Categories
Chicago Exam Questions Suggested Reading

Chicago. Price Theory Exams. Albert Rees (Chicago PhD Alum 1950), 1962

 

 

Albert Rees (1921-1992) received his B.A. from Oberlin College (1943), M.A. (1947) and Ph.D. (1950) from the University of Chicago. He worked himself up the ranks at the University of Chicago (Assistant Professor, 1948-54; Associate Professor, 1954-61; Professor, 1961-66), serving as chair from 1962-1966. He moved on to chairing the economics at Princeton where he was professor (1966-79). He also served as a staff economist at the President’s Council of Economic Advisers and headed President Gerald Ford’s Council on Wage and Price Stability, 1974-75.  Besides once serving as Provost of Princeton University, Albert Rees also served as the President of the Sloan Foundation.

See The Elgar Companion to the Chicago School of Economics, Ross B. Emmett (ed.), Chapter 12 “Albert Rees” by Orley Ashenfelter and John Pencavel. [Downloadable as working paper.]

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PRICE THEORY
Economics 300
Autumn, 1962
Mr. Rees

Chapter assignments will be given in class.

American Economic Association, Readings in Price Theory. Irwin, 1952.

Friedman, Milton, Essays in Positive Economics. University of Chicago Press, 1953.

Leftwich, Richard H., The Price System and Resource Allocation, revised edition. Holt, Rinehart and Winston, 1961.

Marshall, Alfred, Principles of Economics, 8th edition, Macmillan, 1922.

Stigler, George, The Theory of Price, revised edition. Macmillan, 1952.

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Economics 300
Midterm Examination

November 7, 1962
A. Rees

  1. (50 points) Answer the following True, False, or Uncertain and explain your answer briefly. Your score depends on your explanation.
    1. In a free market economy, all consumers participate equally in determining what will be produced.
    2. A free market economy gives ample incentives to conserve natural resources provided that it is clear who owns each unit of the resources.
    3. The cross-elasticity of demand between substitutes is positive.
    4. If two linear demand curves each intersect the price axis, (q =0) the one that has the higher intercept is more elastic at this quantity.
    5. An increase in the price of beef will increase the demand for pork and decrease the demand for beef.
    6. If the market for eggs is in equilibrium an increase in supply will cause only a small change in price.
    7. The elasticity of demand for oranges is greater in absolute value than the elasticity of demand for fruit.
  2. (25 points)
    1. Show by means of an indifference map (axes: oranges and grapefruit) the effect on the consumption of oranges of an increase in their price, the price of grapefruit remaining unchanged. Distinguish the income and the substitution effects. State whether you have used the Hicks or the Slutsky method.
    2. How would your map have differed if the axes had been bread and meat? If they had been bread and butter?
  3. (25 points) Increased costs cause manufacturers to reduce the size of 5 cent chocolate bars from 2-1/2 ounces to 2 ounces. Because the bars are smaller, people eat more of them and consumption rises from 10,000 bars a week to 11,000.
    1. Can these events be shown on an ordinary supply and demand diagram? If so, show them. If not, explain why.
    2. Can the elasticity of demand for chocolate be computed? If so, compute it. If not, explain.

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FINAL EXAMINATION

Economics 300
December 12, 1962
A. Rees

  1. (50 points) Answer each of the following “true,” “false,” or “uncertain” and explain your answer briefly. Your score will depend heavily on your explanation.
    1. If two linear demand curves have the same slope at the same price, then at that price the one for which quantity is largest is least elastic.
    2. An important difference between an indifference map and an isoquant map is that indifference curves never cross.
    3. An important difference between the utility functions depicted by usual indifference maps and production functions is that distances in utility space can be ordered but not measured.
    4. The following conditions are necessary and sufficient for the short-run maximization of monopoly profits: (a) Marginal revenue is equal to marginal cost; (b) price is greater than average variable cost.
    5. An increase in fixed cost caused by an increase in the rate of interest on long run term debt will increase long-run marginal cost but not short-run marginal cost.
    6. An effective legal minimum wage above the prevailing wage will increase the employment of a firm that is a monopsonist in the labor market.
    7. The costs of owner-operated businesses are generally understated because the owners do not pay themselves wages. If they did, the accounting costs would be equal to the economic costs.
    8. The way to produce a given output in the long run at lowest cost is to construct the plant whose short-run average costs are at a minimum at that output.
    9. If a monopolist maximizes profit in the short-run and operates where total revenue is at a maximum, he has no variable costs.
    10. A production function shows constant returns to scale if an increase of 10 per cent in the input of one factor will increase output by 10 per cent.
  2. (20 points) The New York, Ridgewood, and Exurban Railroad operates a commuter passenger service. Two kinds of reduced fares are offered: (1) children under 12 years of age ride at half-fare at all times. (b) on Wednesdays there are special half-fare tickets for adults good on trains leaving after 10:00 a.m. and returning before 4:30 p.m. The railroad has been accused by the New Jersey Commerce Commission of being a discriminating monopolist. Can you defend it against this charge with respect to either or both of its half-fare arrangements? If it is in fact a discriminating monopolist with respect to either arrangement, is it promoting an inefficient use of resources by its pricing practices?
  3. (15 points) (a) Draw the short-run cost curves, demand curve, and marginal revenue curve of a monopolist who is suffering a short-run loss and is minimizing this loss. Indicate the amount of the loss on your diagram. (b) Show the same situation by means of short-run total cost and total revenue curves.
  4. (15 points) A farmer has two plots of land on which he grows corn, plot A and plot B. The following table shows the amount of corn he can produce on each plot with varying applications of fertilizer of a given quality.

Fertilizer Used

Plot A Plot B
(pounds)

(output in bushels)

0

10

8

1

14 13
2 16

17

3

17 20
4 18

21

5

17

20

If the price of fertilizer is $1.50 per pound and the price of corn is $1.00 per bushel, how much fertilizer will he use on each plot? (The figures are not intended to be realistic.) Under what circumstances would he use four pounds on each plot?

 

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. Albert Rees Papers, Box 1, Folder “Economics 300”.

Image Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. Albert Rees Papers, Box 1, Folder “Rees Personal”.

Categories
Harvard M.I.T. Suggested Reading Syllabus

Harvard. Undergraduate reading list for Industrial Organization and Public Policy. Bishop, 1955-56

 

 

Robert L. Bishop was called by his alma mater to render service to cover the undergraduate course on industrial organization and public policy in 1955-56. He still taught that year at M.I.T. according to the course staffing records, so the cross-Cambridge commute was a convenient (for all parties) gig. The previous year the same course was co-taught by Carl Kaysen and Merton Peck. Comparing the Spring term syllabus, items I, III, and V were the taken over “as is” by Bishop. The only question is now how much of the Fall term reading list was in common.

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Course Enrollment

[Economics] 161. Industrial Organization and Public Policy. Associate Professor Bishop. (M.I.T.). Full course.

(Fall) Total 130: 2 Freshmen, 15 Sophomores, 74 Juniors 36 Seniors, 3 Radcliffe.
(Spring) Total 123: 2 Freshmen, 8 Sophomores, 73 Juniors 37 Seniors, 3 Radcliffe.

 

Source: Harvard University. Report of the President of Harvard College 1955-56, pp. 77-78.

_____________________________

HARVARD UNIVERSITY
Department of Economics

Economics 161
Fall Term 1955-56
Professor Bishop

 

  1. The Modern Business Unit (Sept. 26 – Oct. 7; 4 lectures, 2 sections)

N. S. Buchanan: The Economics of Corporate Enterprise, Ch. 3
H.G. Guthman and H.E. Dougall, Corporate Financial Policy, Ch. 2
A.A. Berle and G.C. Means: The Modern Corporation and Private Property, Bk. II, Ch. 1
R.A. Gordon: Business Leadership in the Large Corporation, Ch. 1-3, 12-14
National Bur. of Ec. Research: Cost Behavior and Price Policy, Ch. X
H.L. Purdy, M.L. Lindahl and W.A. Carter: Corporate Concentration and Public Policy, (2nd ed.) Ch. 7
J.K. Butters and J.V. Lintner: The Effects of Taxation on Corporate Mergers, Chs. IX, X

  1. The Functioning of Markets and the Economic Norms of Public Policy (Oct. 10-Nov. 4; 7 lectures, 4 sections)

J. S. Bain: Price Theory (or Pricing, Distribution, and Employment, Rev. Ed.) Ch. 1-7 (Ch. 3 is useful chiefly as review)

  1. Monopolistic and Oligopolistic Markets (Nov. 7 – Nov. 30; 8 lectures, 2 sections, hour exam)

Donaldson Brown, “Pricing Policy in Relation to Financial Control” (reprints)
TNEC Monograph No. 21; Monopoly and Competition in American Industry, Ch. IV
W. Nutter: “The Extent and Growth of Enterprise Monopoly” (pp. 141-153) in Gramp and Weiler, eds., Economic Policy: Readings in Political Economy
W.A. Adams, ed.: The Structure of American Industry (rev. ed.) Ch. V-XI
F. Machlup: The Basing-Point System, Ch. 1, 3, 6, 7
“Big Business in a Competitive Society,” Fortune, Supplement, Feb. 1953

  1. Anti-Trust Policy (Dec. 5- Dec. 21; 6 lectures, 2 sections)

S. C. Oppenheim: Cases on Federal Anti-Trust Laws, pp. 57-69; App. A, B, C (pp. 963-85) pp. 106-127, 164-182, 250-265, (monopoly cases); pp. 281-286, 291-301, 310-330 (combination cases)
S.C. Oppenheim: 1951 Supplement, pp. 203-289 (Alcoa remedy)
U.S. v. United Shoe Machinery Corp., Fed. Supp.
E.S. Mason: “The Current Status of the Monopoly Problems in U.S.,” Harvard Law Review, June 1949
C.E. Griffin: An Economic Approach to Anti-Trust Problems
J.B. Dirlam and A.E.Kahn: Fair Competition: The Law and Economics of Anti-Trust Policy, Ch. 1, 2, 5, 9

Reading Period Assignment

Markham: Competition in the Rayon Industry

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HARVARD UNIVERSITY
Department of Economics

Economics 161
Spring Term 1956
Professor Bishop

 

  1. Markets of Large Numbers (Feb. 1 – Mar. 2; 8 lectures, 5 sections)

Agriculture
Cotton Textiles
Women’s clothing
Crude Oil

R. Schickele, Agricultural Policy, Ch. 9-11, 13-17.
K. Brandt, Farm Price Supports, Rigid or Flexible?
J.K. Galbraith, “Farm Policy: The Current Position,” Journal of Farm Economics, May, 1955, pp. 292-304.
A.M. McIsaac, “The Cotton Textile Industry,” in Adams, The Structure of American Industry, 2nd ed.
“Adam Smith on 7th Avenue,” Fortune [handwritten note: Jan. 1949?]
N. Ely, “The Conservation of Oil,” Ch. 11 in Readings in the Social Control of Industry.
E.V. Rostow, A National Policy for the Oil Industry, Part II.

  1. The Plane of CompetitionThe Securities Markets (Mar. 5-Mar. 9; 2 lectures, 1 section)

Merrill, Lynch, Pierce, Fenner and Beane, How to Read a Balance Sheet.
W. E. Atkins, G.W. Edwards, and H.G. Moulton, The Regulation of the Securities Markets, Chs. 2-6.

  1. The Regulated Industries (Mar. 12 – Apr. 13; 8 lectures, 3 sections; hour exam, Apr. 13)

Electric Power
Transportation

Twentieth Century Fund: Electric Power and Government Policy, Ch. I-IV, X.
M. L. Fair and E.W. Williams, Jr., Economics of Transportation, Ch. 18-23, 25, 30, 32.

  1. The Patent System (Apr. 16 – Apr. 20; 2 lectures, 1 section)

Symposium, Law and Contemporary Problems, Vols. 12 and 13 (1947-48)—articles by:

Hamilton and Till, Vol. 13, pp. 245-59,
Abramson, Vol. 13, pp. 339-53,
Stedman, Vol. 12, pp. 649-79,
Davis, Vol. 12, pp. 796-806.

R. L. Bishop, “The Glass Container Industry,” in Adams, The Structure of American Industry, 1st ed.

  1. Nationalization and Planning (Apr. 23 – Apr. 30; 3 lectures, 1 section)

J. E. Meade, Planning and the Price Mechanism, pp. 1-104.
B.W. Lewis, British Planning and Nationalization, Ch. 1-3.
H.A. Clegg and F.E. Chester, The Future of Nationalization, Ch. 1, 3.

Reading Period Assignment

To be announced.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. (HUC 8522.2.1) Box 6, Folder “Economics, 1955, 1956, (2 of 2)”.

Image Source:   Robert Lyle Bishop. MIT Museum.

 

Categories
Cambridge Curriculum Suggested Reading

Cambridge. Guide to the Moral Sciences Tripos. James Ward, editor, 1891

 

 

Just learned today that the plural of Tripos is Triposes. But needn’t worry, I will stick to the singular form as in “Moral Sciences Tripos”. For those curious about all the Triposes offered at Cambridge University at the end of the 19th century,  much valuable information is to be found in The Student’s Guide to the University of Cambridge (Fifth edition, rewritten. Cambridge: Deighton, Bell and Co. 1893). Until Alfred Marshall was able to introduce a new Tripos in Economics and Political Science at Cambridge (see Alfred Marshall: The New Cambridge Curriculum in Economics and Associated Branches of Political Science: Its Purpose and Plan, 1903), the Moral Sciences Tripos of Psychology, Philosophy and Political Economy had served as an important breeding ground for Britain’s future economists.

Each of the individual guides for a particular Tripos could be purchased by the students. Below we have the guide written by the psychologist/philosopher, James Ward, for the Moral Sciences. He notes that John Neville Keynes provided suggestions with respect to Political Economy. I have provided links to just over thirty items in the readings lists.

 

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MORAL SCIENCES TRIPOS.
[revised edition, 1891]

Edited by
James Ward, Sc.D.
Examiner for the Moral Sciences Tripos and Lecturer
and Assistant Tutor of Trinity College

________________

NOTE.  For the special recommendations relating to Political Economy the Editor is indebted to Dr [John Neville] Keynes, University Lecturer and formerly Fellow of Pembroke College; and for those relating to Politics and Ethics he is indebted to Mr J.S. Mackenzie, Fellow of Trinity College.

________________

The examination for the Moral Sciences Tripos consists of two parts; and begins, as a rule, upon the Monday after the last Sunday but one in May. No student may present himself for both parts in the same year.

The first part consists of two papers on each of the following subjects: Psychology including Ethical Psychology; Logic and Methodology; Political Economy; together with a paper of Essays.

A candidate for honours in this part must be in his fifth term at least, having previously kept four terms; but nine complete terms must not have passed after the first of these four, unless the candidate has obtained honours in some other Tripos, in which case eleven complete terms may have passed.

The names of the candidates who obtain honours are placed in three classes, each class consisting of. one or more divisions arranged in alphabetical order.

The subjects of the second part of the examination fall into two groups:—(A) Metaphysics, Political Philosophy, Ethics—on each of which there is one paper—and (B) the following special subjects, History of Philosophy, Advanced Logic and Methodology, Advanced Psychology and Psychophysics, Advanced Political Economy. There are two papers on each of these special subjects besides an Essay paper containing questions on all the above subjects. Every student must take one, and may not take more than two, of the special subjects; also every student must take the papers on Metaphysics and Ethics except those who select Advanced Political Economy as a special subject: for such students the paper on Political Philosophy is provided as an alternative for Metaphysics.

A candidate for honours in this part must have already obtained honours in Part I. or in some other Tripos: he must also be in his eighth term at least, having previously kept seven terms; but twelve complete terms must not have passed after the first of these seven.

The names of the candidates who pass are placed in three classes arranged in alphabetical order. No candidate will be refused a first class on the ground that he has taken up only one special subject provided that his work reaches the first class standard in the compulsory subjects and his special subject taken together. In the case of every student who is placed in the first class, the class list will shew by some convenient mark (1) the subject or subjects for which he is placed in that class, and (2) in which of those subjects, if in any, he passed with special distinction.

The following schedules of the different subjects, with lists of books recommended for study, was issued by the Special Board for Moral Science on June 17, 1889.

Schedule of the Subjects of Examination in
Part I. of the Moral Sciences Tripos.

I. Psychology.

  1. Standpoint, data, and methods of Psychology. Its fundamental conceptions and hypotheses. Relations of Psychology to Physics, Physiology, and Metaphysics.
  2. General analysis and classification of states of mind. Attention, consciousness, self- consciousness. Elementary psychical facts: impressions, feelings, and movements; retentiveness, arrest, association; appetite and aversion; reflex action, instinct, expression of feeling.
  3. Sensation and perception. Intensity, quality, and complexity of sensations. Physiology of the senses. Activity and passivity of mind. Localisation of sensations. Psychological theories of time and space. Intuition of things.
  4. Images. Imagination, dreaming, hallucination. Flow of ideas. Interaction of impressions and images. Memory, expectation, obliviscence.
  5. Thought. Comparison, abstraction, generalisation: formation of conceptions. Psychology of language. Influence of society upon the individual mind. Judgment. Psychological theories of the categories.
  6. Emotions: their analysis and classification. Higher sources of feeling: aesthetic, intellectual, social and moral. Theories of emotional expression.
  7. Voluntary action; its different determining causes or occasions, and their operation: Pleasure, pain, desire, aversion, and their varieties: will and practical reason: conscience, moral sentiments, moral perception or judgment, moral reasoning. Conflict of motives, deliberation, self- control. The origin of the moral faculty.

List of books recommended on this subject:

Sully, Outlines of Psychology.
Bernstein, The Five Senses of Man.
Bain, The Emotions and the Will.
Ward, Psychology, Article in the Encyclopedia Britannica, ninth edition.

The following books should also be consulted:

Bain, The Senses and the Intellect.
Dewey, Psychology.
Höffding, Psychologie in Umrissen.
Ladd, Elements of Physiological Psychology.
Lotze, Microcosmus, Vol. I.
Spencer, Principles of Psychology [Volume I; Volume II].

II. Logic and Methodology.

  1. Province of Logic, formal and material.
  2. Logical functions of language: names, and their kinds: formation of general notions: definition, division, and classification: predicables and categories: scientific nomenclature and terminology.
  3. The fundamental laws of thought, and their application to logical processes.
  4. Propositions and their import: opposition and conversion of propositions.
  5. Analysis and laws of syllogism.
  6. The nature of the inductive process: ground of induction: connexion between induction and deduction: analogy.
  7. Uniformities of nature, and their combinations: their analysis, and the methods of discovering and proving them: observation and experiment: scientific explanation: the nature and uses of hypothesis: doctrine of chance.
  8. Error, its nature and causes, and the safeguards against it: classification of fallacies.

List of books recommended on this subject:

Whately, Logic.
Keynes, Formal Logic.
Mill, Logic [Volume I; Volume II]
Jevons, Principles of Science.

The following books should also be consulted:

Bacon, Novum Organon.
Drobisch, Neue Darstellung der Logik.
Mill, Examination of Hamilton, Chapters 17 to 24.
Whewell, Novum Organon Renovatum.
Ueberweg, System of Logic.

III. Political Economy.

  1. The fundamental assumptions of Economic Science, the methods employed in it, and the qualifications required in applying its conclusions to practice; its relation to other branches of Social Science.
  2. Production of Wealth.
    Causes which affect or determine

    1. The efficiency of capital and of labour.
    2. The difficulty of obtaining natural agents and raw materials.
    3. The rate of increase of capital and population.
  3. Exchange and Distribution of Wealth.
    Causes which affect or determine

    1. The value of commodities produced at home.
    2. The rent of land.
    3. Profits and wages.
    4. The value of currency.
    5. The value of imported commodities. Monopolies. Gluts and crises. Banking, and the foreign Exchanges.
  4. Governmental Interference in its economic aspects. Communism and Socialism.
    The principles of taxation: the incidence of various taxes: public loans and their results.

List of books recommended on this subject:

Marshall, Economics of Industry.
Walker, The Wages Question, and Land and its Rent.
Mill, Principles of Political Economy, Books III. and V.
Jevons, Money and the Mechanism of Exchange.
Sidgwick, Principles of Political Economy, Introduction and Book III.
Fawcett, Free Trade and Protection.

The following books should also be consulted:

Bagehot, Lombard Street.
Bastable, Foreign Trade [sic, The Theory of International Trade (1887)].
Farrer, Free Trade and Fair Trade.
Giffen, Essays in Finance, Second Series.
Nicholson, Money and Monetary Problems, Part I.
Rae, Contemporary Socialism.
Sidgwick, Principles of Political Economy, Books I. and II.

Schedule of the Subjects of Examination in
Part II. of the Moral Sciences Tripos.

A.

I. (a) Metaphysics.

  1. Knowledge, its analysis and general characteristics: material and formal elements of knowledge; self-consciousness as unifying principle; uniformity and continuity of experience.
  2. Fundamental forms of the object of knowledge: difference, identity; quantity, quality, relation; space and time; unity, number; substance, change, cause, activity and passivity; &c.
  3. Certainty, its nature and grounds : sensitive, intuitive and demonstrative certainty; necessities of thought;’1 inconceivability of the opposite “; verification by experience.
  4. Criteria applicable to special kinds of knowledge: matters of fact and relations of ideas; logical and mathematical axioms; fundamental assumptions of physical science: causality, continuity, conservation of matter and of energy.
  5. Sources and limits of knowledge: Empiricism, Rationalism, Transcendentalism; relativity of knowledge, its various meanings and implications; distinction of phenomena and things per se; the conditioned and the unconditioned, the finite and the infinite.
  6. Coordination of knowledge: mechanical and dynamical theories of matter; evolution; physical and psychical aspects of life; province of teleology; relation of mind and matter; relation of the individual mind to the universe; problem of the external world; Materialism, Idealism, Dualism; relation of theoretical and practical philosophy.

I. (b) Politics.

  1. Definition of State: general relation of the individual to the State and to Society : connexion of Law with Government in modern states : general view of functions of government : grounds and limits of the duty of obedience to government.
  2. Principles of Legislation in the modern state: right of personal security : rights of property: contract and status: family rights : bequest and inheritance : prevention and reparation of wrongs : theory of punishment : governmental rights : grounds and limits of governmental interference beyond the making and enforcement of laws : principles of taxation.
  3. External relations of states : principles of international law and international morality : war, and its justifications : expansion of states, conquest and colonization : relation of more civilized societies to less civilized.
  4. Distribution of the different functions of government in the modern state : legislative, executive, and judicial organs, their mutual relations, and their modes of appointment : relation of the state to other associations of its members : sovereignty: constitutional law and constitutional morality: constitutional rights of private persons : central and local government: federal states; government of dependencies.
  5. A general historical survey of (a) the development of Law and Government, (b) the chief variations in the form and functions of government in European communities, (c) the relations of these variations to other social differences and changes.

II. Ethics.

  1. Analysis of the moral consciousness; moral sentiment, moral perception, moral judgment, moral intuition, moral reasoning: object of moral faculty; voluntary action, motives, intentions, dispositions, habits, character: freedom of will and determination by motives.
  2. The end or ends of rational action, ultimate good: the standard of right and wrong action: moral law: moral obligation: evil, moral and physical: interest and duty: virtue and vice: moral beauty and deformity: happiness and welfare, private and universal: pleasure and pain, qualitative and quantitative comparison of pleasures and pains: perfection, moral and physical, as rational end.
  3. Exposition and classification of particular duties and transgressions, virtues and vices: different types of moral character: principles of social and political justice.
  4. Relation of Ethics to Metaphysics, Psychology, Sociology and Politics.

 

Special Subjects.

III. History of Philosophy.

A special subject in the History of Philosophy will be announced in the Easter Term next but one preceding that in which the examination is to be held. Students will also be required to have a general knowledge of the History of Philosophy.

IV. Advanced Psychology and Psychophysics.

A fuller knowledge will be expected of the subjects included in the schedule for Part I., and of current controversies in connexion with them. Further, a special knowledge will be required (i) of the physiology of the senses and of the central nervous system, (ii) of experimental investigations into the intensity and duration of psychical states, and (iii) of such facts of mental pathology as are of psychological interest. Questions will also be set relating to the philosophic treatment of the relation of Body and Mind as regards both the method and the general theory of psychology.

V. Advanced Logic and Methodology.

Students will be expected to shew a fuller knowledge of the subjects included in the schedule for Part I., and of current controversies in connexion with them, and the examination will also include the following subjects:—Symbolic Logic, Theory of Probabilities, Theory of Scientific Method, Theory of Statistics.

VI. Advanced Political Economy.

Students will be expected to shew a fuller and more critical knowledge of the subjects included in the schedule for Part I. The examination will also include the following subjects; the diagrammatic expression of problems in pure theory with the general principles of the mathematical treatment applicable to such problems: the statistical verification and suggestion of economic uniformities: and a general historical knowledge (a) of the gradual development of the existing forms of property, contract, competition and credit; (b) of the different modes of industrial organization; and (c) of the course and aims of economic legislation at different periods, together with the principles determining the same.

 

Remarks on the above Schedules.

Students will probably find it best to begin with Political Economy and Logic. The undisputed evidence which a large portion of Logic possesses peculiarly adapts it for beginners: and the principles of Political Economy, while they can be grasped with less effort of abstraction than those of Philosophy, also afford greater opportunity of testing the clearness of the student’s apprehension by their application to particular cases.

Accordingly, in the particular suggestions which follow as to the method of study to be adopted in the different departments respectively, we may conveniently take the subjects in the following order: Logic and Methodology, Political Economy, Psychology1, Metaphysics, Politics, Ethics, and History of Philosophy1. Care has been taken to distinguish the recommendations addressed to students who only aim at the more elementary or more general knowledge which will suffice for Part I., from those which relate to the more full and detailed knowledge—either of the subjects themselves or of the history of doctrine relating to them—which is required in Part II.

1To avoid repetition the reading in these subjects for both parts is included under one head.

 

1. Logic and Methodology.

There are important differences in the range of meaning with which the term Logic is used. In its widest signification, it includes two departments of inquiry which may be to some extent studied independently of each other. The first of these,—to which alone the name Logic was formerly applied, and which still, according to some writers, should be regarded as constituting the whole of Logic,—is concerned with reasonings only in so far as their validity can be determined a priori by the aid of laws of thought alone.

This study is often called, for distinction’s sake, ‘Formal Logic;’ on the ground that it is concerned with the form and not with the matter of thought; i.e. not with the characteristics of the particular objects about which the mind thinks and reasons, but with the manner in which, from its very nature, its normal thoughts and reasonings about them are constructed. It is with this branch that the student should commence, familiarising himself with it by the aid of some elementary hand-book, e.g. Jevons’s Elementary Lessons in Logic, or Fowler’s Deductive Logic.

He should then take Keynes’s Formal Logic as his text-book, consulting other works on the subject when he finds them there referred to, and, in particular, working out a good number of the examples and problems that are set.

The latter portion of Jevons’s Lessons or Fowler’s Inductive Logic may serve as an introduction to Mill’s Logic for those who shrink from facing Mill’s two volumes at once. This work has a much wider scope than that of Formal Logic, as above explained; and in fact deals at length with topics that do not so properly belong to Logic— even according to Mill’s own definition of Logic—as to Methodology, or the theory of the intellectual processes by which the truths of the different sciences have been reached in the past, and may be expected to be reached in the future. It should be observed also that even when Mill is apparently discussing the same topics as those discussed by the formal logicians, he will often be found to treat them in quite a different spirit, and from a different point of view.’ A clear apprehension of this difference can only be attained in the course of the study itself: but it is well that the student should be prepared for it at the outset. The greater portion of Jevons’s Principles of Science is devoted to the description and analysis of the methods of the physical sciences, and contains an almost unique collection of interesting and valuable scientific illustrations. Dr Venn’s Empirical Logic, published since the schedule was issued, should be read carefully either along with or after these works by Mill and Jevons. Whewell’s Novum Organon Renovatum should be consulted in connexion with Mill’s Logic. It deals more distinctly and explicitly with the methodological topics treated of in Mill’s book: and the student’s grasp of the subject will be materially aided by a careful comparison of the doctrines of the two writers.

The majority of the more advanced works fall into two sections: those which are read mainly for their own historic interest or the historic information which they contain; and those which require some knowledge of mathematics or physical science, as analysing the methods, or appealing to the notation of, those sciences. In the former class Bacon’s Novum Organon claims attention from its importance in the development of English scientific speculation. The best brief introduction to it is still to be found in the essay by R. L. Ellis, in the first volume of the collected works of Bacon by him and Mr Spedding. Much valuable information and criticism is also given in Professor Fowler’s very complete edition of the Novum Organon. Ueberweg’s System of Logic is valuable to the English reader for its abundant historic references, and because it presents him with a general view of the science familiar on the continent but not readily to be gained from the ordinary English hand-books.

The student is recommended to read the logical parts of Mill’s Examination of Hamilton, less for their destructive side, in the way of criticism of Hamilton, than for the many points on which they serve to supplement Mill’s own system of Logic, and to explain the philosophic scheme which underlies that system.

Many of the advanced books on Logic which it is usual to study for the second part of the Tripos deal largely with questions pertaining to Metaphysics as described in the schedule. Among books of this class probably the Logics of Lotze and of Sigwart will furnish the best basis of study: the former is already translated and a translation of the latter is in progress. To the same class— Higher Logic it is sometimes called—belong Bradley’s Principles of Logic and Bosanquet’s Logic or Morphology of Knowledge, both of which deserve perusal.

Dr Venn’s Symbolic Logic may be taken as the best introduction to that subject and the corresponding parts of Boole’s Laws of Thought and Jevons’s Principles of Science may be studied in connexion with it. A great deal has been written on this form of Logic within the last few years and the student will find a full bibliography in Schroder’s Vorlesungen über die Algebra der Logik, Band i. 1890.

Dr Venn’s Logic of Chance may serve in like manner as an introduction to the Theory of Probabilities and the Theory of Statistics. It aims at being within the comprehension of those who have only an elementary knowledge of mathematics. Two of the best books dealing specially with statistics are Maurice Block, Traité théorique et pratique de statisque 1878, and Georg Mayr, Die Gesetzmässigheit im Gesellschaftsleben 1877.

In addition to the books already mentioned on the subject of Higher Logic and Method the two large volumes by Wundt—Logik: Erkenntnisslehre; Logik, Methodenlehre—may be consulted and will serve to introduce many other books dealing with special questions to the notice of the student.

2. Political Economy.

Of the books included in the syllabus drawn up by the Board, Mill’s Principles of Political Economy and Sidgwick’s Principles of Political Economy alone cover the whole ground as defined by the schedule for Part I. of the Moral Sciences Tripos. It will be observed, however, that only Books III. and V. of the former are recommended, and that only a portion of the latter is included in the list of works which all candidates are expected to study in detail. The reason for this, so far as Mill is concerned, is the recognition that substantial corrections are required in his general theory of Distribution. The need of such corrections was, indeed, admitted by Mill himself some time before his death; but he never faced the task of rewriting his treatise from the new point of view which he had gained. Nevertheless if the student will remember that many of the positions taken up require important modifications, he will do well to begin with a perusal of Mill’s work in order to obtain a first general survey of the subject. Professor Sidgwick’s treatise is more difficult, and should therefore be taken at a somewhat later stage.  Assuming that Mill has been read so as to gain a general idea of the ground to be covered, but without any considerable amount of attention having been paid to points of detail, the student should seek thoroughly to master Marshall’s Economics of Industry. This work should be supplemented by Walker on the Wages Question and on Land and its Rent. Here and elsewhere the differences of view between the authors read should be carefully noted and thought over. The student will find it specially useful to make a critical comparison of the theories of wages and profits laid down by Mill, Marshall, and Walker, observing both their points of resemblance and their points of difference.

The study of the general theory of Distribution and Exchange may later on be completed, so far as Part I. of the Tripos is concerned, by a careful study of Marshall’s Principles of Economics, Vol. I., and of the corresponding portions of Sidgwick’s Principles of Political Economy. Attention may be specially called to the part played by the principle of Continuity in the former work, and to the recognition by both writers of the complicated interactions between economic phenomena, which render it impossible to sum up in cut-and-dried formulas the conclusions ultimately reached.

Passing to the subject of currency and banking, the student should read Jevons’s Money and the Mechanism of Exchange and Nicholson’s Money and Monetary Problems, Part I., which usefully supplement one another. The former is mainly of a descriptive character, while the latter deals with the more difficult problems relating to the principles that regulate the value of money. Bagehot’s Lombard Street treats of the English banking system with special reference to the position of the Bank of England in the London Money Market. The above may be supplemented by Walker’s Money, Trade, and Industry, and by the corresponding chapters of Sidgwick.

The subject of international values and allied topics may be studied in Bastable’s Theory of International Trade. Goschen’s Foreign Exchanges is in some respects difficult, but it should on no account be omitted; it will give the student a fuller grasp of facts, the apprehension of which is of fundamental importance both for the theory of foreign trade and for the theory of money. Giffen’s Essays in Finance, Second Series, may be read with advantage at about this point.

Passing from economic science in the stricter sense to its applications, and considering Government interference in its economic aspects and the principles of taxation and State finance, Mill, Book V. should be supplemented by Sidgwick, Book III  A study of Professor Sidgwick’s method will afford the student a most valuable training in the philosophic treatment of practical questions.

Some of Macmillan’s English Citizen Series may here be consulted; e.g., Wilson’s National Budget, Fowle’s Poor Law, and Jevons’s State in relation to Labour. The subject of Free Trade and Protection is treated in detail, from the Free Trade standpoint, in Fawcett’s Free Trade and Protection and in Farrer’s Free Trade versus Fair Trade. Current socialistic doctrines will be found fully described and criticized in Rae’s Contemporary Socialism. The student will learn much from following the economic movements of his own time; but he must be cautioned against giving undue attention to controversial questions of the day, such as bimetallism, socialism, &c. Time may thus be occupied, which should be given to systematic study of the foundations of the science.  The scope of Political Economy, the methods employed in it, and its relations to other sciences, are treated of in Marshall’s Principles of Economics, Book I., and in Sidgwick’s Introduction. Cossa’s Guide to the Study of Political Economy and Keynes’s Scope and Method of Political Economy may also be consulted.  It would be out of place here to attempt to give detailed advice to students taking Advanced Political Economy in Part II. of the Tripos. They may be warned, however, of the importance of not neglecting to go over again more than once the ground they have already covered. They will thus familiarise themselves with the general principles of economic reasoning, and will know how to set about the solution of any new and complex problem that may be placed before them. In particular they should return again and again to the more difficult parts of Marshall and Sidgwick, and—in connexion with the former—should study the application of symbolic and diagrammatic methods to Economics. From this point of view Cournot’s Principes Mathématiques de la Théorie des Richesses and Jevons’s Theory of Political Economy should be read. Some of Jevons’s doctrines are expounded with great lucidity in Wick- steed’s Alphabet of Economic Science, and this book may be specially recommended to those students whose mathematical reading is not so far advanced as to render needless an elementary exposition of the conceptions upon which the Differential Calculus is based. A critical study of Ricardo’s Principles of Political Economy and of his Tracts on Money must not be omitted; while in order to obtain some knowledge of recent developments of theory by his latest critics—the economists of the Austrian school—reference may be made to Böhm-Bawerk’s Capital and Interest and Positive Theory of Capital, the former of which is however open to the charge of doing less than justice to the writer’s predecessors.

Every student of Economics ought to read at least some portions of the Wealth of Nations, Professor Nicholson’s edition of which, with Introduction and notes, may be recommended. Many real and fundamental divergences from modern theory will be observed, especially in Books I. and II.; but Adam Smith is generally stimulating and instructive even when the doctrines which he lays down need correction. As regards the course of economic history, especially the course and aims of economic legislation at different periods, Books III., IV., and V. are specially important. For further historical study choice may be made from the following: Ashley, Economic History; Cunningham, Growth of English Industry and Commerce; Maine, Village Communities; Seebohm, The English Village Community; Brentano, On the History and Development of Gilds; Gross, The Gild Merchant; Rogers, Six Centuries of Work and Wages; Toynbee, The Industrial Revolution; Levi, History of British Commerce. Blanqui’s History of Political Economy in Europe and Ingram’s History of Political Economy may also be read ; but it must be remembered that the latter is written from the point of view of the Comtist critic and is strongly partisan. The use of statistics in Economics may be studied in Jevons’s Investigations in Currency and Finance (edited by Professor Foxwell) and in both series of Giffen’s Essays in Finance.

A long list of useful books on various departments of Political Economy might here be added, but it must suffice specially to mention the collected Essays of J. S. Mill, Bagehot, Cairnes, and Cliffe Leslie. Portions of the following may be consulted in libraries on particular points: Eden, State of the Poor; Porter, Progress of the Nation; Tooke and Newmarch, History of Prices; Schönberg, Handbuch der politischen Oekonomie.

3. Psychology.

The Science of Psychology has made considerable advances in recent times; so that the work of earlier English writers on this subject—including even Locke—has now chiefly a historic interest. Still the student must not expect to find a perfectly clear consensus among its expositors as to its method and principles. Modern Psychology though rich in facts, is poor in definitions; and the greater part of its laws are merely empirical generalisations still awaiting further explanation.

The great difficulty in attempting to prescribe a course of reading in Psychology is to avoid repetition and what is worse—a bewildering divergence of opinion at least as regards details. There is now an English translation of Hoffding’s Outlines and with this or with Dewey’s Psychology the student had better begin. He may then read Sully’s Outlines and Bain’s works as supplementary to his first text-book. The article Psychology in the ninth edition of the Encyclopaedia Britannica is most likely to be of service to him when he feels the need of getting his psychological knowledge into more scientific form.

Psychophysics, which treats of the phenomena of mind in relation to the changes in the organism which accompany them, is a branch of Psychology to which every one who studies this subject at all, must give some attention. Here, however, we have to distinguish between the philosophical discussion of the general relation of mind and body, and a knowledge of the particular connexions between mental and corporeal phenomena. The former subject belongs rather to Metaphysics; an elementary knowledge of the latter may be gained from Prof. Ladd’s Outlines of Physiological Psychology which has just appeared and may be taken to supersede his larger Elements: it will also probably enable the student to dispense with Bernstein’s Five Senses of Man.

The advanced student of Psychology will find it a great advantage if he is able to read German. In this case Volkmann’s Lehrbuch der Psychologie will be most useful to him as a repertory of facts and opinions, besides giving the ablest exposition of the Herbartian Psychology—the Psychology which has been the most fruitful of results, at any rate in Germany. Closely related to this school is the teaching of Lotze, which should on no account be passed over: one section of his Metaphysik2 is devoted to psychological questions. His Medicinische Psychologie, long out of print and very scarce, is still worth attention: a portion of it has recently appeared in French. Drobisch’s Empirische Psychologie and Waitz’s Grundlegung, and Lehrbuch der Psychologie are works to which the student who is not pressed for time should also pay some attention. Morell’s Introduction to Mental Philosophy on the Inductive Method, is avowedly largely indebted to Waitz, Drobisch and Volkmann. It may be recommended especially to the English student who is unacquainted with German; also Ribot’s La Psychologie allemande contemporaine, which contains fair summaries of the leading doctrines of Herbart, Fechner, Lotze, Wundt and others.

2There is an English translation of this published by the Clarendon Press.

In the two large volumes of Prof. William James, Principles of Psychology, the advanced student has the means of forming an ample acquaintance with existing doctrine and current controversies. From Wundt’s Grundzüge der physiologischen Psychologie (3rd ed. 1887: French translation of the 2nd ed. 1880) the same help may be obtained as regards Experimental Psychology3. But the special knowledge required concerning the central nervous system will be got better from Dr Foster’s Text-book of Physiology, 5th ed. Parts III. and IV. There is no single book giving such facts of mental pathology as are of psychological interest. This is a department to which the French have especially devoted themselves. The following works may be mentioned :—Janet (Pierre), L’automatisme psychologique; Ribot, Les Maladies de la Mémoire; Les Maladies de la Volonté; Les Maladies de la Personnalité. Several of Ribot’s books are to be had in English.

3There is now (1891) some prospect of a Psychophysical laboratory in Cambridge. Prof. Foster has already set apart a room for the purpose and the University has made a small grant towards the purchase of apparatus. Some instruments too have been given by private donors.

Many works have recently appeared on what might be called Comparative Psychology. The subject is one that it is difficult to lift above the level of anecdote, but none the less it deserves attention. Romanes’ Mental Evolution (2 vols.) and Prof. Lloyd Morgan’s Animal Life and Intelligence will be found interesting in this department of psychology.

The origin of language and the connexion of thought and language form an important chapter of psychology and are dealt with in special works, in most of which, however, either the psychology or the philology leaves much to be desired. A general oversight of theories will be found in Marty, Ueber den Ursprung der Sprache. Max Müller’s Science of Thought, Egger’s La Parole intérieure, and Steinthal’s Einleitung in die Psychologie und Sprachwissenschaft are noteworthy.

4. Metaphysics.

The student who has already gone through a course of reading—accompanied, it is to be hoped, by oral instruction—in Psychology, will already have had his attention directed to some extent to the topics included in the schedule of Metaphysics. That this must be the case will appear, indeed, from a comparison of the two schedules of Psychology and Metaphysics respectively, independently of the books recommended. Thus it would be impossible to treat of the “data and fundamental conceptions” of Psychology, of “perception,” “intuition of things,” or “thought and abstraction,” without at the same time discussing to a certain extent the “nature and origin of knowledge” and the “relation of the individual mind to the universe,” &c.

But the principle of the separation adopted in the Cambridge scheme may perhaps be made partially clear without entering on matters of controversy; and it will probably assist the student to keep it in view from the outset. He must understand then, that Psychology deals with cognitive acts or states primarily as one class (among others) of mental phenomena; as forming part of the stream of consciousness of certain particular minds, whose processes the student is able to observe directly or indirectly. Whereas in the investigation of knowledge and its conditions that constitutes one department of Metaphysics, the same acts or states are primarily considered as representative of or related to the objects known. Or—to present substantially the same difference in another form—in investigating perceptions or thoughts from the point of view of Psychology we are no more occupied with those that are real or valid, than with those that are illusory or invalid—in fact, the latter may often be more interesting as throwing more light on the general laws of human minds: whilst as metaphysicians we are primarily concerned with real knowledge or truth as such, and treat of merely apparent knowledge or error only in order to expose and avoid it.

Under the head of Metaphysics it is intended to require a general knowledge (1) of what is coming to be called Epistemology and (2) of the speculative treatment of the fundamental questions concerning Nature and Mind prevalent at the present time, without direct reference to the History of Philosophy. Still it can scarcely be denied that the student who purposes to take up the History of Philosophy as a special subject will find some acquaintance with this history a help to the understanding of Philosophy in its most recent phases. If for no other reason this will be found true from the simple fact that nearly every writer on philosophical problems assumes some familiarity on the part of his readers with the writings of his predecessors. In particular those who are taking up both subjects and have to begin their work in private—during the Long Vacation, for instance— will find it advantageous to take up certain parts of the general history before attempting to do much at Metaphysics as outlined in the schedule, and especially to take up those parts of it that relate to the Theory of Knowledge. For these at least a general acquaintance with Hume and Kant will be helpful. Still those who are meaning to specialise in other directions can begin without this preliminary study of the history, and may reasonably count on getting what they need in this respect from lectures. Such may read some brief exposition of the Kantian philosophy, the three constructive chapters in Mill’s Examination of Hamilton (entitled Psychological Theory of Matter, Mind &c.), Mr Herbert Spencer’s First Principles and Lotze’s Metaphysics, as a preparation for lectures. Those familiar with German will find Riehl’s Philosophische Kriticismus, Kroman’s Unsere Naturerkenntniss and Wundt’s System der Philosophie useful books.

5. Politics.

The student will find all the aspects of this subject most fully dealt with in Dr Sidgwick’s Elements of Politics. This work is written from the Utilitarian point of view: the following books written from the same general standpoint may be read along with it:—Mill’s Utilitarianism, Chap, V., and Representative Government, Bentham’s Principles of Morals and Legislation, Principles of the Civil Code and Fragments on Government, and Austin’s Jurisprudence. For a treatment of the subject from a different point of view, the student may be recommended to read Green’s Lectures on Political Obligation (in the 2nd volume of his Collected Works); also Ritchie’s Principles of State Interference. Mr Herbert Spencer’s writings may also be profitably consulted, especially his Sociology, Part II. and Part V., and his volume on Justice.

The following works will be found useful for occasional reference—Bluntschli, Lehre vom modernen Staat, Vol. I. (authorised English translation published by the Clarendon Press), Maine’s Ancient Law, Early History of Institutions, and Popular Government, Stephen’s English Thought in the Eighteenth Century, Spencer’s Man versus the State, Dicey’s Law of the Constitution, Bryce’s American Commonwealth, Stirling’s Philosophy of Law, Hume’s Essays, II.—IX., and XII., Locke’s Essay on Civil Government, &c.

To those who have time and inclination to go beyond the limits of the schedule and study the history of the subject Janet’s Histoire de la Science Politique may be recommended. But some acquaintance with the original works of the more important writers is desirable—e.g., the Republic and Laws of Plato, the Ethics and Politics of Aristotle, Hobbes’s Leviathan, Montesquieu’s Esprit des Lois, Rousseau’s Contrat Social, Burke’s Thoughts on the Present Discontents and Reflections on the Revolution in France, Hegel’s Rechtsphilosophie and Philosophy of History, Comte’s Philosophie Positive, Part VI. Physique Sociale, (Vol. II. of Miss Martineau’s Translation), and Politique Positive (translated by various writers). Students ought not, however, to attempt to master the details of any of these works. On Comte, Caird’s Social Philosophy of Comte will be found useful.

6. Ethics.

Every student will naturally desire to have from the first a clear idea of the scope of the science. Unhappily there is no book from which such an idea can be gained in a quite satisfactory manner: for the degree of emphasis which is laid on different questions, and even to some extent the nature of the questions themselves, vary considerably in the different schools of ethical thought. A general sketch of the topics discussed by modern ethical writers may be found in such a book as Dewey’s Outlines of Ethics. But the significance of the various questions can hardly be fully appreciated without some reference to the history of the subject. It would be well therefore to read ch. IV. of Dr Sidgwick’s short History of Ethics at an early stage. This book is almost entirely limited, in the modern parts, to the history of English thought; but this deficiency may easily be corrected as the student proceeds with his work.

After having in this way acquired a general idea of the subject, the student may proceed to consider, more in detail, the various points of view from which the subject has been approached. He will soon find that the main schools of ethical thought group themselves naturally under the following heads:—(1) Intuitional, (2) Utilitarian, (3) Evolutionist, (4) Idealistic. As the student advances, he may be led to see that the distinction between these schools is not an absolute one, and that to a considerable extent their views overlap. But at first it may be convenient to study them separately. As representative of the Intuitional theory, the student may read the part of Martineau’s Types of Ethical Theory which contains the statement of the writer’s own doctrine— i.e. especially Part II., Book I., and perhaps the chapters on Intuitionism in Calderwood’s Handbook of Moral Philosophy; while, as representative of the Utilitarian point of view he may take Mill’s Utilitarianism, together with the criticism and further development of Mill’s ideas in Dr Sidgwick’s Methods of Ethics. The criticisms of Intuitionism in Dr Sidgwick’s Methods of Ethics and of Utilitarianism in Green’s Prolegomena to Ethics and in Sorley’s Ethics of Naturalism ought also to be studied in this connexion. With reference to Evolutionist Ethics, Mr Herbert Spencer’s Data of Ethics ought to be carefully studied, while those who have time may consult in addition such books as Mr Leslie Stephen’s Science of Ethics, Mr Alexander’s Moral Order and Progress, and Höffding’s Ethik. For criticism of the Evolutionist Ethics, reference may be made to Green’s Prolegomena to Ethics, Sidgwick’s Methods of Ethics, and Sorley’s Ethics of Naturalism. The Idealistic Ethics rests primarily on the teaching of Kant, and the best introduction to it may be found in his Metaphysic of Morals (of which Abbott’s translation is the most accurate). Dewey’s Outlines of Ethics are also written from this point of view. So are Bradley’s Ethical Studies and Green’s Prolegomena to Ethics; but only certain portions of these books can be studied with advantage by those who are not at the same time studying Metaphysics. The most complete exposition and criticism of Kant’s ethical position is to be found in the 2nd volume of Caird’s Critical Philosophy of Immanuel Kant. Among recent books Paulsen’s System der Ethik is singularly rich and suggestive.

Students who are reading Metaphysics in conjunction with Ethics will naturally bestow more attention on the fundamental difficulties of the subject than other students can be expected to give. On this, as on other aspects of Philosophy, the works of Kant will necessarily be studied with care. Green’s Prolegomena to Ethics may be strongly recommended as the most important English book dealing with the relation of Metaphysics to Ethics. Few students will find time to acquire more than a general knowledge of such speculations as those of Plato, Spinoza, and Hegel.

Students of Politics, on the other hand, may be expected to be especially interested in the relations of Ethics to the Philosophy of society and of the state. Among modern writers, the Germans have devoted most attention to this aspect of the subject, from Hegel’s Rechtsphilosophie onwards. Paulsen’s System der Ethik may be recommended; also Hoffding’s Ethik, translated from the Danish. In English, Green’s Prolegomena to Ethics and Lectures on Political Obligation (in the 2nd volume of his Collected Works) may be consulted. Several writers of the Utilitarian school have also dealt with this subject. Bentham’s Principles of Morals and Legislation and Principles of the Civil Code will be found interesting; and highly instructive discussions of various aspects of the subject are to be found in Dr Sidgwick’s Methods of Ethics, Principles of Political Economy, and Elements of Politics.

7. History of Philosophy.

A particular portion4 of the whole subject will be selected from time to time, which the student will be required to know thoroughly: and he should endeavour to avail himself of this special knowledge so as to make his general survey of the course of metaphysical speculation, in ancient or modern times, less superficial than it would otherwise be; by keeping prominently in view the connexion of the doctrines specially studied with antecedent and subsequent thought.

4The special subject selected for the examination in 1892 is, The Philosophy of Kant; and for 1893:—European Philosophy from 1600 to 1660 with special reference to Descartes, Bacon and Hobbes.

There are no good general histories of Philosophy by English writers, but there are translations of several standard histories by Germans. Of these Schwegler’s, though very brief, is good for a general survey. Erdmann is fairly full and would be excellent if not obscured in parts by careless translation. Ueberweg attempts—in the style of Prof. Bain’s Ethical Systems—to summarize in the writers’ own words but not always with Prof. Bain’s success.

The student should try, if possible, to read something of the philosophical classics at first hand. Such short works, for example, as Descartes’ Discourse on Method or his Meditations, Berkeley’s Hylas and Philonous, Hume’s Treatise of Human Nature, Vol. I., and Kant’s Prolegomena to every future metaphysic, might be read.

Prof. Sidgwick’s History of Ethics will be found the most useful text-book; and may be supplemented by Jodl’s Geschichte der Ethik. Help will also be obtained from Mr Leslie Stephen’s History of English Thought in the Eighteenth Century; Martineau’s Types of Ethical Theory; the Introduction to the second volume of Hume’s Works in the edition of Green and Grose (reprinted in the first volume of Green’s Collected Works); and Wundt’s Ethik, Abschnitt II.

General Remarks on Method and Time of Study.

1. Method of reading.

Perhaps the best plan upon commencing a new work is to read it rapidly through first, in order to form a general notion of its bearing and to catch its principal points. The first reading may be too careful. The student may find himself face to face with difficulties, which, although really only of an incidental character, may cause him to misconceive the proportions of the whole, if he have formed a determination—in itself praiseworthy —to master every part upon first acquaintance. Upon the second reading, an analysis should be made of the more important works, but care should be taken that it do not become long and wearisome: it should be distinctly of the nature of a summary, and not a mere series of extracts. Such analyses are almost indispensable, to enable the student to perform, in the concluding period of his course, an effective and systematic revision of the whole results of his study. Further, at the second time of reading, the student should take careful note of any difficulties that he may find in understanding the doctrines or criticisms propounded, or any doubts that may occur to him as to their correctness. He need not be afraid of losing time by writing down in his note-book as precise a statement as possible of his doubt or difficulty; since no exercise of his mind is likely to be more conducive to his attaining a real grasp of his subject. He will sometimes find that the mere effort to state a difficulty clearly has the effect of dispelling it; or, if not at the time, at any rate when he recurs to the point on a subsequent day he will often find the problem quite easy of solution: while in the cases where his perplexity or objection persists, a clear statement of it will generally bring his mind into the most favourable condition for receiving explanations from his teacher.

In subjects so full of unsettled controversy as the Moral Sciences generally are, a student must be prepared to find himself not unfrequently in legitimate disagreement with the authors studied; (though he should not hastily conclude that this is the case, especially during the earlier stages of his course). In all except quite recent books, he is likely to find some statements of fact or doctrine which all competent thinkers at the present day would regard as needing correction; while in other cases he will find, on comparing different works, important discrepancies and mutual contradictions on points still debated between existing schools of thought. He should carefully note the results of such comparisons; but he should not content himself with merely committing them to memory; rather, he should always set himself to consider from what source each controversy arises, what its relation is to the rest of the doctrine taught in the works compared, and by what method the point at issue is to be settled.

It will generally be found convenient to put in tabular form any divisions or classifications which , are met with in the books read. Such lists are not indeed necessarily of great importance in themselves, but they furnish a convenient framework for criticisms and comparisons of the methods and results of various writers.

The constant practice of writing answers to papers of questions and longer compositions on special points arising out of the subjects studied, cannot be too strongly urged. Many minds are hardly able to bring their grasp of subtle or complicated reasonings to the due degree of exactness and completeness, until their deficiencies in these respects have been brought home to them by exercises in written exposition.

2. Time of study.

A student who is in a position to begin effective work in his first term may hope to be prepared for Part I. of the Tripos in his second year, and may take Part II. at the end of his third, assuming, of course, in both cases that he does a reasonable amount of private study during Long Vacations. But it is desirable, when circumstances admit of it and especially if two of the special subjects are taken up, to devote not less than two years to the work of the Second Part.

Those who have taken honours in other Triposes at the end of their second year, will be able afterwards to prepare fully for either part of the Moral Sciences Tripos at the end of their fourth year, without being inconveniently pressed for time—supposing them to read steadily in their second, as well as in their third Long Vacation. If, however, the period entirely devoted to this preparation is only one year—as must be the case with students who take some other Tripos at the end of their third year—it is very desirable that some part of the subjects should have been read at an earlier stage of the course.

The Special Board for Moral Science publishes annually, towards the end of the Easter Term, a list of lectures for the coming academical year in different departments of the Moral Sciences. These lectures are, generally speaking, so arranged as to provide all the oral instruction required by students at different stages of their course.

Source:  Dr. J. Ward, Trinity College, editor: Part VIII. The Moral Sciences Tripos  in The Student’s Guide to the University of Cambridge (5th edition, rewritten). Cambridge (U.K.): Deighton, Bell and Co., 1891.

 

Image Source:  Illustration by Edward Hull “The New Court, Trinity College Cambridge” from page 81 of  Alfred J. Church, The Laureate’s Country. London: Seeley, 1891.

Categories
Barnard Exam Questions

Barnard. Exam for one-semester outlines of economics course. Moore and Johnson, 1903

 

 

 

The following introductory economics exam from Barnard College in 1903 comes from a student’s college scrapbook that had been donated to the archives of her alma mater. The scrapbook belonged to Gertrude Helen Clark, who, according to  the Register of the Associate Alumnae of Barnard College (1925), married Frederick M. Hitchcock in 1917. Because such random singletons are quickly forgotten, I prefer to post them immediately. Similar to Radcliffe, Barnard could count on faculty from the patriarchal side of campus to provide instructors. Professor Henry L. Moore and the up and coming Alvin S. Johnson were definitely prime offerings for Barnard.

Incidentally, there is a nice website set up to celebrate the 125th anniversary of the founding of Barnard where one finds a list of the names of all Barnard College economics faculty starting with John Bates Clark up to most recent times.

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Course Announcement

Economics and Social Science

Economics A—Outlines of Economics. Study of the characteristics of modern industrial society and of the fundamental economic principles. Professor [Henry L.] Moore and Mr. [Alvin Saunders] Johnson [Tutor in Political Economy and Sociology]. One and one-half points, first half-year.

Section I, Tu., Th., S., 9.30; Section II, Tu., Th., 11.30, S. 9.30; Section III (if needed), Tu., Th., 1.30, S., 9.30.

Prescribed for Juniors. Open to qualified Sophomores who take Course I.
This course is given in two or, if necessary, in three sections. Students are assigned to the sections in alphabetical order, but for reasons of weight, with the consent of the Dean, a student may be transferred to a section other than that to which she properly belongs.

 

Source: Columbia University, Barnard College Catalogue, 1901-02. Announcement 1902-1903, p. 59. 

______________________

BARNARD COLLEGE
Economics A
Mid-year Examination, [Jan. 27,] 1903

 

  1. Define wealth, capital, land; rent, demand, utility, marginal utility, value, price.
  2. What determines market value? normal value?
  3. State the law of diminishing returns.
  4. What are the economic reasons for the concentration of industry?
    Is there an economic limit to concentration?
  5. State the law of monopoly value.
  6. What determines the value of money?
  7. Assuming that the United States has a monetary circulation of 500,000,000 in gold, what will be the effect of an issue of 100,000,000 in legal tender paper money
    1. On prices within the United States
    2. On the foreign trade of the United States
    3. On the value of gold throughout the world.
  8. If a day’s labor in America will produce more yards of cotton cloth than a day’s labor in England, will the cotton industry need protection? Should it receive protection?
  9. How does a high standard of living affect wages?
  10. Discuss the “scope” of Economics.

 

Source:  Barnard College Archives. Gertrude C. Clark Hitchcock Scrapbook, 1898-1906, p. 48.

Image Source: Art and Picture Collection, The New York Public Library. “Barnard College, western boulevard” New York Public Library Digital Collections. Accessed February 24, 2018.

Categories
Barnard Columbia Gender

Barnard B.A. and Columbia M.A. Labor economist Louise C. Odencrantz, 1907-1912

 

Rummaging through the digital archives of Barnard College in search of curricular materials, I was paging through scrapbooks of Barnard graduates in search of old syllabi and exams when I happened to stumble upon the five year self-reports of the class of 1907. There I found the story of an empirical labor researcher who after getting her B.A. went on to get an M.A. at Columbia University. While by today’s standards Louise Odencrantz would not technically be regarded as an economist, a glance at her work reveals an empirical labor economist with a focus on women’s labor force experience. I found her story compelling enough to transcribe for Economics in the Rear-view Mirror and then discovered that her papers were donated to the Schlesinger Library of the Radcliffe Institute at Harvard University.

______________________

Louise C. Odencrantz.
Biography

Louise C. Odencrantz was born on August 22, 1884, in Gothenburg, Nebraska; she received her B.A. from Barnard College in 1907 and her M.A. in Social Sciences from Columbia University in 1908. From 1908 to 1915 she was an investigator in industrial relations for the Russell Sage Foundation. From 1915 through 1919 she supervised both the New York State and the United States Employment Bureaus on the wartime employment of women in industry. As Personnel Director (1919-1924) for Smith & Kaufmann, Inc., a New York City silk ribbon company, she was active in labor negotiations and employee welfare programs. In 1922 she helped organize the International Industrial Relations Association and attended its congresses as United States delegate in 1922, 1925, and 1928. From 1927 to 1936 she was Director of the Employment Center for the Handicapped in New York. For the next three years she helped organize and train new staff for the New York State Division of Placement and Unemployment Insurance, and during World War II was Executive Director of the Social Work Vocational Bureau in New York City. She retired from the business world in 1946, remaining active in many volunteer programs until her death in April 1969.

Odencrantz was the author of Italian Women in Industry (1915) and The Social Worker in Family, Medical and Psychiatric Social Work (1927), and co-author of Industrial Conditions in Springfield, Ill. (1915) and Public Employment Services in the United States (1938).

 

Source: Schlesinger Library, Radcliffe Institute, Harvard University. Louise C. Odencrantz Papers, 1909-1968.

______________________

Selection of Publications

Louise C. Odencrantz. Irregularity of employment of women factory workers. Survey, 21: 196-210. 1909.

Louise C. Odencrantz and Zenas L. Potter. Industrial Conditions in Springfield, Illinois: A Survey by the Committee on Women’s Work and The Department of Surveys and Exhibits, Russell Sage Foundation. New York: Russell Sage Foundation, June 1916.

Louise C. Odencrantz. Italian Women in Industry: A Study of Conditions in New York City. New York: Russell Sage Foundation, 1919.

______________________

Odencrantz’s Report in the 1907 Class Book. 1907—1912 (Barnard College)

Louise C. Odencrantz. “Writing one’s memoirs when she has been out of college five years is something like summarizing her life history at the age of five. At least, I feel as if life had just begun. (If indeed you could see how the handsome young Italian fellows roll “dem soulful eyes” at me, you’d think I was still Sweet Sixteen.) During these years you are in a sort of suspended state, not knowing for certain whether you want to stick to your present job or not for the rest of your working days. And in these years you rapidly discover that the work you took in college seems to be of little use, but the courses that you didn’t take would have been so helpful. For instance my head ached with Latin, French, Greek and German when I left college, and Italian is the only language I have ever had to use. And why didn’t I take a course in Statistics instead of Art Appreciation? It would have saved me many a worry. But how could I tell I was never going to teach?

My work has been practically the same since 1907, investigating always, but my employers have changed much. The first year it was for the College Settlements’ Association for which I held a fellowship. That same winter saw me one of two lone women in the Columbia Economics Seminar of some fifty Japs, Americans, Chinese, Russians and other miscellanies. If my mind had not been so full of the unemployment of factory girls, the seminar would have offered a good thesis on the immigrant question. The following year I was investigator for the Alliance Employment Bureau and for the last three years for the Committee on Women’s Work of the Russell Sage Foundation.

No one of my friends has ever been able to discover what I do other than that I go to see all sorts of factories and queer people, to discover what the trade conditions are for women in New York City. It is all most interesting to me as it is to every other investigator. What more absorbing than to enter almost into a working girl’s life, learn her ways of thinking, her ambitions, her sorrows and worries and her points of happiness? It is pathetic to find girls remembering you years after you have been to ply them with an hundred questions, and that your friendly visits have been epochs in their lives. There is Jennie, one of my staunch friends. She is an Italian flower maker, 34 years old, who had to go to work when she was 12 years old. “It must be lovely to know how to read and write”, she said. Now she supports three strong, grown brothers, her mother and herself. Why? Because her mother would not leave these sons tho they abuse and boss her, and Jennie would not leave her mother. To you she would appear only a large, stout, cross-eyed woman, ignorant and coarse, but get acquainted! Do you wonder I am a hot suffragist and am willing to wear out the asphalt on Fifth Avenue on May 4th?

It is indeed a life of motleyed experience, drinking wine almost by the quart, eating super with these people (oh, don’t mind if the macaroni is served from a wash bowl in the middle of the table, or that the glass you drink from has not been washed since the last imbiber), trying to persuade Angelina not to take back her good-for-nothing husband when he gets out in 6 months, or getting a place in the country for Katie, an Irish bookbinder, pale and worn out. She is 22 but tells you that she used to go to dances and weddings when she was young.

For the last months I have been playing statistician and I feel as if my legs were tables, my arms appendices, my body a census volume, covered with dollar marks and percents and diagrams. Even in writing this I can scarcely refrain from inserting a few tables and statistics.

I have no photographs to send of a husband, etc., as I have none. One married shirtwaist maker asked me the other night, “You got a fellow?” and when I replied “No,” she exclaimed, “What’s the matter?””

Louise received an M.A. in 1908 and the results of her investigation for C.S.A. were published in the Survey for May, 1909.

 

Source: Found in the Barnard Digital Collection. Mary Catherine Reardon Scrapbook, 1903-1911: 1907 Class Book. 1907—1912, Edited by Sophie Parsons Woodman, pp. 14-15.

Image Source: Class portrait of Louise Christine Odencrantz, Barnard Class of 1907 in Mortarboard 1907, p. 173.

Categories
Chicago Economic History Economist Market Economists Fields

Chicago. Report of the Bailey-Christ-Griliches Committee, 1957

 

Today’s artifact provides a collection of suggestions from three young faculty members of the University of Chicago department of economics in 1957 regarding (inter alia) thesis writing, linkages with business/law/statistics faculty, long-term staffing, and the creation of a working-papers series. After reading the report, I guess one should not be terribly surprised that all three of these young turks would ultimately end up spending the lion’s share of the rest of their working lives elsewhere than Chicago. Basically what we have below is a young insider’s view of how to proceed in promoting excellence at Chicago, though it does not really have the ring of a majority view of that faculty. For fans of Saturday Night Live, one might say Christ et al. wanted “less cowbell” but the “more cowbell” faction was stronger. [An alternate source for the SNL sketch]

The following report was written by Carl Christ who incorporated assessments by his fellow committee members Martin J. Bailey and Zvi Griliches.  These guys were only ca. 34, 30, and 27 years old, respectively, in 1957. One suspects that the acting chair of the department of economics at the University of Chicago, D. Gale Johnson, was hoping to tap the minds of the younger faculty members for some fresh ideas. Both Friedman and Stigler had already entered mid-life at 45 and 46 years of age, respectively. 

I have added footnotes to the text in square brackets, e.g. [1], where descriptions of the reader’s markings by T. W. Schultz are provided.

_______________________

T. S. Schultz’s handwritten notes attached to Report

I.  Christ-G-B

  1. dust off Master’s (hold)
  2. treatment of the weak
  3. rec[commend?] students with more enthusiasm
  4. more history (underway)
  5. combine workshops?

II. Business –Law-Statistics

O.K.     more cross listing of courses. List of faculties for use in assigning committees (underway)

III. Information

prong 1. Special seminar (tied to more visitors)
prong 2. more 1 & 2 year visitors
prong 3. dist our staff (2 v.G.
prong 4. reprint service (underway)

 

_______________________

copy of T. W. S.

REPORT OF THE BAILEY-CHRIST-GRILICHES COMMITTEE*

            *The committee was appointed by D. Gale Johnson, acting chairman of the Department, pursuant to a motion passed at a department meeting late in the spring quarter of 1957. The report was written by Carl F. Christ, chairman of the committee, and has been approved in substance by Martin J. Bailey and Zvi Griliches, the other two committee members.

 

The committee has met together several times. In addition, each of us has “held hearings” with colleagues on numerous informal occasions. Our original terms of reference centered on a long range view of the question of staffing the department. But in our discussions we have ranged very widely.

We have dealth [sic] with five broad topics, some of which are interconnected. The five are, loosely speaking:

  1. Instruction, training and placement of students.
  2. Relations with the business, law, and statistics faculties.
  3. Information about the department for its members, for the economics profession and for prospective students.
  4. The allocation of resources in economics research.
  5. Kinds of economists the department ought to try to hire.

On some of these topics we have concrete suggestions, on some we have vague suggestions, and on some we merely have questions. This report provides a brief account of our discussions, and in the course of it it the suggestions and questions will appear.

 

(1) Instruction, training and placement of students.

This topic has not been a major one in our discussions. However we have several points under it.

First, the M.A. degree ought to be dusted off and made more respectable and more meaningful to students, so that those who do not choose or are not able to continue for the Ph.D. can go away from here with the feeling that they have made a worthwhile investment, to our credit as well as theirs.

Second, we ought to do a better job with our relatively weak Ph.D. aspirants in two respects: First, in discouraging or prohibiting from Ph.D. work any student who, in our opinion, is not capable of success by our standards. Second, once a student has been permitted to go ahead on his thesis, in encouraging and assisting him so that he is able to finish within a reasonable period of time and to have the feeling that he has been treated fairly. The reason for mentioning this point is that we have come across reports of several students who worked long and hard on theses and went through several revisions, with the result that they felt we had been unreasonably exacting and had unnecessarily delayed their degrees. [1]  If the M.A. degree is made more respectable as suggested above, there should be less difficulty in maintaining our Ph.D. standards and at the same time avoiding long-drawn-out struggles with marginal Ph.D. students. [2]

Third, we ought to be more vigorous and more liberal in recommending our students for jobs. There appears to be some evidence that in making recommendations we typically assume that the prospective employer has standards as high as ours, and so sometimes fail to place some of our people in jobs that instead are filled by less qualified students from elsewhere. [3]

Fourth, we ought to give at least some of our students a better knowledge of history and inability to make use of it in economics. Too many of our students go away with only poor knowledge in this area. At the same time, in Earl Hamilton and John Nef, not to mention others, the department has access to some of the best historical talent that is to be found anywhere. Can it not be turned to the advantage of more students? [4]

Fifth, we ought to economize our resources a bit by combining into one the workshop appearance in the thesis seminar of those students whose workshop performances appear ex post to have served the purpose of the thesis seminar. It might also be possible to combine the Ph.D. oral examination with the seminar appearance in some cases, thus making a further saving.
Sixth, we ought to take more advantage of the resources in the business, law, and statistics faculties, and be prepared to let them do the same with us (see topic 2 below). [5]

 

(2) Relations with the business, law, and statistics faculties.

The committee met for an hour with Allen Wallis, James Lorie, and Arnold Harberger to discuss informally the probable future course of relations between the department and the school. From this it appeared that the school intends to continue to send many of its advanced students to the department for training in price theory and monetary and income theory, and also that the school will welcome students from the department who wish to study topics that are offered in the school. [6] It also appeared that the school intends to invest fairly heavily in staff in the areas of industrial and market organization in the public regulation of business (this interested us because we feel that one of the main weaknesses in the department’s coverage lies here; see topic 5 below). [7]

We discussed the fact that while relations between the department and the school have always been cordial, there has not been as much flow back and forth as desirable, and in particular that some of our students would be interested in the business school’s work fail to follow up this interest because our demands on their time are quite heavy. We concluded that if there were more cross-listing of courses in the catalog and time schedules (the business school now does a better job of this than we do), and if some of their faculty came to our seminars and oral examinations and vice versa, and if there were more preliminary examination committees and thesis committees with members from both the school and the department, then in the course of meeting their degree requirements, any interested economics department students will find it easier to draw on the resources of the business school and vice versa.[8]

A similar approach to law and statistics would appear promising.

 

(3) Information about the department for its members, for the economics profession, and for prospective students.

One of the most commonly recurring themes in our discussions with each other and with “witnesses” in our “hearings” was that we do not provide good enough information for each other and for outsiders about the kind of work that is going on here, and the advantages we believe we have. Our discussions on this point have led to one of the two major suggestions we have to offer (the other appears below in section 5).

The suggestion is to set up a four-pronged program something like the following. (We will quickly list the four prongs, and then return with some comments.) First, set up a sort of special seminar (which might be called the Economics Research Center Seminar) to meet more or less regularly about twice a month, at which the best work that students and faculty and guests are doing would be presented to the department and its guests. Second, have a larger number of one-year or two-year visitors from all over the U. S. and the world, either as post-doctoral fellows or research associates or the like, whose main responsibility here would be to work on their own research and participate in the special seminar, as well as to take part in one or more workshops and research projects. Third, distribute dittoed copies of our essentially finished work to a selected mailing list of economists in the US and abroad, as the Agricultural Economics group already does informally. And fourth, have a reprint series that would carry the best published articles and papers by our faculty, students, and guests.

It is clear that if such a special seminar is set up and no cut is made in the number of meetings of the other workshops and seminars, the faculty workload will increase. Since we feel that it is already pretty high, it seems sensible to suggest that each workshop skip one meeting each month. This should approximately compensate for the extra load created by the special seminar.*

*A crude survey of the faculty attendance at the Agricultural Economics Seminar and the Chile, Labor, Money, Public Finance, and Econometrics Workshops yields the estimate that about 40 faculty-hours (that is, about 20 man-seminars) per week go into these workshops. Assuming that about 10 faculty members would come to each special seminar, about every two weeks, this would require a weekly average of about 10 faculty-hours (or about 5 man-seminars), which would be released if the frequency of meetings of the workshops were reduced about 25%. Another economy measure in this direction is mentioned under topic (2), fifth item.

(In response to the special seminar idea, some colleagues have suggested that the important thing is to circulate advance notice of particularly good work that is about to be presented, so that interested faculty members and others can attend, and that if this can be done, there is no need to have a special seminar; the regular workshop sessions will suffice. If the idea is accepted that particularly good work ought to be publicized within the department before it is presented, then the question of whether to do this via notices of regular workshop meetings or via a special seminar can be discussed as a procedural matter.) [9]

The special seminar idea is tied in with the idea of more visitors, for one of the results we hope for is that the visitors will see our best work, and will spread the word about what kinds of things are being done here, when they leave and go elsewhere. [10]

The reprint series and the distribution of the dittoed manuscripts will, we hope, have a similar effect. Further, but dittoed manuscripts will enable some members of the profession at large to become familiar with our results many months before they can be brought out in published form. [11]

Other simpler measures that might improve the flow of information are the following: Putting out a special department circular or flyer describing the department, the workshops, the interchange of research among faculty and advanced students, and the large amount of faculty attention paid to students; returning to the practice of giving brief descriptions of courses in the catalog (and in the above-mentioned circular), instead of merely course titles as our department has been doing recently; and publishing an annual report for the Economics Research Center. [12]  The matter of job recommendations for our students, which is related to the topic of providing information, was touched on under topic (1) above.

 

(4) The allocation of resources and economics research.

The area of economics that is the most fully developed, the most systematic, the most firmly established, and probably the most reliable for understanding and controlling economic events is the more or less traditional theory of prices, distribution, and the allocation of resources, based on the tools of supply, demand, and marginal analysis. Because it’s postulates (including utility maximization, profit maximization, and a fairly widespread knowledge of market alternatives) appear to be rather unrealistic, this theory has the reputation among many people of being dry, abstract, and of little or no practical value. In the opinion of the committee and of many economists in our department and elsewhere, this theory is a powerful one and can lead to highly useful results when applied to real-world problems. Indeed, one of the most productive kinds of activity for economists appears to be to apply this theory to situations where public and private policies are inappropriate to the goals people have in mind. [13]

In our opinion, the main strength of our department lies in just this kind of activity. We have a group of people who are very devoted to and very good at discovering important, unsolved economic problems that can be solved with the aid of this kind of theory, and solving them. [14]

Our agricultural economists’ approach to the farm problem is one example. Their work on optimum storage rules and on the development of natural resources or others. Our department’s work on economic growth in a sense is another, since when we find that the growth in national product is not fully accounted for by inputs of labor and capital is usually measured, we begin to look for some missing input, either in the form of something that shifts the production function, or in the form of some quality improvements that we have missed in the labor and/or capital: knowledge in either case. This is related to work by Friedman, Becker, in the labor workshop on the value of education as an investment, and to Knight’s concept of human beings as a form of capital. Harberger’s work on depletion allowances, and on the welfare costs of the U.S. tax system, are other examples. Friedman’s and Cagan’s work on the demand and supply of money are examples too, in the sense that attention is focused on the behavior of economic units seeking to maximize their utility or profit in their holding of money and their borrowing and lending operations. Friedman’s and Reid’s consumption work is similar in that into rests on the same view of individual behavior. The whole Chile project is an example par excellence. Friedman’s suggestions for allowing the price system more scope in the fields of education, military recruiting, and the like, for which Friedman and indirectly, the department are so well known, are still others, as is Becker’s free banking scheme, though there is probably more disagreement among economists generally about questions like these that about the other work mentioned above.

While it is clear to us that applications of the familiar theory of allocation of resources very productive, it seems equally clear that the real frontiers of economics lies elsewhere. Some areas that have claimed attention so far are economic history, political science, sociology and social psychology and cultural anthropology, psychology (including learning theory), information theory, statistical decision theory, linear programming, the theory of games. It seems at least as likely that major advances in economics will come by one of these routes or some as-yet-unidentified route as they will come from applications of the familiar resource-allocation theory.

The foregoing statement is so broad that it is almost certain to be true, and almost useless as a guide to research workers interested in major advances. The committee polled itself as to where it thinks pay dirt lies, and where it does not lie, with results something like the following: Among the areas particularly likely to be fruitful are the borderland with learning theory and psychology concerning choice and decision-making  [15], the borderland with statistics concerning decision theory and game theory [16], the borderland with anthropology concerning culture and values [17], the borderland with political science concerning political institutions [18]. Also promising, we feel, are mathematical approaches generally, including mathematical approaches to some of the above mentioned borderlands. [19] None of us wanted to rule out linear programming, though none of us was enthusiastic about input-output.

In summary of this topic, we have two statements: First, the familiar resource allocation theory is a powerful tool and there remains a rich field for its application. Second, it seems to us that if some resources are invested in related but different areas such as those mentioned in the preceding paragraph, there is now a worthwhile chance of that substantial pay-off in the form of new knowledge relevant to economics.

 

(5) Kinds of economists the department ought to try to hire.

Over the past few years several members of the department (and a good many outsiders!) have expressed the view that our department is too homogeneous in several ways. [20] Most of us rely heavily on resource allocation theory, as suggested in the preceding section of this report, and do not emphasize peripheral and possibly frontier areas such as decision theory, learning theory, information theory, psychology, anthropology, and the like. [21] Most of us were trained at Chicago at some stage, are essentially anti-socialist, [22] have essentially similar views about monetary and fiscal policy, have similar views about how far public policy should rely on the price mechanism and how far it should interfere with it, and are primarily theoretically and analytically oriented as opposed to institutionally oriented.

In recent department meetings, our discussion of this matter has often gone something like this: First, we more or less agree that we ought to diversify by seeking a socialist, or an institutionalist, or something of the sort. [23]  Then we considered names of economists who might qualify, and one by one we reject them on the ground that they are not really good economists. The discussion ends when someone says, “There’s really nobody good in that category.”

Granted that we want to maintain a high level of quality in the department, there are at least two difficulties involved in any attempt to diversify. One is that in hiring people we like to feel that we know them pretty well, so as to make informed decisions. And the younger people whom we know the best, by and large, are our own former students and fellow-students. This creates and perpetuates a bias in favor of people trained at Chicago. [24] The bias is not so strong, of course, in the cases of people who have published and made reputations, but even here it appears to exist (look at the people who were brought here as associate professor from elsewhere, and ask how many have had training at Chicago).

A second difficulty is simply that it is hard to separate judgment about the quality of an economist from judgment about his position on questions of research strategy and of economic policy. We agree in principle that high quality is very important, and also that it is possible for powerful and prolific minds to disagree in good faith concerning research strategy and public policy. Still there is a temptation to feel that one’s own views sincerely arrived at are best, and that somehow an economist who disagrees strongly with them cannot really be a very good economist. [25]

It seems to the committee that the real issue is not diversification per se. We see the issue somewhat as follows: As we said in the foregoing section of the report, we believe that the real frontiers of economics lie in directions that are somewhat unorthodox by the lights of the department. [26] We also believe that there are high-quality economists who are unorthodox in the same sense. If these two premises are correct, then our interest as a department in pushing forward the frontiers of economics must prompt us to make a serious attempt to add a few such people to our staff. It is only in this sense the diversification seems to be a worthwhile aim.  [27]

The question of what sort of people the department ought to try to hire includes not only the problem of finding economists of high quality who appeared to have productive unorthodox approaches. [28] It also includes the problem of rounding out the subject-matter coverage of the department.

The committee pulled itself again, this time as to the subject matter areas that the department ought to pay special attention to, in seeking new faculty. The results were as follows.

For replacement of staff lost in recent years, the two high-ranking fields were mathematical economics-econometrics, and industrial and market organization in social control of business. [29]  (The second of these seems less urgent for us, in the light of the business school’s intention to invest in it; see topic 2 above.) Ranking almost as high was the history of economic thought. [30]

For expansion, we thought of business fluctuations, the economics of the firm, and American economic history (the latter mainly so as to free Earl Hamilton to give work in his real specialty, European economic history, without sacrificing our offering in the American field).

The last two sections of the report may be summarized thus (and here is the second major suggestion referred to earlier). It is the feeling of the committee (1) that we should place a high value on quality, and (2) that in view of our belief that the present composition of the department is weak in areas where the frontiers of economics are to be found, we should make a serious attempt to find high quality people whose interests and competence give promise of advancing the frontier, as suggested in the end of the preceding section of the report. We also suggest that the department pay special attention to the fields mentioned in the foregoing paragraph. In particular, we suggest that the department undertake to appoint a person in the mathematical economics-econometrics area beginning in the fall of 1958. [31]

There is no reason why one or more of these things should not be combined in the same person. And, of course, there is no reason why we should pass up opportunities to hire good economists who are essentially orthodox by our lights, if our resources will permit us to do that as well as meet our author needs.

 

Handwritten Markings and Remarks

[1] Vertical line in left margin marks the last two sentences of paragraph.

[2] Question mark in left margin for this sentence.

[3] “a good point” in left margin for second sentence of paragraph.  “need to ask[?] terms of the specific job + not general letters” in the right margin

[4] “good” in left margin. Vertical line in left-hand margin marks the entire paragraph.

[5] “OK” in left margin. Vertical line in left-hand margin marks the entire paragraph.

[6] “good” written in left margin next to this sentence.

[7] Vertical line in left margin marks the last sentence of the paragraph.

[8] “get list from these committees” in left margin for this sentence.

[9] “OK” in left margin for the last sentence of this paragraph.

[10] “OK” in left margin next to this paragraph.

[11] “OK” in left margin for the last sentence of this paragraph.

[12] underlined “merely course titles as our department has” and “publishing an annual report for the Economics”

[13] Four vertical lines in the left margin mark the last sentence of this paragraph.

[14] Vertical line in the left margin marks the entire paragraph.

[15]  Underlined: “borderland with learning theory and psychology concerning choice and decision-making”,  “(1)” in left margin.

[16] Underlined: “statistics concerning decision theory and game theory”,  “(2)” in left margin.

[17] Underlined: “anthropology concerning culture and values”,  “(3)” in left margin.

[18] Underlined: “political science concerning political institutions”,  “(4)” in left margin.

[19] “(5)” with a vertical line in the left margin marking “mathematical approaches generally, including mathematical approaches to some of the above mentioned borderlands.”

[20] “is too homogeneous in several ways” is underlined.

[21]  “decision theory, learning theory, information theory, psychology, anthropology” is underlined.

[22] “anti-socialist” is circled

[23] “socialist” and “institutionalist” are each circled.

[24] Vertical line in left margin marking the second, third, and fourth sentences of this paragraph.

[25] Vertical line in left margin marking this entire paragraph.

[26] “economics lie in directions that are somewhat unorthodox” is underlined.

[27]  Vertical line in left margin marking the last two sentences of this paragraph.

[28] “productive unorthodox approaches” is circled

[29] “mathematical economics-econometrics” is circled  “also Stigler” written in left hand margin with reference to “industrial and market organization”

[30] “history of economic thought” is underlined, connected with short line to bottom margin note “Stigler”.

[31] Curly vertical line in the left margin marks the entire paragraph.

 

Source: University of Chicago Archives. Department of Economics Records, Box 42, Folder 8.
Mimeograph copy without marginal notes also found in Harvard University Archives. Papers of Zvi Griliches, Box 129, Folder “Correspondence, 1954-1959”.

Image Source: Professor Carl F. Christ in Johns Hopkins University yearbook. Hullabaloo 1962.

 

Categories
Exam Questions Harvard

Harvard. Junior political economy final examination. Green, 1870

 

 

In a previous post I transcribed the final exam questions for Francis Bowen’s senior year course “Political Economy” at Harvard, 1868-69. In that post you will also find biographical information.

In the following year, 1869-70, “Political Economy” was  offered to seniors in the first term (Bowen’s text-book). It was also taught (with a different text-book: Rogers) in the second term of the junior year.

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From the Annual Report of the President of Harvard College, 1869-70

[There are four subjects and four instructors listed for the required subjects for second term Juniors in 1869-70 according to the annual report of the president of Harvard College.]

 

Required Studies. Text-books Number of students Number of Sections Number of Exercises per Week Number of Hours per Week
Instructors. Subjects.
Mr. O. W. Holmes, Jr. Constitutional Law Alden’s Science of Government

158

4 1

4

Mr. N. St. J. Green Philosophy Hamilton’s Metaphysics;
Rogers’s Political Economy

158

3 3

9

Prof. Bowen Forensics (four)

158

Prof. Lovering Physics Lectures

158

2 1

2

 

Textbook:   James E. Thorold Rogers, A Manual of Political Economy for Schools and Colleges. Oxford: Clarendon Press, 1868.

 

Source: Harvard University. Annual Report of the President of Harvard University, 1869-1870, p. 38.

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POLITICAL ECONOMY

  1. Is a hard bargain, voluntarily entered into, an advantage to both parties, or a disadvantage to one? Why, and how?
  2. What is the cause of value? What is the measure of value?
  3. What is Capital? Profit? Wages? Rent?
  4. What are the causes which determine the Wages of Labor?
  5. What is the effect of laws regulating the rate of Interest? How do they produce that effect?
  6. What is meant by Demand and Supply? Give an illustration of the price of an article being affected by Demand. Give one of its being affected by Supply.
  7. Is Capital equally distributed to all kinds of Labor? If it is, why is it? If it is not, why is it not?
  8. What are the proper functions of Government?
  9. What are the general principles of Taxation?
  10. Why are the Precious Metals used as Money? How are they distributed?

 

Jun. Ann. June, 1870.

 

Source: Harvard University Archives. Harvard University. Final Examinations 1853-2001. Box 1, Folder “Final examinations, 1869-1870”.

 

Image Source:  Portrait of Francis Bowen from the Harvard Square Library (Unitarian Universalism). The Harvard Book: Portraits.

 

Categories
Chicago Economists Johns Hopkins

Johns Hopkins. Memories of Chicago Economics Ph.D. Alumnus and JHU professor Carl Christ, 2017

 

Sometime in the second half of the 1980’s, when my stock as an expert on the economy of the German Democratic Republic was reasonably high and the future fall of the Berlin Wall was still sufficiently somewhere over the rainbow, the President of the Johns Hopkins University (Stephen Mueller) apparently hoped enough to attract me to the young American Institute for Contemporary German Studies of Johns Hopkins in some capacity to have the economics department of the university invite me to present a seminar and talk with colleagues there. Knowing now just how excited departments can be about suggestions coming from the university administration regarding potential appointments, I should have gone into this campus visit with low expectations. 

As it turned out my host for the visit was the senior professor Carl Christ who was the proverbial gentleman and a scholar. He was an engaging and sympathetic mensch with broad interests. From that time I have read with delight his accounts of the Chicago years of the Cowles Commission. He struck me as a scholar you could trust.  I was introduced to his colleague Peter Newman who, if memory serves me correctly,  joined us for lunch. Come to think of it, for my latent interest in the history of economics, I could have hardly had a much better day.

However the story of my day with the Johns Hopkins department of economics would be incomplete without admitting that the seminar did not go well…for me. It was the first time in my (hitherto sheltered) academic life that I was mawled by a pit-bull seminarian over a point that was quite important for his c.v. but of third-order importance for the results of my paper. In any event, there was no further contact one way or another with the Johns Hopkins economics department after that.

My positive impressions of Carl Christ survived and I am delighted to share what I have found out about the life and career of the this fine specimen of  a 1950 University of Chicago economics Ph.D. Note:  “Although his economic training was in the ‘Chicago School,’ he never believed that economic efficiency was a higher goal than social justice,” wrote a daughter, Alice Christ of Lexington, Ky.”

The previous post provides his reading lists for a sequence of econometrics courses he taught at the University of Chicago in 1957.

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Obituary
May 3, 2017

Longtime JHU Economist Carl Christ dies at 93

Carl Christ, Professor Emeritus in the Department of Economics at Johns Hopkins University, passed away on April 21, 2017. Professor Christ was born on September 19, 1923 in Chicago and graduated from the University of Chicago Lab School. He earned his BS in Physics from the University in Chicago in 1943 and his Ph.D. in Economics from the same institution in 1950. He worked as a Junior Physicist on the Manhattan Project in Chicago from 1943 to 1945 and was an Instructor in Physics at Princeton University from 1945 to 1946, after which he enrolled in the graduate program in the Department of Economics at the University of Chicago. He was a Research Associate at the Cowles Commission at Chicago from 1949-1950. He moved to the Department of Economics at Johns Hopkins in 1950, where he served on the faculty until 1955, when he moved back to the Department of Economics at the University of Chicago, where he served as Associate Professor from 1955 to 1961. In 1961, he returned to Johns Hopkins as Professor, where he remained until he retired in 2005 and assumed Emeritus status.

Carl Christ had a distinguished record of scholarship across multiple topics. His interests ranged from econometric methods, especially the testing and evaluation of econometric models, to monetary and fiscal policy and to the history of econometrics. His work on macroeconometric models was rooted in the Cowles Commission tradition of structural econometric models based solidly on economic theory and careful attention to identification, endogeneity, and consistent and efficient estimation. He wrote a seminal paper on the forecast error variances from those types of models and on their sensitivity to model specification. He authored a widely used introductory econometrics textbook in 1966, Econometric Models and Methods, which popularized the structural econometric approach. The textbook was translated into several languages. In the area of monetary and fiscal policy, his major contribution was a deep incorporation of the federal budget constraint in all its dimensions–fiscal, monetary, reserves, debt, and so on–into macroeconometric models, which had inadequately incorporated those features prior to his work. He showed that policy multipliers were very different when the budget constraint was properly modeled. His interest in the history of econometric methods was also strong, and he wrote a history of the Cowles Commission during its first 20 years which was published in 1952, an expanded version of which appeared in the Journal of Economic Literature in 1994, and he wrote a history of the founding of the Econometric Society as well as several other pieces on the history of quantitative analysis. He was a student and admirer of Tjalling Koopmans and, with Martin Beckmann and Marc Nerlove, edited the Scientific Papers of Koopmans. A symposium in his honor where papers relating to his research were presented was held at Johns Hopkins in 1995 and was published in the Journal of Econometrics in 1998.

Christ served in numerous professional and department capacities during his career. He served in multiple capacities of the American Economic Association, including serving as Vice President, serving on its Executive Committee, chairing several other committees, and serving on the Editorial Board of the American Economic Review. He served in numerous roles for the National Bureau of Economic Research, including service as a Member, Vice Chair, and Chair of its Board of Directors. He served on the Council of the Econometric Society and in several other capacities for the Society. He was an elected Fellow of the Econometric Society and the American Statistical Association and received many other citations and awards. At Johns Hopkins, he served as Chair of the Economics Department twice, from 1961 to 1966 and from 1969 to 1970. He also served on numerous university committees throughout his career and into his time as Emeritus Professor. The Department of Economics at Johns Hopkins has a named professorship as well as a named graduate student fellowship in his honor.

He is survived by his wife of 66 years, the former Phyllis Tatsch.

 

Source:   Johns Hopkins University Department of Economics Website. “Longtime JHU Economist Carl Christ dies at 93”.

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IN MEMORIAM
Published Apr 25, 2017

Longtime Johns Hopkins economist Carl F. Christ dies at 93
Trailblazing expert in field of econometrics specialized in fiscal policy and government budget restraint, spent more than 40 years at JHU

by Jill Rosen

 

Carl F. Christ, a distinguished economist whose career at Johns Hopkins University stretched more than 40 years, including two stints leading his department, died Friday. He was 93.

Christ was a trail-blazer in the field of econometrics, where statistical analysis puts economic theories to the test. In the late 1960s he wrote one of the first textbooks on the subject, a book that became a standard text used for decades in economics courses worldwide. Much later, in 1998, the Journal of Econometrics honored him with a special issue, a collection of articles by “friends, colleagues, and professional admirers of his life’s work,” that praised his contributions, his influence, and the “beauty” of his analytical work.

Christ, born in Chicago, graduated in 1943 from the University of Chicago, where his father was on the faculty of the business school. He did not initially pursue economics, but physics, teaching it at Princeton and working on the Manhattan Project, a research effort during World War II that led to the creation of nuclear weapons.

But Christ realized he wanted to use his mathematics ability to help the world in a different, more peaceful way. He once told the News-Letter, “During World War II, I lived in a house full of pacifists while I was working on the atom bomb. I then wanted to do something that had to do with human problems.”

“He wanted to do more good in the world,” said his daughter, Lucy Smith. “He wanted to be constructive and he saw economics as the path to do that.”

After returning to school and earning a PhD in economics from the University of Chicago, Christ joined the faculty of Johns Hopkins in 1950, where he stayed for most of the rest of his career, except for a six-year stint at the University of Chicago.

In addition to pioneering the use of computers to test econometric models, Christ’s niche was monetary and fiscal policy, especially government budget restraint. He is the author of four books, editor of one, and has more than 40 articles in journals and books, as well as more than 60 other publications.

“He was one of the greatest macro econometricians of the 1950s and 1960s,” said Johns Hopkins economist Robert Moffitt. “He worked on the first wave of econometrically-based macroeconomic models of the economy developed at the Cowles Foundation at the University of Chicago, and became a leading authority in the economics profession on their estimation.”

Students at Johns Hopkins chose him to win the George E. Owen Teaching Award in 1985, an award for outstanding teaching and devotion to undergraduates.

In 2008, when the university established a named professorship in his honor—the Center for Financial Economics’ Carl Christ Professorship—his colleagues described it as an honor for “the legacy of a man who has been an inspirational teacher and mentor to generations of Johns Hopkins students.”

Johns Hopkins economics professor emeritus Louis Maccini, who Christ hired, said Christ always had time for junior colleagues and students, ready with constructive criticism and good advice.

“When he hired me he was a very distinguished scholar, and I appreciated how I could talk with him and get sensible advice—passed on as if I was his equal,” Maccini said. “I tried to model myself after him in that regard.”

Beverly Wendland, dean of JHU’s Krieger School of Arts and Sciences, also recalled Christ’s dedication to the university.

“A renowned economist who was beloved by both his students and faculty colleagues, Carl was instrumental in making our Department of Economics the standard-bearer that it is today,” she said.” He will be remembered, not only for his pioneering work in econometrics, but for his love and dedication toward Johns Hopkins.”

Christ was passionate about the university community, joining numerous efforts and boards, and even appearing in a few Johns Hopkins theatrical productions. He was a devoted member of “The Oldtimers,” an informal club for retired faculty and staff.

“He held the thing together,” said Matt Crenson, a Johns Hopkins political scientist and an Oldtimer. “He planned meetings, he made reservations, he discussed the menu, and he sent out notices—I hope we’ll be able to survive without him.”

Off-campus, Christ served on the Maryland Governor’s Council of Economic Advisers and helped the Urban League by drafting brochures on financial topics, like how to buy a house with sustainable mortgage payments.

At Roland Park Place, where he lived, Christ joined the investment advisory committee and the hospitality committee. He could also be regularly spotted at the corner of 41st Street, with a “War is not the answer” sign.

In addition to his daughter Lucy, Christ is survived by his wife of 66 years, Phyllis; daughters Alice Christ and Joan Christ; and five grandchildren.

 

Source: Johns Hopkins University, Hub website.

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Obituary
April 26, 2017

Carl F. Christ, noted Johns Hopkins economist
by Frederick N. Rasmussen
The Baltimore Sun

Carl F. Christ, a noted Johns Hopkins University economist whose career spanned more than four decades and who during World War II worked on the Manhattan Project, died Friday of complications from prostate cancer at Roland Park Place.

He was 93.

“Carl Christ was one of the leading figures in the world on macroeconomics and econometrics, and was clearly one of the most distinguished senior faculty members at the time,” said Louis J. Maccini, who retired from Johns Hopkins in 2013, where he had served as chair of the economics department from 1992 to 2007.

“We have been colleagues and friends for almost 50 years, and it was Carl who hired me at Hopkins in 1969,” he said.

“An important ingredient about Carl was that he was a very constructive person, and his comments and opinions were always constructively offered to students and colleagues,” he said. “When I came to Hopkins, he treated me equally as a colleague, and I appreciated that. It was a key element of his personality that he was always helpful and constructive.”

The son of Jay Finley Christ, a professor in the business school of the University of Chicago, and Maud Trego Christ, an educator and suffragette, Carl Finley Christ was born and raised in Chicago and was a graduate of the University of Chicago Laboratories School, a high school. He attended Colorado College for two years.

He was a 1943 Phi Beta Kappa graduate of the University of Chicago, where he earned a degree in physics.

From 1943 to 1945, he worked as a junior physicist for the Manhattan Project, which led to the development of the atomic bomb.

After his wartime work with the Manhattan Project, Dr. Christ decided to use his mathematics acumen to achieve peaceful ends.

“During World War II, I lived in a house of pacifists while I was working on the atom bomb. I wanted to do something that had to do with human problems,” he once told the Johns Hopkins News-Letter.

After serving as an instructor in physics at Princeton University from 1945 to 1946, he returned to the University of Chicago, where he earned a Ph.D. in economics.

“Although his economic training was in the ‘Chicago School,’ he never believed that economic efficiency was a higher goal than social justice,” wrote a daughter, Alice Christ of Lexington, Ky.

He joined the Hopkins faculty in 1950 as an assistant professor and in 1953 was named assistant professor of political economy.

Dr. Christ was a senior Fulbright research scholar at the University of Cambridge from 1954 to 1955.

Dr. Christ left Homewood in 1955 when he became an associate professor of economics at the University of Chicago, where he taught until 1961. He then returned to Hopkins as professor of political economy.

He was department chair from 1961 to 1966, and again from 1969 to 1970, and in 1977 was appointed to the Abram G. Hutzler professorship in political economy.

“Dr. Christ was a trailblazer in the field of econometrics, where statistical analysis puts economic theories to the test. In the late 1960s, he wrote one of the first textbooks on the subject, a book that became a standard text used for decades in economics courses worldwide,” according to a Johns Hopkins news release announcing his death.

The book, “Econometric Models and Methods,” was published in 1966. He was a contributor to the International Encyclopedia of the Social Sciences, Volume IV, which was published in 1968; “Simultaneous Equations Estimation,” 1994; and “Econometrics, Macroeconomics and Economic Policy” in 1996.

In 1998, the Journal of Econometrics honored Dr. Christ with a special issue that contained articles from “friends, colleagues and professional admirers of his life’s work,” and recognized him for the “beauty” of his work.

Dr. Christ also pioneered the use of computers to test econometric models. His field of specialties included monetary and fiscal policy, especially government budget restraint.

“He is particularly interested in what is known as the government budget restraint, which involves the three ways the government can raise funds when it spends money — taxing, borrowing or printing more money,” reported The Baltimore Sun in a 1981 article.

“Dr. Christ conceded that it is impossible to develop an economic theory that describes human behavior as well as scientific theory can describe the behavior of molecules,” according to the article.

In addition to his four books, he wrote more than 40 articles in journals and books, as well as in more than 60 other publications, including The Sun, regarding economic matters.

Dr. Christ was the recipient in 1985 of the George E. Owen Teaching Award, presented by Hopkins students for outstanding teaching and devotion to undergraduates.

His courses on macro- and microeconomics, government financial policy and the stock market were popular among students at the Homewood campus.

In 2008, Hopkins established a professorship in his honor at the Center for Financial Economics.

Dr. Christ began a phased-in retirement in 1989 and fully retired in 2009.

“According to department secretary Donna Altoff, he continued to show an exceptional level of interest in the students, and loved to talk to them and took interest in their job searches until the end,” wrote another daughter, Lucy Christ Smith of Seattle, in an email.

He and his wife of 66 years, the former Phyllis Tatsch, were former residents of Juniper Road in Guilford and moved to Roland Park Place in 2006. He remained active on many university committees and boards and even performed in several theatrical productions at Johns Hopkins and the Hamilton Street Club.

He was an active member of The Oldtimers, an informal club for retired Hopkins faculty and staff, where he planned meetings, discussed menus and sent out notices to the membership.

Dr. Christ served as a member of the Maryland Governor’s Council of Economic Advisers and helped the Urban League by drafting brochures in financial topics with such articles as how to purchase a house with affordable mortgage payments.

At Roland Park Place, he served as a member of the investment advisory and hospitality committees.

He also regularly participated in a weekly protest staged by residents along 40th Street in front of Roland Park Place, where he could be spotted carrying a sign that read “War is not the answer.”

He and his wife were avid catamaran sailors and windsurfers, and since 1933, he had spent summers on Lake Michigan at Williams Grove and Harbert Woods.

Dr. Christ donated his body to the Maryland Anatomy Board, and plans for a memorial service are incomplete.

In addition to his wife and two daughters, he is survived by another daughter, Joan Christ of Seattle; and five grandchildren.

 

Source: The Baltimore Sun, April 26, 2017.

 

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 In Memoriam—Carl Christ (1923-2017)
Comments from Carl Christ’s students, friends and colleagues

From the Department of Economics, Johns Hopkins University webpage:
http://econ.jhu.edu/in-memoriam-carl-christ-1923-2017/

“Carl was a great teacher and mentor. I was delighted that i managed to catch up with him for lunch on my last visit to the US. He had a most significant impact on me and I am sure on so many others. He was what made Hopkins.”

—John Hewson

 

“I was a student of Carl’s in the 1960s. It was an interesting time. Re econometrics, it was a time when it was becoming a more common tool for economists. Carl had just finished his book and was using it in class. I remember complaining about the high word-to equation ratio relative to competing books (by Johnson and by Goldberger). His story was that his book was especially for grown-up economists who needed to learn econometrics on their own and needed more examples and explanations. So it was a book more than a text book.

Three things I still remember that are still important:

  1. He was an early nag about identification- something that faded for a while in the profession, but has come back with a vengeance.
  2. He used to preach that an econometric paper must not only tell the truth and nothing but the truth, but also the whole truth-more appropriate than ever now, in a world of easy data mining.
  3. I recall him once working on a draft of a survey paper on econometrics, and his secretary (there were secretaries then) misread “econometrics” in the title and typed “economic tricks.” He thought maybe that was a better title.

He was both a great scholar and a true gentleman. It is good that he lived so long.”

—Robert Van Order , George Washington University

 

“He was a kind and generous man and as residual claimant served as my thesis adviser for which I am eternally grateful. He may well have been the third or fourth member of the Department to be so engaged.”

—Stuart I. Greenbaum, Prof. Emeritus , Olin Business School, Washington U. STL

 

“Carl was my teacher in the early seventies. I still remember his course vividly. When he started his econometrics course with chapter (7?) on identification stating that the early chapters were background. He also insisted on giving us back his per-book royalty as we all had bought his book.

More recently, Carl invited me to write a piece on Bela Balassa for the New Palgrave Dictionary of Economics which I accepted with pleasure. Even though he did most of the work, he insisted that my name appear first…..

Carl was a great mentor and the life at Hopkins.

When we organized a service for Bela at the Bank, Carl spoke of Bela with great emotion, breaking up in tears when he told us that Bela took the train back to DC to help his daughter with her homework only to come back to Homewood the next morning.”

—Jaime de Melo

 

“Here is another anecdote: when I took Carl’s class in 1992 his book was out of print and Greene (2nd edition!) was the official textbook. However, he lent us copies of his book. He had photocopies for the male students and the original textbook for our female classmates (the rationale was that the hard-copy was lighter to carry than the photocopies).

Like Jim and Bob, I also remember his emphasis on identification and on the economic interpretation of the results. He was a great scholar, teacher, and a true Gentleman.”

—Ugo Panizza

 

“Dr. Christ was my econometrics teacher and Dissertation Advisor in the mid /late 70s. He was amazing. Pieces I remember fondly are

  • His penchant for using every inch and corner of the board before erasing anything… (and side-bets among students about when he’d actually have to bring out the eraser)
  • Carl and Phyllis attending the periodic grad-Department-wide crab outings to Bo Brooks that I organized — with very messy Bay Seasoning-coated hands around red beer cups
  • His being a real person
  • His dedication to swimming / exercise
  • His desire to have people really understand what he was talking about — and instilling in me a real wish to be useful — something that has been a focus ever since.
  • He was my favorite teacher, and a real role model. It was wonderful to know him, and he’ll be missed.

And I use that story about “economic tricks” all the time before speeches I give (:-)).”

—Lisa A. Skumatz, Ph.D Principal , Skumatz Economic Research Associates (SERA)

 

“Many thanks for sending out this very sad notice of the passing of Professor Christ. I had not heard of his passing even though I live in the DC area. He was my econometrics professor at JHU and, although I showed no talent in econometrics, I enjoyed his class very much. He was so enthusiastic in class, and out of class as well. It was really special to see him at the retirement party for Lou Maccini a few years ago.

Professor Christ was a true scholar, and the personification of a great teacher. A truly classy person who, along with several other Hopkins professors, should have received Nobel prizes. I know he will be missed at Hopkins and by many of his former students like me.

Please convey my sincere regrets to his wife.”

—Eileen Mauskopf

 

“I join all of you in expressing my deep gratitude to Carl and in celebrating his life and work. Carl was my professor and thesis advisor (with Bela). I owe them both greatly.

Let me share an anecdote and a comment.

Anecdote. In the late 1960s early 1970s I was an undergrad student of Econ at the Univ of Buenos Aires in Argentina. There was a bookstore in downtown BsAs specialized in imported books on economics, politics, and similar topics… I liked to go there and just look at the books (as a student, my income was limited). One day I was drawn to a green book on econometrics; I felt I had to buy it even though a) it was expensive; b) my econometrics was poor; and c) my English was even poorer to non-existent. Furthermore, I had not heard of the author and I was not planning on leaving my country to study abroad. Still, I bought the book and I carried it with me to the different countries in Latin America and the Caribbean where I lived and worked when I left my country in 1976.

Fast forward several years, and the mystery of why I bought the book was finally revealed: I went to study at JHU, first at SAIS, and then at the Dep of Economics, where, you guessed it, I was the only one in my class with a personal copy of Carl’s famous book. Carl had a good laugh when I told him the story about my (his) book.

Comment. Other colleagues mentioned Carl’s work on identification. I’d like to highlight a related issue: his paper on Pitfalls in Macroeconomic Model Building along with the paper on government budget constraints were two of the most useful applied macroeconomics papers I have ever read. Once I heard someone say that “macroeconomics is national accounting identities plus opinions.” Everybody is entitled to her/his own opinions (on expectations, behavioral issues, market clearing mechanisms, and so on) but Carl made clear that you are not entitled to your own accounting identities, nor can you ignore them. Many policy disasters in developing countries (and some developed ones) happen because policy makers ignore basic double-accounting identities Carl so rightly emphasized (along with the proper matching of independent equations and the number of endogenous variables in a well-specified macro model).

It was a privilege knowing Carl. My thoughts and prayers go out to him, his family, and friends.”

—Eugenio Díaz-Bonilla

 

“Carl Christ’s greatest legacy was far more than celebrated author of “Econometric Models and Methods” – a 10 year undertaking. And far more than several dozen first rate Journal articles. Even more than a first rate teacher willing to tackle undergrad economics courses. It was his very demanding role as a Thesis Advisor par excellence that I consider his greatest Legacy. Demanding his students work to highest standards of scholarship. No matter how long it took. Always willing to read draft after draft with carefully made comments. Carl Christ was a demanding task master. But he was a superb Thesis Advisor and readily accessible. Under his indefatigable energies those of us privileged to be his Thesis students learned the standards of scholarship. It was the greatest of privileges to be his student. His reputation as a sterling Thesis Advisor went well beyond the Hopkins community.”

—Peter I Berman , (1963-67)

 

“I had the honor and privilege to have been Professor Christ’s grad student and TA for the Macroeconomics and Senior Honors Essay. Aside from his outstanding scholarship, I was lucky enough to observe a fantastic and dedicated teacher at work and a wonderful person and humanitarian to boot. Many of us tried and in vain to emulate this role model. When we heard the sad news, some of us were reminiscing about our experiences with Professor Christ.

Not sure how many know this, but beyond the academics, Professor Christ was also an athlete. I recall a sweet and funny anecdote when Kali Rath, Rafael Tenorio and I were teaching at University of Notre Dame in Indiana in the 90’s, and Gabriella Bucci at Depaul University. We received a call from Carl and Phyllis inviting us with our spouses to his summer house at the lake in New Buffalo, Michigan. We arrived at their home and proceeded to walk to the lake, where he wanted to teach us wind surfing. While walking to lake, we were all chatting with Carl and Phyllis when Kali noticed that Carl was casually holding two buckets containing equipment and other stuff for the sailboat etc.. so he insisted that he should help carry at least one. Carl asked “are you sure?” Kali assured him, and so Carl let go of one of the buckets and kept walking to the lake with the rest of us in tow. Suddenly, I realized that Kali was lingering way behind. I went back to ask him the matter and Kali said “Why don’t you try to lift the bucket” I tried and barely managed lift it before dropping it!! It took two of us to lift it and carry it to the lake panting and all, while marveling at how Carl managed to carry two of them and still lead the troops all the way to the lake while carrying on casual conversation with all of us. We had a wonderful day there.

As many others alumni already mentioned, he epitomized what Hopkins is.

He is and will be sorely missed. Deepest sympathies to Phyllis and family and the larger Hopkins one.”

—Ralph Chami , Assistant Director Institute for Capacity Development International Monetary Fund

 

“Dear friends and colleagues,

Carl Christ was a major reason I came to Hopkins. My undergraduate adviser knew his work and my budding interest in econometrics, and recommended that I apply to Hopkins. Little did I know that behind the book-writer was such a remarkable teacher, scholar, and person.

As a teacher, he was instrumental in helping me really understand identification, a concept I had only loosely grasped as an undergrad. His course built a foundation in econometrics that has served a whole generation of Hopkins students well to this day. More broadly than that, his approach to every question or idea in seminars or conversations was couched in terms that students could appreciate.

The depth of his involvement in his field of research was clear. Among other things, he would talk about the inner workings of the various macroeconometric models of the day. With his characteristic smile and a twinkle in his eye, he would relate that the publicized estimates from those models could sometimes be the technical estimate from the model –with a little final “from the gut” adjustment by the lead economist. Not trying to indict anyone, he was rather intending to both give us some insight to the complicated interaction of modeling limitations, the intuition of experienced economists, and policy influence, as well as get us thinking about what really constituted good research practices.

On the personal side, one of my early memories of the graciousness of Carl and Phyllis was the party they held for first-years in the fall of 1976, on election night for Ford vs Carter. Besides it being a wonderful social mixer, they held a little contest for who could pick the winner and his percentage of the popular vote. As I recall, the winner was the wife of one of our non-US classmates – politics has always been a universal language …

It was terrific to see Carl and Phyllis at Lou’s retirement event. While we hadn’t seen each other in a very long time, his memory was keen as always. He quickly recalled not only my first post-Hopkins job but also some of our DOPE softball days! Those are fond final memories.

My heartfelt condolences go to Phyllis and all of their family and friends.

Best regards,

—Richard J. Willke, Ph.D. , Chief Science Officer International Society for Pharmacoeconomics and Outcomes Research

 

“And, yet several more anecdotes.

I remember Carl – we called him Dr. Christ, back then. I was a grad student in the latter part of the 1970s; macroeconomics and international finance were my declared fields.

I remember Carl most vividly for his skillful and intuitive application of mathematical modeling to the greater understanding of macroeconomic theory and policy.

One of my fondest memories of him, was observing how he sat during our general seminars. I remember chuckling to myself, as I watched him, sitting in his chair, his legs folded up underneath him, in the shape of a pretzel. I always marveled at his ability to do that. ?Like the other professors in the department, he was dedicated to his students, the Department, the University, and his profession.

Certainly, one of the great ones!

He will be missed!

My condolences to his wife and family.”

—Milt Pappas, Ph.D.

 

“Carl Christ was an inspiration to me. He was a brilliant economist and very approachable. As a student, I remember that any of the students would walk past his office and he would call out a welcoming greeting to us. My first teaching experience was as a TA for him and I learned a lot from him. I am still a Professor!

Carl, rest in peace and send your blessings to us here on earth.”

—Marianne McGarry Wolf, Ph.D. , Wine and Viticulture Department, California Polytechnic State University

 

” I have just learnt about the sad demise of my most respected Professor Carl Christ. He is the one who offered me the admission with Fellowship to the Graduate Program in Economics at JHU in 1966, was my Ph.D. dissertation major guide along with late Prof Niehans); wrote a rather strong recommendation to my first post Ph.D. employer, IIM Ahmedabad (India), where I served 1970 through until my retirement in 2010; gave a strong recommendation to the Illinois State University, where I served as a full time visiting professor for five semesters at different times during 1982-1990; among several other critical helps. More than these, he was the one who taught me how to conduct research, how to develop econometric models, and how to even draft the thesis in good and correct English language (he corrected the language of the entire first chapter of my thesis and asked me to correct the rest in the same ways). As he was away in England as a Visiting Professor during 1966-67, I missed having had any full course under him, though a lot of my learning in Macroeconomics and Econometrics is due to him. He encouraged me whenever I was upset during my thesis work, helped me even when I had personal difficulties, and arranged my thesis defense shortly after the Commencement as I was keen to return back to India to attend my sister’s wedding. On personal level, he invited me with his family to his house and blessed my wife and both daughters! Such a teacher and guide, rare to find, had been a great boon to me and my accomplishments. Prof Christ, Prof Niehans and Prof Edwin Mills, all at JHU, were great Professors to me! All of them were/are great economists and I have always felt great pride through them.

It has been my great fortune and privilege to be a student of Prof Carl Christ. I offer my humble prayers to the Almighty GOD to grant peace to the departed soul, and courage and strength to the bereaved family to bear this loss. Prof Christ will always remain in my heart and mind through my life. ”

—Girdharilal Saduram Gupta

 

“Carl Christ was an inspiring teacher. I was fortunate to be his research assistant (or one of them) on his econometrics text and in fact am cited in the acknowledgements in the book. It was a great honor to work with him.”

“Good memories of a fine man, Bob (Robert Van Order). I was on campus 1963-65 when he was doing his book (then went off to South Korea and finished the dissertation later on the work there). I do remember to this day his emphasis on identification and am glad you mentioned it.”

—Roger Norton, ’71 , Texas A&M University

 

“The tributes to Carl Christ are really nice to read. I entered Professor Christ’s econometrics class when I arrived at Hopkins, in 1971. The first thing he did was to give everyone a 5 dollar bill, which he told us was the royalty on his book that we had to buy for the class. I was impressed, as were others – indeed, I can still see that scene in my mind even now. Later on, I marked his econometrics assignments, and he became my thesis supervisor. He was a famous scholar of uncompromising integrity with his students and in his own work. By example, he inspires still.

My deepest condolences to Mrs. Christ and her family.”

—Stanley L. Winer , Canada Research Chair Professor in Public Policy, School of Public Policy and Department of Economics, Carleton University, Canada

 

“I was a student at Hopkins 1973-77. Carl taught me econometrics-and impressed upon me the importance of identification and, as a result, structural estimation. I passed his semester of economic tricks, but failed the second semester (with Charley Mallor, I believe). They gave me an oral exam—he and Charley. Carl’s synopsis—“It’s like pulling teeth, but you pass. Just don’t do a thesis in econometrics.” Good advice.

His ability to sit like a pretzel, his good cheer on every day I ever was in his presence, his willingness to slide hard into the catcher at the annual softball game, his obsessively-compulsively organized office (journals were organized like dentin woodwork on a house, with each year’s worth of a journal lined up perfectly, but every other year’s collection pulled forward precisely one inch)—all were memorable. But grad school is an apprenticeship, and Carl was unstinting in his ability–by example and by the gifts of his time—to develop us into fellow professionals.

If there is an afterlife, I’ll bet for Carl it involves him sailing Lake Michigan in the mornings and writing research in the afternoons—as was his wont during the summers when I knew him.”

—Robert A Driskill , Vanderbilt University

 

“Like all of us I have a great memory of Prof Christ. I was at JHU during 1968 to 1972. He was not my thesis advisor, but I had always learned from him in and out of his courses. He was always a great teacher. And one summer I had the privilege of living in his beautiful home, being his house keeper when he was on vacation. When I was returning to Thailand to begin my teaching career at Thammasat University he gave me one advice which I always follow. He said ‘when writing a recommendation letter, always tell the truth’.

I am forever grateful for what he had done for me.”

—Narongchai Akrasanee , Bangkok, Thailand

 

“Thank you everybody for bringing back wonderful memories about Dr Christ who contributed so much in making my Hopkins years (1973-77) so enjoyable.

Like Jim and Ugo put so eloquently, Dr Christ was indeed a scholar, a teacher, a true gentleman and a mentor. He was also a father figure for foreign students like me.

I was very moved to read in his obituary that he “regularly participated in a weekly protest staged by residents along 40th Street in front of Roland Park Place, where he could be spotted carrying a sign that read “War is not the answer.””

We were lucky to have known him and to benefit from his teachings of economic tricks and more importantly from his exemplary behaviour as a teacher and mentor that will always be wit us.

My sincere condolences to his wife and family.”

—Andre Sapir

 

“Fun to read so many tributes to Carl. Certainly, a “man for all seasons”, one who was always civil and professionally courteous in all situations which I can remember in my JHU days. After almost 40 plus years in academic life, I certainly appreciate the witness of Carl’s manner and style of interacting with colleagues and students. A collegiality which we cannot always take for granted, and which we cannot ever underestimate as a value when we recruit faculty in our institutions.

On his teaching and academic advising, looking back, of course, we of my vintage remember well the extensive treatment of identification and of properly-specified government budget constraints in any model, for meaningful policy discussion.

We of the Johns Hopkins diaspora were very fortunately to have him as one of our professors.”

—Paul McNelis

 

“Professor Carl F. Christ was my and Poonsa-nga econometrics professor and Dissertation Adviser in different period of time in the 70’s. He was an amazing scholar, teacher, a true gentleman, a great mentor and the life at Hopkins.

He was liked our father during our wedding and beyond. It was a big opportunity provided by him for Poonsanga to be a postdoctoral fellow at MIT in 1976 and for me to do my dissertation immediately after being a Ph.D. candidate.

I have stayed with him and Mrs. Phyllis three times, first with Poonsanga in Baltimore home in 1982, second I was alone in his summer home with Lucy and her family and the third with my two sisters in their Baltimore home in 2006.

Apart from losing our teacher and dissertation adviser, we have lost our beloved father. He will be in our hearts for ever. Our sincere condolences to Mom Phyllis and their 3 daughters and grandchildren.”

—Poonsa-nga and Borwornsri Somboonpanya Ph.Ds , International Education Travel Co., Ltd. (IET), Bangkok, THAILAND

 

“I have very fond memories of my days as a graduate student at JHU in the 60s.

Carl was a great teacher, a model as a scholar, and a wonderful and unforgettable person.”

—Ernst Baltensperger

 

“Carl lived a long, active and productive life.

I was only on the faculty at Hopkins for a year as a young assistant professor, but Carl was remarkably kind and always prepared to discuss without any condescension and when I came back for a brief visit in 2006 it was as if I had never been away. A true gentleman and a scholar.”

—Alan Kirman , Directeur d’études à l’EHESS, Membre de l’IUF, Professeur émerite à Aix-Marseille Université, Paris

 

“It is great to read the tributes to Carl Christ. I was also a student of his in the early 70’s as well as his TA. He cared about all his students; both the graduate and undergraduate students, and spent a great deal of time with them. As a first-year graduate student, I was assigned to be a discussant on a paper that he presented. When the paper was published, I was listed in the acknowledgements, which was a thrill for a young graduate student – the first time my name was in a journal.

He has been a role model for me as an academic. When I do empirical work, I always think of him and his admonishment that no matter how sophisticated the methods, the work stands on the economics behind it.”

—Susan Vroman , Department of Economics, Georgetown University

 

“I have very fond memories of Carl that go as far back as 1952 when I started my graduate studies at JHU. I took econometrics from him, way before his book came out. The following year Richard Stone was visiting Hopkins and he and Carl organized an evening seminar to read Morgenstern and von Neumann on the theory of games – way before game theory became popular.

The last time I saw Carl and Phyllis was at a conference in 2014. Attached is a photo from that conference of Carl with Takeshi Amemiya, Al Harberger and me.”

—Marc Nerlove , Distinguished University Professor, Emeritus, Department of Agricultural and Resource Economics, University of Maryland College Park

 

“I took econometrics from Carl in the mid 1970s. I had no idea about his background in physics until I read his obituary. I think this background explains why Carl always thought that there should be no conflict between economic theory and econometrics; they are complementary. This view of economic research was what he imparted to generations of his students. It was his imprint on those of us lucky enough to takes his courses.

He truly was a gentleman and a scholar and as decent a man as I have known. My condolences to his family on their loss.”

—Robert J. Rossana , Dept. of Economics, Wayne State University

 

“Dr. Christ was my graduate econometrics professor and I was his TA for undergraduate macroeconomics in spring ‘92.

As I recall, it was a large class and I assisted Dr. Christ in exam grading and keeping track of records which he all scribed by hand. He was of the generation prior to the internet age, and I remember him being extremely afraid of computer viruses affecting his non-internet ready PC with a floppy disk drive.

My efforts to cajole him into using Excel to add efficacy was futile and I was vetoed with his totally convinced _expression_ that this may infect his computer. I thought it was funny that an intellectual giant of physics and math/stat-intensive econometrics would be so concerned with a computer virus which had almost no chance of penetrating his computer.

He was a great communicator who resonated with undergraduate students. He will be greatly missed.”

—Jongsung Kim , Professor of Economics, Bryant University

 

“I entered the program too late to take Carl’s courses. When I was on the job market, Carl was the one who taught me how to communicate and negotiate with the other side. Maybe that was the time he taught me the real “economic tricks.” When he was very happy to know that I got an offer from U Texas, Carl said, “You see, you are already wearing jeans.” Then he told me the joke that, since Texans are so proud of being the largest state in the contiguous US, Alaskans would split the state in half so that Texas would become the third largest state in the US. I still remember his smile, which I saw several times again since I moved back to Hopkins. Maybe that is the thing that lured me back: an celebrated academic with a warm heart.”

—Yingyao Hu , Professor of Economics, Johns Hopkins University

 

“I was very saddened to hear of the passing away of Professor Christ. I was his student in the early seventies when I was a graduate student at Hopkins. He was a great teacher and a wonderful person. I too remember him returning the royalty money to the students who had purchased the Econometrics textbook. His stress on the Identification problem has stayed with all of us it seems.

Professor Christ was an inspiring teacher, and could set tough exams. He would set an open book final exam and students had twenty four hours to complete it. Most of us had to stay up all night trying to figure out the answers! He was an enthusiastic participant in all department activities, whether dissertation seminars or even Halloween parties!

Professor Christ was also my dissertation adviser,together with Professor Hugh Rose. He was generous with his time, and our discussions were always stimulating and thought provoking. My husband and I stayed with him and his wife when I visited Hopkins for my graduation, and we remember their warm hospitality. Please convey my sincere condolences to his wife, and other family members.”

—Bimal Kaicker Beri

 

“I studied in Hopkins 1966-69, took Carl’s modules on macroeconomics and econometrics, worked as his

A in undergraduate macroeconomics and benefited from generous hospitality at his fine house .

I have nothing but happy memories of my interactions with him during those years. He was brilliant without showmanship, considerate in all matters, diligent and conscientious as a lecturer. He gave us graduate students a deep and long-lasting insight into macroeconomic foundations. I count myself lucky to have had him as teacher and mentor.

There was something quintessentially American about him. He embodied the best of American virtues: openness, honesty, seriousness of purpose combined with optimism and a prevailing cheerfulness. Unlike many other US academic economists he seemed to have a strong sense of place, as witness his enduring devotion to Hopkins.

He was rightly admired as a man of the highest integrity. One of many instances of this stays in my memory. The recommended text for his econometrics module was (naturally and properly) his own textbook Econometric Models and Methods that had recently been published. It was an expensive tome and he was conscious of the tight budget constraint many of us graduates were subject to in those days. He believed it was wrong for him to benefit personally from his choice of textbook. Accordingly everyone in the class who had bought his book was given an envelope addressed in his own hand containing the amount of the royalty he would receive from each sale, calibrated to the last cent.

Thank you, Carl! I’ll raise a glass to you for a good life well-lived.

May he rest in peace.”

—Dermot McAleese , Emeritus Whately Professor of Political Economy, Trinity College, Dublin, Ireland

 

“I am deeply saddened to hear the news that Mr. Carl Christ has passed away on April 21, 2017. I join my fellow econ-alumni in offering my condolences to the family and friends of Carl was my teacher and thesis supervisor (with Bela Balaasa and Lawrence Klein (from U Penn) at the Department of Political Economy during 1985-1987. He was not only a kind teacher but also a great human being as he was always willing to help student.

What I liked most about Carl was that he would comment on the papers of the faculty and graduate students during Graduate Student Seminars in a polite yet constructive manner. I never found him being harsh while offering comments. I had the opportunity to interact with Carl on a regular basis, when I was writing my Ph.D. dissertation. His comments were always constructive and improved the quality of my work.

Let me share with my fellow econ-alumni some interesting facts about Carl and my Ph.D. defense. I defended my thesis on August 5, 1987. By then Carl had already left for Beijing to set up JHU Campus in China. My other supervisor, Bela Balassa had to go through 13 hours throat surgery in Washington, D.C on August 4, 1987—a day prior to my defense. He too, was therefore not available during my defense. Larry Klein was in some Latin American Country and had promised to be present at my defense on August 5. By 10:50 am (the defense time was 11:00 am), Klein did not show up at the JHU which made me really nervous, thinking that none of my supervisors would be there during my defense. However, by 10:55am, Larry Klein entered the building of Economic department. I breathed a sigh of relief when I saw Larry Klein with his travel bag entering the department. Bruce Hamilton and Louis Maccini represented Carl and Balassa in my defense.

Before Carl left for Beijing, I had a long meeting with him in his office where we went through the final draft of the thesis. He was very much satisfied with my work which gave me enough confidence and encouragement to defend my thesis, of course, Larry Klein was a great source of strength during the defense. I defended my thesis on August 5, 1987 with minor comments; submitted the revised version within 10 days and left US on August 25, 1987. My thesis defense was a memorable event for me as I defended my thesis in the absence of two of my supervisors (Carl and Bela).

It was indeed a privilege and honor for not only knowing Carl but also being his student. With Carl’s demise, I lost all of my thesis supervisors. The world has lost three great human beings that the God had bestowed on us. May God rest Carl’s, Bela’s and Klein’s souls in peace and give strength to their families and friends to bear this loss.”

—Professor Ashfaque Hasan Khan , Principal & Dean, School of Social Sciences & Humanities (S3H), National University of Sciences & Technology (NUST), Islamabad

 

“I entered Hopkins in 1961, the same year as the second coming of Carl to JHU. When I applied to JHU, I was attracted by the names like Machlup, Domar, and Musgrave, but both Machlup and Domar were gone by the time I entered. Musgrave was still there for two more years, and I learned a great deal by reading his textbook Public Finance. A greatest boost for me, however, was the fact that Carl came back in the same year. He invited me to his office and asked me if I liked mathematics. I proudly answered yes. Then he asked me if I knew differential equations. My heart sagged as I didn’t know them. During the first two years at Hopkins I worked as research assistant to Dr. Edwin Mills in his project on water resources. It was good education for me as Dr. Mills was a man of a very sharp mind. But I was bogged down by the need to study geology of water, which I found extremely boring. Just then Carl came along and suggested I should work on econometrics, which I did. Initially I had planned to finish my dissertation in two years, but as my father became rather ill, I wanted to finish the thesis in one year and go back to Japan with a doctor’s degree and show it to my father. He died two weeks after I came home. I couldn’t have finished the thesis in one year without Carl’s cooperation way beyond his duty. The other members of the committee were Edwin Mills and Geoff Watson, to whom I am also grateful.”

—Takeshi Amemiya , Stanford University

 

“I took Dr. Christ’s course in Intermediate Macroeconomic Theory in spring 1963, and his econometrics course in 1965-66. Dr. Christ was a brilliant and challenging teacher. He always gave each student, who purchased his econometrics book for class, a refund equal to the amount of the book royalty. I have never had another professor do that. During my time in graduate school, Dr. Christ was the Department Chair. In my opinion, he did an excellent job.”

—Alan Sorkin , Ph.D.,1966

 

“As a grad student, I took Professor Christ’s Econometrics course in 1971-72 and also TA’d for him in the undergraduate macro principles course. For someone seeking a career at a teaching institution, as I did, there couldn’t have been a better role model than Professor Christ. He took great pains to make sure the TA’s knew what he would be lecturing on before each class, prepared us for what would be the most difficult material for the students, allowed us (really, expected us) to come up with our own quiz and exam questions, met with us regularly, etc. One day each week he would have lunch in the undergraduates’ cafeteria, just so his students would have a chance to interact with him outside the classroom setting. What a great example he set of a true teacher-scholar! I feel very fortunate to have been mentored by him.”

—Geoffrey Gilbert , Professor Emeritus of Economics, Hobart and William Smith Colleges

 

I once came across Dr. Carl Christ in the hallway when I was still a graduate student. We briefly talked and he was very approachable to me. He gave me a lot of encouragement on economics study and also a few books that I still keep them now. He was a gracious scholar and gentleman.

—Yizhen Zhao , East Carolina University

 

Carl Christ has made a lasting positive difference. He was my thesis supervisor

during my graduate school days at Hopkins (1962-1966). I also served as his teaching assistant in an undergraduate course in economics. I chose university teaching and research as a profession, from which I am now retired. Whenever a student thanked me for my supervision and advice, I smiled in thankful remembrance of my experience with Professor Christ. I endeavoured to pass on the Christ attitude towards students, even though lacking his natural devotion to the cause of education and, above all, his easy ability to detect and direct you, always, to the important details in the analysis or argument. I received prompt and insightful comment when I submitted research to Carl Christ as late as 2004. A resounding thank-you. May the life that Carl Christ lived lessen the family’s grief at his passing.

—John W. Iton , Ph.D.(1966) Retired

 

I would like to mention another way in which Carl Christ was a memorable professor — he was a terrific teacher of undergraduates.

I was an undergraduate at Johns Hopkins (BA ’88), and I went on to graduate school in economics later on. I took Macro Principles with Carl (or Dr. Christ, as I called him then), and Micro Principles with Bruce Hamilton, and both the content of these classes and the personal regard of both professors had a huge influence on me. (And while I’m mentioning it, so did my first TAs, Jonathan Neuberger and Greg Hess.)

Carl was gracious to everyone, but not only that — he took me, as a 19-year-old, seriously. I recognize, now that I am a professor too, how meaningful that is. I got more and more excited about economics the more classes I took, and I ended up taking some first-year graduate classes, including econometrics from Carl, before I left Hopkins. As many of the letter writers have mentioned, his emphasis on simultaneous equations models stayed with me forever after!

I look back very fondly on these formative years that I experienced at Johns Hopkins.

—Leora Friedberg , Department of Economics, University of Virginia

 

Carl and I exchanged holiday cards regularly for more than 40 years, updating each other on our professional, family, and social accomplishments and challenges. Like many of my fellow Hopkins doctoral students, Carl Christ was a friendly, insightful, and demanding professor: certainly one of the great leaders in the department when I was there from 1967-71. Two anecdotes: Our econometrics class was one of the first to use his textbooks. One of the students in the class – not me – off handedly mentioned that there might be a conflict of interest if an instructor required his students to purchase a book that he had written. The next class day Carl gave each of us who had purchased the book something like $2.00 to reflect his royalties. However, his generosity had limits: there was nothing for anyone who had purchases a used copy. Second: At the time I was at Hopkins the department was on the top floor of Gilman Hall. There was a back staircase, and one day after lunch several doctoral students, including myself, decided to race us the stairs from the ground floor. We did this in waves, and not very quietly. At one point, at the top of the landing, we were greeted by Carl, and expected a stern “what are you doing?” or “you are disturbing the peace.” Instead, he simply smiled and asked what was the best time. I suspect that he might have tried to beat it!

—Bruce Jaffee , Emeritus Professor of Business Economics and Public Policy, Indiana University

 

Image Source:  Carl Christ at the Mathematical Economics Conference in Honor of M. Ali Khan in 2013.  From the gallery of pictures at “In Memoriam–Carl Christ (1923-2017)”.

Categories
Chicago Statistics Suggested Reading Syllabus

Chicago. Econometrics sequence (2 quarters). Christ, 1957

 

From 1955 through 1961 the University of Chicago economics Ph.D. alumnus (1950) and early Cowles Commission researcher, Carl Christ, was associate professor at the University of Chicago. I stumbled upon the following reading lists for his two quarter econometrics sequence from 1957 filed away in Milton Friedman’s papers along with Econ 300A and 300B (Price Theory and Distribution)  reading lists.

It is interesting to see that input-output theory and linear programming are still considered parts of “econometrics” at even this relatively advanced date. 

The next post will provide life and career information as well as anecdotes shared by former students and colleagues following his death in April 2017.

___________________

Economics 314 and 315
Econometrics and Special Topics in Econometrics
READING LISTS
Winter and Spring 1957
Mr. Christ

 

  1. Econometrics “Texts”

Chiefly for 314:

Tinbergen, Jan, Econometrics.

For both 314 and 315:

Tintner, Gerhard, Econometrics.
Klein, Lawrence R., A Textbook of Econometrics.
Hood, William C., and Tjalling C. Koopmans, Studies in Econometric Method (Cowles Commission Monograph 14). Especially chapters 1, 2, 4, 5, 6, 9. (Chapter 6 is chiefly for Economics 315).

  1. Statistical Inference (Including Regression and Correlation)

In addition to relevant parts of books listed above, the following are useful. They are approximately in increasing order of difficulty.

Chiefly for 314:

Wallis, W. Allen, and Harry V. Roberts, Statistics: A New Approach. Especially the following sections and chapters.
2.8; 4.5-6; 5; 6.1, 6.5; 8.7; 9; 10.9-12; 12; 14.1-2, 14.5-6, 14.8; 15; 17; 18; 19
Walker, Helen M., and Lev, Statistical Inference.

For both 314 and 315:

Ezekiel, Mordecai, Methods of Correlation Analysis, 2nd edition.
Yule, George Udny, and Kendall, An Introduction to the Theory of Statistics (not the earlier book by Yule alone).
Snedecor, George W., Statistical Methods.
Fisher, Ronald A., Statistical Methods for Research Workers, 6th edition or later.
Tippett, L. H. C., The Methods of Statistics.
Hoel, Paul G., Introduction to Mathematical Statistics.

Chiefly for 315:

Anderson, R. L., and T. A. Bancroft, Statistical Theory in Research.
Mood, A. M., Introduction to the Theory of Statistics.
Wilks, S. S., Mathematical Statistics.
Cramer, Harald, Mathematical Methods of Statistics.

  1. Econometric Techniques and Problems (Including the Estimation of Parameters)

In addition to relevant sections of books cited under I and II above, see the following. Items marked with an asterisk(*) are particularly important.

Chiefly for 314:

Working, E. J., “What do Statistical ‘Demand Curves’ Show? QJE 41 (February, 1927), pp. 212-35. Reprinted in AEA Readings in Price Theory, pp. 97-115.
*Christ, Carl F., “History of the Cowles Commission,” in Cowles Commission, Economic Theory and Measurement. (20th Annual Report). Especially pp. 12-13, 30 (bottom)-41, 47 (middle)-60.
*Koopmans, Tjalling C., “Identification Problems in Economic Model Construction,” Econometrica 17 (April, 1949), pp. 125-44. Reprinted as chapter 2 in Hood and Koopmans (cited under I above), pp. 27-48.
*Marschak, Jacob, “Economic Structure, Path, Policy, and Prediction,” AER, XXXVII (May, 1947), pp. 81-4.

For both 314 and 315:

Koopmans, Tjalling C., “The Logic of Econometric Business Cycle Research,” JPE 49 (April, 1941), pp. 157-81.
*Haavelmo, Trygve, “The Statistical Implications of a System of Simultaneous Equations,” Econometrica 11 (January, 1943), pp. 1-12.
*Marschak, Jacob, “Econometric Measurements for Policy and Prediction”, Chapter 1 in Hood and Koopmans (cited under I above), pp. 1-26.
*Bennion, E. G., “The Cowles Commission’s ‘Simultaneous Equation Approach’”, Rev. Econ. and Statistics, XXXIV (February, 1952), pp. 49-56.
*Meyer, John R., and Miller, “Some Comments on the ‘Simultaneous Equations Approach’”, Rev. Econ. and Statistics, XXXVI (February, 1954), pp. 88-92.
*Bronfenbrenner, Jean, “Sources and Size of Least Squares Bias in a Two-Equation Model,” chapter 9 in Hood and Koopmans (cited under I above), pp. 221-35.
*Haavelmo, Trygve, “Methods of Measuring the Marginal Propensity to Consume,” JASA 42 (March, 1947), pp. 105-22. Reprinted as chapter 4 in Hood and Koopmans (cited under I above), pp. 75-91.
Foote, R. J., and K. A. Fox, Analytical Tools for Measuring Demand, U. S. Department of Agriculture Handbook No. 64.
*Klein, Lawrence R., “On the Interpretation of Theil’s Method of Estimation of Economic Relations,” Metro-economica 7 (December, 1955).
*Basmann, Robert, “A Generalized Classical Method of Linear Estimation of Coefficients in a Structural Equation”, Econometrica 25 (January, 1957).

Chiefly for 315 (in chronological order):

*Haavelmo, T., “The Probability Approach in Econometrics,” Econometrica 12 (1944), Supplement.
*Koopmans, Tjalling C., “Statistical Estimation of Simultaneous Economic Relationships,” JASA 40 (December, 1945), pp. 448-66.
Cochrane, Donald, and Guy H. Orcutt, “Application of Least Squares Regression to Relationships Containing Autocorrelated Error Terms,” JASA 44 (March, 1949), pp. 32-61.
Orcutt, Guy H. and Donald Cochrane, “A Sampling Study of the Merits of Autoregressive and Reduced Form Transformations in Regression Anaysis,” JASA 44 (September, 1949), pp. 356-72.
Koopmans, Tjalling C., ed., Statistical Inference in Dynamic Economic Models (Cowles Commission Monograph 10).
*Koopmans, Tjalling C., and W. C. Hood, “The Estimation of Simultaneous Linear Economic Relationships,” chapter 6 in Hood and Koopmans (cited under I above), pp. 112-99.

  1. Statistical Tests for Econometric Equations

For both 314 and 315:

Durbin, James, and G. S. Watson, “Testing for Serial Correlation in Least Squares Regression. II.” Biometrika 38 (June, 1951), pp. 159-78.
Hotelling, Harold, “The Selection of Variates for Use in Prediction,” Annals Math. Stat. 11 (1940), pp. 271-83.

  1. Aggregate Econometric Models of the U. S. Economy

For both 314 and 315:

Tinbergen, Jan, Statistical Testing of Business Cycle Theories, Vol. II: Business Cycles in the U.S.A., 1919-1932.
Klein, L. R., Economic Fluctuations in the U.S., 1921-1941 (Cowles Commission Monograph 11).
Clark, Colin, “A System of Equations Explaining the U.S. Trade Cycle 1921-1941,” Econometrica Vol. 17 (April, 1949), pp. 93-123.
Christ, Carl, “A Test of An Econometric Model for the U.S., 1921-1947,” in Conference on Business Cycles (N.B.E.R.), pp. 35-129.
Valavanis-Vail, Stefan, “An Econometric Model of Growth, U.S.A. 1869-1953,” AER 45 (May, 1955), pp. 208-21, 225-7.
Klein, L. R., and Arthur Goldberger, An Econometric Model of the U.S., 1929-1952 (Contributions to Economic Analysis, No. IX).
Fox, Karl A., “Econometric Models of the U.S., “ JPE 64 (April, 1956), pp. 128-42.
Christ, Carl F., “Aggregate Economic Models,” AER 46 (June, 1956), pp. 385-408

  1. Demand Studies

For both 314 and 315:

Schultz, Henry, Theory and Measurement of Demand.
Girshick, M. A., and Trygve Haavelmo, “Statistical Analysis of the Demand for Food,” Econometrica 15 (April, 1947), pp. 79-110. Partly reprinted as chapter 5 in Hood and Koopmans (cited under I above), pp. 92-111.
Wold, Herman, and Lars Jureen, Demand Analysis.
Fox, Karl A., The Analysis of Demand for Farm Products (U. S. Department of Agriculture Technical Bulletin No. 1081).
Working, Elmer J., Demand for Meat (American Institute of Meat Packing).
Stone, Richard N., The Measurement of Consumers’ Expenditure and Behaviour in the U.K., 1920-1938, Vol. I (National Institute of Economic and Social Research, London).

  1. Consumption Functions

For both 314 and 315:

Ferber, Robert, A Study of Aggregate Consumption Functions (N.B.E.R.).
Modigliani, Franco, and R. E. Brumberg, “Utility Analysis and the Consumption Function,” in Kenneth Kurihara, ed., Post Keynesian Economics.
Brumberg, R. E., “An Approximation to the Aggregate Saving Function,” Economic Journal 66 (March, 1956).
Nerlove, Marc, “Estimates of the Elasticities of Supply of Selected Agricultural Commodities,” Journal of Farm Economics 38 (May, 1956), pp. 496-512. Read primarily for the expectations hypothesis.
Friedman, Milton, and Gary Becker, “A Statistical Illusion in Judging Keynesian Models,” JPE 65 (February, 1957).

  1. Other Applications

Chiefly for 314:

Douglas, Paul H., “Are There Laws of Production?” AER 38 (March, 1948), pp. 1-41.
Mendershausen, Horst, “On the Significance of Professor Douglas’ Production Function,” Econometrica 6 (April, 1938), pp. 143-53.

Chiefly for 315:

Hildreth, Clifford, and Frank Jarrett, A Statistical Study of Livestock Production and Marketing (Cowles Commission Monograph 15).
Prais, S. J., and H. Houthakker, The Analysis of Family Budgets (Cambridge Univ., Dept. of Applied Economics).

  1. Input-Output

Chiefly for 314:

Evans and Hoffenberg, “The Interindustry Relations Study for 1947,” Rev. Econ. and Statistics, XXXIV (May, 1952), pp. 97-142.
Dorfman, “The Nature and Significance of Input-Output,” Rev. Econ. and Statistics, XXXVI (May, 1954), pp. 121-33.
Christ, Carl F., “A Review of Input-Output Analysis,” in Conference in Research on Income and Wealth, Studies in Income and Wealth, Vol. 18: Input-Output Analysis: An Appraisal (N.B.E.R.).

  1. Linear Programming

Chiefly for 314:

Dorfman, “Mathematical, or ‘Linear’, Programming,” AER XLIII (December, 1953), pp. 797-825.
Chipman, “Linear Programming,” Rev. Econ. and Statistics, XXXV (May, 1953), pp. 101-17.
Heady, “Simplified Presentation and Logical Aspects of Linear Programming Technique,” Journal of Farm Economics, XXXVI (December, 1954), pp. 1035-48.
Boles, “Linear Programming and Farm Management Analysis,” Journal of Farm Economics, XXXVII (February, 1955), pp. 1-24.

  1. Calculus

The following (arranged in increasing order of difficulty) are useful.

Thompson, Sylvanus P., Calculus Made Easy.
Allen, R. G. D., Mathematical Analysis for Economists.
Courant, R., Differential and Integral Calculus (2 vols.).

  1. Matrix Algebra and Determinants

In addition to the following, see appendices in Tintner and in Klein (cited under I above), and special sections in Anderson and Bancroft and in Mood (cited under II above):

Aitken, A. C., Determinants and Matrices.
Albert, A. A., Introduction to Algebraic Theories.
Ferrar, William L., Algebra.
Wade, Thomas L., The Algebra of Vectors and Matrices.
Allen, R. G. D., Mathematical Economics, Chapters 12-14.

 

Source:   The Hoover Institution Archives. Papers of Milton Friedman, Box 77, Folder 1 “University of Chicago 300A & B”.

Image Source. Detail of “Carl Christ, teaching economics-1963” (second from left at seminar table) from the Carl Christ memorial webpage of the Department of Economics, Johns Hopkins University.

Categories
Exam Questions Harvard Syllabus

Harvard. Principles of Economics. James Tobin’s Student Reading Assignments, 1936-37

 

A few posts ago I provided a transcription of a bibliography of supplementary readings for Harvard’s principles of economics course in 1938-39.  While not uninteresting and indeed suggestive of the breakdown of topics and associated canonical texts, the bibliography provided little insight to the actual course coverage.

To remedy this I took a deep dive into James Tobin’s sophomore year notes for the course that run  260 consecutively numbered, clean hand-written notes for his readings along with brief summaries of the content of the section meetings. I have written down the exact sequence of readings he took notes on and have included the dates of the sections that give us approximate windows for when he did the readings. For the record, Tobin got an A in the course which hardly surprises. Other students could have fallen far short on the reading, but not Tobin!

The two main texts by Taussig and Slichter come as no surprise. Ten chapters were also assigned from a draft book manuscript by McIsaac and Smith that was published the following year. Tobin was fairly exact and consistent in identifying the chapter numbers and titles in his reading notes for Taussig and Slichter. His chapter titles for McIsaac and Smith differ quite substantially from those of the printed textbook, so I have included both.

To complete the set, I have included two semester final exams with this post.

______________________

Course Announcement

Economics A. Principles of Economics

Tu., Th., Sat., at 11. Professor Burbank and Dr. J. R. Walsh, and other members of the Department.

Economics A may be taken by properly qualified Freshmen with the consent of the instructor.

Source:  Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1936-37.   Official Register of Harvard University,  Vol. XXXIII, No. 42 (September 23, 1936) p. 141.

______________________

Primary Course Texts

Taussig, Frank W. Principles of Economics 3rd ed. Volume I; Volume II.

Slichter, Sumner H. Modern Economic Society. New York: Henry Holt and Company, 1931.

McIsaac, Archibald MacDonald and James Gerald Smith. Introduction to Economic Analysis. Boston: Little, Brown and Company, 1937.

“The authors gratefully acknowledge the many constructive criticisms and the friendly co-operation offered by the instructors in Economics A at Harvard University, where a preliminary edition of the text was used in during 1936-37.”

______________________

 Reading Notes Sequence
James Tobin, 1936-37

Official beginning of classes Thursday October 1, 1936.

Taussig.

Chapter 1 [Wealth and Labor]

Slichter.

Chapter I [The Control of Economic Activity]
Chapter 3 [Free Private Enterprise],

Section
Tuesday 10/6/36

Taussig.

Chapter 2 [Of Labor in Production];

Slichter.

Chapter 2 [Some Fundamental Economic Concepts]

Section
Thursday 10/8/36, Saturday 10/10/36

Slichter.

Chapter 3 [Free Private Enterprise],

Taussig.

Chapter 3 [The Division of Labor and the Development of Modern Industry]
Chapter 4 [Large-Scale Production]

Slichter.

Chapter 7 [Large Business Units]
Chapter 5 [Machine Industry]
Chapter 6 [Specialization]

Section
Saturday 10/17/36

Taussig.

Chapter 5 [Capital]
Chapter 8 [Introductory: Exchange, Value, Price]

Slichter.

Chapter 4 [Modern Industry—A Capitalistic Organization]
Chapter 11 [Modern Industry—A Credit Economy]

Section
[no date]

McIsaac & Smith.

Chapter I [Notes: The Approach to Economic Analysis. Book: Nature and Purpose of Economic Analysis]
Chapter II [Notes: Contemporary Economic Background. Book: Production and Income in the Modern Economy]
Chapter III [Notes: Economic Valuations. Book: The Mechanism of Exchange]
Chapter IV [Notes: Factors Affecting Demand. Book: Consumer Demand]
Chapter V [Notes: Methods of Determinaing Prices. Book: Analysis of Supply: Cost of Production]

Section
Tuesday 11/10/36, Thursday 11/12/36, Saturday 11/14/36

McIsaac & Smith

Chapter VI [Notes: Current Supply Price. Book: Current Price Adjustment: Competitive Conditions]
Chapter VII [Notes: Current Supply Price and Costs of Production. Book: Current Price Adjustment: Monopolistic Conditions]

Section
Tuesday 11/17/36, Thursday 11/19/36

McIsaac & Smith

Chapter VIII [Notes: Dynamic Supply Price & Costs of Production. Book: Normal Tendencies in Price Adjustment]
Chapter IX [Notes: Price Spreads. Book: Supply and Price under Dynamic Conditions]

Section
Tuesday 12/1/36

Slichter.

Chapter 8 [Modern Business Organizations]

Section
Thursday 12/3/36

Slichter.

Chapter 17 [Public Authority as a Determinant of Price—The Problem in General]
Chapter 18 [Public Authority as a Determinant of Price—Public Utility Rates]
Chapter 19 [Public Authority as a Determinant of Price—The Stabilization Operations of the Federal Farm Board]
Chapter 22 [The Position of the Consumer]

Section
Tuesday 12/15/36, Thursday 12/17/36

Slichter.

Chapter 21 [The Determination of the Price Level]

Taussig.

Chapter 17 [The Precious Metals. Coinage]
Chapter 18 [The Quantity of Money and Prices]
Chapter 19 [The Cost of Specie in Relation to its Value]
Chapter 20 [Bimetallism]
Chapter 21 [Bimetallism, continued. The Displacement of Silver]
Chapter 23 [Government Paper Money]
Chapter 22 [Changes in Prices]

Section
Thursday 1/14/37

Taussig.

Chapter 24 [Banking and the Medium of Exchange]
Chapter 25 [Banking Operations]

Slichter.

Chapter 11 [Modern Industry—A Credit Economy]

Section
Tuesday 2/9/37, Thursday 2/11/37

Slichter.

Chapter 11 [Modern Industry—A Credit Economy]

Taussig.

Chapter 30 [The Theory of Prices Once More]

Section
Saturday 2/13/37, Tuesday 2/16/37, Thursday 2/18/37, Saturday 2/20/37

Taussig.

Chapter 32 [The Foreign Exchanges]
Chapter 33 [The Balance of International Payments]
Chapter 34 [The Theory of International Trade. Why Particular Goods are Exported or Imported]
Chapter 36 [Protection and Free Trade. The Case for Free Trade]
Chapter 37 [Protection and Free Trade, continued. Some Arguments for Protection]

Section
Tuesday 2/23/37, Thursday 2/25/37, Saturday 2/27/37

Slichter.

Chapter 29 [International Economic Policies—Restrictions on Imports and Exports]

Section
Tuesday 3/2/37, Thursday 3/4/37

McIsaac & Smith.

Chapter 10 [Notes: Demand for Indirect Uses. Book: Producer’s Demand]

Section
Saturday 3/6/37, Tuesday 3/9/37

Taussig.

Chapter 38 [Interest on Capital used in Production. The Conditions of Demand]
Chapter 39 [Interest, continued. The Equilibrium of Supply and Demand]
Chapter 40 [Interest, Further Considered]
Chapter 42 [Rent, Agriculture, Land Tenure]
Chapter 43 [Urban Site Rent]
Chapter 44 [Rent, concluded.]

Section
Saturday 3/13/37, Tuesday 3/16/37, Thursday 3/18/37, Saturday 3/20/37

Taussig.

Chapter 47 [Differences of Wages. Social Stratification]
Chapter 52 [The General Level of Wages]
Chapter 53 [Population and the Supply of Labor]
Chapter 54 [Population, continued.]

Slichter.

Chapter 9 [The Organization of Labor]

Section
Saturday 3/27/37, Tuesday 3/30/37, Thursday 4/1/37, Saturday 4/3/37

Taussig.

Chapter 49 [Business Profits]
Chapter 50 [Business Profits, continued.]
Chapter 51 [Great Fortunes]
Chapter 55 [Inequality and its Causes. Inheritance]

Encyclopedia of Social Sciences–Article on Population

Meade, James. on Population [in An Introduction to Economic Analysis and Policy, 1936] Part IV, chapter II [The Optimum Supply of Labour].

Hansen, Alvin. Theory of Population, Growth and Decline [Chapter XII in Economic Stabilization in an Unbalanced World, 1932.]

Section
Thursday 4/15/37, Saturday 4/17/37,
Tuesday 4/20/37, Thursday 4/22/37, Saturday 4/24/37,
Tuesday 4/27/37, Thursday 4/29/37, Saturday 5/1/37, 
Tuesday 5/4/37, Saturday 5/8/37,
Tuesday 5/11/37, Thursday 5/13/37,
Tuesday 5/18/37,
Thursday 5/27/37

Taussig.

Chapter 62 [Railways]
Chapter 63 [Railway Problems, continued]
Chapter 64 [Public Ownership and Control]
Chapter 65 [Combinations and Trusts]
Chapter 45 [Monopoly Gains]

Slichter.

Chapter 16 [Monopoly and Custom as Determinants of Price]
Chapter 28 [The Support of the State]

Silverman, Herbert Albert. Taxation; Its Incidence and Effects. London: Macmillan, 1931.

Chapter 5. General Principles of Incidence.

Slichter.

Chapter 20 [The Business Cycle]

Wooton, Barbara. Plan or No Plan. New York: Farrar & Rinehart, 1935.

Chapter 1. The Nature of an Unplanned Economy.
Chapter 2. Nature of Russian Planned Economy.
Chapter 3. Achievements and Possibilities of an Unplanned Economy.

 

Source: Sequence of readings assemble from Yale University Archives. James Tobin Papers. Box 7, Volume Economics A.

______________________

1936-37
HARVARD UNIVERSITY
ECONOMICS A
Mid-Year Final Examination
 

Part I
Answer TWO of the following three questions

  1. “In the long run the factors which are of importance in explaining prices are different from those which are of importance in the short run.” Discuss critically.
  2. Explain and distinguish between the determination of prices under conditions of:
    1. Indirect or monopolistic competition.
    2. Pure competition.
  3. “Both monopolies and monopolistic competition (indirect competition) may lead to an uneconomical use of the factors of production.” Discuss.

 

Part II
Answer all questions

  1. In view of the tremendous advantages accruing to the large unit of production, how can one explain the continued existence, and in some lines of industry and trade, the prevalence of the small scale enterprise?
  2. Discuss (a) the process of formation and (b) the function of the country’s capital equipment.
  3. “It is highly doubtful whether from a social point of view the advantages of the corporate form of enterprise outweigh its disadvantages.” Discuss.
  4. “Everybody knows that the trouble with this country is a shortage of money. You know it to be true in your case; I know it to be true in mine. My plan is simple. On Christmas morning — at the very time when extra cash will be appreciated — I propose to give every man, woman, and child a brand new dollar bill for every dollar he or she now has.” Discuss.

 

1936-37
HARVARD UNIVERSITY
ECONOMICS A
Year-End Final Examination
 

Part I

  1. Hour essay on quotation (a) or (b).
    1. “In a price economy the factors of production are so distributed that the goods most desired by consumers are produced by the most efficient methods. A control planning board could at best only duplicate the results which in an unplanned economy are achieved without conscious effort.”
    2. “Most of our economic troubles are ascribable to the fact that we are half way between laissez-faire and free competition on the one hand and a planned economy on the other. Thus we get many of the evils of both without the benefits of either.” Discuss with special reference to the “evils” and “benefits,” and give your opinion as to where the balance lies.

 

Part II
Write on each question of this part.

  1. It is said that wages are determined by:
    1. the law of supply and demand,
    2. the process of bargaining—individual and collective—between workers and employers,
    3. Social stratification—i.e. non-competing groups.Can these explanations be reconciled with the marginal productivity theory?
  2. Some economists have denied that interest corresponds to a real cost of production as wages correspond to labor. They say that interest is rather a surplus above actual cost, and a measure of capitalistic exploitation of wage-earners. According to them interest would not arise in a communist economy.
    Do you agree? Why or why not?

 

Part III
Write on any TWO of the following.

  1. “Lately our imports of goods have been increasing faster than our exports. If this tendency continues it will eventually bankrupt the country. We can no more continue to pay out more than we take in than can a business man afford to have outgo continually in excess of income.”
  2. Explain the mechanism by which an increase in aggregate bank reserves will affect the level of prices.
  3. Discuss the causes of industrial fluctuations and the public action that might ameliorate them.
  4. A tax on unimproved land will not be shifted but a tax on factory buildings probably will be shifted. Do you agree? Why or why not?

Source: Harvard University Archives. Department of Economics. Course reading lists, syllabi, and exams 1913-1992 (UA V 349.295.6), Box 1, Folder “Economics I, Final Exams 1913-1939”.

 Image Source: James Tobin’s senior year portrait in Harvard Class Album, 1939.