Month: April 2018

Johns Hopkins. Mid-year and End-year final exams for business cycles. Domar, 1948-49

Post author By Irwin Collier
Post date 2018-04-30

Copies of the examinations for Evsey Domar’s business cycles course at Johns Hopkins University offered during the 1948-49 academic year can be found in his papers at the Economists’ Papers Archives at Duke University but also in the archived collection of economics exams in the departmental papers at the Johns Hopkins archive. While Domar was fairly reliable in keeping copies of his course outlines and exams, I have yet to discover a course outline for any year. Perhaps he lent his sole copy to a colleague once?

Three sets of examination questions for 1951, 1952, and 1954 are also posted.

____________________

Course Announcement

Business Cycles 617-618. Associate Professor Domar. Two hours weekly through the year.

Statistical descriptions of fluctuations in economic activities and a systematic survey of past and present cycle theory.

Source: Catalogue Number of The College of Arts and Sciences; The School of Engineering; The School of Business in Johns Hopkins University Circular. New Series 1948, Number 3. Whole Number 579 (March, 1948) p. 85.

____________________

THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION

Economics 617
Dr. Domar

Wednesday, January 26, 1949—9 a.m. Three hours

ANSWER ALL QUESTIONS. THEY CARRY EQUAL WEIGHTS. I AM MOST INTERESTED IN YOUR REASONING.

I.

In the last days of the OPA, it was emphatically asserted by various quarters that the best cure against inflation lay in increased production. Assume than an increase in output was actually possible. Would not increased production, however, result in larger money incomes and thus produce an inflationary effect, or at least counteract the deflationary effect of the increase in output?
Analyse this problem. The quality and depth of your analysis will count more than its quantity.

II.

Mr. Ayzenshtadt, whose paper was read in class, has this to say about Keynes’ system:

“Even the greatest admirers of Keynes and of this theory that loan capital is the main propeller of the industrial cycle, do not see anything new in it….Keynes himself thinks that the ‘novelty’ of his system lies in the equilibrium formula of the economic process, in which the independent and dependent variables are arranged as follows:

Independent variables

Propensity to consume
Marginal efficiency of capital
Rate of interest
Liquidity preference

Dependent variables

Saving
Investment
Level of employment.”

Comment. Be specific.

III.

“In spite of his claims to the contrary, Keynes did not succeed in proving the possibility of underemployment equilibrium if wages and prices were assumed to be flexible. That a long period of unemployment could persist as a result of wage and price rigidity we had known long before Keynes.”

Comment on this statement and show what effects would flexible prices and wages have on elimination of unemployment (in a depression) and stabilization of the price level (in an inflation). Indicate clearly every step in your analysis. What practical recommendations follow from your discussion?

IV.

Write for thirty – forty minutes on any subject covered in the course which is of interest to you, but is not included in the preceding questions and not studied in your term paper. Make sure you have something worthwhile to say.

* * * * *

The Johns Hopkins University
Final Examination

Economics 618
Dr. E. D. Domar

May 25, 1949. Three hours

Answer all questions. They carry equal weight.

I.

The following statement appeared in the National City Bank Monthly Letter (Jan. 1944) regarding government spending as a means of raising the level of income and employment:

“Government spending tends to be like a drug, in that it takes larger and larger doses to get result, and all the time debt and taxes get higher and higher.”

Can a somewhat similar statement be made regarding private investment as an instrument for achieving and maintaining a high level of employment? Discuss the problem thoroughly.

II.

Examine the monetary equations (Nos. 3.10, 3.11, 3.12 in Klein’s Model III. (You should have his paper with you.)

[Klein, Lawrence R. “The Use of Econometric Models as a Guide to Economic Policy.” Econometrica 15, no. 2 (1947): 111-51. ]

Give a thorough analysis of their meaning and structure.
Explain the function which they perform or are supposed to perform in the system taken as a whole.
State your criticism of them and present your positive suggestions.

III.

A Congressional Committee is holding hearing to determine (a) the causes of depressions and, (b) the methods for their elimination. Mr. Hayek and Mr. Marx are testifying. (You may use Mr. Paul Sweezy instead of Mr. Marx if you don’t want to get involved with ghosts).

Present:

A brief statement of each witness’ views on points (a) and (b).
Your criticism and evaluation of these statemtns.
Your own statements on points (a) and (b).

Make sure that your position is well taken because both the witnesses and the members of the Committee (not to say anything about your instructor) can attack you on any point. Be precise and specific.

IV.

Evaluate critically the present day business cycles theory and research. Present your positive suggestions for their improvement. In what direction should the study of business cycles, in your opinion, develop? Be specific.

Source: Duke University. David M. Rubinstein Rare Book and Manuscript Library, Economists’ Papers Archive. Evsey Domar papers, Box 16, Folder “Final Exams: Johns Hopkins, Stanford, U of Michigan”.

Image Source: College yearbook portrait of Evsey [Domashevitsky] Domar from the 1939 UCLA yearbook.

Tags Domar

Economists Exam Questions M.I.T. Suggested Reading Syllabus

M.I.T. Advanced Economic Theory. Uncertainty and Capital Theory. Readings and Exam. Solow, 1965

Post author By Irwin Collier
Post date 2018-04-29

Topics in advanced economic theory in 1965 was taught at M.I.T. by Robert Solow. The topics discussed were uncertainty and capital theory. This post provides information that was found stored in three different folders in Robert Solow’s papers at the Economists’ Papers Archive at Duke University. Together in one place we now have the reading lists for the topics, the final exam questions and even the class list. For the little it is worth knowing, Robert Hall of Stanford and William Nordhaus of Yale were awarded A’s in the course. I certainly hope that their scientific reputations will not be affected by that revelation.

____________________

Spring 1965

14.192 Advanced Economic Theory
I. Economics of Uncertainty

K. Arrow, “Alternative Approaches…,” Econometrica, October 1951.
D. Bernoulli, “Exposition of a New Theory…,” Econometrica, January 1954.
M. Friedman and L. J. Savage, “Utility Analysis…,” JPE, August, 1948, also in Readings in Price Theory.
H. Markowitz, “The Utility of Wealth,” JPE, April, 1952.
I. Herstein and J. Milnor, “An Axiomatic Approach…,” Econometrica, April, 1953.
J. Pratt, “Risk Aversion…,” Econometrica, January-April 1964.
H. Latané, “Criteria for Choice Among Risky Ventures,” JPE, April, 1959.
J. Tobin, “Liquidity Preference…,” Rev. of Econ. Stud., February, 1958.
K. Arrow, “The Role of Securities…,” Rev. of Econ. Stud., April, 1964.
J. Hirschleifer, “Efficient Allocation…,” AER, May, 1964, 77-96 (including relevant discussion)
K. Arrow, “Uncertainty and the Economics of Medical Care,” AER, December, 1963.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 68, Folder “Reading Lists”.

____________________

Spring 1965

14.192 Advanced Economic Theory
Reading List on Capital Theory

I. Fisher: Theory of Interest, passim.
K. Wicksell: Lectures on Political Economy, Vol. I, Part II and Appendix on Akerman.
O. Lange: “the Place of Interest…”, Rev. of Econ. Studies, 1935-1936.
L. Metzler: “Rate of Interest and…”, JPE 1950, “Corrections”, JPE 1951.
P. Samuelson: “Some Aspects of the Pure Theory…”, QJE 1937
___________: “Rate of Interest under Ideal Conditions”, QJE 1939.
T. Koopmans: Three Essays on the State of Economics, pp. 105-126.
R. Radner: Notes on the Theory of Economic Planning.
E. Malinvaud: “The Analogy between…”, Rev. of Econ. Studies, 1961.
R. Solow: “Substitution and Fixed Proportions…”, Rev. of Econ. Studies, June 1962
________: Capital Theory and the Rate of Return, Chapters 1, 2.
E. Phelps: “Substitution, Fixed Proportions,….”, International Economic Review, September 1963.
K. Arrow: “…Learning by Doing”, Rev. of Econ. Studies, June 1962.
R. Findlay: “The Robinsonian Model…”, Economica, February 1963 and “Comments” by Robinson and Findlay, Economica, November 1963.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 67, Folder “14.192 Capital Theory”.

____________________

Final Examination
14.192 Advanced Economic Theory
Spring 1965

Suppose Caius, a Petersburg merchant, has purchased commodities in Amsterdam which he could sell for 10,000 rubles if he had them in Petersburg. He therefore orders them to be shipped by sea, but is in doubt whether to insure them. He is well aware that at this time of year, of 100 ships which sail from Amsterdam to Petersburg, 5 are usually lost. How much wealth must Caius possess apart from the goods under consideration in order that it be sensible for him to abstain from insuring the shipment at a price of 800 rubles? And what fortune should be possessed by the man who offers to provide this insurance in order for him to be rational in doing so? Work out for an arbitrary utility function and specialize to the logarithmic case.
In a perfectly competitive economy, it requires c (X) many years of labor, and nothing else, to build a machine which requires X men to operate it and has a capacity of one unit of output a year. The wage in terms of output is w and is expected to be constant forever. The market rate of interest is r, also constant. For given w, find the competitive equilibrium values of x and r. How does x change with w?
By investing one unit of labor now (at real wage w) you can start a yoghurt-process. T units of time later, by investing one more unit of labor you can collect f (T) units yoghurt and start another identical yoghurt-process. There is a competitive capital market. You intend this yoghurt business to go on forever at the scale of one process. Discuss the determination of the best T, and implications for r and w.
An investor with wealth W must divide it between holding cash, M, and holding one-year bonds in value B, paying interest at rate r. The return of principal is sure but the interest rate is random. Interest income is subject to a proportional tax at rate t. If the investor is a Bernoullian expected-utility maximizer and a risk-averter, how will his holding of bonds respond to a change in the tax rate? Explain the economics of your answer.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 68, Folder “Examinations and Quizzes”.

____________________

From the Final Grade Sheet

Second Term 1964-65
Subject number: 14.192
Subject name: Economics Seminar
Staff member in charge: [signed] R. M. Solow

Graduate students of economics who were awarded grades
[There were 5 A’s and 7 B’s]:

Bing, Peter C.
Bischoff, Charles W.
Blackburn, Anthony J.
Carter, D. Nicholas G.
Hall, Robert E.
Havens, John J. Jr.
Kamiya, Denzo [Emeritus Professor,Keio Univ.]
Kheir El Dine, H. Miss
Mazur, Michael P.
Moskowitz, Warren E.
Nordhaus, William D.
Schulson, Louis J.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 68, Folder “Examinations and Quizzes”.

____________________

(Preliminary) Class List

14.192 ADVANCED ECONOMIC THEORY
W 1:00-3:00
Professor Robert M. Solow

Bing, Peter C.
Bischoff, Charles W.
Blackburn, Anthony J.
Carter, D. Nicholas G.
Chacholiades, Miltiades LISTENER
DeMenil, George F. DROPPED APRIL 13, 1965
Hall, Robert E.
Havens, John J. Jr.
Kamiya, Denzo
Kheir El Dine, H.
Mazur, Michael P.
Moskowitz, Warren E.
Schulson, Louis J.
Suva, Felipe
Wales, Terrence J. LISTENER
Cohen, Malcolm S. LISTENER
Stiglitz, Joseph
La Malfa, Giorgio LISTENER

Note: William Nordhaus who received a grade in the course was not included in this preliminary class list. Felipe Suva and Joseph Stiglitz appear on this list but were not included in the gradesheet.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 68, Folder “Reading Lists”.

Image Source: Robert Merton Solow at the M.I.T. Museum website.

Tags Bischoff, HallR, Nordhaus, Solow, Stiglitz

Exam Questions Harvard

Harvard. International Trade and Finance. Final Exam. Leontief, 1933

Post author By Irwin Collier
Post date 2018-04-29

Wassily Leontief’s first appointment at Harvard was at the rank of instructor for the academic year 1932-33. The first course he taught was Economics 18 (Price Analysis) that was taken by two graduate students for credit during the fall semester. Leontief then taught Economics 39 (International Trade and Finance) in the second semester. I have yet to locate a syllabus or reading list for that course, but at least Economics in the Rear-view Mirror is able to provide visitors with the transcript below of what would appear to be Leontief’s earliest recorded examination at Harvard.

_________________

Course Description

[Economics] 39 ²hf. International Trade and Finance

Half-course (second half-year). Mon., Wed., Fri. at 3. Dr. Leontief.

Starting with the classical theory of foreign trade, this course will lead to an analysis of modern problems in international economic relations. The movement of capital and labor across national boundaries will be discussed and the general trend in international economic relations and policies will be analyzed in connection with the changing structure of world economies.

Source: Division of History, Government and Economics, 1932-33. Official Register of Harvard University, Vol. 29, No. 32 (June 27, 1932), pp. 81-82.

_________________

Course Enrollment

[Economics 39 ²hf. Dr. Leontief.—International Trade and Finance.

Total 11: 9 Graduates, 2 Radcliffe.

Source: Harvard University. Report of the President of Harvard College for 1932-1933, p. 66.

_________________

Final Examination

1932-33
HARVARD UNIVERSITY
ECONOMICS 39²

(Three hours)

Analyze the theory of costs in its application to the theory of international trade.
“England was losing after the war its exports to other countries because its costs of production were too high.” Is this statement compatible with the theory of comparative costs? Analyze the case.
Can a tariff protect the wage-level of a country?
Under what conditions can a country gain from a protective tariff?
What is dumping? Under what conditions is it most likely to occur?
Analyze the principal items of a typical balance of payments.

Final. 1933.

Source: Harvard University Archives. Harvard University Examination Papers. Finals. (HUC 7000.28 vol. 75). Papers Printed for Final Examinations: History, History of Religions,…, Economics,…, Military Science, Naval Science January-June, 1933.

Image Source: Wassily Leontief in Harvard Class Album, 1934.

Tags Leontief

Exam Questions Harvard Suggested Reading Syllabus

Harvard. Principles of Economics, Summer School. Syllabus and Exams, 1942.

Post author By Irwin Collier
Post date 2018-04-28

Harvard Commencement, 1943. Military copy work from the Harvard ArchivesHarvard University. . Kris Snibbe/Harvard Staff Photographer

Harvard University was able to switch into a three semester per year mode in the very first summer after the U.S. entered World War II. There were two versions of the standard Principles of Economics course offered, one which extended over the twelve week summer term and one very intensive version that covered the material of a normal year-long course in just six weeks by having the students in class for two hours per days for five days per week. There was also a Principles “Lite” version that ran for only six weeks and covered just half the material apparently.

The syllabus for the full twelve week version of Economics A lists 2,600 pages of assigned reading for the course. Nominally there would be five one-hour sessions per week, so on average for the sixty sessions students were expected to read 40-45 pages per day. Call me cynical, but I would be surprised if the average of the distribution were even half that pensum.

____________________

Summer enrollment in Principles of Economics, 1942

“The large number of course enrolments meant that individual classes were very much larger than in preceding years. The largest classes were Mathematics SAa, with 436 students, English SAa, with 347, English SAb, with 329, Mathematics SAb, with 299, and Economics SAa, with 222 students. Enrolment in 22 courses was 100 or more.”

Source: Harvard University. Report of the President of Harvard College for 1941-1942, p. 356.

___________________

Course Announcements for Summer School 1942

Economics SAa ¹hf. Principles of Economics.
Half-course (first session). Mon. through Fri., at 11. Professor Burbank, and other members of the Department.

Economics SAa may be taken by properly qualified Freshmen with the consent of the instructor.
SAa and SAb provide an introductory study of the present organization of industry, money and the mechanism of exchange, the theory of value, foreign trade and tariff policy, the distribution of wealth; i.e., the forces governing the incomes of the laboring, land-owning, capitalist and business classes, and the relation of government to industry. The course is conducted entirely by oral discussion.

Economics SAb ²hf.Principles of Economics
Half-course (second session). Mon. through Fri., at 11. Professor Chamberlin, and other members of the Department.

Economics SAb may be taken by properly qualified Freshmen with the consent of the instructor.
Economics SAa is a prerequisite for the course.
For description see SAa.

Economics SA¹(to count as a whole course in the first session). Principles of Economics
Whole course (first session). Mon. through Fri., 9 to 11. Professor Burbank, and other members of the Department.

Economics SA¹is identical with SAa and Sab, the two, however, combined and completed in one session. Freshmen will not be admitted to this course. For description see SAa.

Economics SB ¹hf. Principles of Economics
Half-course (first session). Mon. through Fri., at 11. Dr. Monroe.

If a Harvard student counts Economics SB for a degree, Economics A may be counted as a half-course only. Ordinarily students concentrating in History, Government, and Economics must take Economics A, SA, or SAa and SAb.
Course SB gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject.

Source: Final Announcement of the Courses of Instruction offered in the Summer Term 1942 published in Official Register of Harvard University, Vol. 39, No. 16 (April 20, 1942), pp. 21-22.

____________________

ECONOMICS A
Summer Term, 1942

Sources:	Arnold, Thurman	The Bottlenecks of Business (1940)
*	Benham and Lutz	Economics, American Edition (1941)
	Bidwell, P.	Economic Defense of Latin America (1941)
**	Federal Reserve System	Federal Reserve Charts on Bank Credit, Money Rates and Business (1941)
	Garver and Hansen	Principles of Economics, Revised Edition (1937)
	Golden and Ruttenberg	The Dynamics of Industrial Democracy (1942)
	Johnson, E.A.J.	Some Origins of the Modern Economic World (1936)
**	Luthringer, Chandler and Cline	Money, Credit and Finance (1938)
	Meyers, A.L.	Elements of Modern Economics (1937)
**	Neal, A.C., Editor	Introduction to War Economics (1942)
	Slichter, S.E.	Modern Economic Society (1928)
	-ditto-	The Economics of Collective Bargaining (reprint)
	-ditto-	The Period 1919-1936 in the United States, Its Significance for Business Cycle Theory, in Review of Economic Statistics, Vol. XIX, Feb. 1937, No. 1, Part I
**	Staff members	Syllabus: Economics A
	Taussig, F.W.	Principles of Economics, Vol. I Third Edition Revised (1921)
**	Taylor, H.	Main Currents in Modern Economic Life (1941)
	T.N.E.C.	Price Behavior and Business Policy, Monograph No. 1 (1941)
	T.N.E.C.	Competition and Monopoly in American Industry, Monograph No. 21 (1940)

** To be purchased by students
* Suggested for purchase

Note: Essay due at end of eight week.

ECONOMICS A
Outline and Reading Assignments
Summer Term, 1942

Weeks			Pages
1^st	Part I.	EMERGENCE OF MODERN ECONOMIC INSTITUTIONS The economic problem; historical development of social and legal institutions; their effect on the economic problem.
		Johnson, Ch. 1, Economic Activity and Economic Development	7
		_______, Ch. 2, The Late-Medieval Background	21
		_______, Ch. 3, The Emergence of Capitalism	34
		_______, Ch. 4, The Beginnings of Scientific Technology	32
		_______, Ch. 5, The Formulation of Capitalist Theory	23
		_______, Ch. 6, Protection and the Transplantation of Industrialism	24
		_______, Ch. 7, The Export of Capital and the Genesis of Economic Imperialism	15 156

Part II.		MODERN ECONOMIC INSTITUTIONS
		A—The economic problem again; how it is solved today; the concept of useful production.
		Benham, Ch. 1, General Survey	17
		Taussig, Ch. 2, Of Labor in Production	13 30

		B—Description of money flows and goods flows in a capitalist society; the relation of the division of labor to these flows; the forms of business organization and their relation to the division of labor.
		Taylor, Ch. 6, Vol. I, The National Income and its Distribution	18
2^nd		_______, Ch. 12, Vol. I, Industrial Techniques	16
		Taussig, Ch. 3, Division of Labor	18
		_______, Ch. 4, Large Scale Production	15
		Slichter, Ch. 8, (M.E.S.) Modern Business Organization	26 93

Part III.		THE DIVISION OF LABOR AND MONEY Division of Labor necessitates exchange; exchange is facilitated by the use of money; digression to explain the working of the monetary system in the United States.
		Luthringer, Ch. 1, Functions and Significance of Money	24
		_______, Ch. 2, Kinds of Money	23
		_______, Ch. 3, Credit and Credit Instruments	15
		_______, Ch. 4, Investment Institutions and Commercial Banking	23
		Pamphlet, Credit Expansion, in Economics A Syllabus	14
		Luthringer, Ch. 5, Central Banking and the Federal Reserve System	20
		_______, Ch. 6, The Quantitative Control of Bank Credit	18
3^rd		_______, Ch. 7, Meaning of the Value of Money	14
		_______, Ch. 8, Equation of Exchange and the Quantity of Money	16
		_______, Ch. 9, Velocity of Money and the Volume of Trade	17 184

Part IV.		THE SOLUTION TO THE ECONOMIC PROBLEM
		A—The Markets for Commodities Analysis in this section refers only to the determination of prices and quantities of commodities produced by a business firm. No answers are given to the questions: Why are wages, rents, interest high or low?
		A.1 The Business Firm vis-à-vis Consumers in an unregulated market
		A.1.a Consumer Demand Why consumers spend their incomes as they do, the process whereby consumer demand is transmitted to the market.
		Benham, Ch. 2, Markets	25
		_______, Ch. 3, Demand	16
		_______, Ch. 4, Prices with a Fixed Demand	10
		_______, Ch. 5, Changes in Demand	10 61

		A.1.b The Business Firm The final relationship of cost to price depends on the competitive conditions in each commodity market; the profit motive the main determinant of the firm’s decisions.
		Benham, Ch. 12, The Controlling Power of Demand	8
		_______, Ch. 13, The Problems of the Firm (omit Sec. 11)	37
		_______, Ch. 14, Monopoly	18
		Monograph 21, Ch. 1, the Nature and Significance of Competition	18
		Monograph 1, Part 1, Ch. 2, Nonprice Competition	53
4^th		_______, 1, Part 2, Ch. 1, Types of Geographical Price Structures	14 148

		A.2 Effect of Government Regulation on the unregulated market
		A.2.a Introduction General analysis of regulation and impediments to free markets. Sections b, c, and d elaborate more completely some issues presented here.
		Arnold, Ch. 1, The Basic Problem of Distribution	19
		_______, Ch. 2, How Restraints of Trade Affect your Standard of Living	25
		_______, Ch. 3, How Restraints of Trade Unbalance the National Budget	13
		_______, Ch. 4, A Free market in time of National Emergency or War	30
		_______, Ch. 5, An Elastic Procedure…to Prevent…Seizure of…Power…	24
		_______, Appendix I and II	20
		_______, Ch. 6, The Test is Efficiency and Service—not size	15
		_______, Ch. 7, Procedure Under the Sherman Act…	31
5^th		_______, Ch. 8, The Clarification of Law through public enforcement	26
		_______, Ch. 9, Antitrust Enforcement for the Betterment of the Consumer	21
		_______, Ch. 10, Bottlenecks between the Farm and the Table	26
		_______, Ch. 11, Labor—Restraints of Trade among the Underdogs	19
		_______, Ch. 12, The Rise of a Consumer Movement	37 306

		A.2.b Regulation and the Consumer
		Taylor, Vol. II, Ch. 37, Consumption Standards	15
		____________, Ch. 38, Consumers and the Business System	19
		____________, Ch. 39, Consumer Cooperation	20 54

6^th		A.2.c Regulation and the Business Firm
		(1) Monopoly
		Taylor, Vol. I, Ch. 15, The Growth of Big Business	18
		___________, Ch. 16, The Trend Toward Monopoly	17
		___________, Ch. 17, Monopolies and Public Policy	16 51

		(2) Public Utilities Techniques of regulation different for firms classified as public utilities; the TVA—an example of a new regulatory device.
		Taylor, Vol. II, Sec. 13, pp. 363-364 Introduction	2
		____________, Ch. 48, The Nature and Scope of Public Regulation	15
		___________, Ch. 49, The Price of Utility Services	16
		___________, Ch. 50, Recent Expansion of Federal Control	19
		___________, Ch. 51, The State as Operator	17 69

		A.2.d Agriculture—a special problem
		Taylor, Vol. II, Sec. 8, Agriculture and the Market	3
		____________, Ch. 30, The American Farmers	18
		____________, Ch. 31, Farmers in the Market System	19
		____________, Ch. 32, Agriculture and Public Policy	24 64

7^th		B. The Markets for Productive Agents (Factors of Production) The Analysis in this section refers to the determination of the prices of the factors of production, land, labor, capital and entrepreneurship in the markets where they are bought and sold. The entrepreneur’s reward, profit, is decided for him by the success or failure of his production plan. This market is, of course, not independent of the commodity markets. The unclassified reading discusses the productive agents of the United States:
		Taylor, Vol. I, Ch. 8, How Productive Resources are Used	17
		___________, Ch. 9, Population	19
		___________, Ch. 10, Land	15
		___________, Ch. 11 Localized Natural Resources	21
		___________, Ch. 13 Capital	19 91

		B.1 The Factors vis-à-vis Firms in an Unregulated Market
		B.1.a. The Pricing Process in General
		Benham, Ch. 9, Combination of Factors (omit sec’s 5,6)	18
		Meyers, Ch. 11, The Distribution of Income	11 29

		B.1.b. The Prices of Each Factor of Production
		Benham, Ch. 15, The Mobility of Factors of Production	10
		_______, Ch. 16, Wages, pp. 258-269	20
		_______, Ch. 18, Rent	13
		Garver and Hansen, Ch. 26, Interest	23
		_______________, Ch. 27, Profits	12 78

8^th		B.2 Effects of Government Regulation and other Institutional Aspects of Distribution on the Markets for Factors.
		B.2.a The Labor Market
		Taylor, Vol. II, Ch. 33, The American Labor Market, pp. 75-89	14
		___________, Ch. 35, The Labor Movement	24
		Slichter (pamphlet). The Economics of Collective Bargaining	23
		Taylor, Vol. II, Ch. 36, Public Policy Regarding Labor	22
		Benham, Ch. 16, Wages, pp. 269-275 (section 9)	6
		Golden, entire book. Write an essay of not more than 1200 words evaluating the ideas in the book.	347 436

9^th		B.2.b The Market for Savings It is to be noted that firms and others may secure funds from credit created by commercial banks.
		Taylor, Vol. I, Ch. 23, pp. 431-434 only (self financing by corporations)	4
		__________, Ch. 24, Investment Credit Institutions	19
		__________, Ch. 25, The Security Markets	17
		__________, Ch. 26, Regulation of Securities and Exchanges	18 58

		C. Public Finance and the Economic Problem The State not only regulates markets as described above but also influences the prices of factors and commodities in the process of financing the production of public goods (roads, protection, etc.). The effects of government finance on the level of national income to be postponed to Part VI.
		Luthringer, Ch. 12, The Public Economy	13
		_________, Ch. 13, The Revenue System	20
		_________, Ch. 14, Tax Incidence	26
		_________, Ch. 15, The Income Tax	20
		_________, Ch. 16, Property and Other Taxes	18
		_________, Ch. 17, Public Credit	14
		_________, Ch. 18, Principles of Public Credit	16 127

Part V.		INTERNATIONAL ASPECTS OF MARKETS AND FINANCE Analysis of international trade and finance; the free market and the regulated market. Previous analysis emphasized only domestic markets although the principle of international trade is applicable to regions within a country to some extent; Latin America and the War.
10^th		Benham, Ch. 25, The Theory of International Trade	22
		_______, Ch. 26, Balances of Payments	10
		_______, Ch. 27, Free Exchange Rates	10
		_______, Ch. 28, The Gold Standard	22
		_______, Ch. 29, Exchange Control	8
		_______, Ch. 30, Import Duties and Quotas	9
		Bidwell, Ch. 1, War and the Monroe Doctrine	16
		______, Ch. 2, Propaganda and Politics	13
		______, Ch. 3, German Economic Penetration	12
		______, Ch. 4, The Weapons of Economic Defense	33
		______, Ch. 5, The Fallacy of Hemisphere Self-Sufficiency	14 169

Part VI.		PROSPERITY AND DEPRESSION Analysis of the reasons why all prices move together; why all factors tend to become unemployed—hence the emphasis on the movements of national income. Previously, the analysis of prices was chiefly concerned (with the exception of the value of money) with relative prices. Existence of international markets tends to spread the cyclical pattern.
		A. Explanation and Verification of Business Cycle Theories
		Benham, Ch. 7, The Volume of Production, pp. 113-125	13
		Garver and Hansen, Ch. 21, Business Cycles	18
11^th		Benham, Ch. 20, Economic Progress and the Trade Cycle, pp. 347-356	9
		Slichter, R.E.S., The Period 1919-1936 in the U.S. Its Significance for Business Cycle Theory	19 59

		B. Governmental Policy and Business Cycles
		Taylor, Vol. II, Ch. 44, Deficit Spending	16
		____________, Ch. 12, The State as Provider (Introduction)	2
		____________, Ch. 45, Providing Minimum Needs	17
		____________, Ch. 46, Social Security	19
		____________, Ch. 47, Public Housing	17 71

Part VII.		TOTALITARIAN ALTERNATIVES TO CAPITALISM Analysis of the solution to the economic problem in totalitarian economic systems.
		Taylor, Vol. II, Sec. 14, Totalitarian Alternatives to Free Markets (Introduction)	2
		____________, Ch. 52, Economic Basis of Totalitarianism	16
		____________, Ch. 53, The Soviet Economy	23
		____________, Ch. 54, The Fascist Economy in Italy	19
		____________, Ch. 55, The National Socialist Economy in Germany	20 80

12^th	Part VIII.	THE ECONOMICS OF WAR
		Neal, Ch. 1, Basic Economic Problems of War	15
		____, Ch. 2, Economic War Potential	23
		____, Ch. 3, Problems of War Production	21
		____, Ch. 4, War Labor Problems	25
		____, Ch. 5, Financing the War Effort	19
		____, Ch. 6, Financing the War Effort, Business Finance	27
		____, Ch. 7, Wartime Management of the Monetary and Banking System	28
		____, Ch. 8, The Control of Individual Prices	31
		____, Ch. 9, Economic Warfare	20
		____, Ch.10, Post-War International Economics	19 228

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archives. Randall Hinshaw Papers, Box 1, Folder “Schoolwork, 1940s”.

____________________

Final examination first half of course

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SAa

Part I

(One hour)

Write on BOTH of the following in this section:

Analyze carefully the effects of the following on average cost, marginal cost, marginal revenue and price for the individual firm in the short run:
1. A tax of ten cents per unit of output on a monopolist.
2. A subsidy of ten cents per unit of output to firms in a purely competitive industry.
Trace the repercussions on member bank reserve balances, Treasury deposits with the Federal Reserve System and reserves of the Federal Reserve System caused by:
1. The purchase and sterilization of gold by the Treasury.
2. The purchase of U.S. government bonds by the Federal Reserve System.
3. A transference of Treasury deposits from the Federal Reserve System to member banks.

Part II

(Two hours)

Write on any FOUR of the following in this section:

“Regulation of public utility rates may be effected by limiting charges to yield a fair return on a fair value of the property. This will result in prices comparable to competitive conditions. An alternative type of rate regulation may be accomplished by using as a ‘yardstick’ the rates which a government-owned plant could economically charge.”
1. Does the use of the fair return formula approximate the price which would evolve in a competitive market for the same commodity?
2. May the rates fixed by the Tennessee Valley Authority be used as a “yardstick” for privately-owned power companies?
“There seems to be a common belief that banks, by some process of sleight of hand, contrive to create a multiple of the amount of money they receive. The truth is that they can lend not more, but less than the amount of money that comes into their hands.”
Do you agree? Explain fully.
“It is not size in itself that we want to destroy….What ought to be emphasized is…the evil of industries which are not efficient or do not pass (the gains from) efficiency on to consumers.” Arnold.
Examine the consistency of this statement.
Contrast carefully the industrial economic world of nineteenth century England with the industrial economic world of fourteenth century England.
Write a letter to your congressman briefly explaining what you believe to be the basic American farm problems and critically evaluating the New Deal attempts to alleviate them.

Source: Harvard University Archives. Department of Economics, Course reading lists, syllabi, and exams 1913-1992 (UA V 349.295.6), Box 1, Folder “Economics 1, Exams 1939-1962”.

____________________

Final examination second half of course

HARVARD UNIVERSITY
[Second Session. Summer, 1942]
ECONOMICS SAb

Part I

(One hour)

Write on BOTH of the questions in this section:

“The main fiscal problem of the war is the diversion of a large share of the national income from the private economy to the public fisc for war purposes.” Outline and defend a plan of taxation and borrowing which in your opinion effectively will solve this problem.
Analyze the effects of an increase in the supply of labor on (a) the remuneration of the various productive factors and (b) the changes in output of those industries whose costs are mainly labor and those whose costs are mainly capital.

Part II

(Two hours)

Write on any FOUR of the questions in this section:

Write an essay on the topic of cyclical unemployment emphasizing (a) the processes by which full employment is supposed to be effected in a free enterprise economy and (b) the reasons why these processes have failed to operate.
What controls are necessary for the orderly and equitable distribution of goods during war time in the markets for factors of production and the markets for consumers’ commodities? Indicate the results likely to follow from partial rather than complete controls in these two major groups of markets.
“Labor unions cannot raise the wages of labor within an occupation without reducing the number employed in that occupation since the entrepreneur cannot afford to pay labor more than the value of its marginal product.” Do you agree? Explain fully.
Discuss carefully three methods of correcting an adverse balance of payments. Indicate the effects of each method on the level of domestic money incomes, the foreign exchange rate, merchandise exports and imports and short-term capital movements.
Explain the chief methods of regulating securities markets in the United States. State concisely the functions of securities markets and evaluate the success of regulation in aiding the orderly functioning of these markets.

Source: Harvard University Archives. Department of Economics, Course reading lists, syllabi, and exams 1913-1992 (UA V 349.295.6), Box 1, Folder “Economics 1, Exams 1939-1962”.

____________________

Final Exam Intensive Course, First Session 1942

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SA¹

I

(One hour)

Reply fully to the following questions:
1. Which are the main problems confronting the economy of this country during the present war?
2. What measures of economic policy would you propose to cope with them?

II

(About one half hour each)

What are the effects of the practice of self-financing by corporations upon
1. the rate of interest;
2. the allocation of the nation’s resources;
3. the prevalence of competition, or of monopoly, in the economy as a whole?
Let a tax be imposed upon a monopolist and the amount due be determined by either of the following methods:
1. a fixed percentage of his profits;
2. a fixed money amount per unit of output;
3. a fixed percentage of the total money value of his sales;
4. a global fixed sum, independent of either output or sales.

In which of these cases will he be able to shift the tax forward? Prove your conclusions by a graphical analysis.

Criticize the following statement carefully:
“The average citizen is inclined to think that there is nothing at all which he himself can do to check inflation. He considers the anti-inflationary fight a task for Uncle Sam only and therefore urges control of prices and labor and the draining off of excessive purchasing power. Actually, the citizen himself can do a great deal, and the efforts of the government will be far less effective unless he does.
“He can co-operate with the government by putting money in the bank and making it work for him, instead of drawing it out, letting it lie idle and exposing it to the danger of theft, fire and forgetfulness, He can pay his debts. He can discharge his mortgage more rapidly. He can make larger down payments on installment purchases than he has to. He can be more generous to poor relatives. He can see his oculist, dentist or family doctor more often, and pay cash. He can contribute more liberally to local and national charities. He can refuse to hoard goods. He can refrain from rushing to buy the very articles of which there is a shortage….” (The Boston Herald, July 28, 1942, p. 14)
Trace the main effects that the abolition of the tariff on beef (one of the major export articles of Argentina) would, in peacetime, have upon the economies of the United States and of Argentina. Distinguish the short-run and the long-run consequences.

Source: Harvard University Archives. Harvard University. Final examinations, 1853-2001. (HUC 7000.28) Box 6, Papers Printed for Summer Examinations First Session, August, 1942.

____________________

Final Examination for Principles of Economics “Lite”

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SB

I

(About one hour)

Write an essay on one of the following topics:
1. Long-run value under competition,
2. The rate of wages,
3. Investment and interest,
4. Profits

II

(Answer TWO questions from this group.)

How should you expect the following to affect the selling price of a farm: an increase in population; a fall in the rate of interest; the opening of a new market for its products; a bad crop failure?
Explain the meaning of the following terms and show how one of them enters into the explanation of economic phenomena: comparative advantage; bank reserves; the gold points; marginal revenue.
What are the principal factors responsible for cyclical fluctuations in business activity?

III

(Answer TWO questions from this group.)

Explain the nature and operation of the forces which cause variations in the purchasing power of the dollar.
Outline the principal forms of unemployment and discuss one of them in some detail.
Compare the advantages and disadvantages of the different methods available for financing a war.

Source: Harvard University Archives. Harvard University. Final examinations, 1853-2001. (HUC 7000.28) Box 6, Papers Printed for Summer Examinations First Session, August, 1942.

Image Source: Harvard’s Commencement in 1943. From The Harvard Gazette, November 10, 2011.

Tags Burbank, Chamberlin, Monroe

Chicago Duke Economic History Economists Harvard Northwestern

Harvard. Economics Ph.D. alumnus (1929), later Chicago professor, E.J. Hamilton.

Post author By Irwin Collier
Post date 2018-04-28

In an earlier post Economics in the Rear-view Mirror provided the undergraduate and graduate academic transcripts of Earl J. Hamilton, who besides having gone on to a distinguished career as a leading economic historian also served as the editor of the Journal of Political Economy for seven years. For this post I have transcribed c.v.’s from ca. 1948 and from Hamilton’s emeritus years, presumably from the 1970s, but he did live for nearly another two decades.

The previous post was dedicated to a long-time professional colleague and friend, Jacob Marschak, with whom Hamilton had overlapped at the Universidad Internacional (Santander, Spain) during the summer of 1933, and to whom Marschak had written for some advice regarding an application for a possible University of Chicago job.

Earl Hamilton died May 7, 1989. [Find-a-Grave link]

____________________

On Hamilton’s research on economic history

John H. Munro. “Money, Prices, Wages, and ‘Profit Inflation’ in Spain, the Southern Netherlands, and England during the Price Revolution era: ca. 1520-ca. 1650”. História e Economia—Revista Interdisciplinar. Vol. 4, No. 1 (1° semester 2008), pp. 13-71.

John H. Munro’s eh.net review of Hamilton’s American Treasure and the Price Revolution in Spain, 1501-1650 (1934).

See: Earl J. Hamilton Papers on the Economic History of Spain 1351-1830.

____________________

Hamilton’s unfinished John Law Project

“John Law has attracted the interest of many writers. In the twentieth century two of the most active scholars researching on John Law were Paul Harsin and Earl Hamilton…Hamilton, who devoted some fifty years of his life to Law, never produced his promised biography and left only a couple of short articles on the man he so passionately studied…

Unfortunately, there is little order in the Hamilton papers. It will take the librarians of Duke University, assisted by experts on Law and his System, many years to classify them…As such, Earl and Gladys Hamilton will have left a very rich legacy for future generations of scholars.”

Source: Antoin E. Murphy, John Law: Economic Theorist and Policy-maker. Clarendon Press, (1997), especially Chapter 2 “Law’s Writings and his Critics”, pp. 8-13.

____________________

Earl J. Hamilton c.v., ca. 1948

THE UNIVERSITY OF CHICAGO
Chicago 37, Illinois
DEPARTMENT OF ECONOMICS

EARL. J. HAMILTON, Professor of Economics, University of Chicago

Previous and Present Positions: Assistant professor of economics, 1927-29, professor, 1929-44, director of graduate study in economics, 1938-44, Duke University; professor of economics, 1944-47, Northwestern University; professor of economics, 1947—, University of Chicago. Delegate for Spain, International Scientific Committee on Price History, 1930-36; lecturer, Universidad Internacional (Santander, Spain), summer, 1933, Colegio de Mexico, summer, 1943; rapporteur, Committee on World Regions, Social Science Research Council, spring, 1943; director of civilian instruction, Army Finance School, 1943-44. Editor of the Journal of Political Economy, August, 1948—.

Degrees: B.S., with Honors, 1920, Mississippi State College; M.A., 1924, University of Texas; Ph.D., 1929, Harvard University.

Affiliations: Economic History Association (Vice-President, 1941-42, Bd. Editors, 1941—); American Association of University Professors; American Historical Association; Economic History Society (Engl.); Corresponding Member, Hispanic Society of America; Fellow, Royal Economic Society, American Association for the Advancement of Science, and American Academy of Arts and Sciences.

Publications: American Treasure and the Price Revolution in Spain, 1501-1650 (1934); Money, Prices, and Wages in Valencia, Aragon, and Navarre, 1351-1500 (1936); War and Prices in Spain, 1651-1800 (1947); El Origen del Capitalismo y Otros Ensayos de Historia Económica (1948). Articles on history of economic thought, economic history, money, and prices.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Earl J. Hamilton Papers, Box 2, Folder “Correspondence-Misc. 1930’s-1940’s and n.d.”.

____________________

Earl J. Hamilton c.v.
early 1970s[?]

THE UNIVERSITY OF CHICAGO
DEPARTMENT OF ECONOMICS

1126 East 59^thStreet
Chicago, Illinois 60637

Earl J. Hamilton

Born at Houlka, Mississippi on May 17, 1899

B.S. with Honors, Mississippi State University 1920
M.A. University of Texas 1924
Ph.D. Harvard University 1929

Docteur Honoris Causa, University of Paris 1952; LL.D. Duke University 1966; Doctor Honoris Causa University of Madrid 1967.

Have held Thayer Fellowship and Frederick Sheldon Traveling Fellowship, Harvard University; Social Science Research Council Fellowship; Guggenheim Memorial Fellowship; and Faculty Research Fellowship from the Ford Foundation.

Have spent a total of more than twelve years gathering research data in the archives and manuscripts divisions of libraries in France, Italy, Holland, Spain, Belgium, England, Scotland and Latin America.

Speak, read, and write French, Italian, German, Spanish and Dutch.

Assistant Professor of Economics, Duke University, 1927-1929
Professor of Economics, Duke University, 1929-1944
Professor of Economics, Northwestern University, 1944-1947
Professor of Economics, University of Chicago, 1947-1968
Distinguished Professor of Economic History, State University of New York at Binghamton, 1967-1969
Now Professor Emeritus of Economics, University of Chicago and Distinguished Professor of Economic History Emeritus, State University of New York Binghamton.

Editor of the Journal of Political Economy for seven years.

President of the Economic History Association, 1951-1952.

Have determined from original manuscript sources the volume of precious metals imported into Europe from Mexico and Peru in the first hundred and seventy years after the discovery of America and have written a history of price in Spain from 1350 to 1800 based on contemporaneous account books, published in three volumes by the Harvard University Press. I have published a book of essays in Spanish entitled El Florecimiento del Capitalismo y Otros Ensayos de Histoira Económica [1948].

Am now writing from manuscript sources in the archives of France, Italy, Belgium, Holland, England and Scotland, to be published in four or five volumes a definitive history of John Law’s System, one of the greatest inflationary and deflationary episodes in history, popularly known as the Mississippi Bubble, and a biography of John Law of Lauriston.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Earl J. Hamilton Papers, Box 2, Folder “Various Financial Correspondence (Personal) (1930s-1960s)”.

Image Source: University of Chicago Photographic Archive, apf1-02446, Special Collections Research Center, University of Chicago Library.

Tags Hamilton, Marschak

Chicago Cowles Duke Economist Market Economists Germany Oxford

Chicago. Jacob Marschak seeks job application advice, his c.v. and list of publications, 1939

Post author By Irwin Collier
Post date 2018-04-27
3 Comments on Chicago. Jacob Marschak seeks job application advice, his c.v. and list of publications, 1939

The economic historian Earl J. Hamilton met Jacob Marschak in Santander, Spain in 1933 and the two remained in touch. In Earl J. Hamilton’s papers at Duke University’s Economists’ Papers Archives I found the following 1939 letter from Marschak that is immediately followed by a copy of his c.v. and publications list. Since Marschak was asking for advice for applying for a job at the University of Chicago, it is not unlikely that his letter included the c.v. and publication list, though perhaps those copies were given to Hamilton earlier at the meeting at a drugstore in Detroit that is mentioned in the letter. Maybe all the stations of Marschak’s career listed in his 1938-39 c.v. and the publications from his list are all long known to Marschak scholars. But it is faster for me to include the artifacts here than to double check what is already known from other sources. It is interesting to see that his self-advertisement includes the fact that he studied economics and statistics under Eugen Slutsky in Kiev.

___________________

Jacob Marschak’s New Year’s Greeting for 1939 to Earl J. Hamilton

422 Fredonia Avenue
Peoria, Illinois

January 4, 1939

My dear Hamilton,

It was good to see you and have a chat with you—although it was much too short. I hope we shall continue, either in Durham or in Colorado Springs—I am looking forward very much to either.

You have somewhat embarrassed me by making your suggestion about the Chicago post. On thinking it over, I become more and more positive although I don’t know whether there is the slightest chance. If you would now repeat your question “Would you like to be considered by the Faculty” I should reply less hesitatingly than I did in that Drug Store in Detroit. If you still think I shall not make myself ridiculous by following up this suggestion, what steps (active or passive) would you advise me to take? I feel rather lost, and should be grateful for any advice. My present position is Reader in Statistics, and Director of the Institute of Statistics, University of Oxford. My actual interests are centered in Economic Statistics, and in Economics.

I have been staying here with my sister and her family who arrived from Vienna in Summer and have settled here—my brother-in-law specializes in the smelting[?] industry and owned a big factory in Europe. He has to do quite heavy work here, but both he and my sister are very happy. As it is the first time I have been living in a private home in America, and as (according to psychoanalysts and other clever people) it is the childhood associations which count most and are the true pivot of our inner life, I begin to feel myself less of a stranger and am enjoying a good rest. This is a beautifully situated and tastefully built prosperous town (140,000 inhabitants) it looks as if it contains large reserves of happiness and peace.

I am going to Chicago to-morrow—to collect my sister’s children shipped by train from New York, and then to remain in Chicago for the rest of January, c/o International House, University of Chicago. The Rockefeller Foundation will also forward all my letters.

I hope you arrived home happily and made a good start in 1939, studying the Mississippi bubble, the Dutch language and hundred other things and teaching your men real economics. Please remember me to Oliver, and Caltwright[?] I don’t yet know her, to Mrs. Hamilton. Good health for 1939 even in spite of French, or Swiss, cuisine!

Yours J. Marschak

___________________

Curriculum Vitae
[Jacob Marschak]

Born in Kiev (Russia) on July 23, 1898. High school graduation (gold medal), 1915[?]. Studied mathematics and engineering at the Department of Mechanics, Polytechnical Institute Alexander II, from 1915 to December, 1918; also belonged to the School of Military Engineeering Crown Prince Alexis in summer 1917, and attended courses in economics and statistics (E. Slutsky) at the School of Economics in 1918).

Emigrated to Germany in January, 1919. Studied economics and statistics (L. von Bortkievicz) and philosophy in Berlin later in Heidelberg. Deprived of Russian nationality, 1920. Graduated for Doctor of Philosophy (summa cum laude) with a dissertation on the Equation of Exchange (Publication No. 1.) in Heidelberg, 1922. In Italy, January-June, 1924 (Publication No. 40). On the economic staff of the Frankfurter Zeitung, 1924-26. In England on a research fellowship of the Heidelberg University, 1926. At the Forschungsstelle fuer Wirtschaft, Berlin, 1926-28. At the Institut fuer Weltwirtschaft, University of Kiel, supervising a staff of fifteen research workers on behalf of the Economic Enquiry Committee of the Reichstag (Enquête-Ausschuss) and teaching (Repetent); also attached as a “permanent expert” (Staendiger Sachverstaendiger) to the Committee at its meetings in Berlin, 1928-30.

Acquired German nationality, 1928. Appointed assistant professor (Privatdozent mit Staatlichem Lehrauftrag) of the University of Heidelberg, 1930, teaching economic theory and economic statistics, and conducting research (until 1933). Delegated by the German branch of the International Association for Social Progress to the Liège Conference in 1930 (Theory of Wages). Lectured on the invitation of the Spanish branch in 1931. Lectured again in Spain at Santander in 1933.

Elected Chichele lecturer in Economics, All Souls College, University of Oxford, 1933. Deprived of German nationality, 1935. Elected Fellow of the Econometric Society, 1935. Elected Reader in Statistics and Director of the Institute of Statistics, University of Oxford, 1935. Attended the Research Conference on Economics and Statistics at Colorado Springs, 1937, on the invitation of the Cowles Commission for Research in Economics. Lectured at the University of Amsterdam, Holland, 1938. Joint editor of the Oxford Studies in Economics and of the Oxford Economic Papers.

Publications

I. Economic Theory and Econometrics

Verkehrsgleichung. Archiv für Sozialwissenschaft. Bd. 52. 1924.
Wirtschaftsrechnung und Gemeinwirtschaft. Archiv f. Sozialw. Bd. 51. 1924.
Die rebellische Konjunkturkurve (zu Karstens Hypothese). Magazin d. Wirtschaft. 1927.
Consumption (Measurement). in: Encyclopaedia of Social Sciences.
Elastizität der Nachfrage. Tübingen 1931 (Beiträge zur ökonomischen Theorie, herausgeg. von E. Lederer u. J. Schumpeter, Bd. 2).
Thesen zur Krisenpolitik. Wirtschaftsdienst 1931.
Der deutsche Volkswirt 1931.
“Substanzverluste” (und: Berichtigte Schätzungen dazu) Archiv f. Sozialw. Bd. 67. 1932.
Zur Rundfrage über “Substanzverluste”. Archiv f. Sozialw. Bd. 67. 1932.
(with Walter Lederer) Grössenordnungen des deutschen Geldsystems. Archiv f. Sozialw. Bd. 67. 1932.
Volksvermögen und Kassenbedarf. Archiv f. Sozialw. Bd. 68. 1933.
Economic Parameters in a Closed Stationary Society with Monetary Circulation, Econometrica, 1934, Vol. II.
Vom Grössensystem der Geldwirtschaft. Archiv für Sozialwissenschaft, 1933.
Wages (Theory) in: Encyclopaedia of Social Sciences.
On the Length of the Period of Production. Economic Journal, 1934.
“Pitfalls in the Determinations of Demand Curves” (with Frisch and Leontief). Quarterly Journal of Economics, 1934.
Kapitalbildung (with W. Lederer). Published by W. Hodge & Co., London, 1936.
On Investment (mimeographed). 1935.
Empirical Analysis of the Laws of Distribution. Economica, 1935.
Measurements in the Capital Market. Proceedings of the Manchester Statistical Society, 1936.
Limitations of Frisch’s “Consumption Surface” (reported in), Econometrica, 1937, p. 96.
Influence of Interest and Income on Savings. Cowles Commission for Research in Economics, Third Annual Conference, 1937.
Probabilities and Utilities in Human Choice (Published with No. 22).
Assets, Prices and Monetary Theory (with H. Makower) Economica 1938.
Money and the Theory of Assets. Econometrica 1938.
Studies in Mobility of Labour: A tentative statistical measure (with H. Makower and H. W. Robinson). Oxford Economic Papers, No. 1, October, 1938.
Studies in Mobility of Labour: Analysis for Great Britain (same author). In print for Oxford Economic Papers, No. 2.

II. Industrial Policy

Die deutsche und die englische Elektrizitätswirtschaft. Der deutsche Volkswirt. 1926.
Hohe Löhne und die Volkswirtschaft. Die Arbeit. 1927.
Die Ferngas-Denkschrift. Der deutsche Volkswirt. 1927.
Supervision of the Reports of the Investigations of the Economic Inquiry Commission of the Reichstag, 1928-1930, concerning the following industries: vegetable oils, margarine, gold and silver ware, watches, glass, china, other pottery, cosmetics, toys, leather, shoes, gloves. (Published Berlin 1930-1).
Die Lohndiskussion. Tübingen 1930.
Löhne und Ersparnisse. Die Arbeit. 1930.
Das Kaufkraftsargument. Magazin der Wirtschaft. 1930.

34a. Problemas des salario (Sociedad para el progreso social. Grupo nacional español), Madrid 1931 (Nos. 32, 33, 34)

Le problème des hauts salaires. (Additif au questionnaire de l’Association Internationale pour le Progres social. Les documents du travail, 1930 Paris).
Lohntheorie und Lohnpolitik in: Internationales Gewerkschaftslexikon, herausgeg. von Professor L. Heyde. Berlin 1930.
Zollpolitik und Gewerkschaften. Magazin der Wirtschaft 1930.
Lohnsatz, Lohnsumme, Lohnquote und Arbeitslosigkeit, Soziale Praxis vom 14., 21., 28. April 1932.
Sozialversicherung und Konsum, in: Volkswirtschaftliche Funktionen der Sozialversicherung. Berlin 1932.
Der korporative und Hierarchische Gedanke im Fascismus. Archiv f. Sozialw. B. 51 u. 52 1924.
(with Prof. E. Lederer) Die Klassen auf dem Arbeitsmarkt und ihre Organisationen. Arbeiterschutz. Grundriss d. Sozialökonomik IX, 2. Tübingen.
(with Prof. E. Lederer) Der neue Mittelstand. Grundriss der Sozialökonomik IX, 1.
Zur modernen Interessendifferenzierung. In: Soziologische Studien zur Politik, Wirtschaft und Kultur der Gegenwart. (Festschrift für Prof. Alfred Weber). Potsdam 1930.
Zur Politik und Theorie der Verteilung. Archiv f. Sozialw. Bd. 85, 1930.

Image Source: Carl F. Christ. History of the Cowles Commission, 1932-1952

Tags Hamilton, Marschak

Pennsylvania Regulations

Pennsylvania. Rules for graduate degrees, 1897-98

Post author By Irwin Collier
Post date 2018-04-26

The previous post provided the list of graduate courses in economics and related fields (Politics, Sociology, and Statistics) offered at the University of Pennsylvania in 1897-98. This post adds the regulations governing admission, residence requirements, degree requirements for the M.A. and Ph.D. and tuition fees (plot spoiler: annual tuition was $100).

The graduate courses of instruction were arranged in sixteen groups that together constituted the Department of Philosophy. Hence, the doctoral degrees awarded for a major subject (e.g., economics) within one of these groups was logically called “doctor of philosophy”, i.e., Ph.D.

The unit of instructional account was the “standard course” which would be a lecture course of one hour per week for one academic year” so a two hour course for one term would be credited as one standard course and a one hour course for one term would be credited as 1/2 standard course. The overwhelming majority of courses offered in the group “Economics, Politics, Sociology and Statistics” were two-hour, one-term courses.

A Master’s degree required at least twelve standard courses, i.e. twelve hours of lectures to attend per term for two terms, the normal load for one academic year. A doctoral student was required to complete at least twenty-four standard courses, so two-years of course work. A doctoral student was to declare three “branches of learning” in which proficiency was to be achieved. The choice of the three branches was subject to the approval of a Group Committee. The major subject would be the principal subject selected within the particular group and two minor subjects, one of which was recommended to be taken from outside of the group, presumably from history, philosophy, ethics or psychology if one’s major was, say, economics. “In every case the minor subjects shall be so related to the major as to conduce to some recognized and approved end.” The minimum foreign language requirement was a good reading knowledge of two European languages besides English, at least one of which had to be “a modern tongue”.

Following the presentation of a thesis “upon some topic in the line of his major subject, showing high attainment or power of original and independent research” and its approval by the Group Committee in which his major lies, the candidate for the Ph.D. had to pass “a private written examination conducted by his instructors” as well as a public oral examination covering both the major and minor subjects.

__________________

Regulations for Graduate Degrees in the Department of Philosophy
University of Pennsylvania, 1897-98

The Department of Philosophy offers advanced instruction in the various branches of Literature and Science The instruction is intended primarily for persons who have profited by the advantages of a full college course, and who are desirous of continuing their studies upon lines more strictly defined and specialized. Others, however, may be admitted to study in the Department, under conditions hereinafter specified.

The session of 1897-98 will begin on Friday, October 1.

ARRANGEMENT OF COURSES.

The courses of instruction offered in this Department are arranged under the sixteen following groups:

Semitic Languages.
American Archaeology and Languages.
Indo-European Philology.
Classical Languages.
Germanic Languages.
Romanic Languages.
English.
Philosophy, Ethics, Psychology and Pedagogy.
History.
Economics, Politics, Sociology and Statistics.
Mathematics.
Astronomy.
Physics.
Chemistry.
Botany and Zoology.
Geology and Mineralogy.

All persons authorized to give instruction within a group constitute the Group Committee. To the several Group Committees are entrusted the arrangement of their respective courses, and the oversight of students taking majors within the group.

The instruction given within a group is subdivided into lecture courses, seminary courses and laboratory courses.

In stating the minimum requirements for residence and degrees a ”standard” course is used; this is a lecture course of one hour per week for one academic year. The lecture courses as actually given will be either multiples or fractional parts of this standard. The ratio of value of the several seminary and laboratory courses to the standard is variable, and will be set in each case by the Group Committee.

ADMISSION.

Students desiring to enter this Department must present themselves in person to the Dean.

Any person may be admitted by the Dean as a special student, not a candidate for a degree, upon the presentation of written statements from the instructors with whom he desires to work, certifying to his fitness and consenting to his admission.

Any person holding the degree of Bachelor of Arts or Bachelor of Science from some college or university whose degrees are recognized by this University as equivalent to its own may be admitted by the Dean as a candidate for a higher degree. In such cases the applicant’s diploma must be submitted to the inspection of the Dean.

Students who are allowed to become candidates for a higher degree are termed regular students. Those who are not candidates for a degree a.e termed special students.

If the degree has been taken five or more years before the date of application, the Dean may at his discretion require of the applicant further evidence of his ability to pursue with profit his studies in the Department.

Persons who do not hold a Bachelor’s degree may, in exceptional cases, be admitted as candidates for a degree; provided they satisfy the Executive Committee of the Faculty, by examination, or in such other way as the Committee may in each case determine, that they possess not only the knowledge necessary to the profitable pursuit of the subjects they may select, but also that general cultivation and training which is the result of a properly conducted college course.

Students already registered as candidates for a degree in other Departments of the University are allowed to pursue courses in this Department, and regular students of this Department are allowed to pursue courses in other Departments by the concurrent action of the respective Deans.

After admission, each student will be furnished with a matriculation card; no student who cannot show his matriculation card will be allowed to take any course. These cards are good only for the year in which they are issued, and must be renewed from year to year. For such renewal, personal application must be made at the office.

RESIDENCE.

All candidates for higher degrees are required to spend at least one year in residence at this University. To be construed in residence at this University, a student must pursue not less than six standard lecture courses or their equivalent, simultaneously. Work done at other universities may be accepted by the several Group Committees in lieu of a part of the work required for a degree.

When only one year is spent in residence at this University, it must be the last year of the student’s course.

DEGREES.

The degrees conferred in the Faculty of Philosophy are Doctor of Philosophy, (Ph.D.), Master of Arts, (A.M.), and Master of Science, (M.S.).

The right to recommend a candidate to the Board of Trustees for a higher degree is vested in a Board of Examiners, consisting of the Dean and three members of the Faculty, representing those branches of study in which the candidate has been working. Before a student can offer himself for examination, he must present to the Dean suitable written certificates from the Group Committees under whose supervision his work has been prosecuted, setting forth that he has not only complied with all conditions prescribed by the rules, but is also in the judgment of those committees fitted by his ability and attainments to receive the degree in question. No student can acquire a right to such recommendation merely by attending lectures, passing examinations, or by compliance with any prescribed conditions whatever. The requirements for degrees hereinafter specified must therefore be regarded as minimum requirements only, and it remains within the power of any Group Committee to refuse to grant any student a recommendation for the higher degree. All degrees are conferred at the annual commencement in June.

THE MASTER’S DEGREE.

Only those who have received the degree of Bachelor of Arts can proceed to that of Master of Arts.

Only those who have received the degree of Bachelor of Science can proceed to that of Master of Science.

The work for the Master’s Degree will occupy the student’s undivided time for at least one academic year. The candidate will be required to elect, with the consent of the Dean, not less than twelve standard courses or their equivalent, and to pursue them to the satisfaction of the committees offering them. He must then pass a private written examination under the direction of his instructors, and a public oral examination in the presence of the Board of Examiners, and of such members of the Faculty as desire to attend.

THE DOCTOR’S DEGREE.

The degree of Doctor of Philosophy is conferred solely in recognition of marked ability and high attainments in some definite branch of learning.

The degree will in no case be granted before the expiration of two years after the date of the candidate’s baccalaureate degree, nor upon a candidate who has not completed twenty-four standard courses or their equivalent. A student of ability, who has already had a good undergraduate course and pursues in graduate work the same topics to which he devoted special attention as an undergraduate, will usually be able to attain his degree in three years; but students whose college training has been in any respect defective, or who cannot devote their undivided attention to the work, will require a longer period of time.

The candidate for the Doctor’s degree must, upon entering the Department, elect the group within which he intends to do the greater part of his work, and will then pass under the jurisdiction of the committee in charge of that group. He must designate, with the consent of the committee, three branches of learning in which he desires to become proficient. One of these, which shall be known as his principal or major subject, shall lie within the group; although the Group Committee may direct him to courses given in other groups, and may allow them to be accounted part of the major work. The other two shall be known as his subordinate or minor subjects. It is recommended that at least one minor be taken outside the group in which his major lies. In every case the minor subjects shall be so related to the major as to conduce to some recognized and approved end.

Every candidate for the Doctor’s degree must possess a good reading knowledge of those languages which are judged by the committee in charge of the major essential to the prosecution of his major work.

Under no circumstances may a candidate present himself for his degree before he can show a good reading knowledge of two European languages besides English, one of which must be a modern tongue.

He must also present a thesis upon some topic in the line of his major subject, showing high attainment or power of original and independent research. This thesis must be presented and approved by the Group Committee in which his major lies before he can be admitted to the examinations.

The thesis must be typewritten or printed, unless upon recommendation of the committee in charge the Dean authorize the acceptance of a written thesis. The committee may require the thesis to be printed before recommending the candidate for the degree. If the thesis is written or typewritten, one copy must be deposited in the Library of the University before the student can be recommended for his degree; if printed, fifty copies must be deposited.

The candidate for the Doctor’s degree must pass a private written examination conducted by his instructors, and a public oral examination. The final examination is conducted by the Board of Examiners as hereinbefore provided, representing the candidate’s major and two minor subjects respectively, in the presence of such members of the Faculty as may desire to attend.

FEES.

For regular students the tuition fee is one hundred (100.00) dollars per annum. The graduation fee is twenty-five (25.00) dollars.

For special students a fee is charged according to the number of courses taken The fee for a course is found by multiplying ten dollars by the number of hours of instruction offered per week throughout the year, and adding five dollars to this product. If several courses be taken with the same instructor, this five dollars is added only once. Fees are payable to the Registrar in two instalments, on November 1 and February 1, strictly in advance.

Source: Catalogue of the University of Pennsylvania. Fasciculus of the Department of Philosophy. Announcements for Session 1897-98, pp. 17-21.

Image Source: University Library (built 1890, Furness, Evans & Co., architect; now Anne and Jerome Fisher Fine Arts Library), interior, reading room, 1898. University of Pennsylvania Digital Image Collection.

Courses Curriculum Pennsylvania

Pennsylvania. Economics Course Offerings, 1897-98

Post author By Irwin Collier
Post date 2018-04-25

The Department of Philosophy at the University of Pennsylvania in 1897/98 corresponded to what today is generally called the Graduate Faculty of Arts and Sciences. The subjects of economics, politics, sociology, and statistics constituted the tenth group of the sixteen groups making up the Department of Philosophy. A Ph.D. candidate would select a major subject from the group and two minor subjects (recommended that “at least one minor be taken outside the group in which the major lies”). The course offerings and their short descriptions for group X have been transcribed below.

___________________

Departments of the University of Pennsylvania
as of 1897/98
and the year they were established.

(1740. Charitable School; out of which grew, in)
1751. The College.
1765. The Department of Medicine.
1 790-1850. The Department of Law.
1865. The Auxiliary Department of Medicine.
1874. The University Hospital.
1878. The Department of Dentistry.
1883. The Department of Philosophy.
1884. The Department of Veterinary Medicine.
1885. The Veterinary Hospital.
1885. The Department of Physical Education.
1889. The Museum of Archaeology and Paleontology.
1891. The University Library. (Building erected)
1892. The Laboratory of Hygiene.
1892. The Wistar Institute of Anatomy and Biology.

Department of Philosophy

Semitic Languages
American Archaeology and Languages
Indo-European Philology
Classical Languages
Germanic Languages
Romanic Languages
English
Philosophy, Ethics, Psychology and Pedagogy
History
Economics, Politics, Sociology and Statistics
Mathematics
Astronomy
Physics
Chemistry
Botany and Zoölogy
Geology and Mineralogy

The degrees conferred in the Faculty of Philosophy are Doctor of Philosophy, (Ph. D. ), Master of Arts, (A. M.), and Master of Science, (M.S.).

___________________

Faculty: 10. Economics, Politics, Sociology and Statistics

Simon N. Patten, Ph.D., Professor of Political Economy
Roland P. Falkner, Ph.D. Associate Professor of Statistics
John Quincy Adams, Ph.D., Assistant Professor of Political Science
Emory R. Johnson, Ph.D., Assistant Professor of Transportation and Commerce.
Samuel McCune Lindsay, Ph.D., Assistant Professor of Sociology
Leo S. Rowe, Ph.D., Assistant Professor of Political Science
Henry R. Seager, Ph.D., Assistant Professor of Political Economy
James T. Young, Ph.D., Lecturer, Administration

___________________

X. ECONOMICS, POLITICS, SOCIOLOGY AND STATISTICS.

Professor Patten, Chairman; Associate Professor Falkner; Assistant Professors Adams, E. R. Johnson, Lindsay, Rowe and Seager; Dr. Young.

Majors —

Political Science, Economics, Transportation and Commerce, Statistics, Sociology.

Minors —

1. Political Science; A 1, 4; B 10.
2. Public Finance; A 3, and B 1, 2, or C 1, 2.
3. Administration; A 8, 6, 3, or A 9, 2, 4b; and C 5d.
4. Economic Theory; B 1, 2, and, B 10, or Mill’s Political Economy(2 hours a week).
5. History of Economic Thought; B 1, 2, 3, 4.
6. Economic History; B 10, and Group IX. C 2, 4.
7. Transportation and Commerce; B 11, 12, and A 4, or B 1, 2, or C 1, 2.
8. Statistics; C 1, 2, 3, 4, or C 1, 2, 3, and A3 (one term), or B 11.
9. Sociology; C 5c, 6, B 1, or C 5b, 6, 1, or C 5c 5d, A 4.

A.—POLITICAL SCIENCE, FINANCE AND ADMINISTRATION.

Assistant Professor Adams.

History of Modern Political Ideas (2 hours per week)

Lectures covering the period from Bodin to the present, supplemented by prescribed reading. Relation between political thought and economic and social conditions will be studied, with special reference to the recent political development of England.

Readings in Political Science (1 hour per week)

Reading and discussion of a few recent works on special phases of political problems.

Public Finance (2 hours per week)

Taxation; the classification, incidence and effect of the several taxes. Methods of raising federal revenue in the United States; the revenue systems of the leading States (Second Term).

Assistant Professor Rowe.

The Individual and the State (2 hours per week)

(a) (First Term.) The concept of individual liberty at different periods of political development. Relation to law and government. Distinction between civil and political liberty. Guarantees, legal and political. The idea of social liberty in democratic communities.

(b) (Second Term.) Relation of the State to industrial action. Socialism and Individualism. Influence of economic and social changes on the sphere of activity of the State. Growth of free contract. Effect of recognition by the State of new forms of association.

History and Theory of the State (2 hours per week)

(a) (First Term.) The general principles of political science. Its province and problems. Relation to the social sciences. Nature of political association; origin of the State; source and function of law. (Omitted in 1897-98.)

(b) (Second Term.) The concept of the State at different epochs. Growth of the distinction between State and government. Ends of the State; sphere of its authority; forms of the State and of government. (Omitted in 1897-98.)

Municipal Government and Institutions (2 hours per week)

(a) (First Term.) The city and conditions of city life in the ancient, mediaeval and modern world. The relation between city and State in Europe and the United States.

(b) (Second Term.) Problems of modern city life. Relation to quasi-public works. Social problems.

The Analytical School of Jurisprudence in its Relation to Political Science. (Second Term) (2 hours per week)

Selected readings from Bentham, Austin, Holland, Maine and Pollock. Relation of this school of thought to the doctrine of natural law and natural rights. Contrast between the historical and analytical concepts in political science.

Dr. Young.

Administration (1 hour per week)

Local rural administration. A comparison of the organization and methods of local administration in Europe and America. Provinz, Bezirk, Kreis; Department, Arrondissement ; County, Township, etc. Modern growth and tendencies.

Practical Problems in Administration (1 hour per week)

Studies in special questions, such as the formation and growth of systems of Civil Service; the development of boards and commissions of administrative control; the administration of factory legislation.

B. — ECONOMIC THEORY, ECONOMIC HISTORY, AND TRANSPORTATION AND COMMERCE.

Professor Patten.

History of Political Economy (First Term) (2 hours per week)

The rise and development of the classical school of economists. Adam Smith and Ricardo form the natural centre of the study. Especial attention is given to the sources on which Smith’s Wealth of Nationsis based; and, in the latter part of the course, to the interpretation of Ricardo’s writings.

Recent Development of Political Economy (Second Term) (2 hours per week)

The American economists are carefully studied. Prominence is given to the recent development of the theory of rent, to the theory of marginal utility, to the new aspects of the science resulting from an emphasis of the dynamic causes of social progress, to recent attempts to substitute consumption for production as the starting point of investigation and the basis of theory.

The Relation of English Philosophy to Economics in the Eighteenth Century (First Term) (2 hours per week)

Philosophy and economics have in England been intimately related. The purpose of this course is to bring out the facts, character and extent of this relation and its results on both sides.

Scope and Method of Political Economy (Second Term) (2 hours per week)

Limitations of scope in economic investigation; its causes as deducible from the history of the science. The method of this science will be compared with that of others. The processes by which the great writers established their characteristic doctrines will be particularly considered. (Omitted in 1897-98.)

Practical Applications of Economic Theory (First Term) (2 hours per week)

The object is to show the practical importance of the new theories, and the changes they will work in public opinion. Among the topics considered will be: taxation, wages, money, retail prices, population, the causes of poverty, the standard of life, co-operation, trades unions, the dependent classes. The distribution of the surplus will be specially considered, along with its proper weight as a factor in practical problems. (Omitted in 1897-98.)

The Problems of Sociology (Second Term) (2 hours per week)

The possibility of a science of sociology; the attempts to found such a science, and the obstacles encountered; the relation of economics to sociology.

Investigation of Special Topics (2 hours per week)

To promote original work and aid in the preparation of theses, special hours are assigned for the discussion of these investigations. Each student must select a topic, and give three hours a week to it throughout the year.

Assistant Professor Seager.

Economic Conference (2 hours per week)

Assigned portions of the following works will be read and discussed: Böhm-Bawerk, Positive Theory of Capital; Hadley, Economics; Smart, Studies in Economics. Reports will be made on cognate topics of special interest.

Advanced Reading in German and French Economics (2 hours per week)

Roscher, Grundlagen der Nationalökonomieand Philippovich, Allgemeine Volkswirthschaftslehre.
Leroy-Beaulieu, Traité théorique et pratique d’économie politique.

The Industrial History of England and the Development of Economic Theory from 1750 to 1870 (2 hours per week)

The main features of the industrial revolution will be described, and the effects of the growth of the factory system on the position of the wage-earner, on legislation and on economic thought, will be considered. Then attention will be directed to the Corn-Law agitation, growing out of the Napoleonic war period; and the results of the Free Trade policy, inaugurated in 1846, will be discussed. Topics will be assigned for special reports. Lectures and assigned reading.

Assistant Professor E. R. Johnson.

Theory of Transportation (1 hour per week)

General Theory of Transportation. The economic functions and the ideal organization of transportation. Competition and co-operation in railway management. The past and present functions of traffic associations. Relation of the State to transportation. Theories underlying governmental regulation in the United States and other countries. The theory of rates. Lectures accompanied by an outline of assigned readings.

American Railway Transportation (2 hours per week)

Seminary, based mainly upon documentary sources. The work comprises (1) an examination of the salient features of the organization and management of railway transportation in the United States; and (2) a special study of railway regulation by the States and by the Federal government.

Transportation Systems of the United Kingdom and Germany (1 hour per week)

Organization, relation to the government, results of regulation of railways in the United Kingdom, and of State ownership in Germany. (Omitted in 1897-98.)

History of Commerce since 1500 (1 hour per week)

Lectures, assigned readings and investigations. Special attention will be given to the causes that have given the United Kingdom the commercial supremacy of the world. (Omitted in 1897-98.)

C. — SOCIOLOGY AND STATISTICS.

Associate Professor Faulkner.

Introduction to Statistics (First Term) (2 hours per week)

A study of the statistics of population will serve to develop the general aspects of the science, the organization of statistical work, and the possibilities and limitations of statistical argument. Familiarity with the literature and the sources of statistical information will be the chief aim.

Statistics of Economic Problems (Second Term) (2 hours per week)

This course supplements course 1: foreign commerce, railroads, banks, coinage, prices, strikes, wages, cost of living, will be studied from a statistical point of view. The literature will be reviewed and criticised.

History and Theory of Statistics (First Term) (2 hours per week)

Summary of statistical efforts and statistical theory, culminating in the elaboration of statistical methods. Consideration of statistics as a science of method; the basis and form of statistical judgments. (Open to students who have taken courses 1 and 2.)

Statistical Organization (Second Term) (2 hours per week)

The history, organization and function of statistical agencies at home and abroad will be surveyed. The factors that contribute to the efficiency of census departments, labor bureaus, etc., will be studied. The statistical offices of the United States will be studied and their methods criticised. (Open to students who have taken courses 1 and 2.)

Assistant Professor Lindsay.

Theory of Sociology (Two Years) (2 hours per week)

A systematic course in four parts; each part requiring two hours per week for half a year, and constituting an independent course.

(a) Methodology of the social sciences; their relations to economics. The problems of sociology. Brief review of the leading attempts to construct sociology as a science — Aristotle, Montesquieu, Comte, Spencer, Ward and Giddings.

(b) Primitive Society. Evolution of social organization and social control among primitive men. Special study of the forms of the family, and of the psychology of primitive society. Particular attention is given to the records of the American Indians.

(c) Structure of Modern Society. A study of the forms of social organization and social control resulting from modern demogenic association. The basis and relative strength of educational, political, religious and philanthropic factors.

(d) Social Movements of Modern Times. A discussion of the leading practical social problems of to-day, with a view to establishing a consistent theoretical point of view, and a method as a guide to the study of temporary and changing social conditions.

Note. — 5 d is open only to students who have had parts a, bor c, or an equivalent.

Social-Debtor Classes (2 hours per week)

This course deals with those groups and individuals in modern society who contribute nothing to the social surplus, but who participate in it, and hence are social debtors. They are considered under the heads of (1) the reclaimable class; (2) the naturally dependent class; (3) the pauper class; (4) the criminal classes. The methods of dealing with these groups are likewise classified and discussed.

Sociological Field Work (2 hours per week)

For special investigation of local social conditions and institutions. Opportunities for visiting industrial, educational and philanthropic institutions are afforded. Each student is expected to select a topic and make a careful study of some concrete social problem, with special reference to conditions in Philadelphia. Meetings for private conference and discussion are assigned.

Note. — In the academic year 1896-97, a special sociological investigation of the condition of the Negroes in the Seventh Ward of Philadelphia, is being carried on under the direction of William E. Burkhardt Du Bois, A. B., Ph. D., who was appointed for the year Assistant in Sociology for this purpose. The College Settlement of Philadelphia is co-operating in this investigation, and has appointed Miss Isabel Eaton, B. L., Fellow in charge of its work.

SEMINARY.

Seminary in Political Science, Economics and Sociology (2 hours per week)

The seminary meets each Monday evening during the academic year, for the presentation and discussion of papers prepared by the members under the direction of the professors in charge of the several topics in Group IX.

Source: Catalogue of the University of Pennsylvania. Fasciculus of the Department of Philosophy. Announcements for Session 1897-98, pp. 44-50.

Tags DuBois, Falkner, JohnsonER, Lindsay, Patten, Seager

Exam Questions Toronto

Toronto. Political economy examinations on Smith, Whately, Senior and Mill. 1858

Post author By Irwin Collier
Post date 2018-04-24

1858. Construction south side of quadrangle. University of Toronto

Today’s post provides the earliest set of university examination questions thus far at Economics in the Rear-view Mirror. The examiners for political economy at the University of Toronto in 1858 were the Reverends James Beaven and George Paxton Young. Two of the exams focus exclusively on political economy as found in texts by Richard Whately and Adam Smith. The other two exams are split equally between political economy (Nassau Senior and John Stuart Mill) and political philosophy (Jean-Jacques Burlamaqui and Francis Lieber)

Interesting to note are the misspellings of the names of both Richard Whately and John Stuart Mill as well as getting the title incorrect for Nassau Senior’s book.

_________________

[Richard Whately, Introductory Lectures on Political Economy, 2^nded. London: B. Fellowes, 1832.]

University of Toronto
ANNUAL EXAMINATIONS: 1858.
THIRD YEAR.

WHATELEY’S [sic] POLITICAL ECONOMY.

Examiners: Rev. James Beaven, D.D. and Rev. G.P. Young, M.A.

(a) What is the subject matter of the science of political economy?
(b) What three other names does Whateley mention as having been applied to
the science?
(c) State and illustrate the objections to two of them, and the recommendations
of the third.
(a) Shew that, even on the supposition that wealth is an evil, it is right to study
the subject of wealth.
(b) Show that what may appear an increase of luxury is not necessarily pernicious.
Discuss the question, whether the savage state is the original condition of mankind.
Illustrate the beneficent wisdom of Providence, in directing towards the public
good the conduct of those who act from selfish motives.
(a) Show that it is most probable a priorithat advancement in national prosperity should be favourable to moral improvement.
(b) Show that we have no sufficient ground for thinking poverty by itself favourable to moral improvement.
(a) Show the evils of an ill-conducted diffusing of knowledge.
(b) Explain how they are to be avoided.
(a) Give examples of the need of definition in political economy.

[SECOND PAGE OF EXAM APPARENTLY MISSING]

Source: University of Toronto. Examination papers, 1858. Arts.

https://hdl.handle.net/2027/mdp.39015086615500?urlappend=%3Bseq=269

_________________

[Jean-Jacques Burlamaqui, The Principles of Natural and Politic Law, 1747]
[Nassau W. Senior. An Outline of the Science of Political Economy, 1836.]

University of Toronto
ANNUAL EXAMINATIONS: 1858.
Third Year.

CIVIL POLITY.

BURMALAQUI’S NATURAL LAW, AND SENIOR’S OUTLINES [sic] OF POLITICAL ECONOMY
Honors and Scholarships

Examiners: Rev. James Beaven, D.D. and Rev. G.P. Young, M.A.

(a) What are the different primitive and original states of man, as set forth by Burmalaqui?
(b) Why, and under what restrictions, may the adventitious states produced by human consent be considered, for the purposes of argument, as so many natural states?
(a) Explain Burmalaqui’s view of what is implied in the term Obligation.
(b) How does he discuss the opinion, That the principle of obligation is the will of a superior?
(c) May obligation be more or less rigorous?
State the principal theories of the origin and foundation of sovereignty. What is Burmalaqui’s view?
(a) What are the conditions, internal and external, requisite to constitute a law?
(b) Define natural law, and natural jurisprudence.
(c) Give the leading steps in the argument by which the existence of natural laws is established.
(d) Enunciate the two propositions laid down by Burmalaqui, as the general foundation of the whole system of natural law.
(a) What is meant by Sociability?
(b) Mention some of the natural laws which flow from it.
(c) What place is assigned to this principle in the system of Puffendorf? How far does Burmalaqui agree with, or differ from, Puffendorf? And on what grounds?
(a) Define Imputation
(b) Distinguish simple from efficacious imputation.
(c) Notice a difference between the imputation of good and bad actions.
(d) Can forced actions be imputed? Give Puffendorf’s view.
(e) What principles does Burmalaqui lay down for determining whether the action of one person be imputable to another?
How can the authority of natural laws be evinced?
What probable arguments does Burmalaqui advance in favour of the doctrine of the immortality of the soul? And in what connexion is the discussion of this doctrine introduced?

* * *

(a) What is Value?
(b) Point out, and illustrate, the intrinsic and extrinsic causes of the value of a commodity.
(c) Explain what is meant by steadiness of value; shewing how far it depends on intrinsic, and how far on extrinsic, causes.
(a) Define Production.
(b) What are the instruments of production?
(c) Classify and describe the parties among whom the results of the different instruments of production are divided.
(d) How does Senior remark on the doctrine of over-production or universal glut?
(a) What does Senior understand by cost of production?
(b) Explain his views on the question, whether profit forms a part of the cost of production?
(c) Show how it happens that the influence of cost of production in regulating price, under free competition, is subject to much occasional interruption.
What are the obstacles which limit the supply of all that is produced? And what is the mode in which these obstacles affect the reciprocal values of all the subjects of exchange?
(a) Trace the progress of a colony, so as to illustrate the view, that, in the absence of counteracting causes, an increase of population would tend to make the obtaining of raw produce a matter of greater difficulty.
(b) Point out the principal causes which, as the population of a new colony increases, are likely for a period to fully counteract the tendency referred to.
(a) Illustrate the proposition, That additional labour, when employed in manufactures is more, and when employed in agriculture is less, efficient in proportion.
(b) Point out some of the principal consequences of this proposition.
(a) What does Senior lay down as the proximate cause of the rate of wages?
(b) Show that his view is inconsistent with the opinion that the general rate of wages can (except in two cases) be diminished by the introduction of machinery?
(a) Mention the causes on which the extent of the fund for the maintenance of labour depends.
(b) Two parishes contain each twenty-four labouring families. In the one, eighteen families are employed in producing commodities for the whole twenty-four: in the other only twelve are so employed. What, on Senior’s principle, would be the comparative rate of wages in these parishes, first, on the supposition that labour in the two parishes is equally productive; and, next, on the supposition that in the latter parish labour is more productive by one-half than in the former? Point out the reason of the answer.

Source: University of Toronto. Examination papers, 1858. Arts.

https://hdl.handle.net/2027/mdp.39015086615500?urlappend=%3Bseq=308

_________________

Adam Smith. Wealth of Nations (1776), Cannan Edition.

University of Toronto
ANNUAL EXAMINATIONS: 1858.
FOURTH YEAR.

SMITH’S WEALTH OF NATIONS.

Examiners: Rev. James Beaven, D.D. and Rev. George Paxton Young, M.A.

Give the general plan of the work.
State and illustrate the causes of the superior productiveness of the division of labour.
(a) Shew that labour is the real measure of the exchangeable value of commodities.
(b) Shew by what steps money comes to represent such value.
(c) Illustrate the variableness of the valueof money itself.
(a) What general circumstances regulate the rent of land?
(b) Shew that it bears very little relation to any outlay of the landlord upon it.
(c) Of the materials of clothing and the materials of lodging, which commonly first pays rent to the owner of the land on which they are produced? and why?
(d) Illustrate the variations in the quantity of rent which they yield.
(a) What is the relation of the accumulation of stock to the division of labour? Explain.
(b) What is capital and its relation to stock?
(c) Into what two parts is the capital of a community divided? And what does each part consist of?
(a) Give an account of the causes which have retarded the improvement of agriculture in Europe since the fall of the Roman Empire.
(b) What state of things in this country resembles the Metayersystem?
(a) What, according to Smith, are the two objects of political economy?
(b) What relation do the system of commerce and the system of agriculture bear to one of those objects?
(c) What is the principle of the agricultural system?
(d) What nations have adopted such a system?
(a) State the principle of bounties?
(b) To what branch of trade is it proposed to apply them in this country? And on what grounds?
(c) What is Smith’s opinion of this class of bounties? Explain.
(a) Under what branchof political economy is the subject of the public revenue treated?
(b) What are the three duties of a sovereign which require that a public revenue should be raised?
(a) Under what four general heads does Smith rank the taxes of a country?
(b) Under which of these heads does a tax upon consumable commodities come?
(c) What circumstances render a tax on the interest of money less expedient than a tax upon land?
(d) In what respect does a tax upon necessaries produce the same effect as a tax upon wages?
(a) Trace the origin and growth of public debts.
(b) What is Smith’s opinion of the operation?

Source: University of Toronto. Examination papers, 1858. Arts.

https://hdl.handle.net/2027/mdp.39015086615500?urlappend=%3Bseq=292

_________________

[Francis Lieber. Manual of Political Ethics Volume I, Volume II]
[John Stuart Mill. Principles of Political Economy (7th ed.), Ashley edition.]

University of Toronto
ANNUAL EXAMINATIONS: 1858.
Candidates for B.A.

CIVIL POLITY.

LIEBER’S POLITICAL ETHICS.—MILLS’ [sic] POLITICAL ECONOMY
Honors and Scholarships

Examiners: Rev. James Beaven, D.D. and Rev. G.P. Young, M.A.

(a) What place in the chain of sciences do Political Ethics occupy? And what forms the subject matter of this division of Ethics?
(b) What historical instances of the pressing necessity of justifying public acts, are brought forward by Lieber, for the purpose of proving that: politics may be treated in an ethic point of view?
(c) Shew that Ethics cannot be applied to politics precisely as to private relations.
(a) Supposing a society to be defined by the nature of the relation existing between its members, what is the peculiar relation on which the State is founded?
(b) Distinguish the fundamental idea of the State from that of the family; and illustrate, by reference to a difference between the ancient Areopagites and an English jury, the circumstance that the line of demarcation between the State and the family is less strongly drawn in the early history of nations than at a more advanced period.
(c) What particulars are included in the protection which the State is bound to afford to each individual?
(d) “The State has been compared to an insurance company in which property forms the share each citizen holds.” “All the State has to do is to look outthat my neighbourdoes not pick my pocket or boxmy ears.”How doesLieber remark on the views of the State and of its office presented in these quotations?
(e) Develop [sic] the maxims; “The State exists of necessity.” “The State does not absorb individuality.” “La justice constituée, c’est l’état.”
(a) What is government? Point out a serious misconception which has arisen from confounding Government and State.
(b) Does Lieber hold that Government has sovereign (as distinguished from supreme) power? What is the distinction referred to? Illustrate by an example from Roman history? Mention an important instrument in British history to which Lieber refers in this connexion; and give the substance of his remarks on the words for everin the instrument in question.
(c) In what different ways may governments be established?Give an historical example of each kind.
“Hamarchy signifies something entirely different from the ancient synarchy, which merely denoted a government in which the people had a share together with the rulers proper.”
(a) Describe what Lieber terms hamarchy, pointing out the difference between it and the ancient synarchy.
(b) What proof does he adduce of the hamacratic character of the English polity? And what historical circumstances contributed to give this character to the English polity?
(a) Mention some of those habits in which it is most important, as respects political ends for the young to be educated.
(b) How does Lieber shew the importance of the classical department in superior education by a reference to the elements or factors out of which our peculiar civilization arises. Specify the ffactors referred to. What remark does he make in this connexion on Chinese education?
(a) What are the characteristics of a sound political party?
(b) To what dangers are party organizations exposed?
(c) When a party is in opposition, what are the rules it ought to follow, in order not to be liable to the charge of factiousness?
Explain and illustrate the following propositions:
(a) Industry is limited by capital.
(b) Capital is the result of saving
(c) Capital, though saved, and the result of saving, is nevertheless consumed.
If one of two things commands on the average a greater value that the other, to what causes must this be attributable? And which of the causes is the most important?
Notice and examine any popular remedies for low wages.
State the true theory of rent by whom was it first propounded, and when? By whom was it rediscovered, after having been for some time neglected?
(a) Explain and prove the following proposition:“The quantity [of money]wanted [in a country] will depend partly on the cost of producing gold, and partly on the rapidity of its circulation.”
(b) What difference can be pointed out betwixt money and other things in respect of the law, that value conforms to the cost of production?
How does Mill discuss the doctrine of Protection to Native Industry?

Source: University of Toronto. Examination papers, 1858. Arts.

https://hdl.handle.net/2027/mdp.39015086615500?urlappend=%3Bseq=312

Image Source: Quadrangle of University College under construction – This view of the south side of the quadrangle, taken in the summer of 1858, show the rafters to the museum partially in place. Construction has begun on the section east of the central tower, the upper floor of which would house the University library. Website: University of Toronto, Heritage. Webpage “Building a College”. [A1977-0049/001(13)] – Digital I.D.: 2012-02-3MS.jpg]

Tags Beaven, YoungGP

Exam Questions Harvard Suggested Reading Syllabus

Harvard. Principles of Money and Banking. Reading lists and semester exams. Williams and Hansen, 1949-50

Post author By Irwin Collier
Post date 2018-04-23

Money and Banking was a graduate field that John H. Williams and Alvin Hansen dominated for over a decade at mid-20th century Harvard. Reading lists and exams for other years (e.g. 1946-47) have been posted, allowing us gradually to get a real time sense of the evolution of that field. This post was updated March 27, 2020 to include the final exam from the second semester.

Most recently course materials for 1941-42 have been posted as well.

_____________________

Course Enrollment

[Economics] 241 (formerly Economics 141a and 141b). Principles of Money and Banking.

(F) Professor J. H. Williams; (Sp) Professor Hansen.

(F) Total 61: 33 Graduates, 1 Senior, 21 Public Administration, 5 Radcliffe, 1 Other.
(S) Total 54: 31 Graduates, 18 Public Administration, 2 Radcliffe, 3 Others.

Source: Report of the President of Harvard College, 1949-50, p. 75.

_____________________

PRINCIPLES OF MONEY AND BANKING
Economics 241
Fall Term—1949-1950

I. International Monetary Theory and Policy

Books

American Economic Association (H. S. Ellis and L. A. Metzler, eds.): Readings in the Theory of International Trade.Philadelphia, Blakiston, 1948.
Graham, Frank D.: The Theory of International Values. Princeton, Princeton University Press, 1948.
Harris, S. E. (ed.): Foreign Economic Policy for the United States. Cambridge, Harvard University Press, 1948.
Harris, S. E. (ed.): The New Economics. New York, Knopf, 1947.
1. Bloomfield, A. I., “Foreign Exchange Rate Theory and Policy,” Chapter XXII; and
2. Nurkse, Ragnar, “Domestic and International Equilibrium,” Chapter XXI.
Harrod, Roy F.: Are These Hardships Necessary?London, Rupert Hart-Davis, 2^nd, 1947.
Keynes, J. M.: A Treatise on Money. New York, Harcourt, Brace, 1930, Vol. I, Chapter 21; Vol. II, Chapters 34-38.
Nurkse, Ragnar: International Currency Experience. Geneva, League of Nations, 1944.
Organisation for European Economic Co-operation:Interim Report on the European Recovery Programme.Paris, December 1948.
United Nations, Economic Commission for Europe:
1. Survey of Economic Situation and Prospects in Europe. Geneva, March 1948.
2. Economic Survey of Europe in 1948. Geneva, 1949.
Williams, John H.: Post-War Monetary Plans and Other Essays.English edition. Oxford, Basil Blackwell, 4^th, 1949 (American edition. New York, Knopf, 3^rded., 1947).

Articles

Balogh, T.: “The Concept of a Dollar Shortage,” The Manchester School, XVII, May 1949, pp. 186-201.
_______________ “Britain’s Economic Problem,” Quarterly Journal of Economics, LXIII, Feb. 1949, pp. 32-67.
_______________ “Britain, O.E.E.C., and the Restoration of a World Economy,” Bulletinof the Oxford Institute of Statistics, XI, Feb.-March 1949.
_______________ “Exchange Depreciation and Economic Readjustment,” Review of Economics and Statistics, XXX, Nov. 1948, pp. 276-285.
_______________ “The United States and the World Economy,” Bulletinof the Oxford Institute of Statistics, VIII, Oct. 1946.
Ellis, H. S.: “The Dollar Shortage in Theory and Fact,” Canadian Journal of Economics and Political Science, XIV, Aug. 1948, pp. 358-372.
Graham, F. D.: “The Cause and Cure of ‘Dollar Shortages’,” (Essays in International Finance, No. 10). Princeton, Princeton University Press, Jan. 1949.
Haberler, G.: “Some Economic Problems of the European Recovery Program,” American Economic Review, XXXVIII, Sept. 1948, pp. 495-525.
Hawtrey, R. G.: “The Function of Exchange Rates,” Oxford Economic Papers, I, June 1949, pp. 145-56, and “A Comment” by Sir H. D. Henderson, Ibid., pp. 157-158.
Henderson, Sir Hubert D.: “The International Problem,” (Stamp Memorial Lecture). London, Oxford University Press, 1946.
_______________ “The Function of Exchange Rates,” Oxford Economic Papers, I, January 1949.
_______________ “A Criticism of the Havana Charter,” American Economic Review, XXXIX, June 1949, pp. 605-17.
Keynes, J. M.:“The Balance of Payments of the United States,” Economic Journal, LVI, June 1946, pp. 172-87.
_______________ “National Self-sufficiency,” The Yale Review, XXII, Summer 1933.
MacDougall, D. A.: “Further Notes on Britain’s Bargaining Power,” Oxford Economic Papers, I, Jan. 1949.
_______________ “Britain’s Foreign Trade Problem,” Economic Journal, LVII, March 1947, pp. 69-113; and “A Reply (to T. Balogh), Ibid., LVIII, March 1948, pp. 96-98.
_______________“Britain’s Bargaining Power,” Economic Journal, LVI, March 1946.
_______________ “Notes on Non-discrimination,” Bulletinof the Oxford Institute of Statistics, IX, Nov. 1947.
Meade, J. E.: “National Income, National Expenditure and the Balance of Payments,” Parts I-II, Economic Journal, LVII, Dec. 1948, and LVIII, March 1949.
Metzler, L. A.:“The Theory of International Trade,” Chap. 6 in A Survey of Contemporary Economics(ed. by H. S. Ellis) Philadelphia, Blakiston, 1948.
Mikesell, R. F.: “International Disequilibrium,” ,” American Economic Review, XXXIX, June 1949, ppp. 618-45
Nurkse, Ragnar: “International Monetary Policy and the Search for economic Stability,” American Economic Review, XXXVII, May 1947, pp. 560-80.
Polak, J. J.: “Exchange Depreciation and International Monetary Stability,” Review of Economics and Statistics, XXIX, Aug. 1947, pp. 173-83.
Robertson, D. H.: “Britain and European Recovery,” Lloyds Bank Review, July 1949, pp. 1-13.
Triffin, Robert: “National Central Banking and the International Economy,”; see also comments by G. Haberler and L. A. Metzler, Postwar Economic Studies, No. 7. Washington, D. C. 1947; and further comments by H. D. Henderson, T. Balogh, R. Harrod, and Joan Robinson, Review of Economic Studies, XIV, 1946-47, pp. 53-97.
Williams, J. H.: “The Task of Economic Recovery,” Foreign Affairs, July 1948.
_______________ “Europe After 1952: The Long-term Problem,” Foreign Affairs, April 1949.
_______________ “The British Crisis. A Problem in Economic Statesmanship,” Foreign Affairs, October 1949.

II. Monetary and Fiscal Theory and Policy

Books

American Economic Association (H. S. Ellis, ed.): A Survey of Contemporary Economics. Philadelphia, Blakiston, 1948.
_______________ (W. Fellner and B. F. Haley, eds.): Readings in the Theory of Income Distribution.Philadelphia, Blakiston, 1946.
_______________ (G. Haberler, ed.): Readings in Business Cycle Theory. Philadelphia, Blakiston, 1944.
Fellner, William: Monetary Policies and Full Employment. Berkeley, University of California Press, 2^nd, 1947.
Haberler, G.: Prosperity and Depression. Geneva, United Nations, rev. ed., 1946.
Hansen, A. H.: Fiscal Policy and Business Cycles. New York, Norton, 1941.
_______________ Monetary Theory and Fiscal Policy, New York, McGraw Hill, 1949.
Harris, S. E. (ed.): The New Economics, New York, Knopf, 1947.
Harrod, R. F.: Towards a Dynamic Econmics, London, Macmillan, 1948.
Hawtrey, R. O.: Currency and Credit, London, Longmans, 3^rd, 1928.
_______________ Capital and Employment, London, Longmans, 2^nd
_______________ The Art of Central Banking, London, Longmans, 1932.
Hayek, F. A. von: Prices and Production. London, Routledge, 1935.
Keynes, J. M.: A Tract on Monetary Reform, New York, Harcourt, Brace, 1924.
_______________ A Treatise on Money(2 vols.). New York, Harcourt, Brace, 1930.
_______________ The General Theory of Employment, Interest, and Money.New York, Harcourt, Brace, 1936.
Klein, L. R.: The Keynesian Revolution. New York, Macmillan, 1946.
Robertson, D. H.: Essays in Monetary Theroy.London, King, 1940.
_______________ Money. London, Nisbet, rev. ed., 1948.
Simons, H. C.: Economic Policy for a Free Society, Chicago, University of Chicago Press, 1948.
Terborgh, George: The Bogey of Economic Maturity. Chicago, Machinery and Allied Products Institute, 1945.
Wicksell, Knut: Interest and Prices. London, Macmillan, 1936.
Wright, D. M. The Economics of Disturbance. New York, Macmillan, 1946.

Articles

Burns, Arthur F.: “Economic Research and the Keynesian Thinking of Our Times,” (26^thAnnual Report). New York, National Bureau of Economic Research, 1947.
_______________ “Keynesian Economics Once Again,” Review of Economics and Statistics, XXIX, Nov. 1947, pp. 252-265.
Clark, Colin: “Public Finance and Changes in the Value of Money,” Economic Journal, LV, Dec. 1945, pp. 371-89.
Hayek, F. A. von: “The ‘Paradox’ of Saving,” Economica, XI, March 1931, pp. 125-69. (Reprinted as an Appendix in Profits, Interest and Investment, London, Routledge, 1939).
Hicks, J. R.: “Mr. Keynes and the Classics: A Suggested Interpretation,” Econometrica, V, 1937 (Reprinted in Readings in the Theory of Income Distribution. Philadelphia, Blakiston, 1946).
Kuznets, Simon: Book Review: “Fiscal Policy and Business Cycles” by A. H. Hansen, Review of Economics and Statistics, Feb. 1942, pp. 31-36.
_______________ “Capital Formation, 1879-1938,” in Studies in Economics and Industrial Relations. Philadelphia, University of Pennsylvania Press, 1941.
Mints, L. W. and others: “A Symposium on Fiscal and Monetary Policy,” Review of Economics and Statistics, XXVIII, May 1946, pp. 60-84.
Modigliani, F.: “Liquidity Preference and the Theory of Interest,” Econometrica, XII, Jan. 1944, pp. 45-88.
_______________ “Fluctuations in the Saving-income Ratio: A Problem in Economic Forecasting,” Studies in Income and Wealth, XI. New York, National Bureau of Economic Research, 1949.
Tobin, James: “Liquidity Preference and Monetary Policy,” Review of Economics and Statistics, XXIX, May 1947, pp. 124-31.
Wallich, H. C.: “Public Debt and Income Flow,” in Postwar Economic Studies, No. 3. Washington, D.C., Board of Governors of the Federal Reserve System, Dec. 1945, pp. 84-100.
_______________ “The Changing Significance of the Interest Rate,” American Economic Review, XXXVI, Dec. 1946, pp. 761-87.
Williams, John H.: “An Appraisal of Keynesian Economics,” American Economic Review, Supplement, XXXVIII, May 1948.
Wright, D. M.: “The Future of Keynesian Economics,” American Economic Review, XXXV, June 1945, pp. 284-307.

III. Current Problems and Policies—Federal Reserve Policy and Debt Management

Book

Homan, P. T. and F. Machlup (eds.): Financing American Prosperity. New York, Twentieth Century Fund, 1945.

Articles

Carr, Hobart C.: “The Problem of Bank-held Government Debt,” American Economic Review, XXXVI, Dec. 1946, pp. 833-42.
Chandler, L. V.: “Federal Reserve Policy and the Federal Debt,” American Economic Review, XXXIX, March 1949.
Federal Reserve Board:
1. Annual Reports for the years 1945-48.
2. Postwar Economic Studies, No. 8, Nov. 1947.
Ratchford, B. U. “The Economic and Monetary Effects of Public Debts,” Public Finance, [sic, “The Monetary Effects of Public Debts,” Openbare Financiën] No. 4, 1948 and No. 1, 1949.
Seltzer, L. H.: “The Changed Environment of Monetary-banking Policy,” American Economic Review, XXXVI, May 1946.
_______________ “Is a Rise in Interest Rates Desirable or Inevitable?” American Economic Review, XXXV, Dec. 1945, pp. 831-50.
Sproul, Allan: “Monetary Management and Credit Control,” American Economic Review, XXXVII, June 1947, pp. 339-50.
Symposium: “How to Manage the National Debt,” Review of Economics and Statistics, XXXI, Feb. 1949.
Whittlesey, C. R.: “Federal Reserve Policy in Transition,” Quarterly Journal of Economics, LX, May 1946, pp. 340-50.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003, Box 5, Folder “Economics, 1949-50 (3 of 3)”.

_____________________

1949-50
HARVARD UNIVERSITY
ECONOMICS 241
PRINCIPLES OF MONEY AND BANKING

Mid-Year Examination. January, 1950.

(Three Hours)

Discuss ONE question in EACH group.

I

(1) “Hawtrey was never a Keynesian, but Keynes was formerly a Hawtreyan.”
(2) The relation of Keynes’ income theory to the quantity theory of money.
(3) The propensity to consume.

II

(1) Fixed versus flexible exchange rates.
(2) Classical international trade theory and the problems of the postwar world.

III

(1) The sterling problem since the war.
(2) “Chronic dollar shortage.”
(3) Western European “integration.”
(4) Devaluation and European recovery.
(5) The Intra-European Payments Plan.
(6) Europe after 1952: the long-term recovery problem.

Source: Harvard University Archives. Final Exams—Social Sciences, etc. Feb. 1950. (HUC 7000.38, 81 of 284).

_____________________

[PRINCIPLES OF MONEY AND BANKING]
Reading List
[Economics 241, Spring 1949-50]
[Professor Hansen]

The Role of Money in Current World Developments
1. Books
  1. Balogh, T., Dollar Crisis: Causes and Cure, (Blackwell), 1949.
  2. Busschau, W. J., The Measure of Gold, (Central New Agency, Ltd.) South Africa, 1949.
  3. Goldenweiser, E. A., Monetary Management, (McGraw-Hill), N.Y., 1949. Chapters IV and VIII.
  4. Harris, S. E., The New Economics, (Knopf), N.Y. 1947. Chapters 20-29.
  5. Harris, S. E., Foreign Economics Policy of the United States, (Harvard University Press), 1948, Chapters 18-25.
  6. Williams, John H., Postwar Monetary Plans, (Knopf), 1947 or English edition (Blackwell), 1949.
2. Pamphlets
  1. Inflationary and Deflationary Tendencies, 1946-48(United Nations), Department of Economic Affairs, 1949.
  2. International Capital Movements during the Inter-war Period, (United Nations), Department of Economic Affairs, 1949.
3. Articles
  1. Burns, A. R., Lutz, F. A., and Clough, S. B., “The European Program in Operation,” Proceedings of the Academy of Political Science, January 1950.
  2. Robbins, Lionel, “The Sterling Problem,” Lloyds Bank Review, October, 1949.
  3. Robertson, D. H., “Britain and European Recovery,” Lloydds Bank Review, July, 1949.
  4. Sayers, R. S. “Central Banking in the Light of Recent British and American Experience,”Quarterly Journal of Economics, May, 1949.
Theory of Money, Liquidity Preference, Interest, Wages and Prices
1. Books
  1. Clark, Kaldor, Smithies, et al., National and International Measures for Full Employment, (United Nations), Department of Economic Affairs, December 1949.
  2. Ellis, H. S., (ed.), Survey of Contemporary Economics, (Blakiston), Philadelphia, 1948, Chapter 2 “Employment Theory”, by Fellner.
  3. Fellner, William, Monetary Policies and Full Employment, Berkeley, 1946. Chapter 6, (pp. 174-209).
  4. Hansen, Alvin H.
    1. Economic Policy and Full Employment, (McGraw-Hill), 1947. Chapters 18, 19, and 22, (pp. 202-232, 261-287).
    2. Fiscal Policy and Business Cycles, (Norton), 1941. Chapters 1-5; 11-15; (pp. 13-105; 225-338).
    3. Monetary Theory and Fiscal Policy, (McGraw-Hill), 1949.
  5. Harris, S. E., (ed.), The New Economics, (Knopf), 1947. Part III (The General Theory: Five Views; Chapters XI-XV).
  6. Keynes, J. M., Monetary Reform, (Harcourt), 1924, pp. 81-95; pp. 152-191.
  7. Keynes, J. M., A Treatise on Money, (Harcourt), 1930, Chapters 9-13 and 30 (Volume I, pp. 123-220; Volume II, pp. 148-208).
  8. Keynes, J. M., General Theory of Employment, Interest and Money, (Harcourt), 1936, pp. 3-45; 61-65; 74-221; 245-271; 292-332; 372-384.
  9. Klein, Lawrence, The Keynesian Revolution, Chapters 1-3, (pp. 1-90) Macmillan, 1947.
  10. Marshall, Alfred, Money, Credit and Commerce, (Macmillan), 1923. Book I, Chapter IX, pp. 38-50.
  11. Robertson, D. H. Essays in Monetary Theory(King), 1940. Chapters 1, 6, 11; (pp. 1-38; 92-97; 113-153).
  12. Wicksell, K., Interest and Prices(Macmillan), 1936; Introduction by Bertil Ohlin; also Author’s Preface; Chapters 5, 7-8, 11; (pp. 38-50; 81-121; 165-177).
  13. Wicksell, K., Money: Lectures on Political Economy, Volume II, (Macmillan), 1935, Chapter IV (pp. 127-222).
  14. Income, Employment and Public Policy, (Norton), 1948, Chapter VI, “The Simple Mathematics of Income Determination,” by Paul Samuelson.
  15. Macmillan Report, Royal Commission on Finance and Industry, Cmd., 3897 (1931), Part I, Chapter 11, (pp. 92-105).
  16. The Economic Report of the President, January 1950.
2. Articles
  1. Hansen, A. H., and Burns, Arthur F., “Keynesian Economics Once Again,” Review of Economics Statistics, Nov. 1947.
  2. Hansen, A. H., “The Robertsonian and Swedish Systems of Period Analysis,” Review of Economics and Statistics, Feb. 1950.
  3. Hicks, J. R., “Mr. Keynes and the Classics: A Suggested Interpretation,” Econometrica, April 1937.
  4. Lerner, A. P., “Interest and Theory: Supply and Demand for Loans or Supply and Demand for Cash,” Review of Economics and Statistics, May 1944.
  5. Modigliani, F., “Liquidity Preferences and the Theory of Interest and Money,” Econometrica, January 1944.
  6. Mints, Hansen, Ellis, Lerner, Kalecki, “A Symposium on Fiscal and Monetary Policy,” Review of Economic Statistics, May 1946.
  7. Scott, Ira O. Jr., “Professor Leontief on Lord Keynes,” and “Comments” by Professors Leontief and Haberler, Quarterly Journal of Economics, November, 1949.
  8. Simons, H. C., “Debt Policy and Banking Policy,” Review of Economic Statistics, May 1946.
  9. Tobin, James, “Liquidity Preference and Monetary Policy,” The Review of Economic Statistics, May 1947.
  10. Williams, John H., “An Appraisal of Keynesian Economics,” American Economic Review, Papers and Proceedings, May 1948, pp. 273-290.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003, Box 5, Folder “Economics, 1949-50 (3 of 3)”.

_____________________

1949-50
HARVARD UNIVERSITY
ECONOMICS 241

Principles of Money and Banking
Final Examination (June, 1950)

(Three Hours)

Answer any FOUR questions.

I.

Discuss:

(a) the causes of the increase in the quantity of money (currency and deposits) in:

(1) the Thirties,
(2) the Second World War; and

(b) appraise the role of this increase:

(1) in the rise in income from 1933 to 1937; and
(2) in war-time financing.

II.

Compare the monetary theories of Wicksell and Marshall (or more broadly the Cambridge cash-balance approach).

III.

“An increase in the quantity of money is a necessary but not sufficient condition for the expansion of income and employment.” Show carefully why you agree, partially agree, or disagree in whole or in part with this statement. Give a technical discussion in terms of modern monetary theory.

IV.

Discuss and evaluate Treasury and Federal Reserve policies after 1945 with respect to

(a) inflation,
(b) interest rates,
(c) debt management,
(d) full employment.

V.

Discuss the changing role of Central Banking:

(a) in the 19^th century,
(b) in the nineteen-twenties, and
(c) following the Second World War.

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001, Bound Volume Final Exams—Social Sciences June 1940 (HUC 7000.28, 84 of 284), Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …,Military Science, Naval Science. June, 1950.

Image Source: Alvin H. Hansen and John H. Williams in Harvard Class Album 1942.

Tags Hansen, WilliamsJH

Course Announcement

THE JOHNS HOPKINS UNIVERSITY FINAL EXAMINATION

Economics 617 Dr. Domar

Wednesday, January 26, 1949—9 a.m. Three hours

I.

II.

Independent variables

Dependent variables

III.

IV.

The Johns Hopkins University Final Examination

Economics 618 Dr. E. D. Domar

May 25, 1949. Three hours

I.

II.

III.

IV.

14.192 Advanced Economic Theory I. Economics of Uncertainty

14.192 Advanced Economic Theory Reading List on Capital Theory

Final Examination 14.192 Advanced Economic Theory Spring 1965

From the Final Grade Sheet

Second Term 1964-65 Subject number: 14.192 Subject name: Economics Seminar Staff member in charge: [signed] R. M. Solow

(Preliminary) Class List

14.192 ADVANCED ECONOMIC THEORY W 1:00-3:00 Professor Robert M. Solow

Course Description

Course Enrollment

Final Examination

1932-33 HARVARD UNIVERSITY ECONOMICS 392

Summer enrollment in Principles of Economics, 1942

Course Announcements for Summer School 1942

ECONOMICS A Summer Term, 1942

ECONOMICS A Outline and Reading Assignments Summer Term, 1942

Final examination first half of course

SUMMER SCHOOL OF HARVARD UNIVERSITY [First Session. Summer, 1942] ECONOMICS SAa

Part I

Part II

Final examination second half of course

HARVARD UNIVERSITY [Second Session. Summer, 1942] ECONOMICS SAb

Part I

Part II

Final Exam Intensive Course, First Session 1942

SUMMER SCHOOL OF HARVARD UNIVERSITY [First Session. Summer, 1942] ECONOMICS SA1

I

II

Final Examination for Principles of Economics “Lite”

SUMMER SCHOOL OF HARVARD UNIVERSITY [First Session. Summer, 1942] ECONOMICS SB

I

II

III

On Hamilton’s research on economic history

Hamilton’s unfinished John Law Project

Earl J. Hamilton c.v., ca. 1948

THE UNIVERSITY OF CHICAGO Chicago 37, Illinois DEPARTMENT OF ECONOMICS

Earl J. Hamilton c.v. early 1970s[?]

THE UNIVERSITY OF CHICAGO DEPARTMENT OF ECONOMICS

Earl J. Hamilton

Jacob Marschak’s New Year’s Greeting for 1939 to Earl J. Hamilton

Curriculum Vitae [Jacob Marschak]

Publications

I. Economic Theory and Econometrics

II. Industrial Policy

Regulations for Graduate Degrees in the Department of Philosophy University of Pennsylvania, 1897-98

ARRANGEMENT OF COURSES.

ADMISSION.

RESIDENCE.

DEGREES.

THE MASTER’S DEGREE.

THE DOCTOR’S DEGREE.

FEES.

Departments of the University of Pennsylvania as of 1897/98 and the year they were established.

Department of Philosophy

Faculty: 10. Economics, Politics, Sociology and Statistics

X. ECONOMICS, POLITICS, SOCIOLOGY AND STATISTICS.

Majors —

Minors —

A.—POLITICAL SCIENCE, FINANCE AND ADMINISTRATION.

B. — ECONOMIC THEORY, ECONOMIC HISTORY, AND TRANSPORTATION AND COMMERCE.

C. — SOCIOLOGY AND STATISTICS.

SEMINARY.

University of Toronto ANNUAL EXAMINATIONS: 1858. THIRD YEAR.

THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION

Economics 617
Dr. Domar

The Johns Hopkins University
Final Examination

Economics 618
Dr. E. D. Domar

14.192 Advanced Economic Theory
I. Economics of Uncertainty

14.192 Advanced Economic Theory
Reading List on Capital Theory

Final Examination
14.192 Advanced Economic Theory
Spring 1965

Second Term 1964-65
Subject number: 14.192
Subject name: Economics Seminar
Staff member in charge: [signed] R. M. Solow

14.192 ADVANCED ECONOMIC THEORY
W 1:00-3:00
Professor Robert M. Solow

1932-33
HARVARD UNIVERSITY
ECONOMICS 39²

ECONOMICS A
Summer Term, 1942

ECONOMICS A
Outline and Reading Assignments
Summer Term, 1942

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SAa

HARVARD UNIVERSITY
[Second Session. Summer, 1942]
ECONOMICS SAb

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SA¹

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SB

THE UNIVERSITY OF CHICAGO
Chicago 37, Illinois
DEPARTMENT OF ECONOMICS

Earl J. Hamilton c.v.
early 1970s[?]

THE UNIVERSITY OF CHICAGO
DEPARTMENT OF ECONOMICS

Curriculum Vitae
[Jacob Marschak]

Regulations for Graduate Degrees in the Department of Philosophy
University of Pennsylvania, 1897-98

Departments of the University of Pennsylvania
as of 1897/98
and the year they were established.

University of Toronto
ANNUAL EXAMINATIONS: 1858.
THIRD YEAR.

University of Toronto
ANNUAL EXAMINATIONS: 1858.
Third Year.

BURMALAQUI’S NATURAL LAW, AND SENIOR’S OUTLINES [sic] OF POLITICAL ECONOMY
Honors and Scholarships

University of Toronto
ANNUAL EXAMINATIONS: 1858.
FOURTH YEAR.

University of Toronto
ANNUAL EXAMINATIONS: 1858.
Candidates for B.A.

LIEBER’S POLITICAL ETHICS.—MILLS’ [sic] POLITICAL ECONOMY
Honors and Scholarships

PRINCIPLES OF MONEY AND BANKING
Economics 241
Fall Term—1949-1950

1949-50
HARVARD UNIVERSITY
ECONOMICS 241
PRINCIPLES OF MONEY AND BANKING

[PRINCIPLES OF MONEY AND BANKING]
Reading List
[Economics 241, Spring 1949-50]
[Professor Hansen]

1949-50
HARVARD UNIVERSITY
ECONOMICS 241

Principles of Money and Banking
Final Examination (June, 1950)