presidency and Congress procure a repeal of decision of the supreme court obnoxious to it, as for example the income tax decision of 1895, if the Democrats had won? How could this be done, if it could be done? On what occasions would a dominant party have been tempted to make use of such a power if it existed?
  4. What were the most important legislative policies of the following men: Henry Clay, Thomas H. Benton, John C. Calhoun?
  5. Ought Stephen A. Douglas’s biography to be included in the American Statesmen series? Why?
  6. What were the significant policies of the Democratic party 1830-1850, and who were the leaders of the party?
  7. Was the Mexican war an unjust war? What is its significance in American history? Authorities on the question.
  8. Discuss Thaddeus Stevens as an American Statesman? Was his reconstruction policy wise? How far was it put in operation? How did Lincoln’s and Johnson’s reconstruction policy differ from each other? What were the most enduring results of the legislative and constitutional enactments constituting reconstruction?
  9. Briefly explain the following leading cases: Hylton v. U.S.; Prize cases; Marbury v. Madison; Fletcher v. Peck; Cohens v. Virginia?
  10. Sketch three important incidents showing the influence of sectionalism in American history, selecting one from each of these periods: 1789-1815; 1815-1835, 1870-1896.
  11. What is the best “help” in finding “congressional documents” for the purposes of American history? What are the primary sources for debates in House and Senate 1789-1820?

 

Source: Harvard University Archives. Department of Economics, Correspondence & Papers, 1902-1950 (UAV 349.10), Box 25, Folder “Suggested Readings”.

Image Source: Harvard Album, 1916.

 

Categories
Bibliography Chicago Courses Syllabus

Chicago. Course on International Economic Policies. Viner, 1944.

As the previous posting for Economics 370 (International Trade and Finance) taught by Jacob Viner at the University of Chicago during the Winter Quarter of 1944, this posting is based on detailed notes taken by Don Patinkin from which I have extracted a rough course outline with a corresponding list of assigned as well as suggested readings and references. 

After the course description, the course outline and Viner’s reading assignments as written by Don Patinkin in his notes have been transcribed.  A list of term paper topics for the course has also been transcribed. I am happy to report that almost all of the readings have been properly identified and brought into proper bibliographic form in a separate list placed at the end of this posting. As most of the readings for Viner’s policy course are well on this side of the copyright threshold, fewer links can be offered. The periodical literature that can be accessed at jstor.org has been linked, but most folks this interested in the history of 20th century economics have access to jstor through their university affiliations.

__________________________

[Course Description]

XI. INTERNATIONAL ECONOMIC RELATIONS

  1. International Economic Policies. A survey, with particular reference to the United States, of the international aspects of the economic policies and activities of governments. Topics: the fundamentals of international trade; tariffs and tariff technique; quotas and exchange controls; commercial treaties; unfair competition; colonial policies; international capital investments; commodity controls; the international aspects of shipping and railroad policies; international economic institutions; economic factors in diplomacy and war. Prereq: Two years’ work in the Division of the Social Sciences, or equiv. Spr: M, W, F, 9, Viner.

Source: The University of Chicago, Announcements, The College and the Divisions. Sessions of 1943-1944.   Vol. XLIII, No. 10 (August 10, 1943), p. 317.

__________________________

[Course Outline and Reading Assignments]

Economics 371
International Economic Policies
Spring Quarter, 1944
Jacob Viner

[Outline]

 

Subject LECTURES
Types of Econ. Policy
Mercantilism
Scandal Theory
Tariffs (MFN & CMFN)
Tariff Bargaining (History etc.)
New Forms of Trade Barriers
Monopoly Question
Int’l Cartels
Customs-Union
Colonial Problems
Native Labor Problem
Int’l Movements of Capital
Postwar investment policy
Raw Materials
Commodity Agreements
International Agencies

 

[Readings Assigned/Suggested in Sequence As Announced by Viner]

Winslow, “Marxian, Liberal, & Sociological Theories of Imperialism,” JPE v. 39 #6,Dec. ’31, pp. 713-86]

Robbins, Economic Causes of War, pp. 94-8, & Appendix pp. 111-24, London, 1939.

Staley, Foreign Investment & War. U. of C. Public Policy Pamphlets, 13-24]

Sulzbach, “Capitalistic Warmongers” U. of C. Public Policy Pamphlets. 25-35

cf. also Staley “War & The Private Investor” [not assigned]

John H. Herz, “Power Politics & World Organization” Am. Pol. Science Review Dec 42, v. 36 #6.

Int’l Relations. Jacob Viner, Proceeding American Econ Association March ‘44

Jacob Viner. Address before League of Nations. Society in Canada. Interdependence, V. 13 #3 &4 1936, pp. 218-229.

Haberler, Theory of Int’l Trade pp. 211-26, 245-95,
or
Ellsworth, Int’l Econ. pp. 275-340

U.S. Tariff Comm. Reciprocity Report, pp. 27-47, 504-510

Viner, Tariffs, Ency. Soc. Sciences

Tasca, Reciprocal Trade Policy of U.S. ch.’s 2-5 (pp. 10-9

Viner, Most Favored Nations Clause, JPE Feb ’24,
Index Jan ‘31

Viner, Trade Relations between Free-Market & Controlled Economies (League of Nations Memo 1943)

Joseph B. Lockey Am. Journal of Int’l Law 235-43

B. Nolde, Recueil de Cours Academie de Droit Internationale, 1924 II.

Viner—Proc. American Econ. Assoc. March 1944, pp. 315-29 “Intern. Relations between State-Controlled Nat. Economies”

Ellsworth
Haberler

(These not assignments, merely references)
Margaret Gordon, Barriers to World Trade
Howard Ellis, Exchange Control
Henry J. Tasca, World Trading Systems (Diff. between U.S. & Eng. on export controls)

 

League of Nations, Commercial Policy in Interwar period

[League of Nations] Haberler, Quantitative Trade Controls

Howard Ellis, Exchange Control, pp. 13-17

July [sic, May] ’43 Social Research. Schüller

Corwin Edwards “Int’l Cartels as Obstacles to Int’l Trade”. Proceed. A. E. Assoc. March ‘44

Ervin Hexner “Int. Cartels in the Post-War World” Southern Econ. Journal. Oct. ‘43

New Republic—special supplement on Cartels March 27, 1944

Federalist—No. XI & passim

De Beers “Tariff Aspects of the Federal Union” QJE Nov. 1941

U.S. Tariff Comm. Colonial Tariff Policies, Introduction, pp. 1-16, 26-42, 55-9, 63-78

P. Bidwell Tariff Policy of the U.S. 1933, pp. 70-101

Royal Institute of Int’l Affairs—The Colonial Problem. ch’s 1, 3,4.

Viner. typewritten article on U.S. colonial policy – on reserve.

Violet Conolly, Soviet Trade from the Pacific to the Levant” (1935)

[Violet Conolly], Soviet Economic Policy in East 1933.

Haberler [Regional blocs]—in Seymour Harris ed. Postwar Econ. Problems 1943, pp. 325-344

Skim [next three items]

Feis, Europe the World’s Banker. ch’s 1-3, pp. 463-69
Viner, Int’l Finance & Balance of Power Diplomacy, Southwestern Political and Social Science Quarterly March ’29, V. IX, No. 4.
Viner, Political Aspects of Int’l Finance” Journal of Business of U. of C. April-July ’28.

R.I.I.A.—The Problem of Int’l Investment. ch’s 1, 2,3 (=pp. 1-39); & 8 (=pp. 102-12)

J.W. Angell—Financial For. Policy of U.S. 1933—ch’s 3, 4,7

O. R. Hobson, The Function of Foreign Lending (pamphlet on reserve)

Staley, “Une critique de la protection diplomatique des placements à l’étranger” Revue gén. de Droit Int. Pub. Sept-Oct., 1935, pp. 541-558.

Knorr- Hist. of Eng. Colonial Theories (U of C. Ph.D. thesis)

On forced colonial labor: Lord Olivier, White Men & Colonial Labor (sic, white capital and coloured labour. McMillan (Penguin book). Lord Hailey, African Surveys.

Wallace & Edminster, Int’l Control of Raw Materials, ch’s 1, 9, 10, 11, 12

Staley, Raw Materials in Peace & War ch’s 1, 3, 5, 6, 7, 8,11

Round Table Discussion. Proceedings A.E. Assoc. (St. Louis, 1926), pp. 41-8

Viner, (Rubber Control), Foreign Affairs, July ‘26

Viner, Raw Materials Problem in Porritt (ed.), The Causes of War, 185-202 (Just look at last two)

Viner, Objectives of Post-War Int’l Econ. Reconstruction. New Wilmington lecture. May 1942,(on reserve).

______________________________

Possible Term Papers

Policy of U. S. with respect to any post war econ.

Lessons for post-war settlement from past failures

Foreign Investment in Backward Countries

Econ. Provisions other than P-p(?)

Lend-Lease as means of Inter-Allied Econ. Relation[?]

Case studies: Missionaries & Imperialism

Am. gov. preferences to domestic trade in gov. purchases

gov. intervention to collect foreign debt—any case study

Study of literature dealing with econ motives of U.S. entry into World War I.

Econ. Doctrine as applied by World Court in its Decisions

Canadian-American Hydro-agreements

Int’l action of cooperatives

Intl trade theories underlying activities of I. L.O.

 

______________________________

Bibliography for Viner’s Economics 371 in 1944

 

Angell, James Waterhouse. Financial foreign policy of U.S. New York: 1933. [A report to the second International studies conference on the state and economic life, London, May 29 to June 2, 1933, prepared for the American committee appointed by the council on foreign relations.]

Bidwell, Percy Wells. Tariff policy of the U.S.; A study of recent experience. New York: Council on Foreign Relations.1933 [A report to the second International studies conference on the state and economic life, London, May 29 to June 2, 1933, prepared for the American committee appointed by the council on foreign relations.]

Conolly, Violet. Soviet trade from the Pacific to the Levant, with an economic study of the soviet Far Eastern region. London: Oxford University Press, H. Milford, 1935.

Conolly, Violet. Soviet economic policy in the East; Turkey, Persia, Afghanistan, Mongolia and Tana Tuva, Sin Kiang. London: Oxford University Press, H. Milford, 1933.

de Beers, John S. Tariff aspects of a federal union. Quarterly Journal of Economics v. 56, no. 1 ( November 1941), pp. 49-92.

Edwards, Corwin D. International cartels as obstacles international trade. American Economic Review, Papers and Proceedings. v. 34, No. 1, part 2 supplement (March 1944) pp. 330-40.

Ellis, Howard Sylvester. Exchange control in central Europe. Harvard economic studies, no. 69. Cambridge: Harvard University Press, 1941. [Originally published as ‘Exchange control in Austria and Hungary’ and ‘Exchange control in Germany’ in the Quarterly journal of economics, volume 54, no. 1, part 2, November, 1939 and volume 54, no. 4, part 2, August, 1940.]

Ellsworth, Paul Theodore. International economics. New York: Macmillan, 1938.

Feis, Herbert. Europe the world’s banker, 1870-1914. New Haven: Yale University Press, 1931.

Gordon, Margaret S. Barriers to world trade; a study of recent commercial policy. New York: Macmillan, 1941. [Bureau of international research of Harvard university and Radcliffe college.]

Hamilton, Alexander. The utility of the union in respect to commercial relations and a navy. The Federalist, Number 11. 1787-88.

Haberler, Gottfried. The theory of international trade with its application to commercial policy (translated by Alfred W. Stonier and Frederic Benham). London: W. Hodge & company, 1936.

Haberler, Gottfried. Quantitative trade controls: their causes and nature. Geneva: League of Nations, Series II, Economic and financial. 1943. [“Prepared by Professor Gottfried Haberler … in collaboration with Mr. Martin Hill.”]

Haberler, Gottfried. “The political economy of regional or continental blocs” In Seymour Edwin Harris (ed.), Postwar economic problems, New York, McGraw Hill, 1943, pp. 325-44.

Hailey, William Malcolm (Lord Hailey). An African survey: a study of problems arising in Africa south of the Sahara. London: Oxford University Press, 1938. [Issued by the Committee of the African Research Survey under the auspices of the Royal Institute of International Affairs.]p

Herz, John H. Power Politics and world organization. American Political Science Review v. 36, no. 6 (December 1942), pp. 1039-1052.

Hexner, Ervin. International cartels in the postwar world. Southern Economic Journal v. 10, no. 2 (October 1943), pp. 114-135.

Hobson, O.R. The function of foreign lending. [International Chamber of Commerce. 9th International Congress (Berlin), 1937, Document #3].

Knorr, Klaus. British colonial theories, 1570-1850. Toronto: University of Toronto Press, 1944. [University of Chicago Ph.D. thesis]

League of Nations. Economic, Financial and Transit Department. Commercial policy in interwar period. Geneva: League of Nations, 1942.

Lockey, Joseph B. Pan-Americanism and imperialism. American Journal of International Law vol. 32, no. 2 (April 1938), pp. 244-243.

New Republic. Special supplement on cartels, March 27, 1944.

Nolde, Boris. Recueil des Cours 1924 II. Académie de Droit Internationale.

Olivier, Sydney Haldane (Lord). White capital & coloured labour. London: Independent Labour Party,1906 [also London: Hogarth Press by Leonard & Virginia Woolf]

Robbins, Lionel. Economic causes of war. London: J. Cape, 1939.

Royal Institute of International Affairs. The colonial problem. London: Oxford Press, 1937.

Royal Institute of International Affairs. The problem of international investment. London: Oxford University Press, 1937.

Schüller, Richard. Commercial policy between the two wars; personal observations of a participant. Social Research v. 10, no. 2 (May 1943), pp. 152-174.

Staley, Eugene. War and the private investor; a study in the relations of international politics and international private investment. Garden City, NJ: Doubleday, Doran & company, 1935.

Staley, Eugene. Une critique de la protection diplomatique des placements à l’étranger. Revue Générale de Droit International Public. v. 42 (September-October, 1935), pp. 541-558.

Staley, Eugene. Foreign investment and war. University of Chicago Public Policy Pamphlets, Nr. 18, 1935.

Staley, Eugene. Raw materials in peace and war. New York: Council on Foreign Relations, 1937.

Sulzbach, Walter. “Capitalistic warmongers”: a modern superstition. University of Chicago Public Policy Pamphlets, Nr.35, 1942.

Henry J. Tasca. The reciprocal trade policy of the U.S.; a study in trade philosophy. Philadelphia, University of Pennsylvania Press, 1938.

Henry J. Tasca, World trading systems; a study of American and British commercial policies. Paris: International institute of intellectual co-operation, League of Nations, 1939.

U. S. Tariff Commission. [Stanley Kuhl Hornbeck; Jacob Viner; Clive Day; Walter B. Palmer]. Reciprocity and commercial treaties. Washington, DC: Government Printing Office, 1919.

U. S. Tariff Commission. Colonial tariff policies. Washington, DC: Government Printing Office, 1922.

Viner, Jacob. The most-favored-nations clause in American commercial treaties. Journal of Political Economy v. 32, no. 1 (February 1924), pp. 101-129. [Reprinted in Viner, 1951.]
http://www.jstor.org/stable/1822463

Viner, Jacob. The most-favored-nation clause. Index v. 61 (February 1931), pp. 2-17. [Reprinted in Viner, 1951.]

Viner, Jacob. Political aspects of international finance. Journal of Business of the University of Chicago v. 1, no. 2 and no. 3 (April and July 1928)

Viner, Jacob. International finance and balance of power diplomacy, 1880-1914. Southwestern Political and Social Science Quarterly. v. 9, No. 4 (March 1929).

Viner, Jacob. Tariffs. In vol. 14 of Edwin R. A. Seligman and Alvin Saunders Johnson (eds.) Encylopaedia of the social sciences. New York: Macmillan 1930

Viner, Jacob. Address before League of Nations Society in Canada, Interdependence, v. 13, nos. 3 and 4 (1936), pp. 218-229.

Viner, Jacob. National monopolies of raw materials. (Rubber Control), Foreign Affairs v.4, no. 4 (July 1926), pp. 585-600. (rubber control)

Viner, Jacob. Raw materials problem. In Arthur Porritt and Arthur Salter (eds.), The causes of war. New York: Macmillan, 1932.

Viner, Jacob. U.S. Policy with Respect to the ‘Colonial Problem’. Typescript. [Perhaps later published as “The American interest in the ‘colonial problem.’” New York: Council on Foreign Relations, 1944.]

Viner, Jacob. Objectives of post-war international economic reconstruction. New Wilmington lecture, May 1942.

Viner, Jacob. International Economics. Glencoe, IL: Free Press, 1951.

Viner, Jacob. Trade relations between free-market and controlled economies. Geneva: League of Nations, 1943.

Viner, Jacob. International relations between state-controlled national economies. American Economic Review, Papers and Proceedings v. 34, no. 1, part 2 (March 1944, pp. 315-29
http://www.jstor.org/stable/1818704

Wallace, Benjamin B. (chairman). American practices analogous to foreign controls over raw materials, round table discussion. American Economic Review, Papers and Proceedings vol. 17, no. 1 Supplement (March 1927), pp. 41-8. [W. E. Grimes, H. E. Erdman, J. D. Black, Vanderveer Custis, Amos E. Taylor]

Wallace, Benjamin Bruce and Edminster, Lynn Ramsay. International control of raw materials. Brookings Institution. Washington, D.C., 1930.

Winslow, E. M. Marxian, liberal, and sociological theories of imperialism. Journal of Political Economy, v. 39, no. 6 (December 1931), pp. 713-86]

 

Source: Don Patinkin Papers. Duke University Rare Book Library. Box 3 (Course Materials and Class Notes), Folder “Patinkin as Student: Notebooks (1944)”.

Image source: Jacob Viner on the left, Theodore W. Schultz on the right. Undated. University of Chicago Photographic Archive, apf1-07483, Special Collections Research Center, University of Chicago Library.

 

Categories
Bibliography Chicago Courses Syllabus

Chicago. International Trade and Finance. Viner, 1944

 

Don Patinkin took reasonably detailed notes in two of Jacob Viner’s three graduate courses in international economics in 1944 from which it is a fairly easy task to put together course outlines and the corresponding lists of assigned as well as suggested readings and references.

Just as in his core economic theory course Economics 301, Price and Distribution Theory, Viner appears to have given reading assignments generally in blocks at a time that one presumes he wrote or had written on a black board to be copied into student’s notes. During his lectures there was the occasional new reference to be given.

A Chicago quarter is a dozen weeks long. Viner packed into the first dozen weeks a historical survey of mercantilism followed by one on the bullionist controversy and found time to talk about both exchange rate determination and the pure theory of trade as well as the competing plans by Keynes and White put forward on the eve Bretton Woods conference. An educational tour-de-force.

Almost all of the readings have been properly identified and brought into proper bibliographic form. And if this is not enough, I include Patinkin’s list of 19 Ph.D. examination questions for the field.

More recently I have posted the bibliography and exam questions for this course as taught by Viner in the Winter Quarter of the 1932/33 year. That information was found in the Milton Friedman papers in the Hoover Institution archives.

__________________________

Econ. 370
International Trade and Finance
Jacob Viner

Winter Quarter, 1944

__________________________

[Course Description]

XI. INTERNATIONAL ECONOMIC RELATIONS

  1. International Trade and Finance. The theory of international values, the mechanism of adjustment of international balances, foreign-exchange theory, the international aspects of monetary and banking theory, and tariff theory. Prereq: Econ 301 or equiv. Win: M, W, F 9, Viner.

Source: The University of Chicago, Announcements, The College and the Divisions. Sessions of 1943-1944.   Vol. XLIII, No. 10 (August 10, 1943), p. 317.

__________________________

[Course Outline and Reading Assignments]

Subject LECTURES
MERCANTILISM
BULLIONIST CONTROVERSY
INT’L MECHANISM: SIMPLE SPECIE
role of exchange rate fluctuations
role of price changes
role of specie flow
income elasticity for imports
terms of trade
unilateral payments
inductive studies
purchasing power parity theory
FRACTIONAL RESERVES
short term capital movements
inter-regional adjustments
flight capital
fixed and flexible exchanges
current int’l monetary agreement discussion
PURE THEORY OF INTERNATIONAL TRADE
Ohlin on determinants of specialization
Alternative cost doctrine
The case for FREE TRADE
Graphical analysis—Edgeworth on gains from trade

 

Mercantilism

Viner, Studies, ch. 1 & 2.

Heckscher, Mercantilism, II, 175-261.

—— Ency. Soc. Sciences, v. 10, pp. 333b-339a.

—— Econ. Hist. Review, Nov. 1936.

Viner, Review of Heckscher, Econ. Hist. Review, v. 6.

—— “Balance of Trade”, Ency. Soc. Sciences, v. 2, pp. 399-406.

Seligman, Bullionists, Ency. Soc. Sciences, v. 3, pp. 60-64.

Mun, England’s Treasure, ch’s 2, 3,4,5,6,7,8,19,20.

Hume’s Essays: “Of Money”, “Of the Balance of Trade”

Malynes

Bullionist Controversy

Viner, Studies, ch. 3 & 4.

Silberling, “Financial & Monetary Policy” (Q.J.E.—skim; Feb. & May 1924).

Angell, James W. Theory of international prices. Ch III & Appendix A, pp. 427-503.

Viner—Review of Angell. J.P.E. (pp. 601-611 only).

Ricardo—High Prices of Bullion in McCulloch edition of Works or in Gonner ed. Ricardo’s Essays.

Mechanism of International Equilibrium

E. M. Bernstein, J.P.E. 1939

Imre de Vegh in Review of Econ. Statistics, 1941

Leontieff (Essays in Honor of Taussig)

Robertson—Viner. QJE Feb 1939.

Ricardo, Principles ch. 7.

J.S. Mill, Principles, Book III, chs. 17 & 18.

Ohlin—Interregional & International Trade. ch’s 1,2,4,14,20; Appendices I & II.

Viner—Studies ch. 6.

[for material of ch. 5 (Viner) see—

Elmer Wood—Eng. Theories of Central Banking Control

E.V. Morgen. Hist. of Central Banking Theories

Wadrey [?], Ph.D. thesis]

read Ellsworth—Int’l Economics—chs. 5 &6—well organized

Mosak — Dr.’s thesis on material of ch. 6

Bronfenbrenner — Studies in Math. Economics-Lange

Haberler — Theory of Int’l Trade

 

International Mechanism Under Gold Standard, Fractional Reserves

[Viner] Studies — ch. 7

Explorations in Economics [Taussig Festschrift]: Currie [Domestic Stability & the Mechanism of Trade Adjustment to Int’l. Capital Movements]—pp.46-56, also Angell pp. 15-19, Leontief [Notes on the Pure Theory of Capital Transfer]—pp.84-91.

E. M. Bernstein, J.P.E., June 1940.

J.C. Gilbert, R.E. Studies V (1937-8), 187ff.

Imre de Vegh, R.E. Stat, 1942. [sic]

Paish, Economica, Nov. 1936

Interest Rates & Capital Movements

O. M. W. Sprague [Economic Adviser to the Bank of England]—Memorandum [presented after the Bank for International Settlements in May 1932]: Statistical Data on Foreign Short-Term Loans—their Collection & Use

[Paish, F. W.] Banking Policy & Int’l Payment. Economica [Nov.] 1936.

Gilbert. Review of Econ. Studies V. 5, pp. 187 ff.

The “Gold Standard”

[criticism of…next three items]

Keynes — Treatise on Money.

Whittlesey

Graham & Whittlesey. Golden avalanche

Bretton Woods:

Get Keynes’ plan (British Ministry of Information) & White (Treasury) plan (revised of July)

see also FR bulletin

Princeton bibliography on this.

Williams’ July- 1943 and Jan 1944, Foreign Affairs.

Irving Trust Co. Symposium. Read: texts of agreement

Goldenweiser, E. A.

articles by Kemmerer, Viner, Williams

C. P. Kindleberger, Short-Term Capital Movement (1936)

Marco Fanno. Normal and Abnormal Cap. movements.

Paul Einzig. Foreign Balances (1936)

Viner—Two plans for int’l monetary standard. Yale Review.

Pure theory of Int’l Trade

Viner—Studies ch.’s 8-9.

Lerner-(two articles) Diagrammatical Represent. Economica 346-56, 1932-34 319-34.

Leontieff — Use of Indifference Curves—Q.J.E. 1933.

Samuelson — Welfare Econ A.E.R. 1938.

Kaldor — Tariff — Economica 1940.

De Scitovszky — Reconsideration of Tariff — Review of Econ Studies—summer 1942.

J.C. Gilbert—Rev. Econ. Studies V. 3 “Present State of Int’l Theory”

Q.J.E. May 1938 Robertson on [Viner’s] Studies pp. 539ff.

__________________________

Bibliography for Viner’s Economics 370 in 1944

Angell, James W. Theory of international prices: History, criticism and restatement. Harvard Economic Studies No. 28, Cambridge, Harvard University Press, 1926.

Angell, James W. Equilibrium in international payments: the United States, 1919-1925. In Explorations in economics, notes and essays contributed in honor of F. W. Taussig. (1936).

Bernstein, E. M. Exchange rates under the gold standard. Journal of Political Economy, Vol. 48, No. 3 (Jun., 1940), pp. 345-356.

Bronfenbrenner, Martin. International transfers and the terms of trade: An Extension of Pigou’s Analyis. In Studies in mathematical economics and econometrics: in memory of Henry Schultz (1942).

Currie, Lauchlin. Domestic stability and the mechanism of trade adjustment to international capital movements. In Explorations in economics, notes and essays contributed in honor of F. W. Taussig. (1936)

De Scitovszky, T. A reconsideration of the theory of tariffs. The Review of Economic Studies, Vol. 9, No. 2 (Summer, 1942), pp. 89-110.

de Vegh, Imre. Imports and income in the United States and Canada. The Review of Economics and Statistics, Vol. 23, No. 3 (Aug., 1941), pp. 130-146

Einzig, Paul. Foreign balances. London: Macmillan, 1938.

Ellsworth, P. T. International economics. New York: Macmillan, 1938.

Encyclopaedia of the Social Sciences. Edwin R. A. Seligman and Alvin Johnson (eds.). New York, Macmillan Co.

Vol. 2 (1930);  Vol. 10 (1933)

Explorations in economics, notes and essays contributed in honor of F. W. Taussig. New York: McGraw-Hill, 1936.

Fanno, Marco. Normal and abnormal international capital transfers. University of Minnesota Press, 1939.

Fisher, Irving. The purchasing power of money. Its determination and relation to credit, interest and crises. New York: Macmillan, 1911.

Gilbert, J. C. The present position of the theory of international trade. The Review of Economic Studies, Vol. 3, No. 1 (Oct., 1935), pp. 18-34.

Gilbert, J. C. The mechanism of interregional redistributions of money. The Review of Economic Studies, Vol. 5, No. 3 (Jun., 1938), pp. 187-194.

Graham, Frank D. and Charles R. Whittlesey. Golden avalanche. Princeton: Princeton University Press, 1939.

Haberler, Gottfried. The theory of international trade. Trans. by Alfred Stonier and Frederic Benham. London: William Hodge, 1936.

Heckscher, Eli F. Mercantilism (2 vols.) London: George Allen and Unwin, first edition, 193; revised, second edition, 1955. Original Swedish edition, 1931). (Review Essay by John J. McCusker in EH.net)

Heckscher, Eli F. Mercantilism. The Economic History Review, Vol. 7, No. 1 (Nov., 1936), pp. 44-54

Hume, David. Essays, moral, political, and literary. Eugene F. Miller (ed.). Indianapolis: Liberty Fund, Inc.

Kaldor, Nicholas. A note on tariffs and the terms of trade. Economica, New Series, Vol. 7, No. 28 (Nov., 1940), pp. 377-380.

Keynes, John Maynard. A treatise on money. (2 vols.) New York: Harcourt, Brace and Company, 1930.

Kindleberger, Charles P. International short-term capital movements. New York: Columbia University Press, 1939.

Leontief, Wassily W. The use of indifference curves in the analysis of foreign trade. The Quarterly Journal of Economics, Vol. 47, No. 3 (May, 1933), pp. 493-503.

Leontief, Wassily. Note on the pure theory of capital transfer. In . In Explorations in economics, notes and essays contributed in honor of F. W. Taussig. (1936).

Lerner, A. P. The diagrammatical representation of cost conditions in international trade. Economica, No. 37 (Aug., 1932), pp. 346-356.

Lerner, A. P. The diagrammatical representation of demand conditions in international trade. Economica, New Series, Vol. 1, No. 3 (Aug., 1934), pp. 319-334.

Malynes, Gerard. A treatise of the canker of England’s commonwealth, 1601. in Tawney and Power, Tudor economic documents, III, 1924, pp. 386-505.

Malynes, Gerard. The circle of commerce or the ballance of trade, in defence [sic] of free trade [sic], 1623.

Mill, John Stuart. Principles of political economy with some of their applications to social philosophy. (7th ed.). A. J. Ashley (ed.). London: Longmans, Green and Co., 1909.

Morgan, E.Victor The theory and practice of central banking, 1797-1913. Cambridge,: Cambridge University Press, 1943.

Mosak, Jacob L. General-Equilibrium theory in international trade (University of Chicago doctoral dissertation, 1941).Bloomington, IN: Principia Press, 1944.

Mun, Thomas. England’s Treasure by Forraign Trade (1664). New York, Macmillan and Co., 1895.

Ohlin, Bertil G. Interregional and international trade. Harvard Economic Studies No. 39. Cambridge: Harvard University Press, 1933.

Paish, F. W. Banking policy and the balance of international payments. Economica, New Series, Vol. 3, No. 12 (Nov., 1936), pp. 404-422.

The Works of David Ricardo (New edition). J. R. McCulloch (ed.). London: John Murray, 1888.

Economic Essays by David Ricardo. Edited with introductory essay and notes by E. C. K. Gonner. London, G. Bell and Sons, 1926.

Ricardo, David. Principles of Political Economy and Taxation, E. C.K. Gonner (ed.). London, George Bell and Sons, 1903.

Robertson, D. H. Changes in international demand and the terms of trade. The Quarterly Journal of Economics, Vol. 52, No. 3 (May, 1938), pp. 539-540.

Robertson, D. H. Indemnity Payments and Gold Movements. Quarterly Journal of Economics, Vol. 53, No. 2 (Feb., 1939), pp. 312-314.

Robertson, D. H. Indemnity Payments and Gold Movements: A Rejoinder. Quarterly Journal of Economics, Vol. 53, No. 2 (Feb., 1939), pp. 317.

Samuelson, Paul A. Welfare economics and international trade. The American Economic Review, Vol. 28, No. 2 (Jun., 1938), pp. 261-266

Shields, Murry (ed.) International financial stabilization: a symposium. New York: Irving Trust Company, 1944.

Silberling, Norman J. Financial and Monetary Policy of Great Britain During the Napoleonic Wars, Quarterly Journal of Economics, Vol. 38, No. 2 (Feb., 1924), pp. 214-233; No. 3 (May, 1924), pp. 397-439.

Sprague, O. M. W. “Statistical Data on Foreign Short-term Funds; their Collection and Use.” Paper read before an assembly of central bank governors following the General Meeting at the Bank for International Settlements in May 1932. [mentioned in Third Annual Report, Bank for International Settlements, Basle (May 8, 1933), p. 22.]

Studies in mathematical economics and econometrics: in memory of Henry Schultz. Oscar Lange, Francis McIntyre and Theodore O. Yntema (eds.). Chicago: University of Chicago Press, 1942.

Viner, Jacob. Angell’s Theory of International Prices. Journal of Political Economy, Vol. 34, No. 5 (Oct., 1926), pp. 597-623.

Viner, Jacob. Review of Heckscher. The Economic History Review, Vol. 6, No. 1 (Oct., 1935), pp. 99-101

Viner, Jacob. Studies in the Theory of International Trade. New York: Harper and Brothers Publishers, 1937.

Viner, Jacob. Indemnity Payments and Gold Movements: A Reply. Quarterly Journal of Economics, Vol. 53, No. 2 (Feb., 1939), pp. 314-317.

Viner, Jacob. Two plans for international monetary stabilization. Yale Review, Vol. XXXIII (1943-44), p. 77ff.

Whittlesey, Charles Raymond. International monetary issues. New York: McGraw-Hill, 1937.

Williams, John H. Currency stabilization: The Keynes and White Plans. Foreign Affairs, Vol. 21, No. 4 (Jul., 1943), pp. 645-658.

Williams, John H. Currency stabilization: American and British attitudes. Foreign Affairs, Vol. 22, No. 2 (Jan., 1944), pp. 233-247

Wood, Elmer. English theories of central banking control, 1819-1858, with some account of contemporary procedure. Harvard Economic Studies 64. Cambridge: Harvard University Press, 1939.

____________________________

Ph. D. Exam questions in int’l trade

  1. Basic determinants of course of trade (direction, volume, constituent items) between regions in absence of legal barriers. How reconcile this with statement that course of trade determined by (1) comparative cost of prod. (2) relative scarcities of factors of production in regions.
  1. Explain differences & similarities in mechanism of capital transfer under (a) int’l metallic standard & (b) flexible exchanges.
  1. Is it possible to demonstrate superiority of fixed over flexible exchanges, or vice versa, from a national point of view, on purely a priori grounds? Why or why not?
  1. Role in int’l monetary equilibrium of (a) official gold price (b) stabilization fund (c) sterilization (d) tripartite agreement.
  1. Give an account of the evolution of terms of trade theorizing or explain the role in mercantilist thought of (a) bullionist doctrine (b) balance of labor doctrine c) quantity theory of value of money.
  1. Discuss the role in Eng. mercantilist thinking of (a) considerations of power as distinguished from consideration of plenty (b) provision motive (c) quantity theory of money.
  1. Discuss the role of “income elasticity” in the older & newer literature on the mechanism of adjustment of int’l balances.
  1. Discuss the role of short-term capital movements under flexible & fixed exchanges.
  1. Explain the possibilities & the limitations of national gain in the long-run thru governmental restriction on for. trade.
  1. int’l monetary system
  1. Explain the relationship to each other in int’l static equilibrium of (a) comparative costs (b) relative scarcity of factors (c) reciprocal demand.
  1. Discuss role in operations of pre-1914 gold standard of (a) central banking (b) London money market (c) exchange rate fluctuations.
  1. Explain role in mechanism of adjustment to disturbances of int’l balances of payments of (a) income elasticity (b) price elasticity (c) final purchase (or income) velocity.
  1. Note on following pre-Smithian doctrines (a) power vs. plenty as objectives of trade policy (b) the desirability or undesirability of hoards of the precious metals (c) a divinely ordained “universal economy.” (d) balance of labor.
  1. What are the possibilities in the long run, of national & of world economic gains from the imposition by national units of restrictions on foreign trade.
  1. Role of int’l short-term capital movements in int’l monetary & trade mechanism.
  1. Under free trade the nature of interregional specialization is determined by the relative scarcities of the factors of production in the diff. regions.
    1. What is meant by relative scarcity of factors of prod.
    2. Do the exponents of this theory mean “determined solely”
    3. Does free trade necessarily conduce to the lessening of the differences in the relative rates of remuneration of the diff. categories of “factors of production” as between diff. countries.
    4. If you were setting up a system of equalities to illustrate the nature of int’l equilibrium under free trade—what “standard of living” consideration would you take care of & how?
  1. Discuss interrelationships (if any) of balance of power, balance of trade, “balance of labor” considerations in English mercantilist doctrine.
  1. Explain basic theoretical issues between bullionists & the ant-bullionists of Restriction period & indicate to what extent Ricardo’s views were not generally accepted by the bullionists.

_____________________________

Source: Don Patinkin Papers. David M. Rubenstein Rare Book & Manuscript Library, Duke University.. Box 3 (Course Materials and Class Notes), Folder “Patinkin as Student: Notebooks (1944)”.

Image Source: University of Chicago Photographic Archive, apf1-08488, Special Collections Research Center, University of Chicago Library. The photograph is dated 14 June 1944.

Categories
Columbia

Columbia. Founding Father of Faculty of Political Science. Burgess, Bio 1893

The economics department at Columbia University was the product of an evolution that began in a heavily historical, interdisciplinary pool. As rare as the entrepreneurial spirit would appear in today’s deans (hey, some of my best friends have been/are deans and, through force of circumstance, I have had a sort-of “deandom” thrust upon me), in the beginning it took a builder and not an administrator of faculties. Over at Chicago the role was played by J. Laurence Laughlin. At Columbia it was the scholar of legal history, John William Burgess. While one would be hard-pressed to identify any appreciable direct influence of Burgess on, say, the post-World-War-II economics faculty of Columbia and how graduate training in economics has been organized in the meantime, nonetheless the house Burgess built served as childhood home for generations of economists trained at Columbia during the first half of the twentieth century.

_______________________

JOHN WILLIAM BURGESS, LL. D.

PROFESSOR BURGESS was born at Cornersville, Giles County, Tenn., August 26, 1844. He was educated at Cumberland University, Lebanon, Tenn., and at Amherst College, Mass, whence he graduated in 1867. He then took up the study of law, and was admitted to the bar of Massachusetts in 1869. In the same year he was appointed professor of English literature and political economy in Knox College, Galesburg, Ill. Serving in that capacity for two years, in 1871 he went to Europe to further prosecute his studies. He studied history and public law at Göttingen, Leipsic, and Berlin. Returning to this country, he was, in 1873, appointed professor of history and political science in Amherst College. In 1876 he was called to the chair of political history and public law in Columbia College. In 1880 Prof. Burgess founded the School of Political Science in that college, and became its Dean, the position which he now holds.

In literature, Prof. Burgess’s best known work is his treatise on “Political Science and Comparative Constitutional Law,” issued in 1891, which has already given him an international reputation. The part of the work treating of Constitutional Law is regarded as authoritative; for his treatment of political science, and especially his definition and exposition of sovereignty, the work has been subjected to not a little criticism; but it is a curious fact that his severest critics are those whose ideas on that subject are most confused and clouded. The book is one of the most able treatises on both subjects ever written, and has already taken a leading position among works of that character.

Prof. Burgess’ life work began with his return from Germany in 1873 and his entrance upon the duties of Professor of History at Amherst College in that year. The methods and results of German university instruction in history had made upon his mind a most profound impression. The contrast between the broad, genial and productive educational spirit which characterized the work of the leading professors of history and political science at Berlin and elsewhere, with whom he had become acquainted, and the meagre and comparatively fruitless attempts at historical study in the United States, was indeed striking. Although that point is not yet twenty years behind us, it would probably not be a misstatement to say that practically no instruction was given in history and political science in any educational institution in America other than a small amount of text-book work.

Perhaps Prof. Burgess has never achieved a greater success than with his first class. Text books were not thought of, but Prof. Burgess proceeded to lay before his class day after day the essential movements of the Middle Ages, out of which the modern European states and modern political institutions were developed. Instead of something to be memorized, history showed itself something to be understood, and institutions were made to appear, not as arbitrary creations, but as living growths, almost as inevitable results. No stronger testimony to the personal power of an instructor can well be given than was afforded by the fact that five or six members of this class actually spent a year in post-graduate study under Prof. Burgess at Amherst, although there was at hand for them neither books nor other material, absolutely nothing but one instructor.

Prof. Burges’ call to Columbia in 1876 gave him at once a larger field, and future possibilities of a greater promise than could be found at Amherst. The traditions of the study of political science were in some measure associated with the College. Prof. Lieber, who had been for many years connected with the College, was a man of wide repute as a publicist, and his works on politics are still of great value. Prof. Dwight had been in the habit of giving a certain amount of instruction on positive constitutional law of the United States and England. In the minds of the President and Trustees of Columbia College, the time had come for a broader course of instruction in historical and political sciences.

Prof. Burgess adopted in Columbia essentially the same methods of instruction which he had successfully pursued elsewhere. His work was in so far successful that he was able, through the liberality of the Trustees, to associate with himself one or two capable adjuncts, and during the four years following his accession there was developed, organized and brought into existence the School of Political Science. This had long been a favorite conception of Prof. Burgess, and its policy, curriculum, organization and administration had been the subject of constant thought and consultation with him for many years. In the establishment of this school, with Prof. Burgess as Dean, Columbia College set an example which has since been followed by a considerable number of American colleges.

A glance at the curriculum as originally set forth in 1880 shows that the various fields of public law and theoretical political science were the branches deemed most important. The development of the school from that time to this has followed on these lines with larger additions, perhaps, in the field of economics. Of history proper as a science there appears but a small trace and only very recently and in a small degree has the study of pure history found place in the school; but, on the other hand, a historical method or a mode of investigation of all political and economic subjects which, dealing with their history, shows the origin, growth and natural development of political and economic institutions, has been unvaryingly followed. At no time has the institution in any field of political economic science been allowed to degenerate into an airing of mere theories.

Prof. Burgess and the other men associated with him in the duties of instruction aim to teach the student, as they teach themselves, to get a clear grasp of the leading and formative events and forces at work in the state and in society, and while recognizing clearly the province of history and science, have found it feasible to give historical instruction only so far as history carries with it the account of those events and political forces which have essentially made up the institutions of to-day.

The School of Political Science has never catered to popularity or aimed for mere numbers. Independence in research, healthy methods of investigation, a clear conception of scientific principles as they have developed themselves historically, have always been the ideals aimed at.

Prof. Burgess has either been signally wise or fortunate in his choice of colleagues and has recognized the necessity of entire independence and personal responsibility in the methods and largely in the material of instruction followed by each individual. The natural development of the School of Political Science on these lines has thrown Prof. Burgess more and more into the field of public law and away from pure history, until his present line of work seems essentially to be a presentation to the school of the theory of the state as it has been historically developed and as specifically illustrated in the constitutional law and history of the United States and Europe.

Not less important than the work of creating the School of Political Science has been Prof. Burgess’ influence in the entire re-organization of Columbia College. Thoroughly impressed with the necessity of American universities and conversant with European in their various forms, and with a clear conception of the nature and functions of a university, Prof. Burgess’ counsels and views have been largely influential in shaping the form and organization of the entire institution as it exists to-day.

 

Source: Columbia Law Times. Vol. VI, No. 5 (February, 1893), pp. 123 -125.

Image Source: Columbia Law Times. Vol. VI, No. 5 (February, 1893), Frontispiece.

Categories
Columbia Economists

Columbia. Henry L. Moore’s Memorial Minute, 1959. Salary issue, 1924.

 

 

We begin with an example of the honored academic tradition of a faculty minute entered into the record following the death of a present or former colleague. In the year that the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Angus Deaton, in part, for his work in applied consumption analysis, I post the Columbia University Faculty of Political Science memorial minute for Henry L. Moore.

I follow the Memorial Minute with a letter written by Moore to his chairman Edwin R. A. Seligman appealing for a pay raise on the grounds that his research performance had been undervalued relative to administrative work and teaching of a colleague.

________________________________

[Memorial Minute]

FACULTY OF POLITICAL SCIENCE

April 17, 1959

Henry L. Moore

Henry Ludwell Moore was born in southern Maryland in 1869, the seventh in direct male line of descent from a Henry Moore who settled in Virginia in 1635 and who later moved to Maryland. After obtaining a B.A. at Randolph Macon in 1892, he pursued his studies at the University of Vienna and later received his Ph.D. from Johns Hopkins in 1896. After one year as instructor of economics at Johns Hopkins and five years at Smith College, he came to Columbia in 1902 as adjunct professor, continuing as Professor of Political Economy from 1906 to his premature retirement from professional activity for reasons of health in April, 1929. He died at the age of 88 on April 28, 1958.

Professor Moore was a pioneer in the application of statistical theory, founded on the calculus of probabilities, to the evaluation of economic relationships in a context of a mathematically developed economic theory. Under the influence of his colleague John Bates Clark, 22 years his senior, and of Karl Pearson, Moore developed a statistical verification and extension of Clark’s theory of distribution in his “Laws of Wages,” published in 1911. In his “Forecasting the Yield and the Price of Cotton,” published in 1917, the inherent brilliance of his use of multiple correlation techniques by which he was able to outpredict, in retrospect at least, the elaborate crop forecasting machinery set up by the Department of Agriculture is in no way diminished, though somewhat disguised by the fact that the advent of the boll weevil completely upset the older relationships and made his formulas useless for subsequent forecasting, though the techniques remained valid.

In addition to his interest in economics, Moore had a deep attachment to classical philosophy and an interest ranging over many other fields; one of his courses was entitled “Interrelations of Political Economy and Sociology.” His interest in astronomy is perhaps responsible for his ill-fated attempt to relate the eight year business cycle, which he considered to be well established, to a corresponding weather cycle, and thereby to the corresponding periodicity of the transits and near-transits of Venus. In this he demonstrated a willingness to look for hypotheses to test wherever the data seemed to lead him, regardless of how remote the connection may initially seem, a procedure which, however dangerous it may be for the individual, is salutary for the progress of a science that finds it easier to weed out error than to develop new truth.

Moore’s pioneering steps have been to a considerable extent eclipsed in the minds of the current generation of economists by the tracks of those who have used the methods he pioneered. Henry Schultz’ all too brief but important career was given its initial impetus under Moore’s tutelage. Among the many others whose work was strongly influenced by Moore are Holbrook Working, Hugh Killough, Bradford Smith, Edmund Daggit, Fred Waugh, Louis Bean, and Mordecai Ezekiel. Moore’s final work, “Synthetic Economics” provided a significant bridge between the now classic work of Walras and Pareto in the field of mathematical economics and the more recent formulations of Hotelling and Samuelson.

In the nearly 30 years that have elapsed since his retirement, most of those who knew him intimately have left the science; yet it is appropriate to recall once more the significant role he had in the advancement of quantitative economics before the onrush of his successors hides his work completely from view.

 

Source: Department of Economics Collection, Columbia University Rare Book & Manuscript Library. Box 8, Faculty of Political Science Minutes 1913-1959; Folder, “Faculty of Political Science Minutes”.

________________________________

The following letter of Henry L. Moore reflects a severe salary structure problem within the Columbia economics department going into 1924-25. Professors Wesley C. Mitchell, Henry L. Moore and Vladimir G. Simkhovitch were all receiving $6,000 annual salaries whereas the second-highest paid professor, Henry R. Seager, was getting paid $7,500. Highest paid was the chairman, Edwin R. A. Seligman at $10,000. In his departmental budget request to Columbia President Nicholas Murray Butler (November 23, 1923), Seligman reminded Butler of an “understanding that the salaries of a number of professors now receiving $6,000 will be advanced next year to $7,500, the minimum, as everyone must agree, compatible with the maintenance of the standing of living desirable for Columbia professors” and made the case for pay raises for Mitchell, Moore and Simkhovitch. The pay raises were ultimately granted, not for 1924-25, but for the following year.

Henry L. Moore’s lament should probably be read as expressing as his disappointed hope and/or that he might have been unaware of Seligman’s efforts in 1923 to get him the parity with Henry R. Seager that he was petitioning for.

________________________________

Columbia University
in the City of New York

Faculty of Political Science

September 20, 1924

My dear Professor Seligman:

We are about to begin the work of another year and I am anxious to do all in my power to contribute toward the solution, within the Department, of the personal problem before us. I ask leave, therefore, to present to you and, if you think it advisable, to other members of the Department, a statement of the relative amounts received in salary by Professor Seager and myself from the University:

 

Year Prof. Seager Prof. Moore
1902-3 3000 3000 I have had to rely on my memory for the changes in Prof. Seager’s salary. The figures relating to my own income are taken from my records.
1903-4 3500 3500
1904-5 3500 3500
1905-6 3500 3500
1906-7 3500 3500
1907-8 3500 3500
1908-9 4000 4000
1909-10 4500 2800 Here Professor Seager’s salary went up $500 and mine down $1200
1910-11 4500 2800
1911-12 6000 2800
1912-13 6000 2800
1913-14 6000 2800
1914-15 6000 2800
1915-16 6000 2800
1916-17 6000 2800
1917-18 6000 2800
1918-19 6000 4500
1919-20 6000 4000
1920-21 7500 6000
1921-22 7500 6000
1923-24 7500 6000
$117500 $82200

Several facts in this table need comment:

(1) Our salaries and rank were the same until the year 1909-10 when, at my request, in order that I might devote more time to research, I was relieved of much teaching and administrative work. I gladly paid for the increased leisure by suffering a reduction of my salary from $4000 to $2800. The same year Professor Seager’s salary was increased from $4000 to $4500. This annual difference of $1700 continued until 1911-12.

(2) In 1911-12 Professor Seager’s salary was increased to $6000; mine remained at $2800. The annual difference of $3200 continued until 1918-19 when, during the War, I was transferred to Barnard College at a salary of $4500. Professor Seager’s salary was $6000.

(3) The next year, 1919-20, I was transferred to Columbia, with a salary of $4000. Professor Seager’s remained at $6000.

(4) In 1920-21 Professor Seager’s salary was increased to $7500 and mine to $6000. The annual difference of $1500 has continued to the present time.

It would appear from these figures that if no account be taken of the reduction in our pay when we have been on leave of absence, Professor Seager’s aggregate salary has exceeded mine by more than thirty five thousand dollars.

*   *

A few years ago there was a Convocation of the Faculties of the University to consider methods of promoting research. You made a memorable speech in which you went directly to the heart of the matter in saying: “The only way to promote research is to find a man who can do it and then let him alone”. You were absolutely right. But how does it work in the particular case of our own Department? For twenty odd years Professor Seager and myself, who entered Columbia together with the same rank and same salary, have pursued different ends. he has preferred administration and teaching and has justly prospered in honors and income. I have accepted the necessary isolation and incurred the risks of the investigator who attacks new problems and devises new methods, but after nearly a quarter of a century of unremitting labor I have received from the University some thirty thousand dollars less than my honored colleague.

*   *

I am grateful to the University for giving me the opportunity for creative thought, and you will bear witness that I have never evinced any other sentiment than pleasure in the progress of a colleague. But isn’t there a principle at stake? Is it just to permit the financial discrimination between us to continue?

Yours sincerely,

[signed]
Henry L. Moore

Source: Columbia University. Rare Book & Manuscript Library. Seligman Collection Box 37 (aggregation of original Seligman boxes 100-102). Folder: “Box 100, Seligman, Columbia 1924-30”.

________________________________

For more about Henry Moore, see George J. Stigler, Henry L. Moore and Statistical Economics. Econometrica, Vol. 30, No. 1 (Jan., 1962), pp. 1-21.

Image Source: Precedes the Stigler article.

Categories
Bibliography Columbia Courses

Columbia. Fiscal policy. Depression deficits and war finance. Shoup, 1941

Carl S. Shoup (New York Times obituary) taught a course at Columbia in the business school with the title “The balancing of government budgets” that was listed with economics department course offerings as “Economics b114”. One finds this course listed in the annual Bulletin of the Faculty of Political Science beginning in the Spring session of 1938 and then every year through 1943 with the exception of 1940.

In this posting you will find his selected bibliographies on deficit financing in periods of depression and the special problem of financing defense and war.

______________________________

[Course Description]

Economics b114—The balancing of governmental budgets. 3 points Spring Session. Professor Shoup.

Tu. and Th. at 9. 415 Business.

An analysis of the factors governing the choice between normal recurring revenue, such as taxes, and extraordinary revenue such as loans, devaluation profits, etc. Particular attention is paid to the relations of public finance to money and banking in these problems.

Source: Division of History, Economics, Public Law, and Social Science. Courses offered by the Faculty of Political Science for the Winter and Spring Sessions 1940-41. Columbia University, Bulletin of Information, 40th Series, No. 29 (June 29, 1940), p. 38.

______________________________

In this posting I have assembled three selected bibliographies two of which are undated and all three are without attribution to Shoup or any university identification. Two of the bibliographies are identified as belonging to a course “Economics b114”. These bibliographies are found in two folders (“Student years” and “University of Wisconsin, Econ b114”) filed far apart (boxes 5 and 75, respectively) in the Milton Friedman papers at the Hoover Institution.

Milton Friedman taught at Columbia up through 1939-40 followed by a year at University of Wisconsin in 1940-41. None of the courses that Friedman taught at Wisconsin for which I found material in the his papers had a prefix “b” before the course number and it seems pretty unlikely (one would really need to consult the course catalogues for the University of Wisconsin to be sure…I have not) that the course numbering between the Columbia business school and the Wisconsin economics department would coincide.

I have concluded that the part of the Shoup reading list dealing with defense and war related finance was filed by a Hoover archivist with Friedman’s course materials at Wisconsin (incorrectly) because the date on that selected bibliography coincided with Friedman’s Wisconsin years (and perhaps it was actually found with materials from his business cycle class, Economics 176, at Wisconsin).

________________________

 

Economics b114
Selected Bibliography on Deficit Financing in Periods of Depression

Chase, Stewart, Idle Money, Idle Men

Clark, J. M., Economics of Planning Public Works

Clark, J. M., “An Appraisal of the Workability of Compensatory Devices,” American Economic Review, March, 1939 Supplement (Proceedings), pp. 194-208

Clark, J. M., “Effects of Public Spending on Capital Formation”, in National Industrial Conference Board, Capital Formation and its Elements, 1939.

Colm, G. and Lehmann, F., Economic Consequences of Recent American Tax Policy, Supplement I to Social Research, 1938, 108 p.

Colm, G. and Lehmann, F., “Public Spending and Recovery in the United States,” Social Research, May, 1936, Vol. III, 129-66.

Dennison, H. S. and others, Toward Full Employment, 1938, 297 p.

Eccles, Marriner, Economic Balance and a Balanced Budget (Weissman, editor)

Galbraith, J. K., The Economic Effects of the Federal Public Works Expenditures, 1933-1938, 131 p. 1940.

Galbraith, J. K., “Fiscal Policy and the Employment-Investment Controversy”, Harvard Bus. Rev., Autumn, 1939.

Gayer, Arthur, “Fiscal Policies,” American Economic Review, March, 1938 Supplement (Proceedings), 90-112. (Reprints on reserve at Business Library).

Gayer, A. D. and Rostow, W. W., How Money Works, Public Affairs Pamphlets No. 45, 1940, 30 p.

Gill, C., Wasted Manpower: The Challenge of Unemployment, 1939, 312 p.

Graham, B. L., “Storage and Stability – A Plan for Monetizing the Commodity Surplus”, in Roberts, Geo., A Forum on Finance, 1940.

Haley, B. F., “The Federal Budget: Economic Consequences of Deficit Financing,” Am. Eco. Rev., Feb., 1941, 67-87.

Hansen, A. H., Full Recovery or Stagnation? 1938, pp. 267-329.

Hicks, U. K., “Balancing the Budget” (Ch. XVII) and “Taxation and the Trade Cycle” (Ch. XVIII), in The Finance of British Government, 1920-1936. (1938)

Jaszi, G., “The Budgetary Experience of Great Britain in the Great Depression,” in Public Policy: A Yearbook (Harvard), 1940.

Kahn, R. F., “The Relation of Home Investment to Unemployment,” Economic Journal June, 1931.

Keynes, J. M., The General Theory of Employment, Interest and Money

Keynes, J. M., The Means to Prosperity

Keynes, J. M., NY. Times, Editorial page, June 10, 1934 (p. 1 of editorial section) and July 7, 1934.

Lerner, A. P., “Some Swedish Stepping Stones in Economic Theory,” Canadian Journal of Economics and Political Science, Nov., 1940, espec. p. 574-80.

Lutz, H. L., The Business Man’s Stake in Government Finance, Stanford Univ. 1939, espec. pp. 16-20, 23-44, 45-66.

Lutz, H. L., “The Failure of the Spending Policy,” N. Y. Sun, Jan. 6, 1940

Meyers, A. L., “Government Borrowing and Creation of National Income,” Chap. IV, in Modern Economic Problems. 1939.

Myers, M. G., Monetary Proposals for Social Reform, 1940, 191 p.

Myrdal, Gunnar, “Fiscal Policies in the Business Cycle,” A.E.R., 1939 Proceedings, 183-93.

Pigou, A. C., “Inflation, Deflation and Reflation,” Ch. IV in Economics in Practice, 1936.

Round Table on “The Workability of Compensatory Devices,” A.E.R. 1939 Proceedings, 224-29.

Samuelson, P. A., “Theory of Pump-Priming Reexamined,” Am. Eco. Rev., Sept., 1940, 492-506.

Seltzer, L. H., “Direct versus Fiscal and Institutional Factors,” Am. Eco. Rev. Feb., 1941, 99-107.

Slichter, Sumner, “Is America Finished?” N.Y. Sun, Jan. 6, 1940

Slichter, Sumner, “Profits and Prosperity,” Atlantic Monthly, Nov., 1938.

Smith, D. T., Deficits and Depression

Smith, D. T., “Is Deficit Spending Practical?” Harvard Bus. Rev., Autumn, 1939.

Smith, D. T., “An Analysis of Changes in Federal Finance, July 1930-1938 Rev. Econ. Statistics, Nov., 1938.

Smith, D. T., Review of Haley’s Paper, ibid., 88-98.

T.N.E.C., Hearings, Part 9: Hansen, Currie, etc.

Twentieth Century Fund, Debts and Recovery, 1938, 366 p.

U. S. Treasury, Borrower,” Fortune, January, 1939.

University of Chicago, Round Tables. “The Economics of Pump-Priming.” May 1, 1938, “Purchasing Power and Prosperity,” July 31, 1938.

Vanguard Press, An Economic Program for American Democracy.

Williams, John H., “Deficit Spending”, Am. Eco. Rev. Feb. 1941, 52-66.

 

Source: Milton Friedman papers, Hoover Institution Archives. Box 5, Folder 12 “Student years”. [Note above my reasons to believe this folder also has material not from Friedman’s “student years”.]

______________________________

Economics b114
Bibliography of Recent Materials Dealing with the Financing of Defense and War
February 5, 1941

American Council of Public Affairs, Economic Mobilization

Bowen, I., and Worswick, G. D. N., “The Controls and War Finance,” Oxford Econ. Papers, Sept., 1940.

Brown, F. H., and others, War Finance in Canada, 1940.

Clarke, R. W. B., The Economic Effort of War, London, 1940.

Connely, E.F., “Financing our Preparedness Program,” Banker’s Mag., Aug., 1940.

*Durbin, E.F.M., How to Pay for the War, London, 1939.

Editorial Research Reports, Methods of Financing War, June 3, 1940.

George, E.B., “Prices and Profits in a Defense Economy,” Dun’s Review, Nov., 1940.

*Greer, Guy, “Arming and Paying for It,” Harpers, Nov., 1940.

Hardy, C.O., “War and Capital Formation,” in Capital Formation and Its Elements, National Industrial Conference Board, 1939, pp. 134-50.

*Hardy, C.O., “Wartime Control of Prices,” 1940.

*Hart, A.G., Economic Policy for Rearmament, U. of Chicago Public Policy Pamphlet No. 33.

Kazekevitch, V.D., “The War and American Finance,” Science and Society, Spring, 1940.

*Keynes, J.M., How to Pay for the War, New York, 1940.

Morgan, S., “Deficit Financing in Germany,” in Roberts (editor), Forum on Finance, New York, 1939, pp. 3-22.

*Moulton, Harold G., Fundamental Issues in National Defense, Brookings, Jan. 13, 1941.

National Industrial Conference Board, Consumption, Savings, and Defense Financing, and Fiscal Possibilities for National Defense, Supplements to Economic Record, 1940.

*New Republic symposium: How to Pay for Defense, July 29, 1940 (Groves, Keynes, Chase, Cooke, Soule).

Pigou, A. C., “War Finance and Inflation,” Economic Journal, Dec., 1940.

Radice, E.A., “Consumption, Savings, and War Finance,” Oxford Economic Papers, Sept., 1940.

Riches, E.J., “Deferred Pay: the Keynes Plan,” Inter. Labor Review, June, 1940.

Robbins, L., “How Britain Will Finance the War,” Foreign Affairs, April, 1940.

Staudinger, H., and Lehmann, F., “Germany’s Economic Mobilization for War,” National Industrial Conference Board Economic Record, July 24, 1940.

*U.S. Government, Budget for Fiscal Year Ending June 30, 1942.

______________________________

The next page immediately follows the previous but it lacks a date and the formatting of the bibliography deviates from the previous two. Being alphabetically ordered and going from “Annals” to “Williams” with perhaps a quarter of empty page below, it is clearly a separate list. None of the titles are the same with the previous two lists, so I have presumed this is a likely update from the middle of the second session 1941.

______________________________

Annals, American Academy of Political and Social Science: Billions for Defense, March, 1941, 1-215.

Bach, G.L., “Rearmament, Recovery and Monetary Policy”, American Economic Review, March, 1941, 27-41.

Eccles, M. S., “Economic Preparedness for Defense and Post Defense Problems, Federal Reserve Bulletin, Jan., 1941.

Gilbert, R. V., and others, “Exploring the Factors Involved in Reemployment of Labor and Capital”, Savings Bank Journal, Dec., 1940.

Hansen, A. H., “Defense Financing and Inflation Potentialities,” Review of Economic Statistics, Feb., 1941.

Hearings, Public Debt Act of 1941: Committee on Ways and Means, Jan. 29 and 30, 1941, 106pp: Subcommittee of Committee on Finance, Feb. 12, 1941 47p.

Musgrave, R. A., “Inflationary Dangers of the Public Debt and the Tax System”, Taxes, Feb., 1941

Paul, R. E., and others, “Exploring the Financing of National Defense and Its Economic Consequences,” Savings Bank Journal, Oct., 1940

Plumptre, A. F. W., “An Approach to War Finance,” Canadian Journal of Economics and Political Science, Feb., 1941, 1-12.

Secretary of the Treasury, Report for Fiscal Year Ended June 30, 1940.

Stewart, Maxwell, “How Shall We Pay for Defense?” Public Affairs Pamphlet, No. 52, 1941.

Williams, John H. “Economic and Monetary Aspects of the Defense Problem,” Federal Reserve Bulletin, Feb. 1941

 

Source: Milton Friedman papers, Hoover Institution Archives. Box 75, Folder 2 “University of Wisconsin, Econ b114”. [Note above my reasons to believe this folder contains a reading list from the Shoup course at Columbia University.]

______________________________

Research Tip: Shoup Collection at Yokohama National University Library

“The Shoup Collection consists of 3,000 volumes of books, 100 titles of periodicals and enormous amount of documents held by an American economist Dr. Carl Sumner Shoup (1902-2000) who is known to have issued the report of Japanese tax system called “Shoup Mission.” In particular, the documents of his lecture notes, working memoranda and letters including those from Douglas MacArthur, Supreme Commander for Allied Forces, and from Shigeru Yoshida, former Prime Minister, are precious inheritances that can only be found at this library.”

______________________________

Image Source: The Columbia Spectator Archive. March 8, 1967.

 

 

 

Categories
Bibliography Columbia Courses Economists

Columbia. Economic History Course taught by Simkhovitch. Attended by Friedman, 1933.

Of six graduate courses taken for credit at Columbia University by Milton Friedman, one was taught by the Professor of Economic History, Vladimir Gregorievitch Simkhovitch — Economics 119. According to Friedman’s own listing of his coursework in economics found in his papers at the Hoover Institution Archives, he took Simkhovitch’s economic history course during the winter semester of the academic year 1933-34.

Simkhovitch was a multifaceted character and Universalgelehrter which can be loosely translated as an academic “utility infielder”. Because of his relative (or even absolute) obscurity now in the history of economics, here a bit of biographical information to chew on.

V. G. Simkhovitch was born in Russia in 1874, received his doctorate from Halle-Wittenberg (Germany) in 1898, and emigrated to the U.S. after completing graduate work where he began a fellowship at Cornell. He was hired by Columbia University in 1904 to teach economic history. Besides his economic history courses, Simkhovitch also regularly lectured on the subjects of socialist economics and Marxism until retiring from Columbia in 1942. Of considerably more note than himself was his wife Mary Melina Kingsbury, whom he met in Berlin during their student years. They married in New York City in 1899 with Mary Simkhovitch going on to become a prominent housing reform and neighborhood activist. Greenwich House, still in existence, was a model settlement house that she founded. Husband and wife were prominent enough, mostly thanks to her, to have their 50th wedding anniversary reported in the New York Times (January 6, 1949). Objects from Vladimir Simkhovitch’s art collections were reported in his obituary (New York Times, December 10, 1959) to have been displayed in the Metropolitan Museum of Art and the Pierrpont Morgan Library in New York as well as museums in Boston, Cleveland and Philadelphia. It is not difficult to find objects once owned by him in art auction house listings today.

__________________________

Eli Ginzberg’s recollections of Simkhovitch

In his brief memoir essay “Economics at Columbia: Recollections of the early 1930s” [The American Economist, vol. 34, No. 2, (Fall, 1990), 14-19], Simkhovitch does not come off well, certainly not personally.

“The hard core of the old department in addition to Seligman, Seager and Moore included Vladimir G. Simkhovitch who offered courses on socialism and economic history. Russian by birth and German by education, Simkhovitch, even with the perspective of time is not easy to characterize and even harder to evaluate. A collector of Chinese art and a grower of delphiniums in Perry, Maine, he was recognized as an expert in both fields. Most students, the bright as well as the dull, considered his lectures somewhat tedious distraction from serious work on contemporary economics; they had little interest in his exhaustion of the soil explanation for the decline of Rome or his Edward Bernstein-modified critique of Karl Marx. But a few of us recognized V.G.’s insightfulness and over looked his failings, defects which included a proneness for character defamation and vindictiveness as well as immature behavior toward female students.” p. 14.

“If the relations between the Graduate Economics Department and the School of Business were close and for the most part friendly, this was not the case with respect to the Graduate Economic Department’s attitude to the economists who taught in the undergraduate department headed by Rexford G. Tugwell. Tugwell fancied himself to be an expert in agricultural economics which may have brought him into conflict with Simkhovitch who devoted much of his time and energy to creating and maintaining feuds. The tension may have been nothing more than snobbery run riot. Tugwell did not teach any course in the Graduate Department of Economics. But I can personally attest to the fact that Tugwell was sensitive about collegial relations.” p. 17

Ahem…“immature behavior toward female students”!  Certainly not the first, nor regrettably the last…but definitely one of them.  It was good for Eli Ginzberg to have put that in the historical record. 

__________________________

[Course Description]

Economics 119—Economic history. 3 points Winter Session. Professor V. G. SIMKHOVITCH.
Tu., 2:10-3 in 401 Fayerweather and 4:10-5 in 302 Fayerweather.

A general survey of the chief phases of the economic development of classical antiquity, of the Middle Ages, and of modern times, as well as of historical approaches.

Source: History, Economics, Public Law, and Social Science: Courses Offered by the Faculty of Political Science for Winter and Spring Sessions, 1933-34. Columbia University, Bulletin of Information, 33rd Series, No. 26 (March 25, 1933)

__________________________

ECONOMIC HISTORY

V. Simkhovitch “Approaches to History”

I Political Science Quarterly, December 1929 S
II         [ditto]                             December, 1930 S
III       [ditto]                              September, 1932 R

Towards an Understanding of Jesus R
Rome’s Fall Reconsidered S
Hay and History S
Marxism v. Socialism Chapter on the Economic Interpretation of History

 

R         Roth Clausing The Roman Colonate 5-62

R         F. de Coulanges The Origin of Property in Land 1-73; 149-52

S          Buecher         Industrial Evolution 83-151

R         Edward Meyer Entwicklungsgeschichte des Altertums in Kleine Schriften Vol. 81-160

R         H. Bradley      Enclosures in England 11-45; 72; 85; 105-7

S         Seligman The Economic Interpretation of History 1-24; 146-186

R         Schoenberg “Zunftswesen im Mittelalter” Jahrbucher fur Nationaloekonomie und Statistik 1867

R         Renard           Guilds in the Middle Ages 1-26; 32-67; 73 -115

R         Brentano       History and Development of the Guilds

R         Cunningham Growth of English Industry and Commerce, Paragraphs 61, 72-7, 84, 103, 122, 128, 149-9

S          Ashley Introduction to English Economic Theory and History, Volume I pp. 1-113

R         Toynbee Industrial Revolution Chapters 7 and 8

R         Toutain          The Economic Life of the Ancient World Chapters 5-6

R  Read                      S   Study carefully

 

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

__________________________

Image Source: Standing Royal Figure. Brooklyn Museum, Gift of Helena Simkhovitch in memory of her father, Vladimir G. Simkhovitch.

 

 

 

 

Categories
Columbia Salaries

Columbia. 1931-50 graduate economics alumni survey 1950

Robert M. Haig was a public finance economist at Columbia University, the successor to Edwin R. A. Seligman as McVickar Professor of Political Economy. In Haig’s papers is the following memo from James Angell (the “Executive Officer”, i.e. chairperson, of the department of economics within Columbia’s faculty of political science) reporting the results of a 1950 survey of former graduate students in the department. Just under 1,200 questionnaires were sent out. The response rate was about one-third. Duration data for different stages of graduate study, occupations/salaries in 1950 by final completed stage of graduate study were tabulated.

A gender breakdown for occupation/salaries is also provided. It is interesting to note that the 1950 gender gap between men and women for people with economics Ph.D.’s from Columbia (1931-50) who were teaching was 7.2%.

In current prices, the average 1950 salaries of the economics Ph.D.’s from Columbia (1931-50) were: $59,000 (teaching); $88,500 (government); $94,000 (other economics related work); $108,000 (all non-economic-research related work).

Note: The urban CPI has increased by a factor of 9.9 since then: (CPI July 1950 24.1, July 2015 238.7).

_____________________________

June 20, 1951

To: The Members of the Department of Economics
From: James W. Angell
Subject: Occupations and Salaries of Our Former Graduate Students

Last summer, in order to improve our records on former graduate students in the Department, brief questionnaires were sent out to the 1,182 students who had received the M.A. degree, or passed the Ph.D. oral examination, or received the Ph.D. degree, in the twenty years 1931-1950. We were primarily concerned to obtain their present addresses and occupations, but we also asked for the dates when the several academic standings had been achieved, and for the latest (1950) salary.

We received only 377 replies, or 32 per cent of the number of questionnaires sent out. Of the total sent, 84 questionnaires, or 7 per cent, were returned because the Post Office could not locate the addresses.

It is probably that the replies received do not constitute a representative sample, especially with respect to salaries: in the main, the less successful students are presumably those who are less likely to reply to such inquiries. But a partial check of the names of those who did not reply shows that this was not always so. A number of the group who did not reply are known to be holding good positions.

An analysis of the replies has been made by our colleague, Frank W. Schiff chiefly with respect to (1) the time intervals between the dates of achievement of the several academic standings, (2) present (1950) occupation, and (3) present (1950) salary. Not all those who replied answered all the questions, and the several group totals are hence not always consistent. The various results are summarized in the following tables.

 

  1. Number of Replies, Grouped by Half-Decade When Highest Academic Standing Achieved by Student Was Attained: 1931-1950

 

Highest Standing Attained
Years

Total Replies

 M.A. Passed Orals

Ph.D.

1931-35

 39 18 4 17

1936-40

 60 26 11

23

1941-45

 68 26 12

30

1946-50

 210 126 48

36
1931-1950 377 196 75

106

 

Table 2 shows the arithmetic average of the number of years which were required to move from one level of academic standing to another. Because the number of observations is small, extreme values have considerable influence. It was felt that eliminating a few extreme values would hence give a more representative result; but the unadjusted totals are also shown, for comparison. The retarding effect of the war is conspicuous in most cases. Table 3 shows the distribution for each stage, over the period as a whole, of the numbers of years required; and the median values to the nearest whole year (these values in some cases differ markedly from the arithmetic averages shown in Table 2).

 

  1. Average (Arithmetic) Number of Years Elapsed Between Dates of Attainment of Levels of Academic Standing: 1931-1950 (Extreme Values Omitted)

Years

 A.B. to M.A.  A.B. to Orals A.B. to Ph.D. M.A. to Orals M.A. to Ph.D.

Orals to Ph.D.

1931-35

 2.8 6.2 9.4 3.7 6.3 2.5

1936-40

 2.4 5.2 10.8 3.1 7.6 3.1
1941-45 2.3 4.7 9.8 2.9 7.1

3.7
1946-50 3.6 6.6 11.7 2.2 9.3

5.6

1931-1950a

  

3.0

 

 5.8 10.6 2.8 7.8

4.1
Number of observations before adjustment

324

 155 98 145 87

78
Number omitted

20

 6 3 9 2

3
1931-50: unadjusted averagesa

3.8

 6.4 11.2 3.5 8.4

4.5
 

aArithmentc averages for the whole period, not of the averages for the sub-periods.

 

  1. Distribution, by Numbers of Years, of Periods Elapsed Between Dates of Attainment of Levels of Academic Standing, 1931-1950

Number of Years Elapsed

 A.B. to M.A. A.B. to Orals A.B. to Ph.D. M.A. to Orals M.A. to Ph.D.

Orals to Ph.D.

1-2

 179 31 0 78 3 28

3-4

 56 32 2 31 12 18

5-6

 36 28 11 12 19 15
7-8 19 26 19 13 18

8

9-10

 11 13 15 2 16 3
11-12 5 11 21 5 8

4

13-14

 6 7 13 3 3 1
15-16 7 2 7 0 5

0

17-19

 2 2 4 0 0 1
20-29 2 2 4 1 2

0
30-40 1 1 2 0 1

0
Totals

 

 324 155 98 145 87

78

Medians

 2 6 11 2 8

4

 

It is interesting to note that although the sum of the medians of the numbers of years elapsed between A.B. and M.A., plus M.A. to Orals, plus Orals to Ph.D. is only eight, the median for that relatively small number of students (less than one-third of the whole sample: Table 1.) who actually covered the whole course to the Ph.D. itself is 11 years. This is presumably due in largest part to the fact that relatively few students had the financial means to go straight through from A.B. to Ph.D. without interruption. Most of them had to take time out to earn more money.

Table 4, taken from a study by Professor Stigler, compares data for Harvard and Columbia.1 The Harvard students may or may not be brighter; but the substantially greater financial assistance given to students at Harvard must also help to account for the conspicuous differences in most years and fields.

 

  1. Average Number of Years Elapsed Between A.B. and Ph.D. at Columbia and Harvard, 1900-1940

1900

 1910 1930

1940
Natural Sciences

Columbia

 7.6 8.0 9.4 9.2
Harvard 6.8 8.3 6.2

6.1
Social Sciences

Columbia

 4.3 9.8 10.3 12.9
Harvard 4.8 4.5 10.5

8.7
Human-ities

Columbia

 4.7 9.3 13.9 14.3
Harvard [6.3] [9.2] [7.9]

[8.8]
All Fields

Columbia

 6.3 9.2 10.8 11.7
Harvard 6.2 8.4 8.0

7.8

1George J. Stigler, Employment and Compensation in Education (National Bureau of Economic Research, 1950), p. 37.

[Note to Table 4: I have added the figures for the row Humanities/Harvard from Stigler (1950). In the original memo this row was for some reason left blank.]

 

Table 5 shows the percentage distribution of students, by the highest academic standing achieved and by half-decades, according to their 1950 occupations. The category “Other Economic Work” includes those engaged in economic research and economic advisory work with business firms, banks and foundations, and those who are self-employed in such work. It excludes those who are in business management or operation. The absolute numbers in each group were given in Table 1, above.

 

  1. Occupations in 1950, Grouped by Half-Decades When Highest Academic Standing Was Attained: 1931-1950 (In Per Cents)

 

Occupation, and Highest Academic
Standing Attained		 Entire Period 1931-
50		 1931-
35		 1936-40 1941-
45

1946-50
M.A.
Teaching

29.1

 27.8 23.1 23.1

31.7
Govern-ment

24.5

 11.1 46.2 34.6

19.8
Other economic work

25.5

 33.3 11.5 34.6

25.4
All other

20.9

 27.8 19.2 7.7

23.1

100.0

 100.0 100.0 100.0

100.0
Passed Orals
Teaching

53.3

 0 36.4 50.0

62.5
Govern-ment

21.3

 50.0 27.2 50.0

10.4
Other economic work

22.7

 50.0 36.4 0

22.9
All other

2.7

 0 0 0

4.2

100.0

 100.0 100.0 100.0

100.0
Ph.D.
Teaching

59.4

 58.8 47.8 63.3

63.9
Govern-ment

17.9

 11.8 26.2 16.7

16.7
Other economic work

17.0

 17.6 21.7 20.0

11.1
All other

5.7

 11.8 4.3 0

8.3

100.0

 100.0 100.0 100.0

100.0
Totals
Teaching

42.4

 38.5 35.0 45.6

44.3
Govern-ment

22.0

 15.4 35.0 29.4

17.1
Other economic work

22.6

 28.2 20.0 22.1

22.4
All other

13.0

 17.9 10.0 2.9

16.2

100.0

 100.0 100.0 100.0

100.0

 

Finally, Table 6 shows the average sizes and distribution of salaries, by occupation and by highest academic standing attained, on the same general basis as Table 5. But not all the replies received contained data on salaries, so that this sample is 12 per cent smaller than that used for Table 5 (331 replies instead of 377). The omissions are fairly uniform by major groups, however, and to avoid complicating the Table, the absolute numbers of relies in each group are not given. The few groups in which high average salaries were reported each contain, regrettably, only 1 to 4 cases; even the $10,300 group (Ph.D.’s, Other Economic Work, 1936-40) has only 5 members. It should also be emphasized that the data cover salaries only, not total earnings. Royalties, lecture fees and the like are not included. Thirty-one, or 9.4 per cent of the total, reported salaries of $10,000 or more.

All figures are arithmetic averages for the relevant groups. Thus the first column shows the averages for the entire period, 1931-1950, not the averages of the sub-period averages. Since the lowest-paid group (1946-50) is also much the largest (Table 1), the averages for the period 1931-50 as a whole are in one sense heavily biased downward. For example, for the period as a whole the average salary as computed by averaging the sub-period figures is $6,579, not $5,714.

 

  1. Average Salaries in 1950, Grouped by occupations and by Half-Decades When Highest Academic Standing Was Attained: 1931-1950
 

Highest Academic
Standing Attained

Entire Period 1931-50

 1931-
35		 1936-
40		 1941-
45

1946-
50
M.A.: aver-ages

$4,772

 $6,709 $6,830 $5,534

$3,988
Teaching

3,891

 5,294 5,525 3,980

3,503
Govern-ment

5,436

 8,113 6,867 5,881

4,110
Other economic work

5,123

 7,890 11,150 5,371

4,240
All other

4,660

 4,625 4,900 12,000

3,935
Passed Orals: aver-ages  

5,862

 

 11,375 7,055 6,738

4,709
Teaching

4,066

 — 5,438 4,737

3,783
Govern-ment

6,993

 7,250 6,450 8,340

5,760
Other economic work

7,887

 15,500 8,975 —

5,711
All other

16,000

 — — —

16,000
Ph.D.: aver-ages  

7,175

 8,593 7,719 6,691

6,622
Teaching

5,964

 7,700 6,009 6,077

5,017
Govern-ment

8,936

 8,350 8,900 9,360

8,808
Other economic work

9,494

 17,250 10,300 6,480

11,167
All other

10,900

 — — —

10,900
Totals: aver-ages  

5,714

 

 8,089 7,240 6,306 4,679
Teaching

4,806

 7,023 5,786 5,531

3,979
Govern-ment

6,523

 7,904 7,358 7,628

5,331
Other economic work

6,592

 10,495 9,973 5,833

5,031
All other

5,963

 6,166 4,900 12,000

5,747

 

Table 6 makes no differentiation between men and women. Of the 377 replies received, 73 (19 per cent) were from women. Of these women, 49 were regularly employed in 1950 and reported their salaries. Of the remaining 24, most were apparently married (though information on marital status was not requested), and either not working for a salary or only working part-time.

Table 7 therefore shows the break-down for average salaries as between the 282 reporting men and the 49 reporting women who were regularly employed in 1950. There is no category for “unemployed;” no respondent, with one possible exception, reported difficulty in finding employment.

It is striking that although the average salaries for women usually run well below those for men in comparable brackets, the difference for teachers in the various categories is relatively small.1 The table also does not indicate the wide dispersions for the several groups of women. In 1950 2 women Ph.D.’s were earning $10,000 or more.

1No significance should be attached to the fact that the average salary for all women in teaching slightly exceeds the salary shown for men. These figures are not comparable because a much higher percentage of women teachers who reported were in the Ph.D. category than of men teachers.

For the group as a whole, 28 men and 3 women were earning $10,000 or more in 1950.

 

  1. Average Salaries in 1950 (Table 6), Grouped by Sex: for Entire Period, 1931-1950
 

 

Men

 Women

All Graduates
 

Num-ber

 Aver-age Salar-ies  

Num-ber

 Aver-age Salar-ies  

Num-ber

 Aver-age Salar-ies

M.A.: aver-ages

134

 $4,843 30 $4,455 164

$4,772
Teaching 43 3,923 7 3,695 50 3,891
Govern-ment 34 5,758 12 4,524 46 5,436
Other economic work 37 5,129 8 5,125 45 5,123
All other 20 4,734 3 4,173 23 4,660

Passed Orals: aver-ages

 62 5,939 6 5,066 68

5,862
Teaching 37 4,066 — — 37 4,066
Govern-ment 10 7,480 4 5,775 14 6,993
Other economic work 13 8,538 2 3,650 15 7,887
All other 2 16,000 — — 2 16,000

Ph.D.: aver-ages

 86 7,368 13 5,892 99

7,175
Teaching 53 6,033 10 5,600 63 5,964
Govern-ment 18 8,936 — — 18 8,936
Other economic work 13 10,100 3 6,666 16 9,494
All other 2 10,900 — — 2 10,900

Totals: aver-ages

282

 5,854 49 4,912 331

5,714
Teaching 133 4,803 17 4,816 150 4,805
Govern-ment 62 6,959 16 4,837 78 6,523
Other economic work 63 6,858 13 6,300 76 6,592
All other 24 6,186 3 4,173 27 5,963

 

Source: Robert M. Haig Papers, Columbia University Archives. Box 107, Folder: “Haig Correspondence A, 1949-1952”.

Image Source:Unveiling Alma Mater by Roberto Ferrari (July 15, 2014).