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Chicago Courses Exam Questions

Columbia. Exam Questions for Econ 110. J. M. Clark, 1934

The course exam transcribed below would appear to correspond to John Maurice Clark’s course Economics 110 (Dynamics of value and distribution) which was offered in the Spring Session rather than Clark’s course Economics 109—Foundations of Social Economics which was offered in the Winter Session. Milton Friedman’s own notecards show that he did in fact attend Economics 109, but the content of the course as seen in Friedman’s notes is not reflected in the questions in the exam below. The handwritten note by Friedman identifying the exam as coming from  John Maurice Clark’s course “Social Economics” (i.e. Economics 109) and dated May 1934 is clearly incorrect. Examine the course description for Economics 110 to see if you agree.

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[COURSE DESCRIPTION]

Economics 110—Dynamics of value and distribution. 3 points Spring Session. Professor J. M. Clark. M. and W. at 2:10. 401 Fayerweather.

The functions of value and price; the dynamics of supply and demand for commodities and factors of production; the institution of competition; social vs. competitive schemes of distribution; value and expenses of production; expenses and ultimate costs of production; cumulative vs. self-limiting changes; the level of prices; economic rhythms.

Source: Columbia University Bulletin of Information, Thirty-third series, No. 26 (March 25, 1933). Courses offered by the faculty of Political Science for Winter and Spring Sessions 1933-1934. page 26.

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[Examination Questions for J. M. Clark’s Economics 110, Spring Term 1934.]

[Friedman’s handwritten note]
Exam in J. M. Clark’s course “Social Economics”, May 1934 [sic]

 

Answer three questions.

I.   Discuss the problem of the general characteristics of the supply-schedule for savings.

II.  Discuss whether the only geographical price-structure consistent with competition is one in which each producer sells at a price or prices which yield him a uniform amount at the point of production, the more distant purchasers paying the additional costs of transportation (Potter’s mill-base price.)

III. How would you draw the line between monopoly limited by substitution, and competition?

IV.  Discuss why competition between two or three large producers requires a different theoretical analysis from that which describes “pure competition” and why no single definitive answer to this problem has been found.

V.   Would you recommend further shortening of standard hours of labor per week, with wages per hour raised to give the worker not less than his former weekly earnings, as a means of stimulating business activity through increased purchasing power?

VI.  Can a cumulative increase in business activity be expected as a result of increased government spending during a depressions: (a) financed by borrowing, (b) financed by a sales tax? Could there be such an increase in physical volume of production and employment, or only in physical volume of business?

VI. B. (May be substituted for VI., but not both answered)
Under what conditions may an increase in expenditure for a given commodity have a cumulative effect in increasing the general volume of production; and under what conditions will it not have such an effect?

Source: Milton Friedman Papers, Hoover institution Archives, Box No. 115, Folder 13 (Biographical: Class Exams circa 1932-1938).

Image Source: Wikpedia.

 

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ERVM

Visitors to Economics in the Rear-View Mirror

The past week was the first full-week that I looked at feedback from Google Analytics where I learned something about the geographic distribution of visitors to Economics in the Rear-View Mirror (ERVM). There was a marked surge in page visits due to the coincidence of the Stanley Fischer posting getting New York Times mention in David Leonhardt’s The Upshot under the heading “Best of the Web…Stuff We Liked” and a Joseph Schumpeter posting getting almost two full days of front-page status at the subreddit: Reddit/r/economics.

By the way, apparently the Reddit algorithm for ranking links is based on a 1927 paper by Edwin B. Wilson!  For a 1930 lecture by Wilson at the U.S. Department of Agriculture graduate school, see this posting.

What I glean from the map above is that you visitors are the world which is pretty gratifying for a blog going into only its sixth month of existence. What is striking from the actual numbers behind the map is that the number of page visits is dominated by the U.S. with Canada/UK/Germany constituting the next group with the rest of the 70-some countries registering generally fewer than ten visits and only about two dozen countries in double digits.

Like Adam Smith wrote “The Division of Labour is Limited by the Extent of the Market”, so with the global connectivity of today it makes sense to Specialize in one’s own blog content. I certainly take comfort in seeing that those of us interested in the story of the development of economics in the twentieth century, while few in a relative sense, are hardly alone. Hope you do too.

 

Categories
AEA Chicago Funny Business

Chicago Hotel Costs for the 1924 AEA Meeting

Part of the cost-of-professors involves the costs of attending professional meetings. Just for a back-of-the-envelope calculation of how hotel rates have changed, we see that the headquarters hotel for the 1924 AEA meeting was The Congress where a double room (with private bath) cost $6.00 and up. (The rates quoted below appear to be day rates when one compares with rates quoted, e.g. for the La Salle Hotel, in The Official Hotel Red Book and Directory 1920.) 

A quick check of Booking.com and Orbitz gives rates for today at The Congress Plaza Hotel  “from $149”. I presume that rate is for double-occupancy-with-bath as well. We have an increase of $149/$6.00, a nearly 25-fold increase in the price over a 91 year period, about an average 3.5% annual rate of increase. OK, maybe the TV, phone and internet connections plus all that shampoo and conditioner should be adjusted for so this is an overstatement of hotel rate inflation.

Over the same period the Consumer Price Index for the U.S. has grown nearly 14-fold, about an average annual rate of increase of 2.9%. Of course there is room for discussion about how well this particular index handles the changing market baskets and quality differences over nearly a century.

1924_HotelCostsAEAmeetingChicago

More historical images of the Congress Hotel.

Postcard of the Auditorium Hotel.

Postcard of the Sherman Hotel.

 

Source: Announcement of the Thirty-Seventh Annual Meeting of the American Economic Association to be held at Chicago, Illinois, beginning Sunday Evening, December 38, and closing at Noon Wednesday, December 31. 1924. Issue of November 10.  From the University of Chicago Archives. Department of Economics Records, Box 22, folder 8.

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Bibliography Courses Economists Exam Questions Harvard Suggested Reading Syllabus Uncategorized

Harvard. Econ 113b. Schumpeter’s Grad Course on the History of Economics. 1940.

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Joseph Schumpeter offered this one semester, second term graduate course “History and Literature of Economics since 1776” nine times during the period 1940-1949. The core readings were basically unchanged. Below you will find the course enrollment figures and the reading list for 1940 (into which I have inserted the two additions from the reading list for 1941). Exam questions from 1940 and 1941 are included as well as an important research tip at the bottom of the posting. Nobel Laureates James Tobin and Robert Solow took this course in 1940 and 1947, respectively. I have gone to the trouble of providing links to almost the entire reading list as a public service to the history of economics community of scholars.

The (much reduced) reading list for the last time Schumpeter taught the course, Spring 1949 is transcribed in a later post.

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

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[Course Description: History and Literature of Economics since 1776]

Course work will mainly consist in critical study of the leading English, French, German and Italian contributions to economic thought in the nineteenth century. An introductory and a concluding series of lectures and discussions will provide the links with earlier and modern developments. Undergraduates who have passed Ec A are admitted without individual permission

Source: Joseph Schumpeter Papers, Harvard University Archives, HUG (FP) 4.62. Box 10 “Lecture Notes”, Folder “Ec 113, 1941”.

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Course Enrollment Statistics:

Grad. Students Seniors Juniors Radcliffe Other Total
1939-40 9 3 1 0 3 16
1940-41 11 2 0 3 1 17
1941-42 5 1 0 4 1 12
1942-43 10 3 0 6 3 22
1943-44 2 1 0 3 3 9
1944-45 Not offered
1945-46 18 2 5 25
1946-47 21 1 0 6 7 35
1947-48 17 4 0 2 7 30
1948-49 2 1 0 0 1 4

Note: The course number was Economics 113b until the academic year 1947-48, under the new course numbering system in 1948-49, it became Economics 213b. Joseph Schumpeter died in January 1950.

Source: Harvard/Radcliffe Online Historical Reference Shelf. Harvard President’s Reports.

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Economics 113b
[History and Literature of Economics since 1776]
1939-40
[second term]

 

I. For general reference you should currently consult:

Erich Roll, A History of Economic Thought (1939, [link to 1945 edition]), or
L. H. Haney, History of Economic Thought (1927).[1923 revised edition]

Suggestions:

John M. Keynes, Essays in Biography (Essays on Malthus, Marshall and Edgeworth).

 

II. Works dealing with the history of individual doctrines or problems. No assignment.

Suggestions:

E. Boehm-Bawerk, Capital and Interest, Vol. I.
E. Cannan, Theories of Production and Distribution (1924). [2nd ed., 1903]
F. W. Taussig, Wages and Capital (1896).
J. Viner, Studies in the Theory of International Trade (1937), Chs. I and II.
K. Marx, Theorien über den Mehrwehrt (1921). [1910 edition by Karl Kautsky: vol I, vol. II(1), vol. II(2), vol. III.]

 

III. This course covers many authors whose teaching is also dealt with in other courses and whose works are more or less familiar to every student. The most important of them are:

Adam Smith, Wealth of Nations, also read the introduction to Cannan’s edition.
David Ricardo, Principles of Political Economy.
John Stuart Mill, Principles of Political Economy; also read introduction to Ashley’s edition.
Alfred Marshall, Principles of Economics, particularly Book V.
John B. Clark, Distribution of Wealth (1899).

Suggestions:

Augustin Cournot, Principles of the Theory of Wealth (Fisher’s edition, 1927).
Léon Walras, Element d’économie pure (edition definitive, 1926).
Knut Wicksell, Lectures on Political Economy (Robbins’ edition, 1934). [volume I, volume II]

 

IV. In addition, the following books should be read, at least cursorily:

Richard Cantillon, Essai sur la nature du commerce en général (1755); English translation by Higgs (1931).
David Hume, Political Discourses (edition by Green and Grose, 1875), Vol. I. [Miller edition]
Sir James Steuart, Principles of Political Economy (1767). [Vol I (1767); Vol II ]
A. R. J. Turgot, Réflexions sur la Formation et la Distribution des Richesses (1766), (Oeuvres, ed. Daire, 1844). Vol I; Vol II.
Thomas R. Malthus, Essay on the Principle of Population (1798). [1803 edition, enlarged]
Jean B. Say, Traité d’économie politique (1803). [2nd ed. 1814] [1855 English translation from 4th and 5th editions]
William N. Senior, Outline of the Science of Political Economy (1836).
William St. Jevons, Theory of Political Economy (1871).
J. E. Cairnes, Leading Principles.
Karl Marx, first volume of Das Kapital (English translation).

Suggestions:

J. H. v. Thünen, Der isolierte Staat (ed. Waentig, 1930).
R. Auspitz und R. Lieben, Untersuchungen über die Theorie des Preises (1888), (also translation into French). [Vol. I (French); Vol. II (French)]
Carl Menger, Grundsätze der Volkswirtschaftslehre (London School reprints, 1934). [English translation with introduction by F. A. Hayek]
F. Y. Edgeworth, Mathematical Psychics (London School reprints, 1932).
M. Longfield, Lectures on Political Economy (London School reprints, 1931).
H. C. Carey, The Past, the Present and the Future (1848).
H. George, Progress and Poverty (1879).
S. Newcomb, Principles of Political Economy (1885).
Ph. Wicksteed, The Commonsense of Political Economy (1908).

 

V. Monographs on individual authors. No assignments.

Suggestions:

[Addition to list in 1940-41: Henry Higgs, The Physiocrats (1897)]
W. R. Scott, Adam Smith as Student and Professor (1937).
J. Rae, Life of Adam Smith (1895).
J. Bonar, Malthus and his Work (1924). [1885 ed.]
M. Bowley, Nassau Senior and Classical Economics (1937).
F. Mehring, Karl Marx (1936).
J. R. Hicks, Leon Walras (Econometrica, 1934).
[Addition to list in 1940-41: H. W. Jevons and H. S. Jevons, “William S. Jevons,” Econometrica]

Source: Syllabi, course outlines and reading lists in Economics, 1895-2003. Harvard University Archives, HUC 8522.2.1. Box 2, Folder “1939-40, 2 of (2)” and Folder “1940-41”.

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1939-1940
HARVARD UNIVERSITY
ECONOMICS 113b2

Answer any FOUR out of the following five questions:

  1. Discuss the wage-fund theory and its practical implications. In what sense was it resuscitated by Boehm-Bawerk and Taussig?
  2. Exponents of the Labor-Quantity theory of value and exponents of the Marginal Utility theory of value have for decades tried to refute each other. What is the true relation between the two theories?
  3. State and criticize the Marxian theory of Surplus Value or of Exploitation.
  4. What do you think of the so-called Ricardian theory of rent?
  5. What are the main objections that were raised against the “Austrian school” during the early stages of its development?

Final. 1940

 

Source: Joseph Schumpeter Papers, Harvard University Archives, HUG (FP) 4.62. Box 10 “Lecture Notes”, Folder “Ec 113, 1941”.

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1940-1941
HARVARD UNIVERSITY
ECONOMICS 113b2

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

  1. If a layman, trying to make intellectual conversation, asked you what Adam Smith’s performance consisted in, what would you say?
  2. What was the importance, for the economic theory of its time, of Malthus’ Essay on Population?
  3. Explain the meaning and use of the theorem usually referred to as Say’s Law.
  4. What are the conditions that would have to be fulfilled in order to make the labor-quantity theory of value true?
  5. State and discuss Ricardo’s version of the so-called law of the falling rate of profit.
  6. Jevons, Walras and Menger no doubt felt that they had revolutionized economic theory. What did this revolution consist in and how important do you think it was?
  7. Under modern conditions, most producers have no use for any significant part of their products. Hence their subjective valuation of these products depends on what these products will exchange for, that is to say, on their prices. How, then, can we derive these prices from utility schedules of buyers and sellers without reasoning in a circle?

Final. 1941.

Source: Joseph Schumpeter Papers, Harvard University Archives, HUG (FP) 4.62. Box 10 “Lecture Notes”, Folder “Ec 113, 1941”.

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Research Tip: 75 pages of student notes taken by future Nobel Laureate James Tobin for Economics 113b2 of the 1939-40 academic year are available in the James Tobin Papers at the Yale University Library Manuscripts Collection, Group No. 1746, Box. No. 6 in one of the hard-bound volumes of Tobin’s notes from his Harvard courses.

Image SourceHarvard Album, 1943.

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AEA Economists

AEA Twenty-fifth Anniversary Celebration, NYC 1909

MAYOR McCLELLAN, OF NEW YORK, ADDRESSING THE CONVENTION OF HISTORIANS AND ECONOMISTS AT CARNEGIE HALL, DECEMBER 27.

Others on the platform, beginning at left, are: William Jay Schieffelin, Isaac N. Seligman, Davis R. Dewey, John B. Clark, Albert Bushnell Hart, William M. Sloane, Ambassador James Bryce, Governor Hughes, Nicholas Murray Butler, Frank A. Vanderlip, Waldo Lincoln and Edwin R. A. Seligman.

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The last posting came from the 25th anniversary celebration of the University of Chicago. It just so happens that I came across a clipping from the New York periodical The Independent in the John Bates Clark Papers in the Columbia University Archive that was about the joint 25th anniversary celebration of the American Historical Association and the American Economic Association held in New York City from December 27-31, 1909. Political Science, Sociology and Labor Legislation Associations also participated in the meetings. The report includes several photos of the men who were the movers-and-shakers of their respective associations (though none from the “playlet” and tableaux provided by the “ladies’ reception committee of the Waldor Astoria”).

As I like to provide the visitors of Economics in the Rear-View Mirror both accurate transcriptions and interesting images from yore, I hunted down scanned copies of The Independent at www.archive.org and www.hathitrust.org to extract a rough text file and better images than my amateur photographs of those in John Bates Clark’s clipping to create this posting.

 

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A Notable Gathering of Scholars

BY REUBEN G. THWAITES

[Dr. Thwaites is secretary and superintendent of the State Historical Society of Wisconsin. He was for ten years managing editor of the Wisconsin State Journal and is well known as an author and editor of historical works. He attended the recent convention in New York as a delegate from Wisconsin. — EDITOR.]

 

THE twenty-fifth anniversary celebration of the American Historical Association and the American Economic Association, held in New York City from December 27 to 31, brought together the largest and doubtless the most distinguished assemblage of students of the social sciences ever convened in this country. In addition to the meetings of the two principal societies, which thus rounded out the quarter-centenary of their existence, were conferences by seven closely-related organizations—the American Political Science Association, the American Statistical Association, the American Sociological Society, the American Association for Labor Legislation, the American Social Science Association, the Bibliographical Society of America, and the American Society of Church History. Eleven hundred persons, engaged either in teaching or studying these several specialties, were gathered here from nearly every State or important institution of learning in the Union, and meetings, either — singly or jointly, occupied four busy days.

The attendance of several representative scholars from both Europe and Asia, who took part in many of the discussions, some of whom presented formal papers, and whose presence was recognized by numerous receptions and other social functions in their honor, gave to the gathering much of the significance of an international congress. Most prominent among the foreigners was the British Ambassador, Mr. Bryce, whose appearance at any of the meetings was invariably greeted with spontaneous applause, and whose many impromptu responses to calls by chairmen and toastmasters were never happier than on this anniversary occasion, into whose buoyant spirit he appeared keenly to enter.

Among other prominent foreign guests were: G. W. Prothero, of London, editor of the Quarterly Review, and former president of the Royal Historical Society; Prof. Herbert A. L. Fisher, fellow of New College, Oxford; Camille Enlart, director of comparative sculpture, of the Trocadero; Eduard Meyer, professor of ancient history, University of Berlin, exchange professor of Harvard; Dr. Cellenbrander, advisory secretary of the Dutch commission on governmental historical publications; Prof. Rafael Altamira y Crevea, professor-elect in the University of Madrid; Dr. Higgs, representing the Royal Economic Society of Great Britain, and Signor Maffeo Pantaleoni, of Rome, attending the Economic convention.

On occasions such as this presidential addresses are generally didactic, and by many of the older habitués are scrupulously avoided. But President Hart, of the Historical Association; President Lowell, of the Political Science, and President Dewey, of the Economic, always have something worth saying, and did not lack large and interested audiences. Dr. Hart’s discussion of “Imagination in history” was keen in its penetration and aglow with humor; he dwelt on the practical importance of the imaginative faculty on the part of the historian, but pointed out its manifest dangers, arising from a disposition to overemphasize dramatic episodes that really are rare in the history of a nation, whereas the most vital factors in its development are generally slow moving and commonplace. Dr. Lowell discussed “The physiology of politics”; while not deprecating the importance of library collections in the study of political science, the most useful laboratory work is, he said, the observation of the practical workings of political institutions, about which we are still insufficiently informed. Dr. Dewey spoke of “Observation in economics”; his thought being much in line with that of President Lowell, that field observation is of greater value than closet study, altho both are essential.

Ex-Presidents of the American Economic Association (S. N. Patten in the center, then clockwise from upper left are R. T. Ely, J. B. Clark, J. W. Jenks, F. W. Taussig.)
Ex-Presidents of the American Economic Association (S. N. Patten in the center, then clockwise from upper left are R. T. Ely, J. B. Clark, J. W. Jenks, F. W. Taussig.)

 

 

 

 

EARLY PRESIDENTS OF THE AMERICAN HISTORICAL ASSOCIATION Photograph by Brady, Washington, D. C. Beginning at left: William F. Poole, Justin Windsor, Charles Kendall Adams, George Bancroft, John Jay, Andrew D. White, Herbert B. Adams standing in rear.
EARLY PRESIDENTS OF THE AMERICAN HISTORICAL ASSOCIATION
Photograph by Brady, Washington, D. C.
Beginning at left: William F. Poole, Justin Windsor, Charles Kendall Adams, George Bancroft, John Jay, Andrew D. White, Herbert B. Adams standing in rear.
LIVING EX-PRESIDENTS OF THE AMERICAN HISTORICAL ASSOCIATION. (Clockwise from upper-left) James Ford Rhodes, Goldwin Smith, James Schouler, James Burrill Angell.

 

The programs of the nine associations were crowded with what the sporting gentry style “events,” but popular interest appeared chiefly to be with the joint sessions, some of which would have been noteworthy occurrences had they not jostled one another in this remarkable conference week. Wednesday morning’s joint session of the Historical and Economic associations called out a large and brilliant audience, with President Lowell in the chair. The general topic was “British constitutional and political development with special reference to the Gladstone centenary.” Professor Wrong, of Toronto, was hopeful concerning “Canadian nationalism and the imperial tie”; Professor Fisher, of Oxford, gave an exceptionally clear and informing account of the South African union, and Ambassador Bryce spoke forcefully on recent English history in its constitutional aspects.

Another excellent joint session was that held by the political scientists and the, association charging itself with scientific suggestion in the matter of labor legislation. The relation of the State to labor was interestingly and suggestively discussed by delegates from the Mississippi basin, where, perhaps, the best opportunities just now exist for trying out some of the theories of economic and sociological reformers.

The Historical Association, with its three thousand members, has of late years been doing its most effective work thru an admirable and impressive congerie of, commissions and conferences. This year’s meeting was chiefly noticeable for the variety and general success of these conferences, several of which were generally in session at one and the same time. One morning the topics were ancient, medieval, and American history and the treatment of archives. Later in the day the historians were conferring upon modern, European and American history, and relative to the methods and aims of State and local historical, a fertile theme, now engaging much attention in all parts of the country. One of the most interesting of the conferences was devoted to the consideration of “The contribution of the romance nations to the history of America,” in which Spain, France, Portugal and the Latin- American republics were represented either by scholars from those nations or by American specialists in the topics treated. A general session on Southern history brought out an interesting group of papers; while another on the work of historical societies in Europe was noticeable for careful reports from representatives of Great Britain, Germany, France. Holland and Spain, by the delegates from those countries.

The Economic Association has less varied interests, altho it also held a round-table conference on “Rural economics in relation to conservation.” At its first general session economic theory was treated both from the stand of “dynamic economics” and that of “theory of wages.” It was plain from the vigor of the discussion that economic theory, as doubtless it always will be, is in a state of flux, few men agreeing as to any one cure for the existing ills of the body politic. Another general session was held at the Chamber of Commerce, in connection with the financial magnates. Hereat was frankly considered “the causes and remedies for trusts,” in which the several divergent points of view, practical and theoretical, were squarely presented, presumably with mutual enlightenment.

For a young society, the Political Science people were exceptionally busy and vigorous. Ballot reform, the valuation of public service corporations (jointly with the economists), the relation of the State to labor (jointly with the labor legislation association), methods of instruction in municipal government and government of the Far East, were all duly considered, exhibiting a wide range of interest and possible future usefulness.

FRANK J. GOODNOW, Columbia University, first president American Political Science Association.

The sociologists were concerned (jointly with the Statistical Association) in such topics as the next census, the standardizing of units in studying public administration under democratic conditions, and the social marking system; and, individually, in the problems of methods in teaching psychological sociology, and in the religious factor in social revolution.

FRANKLIN H. GIDDINGS, Columbia University, vice-president Sociological Society.
FRANKLIN H. GIDDINGS, Columbia University, vice-president Sociological Society.

The labor legislation folk and the. statisticians chiefly held their sessions in conjunction with other bodies. For the most part the remainder of the participating societies confined themselves to listening to the usual presidential addresses and the transaction of necessary routine business.

HENRY W. FARNAM. Yale University, president of the American Association for Labor Legislation
HENRY W. FARNAM. Yale University, president of the American Association for Labor Legislation

The social side of the great conference was in every way notable. The entertainments offered to the thousand and more delegates ranged from receptions and breakfasts to formal dinners. The two most striking features of the daily and remarkably diverse program of hospitality were the great welcome meeting at Carnegie Hall, on Monday night, and the very attractive “historical playlet” and tableaux given by the ladies‘ reception committee at the Waldorf-Astoria (the headquarters of the several associations) on Wednesday night.

At Carnegie Hall the delegates were given the freedom of the city and State by Mayor McClellan and Governor Hughes. President Butler extended the welcome of Columbia University, and Mr. Joseph H. Choate and Professor Sloane spoke for the Committee of Arrangements. All were excellent addresses, but the Governor in particular rose to the occasion and earnestly commended the work of his hearers, who in their several ways are striving to find the correct principles underlying human society and seeking practically to apply these to the manifold problems of the State

In addition to the formal entertainments provided by the general committee were numerous unofficial attentions paid to various groups of visiting scholars. Among the most welcome of the unannounced gatherings of this character was the dinner given to fifty members of the American Antiquarian Society at the Metropolitan Club—the joyous forerunner, it was hoped, of annual banquets of these gentlemen at successive conferences of the American Historical Association. In all of these hospitalities practically every learned institution in the city, Columbia University properly leading, actively participated.

WALDO GIFFORD LELAND, A. M.,Carnegie Institution of Washington, secretary American Historical Association; THOMAS N. CARVER, Harvard University, secretary and treasurer, American Economic Association.
WALDO GIFFORD LELAND, A. M.,Carnegie Institution of Washington, secretary American Historical Association; THOMAS N. CARVER, Harvard University, secretary and treasurer, American Economic Association.

In every respect, professionally and socially, the great conference has been a marked success. The attendance was record-breaking, and the quality of the personnelle probably quite unexcelled in this country, even by the literary congresses at Chicago and St. Louis. The delegates, domestic and foreign, returned to their homes more than ever imprest [sic] by the hospitality, greatness and potentialities of America’s much favored metropolis.

Madison, Wis.

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Source:  Reuben G. Thwaites “A Notable Gathering of Scholars,” The Independent, Vol. 68, January 6, 1910, pp. 7-14.

  • Copy in John Bates Clark Papers, Series II.4, Box 9, Folder 11, Report on American Economic Association’s 25th Anniversary, 1910”.
  • At www.archive.org the 68th volume of The Independent.    There I downloaded “Single Page Original JPS TAR” (warning: > 1 GB and then extracted the pages of the article, from which I have clipped the photos.
Categories
Chicago Economists

Chicago. J. Laurence Laughlin thoughts on “Problems of the Young Scholar”. 1916

A quarter of a century is a long-time in dog-years but does not even span a healthy scholar’s productive lifetime. Nonetheless, the University of Chicago (founded in 1890 with classes beginning October 1892) celebrated its Quarter-Centennial with much pomp and proportionate circumstance. The address to the Chicago Ph.D.’s attending the celebration was given by the founding and long-serving head of the Department of Political Economy, J. Laurence Laughlin. He was among the earliest domestically trained American Ph.D.’s. These reflections on the life of a young scholar cover the first forty years of economics Ph.D.’s, Made-in-USA. The address provides unique insight into the formative years of organized graduate education in North American economics and academic career paths.

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THE ASSOCIATION OF DOCTORS OF PHILOSOPHY

The Association of Doctors of Philosophy met in the Quadrangle Club at 12:30 P.M. Tuesday, June 6 [1916]. Two hundred and forty-eight doctors were present, and many more sent congratulatory messages. In the absence of President Judson, Dean James Rowland Angell welcomed the guests at luncheon, and expressed the great satisfaction of the University in the large body of doctors who so ably represent it in all parts of the world. In response to an invitation from the Association, Professor J. Laurence Laughlin delivered an address.

 

PROBLEMS OF THE YOUNG SCHOLAR

By J. Laurence Laughlin Professor and Head of the Department of Political Economy

I

Perhaps it will be allowed me to discuss with you for a few minutes some problems of the young scholar in the United States; for the problems of the doctor are practically those of the scholar. In the widest sense they raise the old questions of idealism versus materialism. To vow one’s self to scholarship means renouncing “the world, the flesh, and the devil,” a dedication unto the hopeful, but often disappointing, search for the unknown. On the shining brow of the young scientist there should be the same glow as that which transfigured the face of Sir Galahad when he set out, uplifted in heart and purpose, to search for the Holy Grail.

Whatever the elevation of purpose, however, we must face the matter of preparation. In scholarship, as in war, he who is prepared is favored by the gods. How are scholars made? The only factories are our universities. This inevitably brings us face to face with opinions as to what the university should be. In these days the mobilization of educational resources in any great university involves such questions of administration that executive ability of a high quality is as essential in a faculty as in the departments of a great business house. Men must, therefore, be found in our membership who are not distinguished as scholars; and such men may not even be good teachers. Again, in this country, it goes without saying that the teaching function of the college cannot be wholly separated from the higher activities of the university. Men never can be fitted for research, the highest function of the university, without first passing through the systematic accumulation of knowledge and getting a seasoning of intellectual fiber to be obtained only under good teaching in the secondary school and the college. Teaching is in the main imparting to students the learning of others; but the successful teacher, while engaged in imparting the results of past thinking, may also create a thirst for knowledge and an eventual desire to discover new truth. I doubt if the teaching function ever can be much reduced in the university. It is the condition precedent to final achievement in research; for the inspiration to the possible student investigator usually comes through the medium of highly successful teaching. This opinion of mine may not be in accord with that which decries teaching because it hinders investigation. And yet I fully believe research to be not only the most important, but indeed the highest, function of the university — the brightest jewel in its crown.

It is a question as to what we mean by teaching. In the development of investigators some men, who are not themselves effective producers, are very successful in sending out men who are producers. If by teaching we mean guidance to the nascent investigator, then teaching is directly necessary to research. In the usual lament, that the drudgery of teaching stifles research, reference is undoubtedly had to the heavy work of introductory teaching and the time-consuming reading of students’ papers and reports. Here is one of the serious problems of the young scholar. The fabric of the educational system that leads up to the heights of research and discovery necessarily requires much teaching of a fundamental character. There must be preparation of the student for the final achievements of scholarship. To many a trustee a university should be created for the students, and success is measured by the numbers of students; to many a professor a university should be created for the professors, and success is often measured by the leisure allowed them for study. To others, a university is a place consciously organized so that by constant tests, gradation, and selection a few chosen persons may be evolved competent to carry on the highest tasks of research and discovery. In short, the recipe for stimulating investigation is, first catch your carp; first find the man capable of investigation. To one kind of man a splendid laboratory seems to give him a sense of importance; but the real man of research gives the laboratory importance. Big thinking may go on in a very small room.

II

Perhaps my only qualification for speaking to you today are that I am old enough — or young enough — to bridge with my memory the whole doctoral history in this country. It seems to be well established that I was part and parcel of the first seminar work in our universities, and among the first Ph.D.’s. Before Johns Hopkins University was established in 1876, three of us — of whom one was the present Senator Lodge of Massachusetts — had been engaged in research under Henry Adams, the historian, and we were made doctors at Harvard in 1876. The light literature which resulted from our investigations was contained in a volume of “Anglo-Saxon Law.”

With you have I trod the typical path of all doctors, who had to begin with a salary less than a policeman’s. I wonder how many of us feel like describing that wearisome path from five hundred dollars a year to an assistant professorship, in these words of Milton :

Long is the way

And hard, that out of hell leads up to light.

A president who was able to raise the salaries of learned young doctors was a very Jehovah on a golden throne, whose locks glowed like a thousand searchlights — before whom we stood, wistful acolytes of learning, with the dust of libraries on our brows.

Certainly one thing came prominently forth from my doctoral training. Never afterward could I balk at work because it was hard. The lesson of persistence in getting materials at no matter what cost of time or labor was learned, never to be forgotten. In a study of the origins of English law and institutions I was never supposed to whimper at re-reading the whole body of Anglo-Saxon laws six times in search for procedural methods from feud to jury, or to pore over twenty-five thousand pages of capitularies in mediaeval Latin. Never since has any task seemed impossible.

We young doctors must have been interesting to onlookers. We supposed that the whole world was watching us. We were distinguished in most cases by a big pipe in our mouths, a large sense of condescension to the non-doctoral universe, and by the air of great candor, which obliged us, solely in the interests of truth, to indicate that we were in the line of direct descent from Minerva. We might well have been admonished to “Tarry at Jericho until our beards are grown.”

There was the sort fresh from German kneipen, greatly respected,

For he by geometric scale
Could take the size of pots of ale.

But how many of us, having gone forth with the morning dew on our shining armor, have come back after long days with the cup? What a lot of rusty, dinted old harness is scattered along the doctoral highway!

If many of us have fallen short of our early promise, it is probably due to a loss of our inspiring vision. There are two possible reasons for such failures: First, in our egotism we thought we were investigators, when really we were not. For the advance of research there is nothing so deadly as conceit, and nothing so productive as humility. Learning is an essential to a teacher whose function it is to impart knowledge; but, as we all agree, education is not information. To collect the learning of others may impress the ignorant; but it is not research. To succeed in research one must have extended the boundaries of human knowledge, discovered a new principle, conquered the unknown. Sometimes the investigator comes with awe into the presence of a new truth. One day a young man came out of his laboratory, a new and strange expression on his face, and said, “Today I have just seen something that no man has ever seen before.” Columbus on the deck of his ship, when the dim coast line of America rose over the sea, could not have had a nobler thrill of discovery. Indeed, the uncharted seas of science today offer as many prizes of discovery as ever before in history.

It is a well-recognized fact that many persons seek and often obtain the doctorate merely for the purpose of increasing their revenue as teachers. These never had the vision, and never will be discoverers of truth. Our real interest is in the picked few. It remains true in research, as in the church, that “Many are called, but few are chosen.”

III

Failures, however, are more often ascribable, in the second place, to what may be called economic reasons. Before he has fairly mounted, on his journey the young doctor has added unto himself the burdens of a family. If never before, he must now exert himself to the utmost to be a bread-winner. Then comes the situation which has become so familiar to us all — and, I suppose, to every university president. The would-be scholar finds himself of necessity taking on routine teaching as a means of income; while the less gifted soon give up the hope of research, and the gifted few chafe against the bars of repressive drudgery, constantly hoping to find out a way of research while still earning a living. In short, even with the flower of young scholars the problem is to earn a living and yet to cling to the ideals of research. It must be frankly admitted that, if he has had obligations thrust upon him, it is his first duty to earn a living. That duty every man must face. But not infrequently a young idealist, full of his vision, feels that the world owes him a living, in spite of the burdens he himself has voluntarily assumed, in order that he may be free to hunt in the unknown fields of knowledge. Bitterly— but quite naturally— he is inclined to assail his university as unappreciative of the investigator; and his heart grows heavy.

It will not, I hope, be regarded as brutal to say plainly that if the will to produce is in us no power in heaven or earth can keep it down. No drudgery of teaching kept Moody from expressing himself; nor Ricketts from penetrating to the secrets of disease. And as to Shorey, no drudgery of teaching could prevent him, on receipt of a telegram, from packing his valise and in twenty-four hours beginning a course of twelve lectures in Boston on the “Efflorescence of the Diastole in the Poems of Pausanias.” If the divine fire burns within us, it must come forth somewhere, somehow. When a young scholar says life is too distracting, too noisy, for the serious work of production, he is publishing his own inadequacy. Was it not Chesterton who said, in reference to this matter when men complained of an unsympathetic environment, that Bacon and Shakespeare turned out their products as naturally and easily as we perspire? If a young scholar feels the inner surge to produce, let him somehow give a sample product by which he may be rated. It has been said of Jacques Loeb that if he were cast away on a coral reef with only a shoestring and a collar button he would probably soon be producing sea urchins, or frogs, by parthenogenesis.

IV

There is, to be sure, another and economic side to this matter. The price of a scholar is not difficult to explain. If scholars of the productive type are scarce, they “come high”; they occupy a monopoly position as truly as the successful captain of industry. Moreover, the statement of a new truth is often the heresy of today. The scholar who penetrates into the unknown must be content to be lonely; not infrequently he is obliged to go without a publisher. To be unappreciated, if not to be unpopular, is the part of the scholar who finds himself in antagonism to some illogical, but accepted, opinion of the day. Hence it may be said that

Learning hath gained most by those books by which the printers have lost.

Not only are men of research scarce, but their value to the university is infinite. The productive scholar is the one every university is seeking. At the time when President Jordan was gathering his faculty at Stanford, he wrote me on hearing of my coming to Chicago: “If a few more universities are established the position of a professor will soon become respectable, even in the eyes of the richest trustees.” But, if scholars are in such demand, why is there any complaint as to their economic conditions?

The truth is that a would-be teacher — like a horse — is not always what he seems. To invest in a professor is as much a gamble as to buy a horse. After being permanently corralled he is apt to lose speed, and to develop unexpected peculiarities. A university should be as experienced as a Kentucky breeder in picking promising colts. When a scholar has arrived, it is easy enough for an institution to know that he is a desirable man to have. We come to see, then, that a young scholar cannot expect to be discovered until he has somehow indicated his quality; but that, on the other hand, a very great responsibility rests upon the university to be keen in recognizing the productive quality early in life, to nourish and feed it, and be proud to give it that environment which will encourage production and thereby greatly honor the university. For, after all, the institution that is putting forth new growth of research at the top is the only institution that is really alive. If it is content to teach merely the accumulated learning and results of others, and itself to put out no new growth, it is really moribund.

Therefore, if productive scholars are not easy to find, and yet are absolutely essential to a live university, I may be permitted to suggest some practical means for mending the ills we now endure. Many men of promise have been crushed by untoward conditions of poverty. There are some trees that rise splendidly to heaven because they are planted in good soil and are favored by sun and rain; others of the same species are stunted and gnarled by an evil environment. So it is with scholars — most sensitive of all plants to kindly influence. What can be done by the university to find the stock true to species and give it its full growth?

Without doubt endowment funds should be set aside for the purpose of freeing men capable of research from the drudgery of elementary teaching. But — keeping in mind the frailties of human nature — these funds should be transferred from one man to another, and not given permanently to one. If a promising investigator were disclosed, such a man could be encouraged; if the promise failed of fulfilment, the man was not the one to be encouraged. Thus could be devised a practical means of discovering which of the many aspirants for research were fit for further trial. By some such method as this, without doubt, the university could gradually build up a corps of effective producers. Then, certainly, if the producer is found, the duty — and the ambition — of the university is clear. An investment in productive men is the highest possible use of the university’s funds. The creation of a permanent fund to be devoted to the encouragement of research, gradually accumulated or enlarged by gift, is the one clear sign by which an enlightened and progressive university may be known. To such an institution will come the pick of ambitious graduate students from everywhere. Doubly rich in investigators and in students of ability who are worthy of attention, then indeed will science grow from more to more in that place of learning.

V

In these past twenty-five years much has been done; more remains to be done. In many directions encouragement has been given to research; but while emphasis has been put upon good teaching — and teaching should aim to develop, not only the mind, but also character and good form — would we not make even more progress in the future if greater emphasis were placed on the methods of trying out promising producers and making possible to the gifted few the highest university distinctions?

We are turning out increasing numbers of mediocre doctors. They are too often given a degree for the careful collection of the learning of others. Very soon the degree of Ph.D. will have — as it may already have — gained the connotation of the routine A.M. degree. Some means should be found for separating collectors of learning from the productive investigators.

To some of us who have nearly reached the end of an academic career there is much of inspiration and cheer on an occasion like this. About to leave the stage and turn our faces to the sunset, we pause here a moment to look back to the sunrise; and out of the morning is seen the long line of young scholars sweeping on to the present hour, aflame to take up the tasks of scholarship we are leaving, and to carry forward the work of research far beyond our own expectation. Iturus salutat.

 

Source: The Quarter-Centennial Celebration of the University of Chicago, June 2 to 6. A record by David Allan Robertson. Chicago: University of Chicago Press, 1918, pp. 161-168.

Image Source: Cap and Gown, 1906.

Categories
Courses Economists Harvard Uncategorized

Harvard. Economics Dept. votes down course on Russian Revolution, 1919

An undergraduate student approached Frank W. Taussig to gain the latter’s support for a semester course in the second term of 1919-20 on “various phases” of the Russian Revolution before the latter left for the U. S. Tariff Commission in Washington, D.C. It appears that Taussig’s initial response was at least mildly encouraging and much activity to organize the course followed as reported in the undergraduate’s letter. The undergraduate went on to have a distinguished career as an economic historian and established the Committee on Social Thought at the University of Chicago in 1941 that today bears his name, the John U. Nef Committee on Social Thought.

In Taussig’s absence the Harvard economics department voted not to participate in such a course.

_________________________________

 

[Taussig to Day forwarding Nef letter]

United States Tariff Commission
Washington

December 6, 1919.

Dear Ezra:

The enclosed letter in the main explains itself. I’m willing to assume the responsibility provided that the department approves of the general scheme and of my participation in it. Bring this before the members individually or at a meeting; and I suggest that then you communicate direct with Neff [sic].

My first impression is that we secure for the lectures: (1) Foerster [Robert Franz, Ph.D. 1909] or Meriam [Richard Stockton, Ph.D. 1921], (2) Ohsol [Johann Gottfried, Ph.D. 1914]. I suggest that one of the first two give introductory lectures on Marx, Marxism, the International and post Marxian socialist developments. Then let Ohsol take up the development of thought in Russia and say something about the doctrinal position and the communistic scheme. I believe Ohsol would do the thing with full information and in a temperate spirit. By way of ascertaining possibilities, I shall find out whether Ohsol is still with the Federal Trade Commission and whether he is likely to remain in reach through next spring.

As between Foerster and Meriam, I am inclined, on the whole, to let Meriam have a try. Foerster has plenty of other work to do and Meriam’s recent residence abroad has probably put him in touch with the Continental situation.

[…]

Always sincerely yours,

[signed] F. W. T Taussig

Prof. E. E. Day,
Department of Economics,
Cambridge, Mass

_________________________________

[Nef’s Letter to Taussig: requests course on Russian Revolution]

19 Holworthy Hall,
Cambridge, Mass.
December 4, 1919.

Prof. F. W. Taussig,
c/o U. S. Tariff Commission,
Washington, D. C.

My dear Professor Taussig:

The Friday before you left for Washington, you will remember I consulted you as to the possibilities of offering a course on various phases of the Russian Revolution, during the second semester of the present academic year. Since that time considerable progress has been made. Prof. A. C. Coolidge is enthusiastic over the plan which he believes will work in well with the collection of all available documents and data on the Revolution for the Library. For this part of the work, he proposes, provided the funds can be raised and the demands warrant it, to employ a secretary who will have full charge of collecting the materials. He further plans to set aside a room in Widener Library, which will contain the most important books and documents to be consulted by students taking the course.

Professor Lord has expressed his willingness to take charge of the first part of the course, which would deal with the background of the problem and the narrative history up to the beginning of the Bolshevik regime. The second and third part would deal with the economic and political theories involved, and with the actual workings of the Soviet form of government so far as they can be ascertained. Fifield Workum and I went today to see Professor Ferguson, who thought the scheme feasible and proposes to bring it up before the history department for approval at a meeting on Friday, December 12th. First, however, he wishes to know whether you will be willing to take charge of the second part of the course. This would not mean that you would actually deliver the lectures, although we all hope very much you will be able to give some of them, but simply, as I understand it, that you will see that this part of the course is given.

The third part, Professor Coolidge proposes to arrange with Professor Ferguson. After hearing from you, Professor Ferguson will bring the plan before the history department.

We feel that undergraduate interest in the course justifies its being offered. Professor Ferguson thought it might be given at 2.30 o’clock on Tuesdays and Thursdays during the second term. This would enable a number of men who are now taking History A to take it. All the undergraduates to whom I have mentioned the possibility have immediately expressed a desire to enroll. Professors Ferguson and Coolidge feel that it will make the course both possible and successful if you could stand behind the second part of it.

Very sincerely yours,

[John U. Nef]

_________________________________

[Day’s Reply to Taussig: Time not yet ripe]

December 12, 1919

Dear Mr. Taussig:

At a meeting of the Department yesterday afternoon I brought up for discussion your letter presenting the proposal of J. U. Nef and other undergraduates for a course the second half-year on various phases of the Russian Revolution. The matter was discussed at length, with the result that a number of different grounds for opposing the plan were brought up. I need not go over these at length, as you can readily imagine most of them. Professor Ripley’s objection lay altogether against the method in which the course was to be administered; Bullock’s against the proposed subject matter of the course. The outcome was a unanimous vote that in the opinion of the members of the Department it is inexpedient for the Department to participate in the offering of the proposed course. If you wish further details regarding the opinions expressed, I shall be glad to send them to you. I may add that I should have voted with the other members had I been called upon to do so, as it does not seem to me that the time is yet ripe for academic instruction on the subject of the revolution.

[…]

Sincerely yours,

[Day]

Prof. F. W. Taussig

_________________________________

[Taussig’s Reply to Department Decision: Should have met students half way]

United States Tariff Commission
Washington

December 15, 1919.

Dear Ezra:

I have yours of December 12th. I confess it is a matter of surprise that the Department should have voted as it did. My own strong inclination was to meet the under graduates half way, and to have joined in giving a course, not “on the Revolution,” but upon Russian history and Russian conditions, as leading up to the Revolution. I am sorry not to have been on hand.

[…]

  Very sincerely yours,

  (signed) F. W. Taussig

Professor E. E. Day,
Department of Economics,
Harvard University,
Cambridge, Massachusetts.

_________________________________

Source: Harvard University Archives. UAV.349.10 Department of Economics, Correspondence & Papers 1902-1950, Box 23.   Folder: “Course Offerings 1913-1925”.

Image SourceHarvard Album, 1920.

Categories
Bibliography Courses Harvard Socialism Syllabus

Harvard. Economics of Socialism, Anarchism and the Single Tax. Carver, 1920

For almost the entire first quarter of the twentieth century, Thomas Nixon Carver taught the material of this course. According to the Harvard Annual President’s Report for 1919-20 (p. 90), the course, which covered utopias, varieties of socialism and anarchism, and Henry George’s Single Land Tax, was attended by 10 graduate students; 13 seniors, 29 juniors, 11 Sophomores, 1 Freshman; 14 students from other departments/divisions.

Course final examination questions are available here.

A short-annotated bibliography for the economics of socialism was prepared by Carver and published in 1910 in A guide to reading in social ethics and allied subjects; lists of books and articles selected and described for the use of general readers.

____________________________________

Course Description

In the Official Register of Harvard University (Vol. XVI, October 30, 1919, No. 45) Division of History, Government, and Economics, 1919-20 (Second Edition, p. 64): The course title for Economics 7 given in the second term of 1919-20 was “The Single Tax, Socialism, Anarchism” and met Mondays, Wednesdays, Fridays at 10 a.m.

“A critical study of the theories which underlie some of the more radical programmes of social reform. An examination also of the social utility of private property in its various forms; also some attention to the concept of justice in economic relations; the concept of progress; the significance of conservatism and radicalism.”

 

____________________________________

ECONOMICS 7b
SOCIALISM

Starred references are required

GENERAL WORKS, HISTORICAL

1. *R. T. Ely. French and German Socialism.

2.   Bertrand Russell. German Social Democracy.

3.   John Rae. Contemporary Socialism.

4.   Thomas Kirkup. A History of Socialism.

5.   William Graham. Socialism, New and Old.

6.   Jessica B. Peixotto. The French Revolution and Modern French Socialism.

7.   Wm. B. Guthrie. Socialism Before the French Revolution.

8.   M. Hillquit. History of Socialism in the United States.

9.   Jessie W. Hughan. American Socialism of the Present Day.

 

GENERAL WORKS, EXPOSITORY AND CRITICAL

1.   *O. D. Skelton. Socialism, A Critical Analysis.

2.   J. E. Le Rossignol. Orthodox Socialism.

3.   Albert Schaeffle. The Quintessence of Socialism.

4.   Albert Schaeffle. The Impossibility of Social Democracy.

5.   R. T. Ely. Socialism: an Examination of its Nature, Strength and Weakness.

6.   James Mackaye. The Economy of Happiness.

7.   Henry M. Hyndman. The Economics of Socialism.

8.   Gustave Simonson. A Plain Examination of Socialism.

9.   Werner Sombart. Socialism and the Social Movement in the Nineteenth Century.

10. Émile Vandervelde. Collectivism.

11. R. Flint. Socialism.

12. W. D. P. Bliss. A Handbook of Socialism.

13. Jessie W. Hughan. The Facts of Socialism.

14. E. de Laveleye. The Socialism of Today.

15. E. Böhm-Bawerk. Karl Marx—The End of his System.

16. W. E. Walling. The Larger Aspects of Socialism.

17. S. P. Orth. Socialism and Democracy in Europe.

18. John Spargo. Socialism.

 

TYPES OF SOCIALISTIC PROPAGANDA

I. IDEALISTIC. The appeal is made to all classes on the ground of piety, a sense of justice, or of sympathy for the laboring classes.

A. Religious. The religious motive is invoked in behalf of human brotherhood.

1. Lamennais. Les Paroles d’un Croyant.

2. Washington Gladden. Tools and the Man.

3. Josiah Strong. Our Country.

4. Josiah Strong. The New Era.

B. Fulminations. A thundering discontent with things as they are, with no very definite program for improvement.

1. William Morris, Poet, Artist, Socialist. Edited by Francis Watts Lee. A collection of the socialistic writings of Morris.

2. John Ruskin, the Communism of John Ruskin. Edited by W. D. P. Bliss. Selected chapters from Unto this Last, The Crown of Wild Olive, and Fors Clavigera.

3. Thomas Carlyle, The Socialism and Unsocialism of Thomas Carlyle. Edited by W. 4. D. P. Bliss. Selected chapters from Carlyle’s Various Works.

Socialism and everything resembling it were even more abhorrent to Carlyle than the present system.

C. Utopian. Pictures of ideal Commonwealths.

1. Plato’s Republic.

2. Sir Thomas More. Utopia.

3. Francis Bacon. New Atlantis.

4. Tommaso Campanella. The City of the Sun. (Numbers 2, 3, and 4 may be found in convenient form in Morley’s Ideal Commonwealth.)

5. Etienne Cabot. Voyage en Icarie.

6. William Morris. News from Nowhere.

7. Edward Bellamy. Looking Backward.

8. Laurence Gronlund. The Cooperative Commonwealth.

9. H. G. Wells. A Modern Utopia.

D. Experimental.

There were men and women who had so much confidence in socialism as to believe that it was only necessary to start it to insure its success. They believed that if the world could be given an example of socialism in operation, it would be led to adopt it.

1. Charles Nordhoff. The Communistic Societies of the United States.

2. Karl Kautsky. Communism in Central Europe in the Time of the Reformation.

3. *W. A. Hinds. American Communities.

4. J. H. Noyes. History of American Socialisms.

5. J. T. Codman. Brook Farm Memoirs.

6. Albert Shaw. Icaria.

7. G. B. Landis. The Separatists of Zoar.

8. E. O. Randall. History of the Zoar Society.

E. Opportunist.

1. *Bernard Shaw and others. The Fabian Essays in Socialism.

2. The Fabian Tracts.

3.   Edward Bernstein. Ferdinand Lassalle.

4.   Sidney and Beatrice Web. Problems of Modern Industry.

5.   E. C. K. Gonner. The Socialist Philosophy of Rodbertus.

6.   E. C. K. Gonner. The Socialist State.

7.   Vladimir G. Simkhovitch. Marxism versus Socialism.

8.   J. Ramsay Macdonald. Socialism.

9.   Sidney A. Reeve. The Cost of Competition.

10. Edward Bernstein. Evolutionary Socialism.

11. H. G. Wells. New Worlds for Old.

II. MARXIAN. Believing that every man will work for his own material interests, and that in any capitalistic society, the laboring classes must sooner or later outnumber all others, the appeal is made, not to idealistic sentiments, but to the conscious self interest of the laboring classes. In their own interest they are to overthrow the present economic system and so up a socialistic system.

A. Theoretical

1. Karl Marx. Capital.

2. Frederic Engels. Socialism, Utopian and Scientific.

3. A. Labriola. Essays on the Materialistic Conception of History.

B. Propagandist

(a) Political. Reliance is placed upon the voting power of the masses.

1. Karl Marx and Frederic Engels. The Manifest of the Communist Party.

2. Karl Kautsky. The Social Revolution.

(b) Militant. Reliance is placed upon the physical power of the masses. Ignore the state! The ballot is too slow!

(1) Bolshevist.

1. Austin Lewis. The Militant Proletariat.

2. Beatty, B. Red heart of Russia. Century, 1918.

3. Bryant, L. Six red monthsin Russia. Doran, 1918.

4. Petrunkevich, A. I. et al. Russian Revolution. Harvard University Press, 1918,

5. Radzwill, C. Rasputin and the Russian revolution. Lane, 1918.

6. Russell, C. E. Unchained Russia. Appleton, 1918.

7. Sack, A. J. Birth of the Russian Democracy. Russian Information Bureau, 233 Broadway, N. Y.

8. Trotzky, Leon (Bronshtein, L. D.). The Bolsheviki and World Peace, N. Y., 1918.

9. Trotzky, Leon (Bronshtein, L. D.). Our Revolution; Essays on Working Class and International Revolution, N.Y., 1918.

(2) Syndicalist.

1.   Challange, Felicien. Syndicalisme revolutionaire et Syndicalisme reformiste. Paris. F. Alcan. 1909. 156 pp.

2.   Delivet, Emile. Les employées et leurs corporations. Paris. River. 1909.

3.   Dufor, ——-—-. Le syndicalisme et la prochaine revolution. Paris. M. Rivier. 1913.

4.   Estey, J. Revolutionary syndicalism; an exposition and a criticism. London. P. S. King. 1913.

5.   Garriguet, L. L’Évolution actuelle de socialisme en France. Paris. 1912.

6.   Harley, John H. Syndicalism. London & N. Y. Dodge Pub. 1912. 94pp.

7.   Kirkaldy, Adam W. Economics and syndicalism. University Press. Cambridge. 1914. 140 pp.

8.   MacDonald, James R. Syndicalism, a critical examination. 1913. Chicago. Open Court Pub. 74 pp.

9.   Pataud, Emile. Syndicalism and the cooperating commonwealth. Preface by Kropotkin. Oxford. 1913. 240 pp.

10. Snowden, Philip. Socialism and Syndicalism. London. 1913. 262 pp.

11. Spargo, John. Syndicalism, industrial unionism and socialism. N. Y. Huebsch. 1913. 243 pp.

12. Ware, Fabian. The worker and his country. London. 1912. 288 pp.

(3) The I. W. W.

1.   Brissenden, Paul F. The launching of the Industrial Workers of the World. University of California Press. 1913. 82 pp. contains bibliography.

2. *Brooks, John G. American syndicalism. N. Y. Macmillan. 1913. 264 pp.

3.   De Leon, Daniel. Preamble of the I. W. W. address at Union Temple, Minneapolis. July 10, 1905. N. Y. Labor News Co. 48 pp.

4.   Trautman, William E. Direct. action and sabotage. Pittsburg Socialist News Co. 1912. 43 pp.

 

ANARCHISM

I. PHILOSOPHICAL. A more or less reasoned belief that the abolition of government, especially of government by force, would remove most of the ills of society. Clear in its perception that all government rests upon force; unclear in its reasoning to the conclusion that the use of force is wrong; divided in opinion as to the results of abolishing government.

A. Anarchist Communism. Seeing that property rights are the creation of government, it is concluded that the abolition of government would automatically abolish property and restore communism, and that the masses would pounce upon and destroy anyone who thereafter dared to call anything his own.

1. P. J. Proudhon. What is Property?

2. William Godwin. Political Justice.

3. Peter Kropotkin. Memoirs of a. Revolutionist.

4.   Peter Kropotkin. The Scientific Basis of Anarchy. Nineteenth Century, 21: 218.

5. Elisée Reclus. Evolution et revolution.

6. William M. Salter. Anarchy or goveminent? An inquiry in fundamental government.

7. W. H. Van Ornum. Why Government at all?

8. Ernst V. Zenker. Anarchism; a criticism and history of the anarchist theory.

9. Paul Boilley – Les Trois Socialismes; Anarchisme, Collectivism. Reformisme.

10. Peter Kropotkin. La Science moderne et L’Anarchie.

11. Peter Kropotkin. The Anarchy. Nineteenth Century, 22: 149.

12. *Leo Tolstoi. The Slavery of Our Times.

13. Elissee Reclus. Anarchy. Contemporary Review. 14: 627.

14. Josiah Warren. Equitable Commerce.

15. Josiah Warren. True Civilization as Immediate Necessity.

B. Exaggerated Individualism. There should be no restraint either moral or legal, upon the strong whose “right” to govern and exploit the weak is the only natural or divine right there is. Nature abhors weakness and it is the mission of the strong to exterminate the weak, to the end that weakness may cease to exist and that strength alone may survive. Moral and legal codes are the inventions of the weak to protect themselves from the strong in order that weakness may fill the world with its own spawn.

1. *Max Stirner (pseudonym for Kaskar Schmidt). Der Einzige und sein Eigenthum.

2.   Friederich Nietzsche. Also sprach Zarathustra.

3.   Friederich Nietzsche. Jenseits von Gut and Böse.

4.   James G. Huneker. Egoists: A Book of Supermen.

II. EMOTIONAL. A mere explosive protest against all forms of authority, particularly against the police power and other visible manifestations of authority.

1. Mikhail Bakunin. Dieu et l’Etat.

2. Emma Goldman. Anarchism and other Essays.

3. Paul Eltzbacher. Anarchism.

4. R. Hunter and R. Wiles. Violence and the Labor Movement.

5. H. Krouse. The Anarchist Constitution.

6. John H. Mackay. The Anarchists; a picture of civilization at the close of the 19th century.

7. A. R. Parsons. Anarchism; its philosophy and scientific basis as defined by some of its apostles.

8. B. R. Tucker. Anarchism; the attitude of anarchism toward industrial combinations.

9. United States Department of Justice. Transmission through the Mails of Anarchistic publications. Message from the President. Washington. 1908.

 

THE SINGLE TAX

All public revenues shall be raised from a single tax on land values.

1. *Henry George. Progress and Poverty.

2.   Henry George. Our Land and Land Policy.

3.   Alfred Russell Wallace. Land Nationalization.

4.   Thomas G. Shearman. Natural Taxation.

5.   Louis F. Post. The Single Tax.

6.   C. B. Fillebrown. A Single Tax Catechism.

_______________________

Source: Harvard University Archives. HUC 8522.2.1. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1. Folder: 1919-1920.

Image Source: Harvard Album 1915.

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Economists Harvard Transcript

Harvard. Graduate Course Record. Thomas Schelling, 1946-49

Included in the materials from the 1949-50 hiring search for someone to teach in Columbia College was a mimeographed fact-sheet/transcript for 28 year old Thomas Schelling together with a departmental statement provided by the Chairman of the Harvard Department of Economics, Harold Burbank. I think we can be pretty sure that both items were attached to a letter Burbank sent to Angell dated December 14, 1949 in which Tobin and Schelling were discussed with supporting data (cf. Appendix C in the Hiring Committee’s Report of January 9, 1950 that clearly provides information on Tobin from the same letter).

Interesting to note perhaps is (i) the future Nobel laureate did not get short-listed by the search committee and (ii) “his interest is mainly in the national income, fiscal policy approach” might have been a contemporary euphemism or dog-whistle for “Keynesian economist”.

In any event, I am delighted whenever I find the complete graduate course records of Ph.D.’s. I have filled in the names of the instructors for the respective courses based on the Harvard President’s Reports.

____________________

Thomas Crombie Schelling

Address: Program Division, ECA-OSR [Economic Cooperation Administration, Office of the Special Representative (Administration of the Marshall Plan)], 2 Rue Saint Florentin, Paris, France

Born: April 14, 1921, U.S.

Married: Yes

Degrees:

A.B., 1944, University of California (Highest honors)

A.M., 1948, Harvard University

Experience:

1941-43         American Embassy, Santiago, Chile

1945-46         U. S. Bureau of Budget, Fiscal Division

1946-48         Teaching Fellow, Harvard

1948               Elected to Society of Fellows, resigned September, 1949

1948-              ECA, Copenhagen Paris

 

Courses:

Summer 1946

Ec. 201 (Reading)                 Satis.

Fall 1946-47

Ec. 103a (Adv. theory [Schumpeter])         A+

Ec. 104b (Math. Ec. [Leontief])                    A+

Ec. 148a (Int. Tr. Sem. [sic, 148a was Fiscal Policy Seminar with Williams and Hansen])        A-

Spring 1946-47

Ec. 103b (Adv. Theory [Schumpeter]))      A+

Ec. 121b (Statistics [Frickey]))                     A-

Ec 148b (Int. Tr. Sem. [sic, 148a was Fiscal Policy Seminar with Williams and Hansen]))       A-

Summer 1947

Ec. 201 (Reading)     Satis.

Fall 1947-48

Ec. 102a (Adv. Theory [Leontief])   A+

Ec. 133a (History [Usher])               A-

Ec. 161a (Ind. Org. [Alexander and Crum])           A+

Spring 1947-48

Ec. 102b (Adv. Theory [Leontief])   Exc.

Ec. 133b (Ec. History[Usher])          A

Ec. 162b (Ind. Org. [Mason])           Exc.

Fields of study: Economic Theory, Industrial Organization, Money and Banking, Statistics, write-off, Economic History; special field, Business Cycles

Generals: Passed April 7, 1948 with a grade of Excellent Minus

____________________

[Supporting Statement
by Chairman of the Harvard Economics Department,
14 Dec. 1949(?)]

Schelling came to us immediately after the war with a quite extraordinary record in his undergraduate work at Berkeley and an outstanding war accomplishment in the Bureau of the Budget. His intellectual work with us was of the highest order, so high indeed that he was recommended for the Society of Fellows and accepted by them. However, Schelling saw fit to accept a position with the E.C.A. and at the end of the first year elected to stay with that organization even at the expense of resigning his fellowship. I have not heard from him directly but I understand that he intends to take his degree this spring and will be available.

The members of the staff most familiar with Schelling’s work—Hansen, Harris, and Smithies—regard him as one of the very top students we have had at least in the last ten years. I believe those mentioned will recommend him without qualification. It is true that his interest is mainly in the national income, fiscal policy approach, which I believe is one of the areas in which you are least interested, but he certainly is capable of working in theory and perhaps in other areas as well.

Very sincerely,

[signed]

H. H. Burbank

 

Professor James W. Angell
Columbia University
New York 27, New York

____________________

Source: Department of Economics Collection, Columbia University Archive. Box 6, Folder: “Columbia College”.

Image Source: Harvard Kennedy School Magazine, Summer 2012.

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Bibliography Courses Exam Questions Harvard Syllabus

Harvard. Economic Theory II, Econ 202. Leontief, 1948-49

In a previous posting I provided the reading lists for the two term graduate course “Economic Theory I” , Economics 201, taught by Edward Chamberlin in 1947-48. “Economic Theory II”, Economics 202a and 202b, was taught by Wassily Leontief. Presuming a student who took both courses would have done this in consecutive years, I provide the course outlines, reading lists and the exam questions (only for Economics 202a) for the year 1948-49.

Leontief apparently did not get around to covering Part IV of Economics 202a in the Fall Term, since the entire section can be seen repeated for the first topic of the Spring term.

Besides Chamberlin’s course Economics 201 just mentioned. It is interesting to compare Leontief’s course with  that of Lloyd Metzler  and that of Milton Friedman at Chicago also in the same year.

__________________________

Economics 202a
Fall Term 1948-49

Economics 202a will cover the Theory of a Firm, the Theory of Individual Demand, Theory of Market Relationships, and introduce the basic concepts of the General Equilibrium Theory. 202b, as given in the Spring Term, will cover the Theory of Distribution (wages, capital and interest), profits), the Theory of General Equilibrium (Keynes), and introduce the basic concept of Welfare Economics and Economic Dynamics.

I.     Theory of a Firm

Costs; total, average, marginal.
Theory of the multiple plant firm.
Revenue; total, average, marginal.
Long and short run analysis
Supply under competitive and monopolistic conditions.
Production function, marginal productivity, increasing and decreasing returns.
Joint products.
Demand for factors of production.
Discontinuous relationships and non-marginal analysis.
Internal and external economies.
New invention and technological change.

Reading assignments:

Oscar Lange, “The Scope and Method of Economics,” Review of Economic Studies, Vol. XIII, (i), 1945-46, pp. 19-32.

E. A. G. Robinson, Structure of Competitive Industry, Chs. II, VII, VIII, pp. 14-35, 107-133.

Boulding, Economic Analysis, Part II, Chs. 18-26, pp. 375-595 (New edition: Chs. 20-26, pp. 419-552; Chs. 31, 32, pp. 669-733).

I. Fisher, “A Three-Dimensional Representation of the Factors of Production and Their Remuneration Marginally and Residually,” Econometrica, October, 1939.

George Stigler, “Production and Distribution in the Short Run,” Journal of Political Economy, 1939, pp. 305-327. Reprinted in Readings in the Theory of Income Distribution, pp. 119-142.

Joe S. Bain, The Economics of the Pacific Coast Petroleum Industry, Part I, Ch. V, pp. 84-114.

Lerner, Economics of Control, Chs. 15, 16, 17, pp. 174-211.

Chamberlin, “Proportionality, Divisibility, and Economies of Scale,” Quarterly Journal of Economics, February, 1948, pp. 229-262.

National Bureau of Economic Research, Cost Behavior and Price Policy, Ch. VII, pp. 142-169; Appendix C, pp. 321-329.

 

II.    Theory of the Household:

Theory of utility and indifference lines analysis.
Individual demand, prices and income.
Dependent and independent, competing and complementary, superior and inferior goods.
Measurability of utility.
“Marginal utility of money.”
Consumer surplus.
Interpersonal interdependence in consumers’ behavior.
Economic theory of index numbers.

Reading assignments:

Hicks, Value and Capital, Part I, Chs. I-III, pp. 1-54.

Boulding, Economic Analysis, Chs. 29, 30; pp. 636-685. (New edition, Chs. 33, 34; pp. 734-759).

 

III. Theory of Market Relationships:

Pure competition; individual and market supply and demand curves.
Stability of market equilibrium, statics and dynamics.
Monopoly and price discrimination.
Monopolistic competition.
Duopoly, oligopoly, bilateral monopoly, etc.
“Theory of games.”

Reading assignments:

Marshall, Principles of Political Economy [sic], Book V, Chs. III, V.

Chamberlin, The Theory of Monopolistic Competition, Chs. II, III, IV, and V.

Joan Robinson, The Economics of Imperfect Competition, Chs. 15 and 16.

Robert Triffin, Monopolistic Competition and the General Equilibrium Theory, Chs. I and II.

W. H. Nicholls, Imperfect Competition within Agricultural Industries, Ch. 18.

One of the following three articles:

Leonid Hurwicz, “The Theory of Economic Behavior,” American Economic Review, December, 1945, pp. 909-925.

Carl Kaysen, “A Revolution in Economic Theory?” The Review of Economic Studies, Vol. XIV (I), 1946-47, p. 1-15.

Jakob Marschak, “Theory of Games,” Journal of Political Economy, April, 1946, pp. 97-115.

 

IV.  Basic concepts of a general equilibrium theory:

Data and variables.
Price system and general interdependence.
Linear model of a general equilibrium system.

Reading assignments:

Lange, The Economic Theory of Socialism, pp. 65-72.

Cassel, The Theory of Social Economy, Vol. I, Ch. IV, pp. 134-155.

E. H. Phelps Brown, Framework of the Pricing System, in particular chapters dealing with general equilibrium theory.

___________________________

DEPARTMENT OF ECONOMICS
Reading Period Assignments
January 3—January 19, 1949

[…]

Economics 202: Howard S. Ellis, Editor, A Survey of Contemporary Economics, 1948, Ch. 1, Value and Distribution, by Bernard F. Haley; and Frank H. Knight, Risk, Uncertainty and Profit, Ch. III to X, incl.

[…]

___________________________

 

1948-49

HARVARD UNIVERSITY
ECONOMICS 202a
[Final Exam, first term]

Please write legibly

Answer four questions:

  1. Taking into account considerations suggested by Stigler in his article on “Production and Distribution in the Short Run,” describe the determination of the optimum investment in fixed equipment for a plant faced with a regular seasonal variation in output.
    Give an illustrative example.
  2. Given information about (a) changing factor prices, and (b) changing factor combinations used by an individual enterprise (operating under competitive conditions) over a certain period of time—
    explain under what conditions this information might definitely indicate the presence of genuine technological change as contrasted with passive adjustment to variable market conditions.
  3. Under what conditions could one measure the utility of alternative combinations of commodities consumed by an individual household?
    Describe in detail the process of measurement in the case where these conditions are satisfied.
  4. “A market characterized by duopolistic indeterminism can be stabilized through establishment of an official price ceiling enforced by some outside authority.” Comment.
  5. State what significant difference do you see between the theory of an individual firm as presented in Knight’s “Risk, Uncertainty and Profits” and the treatment of the same subject in the most recent literature as presented in Haley’s article on value and distribution in the “Survey of Contemporary Economics.”

Final. January, 1949.

___________________________

Economics 202b
Spring Term, 1949

Part I: General Equilibrium Theory and the Economics of Welfare

a.   Basic Concepts of a General Equilibrium Theory:

Data and variables. Price System and general interdependence. Linear model of a general equilibrium system.

Reading:

Lange, The Economic Theory of Socialism, pp. 65-72.

Cassel, The Theory of Social Economy, Vol. I, Ch. IV, pp. 134-155.

E. H. Phelps Brown, Framework of the Pricing System, in particular chapters dealing with general equilibrium theory.

Schultz, T. W.: Agriculture in an Unstable Economy, Ch. I, pp. 24-43, Ch. IV, pp. 134-153.

 

b. Economics of Welfare

Individual maximum and social welfare. Efficiency and distributive justice. Efficiency of the purely competitive system. Monopoly and economic welfare. External economies. Pricing and allocation for public enterprise.

Reading:

Hicks, J. R. : “The Foundation of Welfare Economics,” Economic Journal, December 1939, pp. 696-712.

Meade and Hitch: An Introduction to Economic Analysis and Policy, Part II, Chs. VI-VII, pp. 159-220.

Meade, J. E., and Fleming, J. M.: Price and Output Policy of State Enterprise,” Economic Journal, Vol. LIV, December 1944, pp. 321-339.

Coase, R. H.: “Note on Price and Output Policy,” Economic Journal, Vol. LV, April 1945, pp. 112-113.

 

Part II: The Theory of Distribution

 

[a. The Theory of Wages. Omitted this year.]

Demands for labor and methods of remuneration. Short run supply of labor, money and real wages. Theory of noncompetitive labor markets. Technological unemployment. Long run supply of labor and the theory of optimum population.

Reading:

Douglas, P. M.: The Theory of Wages, Ch. I, pp. 3-17; Ch. III, pp. 68-96.

Robinson, G. B. H.: Economic Fragments, “Wage Grumbles,” pp. 42-57, also reprinted in Readings in the Theory of Income Distribution.

Marx, Karl: Capital, Vol. I, Part IV, Ch. XV, pp. 405-422, 466-488.

Robbins, L.: “On the Elasticity of Demand for Income in Terms of Effort,” Economica, Vol. X, 1930, pp. 123-129.

 

b. Theory of Interest

Productivity of Capital. Expectations, risk, and uncertainty. Inventory speculation. Interest as cost and the demand for capital. Saving and the supply of capital. Monetary theory of interest. Theory of assets.

Reading:

Irving Fisher: The Theory of Interest, Chs. VII, VIII, IX, X, XI, XVI, XVII, and XVIII. 1930.

Readings in the Theory of Income Distribution (Blakiston, 1946)

F. Knight: “Capital and Interest,” pp. 384-417.

Keynes: “The Theory of the Rate of Interest,” pp. 418-424.

D. H. Robertson: “Mr. Keynes and the Rate of Interest,” pp. 425-460.

 

[c. Theory of Profits and of Rent. Omitted this year.]

Theory of residual income. Entrepreneurial function. “Normal Profits.”

Reading:

Beddy, James: Profits, Ch. X, “An Explanation of Profits,” pp. 216-266.

Crum, W. L: “Corporate Earnings on Invested Capital,” Harvard Business Review, XVI, 1938, pp. 336-350.

Kaldor, N.: “The Equilibrium of the Firm,” The Economic Journal, March 1934, pp. 60-76.

Robinson, Joan: Economics of Imperfect Competition, Ch. 8.

 

Part III: Capital and Economic Development

a. Capital and Income

National wealth: Stock and flow concepts. Dollar measures and physical measures. Capital and income. Capital in production. Depreciation and obsolescence. Period of production and the speed of turnover. The time shape of production and consumption process.

Reading:

Kuznets: “On Measurement of National Wealth,” Studies in Income and Wealth, Vol. 2, National Bureau of Economic Research, 1936, pp. 3-61.

Rae, John: New Principles of Political Economy, 1834, Chs. I-V.

Irving Fisher: Nature of Capital and Income, Chs. I, IV, V, XIV, XVII, Macmillan, 1906.

Kaldor: “Annual Survey of Economic Theory: The Recent Controversy on The Theory of Capital,” Econometrica, July 1937, pp. 201-233.

 

b. Economic Development and Accumulation of Capital

Statics and Dynamics. The general problem of economic growth. Saving, Investment and the growth of income. Acceleration principle. Technical change. Accumulation and employment.

Reading:

Bresciani-Turoni: “The Theory of Saving,” Economica; Part I, February 1936, pp. 1-23; Part II, May 1936, pp. 162-181.

Domar: Expansion and Employment,” American Economic Review, March 1947, pp. 34-55.

Schelling: “Capital Growth and Equilibrium,” American Economic Review, December 1947, pp. 864-876.

Harrod: “An Essay in Dynamic Theory,” Economic Journal, March 1939, pp. 14-33.

Pigou: Economic Progress in a Stable Economy,” Economica, August 1947, pp. 180-188.

Stern: “Capital Requirements in Progressive Economies,” Economica, August 1945, pp. 163-171.

A. Sweezy: “Secular Stagnation?” in Harris, Postwar Economic Problems, McGraw-Hill, New York, 1943, pp. 67-82.

Hansen: “Economic Progress and Declining Population Growth,” American Economic Review, March 1939, pp. 1-15.

 

Part IV: Keynesian Theory and Problems

a. Over-all outlines of the General Theory. Wage and price “stickiness.” Demand for money. Saving and “oversaving.” Multiplier principle.

Reading:

Lerner, A. P.: The Economics of Control, Chs. 21, 22, and 25.

Keynes, J. M.: General Theory of Employment, Interest and Money, Chs. 1, 2, 8, and 18.

Haberler, G.: Prosperity and Depression, Ch. 8.

 

Reading Period:

Schumpeter: Theory of Economic Development, Harvard University Press, 1936.

OR

Harrod, R. F.: Towards a Dynamic Economics, Macmillan, 1948.

___________________________

Sources:

Harvard University Archives. HUC 8522.2.1 Box 4, Folder: “Syllabi, course outlines and reading lists in Economics, 1948-1949 (2 of 2)

Wassily Leontief Papers, Harvard University Archives. HUG 4517.45, Box 2, Folder “Fall to Winter—202a ‘48-‘49”.

Image Source:  Harvard Album, 1949.