Categories
Economists France History of Economics

France. The Avignon-editions of L’ami des hommes. Mirabeau and Quesnay, 1761-64

One of the resources here at Economics in the Rear-View Mirror that I am proudest of is the “Economics Rare Book Reading Room: Classic Economics” that takes visitors to scanned original editions of great and obscure works that have been consulted by generations of historians of economics long after they were first consumed and digested by the readers of their day.

While working to fill a gap in my links to the Physiocrats’ Greatest Hits, I came upon a truly beautiful digitization of the six volumes that constituted all but one of the completed series “L’ami des hommes, ou Traité de la population” by Victor de Riquetti, Marquis de Mirabeau (with some collaboration with the Dean of Physiocrats, François Quesnay). The volumes, linked below, come from the Friedrich-Universität zu Halle and are now to be found at the Universitäts- und Landesbibliothek Sachsen-Anhalt.

While I remain a huge fan of both archive.com and hathitrust.org, I can hardly contain my bibliophilic delight at having such magnificent scans to read outside the setting of an archival reading room. The Bibliothèque nationale de France website Gallica provides us the first editions and the fifth part of L’ami des hommes that is apparently not included in the Universitäts- und Landesbibliothek Sachsen-Anhalt collection.

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1756

Mirabeau, Victor de Riquetti, Marquis de. First Avignon-edition of L’ami des hommes.

L’ami des hommes, ou, Traité de la population (Avignon, 1756). Partie I.  Partie II. Partie III.

Repository: Bibliothèque nationale de France, Gallica website.

1758

Partie IV. Précis de l’organisation, ou Mémoire sur les états provinciaux (1758)

Repository: Bibliothèque nationale de France, Gallica website.

1760

Partie V. Memoire sur l’agriculture envoyé à la très-louable Société d’Agriculture de Berne, avec l’extrait des six premier livres du corps complet d’œconomie rustique de feu M. Thomas Hale (1760).

Repository: Bibliothèque nationale de France, Gallica website.

1761-64

Mirabeau, Victor de Riquetti, Marquis de. A later corrected Avignon-edition of L’ami des hommes.

I. Partie. L’ami des hommes, ou, Traité de la population with François Quesnay. (Avignon, Nouvelle édition corrigée, 1762)

II. Partie. L’ami des hommes, ou, Traité de la population with François Quesnay. (Avignon, Nouvelle édition corrigée, 1762)

III. Partie. L‘ami des hommes, ou, Traité de la population with François Quesnay. (Avignon, Nouvelle édition corrigée, 1762)

IV. Partie. Précis de l’organisation, ou Mémoire sur les états provinciaux. (Avignon, 1762)

Suite de la IV. Partie. Réponse aux objections contre le Mémoire sur les états provinciaux(Avignon, 1764)

V. Partie. Memoire sur l’agriculture envoyé à la très-louable Société d’Agriculture de Berne, avec l’extrait des six premier livres du corps complet d’œconomie rustique de feu M. Thomas Hale (1760). [Not in the digitized collection of the Universitäts- und Landesbibliothek Sachsen-Anhalt]

VI. Partie. Réponse à l’essai sur les ponts et chaussées, la voierie et les corvées (Avignon, 1761).

Suite de la VI. Partie. Tableau Économique, avec ses explications (Avignon, 1761).

Repository: Universitäts- und Landesbibliothek Sachsen-Anhalt.

Image Source:
Frontispiece of Part I of Mirabeau’s 1762 edition of L’ami des hommes, ou, Traité de la populationA copy of the 1759 engraving by Étienne Fessard is found online  at the Bibliothèque nationale de France website Gallica. Louis XV is portrayed as the benefactor (dressed in Roman armour) of the French peasantry, standing on a pedastal with the words “Lod. XV P. P. Util. publ. umdique Prospicienti”.
Another  copy is displayed at the British Museum Website. It is identified as the frontispiece to Mirabeau’s ‘L’ami des hommes’ (Paris: Hérissant, 1759-60), volume 1, 1757. Mellay identified as a “draughtsman whose sole work known is the frontispiece he designed for Mirabeau’s ‘L’Ami des hommes’ (Paris, 1759), which was engraved in 1757 by Etienne Fessart.”

Categories
Exam Questions Harvard Methodology

Harvard. Course enrollment, description, final exam. Economic Research Methods. Carver, 1904-1905

 

With this post we add Professor Thomas Nixon Carver’s exam questions for a graduate course on methods of economic investigation to our larger data base of economics examination questions. This was the fourth time that Carver offered this particular course at Harvard. The scope of his teaching portfolio was by far the broadest of the department, ranging across economic theory, sociology, schemes of economic reform, and agricultural economics so it is hardly surprising that he would have judged himself competent to teach/preach methodology too. 

The last question reveals his trinity of economic methods: historical, statistical and analytical. Judging merely from Carver’s exam questions here, I would hazard a guess that this course might have been considered a “snap” course. I have no explanation for the relatively low enrollment figures, that is unless he assigned significant amounts of German language texts. Taussig did that earlier.

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“Methods of Investigation”
in other years

Economics 13 (Scope and Methods) in 1895-96, Taussig.

Economics 13 (Scope and Methods) in 1896-97, Not Offered.

Economics 13 (Scope and Methods) in 1897-98, Ashley.

Economics 13 (Methods) in 1898-99, Taussig.

Economics 13 (Methods) in 1899-1900, Not Offered.

Economics 13 (Methods) in 1900-01, Carver.

Economics 13 (Methods) in 1902-03, Carver.

Economics 13 (Methods) in 1903-04, Carver.

Economics 12 (Scope and Methods) from 1914-15, Carver.

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Course Enrollment
1904-05

‡Economics 13 1hf. Professor Carver. — Methods of Economic Investigation.

Total 4: 2 Graduates, 2 Seniors.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 75.

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Course Description
1904-05

[Economics] ‡*13 1hf. Methods of Economic Investigation. Half-course (first half-year). Tu., Th., at 2.30. Professor Carver.

Course 13 will examine the methods by which the leading writers of modern times have approached economic questions, and the range which they have given their inquiries; and will consider the advantage of different methods, and the expediency of a wider or narrower scope of investigation. These inquiries will necessarily include a consideration of the logic of the social sciences. Methods of reasoning, methods of investigation, and methods of exposition will be considered separately, and the sources and character of the facts which are essential to economic science will be examined. Cairnes’ Logical Method of Political Economy and Keynes’ Scope and Method of Political Economy will be carefully examined. At the same time selected passages from the writings of Mill, Jevons, Marshall, and the Austrian writers will be studied, with a view to analyzing the nature and scope of the reasoning.

Course 13 is designed mainly for students who take or have taken Course 2 or Course 15; but it is open to mature students having a general acquaintance with economic theory.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), p. 49.

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ECONOMICS 131
Year-end Examination, 1904-05

  1. Discuss the question of the subdivisions of economics.
  2. Is it possible to discuss economic questions without passing ethical judgements? Explain and give examples.
  3. Of what use are mathematical formulae and diagrams in economics?
  4. Compare the historical and the analytical methods in their applicability to the following questions: (1) Is the world likely to become over populated? (2) Would communism tend to increase the rate of multiplication?
  5. Is there any relation between the theory of probabilities and any class of economic laws? Explain.
  6. By what logical method is it possible to distinguish the product of a given factor from that of a number of coöperating factors of production?
  7. Do economists make use of pure hypotheses such as are used in the physical sciences? Give reasons for your answer.
  8. What do you conceive to be the true relation of the historical method, the statistical method and the analytical method to one another.

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), p. 33.

Image Source: Thomas Nixon Carver photograph from the November 11, 1916 issue of the Harvard Illustrated Magazine, p. 110.Colorized by Economics in the Rear-view Mirror.

Categories
Columbia Economists

South Carolina and Columbia. Two inaugural lectures by Francis Lieber, 1835 and 1858

Having just posted some early college exams in political economy from courses taught by Francis Lieber, I thought it would be useful to add this complementary post to provide some biographical content. This is probably as good as any place to add key sections from his inaugural lectures at South Carolina College (1835) and Columbia College (1858) that addressed the topic of political economy.

“Fun” fact: as an enlisted boy-soldier in the Prussian army, Lieber was wounded at the Battle of Waterloo.

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Principal Biographical Works

Thomas Sergeant Perry, editor. The Life and Letters of Francis Lieber (Boston, 1882)

Lewis R. Harley, Francis Lieber: His Life and Political Philosophy (New York, 1899).

Chester Squire Phinney, Francis Lieber’s Influence on American Thought and Some of His Unpublished Letters (Philadelphia, 1918). [Ph.D. Thesis, University of Pennsylvania]

“Lieber. (1800-1872.) Reception of the Lieber Manuscripts” in Daniel Coit Gilman, Bluntschli, Lieber and Laboulaye. Commemorating acquisition of Bluntschli and Lieber collections by the Library of the Johns Hopkins University, pp. 13-26.

Frank Dreidel, Francis Lieber: Nineteenth-Century Liberal. (Baton Rouge, LA: Louisiana State University Press, 1948).

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An Appreciative South Carolina wrote in 1859…

Francis Lieber was born March 18, 1800, in Berlin, Prussia. He went first to a private Grammar School in Berlin, and then to one of the old gymnasia in that city, called the Gray Convent. When but a lad, he left the school-house for the tented field, and had the good fortune to bear a part in some of the most renowned battles in modern times. I need only mention the names of Ligny, Waterloo and Namur. Upon his return from his campaign, he set to work to prepare himself for the University of Berlin, to which, in a short time, he was admitted, and where he was first matriculated. Subsequently he became connected with the University of Jena, a Saxon University, where, to secure himself against the interference of the Prussian Government, he was obliged to acquire the right of academic citizenship, by procuring the title of Doctor of Philosophy. From the University of Jena, he went to the University of Halle, and thence to Dresden, to pursue his studies privately. The oppressions of Greece now touched his heart, and he could not resist her appeals for help. He joined the Philhellenes, and repaired to that country to fight her battles. He next made his way to Rome in spite of the vigilance of the police, and was cordially received by the great historian Niebuhr, then the Prussian embassador, and made an inmate of his family. From Rome he went to his native city Berlin, and from Berlin he fled to England. He had now left his native country, and before I accompany him on his voyage to the New World, which, was to be his future home, let me mark some of the more interesting events of his past life. He belonged to the party of Liberals, and this party was persecuted throughout Germany. When a student at Berlin, he was charged with being a Revolutionist, and committed to prison. Upon his return to Berlin from Rome, he was a second time thrown into prison, and released by the influence of Niebuhr. Being threatened with a third arrest for the publication of certain poems written while in confinement, he fled the country as the only means of escape. Before leaving Germany, he published the Journal of his sojourn in Greece, which he wrote in Niebuhr’s house in Rome, and which has the distinction of being the first book which he gave to the public. This work was well received, and translated into several languages. In England certain tracts and contributions to German periodicals embraced pretty much his published labors. He arrived at New York in 1827, and took the preliminary steps at once to become a citizen of the United States. He made up his mind to fix his residence at Boston. He was a stranger, poor and friendless, and knew not what to do. But he could not remain idle. The consciousness of being in a land of liberty, where there were no restraints upon free inquiry, where the press was not muzzled, and where there were no dungeons for the expression of honest opinion, gave him courage. He conceived the bold idea of writing an American Encyclopedia. I have conversed with him about this period of his life, and as it was the beginning of a brilliant career of author ship in this country, a word of private history may not be without interest. One afternoon in Boston, when a dark cloud was resting upon his mind, he threw himself upon his bed, and indulged in profound reflection. “What shall I do?” was the overwhelming question. He felt that his brain was the only thing which he could draw upon for support. But how was that brain to be used? In what channel were his labors to be directed? In reading the lives of eminent scholars, how often do we find that at the outset they have been borne down, and for a period made miserable by this burdensome and heart-rending thought! Many a genius, under similar circumstances, has sunk never to rise again. A volume of the Conversationes-Lexicon happened to lie on a table in his room. As his eye rested upon it, he exclaimed. aloud, “That’s the thing; I’ll write an Encyclopedia.” He wrote out a plan at once, carried it to some of the leading men of Boston, and they gave it a hearty approval. He left immediately for Philadelphia, contracted with the publishing house of Carey and Lea, and sat down at once to the performance of his herculean task. The Encyclopedia was begun in 1828, and finished in 1831. From Boston he went to New York, where he resided for upwards of a year. He was not idle, but published none of his leading works during that period. His next residence was at Philadelphia, and there it was his fortune to become acquainted with the Hon. Mr. Drayton, formerly of Charleston, South Carolina, and to enjoy the respect and regards of that distinguished gentleman. The close of the year 1834, as has been previously stated, was marked by an almost desperate condition of the South Carolina College, and a thorough re-organization became a matter of necessity. A temporary arrangement was made to carry on the College for the first half of the year 1835, and Dr. Lieber, urged by his friend, Col. Drayton, left for Charleston with letters to Governors Hamilton and Hayne, who at once became his ardent supporters, and procured his consent to have himself put in nomination for a place in the new Faculty. June 5, 1835, he was unanimously elected Professor of History and Political Economy. At a subsequent period Political Philosophy was added to his department. Most of his principal works were written when he held a Professorship in the South Carolina College. Among these may be mentioned his Manual of Political Ethics, his Legal and Political Hermeneutics, or Principles of Interpretation and Construction in Law and Politics, his Essays on Property and Labor, and his Civil Liberty and Self-Government.

In 1844 and 1848, by permission of the Board of Trustees, he visited Europe, and while in Germany, published certain essays, which attracted attention. I have mentioned only the chief works of Lieber; those upon which his fame as an author is to rest. Beside these he published various tracts and essays on different subjects; all of them are valuable, and several are regarded as of high merit. I think that his reputation as a thinker and author, must finally rest, however, upon his Ethics, his Hermeneutics, his Labor and Property, and his Civil Liberty and Self-Government. I would not have the reader suppose that I attach but little value to his Encyclopedia. This is truly a great work of its kind. It met a pressing want. Something of the sort was much needed, and it accomplished the entire purpose for which it was designed. Perhaps a more acceptable service could not have been rendered. The great end was to diffuse knowledge in a country whose happiness is founded on liberty, and whose liberty is only to be preserved by widely spread information. Though the German work was adopted as the basis, it was the leading idea to make it an American Encyclopedia, by embodying in it all the valuable information relating to America, and I believe that this purpose was thoroughly accomplished. If he had left nothing else, this would be sufficient to secure for him an enviable reputation. Perhaps no book published in this country ever met with greater favor from the public. The necessities of the author compelled him to part with the copy-right, and others have received the pecuniary reward for his labors. But he had a higher compensation. His name soon became known to the people of this vast confederacy, and he was proud in the consciousness that whatever might be done in the future in this department of literature, he had led the way, and could not be forgotten. But the work was an Encyclopedia, and the world is apt to believe that an Encyclopedia is nothing more than an alphabetic digest, and arrangement of present science and knowledge. They regard it only as a monument of industry, and are reluctant to accord to the author the honors of original contribution. Though a book to make him remembered, it was not a book to give him reputation as a thinker, and his highest fame, therefore, must rest upon his other publications. Let not my remarks be construed into a disparagement of this truly valuable work. It soon became in truth the American Encyclopedia, and there is, perhaps, little risk in saying, that it has contributed more to the diffusion of general knowledge among us, than any book which was ever issued from the American press. It is not my design to give a notice of his many works. The greatest minds of our country have passed judgment upon them, and he would be truly a bold man who would now question their rank and position. The Manual of Political Ethics, the Essay on Property and Labor, the Hermeneutics, the Treatise on Civil Liberty and Self-Government, have received the highest praise from Story, Kent, Greenleaf, Prescott, Bancroft, and others in this country, and many of the best minds of Europe have added their warmest commendations. His works have been translated into several of the languages of Europe, and adopted as text-books in many of the highest Colleges and Universities. Perhaps no living author is more frequently referred to on all the great questions which he has discussed. Having written so much, and written so well, and in all exhibited the spirit of the true philosophical thinker, there are few subjects in any department of inquiry which cannot be illustrated by an appeal to his works. His service in this respect cannot be more strikingly set forth than by mentioning the fact, that in the discussion of the Elder question in the Presbyterian Review, a clergyman of the Presbyterian denomination, who in genius and learning is surpassed by no Divine in our country, refers to him in language of highest compliment. Can it be doubted that he is one of the great writers of the 19th century! Surely not when the United States, England, France and Germany, all unite in his praises, and have bestowed upon him the honors which are reserved only for the most successful authorship. It is to be remarked, that he has grappled with the most abstract and complex problems, and that he has earned his rewards, therefore, in the fields of highest thought and reflection. He has kept company with master minds, and vindicated his title to fellowship with them. The nature and philosophy of government, the application of the principles of ethics to the science of politics, the principles of interpretation as applicable to the duties of the law-giver, and the science of jurisprudence, the subjects of liberty, labor and property, these are the mighty themes to which he has consecrated his talents and his learning, and on which he has ventured to teach and enlighten his age. In such a field no common mind, no common learning could have achieved any measure of success. Known as he is throughout this country, he is one of a few American citizens who have an enviable European reputation. The estimate in which he is held is exhibited in the many honors and distinctions which have been conferred upon him by various learned Societies and Universities. I will only say here, that Harvard conferred upon him the degree of LL.D., that the French Institute elected him and Archbishop Whately on the same day, corresponding members to fill two vacancies, and that the King of Prussia offered him a Chair in the University of Berlin. He is enrolled among that select number described by Carlyle, “whose works belong not wholly to any age or nation, but who, having instructed their own con temporaries, are claimed as instructors by the great family of mankind, and set apart for many centuries from the common oblivion which soon overtakes the mass of authors, as it does the mass of other men.”

I have now made an allusion to the literary labors of Dr. Lieber. The character of his mind is well displayed in his works. The feature which perhaps would first strike the reader, is the fullness of his information, the amount of his laborious research. All that is known of his subject seems to have been stored away in his capacious brain, and he deals it out with a generous prodigality that looks like waste and extravagance. The whole encyclopedia of knowledge seems to be at his command, and he scatters it like one who feels that his treasures are exhaustless. His memory then is of the largest capacity. And will any of my readers give utterance here to the notion, that this great memory is proof that he possesses no extraordinary strength and vigor of understanding, and that he is wanting in high original powers? It is a popular idea, but I have ever regarded it as the refuge of ignorance and indolence. It is true that Lieber has mastered the thoughts of others; that in the particular department of inquiry to which he has devoted himself, he has gathered all that is valuable. But is this to be matter for reproach? He has not been content, however, with it: he is an earnest and bold thinker, and the knowledge and the speculations of others are not unfrequently used by him as stepping-stones to conduct him to still greater heights. I know that I am not mistaken when I say that he is no servile copyist, no mere follower in the footsteps of other men. On the contrary, he is remarkable for independence of thought, whether in conversation or in writing, and is prone to give utterance to his opinions now and then, with what might be called offensive dogmatism. I think that an examination of any one of his leading works will exhibit very prominently this feature in his mental constitution. He hesitates not to assail the opinions of any author, however renowned, and is ever ready to make battle with the most formidable antagonist. In this he displays a high courage, and a perfect self-confidence. I have sometimes suspected that he carries this too far; that in his eagerness for battle, he may fall short of full justice to his adversary. In all his writings he shows an independence and a love of liberty, which might be called Miltonic. Oppression, despotism in all its forms, whether of the mind or body, is abhorrent to his nature. There is no greater lover of law and of order, and he gives his love to Anglican, American liberty, or, to use his own phrase, to Institutional liberty. Feeling the foot of the oppressor when but a youth, immured in a dungeon because of his liberal principles, it may be said that his life has been one continued struggle for the cause of freedom. Nothing could be more congenial to his tastes, his habits of thought and his principles, than the Institutions of the United States, and feeling all the protection of a well-regulated government, here was opened for him a wide field, where he could labor unrestrained for the great cause to which he had consecrated himself with such devotion. He was the same man; he had changed his home, but not his principles. Even in his adopted country, the victory was not complete. He found the despotism of a fettered commerce, of an exorbitantly taxed industry, and a consequent odious discrimination by government. Could he take any other side than the side of Free Trade! He soon became one of the distinguished champions of the cause, and had the high honor of being styled by Robert J. Walker, the able Secretary of the Treasury, “the philosophic head of the Free Traders of the United States.” But this is not all. Our infant country is rapidly progressive. From causes easily understood, and which it is not necessary to enumerate, we are exposed to peculiar danger from the rise of every possible opinion on every variety of subject, the rapidity with which they are propagated, the facility with which organizations are effected, and the great power which they acquire, and bring to bear in the issues of the country. Some of these are indigenous, while the seeds of others are imported from foreign lands, and find here a genial soil, which soon stimulates them to germination. We have our Masonic and Anti-Masonic parties, our Seers and Prophets, our Socialists, Communists, Agrarians, Free Love Societies, Mormonists, Women’s Rights Parties, Polygamists, Know Nothings, and a long list of societies and associations, in too many instances based upon principles utterly subversive of right and order, and which, if not checked, would soon bring about anarchy and ruin. That man knows but little of the nature and philosophy of the human mind, and of the history of popular delusions, who is not prepared to concede that the grossest errors and superstitions, the wildest and most dangerous hypotheses, may take root and rally to their support a host of zealous and devoted advocates. Of this whole class of reckless innovators and insane enthusiasts, this motlied crew whose sole principle of cohesion is to war upon law and order, and to unsettle the great truths which have been sanctified by the experience of ages, Lieber indulges a feeling of abhorrence, and looks upon them as enemies of progress and the human race. The tone of his works cannot be too much commended. The spirit of justice, of morality and of liberty, breathes though them all. But the effects of his teachings are not limited to America. The press has borne them to the despotisms of the Old World, and wherever there is a struggle for the rights of man, he may be said to be present and bearing his part.

But I am to speak of him as a Professor in the South Carolina College. He was connected with it for upwards of twenty years, and closed his labors in December, 1856. From what has already been said, there can be no doubt that he had all the fullness of learning which could be demanded. With the details of history, with the speculations and systems of philosophy connected with the departments of which he had charge, it is hard to conceive of greater familiarity. To his classes he poured out his learning in one continued stream; and sometimes it confounded from its very profusion. Full of enthusiasm in the pursuit of knowledge, elevating it almost to the rank of a Divinity, he always exhibited the greatest earnestness of purpose. Of the amount of his labors in the College it is not easy to form a correct estimate. His whole time, with but little relaxation, was devoted to the severest toil. From his study to his class room, from his class room to his study — this was his life; and yet, with all this labor, his spirit was fresh, and his ardor unabated. Never have I known a more insatiable appetite, and he was ever in search of food for its gratification. But, not to indulge in metaphor, I have never met a more inquiring mind. He was always in quest of knowledge, and drew it from every source. Like Franklin, he would extract it even from the ignorant and unthinking, and thus he levied his contributions upon all. All know how suggestive a fact may be to a thoughtful mind, and what beautiful superstructures of knowledge have been reared from the humblest beginnings. Overflowing with information on such a variety of subjects, he had it in his power to render a particular service to the young men of the College, which I have always regarded of immense value. In the many public exercises which they are required to perform, such as speeches at the Exhibition, at Commencement, before the Societies, and Prize Essays, nothing was more common than to seek a conversation with Lieber, who would suggest the plan of discussion, and point to the best sources of information. His lectures and his published works, too, furnished a mine of thought and knowledge, from which the richest treasures were drawn. I must call attention for a moment to the arrangements in his lecture room. One would expect to find maps, and charts and globes, in the room of a Historical Professor, as these are the indispensable tools with which he has to work. There is nothing in this, then, to distinguish the room in which Lieber met his classes. But there is something besides which rivets the attention, and appeals to the noblest affections. The walls are graced with busts of the immortal men of ancient and modern times, and thus is brought to bear something of the power of a real presence. Here in mute but expressive silence stand Homer, Demosthenes, Socrates, Cicero, Shakspeare, Milton, Kant, Goethe, Luther, Washington, Alexander Hamilton, Humboldt and William Penn. Here, too, are to be seen the illustrious trio, Webster, Calhoun and Clay, and two of the favorite public servants of Carolina, Preston and McDuffie. I need not insist that these are not to be regarded in the light of mere ornament; that they speak to the souls of all who look upon them, and tend to arouse into activity all that is noble, refining and elevating.

Dr. Lieber’s resignation was accepted by the Board of Trustees December, 1856, and the following proceedings were had on the occasion:

Whereas, The resignation of Dr. Lieber has been accepted by this Board:

Resolved, That the Board of Trustees have a full appreciation of the eminent learning and just reputation of Dr. Lieber.

Resolved, That the Board tender to Dr. Lieber their hearty and sincere good wishes for his future welfare and prosperity.

It is worthy of note, that at a meeting of the alumni of the College, resolutions of a most complimentary character were adopted, and two massive silver vessels presented to him in token of their regard and admiration. I have now brought to a close my very imperfect notice of Lieber as a Professor in the South Carolina College. I have but a single additional remark to make. He must take his place as a star of the first magnitude. In all future time the State will regard his name as one of the brightest and most illustrious on the roll of her Faculty. That he honored her cherished Institution, that he spread her fame to distant lands, and contributed in largest measure to her exaltation and glory, none will question. He will live forever in her history, and never, never, will it be forgotten that her chosen temples of learning were adorned by his ministrations, and that he devoted the best portion of his life to her service and honor.

I shall now dismiss him as an author and a Professor, but I must be permitted to say a word of him as a man. Associated with him for thirteen years as his colleague in the Faculty, and sustaining towards him relations of confidence throughout that period, I think that I have had ample opportunities for forming a right estimate, and that my judgment is entitled to some measure of value. He knows his strength, and never distrustful of his powers, always exhibits a spirit of bold self-reliance. In the ardor of discussion he may become too dogmatic and peremptory, and act like one who never shows mercy, or “gives quarters.” This may create the impression that his character is cast in too stern a mould to allow of the existence of the tender and sympathetic affections. But this is a mistake. His heart is as large as his brain, and endued with a tender sensibility. He can carry out the lesson of the poet:

—— — — — — “to feel another’s woe,
To hide the fault I see.”

I know that he is kindly-natured, free to forgive, and incapable of malice. His personal morality is without reproach, and he illustrates in his life the doctrines so impressively inculcated in his published works. He is fond of the beautiful, and is arrested in admiration whenever it is presented. Is it beneath the dignity of my subject to say that he will almost steal a flower, that he may send it with a complimentary note to a young lady! He loves to look out upon a May-day when the earth teems with buds and blossoms, and how responsive is his heart with its hopes and its joys! Shall I add that he has a youthful fondness for the society of girls, and that no young gallant can surpass him on such occasions in light and airy conversation. But I must not forget his sympathy with little children; “those flowers that make the hovel’s earthen floor delightful as the glades of paradise.” He will play with them by the hour, and leading the way, forget his manhood, and become as one of them. Does not this speak volumes for his heart? Shall I say more? He has left the South Carolina College, but his affections still linger around it. He loves the trees under whose shades he walked for twenty years, the lecture room where he so long labored in the cause of knowledge; and the ivy which he planted, and which now spreads itself in rich luxuriance over the house which he occupied, has fastened its tendrils upon his heart, and is entwined in everlasting embrace around it.

But I have concluded what I had to say. Dr. Lieber is residing at present in New York, and fills the Professorship of History and Political Science in the School of Jurisprudence of the Columbia University, to which he was unanimously elected May 18, 1857. Here is a wide field congenial to his tastes and attainments. He is in the vigor of life, and to human eye many years of labor are yet before him. Long may he live to instruct the youth of America, and to scatter over the world the fruits of his genius and learning!…

Source: M. LaBorde, History of the South Carolina College (Columbia, S.C.: Peter B. Glass, 1859), Chapter XVI. Pp. 395 -410.

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From Lieber’s Inaugural Lecture at South Carolina College (1835)

…Civil history, the main subject of instruction in history in the college, will necessarily lead to inquiries into the various subjects of politics. It is not only my intention to treat of them while I am proceeding in history, but also to teach them, if time can be found, in separate lectures. On the other hand I shall always endeavor to exhibit the whole state of civilization of a country or period under discussion, and try to give a rapid sketch of the literature, the state of sciences, the arts, its commerce and agriculture, which will lead to touch upon subjects more properly belonging to the other science for which you have appointed me. As I shall have frequent occasion to speak on the subject of politics, so will the introduction of history often lead me to topics of political economy, and in the same way shall I make them the subject of separate instruction.

Political Economy, treated as a scientific whole, is of comparatively late origin, though various subjects, belonging to its province, have at different times been treated even in remote periods. There are still many persons, who “do not believe in political economy,” and will of course not allow it the rank of a science, as a few years ago, when Werner broke a new path for mineralogy, many people, and most distinguished ones among them, smiled at the idea of calUng mineralogy a science, or believing in the possibility of systematically and scientifically treating what they called “the stones.”* Nay, there are still persons who deny that geology be a science. Whether political economy be a science or not, it is not here the place to discuss, though it is difficult to see why the difference of opinion and contradictory results at which some, though few, political economists have arrived, should any more deprive their study of the character of a science, than natural philosophy, metaphysics, medicine or theology; nor is it required that any one should believe in political economy. The simple question is whether the subjects it considers as peculiarly belonging to its forum, are susceptible of scientific inquiry, and whether they are of sufficient importance to require investigations of this kind and to be taught in our college.

* See among others some of the letters written by Herder to Goethe, who, it is well known, was an ardent mineralogist and geologist to the end of his life.

I believe it is easy to show that the same relation, which physiology of the human body bears to anthropology and philosophy in general, subsists between political economy and the higher branches of politics — or, political economy has precisely all the importance with regard to society, which the material life bears throughout to the moral and intellectual world. Political economy might be defined by being the science which occupies itself essentially with the material life of society — with production, exchange and consumption; and no one can possibly have thrown a single glance at these subjects, and deny that theystand in the most intimate connection with the moral and intellectual interests of a nation.

If subjects of such universal influence and so extensively affecting the existence of human beings, as labor, wages, capital, interests, commerce, loans, banks, &c. are not matter of sufficient interest for inquiry, then few things are; if they do not depend upon general causes cognizable by the reason of man, then every thing around us is chance, and what is very striking, most regular chance, for it would be strange indeed that in the United States, for instance, many millions of people agree, without exchange of opinions, to pay throughout an immense territory about seventy-five cents for a day‘s work of a common laborer, and that in another immense country, at the north of Europe, many millions of people receive for the same work a few kopecks only, with a uniformity which is perfectly perplexing if the same general cause does not produce respectively this uniform effect. No believer in chance has ever dreamt that the regularity in form, process of growth and ripening of a species of plant be the results of mere chance. Though he might believe that the first cause was chance, he would always allow that by the original mixture of atoms or elements, certain laws were produced according to which nature now effects all the processes which strike us by their regularity; but in our own case, when we speak of human society, we shall at once change the test, and not believe that general, uniform and regular efiects must depend upon fixed causes!

If these causes can be discovered, and what earthly reason is there that they should not? then it is the duty of man to discover them. Having found them, he will be able to subject them to the same processes of reasoning which he applies to every mass of homogeneous facts. Judicious combination and cautious induction will enable him to reason from them and conclude upon new results. If, however, these inquiries are of general interest and importance, they are certainly so to a citizen, who takes an active and direct part in the making of the laws which govern his own society, for they touch upon matters which most frequently become the subject of legislation. It is necessary then that the youths be instructed in this science.

Political economy has not appeared under the most favorable train of circumstances. It is not its lot quietly to investigate a given subject, but it has to combat a series of systematized prejudices, which have extended their roots far and wide into all directions and deep into every class of society, for many centuries past — prejudices which are intimately connected with the interest of powerful classes.

Strange, that man should have seriously to debate about free trade any more than about free breathing, free choice of color of dress, free sleeping, free cookery, and should be obliged to listen to arguments, which, if true, would also prove that the cutting, clipping and shaving of trees, fashionable in the times of Louis XIV, produced most noble, healthful oaks. Still, so ancient is the prejudice, that even Strabo mentions the fact that the Cumæans did not levy any duties on merchandize, imported into their harbor, as a proof of their enormous stupidity. The transition is not easy from so deep-rooted a prejudice and whole systems of laws built upon it, to the natural, simple and uncorrupted state of things, in which man is allowed to apply his means as best he thinks, without fettering and cramping care from above, which is like the caresses of the animal in the fable — stifling.

Two different directions of scientific inquiry seem to be characteristic of our age — minute, extensive and bold inquiry into nature and her laws and life, and equally bold and shrewd examination of the elements and laws of human society, and all that is connected with its physical or moral welfare. Hence we see at once the human mind following two apparently opposite directions with equal ardor — history and political economy. No age has pursued with so much zeal the collection of every remnant and vestige, which may contribute to disclose to us the real state of former generations; and in no age have the principles upon which the success of the human species depends, been investigated with less reserve. Your Board of Trustees has appointed me for these two important sciences, and I feel gratified thus to be placed in a situation, in which I am able to contribute largely to the diffusion of two sciences, which are cultivaied with such intense activity by the age in which my lot has been cast.

Source: On history and political economy, as necessary branches of superior education in free states. An inaugural address, delivered in South Carolina college, before the governor and the legislature of the state, on Commencement day the 7th of December, 1835. By Francis Lieber, LL.D. Printed by order of the Board of trustees.  Pp. 23-26

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From Lieder’s Inaugural Lecture at Columbia College (1858)

…A wise study of the past teaches us social analysis, and to separate the permanent and essential from the accidental and superficial, so that it becomes one of the keys by which we learn to understand better the present. History, indeed, is an admirable training in the great duty of attention and the art of observation, as in turn an earnest observation of the present is an indispensable aid to the historian. A practical life is a key with which we unlock the vaults containing the riches of the past. Many of the greatest historians in antiquity and modern times have been statesmen; and Niebuhr said that with his learning, and it was prodigious, he could not have understood Roman history, had he not been for many years a practical officer in the financial and other departments of the administration, while we all remember Gibbon’s statement of himself, that the captain of the Hampshire militia was of service to the historian of Rome. This is the reason why free nations produce practical, penetrating and unravelling historians, for in them every observing citizen partakes, in a manner, of statesmanship. Free countries furnish us with daily lessons in the anatomy of states and society; they make us comprehend the reality of history. But we have dwelled sufficiently long on this branch.

As Helicon, where Clio dwelt, looked down in all its grandeur on the busy gulf and on the chaffering traffic of Corinth, so let us leave the summit and walk down to Crissa, and cross the isthmus and enter the noisy mart where the productions of men are exchanged. Sudden as the change may be, it only symbolizes reality and human life. What else is the main portion of history but a true and wise account of the high events and ruling facts which have resulted from the combined action of the elements of human life? Who does not know that national life consists in the gathered sheaves of the thousand activities of men, and that production and exchange are at all times among the elements of these activities?

Man is always an exchanging being. Exchange is one of those characteristics without which we never find man, though they may be observable only in their lowest incipiency, and with which we never find the animal, though its sagacity may have reached the highest point. As, from the hideous tattooing of the savage to our dainty adornment of the sea-cleaving prow or the creations of a Crawford, men always manifest that there is the affection of the beautiful in them —  that they are æsthetical beings; or as they  always show that they are religious beings, whether they prostrate themselves before a fetish or bend their knee before their true and unseen God, and the animal never, so we find man, whether Caffre, Phoenician or American, always a producing and exchanging being; and we observe that this, as all other attributes, steadily increases in intensity with advancing civilization.

There are three laws on which man’s material well being and, in a very great measure, his civilization are founded. Man is placed on this earth apparently more destitute and helpless than any other animal. Man is no finding animal —  he must produce. He must produce his food, his raiment, his shelter and his  comfort. He must produce his arrow and his trap, his canoe and his field, his road and his lamp.

Men are so constituted that they have far more wants, and can enjoy the satisfying of them more intensely, than other animals; and while these many wants are of a peculiar uniformity among all men, the fitness of the earth to provide for them is greatly diversified and locally restricted, so that men must produce, each more than he wants for himself, and exchange their products. All human palates are pleasantly affected by saccharine salts, so much so that the word sweet has been carried over, in all languages, into different and higher spheres, where it has ceased to be a trope and now designates the dearest and even the holiest affections. All men understand what is meant by sweet music and sweet wife, because the material pleasure whence the term is derived is universal. All men of all ages relish sugar, but those regions which produce it are readily numbered. This applies to the far greater part of all materials in constant demand among men, and it applies to the narrowest circles as to the widest. The inhabitant of the populous city does not cease to relish and stand in need of farinaceous substances though his crowded streets cannot produce grain, and the farmer who provides him with grain does not cease to stand in need of iron or oil which the town may procure for him from a distance. With what remarkable avidity the tribes of Negroland, that had never been touched even by the last points of the creeping fibres of civilization, longed for the articles lately carried thither by Barth and his companions! The brute animal has no dormant desires of this kind, and finds around itself what it stands in need of. This apparent cruelty, although a real blessing to man, deserves to be made a prominent topic in natural theology.

Lastly, the wants of men I speak of their material and cultural wants, the latter of which are as urgent and fully as legitimate as the former infinitely increase and are by Providence decreed to increase with advancing civilization; so that his progress necessitates intenser production and quickened exchange.

The branch which treats of the necessity, nature, and effects, the promotion and the hindrances of production, whether it be based almost exclusively on appropriation, as the fishery; or on coercing nature to furnish us with better and more abundant fruit than she is willing spontaneously to yield, as agriculture; or in fashioning, separating and combining substances which other branches of industry obtain and collect, as manufacture; or on carrying the products from the spot of production to the place of consumption; and the character which all these products acquire by exchange, as values, with the labor and services for which again products are given in exchange, this division of knowledge is called political economy — an unfit name; but it is the name, and we use it. Political economy, like every other of the new sciences, was obliged to fight its way to a fair acknowledgment, against all manners of prejudices. The introductory lecture which archbishop Whately delivered some thirty years ago, when he commenced his course on political economy in the university of Oxford, consists almost wholly of a defense of his science and an encounter with the objections then made to it on religious, moral, and almost on every ground that could be made by ingenuity, or was suggested by the misconception of its aims. Political economy fared, in this respect, like vaccination, like the taking of a nation’s census, like the discontinuance of witch trials.

The economist stands now on clearer ground. Opponents have acknowledged their errors, and the economists themselves fall no longer into the faults of the utilitarian. The economist indeed sees that the material interests of men are of the greatest importance, and that modern civilization, in all its aspects, requires an immense amount of wealth, and consequently increasing exertion and production, but he acknowledges that “what men can do the least without is not their highest need.”* He knows that we are bid to pray for our daily bread, but not for bread alone, and I am glad that those who bade me teach Political Economy, assigned to me also Political Philosophy and History. They teach that the periods of national dignity and highest endeavors have sometimes been periods of want and poverty. They teach abundantly that riches and enfeebling comforts, that the flow of wine or costly tapestry, do not lead to the development of humanity, nor are its tokens; that no barbarism is coarser than the substitution of gross expensiveness for what is beautiful and graceful; that it is manly character, and womanly soulfulness, not gilded upholstery or fretful fashion — that it is the love of truth and justice, directness and tenacity of purpose, a love of right, of fairness and freedom, a self-sacrificing public spirit and religious sincerity, that lead nations to noble places in history; not surfeiting feasts or conventional refinement. The Babylonians have tried that road before us.

* Professor Lushington in his Inaugural Lecture, in Glasgow, quoted in Morell’s Hist. and Crit. View of Specul. Phil. London, 1846.

But political economy, far from teaching the hoarding of riches, shows the laws of accumulation and distribution of wealth; it shows the important truth that mankind at large can become and have become wealthier, and must steadily increase their wealth with expanding culture.

It is, nevertheless, true that here, in the most active market of our whole hemisphere, I have met, more frequently than in any other place, with an objection to political economy, on the part of those who claim for themselves the name of men of business. They often say that they alone can know anything about it, and as often ask what is Political Economy good for? The soldier, though he may have fought in the thickest of the fight, is not on that account the best judge of the disposition, the aim, the movements, the faults or the great conceptions of a battle, nor can we call the infliction of a deep wound a profound lesson in anatomy.

What is Political Economy good for? It is like every other branch truthfully pursued, good for leading gradually nearer and nearer to the truth; for making men, in its own sphere, that is the vast sphere of exchange, what Cicero calls mansueti, and for clearing more and more away what may be termed the impeding and sometimes savage superstitions of trade and intercourse; it is, like every other pursuit of political science of which it is but a branch, good for sending some light, through the means of those that cultivate it as their own science, to the most distant corners, and to those who have perhaps not even heard of its name.

Let me give you two simple facts one of commanding and historic magnitude; the other of apparent insignificance, but typical of an entire state of things, incalculably important.

Down to Adam Smith, the greatest statesmanship had always been sought for in the depression of neighboring nations. Even a Bacon considered it self-evident that the enriching of one people implies the impoverishing of another. This maxim runs through all history, Asiatic and European, down to the latter part of the last century. Then came a Scottish professor who dared to teach, in his dingy lecture-room at Edinburgh, contrary to the opinion of the whole world, that every man, even were it but for egotistic reasons, is interested in the prosperity of his neighbors; that his wealth, if it be the result of production and exchange, is not a withdrawal of money from others, and that, as with single men so with entire nations the more prosperous the one so much the better for the other. And his teaching, like that of another professor before him the immortal Grotius went forth, and rose above men and nations, and statesmen and kings; it ruled their councils and led the history of our race into new channels; it bade men adopt the angels’ greeting: “Peace on earth and good will towards men,” as a maxim of high statesmanship and political shrewdness. Thus rules the mind; thus sways science. There is now no intercourse between civilized nations which is not tinctured by Smith and Grotius. And what I am, what you are, what every man of our race is in the middle of the nineteenth century, he owes it in part to Adam Smith, as well as to Grotius, and Aristotle, and Shakespeare, and every other leader of humanity. Let us count the years since that Scottish professor, with his common name, Smith, proclaimed his swaying truth, very simple when once pronounced; very fearful as long as unacknowledged; a very blessing when in action; and then let us answer, What has Political Economy done for man? We habitually dilate on the effect of physical sciences, and especially on their application to the useful arts in modern times. All honor to this characteristic feature of our age the wedlock of knowledge and labor; but it is, nevertheless, true that none of the new sciences have so deeply affected the course of human events as political economy. I am speaking as an historian and wish to assert facts. What I say is not meant as rhetorical fringe.

The other fact alluded to, is one of those historical pulsations which indicate to the touch of the inquirer, the condition of an entire living organism. When a few weeks ago the widely spread misery in the manufacturing districts of England was spoken of in the British house of lords, one that has been at the helm,** concluded his speech with an avowal that the suffering laborers who could find but half days’, nay, quarter days’ employment, with unreduced wants of their families, nevertheless had resorted to no violence, but on the contrary universally acknowledged that they knew full well, that a factory can not be kept working unless the master can work to a profit.

** Lord Derby, then in the opposition, and since made premier again.

This too is very simple, almost trivial, when stated. But those who know the chronicles of the medieval cities, and of modern times down to a period which most of us recollect, know also that in all former days the distressed laborer would first of all have resorted to a still greater increase of distress, by violence and destruction. The first feeling of uninstructed man, produced by suffering, is vengeance, and that vengeance is wreaked on the nearest object or person; as animals bite, when in pain, what is nearest within reach. What has wrought this change? Who, or what has restrained our own sorely distressed population from blind violence, even though unwise words were officially addressed to them, when under similar circumstances in the times of free Florence or Cologne there would have been a sanguinary rising of the “wool weavers,” if it is not a sounder knowledge and a correcter feeling regarding the relations of wealth, of capital and labor, which in spite of the absurdities of communism has penetrated in some degree all layers of society? And which is the source whence this tempering knowledge has welled forth, if not Political Economy?

True indeed, we are told that economists do not agree; some are for protection, some for free trade. But are physicians agreed? And is there no science and art of medicine? Are theologians agreed? Are the cultivators of any branch of knowledge fully agreed, and are all the beneficial effects of the sciences debarred by this disagreement of their followers? But, however important at certain periods the difference between protectionists and free traders may be, it touches, after all, but a small portion of the bulk of truth taught by Political Economy, and I believe that there is a greater uniformity of opinion, and a more essential agreement among the prominent scholars of this science, than among those of others excepting, as a matter of course, the mathematics….

Source: Francis Lieber, “History and Political Science, Necessary Studies in Free Countries” — an Inaugural Address delivered on the Seventeenth of February, 1858. New York: 1858. Pages 25-36.

Image Source: Portrait photograph of Professor Francis Lieber from the Brady-Handy photograph collection at the Library of Congress, Prints and Photographs Division. Colorized by Economics in the Rear-View Mirror.

Categories
Columbia Exam Questions

South Carolina and Columbia College. Political Economy Exams. Francis Lieber, 1855, 1863

What is a curator of Economics in the Rear-view Mirror to do when he stumbles across college exams in political economy from 1855 and 1863? Of course, there is no choice but to stop everything and post the material immediately. I had no reason to either like or dislike Francis Lieber when I started this post, but the more I see of him (not all posted here…yet), the more I get to like him as a scholar.

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Specimens of Francis Lieber’s Examinations

The numbers at the [left] of the questions in Sections A and B represent the point values of the questions.

A. South Carolina College.
Junior Class in Political Philosophy, 18551

The Juniors stand on Paley’s Elements of Political Knowledge, to Chap. VII, and five lectures.

  1. [35 points] What is absolutism or an absolute Government: What is an absolute Monarchy, and what is absolute Democracy? Why is an absolute Democracy one of the worst governments? Compare the reality of power and the responsibility of the power-holder in the absolute Monarchy with those in the absolute Democracy.
  2. [20 points] Define Obedience and state whether obeying is passive submission or an attribute of rational beings and free agents. Show how man is familiarized with the idea of authority before he becomes an active citizen, and show, moreover, how it is that we ought to obey laws which were made generations before us, and, in the making of which, consequently, we have no direct or indirect share.
  3. [25 points] What is meant by the theory of the civil compact, implied or positive? Give the most serious objection to this theory.
  4. [20 points] Give the first and the last division of the general classification of all governments and politics, written in such a way as to show the subordination of the different parts.

1Printed copy in Lieber papers, Columbia University Libraries. A handwritten note at the bottom reads: “N. B. These refer to a course which commenced Oct. 1, and ended Nov. 10. F. L.”

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B. South Carolina College.
Senior Class in Political Economy, 18552

The Seniors stand on the entire annual course of Political Economy, including a course of lectures and the whole of Say’s Political Economy, except the Book on Distribution.

Subjects.

  1. [25 points] Louis the Fourteenth was in the habit of saying that royal profusion is the charity of kings, or, that lavish governments are a blessing to the people. Show what is meant by this assertion and its grave error.
  2. [10 points] Define the term “Itinerant Merchant” or Pedlar. Does the Itinerant form an essential link in the long chain of commerce?
  3. [30 points] Enumerate the characteristics of a sound acceptable tax, according to Mr. Say, and also the characteristics as your teacher has given them — adding to each characteristic an explanatory note or two, in order to show what is meant by it.
  4. [15 points] Is machinery objectionable on the ground that it saves labor? If this were so, would the objection apply to machinery alone?
  5. [30 points (sic, perhaps only 20?)] A hotel or bridge is built for a capital, say, of $100,000. The undertakings prove failures in spite of the prudent management of the concern either, because the buildings were erected on an extravagant plan, or because the number of people making use of them, falls short of that calculated upon. The hotel, or the bridge, is sold for $25,000 and now the number of boarders in the hotel, or of the passengers over the bridge, is sufficient to pay for the interest of the latter sum, as well as for all other outlays, and yields a fair profit. Hereupon the general remark is made: “Well, the capitalist who first undertook the thing is ruined, it is true, but the people,” or “the community at large have gained by it; for, here, they are living in this fine hotel,” or “here is the bridge still standing.” Similar remarks are made on large, yet unprofitable, under takings, of governments, with this difference that, generally, it is added, “There is no harm in the original outlay, although it proves unprofitable, inasmuch as the capital laid out has returned to the people.” For instance, one hundred millions of dollars laid out by government for a railway to the Pacific, would be no loss, although the railway should yield no profit, nor even pay for the interest of the capital, because the whole amount of the capital, would have returned to the people, by the laying of the road itself.

You meet with this argument every day in the debates in Congress, as well as in common life. Show its utter fallacy, or which amounts to the same thing, answer the question: Can the capitalist who pays for a work, be ruined by it, yet the community, or people at the same time be benefitted? And is there any difference in point of political economy, whether government, or a private individual be the capitalist? And also, whether there be any difference if the iron, in the case of the railway, be American iron, or purchased abroad?

2A printed copy is in the Columbia University Libraries.
Lieber elaborated the answer to the main part of the fifth question in his Some Truths Worth Remembering, Given as a Recapitulation, in a Farewell Lecture to the Class of Political Economy of 1849, Published by the Class.

“No enterprise, failing by its own unprofitable nature, can be, at the same time, ruinous to the adventurers, yet advantageous to the community. If a railway cost $500,000, and shares fall to $25 in the hundred, because travelling and freight pay a fair interest of $100,000 only, in that case the community has for ever lost the value of $400,000, and the passengers and freight are carried at the regular and fair price plus the interest of $400,000 proportionately divided in the course of the year. Nothing is more common than to hear that a hotel or a canal has been ruinous to the adventuring individuals, but that the people have reaped the advantage of it. This cannot be. The case applies to government undertakings. They cannot be advantageous to the whole (as far as productive effects are concerned), although they would be ruinous to individuals.”

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Columbia College.
Senior Class in Political Economy, 1863
3

  1. Definition of Money.
  2. Immigration Into the U. States considered in an economical point of view.
  3. Error of Montesquieu concerning Money.
  4. Define direct and indirect taxation.
  5. How does a Bill of Exchange become a commodity?
  6. Communism and Socialism.
  7. Enumerate the characteristics of an acceptable tax.
  8. The N[ew] York Clearing House.

3In Lieber papers, Columbia University Libraries.

Source:  Appendix to “Francis Lieber: German Scholar in America,” reprinted in the collection of essays by Joseph Dorfman and R.G. Tugwell, Early American Policy: Six Columbia Contributors (New York: Columbia University Press, 1960), pp. 339-341. The article was originally published without the above appendix in Columbia University Quarterly, Vol. 30 (Sept. and Dec.), 1938, pp. 159-90; 267-93.

Image Source: Thomas Sergeant Perry, editor. The Life and Letters of Francis Lieber (Boston, 1882).

Categories
Exam Questions Harvard Theory

Harvard. Second year economic theory. Readings and exams. Leontief, 1960-1961

 

 

The following Harvard course outline with reading assignments and semester final exams are from the year 1960-61. Wassily Leontief taught the second graduate course in economic theory.

I have highlighted in blue boldface additions to the reading assignments in the 1960-61 course when compared to the 1956-57 version of the same course. Items omitted are listed at the end of the post.

Comparing the structure of the mid-year and year-end exams, I would conjecture that one or more of Koopmans’ Three Essays on the State of Economic Science was assigned for the first term’s reading period, though the title does not appear on the printed reading list for the course.

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Wassily Leontief

HARVARD UNIVERSITY
Ec. 202a
ECONOMIC THEORY
Fall Term 1960-61

The following outline covers the first semester of the two semester course.

I.     Analysis of Production and the Theory of a Firm:

  1. Costs; total, average, marginal.
    Theory of the multiple plant firm.
    Revenue; total, average, marginal.
    Long and short run analysis
    Supply under competitive and monopolistic conditions.
  2. Production function, marginal productivity, increasing and decreasing returns.
    Stocks and flows.
    Joint products.
    Demand for factors of production.
    Discontinuous relationships and non-marginal analysis (Linear Programming).
    Internal and external economies.

Reading assignments:

Oscar Lange, “The Scope and Method of Economics,” Review of Economic Studies, Vol. XIII, (1), 1945-46, pp. 19-32.

H. Simon, “Theories of Decision Making in Economics,” American Economic Review, June 1959.

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

R. C. Heimer, Management for Engineers, Chs. 3-17.

K. E. Boulding, Economic Analysis, (revised edition, 1948) Chapters 20-26, 31, and 32; or (3rded., 1955) Chapters 23-29, 34, and 35.

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

K. E. Boulding, “The Theory of the Firm in the Last Ten Years,” The American Economic Review, Vol. XXXII, No. 4, December 1942, pp. 791-802.

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

W. W. Cooper, “A Proposal for Extending the Theory of the Firm,” Quarterly Journal of Economics, February 1951, pp. 87-109.

R. Solow, “Technical Change and the Aggregate Production Function,” Review of Economics and Statistics, August 1957.

Robert Dorfman, “Mathematical or ‘Linear’ Programming,” American Economic Review, December 1953, pp. 797-825.

Dorfman, Samuelson and Solow, Linear Programming and Economic Analysis, Ch. 2.

H. M. Wagner, “The Simplex Method for Beginners,” Operations Research, March-April 1958.

R. Dorfman, “Operations Research,” American Economic Review, September 1960, pp. 575-623.

G. Katona, “Business Expectations in the Framework of Psychological Economics,” in M. J. Bowman, ed., Expectations, Uncertainty and Business Behavior.

II.    Theory of the Household:

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

Reading assignments:

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

K. E. Boulding, Economic Analysis, (Revised edition, 1948) Chapters 33, 34; or (3rd ed., 1955), Chapter 36 and 37.

Duesenberry, Income, Saving and the Theory of Consumer Behavior, Chapters I-III, pp. 1-46.

Modigliania and Brumberg, “Utility analysis and the Consumption Function,” in Kurihara, Post Keynesian Economics.

S. S. Stevens, “Measurement, Psychophysics and Utility,” in Churchman and Ratoosh (ed.) Measurement: Definitions and Theories, pp. 18-63.

A. A. Alchian, “The Meaning of Utility Measurement,” American Economic Review, March 1953, pp. 26-50.

D. Ellsberg, “Classic and Current Notions of ‘Measurable Utility’,” Economic Journal, September 1954.

H. Simon, Models of Man, Part IV, pp. 196-206.

III. Theory of Market Relationships:

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

Reading assignments:

A. Marshall, Principles of Economics, Book V, Chs. III, V.

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

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

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

William Fellner, Competition Among the Few, Chs. II-V.

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

F. Modigliani, “New Developments on the Oligopoly Front,” JPE,  June 1958.

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

D. Ellsberg, “The Theory of the Reluctant Duelist,” American Economic Review, December 1956.

T. C. Schelling, “An Essay on Bargaining,” American Economic Review, June 1956.

IV.  General equilibrium theory:

  1. Basic Concepts of a General Equilibrium Theory.
    Data and variables. Price system and general interdependence. Linear model of a general equilibrium system.
  2. Theory of Rent and Factor Prices

Reading assignments:

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

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

R. G. D. Allen, Mathematical Economics, pp. 314-325.

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

T. W. Schultz, Agriculture in an Unstable Economy, Ch. I, pp. 60-70; Ch. IV, pp. 128-137.

R. S. Eckaus, “The Factor Proportion Problem in Underdeveloped Areas,” The American Economic Review, September 1955, pp. 539-565.

N. Georgescu-Roegen, “Economic Theory and Agrarian Economics,” Oxford Economic Papers, February 1960, pp. 1-40.

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Mid-year Examination
1960-1961 (Jan. 1961)

HARVARD UNIVERSITY
1960-1961
ECONOMICS 202

PLEASE WRITE LEGIBLY

Answer one question from each group, four questions in all.

GROUP I

  1. Demonstrate that the assumption that the marginal utility of one of the goods purchased by a consumer is constant is more restrictive than the assumption that its utility is independent of the quantity of any other good.
    How could the knowledge of the constancy of its marginal utility help to assess the effect of an income tax on the demand for the good in question?

GROUP II

  1. Amount Needed Per Unit of Activity Factor Supply
    Activity 1 Activity 2 Activity 3

    Factor 1

    6 1 2 12
    Factor 2 2 2 1

    10

    Factor 3

    1 5 20

    200

    Market Value Per Unit of Output

    15 3 8

    A firm with a fixed supply of three factors has three possible activities, each of which produces a different product selling for a different price. The factor requirements, factor supplies and the product prices are given in the table above. Find the level of activities, including disposal activities, which maximize the firm’s revenue.
    Supplemental information which can be used to shorten computation: In the solution of the “dual”, only factor 1 turns out to have a positive imputed price.

  2. A farmer has fixed amounts of two different kinds of land. He can grow two kinds of product, the prices of which are given. The only other input is labor. Its total available amount is also fixed. The amount of land and of labor required per bushel of each one of the two crops on each type of land is known.
    Set up the linear programming problem which the farmer would have to solve to maximize the value of his output.

GROUP III

4. (a) Discuss the differences and similarities of the following types of analysis:

      1. The derivation of a household’s demand curve for a commodity.
      2. The derivation of a firm’s demand curve for a factor of production.

4. (b) Demonstrate that,

        1. A household can have a positively sloping demand curve for the commodities it buys.
        2. A firm cannot have a positively sloping demand curve for any of the factors of production it buys, if it sells its product in a perfectly competitive market.
  1. A self-sufficient farmer lives on produce that he grows himself under conditions of decreasing average returns. The length of his working time can be explained in terms of a utility maximizing choice between agricultural produce and leisure.
    Among the (real) wage rates which could induce him to quit farming and become a hired worker, one necessarily must be lower than any other. If this minimum wage rate were actually offered to him, and he became a hired worker would the length of his working time a) remain the same b) become shorter or c) become longer than it was when he gained his livelihood as a self-sufficient farmer?

GROUP IV

  1. What is the principal contribution of the theoretical approach described in Koopman’s State of Economic Science?
    Write a critical essay on methodology, rather than substance, except where a discussion of the latter is necessary to a discussion of the former.

Source: Harvard University Archives. Social Sciences. Final Examinations, January 1961. (HUC 7000.28), Vol. 131 of 284.

___________________________

Wassily Leontief

ECONOMICS 202b
ECONOMIC THEORY
Spring Term, 1960-61

V.  Economics of Welfare

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

READING ASSIGNMENTS:

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

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

Francis Bator, “The Anatomy of Market Failure,” Quarterly Journal of Economics, Vol. LXXII, August, 1958, pp. 351-379.

T. Scitovsky, “The State of Welfare Economics,” The American Economic Review, Vol. XLI, June 1951, pp. 303-315.

J. De Graaf, Theoretical Welfare Economics.

Mishan, E. J., “A Survey of Welfare Economics, 1939-1959,” The Economic Journal, Vol. LXX, No. 278, June, 1960, pp. 197-265.

VI. Capital and Interest

  1. Stock and Flow Concepts.
    Productivity of Capital.

    Period of production and “turnover” of capital.
  2. Theory of saving.
    Risk and uncertainty.
  3. Partial equilibrium theory of interest.

READING ASSIGNMENTS:

Robert Eisner, “Interview and Other Survey Techniques and the Study of Investment,” in Problems of Capital Formation, Studies in Income and Wealth, Vol. 19, National Bureau of Economic Research 1957, pp. 513-583. 

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

Hirschleifer, “On the Theory of Optimal Investment Decision,” Journal of Political Economy, August, 1958.

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

F. Knight, “Capital and Interest,” pp. 384-417.
Keynes, “The Theory of the Rate of Interest,” pp. 418-424.
D. H. Robertson, “Mr. Keynes and the Rate of Interest,” pp. 425-460.

Friedrich & Vera Lutz, The Theory of Investment of the Firm, 1951.

Joel Dean, Capital Budgeting, 1951, Chs. VI, VII.

Eckstein, “Investment Criteria for Economic development and Intertemporal Welfare Economics,” Quarterly Journal of Economics, Feb., 1957.

VII: Principles of Dynamics

  1. Change over time.
    Period analysis.
    Continuous change
  2. Dynamic stability and instability.

READING ASSIGNMENTS:

W. Baumol, Economic Dynamics, Chs. I-VII, pp. 1-136.

P. Samuelson, “Dynamics, Statics and Stationary State,” The Review of Economics and Statistics, February 1943, pp. 58-68 (also reprinted in Readings in Economic Analysis, Vol. 1, edited by N. V. Clemens).

K. J. Arrow, “Toward a Theory of Price Adjustment,” in The Allocation of Economic Resources, pp. 41-51, Stanford, California, 1959.

Erik Lindahl, Introduction to the Study of Dynamic Theory, pp. 21-73 in Studies in the Theory of Money and Capital.

Dorfman, Samuelson, Solow, Linear Programming and Economic Analysis, pp. 265-281.

VIII: Economic Development and Accumulation of Capital

  1. Dynamic interrelation of income, investment and the rate of interest.
  2. Linear theory of economic development.
    Non-linear theory of economic development.

READING ASSIGNMENTS:

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

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

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

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

Robert M. Solow, “A Contribution to the Theory of Economic Growth,” Quarterly Journal of Economics, Vol. LXX, February, 1956, pp. 65-94.

Arthur Smithies, “Productivity, Real Wages and Economic Growth,” Quarterly Journal of Economics, May, 1960, pp. 189-205.

Also, Baumol, see above under VII.

IX: Keynesian Theory and Problems

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

READING ASSIGNMENTS:

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

A. P. Lerner, “The Essential Properties of Interest and Money,” Quarterly Journal of Economics, May 1952, pp. 172-93.

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

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

Modigliani, “Liquidity Preference and the Theory of Interest and Money,” Readings in Monetary Theory.

Hicks, “A Rehabilitation of ‘Classical’ Economics?” Economic Journal, June, 1957.

Reading Period Assignment (spring):

Trygve Haavelmo, A Study in the Theory of Investment, Chicago, 1960.

OR

F. and V. Lutz, The Theory of Investment of the Firm, Princeton, 1951.

Source:  Harvard University Archives, Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 8, Folder “Economics, 1960-1961 (2 of 2).

___________________________

Year-end Examination
1960-1961 (June 1961)

HARVARD UNIVERSITY
1960-1961
ECONOMICS 202

PLEASE WRITE LEGIBLY

Answer one question from each of the four groups, four questions all together.

GROUP I

  1. Consider a two commodity, two consumer group economy run along socialist principles. The government fixes the quantities of A and B produced in any one year, fixes ruble incomes going to consumer groups I and II and also fixes ruble prices so that the total income distributed can exactly buy the amounts produced.
    Assume that the collective behavior of a consumer group can be described as one of reaching the highest of a set of group indifference curves under collective income and market constraints.
    (a) Using the box diagram technique, show what additional
    conditions prices must satisfy if the market is to be cleared.
    (b) assume that equilibrium is not established at official prices and that the State decides to ration the available amount of the short commodity between the two groups.The rationing is done in such a way that both groups get less than they wish to buy at official prices.  Show how one can explain the resulting equilibrium.
    (c) Starting from this equilibrium, will the two groups necessarily find some advantage in exchanging commodities on the black market? Will the black market equilibrium be better or worse (in terms of conventional welfare criteria) than that obtained when prices fixed by the government are chosen so as to clear the market?
  2. It has been established that the annual cost of distributing electricity in an Indian city would be 100,000 rupees in capital charges plus one rupee per kilowatt consumed. The following proposal is put to a vote in a city referendum: “To build the system, charge a price of one rupee per kilowatt and tax the public 100,000 rupees to cover capital charges. The proposal is unanimously rejected. The city fathers then undertake a market survey and find that the tax could be reduced to 50,000 rupees, the price increased to 1.5 rupee and all costs still be exactly covered. They adopt this second proposal without further consultation.
    Assuming a homogeneous population and equal taxation, can you derive from the above information a preferential ordering of the following alternatives in terms of social welfare:

(a) Charging 1 rupee and raising 100,000 in taxes.
(b) Charging 1.5 rupee and raising 50,000 in taxes.
(c) Not building the system at all.

GROUP II

  1. A profit maximizing enterprise possesses a fixed plant and uses as its variable inputs a raw material (fixed amount per unit of output) and labor. Its finished product is sold and the raw material is purchased on perfectly competitive markets. On the labor market, however, the enterprise is the only employer; the workers are not organized and thus compete with each other.
    What factual information would you require and what theoretical construction would you use to explain the level of that enterprise’s output if,

(a) labor is hired on the basis of straight hourly wages.
(b) labor is hired at a flat hourly wage for the first eight, and a 50% higher overtime hourly rate for two additional hours, the workers being free to choose whether they want to work eight or ten daily hours.
(c) labor is paid flat piecework rates.

To simplify the problem, you are permitted to assume that the preference functions (real income vs. leisure) of all workers are identical.

  1. The growth of a certain kind of tree requires λ man-hours for planting and entails no other costs. The volume of wood represented by a tree increases at a constant growth rate:
    V = EXP(rt). Two alternative assumptions are made with respect to the tree market:

(A) Trees are sold by volume at a price p per volumetric unit.
(B) Trees are sold by volume at a price p’ now depending on the length of the tree. Observing that length is related to age, traders use the formula
p’= α SQRT(t), where α is a constant and t the age of the tree.

(a) Given the amount L of man-hours available per year, describe a “full employment” production process that guarantees constant profits, year after year.
(b) Under each market assumption, discuss the empirical possibility and operational usefulness of measuring the capital stock and its marginal productivity.
(c) Money can be lent and borrowed without limits at an interest rate i, which is larger than r. At what age should the trees be cut under assumption (B) if the grower wishes to establish a stationary production process that maximizes his utility over time?

GROUP III

  1. A conventional partial equilibrium theory explains the prices and the quantities — produced and consumed — of all goods on the assumption that a supply and a demand curve is given for each market.
    In what sense can it be said that, from the point of view of a general equilibrium theory, at least some of such given demand and supply curves must be either incompatible with each other or redundant? In answering this question, please use equations, graphs, or both.

GROUP IV

  1. To what extent does Haavelmo or the Lutz’s — whomever you have chosen to read — rely on purely technological specifications and considerations in describing and analyzing the role of capital in the operations of an individual enterprise and of the economy as a whole? And to what extent do they use definitions and measurements which “engineers” would not employ in their professional work?
    Illustrate your answer by specific examples.

Source: Harvard University Archives. Social Sciences, Final Examinations, June 1961 (HUC 7000.28, Vol. 134 of 284).

___________________________

Reading assignments in the 1956-57 reading list that were dropped from the 1960-61 reading list:

I.     Analysis of Production and the Theory of a Firm:

E. H. MacNiece, Production, Forecasting, Planning and Control, 292 pp.

R. Frisch, “Alfred Marshall’s Theory of Value,” Quarterly Journal of Economics, Vol. LXIV, No. 4, November 1950, pp. 495-524.

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

A. G. Hart, Anticipations, Uncertainty and Dynamic Planning, reprinted 1951, 98 pp.

II.     Theory of the Household:

J. R. Hicks, A Revision of Demand Theory, Parts I and II, also the summary and conclusion.

G. Katona, Psychological Analysis of Economic Behavior, Part II, #1-7, pp. 63-149.

III. Theory of Market Relationships:

No titles dropped.

IV. General Equilibrium Theory:

No titles dropped.

V.  Economics of Welfare

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

Samuelson, “Evaluation of Real National Income,” Oxford Economic papers, Jan. 1950.

VI. Capital and Interest

Edward F. Denison, “Theoretical Aspects of Quality Change, Capital Consumption, and Net Capital Formation,” in Problems of Capital Formation, Studies in Income and Wealth, Vol. 19, National Bureau of Economic Research 1957, pp. 215-260.

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

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

VII: Principles of Dynamics

K. E. Boulding, A Reconstruction of Economics, Ch. I, pp. 3-26.

VIII: Economic Development and Accumulation of Capital

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

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

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

IX: Keynesian Theory and Problems

No titles dropped.

cf. The earlier post for Economics 202 in 1956-57.

___________________________

Image Source:  Wassily Leontief in Radcliffe Yearbook 1964, p. 98. Colorized by Economics in the Rear-view Mirror.

Categories
Economics Programs Michigan

Michigan. On the early years of the School of Political Science, 1881-1887

I very much would like to have a few weeks in each of the libraries of the great state universities of Wisconsin and Michigan to be able to add some actual archival artifacts related to the economics programs in Madison and Ann Arbor, but until then I am happy to troll (in a good way) the internet for content to post here.

Today Economics in the Rear-view Mirror presents an excerpt from The Study of History in American Colleges and Universities (1887) by Johns Hopkins history professor Herbert B. Adams. In 1887 political economy was still served as one ingredient in a stew of social sciences that included a big chunk of history and a dash of social statistics.

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Other posts
with Michigan content:

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FOUNDATION OF THE SCHOOL OF POLITICAL SCIENCE.

In the University of Michigan the development process from the old order to the new was largely aided by the School of Political Science and by the personal influence of Professor Charles Kendall Adams, the first dean of the new school. He appeared as the champion of the Michigan method of realizing the university idea, in a series of letters published in The Nation. A close study of the calendars of the university from 1881 to 1885, and of other official documents, will show that the historical department was foremost in the new movement; and yet the original impulses lay far back in the history of the university, as early as the régime of President Tappan and the opening of senior electives in the year 1856, when Watson took astronomy.

The study of political science was nothing new in Ann Arbor. The subject appears to have been taught by Professor Edward Thomson to the first class that ever graduated from the university. “Political Grammar,” Story on the Constitution, and Wayland’s Political Economy are mentioned in the oldest catalogue (1843-44). The latter subject continued for thirty years in the department of intellectual and moral science. President Tappan (1852-63) taught political economy, protesting that it should be joined with history rather than with philosophy. President Haven (1863-69) taught it in the same old-time way, in connection with mental and moral science and the evidences of Christianity. This was still the situation when President Angell came into office in 1871 (after a presidential interregnum of two years, during which time Professor Frieze was in charge of the university).

In his first annual report President Angell recommended “at an early day a professor to give instruction in political economy, political philosophy, and international law.” He said also that “provision should be made by which every student should be able to take a generous course in the political sciences” (report for 1872, p. 16). So important did the president think these studies that he soon determined to take charge of them himself. His report for 1874 shows that he had conducted a senior elective in political economy for two hours a week, during the first semester, with 48 students; and during the second semester a similar elective in international law, with 46 students. Both classes were taught by dictations and oral expositions, with questions at each meeting upon the topics presented at the previous lecture, In international law the aim was, “after tracing the growth of the laws which govern modern nations in their relations to each other, to expound and criticise the most important of those laws, and to illustrate them as far as practicable from the rich history of our own diplomatic intercourse with the world.” The history of diplomacy and the law of nations have remained to this day the president’s own specialty in the university course. His natural interest in the political sciences; his engagement of Dr. Henry Carter Adams to teach political economy when he himself went abroad for two years upon a diplomatic mission to China, 1881-82; Michigan zeal for political science, kindled by this very appointment; and the conspicuous example of Columbia College in opening a school of political science in 1880 — all these tributary influences entered the historical drift toward a school of politics in 1881. In June of that year the board of regents voted to establish a school of political science within the faculty of literature, science, and the arts.

In the requirements for admission it was provided that matriculated students in the department of literature, science, and the arts, might be admitted as candidates for a degree when they had completed two years of work in the ordinary college curriculum, work which had embraced at least twelve full courses, each averaging five hours a week for one semester, and including all the prescribed studies offered during that period towards the baccalaureate degree. Students with an honorable dismissal from any other college or university, and with a record equivalent to the above, were admitted to the school of political science without examination. Graduates might be received to advanced standing, receiving credit for any portion of the work of the school already completed.

OPENING OF THE SCHOOL OF POLITICAL SCIENCE.

On the 3d of October, 1881, the new school of political science was formally opened by an address on the Relations of Political Science to National Prosperity, by the dean of the school, Professor Charles Kendall Adams. The address was published by the university, and is a vigorous plea for the encouragement of political science in the interest of good government and the general welfare of the people. The professor chose for his text a passage from Milton’s tractate on Education, wherein the great publicist and poet calls “a complete and generous education that which fits a man to perform justly, skillfully, and magnanimously all the offices, both public and private, of peace and war.” While urging, as educational ground work, the ancient and modern languages, mathematics, and natural science, Milton adds, “The next removal must be to the study of politics; to know the beginning, end, and reasons of political societies; that they may not, in a dangerous fit of the commonwealth, be such poor, shaken, uncertain reeds, of such tottering conscience as many of our great counsellors have lately shown themselves, but steadfast pillars of the state.” Professor Adams’ address was a development of this pregnant thought. He showed the necessary dependence of popular government and institutions upon educated public opinion. He showed that the Puritan foundations of New England and the national endowment of the Northwestern Territory both established schools and supplied the means of education.

Reviewing the examples set by European states, he noted that the excellence of French and Italian administration, in recent years, was due to schools of political science. English politics have been shaped by the economists, by the student of Adam Smith, Ricardo, McCulloch, Cairnes, Thorold Rogers, and John Stuart Mill. The upbuilding of Prussia through the economic reforms of Baron vom Stein was primarily due to the influence of the writings of Adam Smith and to the economic teachings of Professor Kraus in the University of Königsberg. New Germany is the result of such beginnings. The present efficiency of German administration is acknowledged to be the product of university-training and of special schools of political science. But are not American methods better than European? Professor Adams then put a few searching questions: “Is it certain that our municipal governments are better than theirs? Are our systems of taxation more equitably adjusted than theirs? Do our public and private corporations have greater respect for the rights of the people than theirs? Can we maintain that our legislatures are more free from corruption and bribery than theirs? Was our financial management at the close of our war wiser than that of France at the close of hers”?

Professor Adams then demonstrated the necessity of political education in our Republic by reference to the three main branches of government, the judiciary, the legislature, and the executive. Admitting the excellence of our federal tribunal and of the supreme courts of some of our States, our lower courts are, in many instances, a standing disgrace by reason of the ignorance and incompetence of judges, the frequent errors of judgment and delays of justice; “the cost of our judicial system is enhanced by the very means which have been taken to reduce it.” In legislation our country has need of all the wisdom that we can command. “Questions in education, questions in finance, questions in sanitary science, questions as to the control of our penal and reformatory institutions, questions as to methods of administration, as to the government of cities, as to the proper restraints to be put upon our corporations, in short, questions of every conceivable nature and of every conceivable difficulty demand consideration, and demand to be settled in the light of all the knowledge that can be gained from the experience of the world, for we cannot shut our eyes to the fact that some of the very evils are beginning to appear that played such havoc with the republics of the Old World.” Regarding the executive service of State and Nation, the necessity of reform is acknowledged by both political parties. The question now is whether we shall grope our way blindly to good methods of civil service, or whether we shall study the experience of England and Germany, countries that long ago reformed their administration. Besides the great branches of Government, there are two other important fields of influential activity — the press and the platform. In molding public opinion newspapers are more powerful than all other agencies combined. How necessary it is that our journals should have, not merely reporters, but educated journalists, competent to grapple with economic questions and to interpret the politics of the world. In this country there is more political speaking than in any other, on account of our frequent elections. What do our people want? “Not political cant, but political candor; not eloquent frivolity, but earnest discussion. If the history of the last twenty-five years in our country teaches anything, it is that there is much greater need of good leading than there is of good following.”

Professor Adams then said it was for the purpose of aiding in these directions that a School of Political Science had been established in the University of Michigan. He proceeded to mark out the proposed course of instruction and to define the relations of the new school to collegiate work, on the one hand, and to genuine university work on the other. He said that no part of the course would range within “the disciplinary studies of the ordinary college curriculum.” The University “has practically fixed the dividing line for its own students at the close of the second year.” Here would begin the work of the School of Political Science, after the usually required work in the ancient and modern languages, in mathematics, and natural science. “We shall give to our students the largest liberties; but we shall accompany those liberties with the responsibilities of a searching final examination. We shall endeavor to bring no reproach upon the school by giving its final degree to unworthy scholarship. In so far as we strive to imitate any we shall strive to follow in the methods and in the spirit of what we believe to be the best universities in the world.”

COURSE OF INSTRUCTION AND PROGRESS OF THE SCHOOL.

The course of instruction provided for the School of Political Science was based, like the Columbia course, upon historical foundations. The courses already described in connection with the work of Professor Adams and Assistant Professor Hudson constituted not only the basis but a considerable portion of the superstructure of the political edifice. To these beginnings were added elementary and advanced courses in political economy, each a course of two hours a week, by Dr. Henry Carter Adams (Ph.D., Baltimore, 1878), who, in the autumn of 1880, began lecturing in the University of Michigan. President Angell contributed his lectures on international law, two hours a week for one semester, to the up-building process. A course of two hours for a half year was given by Assistant Professor Vaughan on Sanitary Science. Judge Cooley introduced a law course on Civil and Political Rights, three hours a week for parts of both semesters. Social Science was represented, two hours a week for one semester, by Professor Dunster, and forestry, for one hour a week, second half year, by Professor Spalding. This was the course of instruction offered in 1881-82. It is impossible to show a tabular view of the arrangement or succession of courses, for, within such limits as those stated in the historical department, the work was more like the elective system of a German university than like the prescribed system of the Columbia School of Political Science.

In the report of the Dean of the Michigan school for 1882-83 may be found evidences of decided progress during the second year. Professor Adams says: “A grouping of the studies shows that there were twelve courses in History, eight courses in Economic Science, seven courses in Social, Sanitary, and Educational Science, and six courses in Constitutional, Administrative, and International Law. Of these the following were given in 1882-83 for the first time: The course in the History of American Finance, the course on Public Scientific Surveys, the course on the Economic Development of Mineral Resources, the course on the Historical Development of Educational Systems and Methods, the course on the Government of Cities, the course on the History of Modern Diplomacy, and the course on methods of Local Government in Europe and America. The studies offered for the first time during the past year, as well as those previously provided for, were open not only to the registered members of the school, but also to all students of proper advancement in the Academic Department of the University. The classes were in all cases attended by encouraging numbers. Of the students of the school who were examined at the end of the year for degrees, six took the degree of Master and one the degree of Bachelor. Three of those who received the Master’s degree had not previously taken the degree of Bachelor. Of these, two were examined at the end of the fourth year and one at the end of the fifth year in the University. A general survey of the work of the year would seem to encourage the belief that the school is doing a useful service. Of the twenty students who enrolled themselves in the school at the beginning of last year, nearly all carried forward their studies with an enthusiasm that is deserving of the highest praise.”

THE POLITICAL SCIENCE ASSOCIATION.

During the second year of the School of Political Science was organized the Political Science Association. This society was formed “with the design of drawing together into more intimate and sympathetic intercourse the teachers and students of the school, and of encouraging by mutual contact the spirit of scholarly and original research.” The idea of this friendly, co-operative association of students and instructors was probably imported into Ann Arbor from Baltimore by Dr. Henry Carter Adams, who had been one of the original founders of the “Historical and Political Science Association” of the Johns Hopkins University, in 1876, one of the first “Associations” that came into existence in that institution. It was a kind of enlarged form of the “Historical Seminary”; in fact, it was a monthly public session of the same, with invited guests and with an historico-political programme of a somewhat more interesting character than seminary meetings. This appears to have been the complexion of the “Political Science Association” of the University of Michigan. In his report of the School for 1882-83 the Dean said of this society: “Papers were presented by the President of the University, and by several of the professors and students of the school. Reports were given at each meeting of books on Political Science either recently published or recently procured for the University Library.” Some of the papers prepared in connection with the Historical or Political Seminary were finally read before the Association. Several of the subjects mentioned under the head of “Original Work at Michigan” were presented to the larger body. It occupies much the same place in the organization of the historico-political department of the University of Michigan as does the “Academy of Political Science” in Columbia College.

BEGINNINGS OF THE UNIVERSITY LIBRARY.

So important is a good working library to a department of historical and political science that the writer has noted with special interest the origin of the present facilities for advanced work in the University of Michigan. It is a striking fact that the first officer appointed by the first board of regents, in 1837, was a librarian, the Rev. Henry Colclazer. One of the first purchases, by vote of the regents, was Rafn’s Antiquitates Americanæ. The first catalogue (1844) mentions a library of between four and five thousand well-selected standard works in literature and science. The selection was largely made in Europe by Dr. Asa Gray, the first appointed professor of Botany, about the year 1840. The library grew by slow accretions, but with no especial vigor, until Dr. Tappan’s election to the presidency in 1852. He stirred the citizens of Ann Arbor to benefactions, and added 1,200 volumes to the old collection. The library and museums developed together. John L. Tappan, son of the president, became the first active librarian. In 1862 Charles Kendall Adams was made instructor in History and assistant librarian — an auspicious connection for the historical department. Soon after (1865) Mr. Andrew Ten Brook, the Historian of State Universities, took charge of the library and administered the same for over ten years, until (1877) the present active and helpful Raymond C. Davis took command of the situation and began to labor, with his colleagues, for a new library building.

THE RAU LIBRARY.

Meantime, in 1870, came the first gift of importance to the University and to the department of History. Acting President Frieze, in his report for 1871, describes the acquisition: “It consists of the entire collection of the late Professor Rau, of Heidelberg, made during his long service of fifty years as professor of Political Economy in Heidelberg University, and embracing all the most valuable literature contained in the European languages on political science and kindred topics. The number of volumes in this collection is 4,034, and of pamphlets more than 6,000. While this munificent gift is of great importance on account of the intrinsic worth of the collection, it is not less valuable as an example which cannot fail to find imitators. It is undoubtedly as nearly perfect as a library can be made on the specialty which it represents. And it was the well authenticated statement of this fact which influenced the authorities at Yale to send an order for the purchase of it before it was known to have been secured for this University. The most important is the series of volumes issued by the Academy of Vienna and those on the original sources of the history of the House of Hapsburg, a work of great importance in the study of European history.” Many of the volumes in the Rau library were unbound, but the donor, the Hon. Philo Parsons,* of Detroit, made provision for binding them and also increased the collection by fresh purchases. (See President’s report for 1874.) The present librarian, Mr. Davis, in his address at the opening of the new library building in 1883, estimated the Rau Library at 4,000 volumes and 6,000 pamphlets.

*The acquisition of the private libraries of distinguished specialists for the collections of American Universities is worthy of mention: Yale has the library of the distinguished Heidelberg publicist, Robert von Mohl, predecessor of Dr. J. C. Bluntschli, whose library went to the Johns Hopkins University, by the gift of German citizens of Baltimore; the library of Francis Lieber was presented to the University of California by [apparently missing text in original] Professor Rau’s collection was given to the University of Michigan by the Hon. Philo Parsons, of Detroit; the library of Neander is now owned by the University of Rochester; the library of Bopp, the German philologist, also that of Professor Anthon, of Columbia College, that of Professor Goldwin Smith, and that of Jared Sparks, of Cambridge, are all owned by Cornell University; the library of Leopold von Ranke has lately been purchased for the Syracuse University.

MOVEMENT TOWARDS THE NEW LIBRARY.

For many years the growth of the library was very slow. In 1874 President Angell reported to the regents that “We are able to add less than 1,000 volumes a year, including public documents of all kinds.” The present librarian, Mr. Davis, states that from 1856 to 1877 the average annual increase was only about 800 volumes; but since that date the increase has averaged 3,000 volumes annually, until, in 1883, the library numbered 40,000 volumes. This increase was largely due to the intelligent demands made by the faculties, by the students, and by the administration. The president in his annual reports repeatedly called attention to the fact that, in proportion to its size, the University library was in more active use than any other in the country.

The files of The Chronicle, the student organ of Ann Arbor, indicate that no need was greater, on the part of the University, than that of a new library and a gymnasium. The editors never ceased to quote mens sana in corpore sano and to reproach the regents for neglecting the body and soul of the University. When Professor Moses Coit Tyler, long the popular champion of the gymnasium cause, accepted a call to the Cornell University the editors understood that he was influenced by “the fact that the Sparks library is there — one of the richest libraries in American literature in the country. It is especially discouraging when it is remembered that the Sparks library might just as well have been secured for this University as not. When it was offered for sale, considerable talk was made about buying it, but the business was managed so slowly and so much time was taken to think about it that President White stepped in and bought it for Cornell.” In the spring of 1882, upon the return of President Angell from his mission to China, the editors promptly observed: “It was very truly said by President Angell, in his address upon the evening of his arrival, that our weak point is our library. It is impossible that in 30,000 volumes can be comprised half the needs of a great and growing institution like this, and equally impossible that, with the present meager appropriation of $2,500 a year, these needs can for a long time be supplied. Harvard has 200,000 volumes in her library, Yale 100,000, Michigan 30,000.”

Source: Adams, Herbert B. The Study of History in American Colleges and Universities. Bureau of Education, Circular of Information, No. 2, 1887. (Washington: Government Printing Office, 1887), pp. 114-121.

Image Source: An earlier seal for the University of Michigan that gives the year of Michigan’s statehood as the founding year. In 1929 the regents changed the date on the seal to 1817, when the Catholepistemiad Michigania was founded on the Michigan Territory.

Categories
Exam Questions Harvard International Economics

Harvard. Enrollment, course description, and final exam for international trade and payments. Sprague, 1904-1905

At the beginning of the 20th century international economics was covered within a single semester course. Now it is at least a two semester sequence for international trade and international payments, respectively…and one such sequence at the undergraduate and again at the graduate level. The banking specialist, Oliver Mitchell Wentworth Sprague, would have been more interested in the payments part of the course, but the top dog in the department, Frank W. Taussig, left a strong tradition with a focus on real trade theory and commercial policy as can be seen in the exam questions below.

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Course Enrollment
1904-05

Economics 12a 2hf. Asst. Professor Sprague. — International Trade.

Total 18: 5 Graduates, 7 Seniors, 3 Juniors, 1 Sophomore, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 75.

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Course Description
1904-05

[Economics] 12a 2hf. International Trade. Half-course (second half-year) Mon., Wed., and (at the pleasure of the instructor) Fri. at 10. Asst. Professor Sprague.

Course 12a begins with a careful study of the theory of international trade, and of the use and significance of bills of exchange. The greater portion of the time will be devoted to an analysis of the foreign trade of the United States and Great Britain in order to distinguish the various factors, permanent and temporary, which determine the growth and direction of international commerce. With this purpose, also, a number of commodities important in foreign trade and produced in more than one country will be studied in detail. Each student will be given special topics for investigation which will familiarize him with sources of current information upon trade matters, such as trade journals, consular, and other government publications. In conclusion, certain topics of a general nature will be considered, among which may be mentioned, foreign investments, the effects of an unfavorable balance of payments under different circumstances, and colonial trade.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), p. 45.

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ECONOMICS 12a
Year-end Examination, 1904-05

  1. “The tendency of commerce is to bring about a more equal distribution of industry all the world over, and to give more and more importance to purely geographical conditions.” — Chisholm.
    Explain and illustrate.
  2. The extent to which coal supplies seem to determine the localization of industries in England, in Germany, and in the United States.
  3. Analyze carefully the effects upon the foreign trade of a country of a large increase in its production of gold.
  4. May free trade under any circumstances cause a decline in the population of a country?
  5. Why have commercial treaties proved an ineffective means of securing greater permanent freedom of trade?
  6. Discuss the policy and effects of “dumping.”
  7. The character and significance of the iron and steel exports of the United States.
  8. The purely commercial aspects of shipping subsidies.

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), pp. 31-32.

Image Source: “Weighed and Not Wanting.” From Puck (March 13, 1901). Library of Congress Prints and Photographs Division Washington, D.C.

Categories
Economic History Exam Questions Harvard

Harvard. Mediaeval and Modern Economic History of Europe. Enrollments, descriptions, exam. Gay, 1904-1905

An assistant professor gotta do what an assistant professor has gotta do. Edwin Francis Gay was 37 years of age by the 1904-05 academic year with courses covering nearly a millennium of European economic history.  His biographer (and former student) Herbert Heaton described this period as being a strenuous time for Gay (pp. 64-65).

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Related posts

A brief course description for Economics 11 plus the exams from 1902-03.

Exams for 1903-04.

A short bibliography for “serious students” of economic history  assembled by Gay and published in 1910 has also been posted.

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Course Enrollment
1904-05

Economics 10 1hf. Asst. Professor Gay. — Mediaeval Economic History of Europe.

Total 1: 1 Graduate.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 75.

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Course Description
1904-05

[Economics] 10 1hf. The Mediaeval Economic History of Europe. Half-course (first half-year). Tu., Th., and(at the pleasure of the instructor) Sat., at 9. Asst. Professor Gay.

After a preliminary examination of early economic and social institutions, this course aims to give a general view of the economic development of society during the Middle Ages. Among other topics, the following will be considered: mediaeval agriculture and serfdom; the manorial system and the economic aspects of feudalism; the beginnings of town life and the gild-system of industry; and the Italian and Hanseatic commercial supremacy.
A thesis will be required from each student, and occasional oral reports and discussions may be expected, but the work is conducted mainly by lectures with supplementary reading.
It is desirable that students should possess some acquaintance with mediaeval history and some reading knowledge of Latin.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), p. 44.

No printed exam at mid-year for this course was found in the Harvard archives
(but of course only one student)

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Course Enrollment
1904-05

Economics 11. Asst. Professor Gay. — Modern Economic History of Europe.

Total 7: 3 Graduates, 2 Seniors, 1 Junior, 1 Sophomore.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 75.

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Course Description
1904-05

[Economics] 11. The Modern Economic History of Europe. Tu., Th., and (at the pleasure of the instructor) Sat., at 10. Asst. Professor Gay.

This course, while Course 10 may usefully precede it, will nevertheless be independent, and may be taken by those who have not followed the history of the earlier period.
At the outset a survey will be made of economic and social conditions in the chief European countries at the close of the Middle Ages. The history of trade, industry, and agriculture in the succeeding periods down to the nineteenth century will then be treated in some detail, together with the corresponding forms of social life and the advance in economic thought. England will receive the emphasis due to its increasing importance during this period.
A considerable amount of supplementary reading will be expected and two thesis subjects will be assigned.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), p. 44.

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ECONOMICS 11
Year-end Examination, 1904-05

  1. Explain briefly:—
    (1) lettre de maîtrise
    (2) métayage
    (3) the Steelyard
    (4) goldsmith’s notes
    (5) enumerated commodities
    (6) Merchant Adventurer’s
  2. What are the chief facts you associate with the names of
    (1) Bodin, (2) Colbert, (3) Paterson, (4) Law?
  3. (1) Who were the Fuggers? What type of company organization do they represent?
    (2) Describe the development in the company organization of the English East India Company. How and why did this company’s history differ from that of the Dutch East India Company?
  4. Enumerate the forms of indirect taxation in use in England in the seventeenth century.
  5. How do you distinguish the domestic system of industry from the handicraft and factory systems? Give some examples of different forms of the domestic system.

Take one of the following questions.

  1. It is stated that the total value of exports and imports for England and France were as follows for the years here given:
England
£
France
livres
1613   4,628,586
1750 20,471,120 1750 355,202,357
1800 62,639,398 1789 758,104,000

Are these figures of equal statistical value? What are the sources of error?

  1. (1) In 1655 a London merchant shipped raisins and oil to Hamburg, but finding this market not so good as the English desired to ship the goods back to England in the same ship that carried them to Hamburg, paying customs and excise on the reimportation. He petitioned the Council for license to do this. State precisely why.
    (2) In 1665 a Dutch merchant desired to send to England from Amsterdam a lading of silk and linen cloth, loaf sugar, paper (all of Dutch manufacture), Bordeaux wine, tobacco and pepper. Could he do this, and if so, how?

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), pp. 30-31.

Image Source: Edwin F. Gay, seated in office, 1908. From Wikipedia. Colorized by Economics in the Rear-view Mirror

Categories
Economists Undergraduate William and Mary

William and Mary. Claim to being the first U.S. college to have political economy in its curriculum. Textbook Tracy, 1817

In an earlier post Economics in the Rear-view Mirror gathered links to monographs on the history of education in individual states of the U.S. under the general editorship of Johns Hopkins history professor Herbert B. Adams and published by the Bureau of Education. Another monograph was written and published by Adams on the study of history at American colleges and universities. Back in 1887 departments of history were intertwined with public law, diplomacy, political economy, and government so it should come as no surprise that the study of history monograph provides much interesting material on the place and progress of the academic discipline of political economy. 

Chunks of Adam’s monograph will be served over the coming weeks, educational institution by institution, economist by economist. Anecdotal evidence is best served like hors d’oeuvres. Readers may BYOB.

Today’s post gives us Adams’ call (put into a footnote in a section about Columbia College in the early 19th century) that the College of William and Mary, thanks to the encouragement of Thomas Jefferson, has a legitimate claim to have at least tied Columbia College in adding political economy to the curriculum. 

The department of economics at William and Mary website, relying on more recent research, awards itself priority in a webpage that sketches the history.

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William and Mary College is an historic rival of Columbia with regard to priority of recognition of economics in the curriculum. In a letter from Joseph C. Cabell to Thomas Jefferson, dated August 4, 1816, is this statement: “Dr. [John Augustine] Smith has adopted the review of Montesquieu [by Count Destutt Tracy] as the text-book on the Principles of Government for the students of William and Mary. He will adopt either Say or Tracy on Political Economy, as the one or the other may appear best, when the latter comes out.” Tracy’s Treatise on Political Economy, for the translation and publication of which Jefferson had early arranged, was issued from the press of Joseph Milligan, at Georgetown, D. C., in 1817, with a brief introductory sketch of the history of economic literature from Jefferson’s own pen. Cabell was meditating a translation of Say, but gave up the project [see, C. R. Prinsep’s translation of Say’s A Treatise on Political Economy (1821)]. Volume I ; Volume II] Tracy’s elaborate Review of Montesquieu was published at Jefferson’s instance in Philadelphia, circa 1812. This work, which was adopted at William and Mary College in 1816, contained Tracy’s economic views. Jefferson said, when recommending it through Cabell: “Dr. Smith, you say, asks what is the best elementary book on the principles of government? None in the world equal to the Review of Montesquieu, printed at Philadelphia a few years ago. It has the advantage, too, of being equally sound and corrective of the principles of political economy, and all within the compass of a thin 8vo.” Jefferson was one of the first promoters of political economy in this country. In 1816 he wrote to Cabell that he would render the country a great service by translating Say, “for there is no branch of science of which our countrymen seem so ignorant as political economy.” Jefferson came very near capturing the French economist for his own Central College, afterward the University of Virginia. Jefferson wrote to his friend Cabell January 5, 1815: “I have lately received a letter from Say. He has in contemplation to remove to this country, and to this neighborhood particularly.” Failing in that brilliant scheme, Jefferson secured, in 1817, the professorial services of Dr. Thomas Cooper, the English economist and refugee, who had settled in Pennsylvania some years before, and had there written upon economic subjects. As early as 1810 Jefferson said of Cooper: “The best pieces on political economy which have been written in this country were by Cooper.” This universal scholar, of whom so little is now known, never actually taught political economy in the University of Virginia, which chose him for its first professor, but from which he early resigned on account of sectarian opposition. He became eminent as a teacher of economics in the College of South Carolina, where he early published a text-book of political economy, which should be compared with that of McVickar.

Source: Adams, Herbert B. The Study of History in American Colleges and Universities. Bureau of Education, Circular of Information, No. 2, 1887. (Washington: Government Printing Office, 1887), pp. 61-62.

Image Source: John Augustine Smith’s portrait from the Encyclopedia Virginia website. Credit:  University Archives Photographs Collection, Special Collections Research Center, Swem Library, College of William and Mary

Categories
Exam Questions Harvard Industrial Organization

Harvard. Enrollment, Course description, Final exam. Economics of Corporations. Ripley and Custis, 1904-1905

In 1904-05 Professor William Zebina Ripley of Harvard co-taught his course on the economics of corporations with his dissertation student Vanderveer Custis, who went on to teach economics at the University of Washington and later at Northwestern University where he attained professorial rank. The economics of corporations course was at least implicity paired to a course on labor problems (material found in the previous post). The common thread through the sequence would have been the study of market power through combination of laborers (trade unions) on the one hand and corporations (trusts) on the other.

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Other Corporations/Industrial Organization Related Posts
for William Z. Ripley

Problems of Labor and Industrial Organization, 1902-1903.

Economics of Corporations, 1903-1904.

Economics of Corporations, 1914-1915.

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Course Readings

Cases for the course are most certainly found in Trusts, Pools and Corporations (1905), edited with an introduction by William Z. Ripley. From the series of Volumes Selections and Documents in Economics, edited by William Z. Ripley published by Ginn and Company, Boston.

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Course Enrollment
1904-05

Economics 9b 2hf. Professor Ripley and Mr. Custis. — Economics of Corporations.

Total 190: 17 Graduates, 31 Seniors, 95 Juniors, 34 Sophomores, 1 Freshman, 12 Others.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 75.

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Course Description
1904-05

[Economics] 9b 2hf. Economics of Corporations. Half-course (second half-year) Tu., Th., Sat., at 11. Professor Ripley.

The work of this course will consist of a discussion of the problems connected with the fiscal and industrial organization of capital, especially in the corporate form. The principal topic considered will be industrial combination and the so-called trust problem. This will be treated in all its phases, with comparative study of the conditions in the United States and European countries. The growth and development of corporate enterprise, promotion, capitalization and financing, publicity of accounting, the liability of directors and underwriters, will be Illustrated fully by the study of cases, not from their legal but from their purely economic aspects; and the effects of industrial combination and integration upon efficiency, profits, wages, the rights of investors, prices, industrial stability, the development of export trade, and international competition will be considered in turn.

The course is open to those students only who have taken Economies 1. Systematic reading and report work will be assigned from time to time.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1904-05 (May 16, 1904), pp. 43-44.

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ECONOMICS 9b
Year-end Examination, 1904-05

  1. In what respect did the English Company Law of 1900 fall short of providing an adequate remedy for abuses which had developed?
  2. What was the gist of the Federal decision in the Knight (Sugar Trust) case; and how does it bear upon the present situation?
  3. What is the form of the Anti-Trust laws of the different states? Discuss the feasibility of this remedy.
  4. What are Meade’s final propositions as to the need and nature of reform in corporate management?
  5. Compare the two principal methods of administering corporate sinking funds.
  6. Outline three important cases showing the attitude of the English common law toward monopoly.
  7. What appears to you as the most serious social evil in the present situation? Distinguish carefully between economic, social, and political aspects.
  8. How has economy in the matter of freights been sought by industrial combinations, and with what success?

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), p. 30.

Image Source: Harvard University Archives.  William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized by Economics in the Rear-view Mirror.