Month: January 2016

Categories
Harvard Suggested Reading Syllabus

Harvard. Honors Economic Theory, Chamberlin/Leontief/Taylor, 1939-40

In the following academic year (1940-41) this year-long course was broken into two distinct semester courses, Economics 1a (Economic Theory/Chamberlin) and Economics 1b (The Intellectual Background of Economic Thought/Taylor). From the enrollment statistics and the course catalogue we see that this was mainly a course taken in the junior year by undergraduates pursuing an A.B. with honors in economics.

Since this posting, I have included a transcription of the final examination questions for the second term of this course.

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[Harvard Catalogue Course Listing]

Economics 1. Economic Theory

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

This course will be conducted mainly by discussion. It is open only to candidates for the degree with honors. The first half (but not the second) may be taken as a half-course with the consent of the instructor.

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences During 1939-40 (2nd ed.). Official Register of Harvard University, Vol. XXXVI, No. 42 (September 22, 1939), p. 154.

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[Course Enrollment]

[Economics] 1.  Professor Chamberlin, Dr. O. H. Taylor, and Associate Professor Leontief. – Economic Theory.

1 Graduate, 1 Senior, 51 Juniors, 1 Other:  Total, 54.

Source: Harvard University. Report of the President of Harvard College and Reports of the Departments, 1939-40, p. 98.

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ECONOMICS 1

1939-40

First Semester

  1. The Law of Supply and Demand. Meaning and Generality. Relation to the Law of Cost. Cost curves and supply curves. Relation to monopoly and to competition. Pure and perfect competition. Market problem illustrating deviations from “equilibrium” as defined by perfect competition. Equilibrium vs. the equation of supply and demand.
    Mill – Principles, Book III, chapters 2, 3, 5.
    Chamberlin – Monopolistic Competition, chapters 1, 2.
    Henderson – Supply and Demand, chapters 1, 2.
    Marshall – Principles, pp. 348-50; p. 806 note.
  2. Competitive theory, illustrated by Marshall.
    Marshall – Principles, Book V, chapters 1-5; Book IV, chapter 13; Book V, chapters 8, 9, 10, 12.
  3. The effect of small numbers in the market.
    Monopolistic Competition, chapter 3.
  4. Product differentiation. Co-existence and blending of monopoly and competition. Output (sales) as a function of price, “product” and selling outlays. Price-quantity relationships examined in some detail, selling costs and products as variables more briefly.
    Monopolistic Competition, chapters 4, 5, 6, 7 (pp. 130-149); Appendices C, D, E.
    Alsberg, C.L. – “Economic Aspects of Adulteration and Imitation”, Q.J.E., Vol. 46, p. 1 (1931).
  5. Production and Distribution. Diminishing returns. Diminishing marginal productivity. The laws of cost. General effect of monopoly elements on the analysis.
    Garver & Hansen – Principles, chapter 5.
    Wicksell – Lectures on Political Economy, Vol. I, pp. 101-133 (omit all small type except on pages 111, 113, 114 and 115.) [Knut Wicksell, Vorlesungen über Nationalökonomie auf Grundlage des Marginalprinzipes, 2 vols. [1913]]
    Viner, J.  – “Cost Curves and Supply Curves,” Zeitschrift für Nationalökonomie, 1931.
    Monopolistic Competition, Appendix B.
  6. Theory of Wages.
    Hicks – Theory of Wages, Part I.

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Economics 1
Second Semester
1939-40

  1. Theory of Wages (continued). Professor Leontief.
    Hicks, J. R., Theory of Wages, Chs. 9 and 10.
    Lester, R. A., “Overtime Wage Rates,” The American Economic Review, December, 1939. (Suggested)
    Douglas, P. H., The Theory of Wages, Ch. 13.
  2. Theory of Rent.
    Ricardo, D., Principles, Ch. 3 [sic, Ch. 2 intended].
    Marshall, Principles, Book V, Chs. 10,11.
  3. Theory of Capital and Interest.
    Clark, J. B., Distribution of Wealth, Chs. 9, 20.
    Böhm-Bawerk, Positive Theory of Capital, Books II, Chs. 2 and 5, Book V.
    Fisher, Irving, The Rate of Interest, Chs. 5, 6, and 7.
  4. Production and Distribution Interrelated.
    Wicksell, Lectures on Political Economy, Vol. I, pp. 196-206 (omit small type)
    [Knut Wicksell, Vorlesungen über Nationalökonomie auf Grundlage des Marginalprinzipes, 2 vols. [1913]].
    Keynes, The General Theory of Employment, Interest and Money, Chs. 2 and 8, paragraph B.
  5. Profits. Professor Chamberlin.
    Marshall, Book VI, chapter 5, section 7; Chs. 7, 8.
    Taussig, Principles, Vol. II, Ch. 50, section 1.
    Henderson, Supply and Demand, chapter 7.
    Berle and Means, The Modern Corporation, Book IV.
    Chamberlin, Monopolistic Competition, Ch. 5, section 6; Ch. 7, section 6: Appendices D, E; Ch. 8.
  6. Welfare Economics. Dr. O. H. Taylor.
    Pigou, A. C. Economics of Welfare (3rd ed.), Part I, Chs. 1, 2, 3, 7, 8; and Part II, Chs. 1-8 inclusive, 9, 11, 14, 15, 16, 17. [4th edition, 1932]
  7. Criticisms of Economic Theory, its Method and Assumptions. I. Psychology and Economics.
    Mitchell, W. C., “The Rationality of Economic Activity,” Journal of Political Economy, Vol. 18, pp. 97 ff., and 197 ff. (February, March 1910).
    Mitchell, W. C., “Human Behavior and Economics,” Quarterly Journal of Economics, Vol. 29, p. 1 ff. (November 1914).
    Mitchell, W. C., “The Prospects of Economics,” in The Trend of Economics, volume edited by R. G. Tugwell.
  8. Criticisms of Economic Theory, its Method and Assumptions. II. Economic Principles as “Natural Laws.”
    Tugwell, R. G. “Experimental Economics,” part on “Natural Law,” in volume The Trends of Economics.
    Taylor, O. H., “Economics and Natural Law,” Quarterly Journal of Economics, Vol. 44, p. 1ff., and p. 205 ff.

 

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

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Chicago Columbia Cornell Harvard Johns Hopkins Statistics Wisconsin

Graduate Student Enrollments in Economics. Seligman’s Tally, 1909

Here we have a letter from the chairman of the Columbia University economics department, Edwin R. A. Seligman, to the chairman of the trustees of Columbia University, George L. Rives, boasting of the large market share of Columbia with respect to graduate education in economics and sociology. We’ve seen earlier (1900) that Seligman kept a jealous eye on Columbia’s competition.

_____________________________________

[carbon copy of letter Seligman to Rives]

No. 324 West 86 street
New York, February 13, 1909

My dear Sir:

You may be interested in the enclosed statistics which have been compiled by me from answers to questions sent out to the various universities. It shows the relative position of Columbia compared to its six leading competitors, and it is a curious coincidence that the totals of Columbia on the one hand, and of the six universities together on the other, should be precisely the same.

Faithfully yours,

Edwin R. A. Seligman

(Enclosure)

 

To Mr. George L. Rives,
New York City

_____________________________________

STUDENTS WITH DEGREES ENROLLED IN
GRADUATE COURSES, Dec. 1909

 

Economics Sociology Total of Economics and Sociology
Harvard

27

 —

27
Yale

16

 12

28
Cornell

10

 4

14
Johns-Hopkins

12*

 —

12*
Chicago

12

 19

31
Wisconsin

22

 4

26
Total in the 6 universities

99

 39

138
Columbia

67

 71

138

*including duplications

 

Source: Columbia University Archives. Central Files 1890-, Box 338. Folder: “Seligman, Edwin Robert Anderson. 1.1.110 2/5”

Image Source: Universities and their Sons, Vol. 2 (1899), pp. 485.

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Chicago Exam Questions Suggested Reading Syllabus

Chicago. Theory of Income and Employment. Domar, 1948

Jacob Marschak’s course “The Theory of Income and Employment” was taught by the (visiting) assistant professor of economics and research associate in the Cowles Commission, Evsey D. Domar, in the Spring Quarter of 1948. The appointment must have taken place after the Announcements for 1947-1948 were published in May, 1947, so one presumes there was a relatively late change in plans.

For those interested in Domar’s early backstory,  Evsey (Joshua) Domashevitsky arrived in the U.S. on the S.S. Taizo Maru that departed 27 July 1936 from Kobe, Japan and arrived at the port of Los Angeles, California August 16. Domar (“race: Hebrew; nationality: White Russian”) was born April 16, 1914 in Lodz, Poland and last resided in Dairen, Manchuria (now Dalian or Talien, China) before he left for the U.S. He worked his way through UCLA and his graduation photo from the college yearbook graces this posting.

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ECONOMICS 335
THE THEORY OF INCOME AND EMPLOYMENT

Spring, 1948
E. D. Domar

Required Reading List

It is assumed that the students are familiar with the contents of the first 20 chapters of A. P. Lerner’s Economics of Control.

 

PART I.   THE MEASUREMENT OF TOTAL OUTPUT.         March 30 – April 1

Simon Kuznets, National Income and Its Composition, V. I, Ch. 1.
J. R. Hicks and A. G. Hart, The Social Framework of the American Economy, ch. 3, 8, 10-13, 15, 16.
National Planning Association, National Budgets for Full Employment.
Survey of Current Business, National Income Supplement, July, 1947.

 

PART II.   THE ESSENCE OF THE THEORY.    April 3- 28.

J. M. Keynes, The General Theory of Employment, Interest and Money.
A. P. Lerner, Economics of Control, ch. 21-25.
American Economic Association, Readings in Business Cycle Theory, ch. 5-12.
S. E. Harris, editor. The New Economics, ch. 9, 11-15, 19, 33, 36.
Oscar Lange, Price Flexibility and Employment, pp. 1-90.
Milton Friedman, “Lange on Price Flexibility and Employment,” American Economic Review, Sept. 1946 (Reprints in Harper Reserve Room).
Lawrence Klein, The Keynesian Revolution, ch. 3-5.
Gottfried Haberler, Prosperity and Depression, Ch. 8, 13.
A. C. Pigou, “The Classical Stationary State,” The Economic Journal, December 1943.
J. E. Meade and P. W. S. Andrews, “Summary of Replies to Questions on Effects of Interest Rates,” and “A Further Inquiry into the Effects of Rates of Interest,” Oxford Economic Papers, No. 1, 1938 and No. 3, 1940.
Simon Kuznets, “Relation between Capital Goods and Finished Products in the Business Cycle,” in Economic Essays in Honor of Wesley Clair Mitchell.
R. F. Kahn, “The Relation of Home Investment to Unemployment,” Economic Journal, 1931.

 

PART III.   UNDERCONSUMPTION, MATURE ECONOMY, AND CAPITAL ACCUMULATION.        May 4-14.

A. H. Hansen, Fiscal Policy and Business Cycles.
A. H. Hansen, Economic Policy and Full Employment, ch. 15, 16, Appendix B.
E. D. Domar, “Expansion and Employment,” American Economic Review, 1947 (reprints on reserve).
E. D. Domar, “The Problem of Capital Accumulation,” (Mimeographed).
P. M. Sweezy, The Theory of Capitalist Development, ch. 10, 12.
J. A. Schumpeter, Capitalism, Socialism and Democracy, Part II.
G. Terborgh, The Bogey of Economic Maturity.
Readings in Business Cycle Theory, ch. 19-20.

 

PART IV.   POLICY          May 15- June 10.

(in addition to preceding readings)

Board of Governors of the Federal Reserve System, Public Finance and Full Employment, Postwar Economic Studies No. 3, pp. 1-21, 53-68.
A. H. Hansen, Economic Policy and Full Employment, parts IV, V, VI.
M. De Chazeau and others (Committee for Economic Development) Jobs and Markets: How to Prevent Inflation and Depression.
E. F. Burchard and others (Oxford University Institute of Statistics), The Economics of Full Employment.
Mints, Hansen and others. Symposium of Fiscal and Monetary Policy, The Review of Economic Statistics, May 1946.
J. Mosak and Arthur Smithies, “Forecasting Post-War Demand,” Econometrica, 1945.
H. Simons, “Hansen on Fiscal Policy,” The Journal of Political Economy, 1942.
National Budgets for Full Employment
Economic Report of the President, January 1948.
A. P. Lerner and F. D. Graham, Planning and Paying for Full Employment.
M. Friedman, “A Monetary and Fiscal Framework for Economic Stability,” (Mimeographed).
W. H. Beveridge, Full Employment in a Free Society, a general survey, with emphasis on Appendix C.

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Economics 335
Final Examination

June 17, 1948
One hour and fifteen minutes

Answer all questions. They carry equal weights.

  1. Ever since the end of the war, it has been asserted by various authorities that increased production is the best cure against inflation. But it can be also argued that while increased production enlarges the supply of goods, it also generates additional income and therefore demand. So in the end it may or it may not mitigate inflation.
    Analyze this question and try to find the correct answer. The quality and depth of your analysis will count more than its quantity.
  2. “In spite of his claims to the contrary, Keynes did not succeed in proving the possibility of underemployment equilibrium if wages and prices were flexible. That a long period of unemployment could persist as a result of wage and price rigidity we had known long before Keynes.”
    Comment on this statement and show what effects would flexible prices and wages have on elimination of unemployment (in a depression) and stabilization of the price level (in an inflation). Indicate clearly every step in your analysis. What practical recommendations follow from your discussion?
  3. You were employed by the U. S. Bureau of the Budget in 1941 to make an economic forecast and to recommend practical policy measures to prevent both unemployment and inflation in the year 1942, when large war expenditures were expected. Following roughly the method of national budgets (or an equally good alternative one) set up a hypothetical but reasonable numerical model for the year 1942. Show clearly (a) the information you will require; (b) the assumptions you will make; (c) how (a) and (b) are brought together; and (d) policy recommendations you will make. Indicate each step explicitly.
  4. Write for some twenty minutes on any subject covered in the course, but not included in the preceding questions and not studied in your term paper. Make sure you have something worth-while to say.

 

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Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Evsey D. Domar Papers, Box 15, Folder: “Macroeconomics, Old Reading Lists”; Box 16, Folder: “Final Exams. Johns Hopkins, Stanford, U of Michigan”.

Image Source: Joshua Domashevitsky (Evsey D. Domar), University of California at Los Angeles, Bruin Life Yearbook/Southern Campus Yearbook, 1939, p. 52. Caption to graduation picture: “Joshua Domashevitsky, A. B./Economics/ Transferred from State College of Law, Manchuria: Foreign Trade Club; Artus, Chancellor of the Exchequer 4.”

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Chicago Suggested Reading Syllabus

Chicago. International Trade and Policy. Advanced Graduate. Metzler, 1948 and 1950

Today we have the reading list for an early iteration of Lloyd A. Metzler’s second advanced course in international economics: the theory of foreign trade and commercial policy. The course was held in the Winter quarter of 1948 at the University of Chicago. I have used squared brackets and bold-blue text to indicate additions and  other changes or deletions for his Spring Quarter 1950 reading list.

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[Course Description]

[Economics] 371. INTERNATIONAL TRADE AND COMMERCIAL POLICY. Price theory and international trade; the gains from international specialization. International trade and the distribution of income. Historical and theoretical discussion of the theory of tariffs. Commercial policies of particular countries, including the United States, the United Kingdom, and France. Commodity agreements and cartels. The growth of state trading. The new mercantilism. Prereq: Econ 330 or equiv. Spr: TuThS 9:30; Metzler.

Source: University of Chicago Announcements Division of the Social Sciences, 1949-1950. p.28.

______________________________________

[Handwritten] Winter 1948
[Date noted with course title in 1950]

 

ECONOMICS 371
[Spring Quarter – 1950]

Major Topics and Selected Reading

I. Mercantilism and the Classical Theory of the Gains from Trade.

J. Viner, Studies in the Theory of International Trade, Chapters 1, 2.
Adam Smith, The Wealth of Nations, Book IV.
David Ricardo, Principles of Political Economy and Taxation, Chapter 7.
J. S. Mill, Principles of Political Economy, Book III, Chapters 17, 18.
J. M. Keynes, General Theory of Employment, Interest and Money, Chapter 23.

II. Modern Price Theory and the Gains from Trade.

Alfred Marshall, Money, Credit and Commerce, Appendix J.
Gottfried Haberler, The Theory of International Trade, Chapters 9, 10, 11, 12.
J. Viner, Studies in the Theory of International Trade, Chapters 8, 9.
W. W. Leontief, “The Use of Indifference Curves in the Analysis of Foreign Trade,” Quarterly Journal of Economics, 1933. [reprinted in Readings in the Theory of International Trade]
P. A. Samuelson, “Welfare Economics and International Trade,” American Economic Review, 1938.
[F. D. Graham, “The Theory of International Values Reexamined,” Quarterly Journal of Economics, 1923, reprinted in Readings in the Theory of International Trade.
F. D. Graham, The Theory of International Values, Princeton, N. J., 1948.
E. F. Heckscher, “The Effect of Foreign Trade on the Distribution of Income,” Ekonmish Tidshrift, 1919, reprinted in Readings in the Theory of International Trade.
P. A. Samuelson, “International Trade and the Equalization of Factor Prices,” Economic Journal, June, 1948.
P. A. Samuelson, “International Factor Price Equalization Once Again,” Economic Journal, June, 1949.]

III. The Theory of Tariffs

Gottfried Haberler, The Theory of International Trade, Chapters 13, 14, 15, 16, 17.
Alfred Marshall, Money, Credit and Commerce, Chapters 6, 7, 8, 9, 10, 11.
Tibor de Scitovsky, “A Reconsideration of the Theory of Tariffs,” Review of Economic Studies, Vol. 9, 1941-42.[reprinted in Readings in the Theory of International Trade.]
F. W. Taussig, International Trade, Chapter 13.
W. F. Stolper and Paul A. Samuelson, “Protection and Real Wages,” Review of Economic Studies, 1941. [reprinted in Readings in the Theory of International Trade.]
F. D. Graham, “Some Aspects of Protection Further Considered,” Quarterly Journal of Economics, 1923. [Item replaced by: F. D. Graham, Protective Tariffs, Princeton, N. J., 1942.]

 

IV. Some Aspects of Commercial Policy

F. W. Taussig, Some Aspects of the Tariff Question.
F. W. Taussig, Tariff History of the United States.
F. Benham, Great Britain Under Protection.
E. B. McGuire, The British Tariff System.
F. A. Haight, French Import Quotas.

 

V. The Reciprocal Trade Agreements Program of the United States [Section title changed: Recent Developments in Commercial Policy]

H. J. Tasca, The Reciprocal Trade Policy of the United States, 1938.
G. Beckett, “The Effect of the Reciprocal Trade Agreements upon the Foreign Trade of the U. S.,” Quarterly Journal of Economics, November 1940.
[J. M. Letiche, Reciprocal Trade Agreements in the World Economy, 1948.
U. S. Department of State, Analysis of General Agreement on Tariffs and Trade, Washington, D. C., 1947.
U. S. Department of State, Havana Charter for an International Trade Organization, 1948.]

 

VI. Cartels and Commodity Agreements.

C. Edwards, International Cartels, 1945.
E. S. Mason, Controlling World Trade, 1946.
J. S. Davis, International Commodity Agreements: Hope, Illusion, or Menace?, 1947.
[G. W. Stocking and M. W. Watkins, Cartels or Competition?, 1948.]

 

VII. The International Trade Organization [This section dropped in 1950]

Draft Charter of Proposed International Trade Organization, Geneva, 1947.

 

VIII. International Relations and the Structure of World Trade.

A. O. Hirschmann [sic], National Power and the Structure of Foreign Trade, 1945.
J. Viner, “International Relations Between State Controlled National Economies,” American Economic Review, 1944 Supplement.
H. S. Ellis, Bilateralism and the Future of International Trade, Princeton University Essays in International Finance.
J. M. Keynes, “National Self Sufficiency,” Yale Review, 1933. [Keynes dropped in 1950]
D. H. Robertson, “The Future of International Trade,” Economic Journal, 1938.

 

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Lloyd Appleton Metzler Papers, Box 9, Folder: “Econ. 371”.

 

 

 

Categories
Chicago Suggested Reading Syllabus

Chicago. Advanced International Monetary Economics. Metzler, 1950

At the University of Chicago graduate courses numbered in the 200’s were called “Intermediate Courses” and those in the 300’s were “Survey and problem courses in special fields…The main purpose…is to prepare students for research.” The 400’s courses were for “Research, reading, and seminars”.

The Departmental course requirements for an M.A. in economics at the University of Chicago in 1950: “Normally fifteen courses (or their equivalent) in economics, eight of which ordinarily will be at the 300 level.”

The Departmental course requirements for a Doctor’s degree at the University of Chicago in 1950: “Completion of a program of work in economics at the 300-400 level ordinarily embracing at least six quarters of formal training”. Presumably this means in addition to the eight quarters at the 300 level for the M.A.

A few obvious misprints have been corrected and I have attempted to impose a consistent formatting (e.g. book titles underlined, etc.).

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[Course Description]

[Economics] 370. MONETARY ASPECTS OF INTERNATIONAL TRADE. Foreign payments and receipts. Classical and modern theories of adjustment of the balance of payments. Theories of exchange rates. Capital movements in the balance of payments. Postwar monetary plans. Prereq: Econ 330, 335, or equiv. Win: MTuWF 8:30 Metzler.

Source: University of Chicago.Announcements: The Division of the Social Sciences, Sessions of 1950-1951, p. 31.

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ECONOMICS 370
Major Topics and Selected Reading
Winter, 1950

Lloyd A. Metzler

I. Elementary Principles of Foreign Payments and Receipts.

G. Haberler, The Theory of International Trade, Introduction.
P. T. Ellsworth, International Economics, Part I, Chaps. VII and VIII.

 

II. The Balance of Payments and the Measurement of Income.

J. R. Hicks and A. G. Hart, The Social Framework of the American Economy, Chapter 12.
R. F. Bennett, “Significance of International Transactions in National Income,” National Bureau of Economic Research, Studies in Income and Wealth, Vol. VI, 1943.
Dept. of Commerce, National Income Supplement to Survey of Current Business, 1947.

 

III. Classical and Modern Theories of Adjustment of the Balance of Payments.

R. F. Harrod, International Economics, Chapters VI and VII.
F. Machlup, International Trade and the National Income Multiplier. Chaps. I-V.
F. W. Taussig, International Trade, Chaps. XVII-XXI.
J. Viner, Canada’s Balance of International Indebtedness.
League of Nations, International Currency Experience, Chapters I and IV.
G. Haberler, The Theory of International Trade, Chaps. II and III.
J. Viner, Studies in the Theory of International Trade, Chaps. VI and VII.
R. Nurkse, “Conditions of International Monetary Equilibrium”, Princeton University, Essays in International Finance, reprinted in Readings in the Theory of International Trade.
F. W. Paish, “Banking Policy and the Balance of International Payments”, Economica, 1936, reprinted in Readings.
W. A. Salant, “Foreign Trade Policy in the Business Cycle,” Public Policy, reprinted in Readings.

 

IV. Theory of Income Transfers.

J. M. Keynes, “The German Transfer Problem,” Economic Journal, 1929, reprinted in Readings.
B. Ohlin, “Transfer Difficulties, Real and Imagined,” Economic Journal, 1929, also rejoinder by Keynes and reply by Ohlin in subsequent issues, reprinted in Readings.
L. A. Metzler, “The Transfer Problem Reconsidered,” Journal of Political Economy, 1942, reprinted in Readings.
C. Iversen, International Capital Movements, Part II A.

 

V. Fluctuating Exchange Rates

League of Nations, International Currency Experience, Chapter V.
J. Robinson, Essays in the Theory of Employment, Part III, reprinted in Readings.
F. W. Taussig, International Trade, Part III.
G. Cassel, Money and Foreign Exchange after 1914.
S. E. Harris, Exchange Depreciation.
International Monetary Policies, Postwar Economic Studies, No. 7, Board of Governors of the Federal Reserve System.
J. E. Meade, “Financial Policy and the Balance of Payments,” Economica, May, 1948.
“Notes on Foreign Currency Adjustments”, Federal Reserve Bulletin, November, 1949.
T. Balogh, “Exchange Depreciation and Economic Readjustment,” Review of Economics and Statistics, November, 1948.
F. Machlup, “The Theory of Foreign Exchange,” reprinted in Readings.
“Readjustment of Foreign Currency Values”, Federal Reserve Bulletin, October, 1949.

 

VI. Multilateral and Bilateral Monetary Policies.

H.S. Ellis, “Bilateralism and the Future of International Trade,” Essays in International Finance, No. 7, Princeton, N. J. reprinted in Readings.
R. Frisch, “Forecasting a Multilateral Balance of Payments,” American Economic Review, XXXVII (September 1947) 535-551.
R. Frisch, “Outline of a System of Multi-Compensatory Trade,” Review of Economics and Statistics, November, 1948.
R. Hinshaw, Professor Frisch on Discrimination and Multilateral Trade, “Review of Economics and Statistics, November, 1948.

 

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Lloyd Appleton Metzler Papers, Box 9, Folder: “Reading Lists 370”.

Source Image: Posting by Margie Metzler on the Metzler Family Tree at the genealogical website, ancestry.com.

Categories
Chicago Suggested Reading Syllabus

Chicago. Intermediate International Monetary Economics. Lloyd A. Metzler, 1949

 

 

The Departmental course requirements for an M.A. in economics at the University of Chicago in 1949: “Normally fifteen courses (or their equivalent) in economics, eight of which ordinarily will be at the 300 level.” The courses numbered in the 200’s were called “Intermediate Courses” and those in the 300’s were “Survey and problem courses in special fields…The main purpose…is to prepare students for research.” The 400’s courses were for “Research, reading, and seminars”.

The final examination questions for the summer quarters of 1947 and 1948 for this course have been posted as well.

_______________________________

[Course Description]

[Economics] 270. INTERNATIONAL ECONOMICS. The nature of international payments and receipts; foreign trade and the banking system. The gold standard in the interwar period. The breakdown of the gold standard and the period of fluctuating exchange rates. Exchange controls, clearing agreements and payments agreements. The second world war and the foreign exchange markets. The position of the International Monetary Fund and the International Bank for Reconstruction and Development in the present world economy. Prereq: Econ 209, 230 [Intermediate Economic Theory, Introduction to Money and Banking, respectively], or equiv. Aut: MWF 8:30; Metzler.

 

Source: University of Chicago. Announcements, Volume XLIX, Number 9: The Division of the Social Sciences, Sessions of 1949-1950, July 1, 1949, p. 24.

__________________________________

Economics 270
Major Topics and Selected Reading
Autumn Quarter 1949

I. Foreign Exchange Markets and Equilibrium of the Balance of Payments

Enke and Salera, Chapters 4, 6.
Southard, Chapters 2, 3.
International Monetary Fund, pp. 1-24.
U. S. Department of Commerce, The United States in the World Economy, pp. 1-25, 137-200.
U. S. Department of Commerce, International Transactions of the U. S. During the War.

II. The Pre-War Gold and Gold-Exchange Standards

Enke and Salera, Chapters 8, 9, 12, 28.
League of Nations, Chapters 1, 2, 3, 4.
U. S. Department of Commerce, The United States in the World Economy, Chapters 2-4.

 

III. The Breakdown of the Gold Standard: Fluctuating Exchange Rates

League of Nations, Chapters 5,6
Enke and Salera, Chapter 30.

 

IV. The Development of Exchange Controls

Ellis, Chapters 1, 2, 4.
League of Nations, Chapter 7.
Triffin, “National Central Banking and the International Economy,” International Monetary Policies. Board of Governors of the Federal Reserve System.
Rejoinder by Haberler.

 

V. The International Monetary Fund

Articles of agreement of the International Monetary Fund.
Third Annual Report of the International Monetary Fund.
Enke and Salera, Chapter 32.
Harris, The New Economics, Chapters 24, 25, 26, 27.
L. A. Metzler, “Exchange Rates ad the International Monetary Fund,” International Monetary Policies, Board of Governors of the Federal Reserve System, 1947.
R. F. Mikesell, “The Role of the International Monetary Agreements in a World of Planned Economies,” Journal of Political Economy, December, 1947.
Camille Gutt, “Exchange Rates and the International Monetary Fund,” Chapter 10 of Foreign Economic Policy for the United States.

 

VI. The International Bank For Reconstruction and Development

Articles of agreement of the International Bank.
Enke and Salera, Chapter 33, 34.
Third Annual Report of the International Bank.

 

VII. Post-war Trade and the World Shortage of Dollars

Harris, editor, Foreign Economic Policy for the United States, Chapters 15, 16, 17, 18, 19, 24, 25.
United Nations, A Survey of the Economic Situation and Prospects of Europe.
United Nations, Economic Survey of Europe in 1948.

 

Books Referred to in this Bibliography

Enke and Salera, International Economics, New York, 1947.
H. S. Ellis, Exchange Control in Central Europe, Cambridge, Mass., 1941.
League of Nations, International Currency Experience, 1944.
F. A. Southard, Foreign Exchange Practice and Policy, New York, 1941.
International Monetary Fund, Balance-of-Payments Yearbook, Wash., D.C., 1949.
U. S. Department of Commerce, The United States in the World Economy.
U. S. Department of Commerce, International Transactions of the U. S. During the War.
Board of Governors of the Federal Reserve System, International Monetary Policies,
Wash., D.C., 1947.
S. E. Harris, editor, The New Economics, New York, 1947.
S. E. Harris, editor, Foreign Economic Policy for the United States, Cambridge, Mass., 1948.
United Nations, A Survey of the Economic Situation and Prospects of Europe.
United Nations, Economic Survey of Europe in 1948.

 

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Lloyd Appleton Metzler Papers, Box 9, Folder: “Econ. 270 International Econ. (Chicago)”.

 

Source Image: “From family album, taken while Lloyd Metzler was a student at Harvard.”
“Lloyd A. Metzler” by Margiemetz – Own work. Licensed under CC BY-SA 3.0 via Commons.

Categories
Harvard

Harvard. Labor Economics, Social Policy. Willoughby, 1901

When Professor Edward Cummings of Harvard resigned his post in the summer of 1900, Harvard turned to the government economist William Franklin Willoughby who had published numerous pieces on labor issues and social welfare policies (several papers in the Quarterly Journal of Economics) to cover Cummings’ labor class for second semester of 1900-01. A second social policy course (Provident Institutions) was offered by Willoughby as well.

____________________________________

[Willoughby’s c.v.]

William Franklin Willoughby (1867-1960), A. B. Johns Hopkins University 1888. He…

“served as statistical expert for U. S. Department of Labor; member of International Jury of Awards, Paris Exposition of 1900; instructor of economics at Harvard, 1901; treasurer, secretary, and president of Executive Council of Puerto Rico, 1901-1909; assistant director of U. S. Census, 1910; member of U. S. Commission on Economy and Efficiency in Government; McCormick professor of Jurisprudence at Princeton, 1912[-17]; deputy legal advisor to president of China, 1914-1916; director of Institute for Government Research, 1916-1932; and consultant to the Library of Congress, 1940-1944.”

Source:   Manuscripts and Rare Books Department, Swem Library, The College of William and Mary in Virginia. William F. Willoughby Papers, Finding Aid.

____________________________________

[Early “Brookings” connection]

“William F. Willoughby, a Johns Hopkins University graduate statistician and one of the early directors of the [Institute for Government Research in Washington, D.C., that later merged with the Institute of Economics and the Robert Brookings Graduate School of Economics and Government to form the Brookings Institution in 1927], helped the institute play an important role in the crafting of the 1921 legislation that led to the creation of the first U.S. Bureau of the Budget, the predecessor of the Office of Management and Budget.”

Source: “Brookings Institution”, Encyclopedia Britannica, and Donald E. Abelson, Capitol Ideas: Think Tanks and U.S. Foreign Policy (2006).

____________________________________

[Course Announcements]

ADDITIONAL ANNOUNCEMENTS ON COURSES IN ECONOMICS

Course 9 will be given in 1900-01 as a half-course only, by Mr. W. F. Willoughby, on Tu., Th., Sat., at 10 (second half-year).

There will also be given in 1900-01:—

9a. Provident Institutions—Workingmen’s Insurance, Friendly Societies, Savings Banks. Half course (second half-year). Mon., Wed., Fri. at 9. Mr. W. F. Willoughby.

In this course various institutions will be examined for providing aid to workingmen or their families in case of sickness, infirmity, old age, or death. Among the subjects covered will be the system of compulsory workingmen’s insurance in Germany, and the systems on the same principle in other countries of the Continent; the French and English legislation for compulsory insurance in case of accident; the voluntary Friendly Societies organized by workmen in various countries; Savings Banks, postal and ordinary; and People’s Banks and Building and Loan Associations. The problem of the unemployed and the efforts for its solution or mitigation will also be considered.

Source: From a note printed on a separate piece of paper included with first edition of the Announcement of the Courses of Instruction of Harvard University. The course was included in Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1900-01 (second edition).  Cambridge, Massachusetts: 1900, p. 42.

____________________________________

[Course Enrollments]

[Economics] 92 hf. Mr. W. F. WILLOUGHBY. —The Labor Question in Europe and the United States. The Social and Economic Condition of Workingmen.

3 Graduates, 53 Seniors, 40 Juniors, 35 Sophomores, 3 Freshmen , 12 Other: Total 146.

 

[Economics] 9a2 hf. Mr. W. F. WILLOUGHBY.—Provident Institutions. Workingmen’s Insurance, Friendly Societies, Savings Banks.

1 Graduate, 13 Seniors, 5 Juniors, 2 Sophomores, 1 Other: Total 22.

 

Source: Harvard University. Annual report of the President and reports of the departments, 1900-01, p. 64.

____________________________________

 

ECONOMICS 9
THE LABOR QUESTION IN EUROPE AND THE UNITED STATES

TOPICS AND REFERENCES

[Books marked * reading required.]

 

I.—Methods of Industrial Remuneration

*1. Schloss: Methods of Industrial Remuneration (to be purchased).
*2. Gilman: Profit Sharing
*3. Gilman: A Dividend to Labor, Parts I and III.
*4. Monroe: Profit Sharing in the United States. (American Journal of Sociology, May, 1896.)
*5. W. J. Ashley: Coöperative Production in England. (In Surveys, Historic and Economic.)
*6. Gide: Productive Coöperation in France. (Quarterly Journal of Economics, November, 1899)
7. Acland and Jones: Workingmen Coöperators.
8. Beatrice Potter: The Coöperative Movement in Great Britain.
9. Holyoake: The Cooperative Movement of To-day.
10. H. D. Lloyd: Labor Copartnership.
11. Benjamin Jones: Coöperative Production.
12. Gide: Has Coöperation Introduced a New Principle into Economics? (Economic Journal, December, 1898.)
13. History of Coöperation in the United States. (Johns Hopkins University Studies, VI.)
14. Reports of British Labor Department on—

(a) Profit Sharing, by D. F. Schloss.

(b) Gain Sharing, by D. F. Schloss.

(c) Standard Piece Rates and Sliding Scales, 1900.

(d) Coöperative Contracts, by D. F. Schloss.

 

II.—Organization of Industry

1. Hobson: Evolution of Modern Capitalism, Chaps. IV and V.
2. Wright: The Factory System. (U. S. Tenth Census.)
*3. Wright: The Factory System as an Element in Civilization. (In Rand’s Economic History.)
*4. Willoughby: The Concentration of Industry in the United States. (Yale Review, May, 1898.)
5. Willoughby: The Regulation of the Sweating System. (Economic Monographs, U.S. Commission to Paris Exposition, 1900.)
6. Jenks: The Trust Problem.
7. Ely: Trusts and Monopolies.

 

 

III.—The Organization of Employers and Employees

1. Sidney and Beatrice Webb: The History of Trade Unionism.
2. Sidney and Beatrice Webb: Industrial Democracy.
3. Howell: Conflicts of Labor and Capital.
*4. Trade Unionism, Old and New (to be purchased).
5. Hollander: A Study of Trade Unionism. (Political Science Quarterly, December, 1898.)
*6. Cummings: A Collectivist Philosophy of Trade Unionism. (Quarterly Journal of Economics, January, 1899.)
7. Wright: An Historical Sketch of the Knights of Labor. (Quarterly Journal of Economics, Vol. I, No. 2.)
*8. Aldrich: The American Federation of Labor. (Economic Studies, American Economic Association, August, 1898.)
9. Burke: History and Function of Central Labor Unions. (Columbia Studies, 1900.)
10. Sidney and Beatrice Webb: Trade Union Democracy. (Political Science Quarterly, September and December, 1896.)
*11. Wright: Industrial Evolution of the United States, Chaps. XVIII-XX.
12. De Rousiers: The Labor Question in Britain.
13. McNeill: The Labor Movement.
14. Great Britain Labor Department: Annual Reports on Trades Unions.

 

IV.—Industrial Disputes: their Prevention and Settlement

1. U. S. Department of Labor: Reports on Strikes and Lockouts.
2. U. S. Department of Labor: Bulletins. (See digests of foreign statistical reports for statistics of strikes in European countries.)
3. Great Britain Labor Department: Annual Reports on Strikes.
4. U. S. Strike Commission, 1894: Report.
*5. Industrial Evolution of the United States, Chaps. XXIV-XXVI.
6. Wright: Industrial Conciliation and Arbitration, 1881.
7. Josephine Lowell: Industrial Arbitration and Conciliation.
8. T. A. Carroll: Conciliation and Arbitration in the Boot and Shoe Industry. (Bulletin, U. S. Depart. of Labor, No. 8.)
9. J. B. McPherson: Voluntary Conciliation and Arbitration in Great Britain. (Bulletin, U. S. Depart. of Labor, No. 28.)
10. Edward Cummings: Action under Labor Arbitration Acts. (Quarterly Journal of Economics, July, 1887.)
*11. Edward Cummings: Industrial Arbitration in the United States. (Quarterly Journal of Economics, July, 1895.)
*12. S. N. D. North: Industrial Arbitration; its Methods and its Limitations. (Quarterly Journal of Economics, July, 1896.)
*13. F. J. Stimson: The National Arbitration Law. (International Journal of Ethics, July, 1898.)
14. Willoughby: Industrial Arbitration and Conciliation. (Economic Monographs, U. S. Com. to Paris Exposition, 1900.)

 

V.—Stability of Employment

1. Great Britain Labor Department: Report on Agencies and Methods for Dealing with the Unemployed, 1893.
2. Massachusetts Board: Report of the Massachusetts Board to Investigate the Subject of the Unemployed, 1895.
3. Geoffrey Drage: The Unemployed, 1894.
4. Hobson: The Problem of the Unemployed, 1896.
5. Great Britain Labor Depart.: Annual Reports on Trade Unions.
*6. Willoughby: Employment Bureaus. (Economic Monographs, U. S. Commission to Paris Exposition, 1900.)
*7. Bogart: Public Employment Offices in the United States and Germany. (Quarterly Journal of Economics, May, 1900.)
8. Mavor: German Labor Colonies and the Unemployed. (Journal of Political Economy, December, 1893.)
9. Peabody: The German Labor Colonies. (Forum, Feb., 1892.)
10. Gore: The Poor Colonies of Holland. (Bulletin, U. S. Department of Labor, No. 2.)

 

VI.—The State in Relation to Labor

*1. Jevons: The State in Relation to Labor.
2. Brentano: The Relation of Labor to the Law of To-day.
3. Stimson: Labor in its Relation to Law.
*4. Stimson: Handbook to the Labor Law of the United States.
5. Willoughby: Foreign Labor Laws. (Bulletin, U. S. Department of Labor, Nos. 25-28, 30, 33.)
*6. Willoughby: State Activities in Relation to Labor in the United States. (Johns Hopkins University Studies, 1901.)
7. Willoughby: Accidents to Labor as Regulated by Law in the United States. (Bulletin, U. S. Depart. of Labor, No. 32.)

 

VII.—The Coöperative Movement

*1. Beatrice Potter: The Coöperative Movement in Great Britain (to be purchased).
2. Holyoake: The Coöperative Movement of To-day.
*3. Edward Cummings: Coöperative Stores in the United States. (Quarterly Journal of Economics, April, 1897.)
*4. Edward W. Bemis: Coöperative Distribution in the United States. (Bulletin, U. S. Department of Labor, No. 6.)
5. Report of First Annual Congress of the International Coöperative Alliance, London, 1896.
6. Henry Wolff: Peoples’ Banks.
7. Dexter: Coöperative   Savings and Loan Associations.
*8. Dexter: Coöperative Savings and Loan Associations. (Quarterly Journal of Economics, April, 1889.)
9. U. S. Department of Labor: Report on Building and Loan Associations.
*10. Willoughby: Building and Loan Associations in the United States. (Economic Monographs, U. S. Commission to Paris Exposition, 1900.)

 

VIII.—Provident Institutions

*1. Willoughby: Workingmen’s Insurance (to be purchased).
*2. Willoughby: The French Workmen’s Compensation Act. (Quarterly Journal of Economics, July, 1898.)
*3. Willoughby: The Belgian General Savings and Old-Age Pension Bank. (Journal of Political Economy, March, 1900.)
*4. Brabrock: Provident Institutions and Industrial Welfare.
5. U. S. Department of Labor: Report on Compulsory Insurance in Germany, by J. G. Brooks.
6. New York Bureau of Labor: Annual Report, 1899, Part 2, The Compensation of Accidental Injuries to Workingmen.
7. Great Britain Labor Department: Report on Provision for Old Age by Government Action in certain European Countries, 1899.
8. Wilkinson: The Friendly Society Movement.
9. Emory Johnson: Brotherhood Relief and Insurance of Railway Employees. (Bulletin, U. S. Department of Labor, No. 17.)
10. Edward W. Bemis: Benefit Features of American Trade Unions. (Bulletin, U. S. Department of Labor, No. 22.)
11. Hoffman: History of the Prudential Insurance Company of America.

 

IX.—Housing of the Working Classes

1. U. S. Department of Labor: Report on the Housing of the Working Classes, by E. R. L. Gould.
2. New York Tenement House Committee: Report.
*3. Willoughby: The Modern Movement for the Housing of the Working Classes in France. (Yale Review, November, 1899.)
4. Reynolds: The Housing of the Poor in American Cities. (Pub. American Economic Association, VIII, Nos. 2,3.)

 

X.—Socialism and Communism

1. Kirkup: History of Socialism.
2. Rae: Socialism of To-day. [sic, Contemporary Socialism is the correct title]
3. Webb: Socialism in England.
4. Nordhoff: Communistic Societies in America.
5. François: Socialism in France. (Journal of Political Economy, December, 1898.)
6. Schmidt: The Present Condition of Social Democracy in Germany. (Journal of Political Economy, September, 1898.)
7. Russell: German Social Democracy.

 

____________________________________

 

ECONOMICS 9
WRITTEN EXERCISE

  1. What is the attitude of the trade-union movement towards the wages system?
    In this respect how is it essentially different from socialism or the coöperative movement as a method of social reform?
  2. At about what date did trade unions begin to be formed in Great Britain?
    Show why, in view of existing industrial conditions, trade unions were not formed at an earlier date, and why the rise of the modern industrial system has led to the constant development of these unions.
  3. Divide the history of trade unions in Great Britain into periods, and give the characteristic features of each.
  4. What general organization or federation of trade unions are there now in Great Britain and the general character of each?
  5. Enumerate some of the principal events in the history of trade unions in the United States.
  6. Contrast the Knights of Labor and the American Federation of Labor as regards their scheme of organization, objects and means of action.
  7. Describe the existing forms of trade union organizations: the Local Union, National Trade Union, Central Labor Union or City Trades Council, State Federation, and American Federation of Labor so as to show the relations existing between them.
    Show also why there is need for these various kinds of organizations, and why they do not conflict one with the other.
  8. Explain why the national trade union is the unit of government rather than the local union.
    Show the severe of action of the American Federation of Labor, its power over the national trade unions and the service performed by it in bringing about unity and harmony in the labor movement.
    Why does the Federation permit the affiliation of “local trade unions” and “federal unions”?
  9. Show why the primary form of organization must be by trades rather than by districts, and subsequent union be by federation rather than amalgamation.
  10. What are the essential aims of the trade unions as regards (a) the method of making the labor contract, and (b) the terms of the labor contract.
  11. What is meant by the standard rate? Show how this principle in connection with collective bargaining once determined upon must logically be extended so as to mean the fixing of a standard rate for the trade of the whole country by means of a joint bargain between the national associations of the employers and employees.
    In what trades has this condition been reached within the past year in this country?
  12. Explain how the benefit feature of trade unions is an element of strength to the unions in their strictly trade action, as well as a device for mutual assistance.
  13. Give the reasoning according to which the unionists maintain that under modern conditions collective bargaining preserves the freedom of contract better than individual bargaining.
    Give the employer’s reasons for insisting upon bargaining with his employees individually.
  14. What effect does a standard rate have upon the question of incentive to work on the part of individuals and of industrial efficiency generally?
  15. What are the means of action of trade unions in enforcing their demands?
  16. Explain the essential difference between conciliation, mediation, and arbitration.
  17. Show the importance of distinguishing between disputes involving (1) the interpretation and enforcement of labor contracts and (2) the making of new contracts. Especially show why arbitration is a principle that can properly be invoked as regards the first class, but it should only be the last resort as regards the second.
  18. In what ways has the state in Europe and the United States intervened for the prevention or adjustment of labor disputes?
    Show why its action has in all cases been productive of so little result.
  19. Show how collective bargaining in practical operation necessitates the constitution of joint boards of conciliation, and therefore offers a very effective means for avoiding and settling industrial disputes.
  20. What are some of the most important respects in which the trade union movement in Europe is different from the trade union movement in Great Britain and the United States?

____________________________________

 

ECONOMICS 9a
PROVIDENT INSTITUTIONS

TOPICS AND REFERENCES

[Books marked * reading required.]

1. Willoughby:

*Workingmen’s Insurance (to be purchased).
*The French Workmen’s Compensation Act. (Quarterly Journal of Economics, July, 1898.)
*The General Savings and Old-Age Pension Bank of Belgium. (Journal of Political Economy, March, 1900.)
*Building and Loan Associations. (Economic Monographs. U. S. Commission to Paris Exposition, 1900.)
*2. Brabrock: Provident Institutions and Industrial Welfare.
*3. Wolff: Peoples’ Banks.
*4. Wilkinson: The Friendly Society Movement.
*5. Dexter: Coöperative Savings and Loan Associations. (Quarterly Journal of Economics, III-3.)
*6. Bemis: Benefit Features of American Trade Unions. (Bulletin U. S. Department of Labor, No. 22.)
*7. Fiske: Industrial Insurance. (Charities Review, March, 1898.)
*8. Johnson: Brotherhood Relief and Insurance of Railway Employees. (Bulletin U. S. Department of Labor, No. 17.)
9. Transactions of Second International Actuarial Congress, London, 1898.
10. U. S. Department of Labor: Report on Compulsory Insurance in Germany, by J. G. Brooks.

Report on Building and Loan Associations.
11. National Fraternal Congress (U. S.): Reports of Annual Meetings.
12. New York Bureau of Labor: Annual Report, 1899, Part II.

The Compensation of Accidental Injuries to Workingmen.
13. Great Britain Labor Department: Report on Provision for Old Age by Government Action in certain European Countries.
14. Hoffman: History of the Prudential Insurance Company of America.
15. Baernreither: English Associations of Workingmen.
16. Dexter: Coöperative   Savings and Loan Associations.
17. Dr. Zacher: Die Arbeiter-Versicherung im Auslande.

[Other reading will be assigned later.]

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 1, Folder “Economics, 1900-1901”.

Image Source: The Washington Times, 28 March 1911.

 

 

Categories
Economists Harvard

Harvard. Larry Summers Interview on American Universities, 2016.

Love him or hate him, this ex-Harvard president (etc, etc) has a keen eye for “what could possibly go wrong with that?” The entire interview ranges from the current campus controversies regarding “safe-spaces” and “micro-agressions” through boycotts of Israel and Reserve Officers’ Training Corps (ROTC). For Economics in the Rear-View Mirror the following observations are of interest, especially the recent (hey, this is a history blog after all!) stagnation in the institutional morphing of academic disciplines as academic departments.

________________________

…I think American higher education is the envy of the world, but if it has a flaw, it is that it changes and evolves too slowly. That, because of traditions of faculty governance, it has the dynamism, or lack of dynamism, that economists traditionally establish, or attribute, to workers’ collectives. And, you know, why should it be that in the 35 years, in 35 years there was not a single change in the departmental structure of the Faculty of Arts and Sciences at Harvard University? Could one imagine such a thing in 6 almost any other major institution in society? And so I think that this privileging of comfort is a threat to the ability to keep up with the demands of a rapidly changing society….

…Median age of the Harvard professoriate – those who are tenured professors – is only slightly younger than I am, and I am 61. And that seems wildly inappropriate. And if you compare it with almost any other human institution – any great law firm, any great management team, any great company, the physicians at any great hospital, even the senior officials of the US government – it looks very old. And then you ask yourself, what is it that’s special about a university? Well, the key job of a faculty member is working with people between the ages of 18 and 25, and the other key responsibility is to have bold new ideas. So you would think, if anything, there probably are arguments for university faculty for being younger than other institutions, not substantially older, and so I think that lifetime security, that tendency towards an aged faculty – you know, Harvard has more professors over the age of 80 than it does under the age of 40 – seems to me to be something that is quite damaging in terms of the ability of universities to keep up….

Source: Conversations with Bill Kristol (transcript).  Podcast.

Categories
Chicago Suggested Reading Syllabus

Chicago. Theory and Measurement of Demand. Henry Schultz, 1934

The undated reading list and bibliography for Henry Schultz’s advanced course “Theory and Measurement of Demand” transcribed below, included in Milton Friedman’s papers at the Hoover Institution Archives, are almost certainly from the Autumn quarter, 1934. This was the academic year that Friedman worked as Henry Schultz’s research assistant at the University of Chicago and audited the course.

______________________________

Friedman audited the Schultz course, Theory and Measurement of Demand

According to the draft of his Civil Service application Milton Friedman worked as personal assistant to Henry Schultz October 1934-August 1935 at a yearly salary of $1600. In his list of courses on a separate page, Friedman writes that he “visited”, i.e. did not take for credit, a course in the Theory of Demand given by Henry Schultz during the academic year 1934-35.

 

Source: Milton Friedman Papers, Hoover Institution Archives, Box 5, Folder 4 (Employment records, Civil Service Commission).

______________________________

Friedman describes his work for Schultz

From a carbon-copy, presumably an attachment to the same Civil Service application in Box 5, Folder 4, Friedman writes:

“I lived in Chicago, Ill. from September, 1934 to August, 1935 while employed by the University of Chicago.

My educational training and experience gained while working with Professor Schultz this past year are most relevant to the position for which I am applying. I have aided Prof. Schultz on the theoretical questions underlying his forthcoming book on “The Theory and Measurement of Demand”, a subject intimately connected with consumption. In this connection I have had to survey the literature on demand and consumption. In addition to the theoretical work I have been in charge of related statistical studies and was largely responsible for the planning and direction of a statistical study of the demand for meats in the United States, on which study three statistical assistants were employed. In the course of the study I wrote several memoranda analyzing and interpreting the data and results. The results of the analysis are being published by Prof. Schultz in…[next page missing].”

Source: Milton Friedman Papers, Hoover Institution Archives, Box 5, Folder 11(Student years).

______________________________

[Course Description] 

  1. The Theory and Measurement of Demand.—A course covering such topics as the pure theory of demand; demand and utility in the theory of exchange; static and dynamic demand functions; different notions of elasticity of demand; various methods of deriving demand functions from family budget data and from time series of consumption and prices; etc. Prerequisite: Economics 301, a reading knowledge of French, and consent of the instructor. C.—2Cs., Autumn, 9:00, SCHULTZ.

 

Source: University of Chicago. Announcements: The College and The Divisons for the Sessions of 1934-35, pp. 286-7.

______________________________

REFERENCES FOR ECONOMICS 405

Theory and Measurement of Demand
by
Henry Schultz
University of Chicago

____

I. General Equilibrium

Bowley, A. L. Mathematical Groundwork of Economics
Divisia, Francois Économique Rationelle
Evans, G. C. Mathematical Introduction to Economics
Fisher, Irving Mathematical Investigations in the Theory of Value and Price,–in Transactions of the Connecticut Academy of Arts and Sciences (9-10) pp. 1-125.
Marshall, Alfred Principles of Economics
Pareto, Vilfredo +Manuel d’Économie Politique (especially Chap. III and Mathematical Appendix, pp. 539-594.)

+Cours d’Économie Politique (especially first 73 pages)

+Économie Mathématique, in Encyclopédie des sciences Mathématique, Tome I, Vol. 4, Fascicule 4, pp. 591-640.
Pietri-Tonelli, Alfonso Traité d’Économie Politique
Walras, Leon +Éléments d’Économie Politique
Zawadzki, Wl. Les Mathématiques Appliquées à l’Économie Politique

 

 

II. Utility Theory

A. Philosophical and Historical Background

Bentham, Jeremy Principles of Morals and Legislation
Edgeworth, F. Y. Mathematical Psychics
Halevy, Elie La Formation du Radicalisme Philosophique (French or English edition)
Jevons, W. Stanley Theory of Political Economy
Mitchell, Wesley C. “Bentham and the Felicific Calculus”, Political Science Quarterly, Vol. XXXIII, No. 2, June, 1918.
Stephen, Leslie The Utilitarians

 

B. Analytical and Statistical

Allen, R. G. D. “The Foundations of a Mathematical Theory of Exchange”, Economica, May, 1932.

+”The Nature of Indifference Curves”, The Review of Economic Studies, Vol. 1, No. 2, Feb., 1934, pp. 110-121.

+”A Comparison between Different Definitions of Complementary and Competitive Goods”, Economtrica, Vol. II, No. 2, April, 1934, pp. 168-176.
Allen, R.G.D., and Hicks, J.R. “A reconsideration of the Theory of Value”, Economica, Part I, Feb., 1934, pp. 52-76. Part II, May, 1934, pp. 196-219.
Evans, G. C. “The Role of Hypothesis in Economic Theory”, Science, Vol. 75, No. 1943, March 25, 1932, pp. 321-324.
Johnson, W.E. “The Pure Theory of Utility Curves”, Economic Journal, Vol. XXIII, No. 92, Dec., 1913, pp. 483-513.
Lange, Oscar “The Determinateness of the Utility Function”, The Review of Economic Studies, Vol. I, No. 3, pp. 218-226.
Schultz, Henry Review of Evans’ Mathematical Introduction in Journal of the American Statistical Association, Vol. XXVI, No. 176, Dec., 1931, pp. 484-91.

+”Interrelations of Demand”, Journal of Political Economy, XLI, 1933, pp. 468-512.
Thurstone, L. L. “The Indifference Function”, The Journal of Social Psychology, Vol. II, No. 2, May, 1931, pp. 139-67.
Zotoff, A. W. “Notes on the Mathematical Theory of Production”, Economic Journal, Vol. XXXIII, 1923, pp. 115-121.

 

C. Applications

Allen, R. G. D. “On the Marginal Utility of Money and Its Applications”, Economica, May, 1933.
Fisher, Irving “A Statistical Method for Measuring ‘Marginal Utility’ and Testing the Justice of a Progressive Income Tax”, in Economic Essays Contributed in Honor of John Bates Clark.
Frisch, Ragnar “Sur un Problème d’Économie Pure”, Norsk Matamatisk Forenings Skriften, 1926, Series 1, No. 16.

New Methods of Measuring Marginal Utility
Schultz, Henry “Frisch on the Measurement of Utility”, Journal of Political Economy, XLI, Feb., 1933, pp. 95-117.

+ Of special importance

 

________________________________

 

[Handwritten: Milton Friedman]

 

REFERENCES FOR ECONOMICS 405
Bibliography on Demand

__

Henry Schultz
University of Chicago

____

Derivation of Demand Curves
I. From Price [and] Quantity Data

A. The Moore Method

Moore, H.L. Economic Cycles: Their Law and Cause. New York, 1914.

Forecasting Yield and Price of Cotton. New York, 1917.

“Empirical Laws of Demand and Supply and the Flexibility of Prices”, PSQ, XXXIV, 1919.

“Elasticity of Demand and Flexibility of Prices”, JASA, XVIII, 1922.

“A Moving Equilibrium of Demand and Supply”, QJE, XXXIX, 1925.

“Partial Elasticity of Demand”, QJE, XL, 1926.

“A Theory of Economic Oscillations”, QJE, XLI, 1926.

Synthetic Economics, New York, 1929.
Schultz, Henry Statistical Laws of Demand and Supply, with Special Application to Sugar. Chicago, 1928.

Meaning of Statistical Demand Curves. English original of Der Sinn der Statistischen Nachfragekurven, Veroeffentlichungen der Frankfurter Gesellschaft fuer Konjunkturforschung, Heft 10. Bonn, 1930.

“The Shifting Demand for Selected Agricultural Commodities, 1875-1929”, Journal of Farm Economics, XIV, 1932, 201-27.

“A Comparison of Elasticities of Demand Obtained by Different Methods”, Econometrica, I, 1933, 274-308.

“Interrelations of Demand”, JPE, XLI, 1933, 468-512.
Lenoir, Marcel Études sur la Formation et le Mouvement des Prix. Paris, 1913.
Ezekiel, Mordecai “Statistical Analysis of the Laws of Price”, QJE, 1928.

“A Statistical Examination of Lamb Prices”, JPE, April, 1927.

 

B. The Leontief Method

Leontief, Wassily “Ein Versuch zur Statistischen Analyse von Angebot und Nachfrage”, Weltwirtschaftliches Archiv, Band XXX, Heft 1, 1929, pp. 1-53.
Schultz, Henry Meaning of Statistical Demand Curves, Appendix II, 99-118.
Frisch, Ragnar “Pitfalls in the Statistical Construction of Demand and Supply Curves”, Veroeffentlichungen der Frankfurter Gesellschaft fuer Konjunkturforschung, Neue Folge, Heft 5, Leipzig, 1933.
Leontief, Wassily “Pitfalls in the Construction of Demand and Supply Curves: A Reply”, QJE, XLVIII, 1934, 352-63.
Frisch, Ragnar “More Pitfalls in Demand and Supply Analysis: A Reply”, QJE, XLVIII, 1934, 749-55.
Leontief, Wassily “More Pitfalls in Demand and Supply Analysis: A Final Word”, QJE, XLVIII, 1934, 755-59.
Marschak, J. “More Pitfalls in Demand and Supply Analysis: Some Comments”, QJE, XLVIII, 1934, 759-67.

 

C. The (second) Pigou Method

Pigou, A.C. “The Statistical Derivation of Demand Curves”, EJ, XL, 1930, 344-400; reprinted in A.C. Pigou and D.H. Robertson, Economic Essays and Addresses. London, 1931.
Ferger, Wirth F. “Pigou’s Method of Deriving Demand Curves”, EJ, XLII, 1932, 17-26.
Cassels, J.M. “A Critical Consideration of Professor Pigou’s Method for Deriving Demand Curves”, EJ, XLIII, 1933, 574-87.
Allen, R.G.D. “A Critical Examination of Professor Pigou’s Method of Deriving Demand Elasticity”, Econometrica, II, July, 1934, 249-58.

 

D. Miscellaneous

Working, Holbrook “The Statistical Determination of Demand Curves”, QJE, XXXIX, 1925.
Working, E.J. “What do Statistical Demand Curves Show?” QJE, XLI, 1927, 212-35.
Gilboy, Elizabeth W. “Demand Curves in Theory and Practice”, QJE, XLV, 1930.

“The Leontief and Schultz Methods of Deriving ‘Demand’ Curves”, QJE, XLV, 1931, 218-61.
“Studies in Demand: Milk and Butter”, QJE, XLVII, 1932, 671-97.
Ferger, Wirth F. “The Static and Dynamic in Statistical Demand Curves”, QJE, XLVII, 1932, 36-62.

 

II. From Family Budget Data

A. The (first) Pigou Method

Pigou, A.C. “A Method of Determining Numerical Values of Elasticity of Demand”, EJ, XX, 1910, 636-40.

 

B. The Frisch Method

Frisch, Ragnar “Sur un Problème d’Économie Pure”, Norsk Matamatisk Forenings Skriften, 1926, Series 1, No. 16.

New Methods of Measuring Marginal Utility
Schultz, Henry “Frisch on the Measurement of Utility”, JPE, XLI, 1933, 95-117.

 

C. The Marschak Method

Marschak, Jakob Elastizitaet der Nachfrage, Beitraege zur Oekonomischen Theorie, 2, Tuebingen, 1931.
Frisch, Ragnar “Discussion of Marschak’s Method”, Revue d’Économie Politique, XLVI, 1932, 14-28.

 

D. The Roy Method

Roy, René La demande dans ses rapports avec la Répartition des Revenue”, Metron, VIII, 1930, 101-53.

“Les Lois de la Demande”, Revue d’Économie Politique, 1931, 1190-1218.

 

E. Miscellaneous

Gilboy, Elizabeth W. “Demand Curves by Personal Estimate”, QJE, 1932.
Waugh, Albert E. “Elasticity of Demand from Budget Studies”, QJE, 1932.
Bean, L. H. “The Farmer’s Response to Price”, Journal of Farm Economics, 1929.

“Measuring the Effect of Supplies on Prices of Farm Products”, Journal of Farm Economics, April, 1933.

 

N.B.

The references, with but one exception, are confined to works in English or French. For additional references see Schultz, Henry: “A Comparison…”, Econometrica, I, 1933, 274-308.

The abbreviations refer to the following periodicals:

EJ Economic Journal
JASA Journal of the American Statistical Association
JPE Journal of Political Economy
PSQ Political Science Quarterly
QJE Quarterly Journal of Economics

 

Source: The above transcription is based on the copy  in Milton Friedman Papers, Hoover Institution Archives, Box 5, Folder 12 (Student years). Another copy can be found in the George Stigler Papers, University of Chicago Archives, Addenda, Box 33, Folder “1935 University of Chicago Class Notes”. The copy in the Stigler notes is almost identical to the Friedman copy (with some hand-corrected titles and additions for apparent unintended omissions). Stigler’s notes to the course along with class hand-outs are found in the same folder.

Image Source: The only photo of Henry Schultz that I have ever come across is the one found to accompany Harold Hotelling’s paper and Paul Douglas’ paper in Econometrica (1939) honoring Schultz who died November 26, 1938 in a tragic automobile accident that also took the lives of his wife and two daughters.

Categories
Economists

Schools of Economics. 1776-2016

Not mine, but worth tweaking

http://www.monde-diplomatique.fr/cartes/courantseco

Source: This link thanks to a tweet by friend of Economics in the Rear-View Mirror, Rebeca G, Betancourt.