Author: Irwin Collier

Categories
Harvard

Harvard. General Exam: Corporations. Readings, 1933-34

1933-34

Additional Readings for General Examination
Corporations

Federal Trade Commission: Reports

Berle and Means: The Modern Corporation and Private Property

Bonbright and Means: The Holding Company

Henderson: The Federal Trade Commission

MacGregor: International Kartells

Weber: Location of Industries

National Industrial Conference Board:

Public Control [sic, “Regulation” is correct] of Competitive Practices
Trade Associations
Rationalization in German Industry or
Standardization

J.S. Davis: Early History of American Corporations

H. Levy: Monopoly, Kartells, and Trusts

Stevens: Unfair Competition

E.A.G. Robinson: The Structure of Competitive Industry

Marshall: Industry and Trade

Berle: Studies in the Law of Corporation Finance

Pigou: Economics of Welfare—Chapters on Monopoly

Balfour Committee: Final Report

Factors in Industrial Efficiency

Beard: America Looks Ahead

Jenks and Clark: The Trust Problem

Jones: The Trust Problem

Seager and Gulick: Trust and Corporation Problems

J. M. Clark: Economics of Overhead Costs

Social Control of Business

Watkins: Industrial Combination and Public Policy

Dewing: Corporation Finance or
Lyons: Corporation Finance or
Meade: Corporation Finance

Chamberlin: Theory of Monopolistic Competition

Study in particular one or two industries:

Epstein: Development of the Automobile Industry
Ise: United States Oil Policy
Berglund: U. S. Steel Corporation
Hamilton and May: Coal Industry

____________________________

Source: Harvard University Archives. Department of Economics Records. UAV 349.10, Box 25, Folder “Suggested Readings”.

 

 

 

Categories
Chicago Columbia Cornell Curriculum Harvard Johns Hopkins Michigan Pennsylvania Yale

Cornell. Laughlin’s Scheme to Expand Economics,1891

J. Laurence Laughlin was hired away from Cornell to build the Department of Political Economy at the University of Chicago that began operation in the academic year 1892-93. This proposal to expand Cornell’s own instructional and research work in political economy and finance is interesting as Laughlin’s vision of what it would take to go from second-rate to the leading department. It is also interesting for its table comparing Laughlin’s dream department with the state of affairs at six rival universities: Harvard, Yale, Columbia, Johns Hopkins, Michigan and Pennsylvania in 1890-91.

_______________

SCHEME FOR THE DEPARTMENT OF POLITICAL ECONOMY AND FINANCE IN CORNELL UNIVERSITY, PRESENTED TO THE BOARD OF TRUSTEES

I.

In view of the arrangement of courses for the coming year, (1891—2,) careful consideration should be given to the opportunities afforded by this department. The subjects heated are essential parts of the civic education of every member of society. Apart from their disciplinary value, their practical character would alone make it natural that the curricula of such schools as those of Agriculture, and of Mechanic Arts, should be enriched by including in them economic courses. This policy has already been announced by the statement in the University Register that Political Economy shall be hereafter made a part of the course of Civil Engineering. When regard is had to the prevailing ignorance of economics and its effect on national legislation, the wisdom of this policy is undoubted. The question might even be raised whether it were not advisable to require Political Economy of all students in the various courses, quite as much as History, or Chemistry. I cannot think, however, it is of advantage to the influence of a study to make its pursuit obligatory; but there cannot, I suppose, be any difference of opinion as to the wisdom of providing the proper amount of instruction, when the study of it is voluntary, and when the numbers of students are too great, (as is now the case,) to be properly cared for by the single professor

II.

In extending the reputation and prestige of Cornell University, no possible investment of its funds would, in my judgment, produce larger or earlier fruit than those spent in enlarging the work of this department. Such a policy would, at once, lend aid in educating the country where it most needs education, and bring here greater numbers of bright students who want economic training. The real University is to be found in the men it trains, and in the influence they exert on the community.

The deplorable ignorance and prejudice regarding questions of great practical importance, (such as banking and currency topics.) in the very regions from which we now draw our students, and must hereafter draw them in increasing numbers, makes the duty, as well as the opportunity, of our University, one of transcendent importance. Can it rise to the occasion? It is entirely within the truth to say that no such opportunity is open to us in any other branch of study. Furthermore, no other institution in our country is, at present, so well situated as Cornell University for doing a great and striking work in economics. If we accomplish this work, we can secure a strong hold on the people, and an enviable repute for enthusiastic, enterprising scholarship on subjects touching the immediate welfare of every individual citizen.

The mere fact of having had this exceptional opportunity for twenty years, and not having used it, (excepting one year,)—although there may be good reasons for it—has created a widespread belief elsewhere in our lack of interest and purpose in aiding economic study. To take only a second-rate position, therefore, or to do only moderately well, will not be enough to place us in a proper attitude before the public. Nor will it do to act so slowly that the growth of the department, however real, may be imperceptible to the outside world. In short, to produce the desired effect we should, if possible, draw the attention of the country to us by a striking and important movement; and it will be easy to make it striking and effective, because it is started in a subject which is occupying general attention. To indicate what form this movement should take is, in my opinion, the proper purpose of this communication. It has consequently seemed best to present a scheme of work for the department in as nearly complete a form as possible; a scheme, which shall be more thorough, more comprehensive, more scholarly than that presented by any other university. If adopted, it may then be said that greater advantages for economic study are offered at Cornell University than at any other American university. That a distinct opportunity exists for us, any member of an economic department in other institutions would be the first to admit. Our apathy in this matter has, in the past, excited some comment and surprise.

The discussion regarding the neglect by this University of liberal studies in favor of the professional and technical schools, might suggest the present as a favorable opportunity to disabuse the public of that mistaken idea, by adopting this scheme for enlarging the department of economics; for, while appealing to those who believe in an intensely practical education, economics in truth belongs, because of its disciplinary power, to the culture studies. Should the Fayerweather bequest be received, may it not be the means, by concentrating its use on one field, of making a striking movement which would command public attention?

III

I present herewith a list of courses which, if provided, would place this department ahead of any other in America. This is then followed by a comparison of the proposed scheme with the courses offered at Harvard, Yale, Columbia, Johns Hopkins, Pennsylvania, and Michigan. The courses run throughout the year, at the given number of hours per week :—

  1. Introductory course. Principles of Modern Economics. Elementary Banking. Descriptive economics: Money, coöperation, bimetallism, railway transportation, etc.
    3 hours a week. [At present, two sections, requiring of the instructor six hours a week.]
  1. Advanced course. History of Economic Theory. Examination of writers and systems. Critical Studies. Open only to those who have passed in course 1.
    3 hours a week.
  1. Investigation of Practical Economic Questions of the day: shipping, money, profit-sharing, social questions. Theses and Criticisms. Training for Seminary. Open only to those who have passed in course 1.
    2 hours a week.
  1. The Industrial and Economic History of Europe and the United States in the last 100 years. Lectures and selected reading. No previous economic study required.
    3 hours a week.
  1. Taxation. Public Finance. Banking. Comparative study of the Financial Methods of the United States, Great Britain, France, Germany, Italy, etc. Open only to those who have passed in course 1.
    3 hours a week.
  1. History of Financial Legislation in the United States since 1789. Lectures and reports. Open to all students.
    1 hour a week.
  1. History of Tariff Legislation in the United States since 1789; Tariff Legislation of France, Germany and Great Britain. Open to all students.
    2 hours a week.
  1. Railway Transportation and Legislation in the United States and Europe. Open to all students.
    2 hours a week.
  1. Statistics. Methods. Practical Training for Statistical Work. Presentation of Results. Open only to those who have passed in course 1.
    3 hours a week.
  1. Land Tenures. Land Systems of England, Ireland, France Belgium. Germany, and the United States. Open to all students. 1 hour a week.
  1. Socialistic Theories. Marx, Lasalle, Proudhon; and modern popular theories. Open only to those who have passed in course 1.
    1 hour a week.
  1. Seminary. Special Investigations. Open only to competent students.
    2 hours a week.

 

COMPARISON OF THE PROPOSED COURSES WITH THOSE NOW GIVEN AT VARIOUS UNIVERSITIES.

Courses. Proposed for Cornell. Now Given at
Cor-
nell.		 Har-
vard.		 Yale. Colum-
bia.		 Johns Hopkins. Penna. Michi-
gan.
1 3 3 3 7 ½ 1 5 4 ½ 2
2 3 }3 3 3 1 ½ 5 (?) 6 1
3 2 1 ½ 1 2 2 ½
4 3 3 2 1 2 1[*]
5 3 3 2 3 1 1 ½
6 1 1 ½ }2 2 2
7 2 1 1 ½ 1 1
8 2 1 ½ 1 1 ½
9 3 2 1 ½
10 1
11 1 1 2
12 2 2 2(?) 2 ½ 2 2 2 2
Total. 26 9 20 22 19 12 18 ½ 11 ½
Number of In-
structors.		 5 1 4 4 4 1 5 2

[* The actual entry in this cell appear to be:
LaughlinGraphic

This Table makes obvious, at a glance, how far Cornell is behind other universities in this department. When it is considered that man’s character is moulded by his material surroundings; that questions of livelihood and economic concern occupy his thoughts more hours in the day, possibly, than any other subject; that the great forming agencies of the world are religious and economic,—this shortcoming in our courses of instruction becomes painfully evident. Not only are we behind other institutions, but this department, with all its importance, is far behind almost every other of our departments, especially in comparison with the Historical group.

The present number of students in the department (about 160) is, moreover, too large to be properly cared for by one instructor. Nor should the present professor be expected to keep in view the larger questions of the scope and influence of the department, or the work of investigation, and yet continue the reading of routine, but necessary, exercises.

To give the courses in the proposed list above, in addition to the present professor, there would be needed at least one associate professor, at a probable salary of $2,000 (to whom it would be necessary, in order to obtain the right man, to offer some definite expectation of further promotion in the future); one assistant-professor, at the usual salary, and two capable instructors, paid probably $1,000 each. These estimates are, of course, provisional.

IV

Of equal, or even greater importance than the increased hours of instruction, for the purpose of touching the work of students at its most vital point, is the grant of a suitable Publication Fund. The professor in charge believes this to be essential to the success of the department; that this part of the scheme is of primary importance. It is proposed to publish investigations of students and instructors in a series of bound volumes, with a distinctive cover, marking them as productions of Cornell University, and entitled “Cornell University Studies in Economics.” For this purpose at least $1,000 per annum should be granted. It would be appropriate to name this the “Fayerweather Publication Fund,” and every volume issued would bear the name of this benefactor. With the material already in sight that sum would not be sufficient; but it would, so far as it goes, send the name of the University into every centre of scholarly work in this country and in Europe. Still better, it would do more than any other one thing to stimulate the work of our students, and to produce finished and accurate scholarship; while the practical bearing of these studies would bring the University to the notice of men in business and financial circles.

The subject has been carefully examined and studied in view of past experience in other institutions. The establishment of the Quarterly Journal of Economics by Harvard University was due to the creation of a Publication Fund, and it has won the respect and attracted the attention of scholars, as well as the public, the world over. Columbia College has wielded a large influence by the Political Science Quarterly, and stimulated its work in these lines: while, in addition, the publication of a series of monographs is now announced. The University of Pennsylvania has lately taken energetic steps to increase its publications, by which the work of the Wharton School has been suddenly brought to the attention of students everywhere. Not only a journal, The Annals of the American Academy of Political and Social Science, but a series of monographs, and translations of important German works, are published by this school. The Johns Hopkins University Studies in Historical and Political Science have been published for years, and, although not even in quality, have done more than anything else to attract attention to their facilities for investigation and study. Finally, the scheme of the new University of Chicago, following the trend of these successful movements, makes the “University Publication Work” one of the three general divisions of its work, and emphasizes the desire to publish papers, journals, and books by instructors, thereby hoping to furnish greater stimulus and incentive than now exist toward original investigation.

V

The fixing of a high standard of work by students; in the department; the encouragement of capable young men to carry on their studies beyond mere superficial work; a relief to poor, but able, men from subsidiary employments to earn a living while engaged in investigations; a means of drawing here from other institutions the brightest men who have distinguished themselves in economics; and, to provide for investigators, who will present their results to the public and enlarge the repute of the University for scholarly work both at home and abroad,—all these things can be effected only by the creation of fellowships and scholarships in this department. Five (5) fellowships, permitting the holders to reside either at the University, or abroad, with an annual income of $500 each; and four (4) scholarships, with an annual income of $250 each, are urgently needed.

VI

The library is deficient in important collections and series, which are absolutely essential to economic research; and which are possessed by other institutions. In other places these deficiencies are supplemented by access to neighboring libraries (e.g., at Columbia College, by the Lenox and Astor Libraries; at Harvard University, by the Boston Public Library and the Atheneum. Our absolute isolation requires that we should own these important collections outright. We have, for example, none of the British Government Publications (the “Blue-Books”), a complete set of which is very expensive; nor those of France, or Germany, whose statistical work is exceedingly valuable. Of the various European economic journals, by which we may keep abreast of current thinking, we have almost none. It is a hindrance: which would be regarded as intolerable in Physics, Chemistry, or Philology. In short, the department needs a special annual grant of $2,000 for at least five (5) years beyond the present and expected allowance of next year for this department) to bring it to a respectable basis, as compared with other departments. Detailed accounts of these wants can be given, if needed.

VII

SUMMARY.

The Board of Trustees is respectfully asked to grant an annual appropriation to this department of the following sums :—

Additional instruction,
One Associate Professor,

$ 2,000
One Assistant Professor,

   1,600
Two Instructors at $1000 each,

   2,000

$ 5,600
Five Fellowships at $500 each,

   2,500
Four Scholarships at $250 each,

   1,000
Publication fund,

   1,000
Books (for five years),

   2,000
Total,

$12,100

With this grant, it is quite certain we can produce results which are not now possible in any university in this country Our department of economics will then be the first in the United States.—one of which every friend of Cornell can speak with pride. Especially will it mark an epoch in the history of economic training in this country, and bring Cornell to the front in an important subject of universal, and yet practical, concern. The University is not rich enough to permit any other institution to seize the opportunity for which she herself has so evident an advantage, and for which she so evidently occupies a strategic position.

Very respectfully presented by

J. LAURENCE LAUGHLIN.

Professor of Political Economy and Finance.

March 2, 1891

_______________

 Source: Laughlin, James Laurence. Papers, [Box 1, Folder 17], Special Collections Research Center, University of Chicago Library.

Image Source: Clipped from printed speech given at the 78th meeting of The Sunset Club at the Grand Pacific Hotel, Chicago, December 6, 1894 found in Laughlin, James Laurence. Papers, [Box 1, Folder 17], Special Collections Research Center, University of Chicago Library.

Categories
Columbia Courses Syllabus

Columbia. Readings International Economics. Angell, 1933

This course title is a bit misleading from today’s perspective. The emphasis is on international finance and commercial policy with maybe one-third of the second semester devoted to trade theory. This course reading list comes from Milton Friedman’s Papers at the Hoover Institution though this particular course was apparently not ever taken for credit by Milton Friedman. I have not yet found a more recent picture of Angell than this passport photo taken when he was 23-24 years of age.

__________________________

Economics 125-126—International trade. 3 points each session. Professor J. W. Angell.
M. and W. at 11. 301 Fayerweather.

World trade currents today; the foreign trade of the United States. The foreign exchanges and the world money markets. The classical theory of international trade; the maintenance of equilibrium in trade; international capital movements. Tariffs and the protective controversy. The effects of currency depreciation. Reparations and inter-ally debts.

Students who have not completed Economics 125 are admitted to Economics 126 only by permission of the instructor.

Source: Columbia University. Bulletin of Information 32 Series, No. 33 (May 14, 1932). History, Economics, Public Law, and Social Science. Courses Offered by the Faculty of Political Science for Winter and Spring Sessions 1932-33, pp. 28-29.

__________________________

READING LIST IN INTERNATIONAL TRADE
Economics 125-126
Revised: 1933

#          Required reading

##       Required reading, to be prepared for class-room discussion

 

FIRST SEMESTER

  1. The Balance of International Payments: World Trade Currents

# U.S. Dept. of Commerce, The Balance of International Payments of the U. S. in 19__ (Trade Information Bulletin). This study is made annually; read study for current year.

Boggs, T. F., The International Trade Balance (1922).

Bullock, C. J., Williams and Tucker, The Balance of Trade of the U.S. (Review of Economic Statistics, 1919; reprinted separately).

German Statistical Office, Wirtschaft und Statistik (this journal contains semi-annual studies of the German balance of payments).

Great Britain, Board of Trade, Journal (contains annual survey of the British balance of payments).

League of Nations, Memorandum on Balance of Payments (appears about every two years).

Lewis, Cleona, The International Accounts (1927).

Meynial, P., La Balance des Comptes (articles appearing about once a year on the French balance of payments, in La Vie Économique Française or in the Revue d’Éonomie Politique).

_____________________

Bishop, A. L., Outlines of American Foreign Commerce (1923).

Cowden, D., Measures of Exports of the U. S. (1931).

Day, C., History of Commerce (1917; new ed. 1931).

Johnson, E. R., History of the Domestic and Foreign Commerce of the U. S. (1915).

League of Nations, World Economic Survey: 1931-32; 1932-33 (successive volumes).

U.S. Dept. of Commerce, Commerce Yearbook (annual).

 

  1. Foreign Exchange; Money Markets

##Furniss, E. S., Foreign Exchange (1922). [✓]

# Keynes, J. M., Monetary Reform (1924), pp. 125-151. [✓]

#Angell, J. W., Foreign Exchange (Encyclopedia of the Social Sciences, 1931). [✓]

Cross, I. B., Domestic and Foreign Exchange (1923).

Edwards, G. W., International Trade Finance (1924).

Escher, F., Elements of Foreign Exchange (1910).

Whitaker, A. C., Foreign Exchange (1921).

_____________________

Bagehot, W., Lombard Street (1873; 14 ed. 1915).

Beckhart, B. H., ed., The New York Money Market (4 vols.: 1931-32).

Burgess, W. R., The Reserve Banks and the Money Market (1927).

Goschen, Viscount G. J., Foreign Exchange (1861; reprinted 1926).

Spalding, F., The London Money Market (1924).

Withers, H., International Finance (1916).

———–, The Meaning of Money (1909, reprinted).

 

  1. Tariffs: International Commercial Policies

##Taussig, F. W., Selected Readings in International Trade (1921): pp. 62-69; Parts II, III.

#Ashley, P., Modern Tariff History (1920).

#Delle Donne, O., European Tariff Policies (1928).

#Taussig, F. W., Necessary Changes in Our Commercial Policy (Foreign Affairs, April, 1933).

#————, Some Aspects of the Tariff Question ( 3 ed. 1931).

#————, Tariff History of the U. S. (7 [(corrected by MF) 8] ed., 1931).

American Tariff League, Statistical Bulletin.

Allix, E., Les Droits de Douanes (2 vols.; Paris, 1932).

Berglund, A., and Wright, P. G., The Tariff on Iron and Steel (1929). Also see other studies in this series (Institute of Economics) for other commodities.

Beveridge, Sir W. H., ed., Tariffs: The Case Examined (1931).

Bidwell, P., Tariff Policy of the U. S. (Council on Foreign Relations, 1933).

Cairnes, J. E., Leading Principles of Political Economy (1874): Part III, ch. 4.

Crompton, G., The Tariff (1927): esp. chs. 13, 14.

Eiteman, W. J., The Rise and Decline of Orthodox Tariff Propaganda (Quar. Jour. Econ., Nov. 1930).

Foreign Policy Association, Reports, passim.

Graham, F. D., Some Aspects of Protection Further Considered (Quar. Jour. Econ., 1923).

Gregory, T. E., Tariffs (1921).

Grunzel, J., Economic Protectionism (translated 1916).

Hewins, A. S., Trade in the Balance (1924).

Marshall, A., The Fiscal Policy of International Trade (British Parliamentary Papers, 1908; Cd. 321).

McClure, W., Commercial Policy of the U. S. (1924).

Page, T. W., Making the Tariff in the U. S. (1929).

Schüller, R., Schutzzoll und Freihandel (1905).

Stanwood, E., American Tariff Controversies in the 19th Century (1903).

Stewart, M. S., Tariff Issues Confronting the New Administration (Foreign Policy Association, Reports, March 29, 1933).

Taussig, F. W., Free Trade, The Tariff and Reciprocity (1920).

—————–, State Papers and Speeches on the Tariff (1893).

—————–, The Tariff Act of 1930 (Quar. Jour. Econ., Nov. 1930).

U. S. Dept. of Commerce, Trade Information Bulletins, passim.

U. S. Tariff Commission, Reports, etc. (so far as published).

Wright, P. G., Sugar in Relation to the Tariff (1924).

_____________________

#Angell, J. W., Financial Foreign Policy of the U. S. (Council on Foreign Relations), 1933). [✓]

[One (of Culbertson, Donaldson or Fisk/Peirce)]

#Culbertson, W. S., International Economic Policies (1925).

# Donaldson, J., International Economic Relations (1926).

#Fisk, G. M., and Peirce, P. S., International Commercial Policies (1923), esp., chs. 8, 11, 12.

# Williams, B. H., Economic Foreign Policy of the U. S. (1929). [✓]

Delaisi, F., Political Myths and Economic Realities (1927); also other works.

Donham, W. B., National Ideals and Internationalist Idols (Harvard Business Review, April, 1933).

Eulenberg, F. Aussenhandel und Aussenhandelspolitik (1929).

Fontana-Russo, L. Traité de politique commerciale (1908).

Knight, M. M., Water and the Course of Empire in North Africa (Quar. Jour. Econ., Nov. 1928).

Moon, P. T., Imperialism and World Politics (1927).

Somary, F., Changes in the Structure of World Economics since the War (1931).

Viner, J., Dumping (1923).

———-, Memorandum on Dumping (League of Nations, 1927).

Wallace, B. B., and Edminster, L. R., International Control of Raw Materials (1930).

Whittlesey, C. R., Governmental Control of Crude Rubber (1931).

 

SECOND SEMESTER

  1. The General Theory of International Trade

## Ricardo, D., Principles of Political Economy (1817): ch. 7.

## Mill, J. S., Principles of Political Economy (1848): Bk. III, chs. 17-22, 25.

## Cairnes, J. E., Leading Principles of Political Economy, (1874): Part III, chs. 1, 2, 3, 5.

#   —————-, Essays in Political Economy (1873): chs. I, II.

## Bastable, C. F., Theory of International Trade (4 ed., 1903): chs. 1-4.

## Taussig, F. W., International Trade (1927): chs. 1-18.

# Angell, J. W., Theory of International Prices (1926): chs. 14, 16, 18.

# —————, Equilibrium in International Trade (Quar. Jour. Econ., May, 1928).

#Viner, J., International Trade: Theory (Encyclopedia of the Social Sciences, 1932).

Burns, A. F., A Note on Comparative Costs (Quar. Jour. Econ., 1928).

Carr, R. M., The Role of Prices in the International Trade Mechanism (Quar. Jour. Econ., 1931).

Cournot, A. A., Principes de la théorie des richesses (1863).

Graham, F. D., The Theory of International Values Re-Examined (Quar. Jour. Econ., 1923).

——————, The Theory of International Values (Quar. Jour. Econ., Sept. 1932).

Haberler, G., The Theory of Comparative Costs Once More (Quar. Jour. Econ., 1929).

Keynes, J. M., Treatise on Money (2 vols.; 1930): esp. ch. 21.

Mangoldt, J., Grundriss der Volkswirtschaftslehre (1863; 2 ed., 1871).

Marshall, A., Pure Theory of Foreign Trade (1879; reprinted in Royal Economic Society, Reprints of Scarce Tracts, vol. i: 1930).

Ohlin, B., Equilibrium in International Trade (Quar. Jour. Econ., 1928).

———–, Interregional and International Trade (1933).

Pareto, V., Cours d’économie politique (2 vols.; 1896-97).

Williams, J. H., The Theory of International Trade Reconsidered (Econ. Jour., 1929).

Yntema, T. O., A Mathematical Reformulation of the Theory of International Trade (1932).

Young, A. A., Marshall on Consumer’s Surplus in International Trade (Quar. Jour. Econ., 1924).

Zapoleon, L. B., International And Domestic Commodities and the Theory of Prices (Quar. Jour. Econ., May, 1931).

 

  1. International Capital Movements; Reparations and Inter-Ally Debts

## Taussig, F. W., International Trade (1927): chs. 19-25.

# Angell, J. W., Theory of International Prices (1926): Appendix I.

# Gregory, T. E., The Gold Standard and Its Future (1932): chs. 1, 2.

Bullock, C. J., Williams and Tucker, The Balance of Trade of the U. S. (Review of Economic Statistics, 1919: reprinted separately).

Einzig, P. Some New Features of Gold Movements (Econ. Jour., 1930).

———–, International Gold Movements (1930).

Feis, H., Europe: The World’s Banker, 1870-1914 (1930).

Graham, F. D., International Trade of the U. S., 1862-1879 (unpublished thesis in Harvard University Library: 1922).

Hobson, C. K., The Export of Capital (1912).

Jenks, L. H., The Migration of British Capital to 1875 (1927).

McGuire, C., Italy’s International Economic Position (1926). Also see other Institute of Economics studies of post-war European finance.

National Industrial Conference Board, The International Financial Position of the U. S. (1929).

Rogers, J. H., America Weighs Her Gold (1931).

Viner, J., Canada’s Balance of International Indebtedness, 1900-1913 (1924).

Williams, J. H., Argentine International Trade, 1880-1900 (1920).

_____________________

Agent General for Reparation Payments, Reports (Berlin, 1924-1930).

Angell, J. W., The Recovery of Germany (1929).

#————–, Reparation (Encyclopedia of the Social Sciences, 1934).

————–, Reparations and the Inter-Ally Debts in 1930 (Foreign Policy Association, Reports, April 29, 1931, 2 ed., August, 1931).

International Conciliation (series; see especially no’s. 262, 282).

Keynes, J. M., The Economic Consequences of the Peace (1919).

Long, R. C., The Mythology of Reparations (1928).

McFadyean, Sir Andrew, Reparation Reviewed (1930).

Moulton, H. G., and Pasvolsky, L., War Debts and World Prosperity (1932).

—————————————–, World War Debt Settlements (1926).

National Industrial Conference Board, The Inter-Ally Debts and the United States (1925).

Reparation Commission, Reports, etc. (1922 ff.).

Royal Institute of International Affairs (London), Survey of International Affairs (annual, on intergovernment debts see especially volumes for 1920-23 and for 1926).

Schacht, H., The End of Reparations (translated, 1931).

Wheeler-Bennett, J. W., and Latimer, H., Information on the Reparation Settlement (1930).

World Peace Foundation (reprints of many documents on intergovernment debts, with explanatory comments).

 

  1. Depreciated Currencies and Foreign Exchanges

#Angell, J. W., Theory of International Prices (1926): chs. 7, 17.

#—————–, Exchange Depreciation, Foreign Trade and National Welfare (Proceedings, Academy of Political Science, June, 1933).

# Keynes, J. M., Monetary Reform (1924): chs. 2, 3.

# Taussig, F. W., International Trade (1927): chs. 26-30.

Angell, J. W., Monetary Theory and Monetary Policy (Quar. Jour. Econ.., 1925).

Brown, W. A., England and the Gold Standard (1928).

Cassel, G., Money and Foreign Exchange After 1914 (1922).

————, Post-War Monetary Stabilization (1928).

Dulles, E. L., The French Franc, 1914-1928 (1929).

Fetter, F. W., Monetary Inflation in Chile (1931).

Graham, F. D., Exchange, Prices and Production in Hyper-Inflation: Germany, 1920-1923 (1930).

Keynes, J. M., Treatise on Money (1930): see index for relevant sections.

Nogaro, B., La monnaie (1924). English translation: Modern Monetary Systems (1927).

Rist, C. La déflation en pratique (1924).

Rogers, J. H., The Process of Inflation in France, 1914-1927 (1929).

U. S. Senate, Commission of Gold and Silver Inquiry: Foreign Currency and Exchange Investigation (by J. P. Young. 2 vols.; 1925).

U. S. Tariff Commission, Depreciated Exchange and International Trade (2 ed., 1922).

__________________________

Source: Hoover Institution Archives, Milton Friedman Papers, Box 5, Folder 5.12 (Student years)

Image Source:  James Waterhouse Angell’s July 18, 1922 U.S. passport application. National Archives.

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Chicago Courses Exam Questions Uncategorized

Chicago. Money and Banking. Economics 330 Exam. Autumn 1932

Here we have the exam questions and Milton Friedman’s choices together with his notes for one of the answers to Lloyd Mints’ graduate course (first in a sequence of the two quarter courses.) on Money and Banking in 1932.

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[Univ. of Chicago]

[Milton Friedman (MF signature)]

 

ECONOMICS 330
Autumn, 1932

Write on any four questions.

  1. [✓] “The banks could either keep the demand for real capital within the limits set by the supply of savings or keep the price level steady; but they cannot perform both functions at once.” (Hayek) Discuss this statement critically.
  2. “Only the purely static quantity theory needs no index number, for its comparisons assume relative prices to be unchanged inter se. The objections to Professor Fisher’s Equation of Exchange arise mainly from the faults of the price index implied in it.” (Hawtrey) Explain and evaluate this statement.
  3. [✓] The criticism is sometimes made of the quantity theory that it assumes other things to be equal, whereas in fact they are not. Discuss this criticism. What “other things” are referred to?
  4. Discuss the relation between the k of Keynes’ earlier equation and the velocity of circulation.
    b. Discuss the statement that changes in the velocity of circulation of goods cannot bring about changes in the price level because of the fact that they necessarily bring about compensating changes in the velocity of circulation of money.
  5. [✓] According to Keynes’ analysis what would it be necessary to do in order to eliminate the business cycle? State and support your opinion of Keynes’ conclusion.

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[Milton Friedman’s right margin notes for Question 4:]

n=pk
p=\frac{n}{k}
\frac{n}{k}=\frac{MV}{T}\text{ (MF then cancels }n\text{ with }M\text{)}
\frac{1}{k}=\frac{V}{T}
k=\frac{T}{V}=\frac{1}{V}

Source: Hoover Institution Archives, Milton Friedman Papers, Box 115, Folder  13 (Biographical. Class exams, ca 1932-38).

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Cf. Keynes: Tract on Monetary Reform (1923), p. 76-77

“We can measure this definite amount of purchasing power in terms of a unit made up of a collection of specified quantities of their standard articles of consumption or other objects of expenditure….Let us call such a unit a ‘consumption unit’ and assume that the public require to hold an amount of money having a purchasing power over k consumption units. Let there be n currency notes or other forms of cash in circulation with the public, and let p be the prices of each consumption unit (i.e., p is the index number of the cost of living), then it follows from the above that n = pk. This is the famous Quantity Theory of Money.”

 

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Chicago Courses

Chicago. Money and Banking. Economics 331. Mints 1932

This is the reading list for the second quarter of the two-quarter sequence Money and Banking taught by Lloyd Mints in 1932. The Economics 330 reading list for the Summer of 1932 is found in the previous posting. There you will also find a course description for both quarters. This reading list come from the papers of Albert G. Hart at Columbia University Archives. Handwritten annotations by Hart are written in italics inside of square brackets.  My additions are likewise within the square brackets and placed inside parentheses, i.e. [Hart annotation (Collier addition)]. As for the previous post I have substituted asterisks for checkmarks that appear to designate required or recommended reading.

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Reading Reference

Economics 331

MONEY AND BANKING

  1. Control through the routine operations of the banking system (banking theory)
    1. The earning assets of commercial banks
      [*one (of Agger, Dunbar or Conant)]

      1. Agger, Organized Banking, pages 37-52
      2. Dunbar, The Theory and History of Banking, in the second edition chapter III, pages 20-38
      3. Conant, The Principles of Money and Banking, Vol. II, Book IV, pages 45-56.
      4. [*]Moulton, Commercial Banking and Capital Formation, in the Journal of Political Economy, vol. 26, pages 705-731.
    2. Deposits and notes
      [1 of Agger, Conant, Dunbar]

      1. Agger, part of chapter II, pages 53-63; and chapters IV and V, pages 76-104.
      2. Conant, Vol. II, Book IV, chapters II, part of III, and VII, pages 17-44, 57-66, 143-164.
      3. Dunbar, chapter V, pages 54-66.
      4. Dunbar, chapter VI, pages 67-77.
        [Mints, J.P.E. Elasticity of bank notes]
    3. Reserves
      1. Conant, Vol. II, Book IV, chapter IV, pages 67-84.
      2. Agger, chapters VIII and IX, pages 140-174.
      3. Warburg, The Discount System in Europe (National Monetary Commission)
    4. The Expansion of bank loans and deposits
      [W. Withers U… of Bank(?) Funds(?)]

      1. Agger, pages 31-33.
      2. [*]Cannan, The Meaning of Bank Deposits, in Economica for January, 1921, pages 28-36.
      3. Phillips, Bank Credit, chapters II, III, and IV, pages 13-83.
      4. Lawrence, Stabilization of Prices, pp. 327-367. [sample]
      5. Bradford, Borrowed Reserves and Bank Expansion, in the Quarterly Journal of Economics, Vol. 43 (November, 1928), pp. 179-184.
  2. Control through the financial system as exemplified in Europe (particularly England) and the United States.
    1. Development of the English Banking system
      1. Dunbar, chapter on the Bank of England, in the second edition ch XI, pages 191-227.
      2. Andreades, A History of the Bank of England, pages 269-294.
      3. [*]Bagehot, Lombard Street, in the edition of 1915, chapters III and VII, pages 74-97, 153-197.
      4. Withers, The English Banking System, chapter II, pages 65-98.
      5. [A. C. Feareryear. The Pound Sterling]
    2. The London Money Market
      1. Bagehot, edition of 1915, chapter XII, pages 284-309.
      2. Interviews on the Banking and Currency Systems of England, Scotland, France, Germany, Switzerland, and Italy (The National Monetary Commission), pages 7-59.
        [one (of either Whitaker or Furniss below)]
      3. Whitaker, Foreign Exchange, chapters VIII and XX.
      4. Furniss, Foreign Exchange, chapters XII and XIII.
      5. Withers, The English Banking System, chapter I.
      6. Withers, The Meaning of Money, pages 107-172.
      7. Spalding, The London Money Market, chapters IV, V and VII.
      8. Leaf, Banking, chapters III, VII and VIII.
      9. Willis, The Federal Reserve System, pages 1009-1016.
      10. [*]Escher, Foreign Exchange Explained, chapters III, and X-XII
      11. Willis and Beckhart, Foreign Banking Systems, Ch. XVII, pp. 1144-1243.
      12. Plummer, The Currency Settlement in England, in the Quarterly Journal of Economics, Vol. 43 (November, 1928), pp. 171-179
      13. The Federal Reserve Bulletin, Vol. 14 (1928), pp. 564-569 (British Currency and Bank Note Act of 1928)
        [(and) vol 17 (October 1931), pp. 553-4, 571)]
    3. The Bank of France and the Reichsbank
      1. Dunbar, chapters on the Bank of France and the Reichsbank, in the second edition chapters IX and XII.
      2. Interviews, pages 189-218, 371-391.
      3. Miscellaneous Articles on German Banking (The National Monetary Commission) pages 69-102.
      4. Riesser, The Great German Banks, (National Monetary Commission) pages 347-383, 987-994.
      5. Hauser, Germany’s Commercial Grip on the World, pages 61-91.
      6. The Federal Reserve Bulletin:
        1. Vol. 10 (1924), pp. 854-858 (The Reichsbank law of 1924)
        2. Vol. 14 (1928), pp. 570-577 (The French monetary law of 1928)
      7. Fairchild, German War Finance—A Review, in the American Economic Review, Vol. XII, (June, 1922) pages 246-261.
      8. Beckhart, The Discount Policy of the Federal Reserve System, chapter II, pages 30-98.
      9. Liesse, Evolution of Credit and Banks in France (National Monetary Commission), pages 193-239.
      10. [*]Willis and Beckhart, chapters VII and VIII, pp. 522-722.
    4. Evolution of the American Banking System
      1. [*]One of the three following-named books:
        1. Dewey, State Banking before the Civil War; and Chaddock, the Safety Fund Banking System in New York, 1829-1866.
        2. Huntington, A History of Banking and Currency in Ohio before the Civil War
        3. Preston, History of Banking in Iowa
      2. Miller, Banking Theories in the United states before 1860.
      3. [**]Sprague, Crises Under the National Banking System, chapter I.
      4. Hepburn, History of Currency in the United States, pages 306-410.
      5. Noyes, The War Period of American Finance, pages 34-50.
      6. Sprague, Banking Reform in the United States, pages 9-130.
      7. Davis, Origin of the National Banking System.

Source: Columbia University Libraries, Manuscript Collections. Albert Gailord Hart Papers. Box 60. Folder “Mints, Money 1932”.

 

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Chicago Courses Syllabus

Chicago. Money and Banking, Economics 330 Mints, 1932

The following reading list for Lloyd Wynn Mints’ course “Money and Banking” (Summer Quarter of 1932) was hand-marked by Albert G. Hart indicating either required or recommended readings. Everything in italics and within square brackets, [], are Hart’s additions. I have substituted asterisks for Hart’s use of checkmarks. My additions are placed inside parentheses within the square brackets [()].

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E: THE FINANCIAL SYSTEM AND FINANCIAL ADMINISTRATION

Courses 330, 331 are introductory to the problem and research courses.

330, 331. Money and Banking.–This is a double course having two objectives. (1) The student is expected to make a wide acquaintance with the literature of the field and to become familiar with those theories and principles in the fields of money and banking which are essential to an intelligent understanding of the problems arising in these fields. The relation of a medium of exchange to the processes by which changes in the price level are brought about is critically examined. Consideration is given to the principles which should govern the operations of individual commercial banks and of the banking system, and to the relation of these operations to changes in the price level and business conditions. (2) Time is devoted to a discussion of the feasibility of control of economic activities through the pecuniary system. The outstanding issues in international finance are surveyed. Prerequisite: accounting and statistics and Economics 230 or its equivalent. Summer, Autumn, Winter, Mints.

Source: Announcements, The University of Chicago, Vol. XXXII, no. 12 February 1932. Arts, Literature and Science for the Sessions of 1932-33, p. 358.

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Economics 330
Money and Banking

  1. The functions of money and banking
    1. The origins of money
      1. Monroe, Monetary Theory before Adam Smith (See the table of contents)
      2. Moulton, Readings in Money and Banking, pages 45-74
      3. Phillips, Readings in Money and Banking, pages 7-25
    2. The functions of money
      1. Monroe (See table of contents)
      2. Mill, Principles of Political Economy, Book III, ch. 7
      3. Foster and Catchings, Money, pages 1-52
      4. Holdsworth, Money and Banking, ch. 1
      5. Johnson, Money and Currency, ch. 1 and 2
      6. Kinley, Money, ch. 1
      7. Marshall, Money, Credit, and Commerce, pages 12-20
      8. Moulton, Financial Organization of Society, ch. 1-3
      9. Moulton, Money and Banking, Part I, pages 5-13, 31-44
      10. Scott, Money and Banking, pages 1-49
    3. The functions of banking
      1. Gilbart, The History, Principles and Practice of Banking, Michie edition, Vol. I, pages 210-223
      2. Mill, Book III, ch. 11
      3. McLeod, Theory and Practice of Banking, Vol. I, pages 313-326
      4. [*]Agger, Organized Banking, pages 3-36
      5. [*]Conant, Principles of Money and Banking, Vol. II. Pages 206-219; 239-255
      6. [*]Dunbar, Theory and History of Banking, pages 1-19
      7. [*]Moulton, In the Journal of Political Economy, Vol. 26, pages 484-508; 638-663; and 849-881
      8. Watkins, (and Moulton) in the Journal of Political Economy, Vol. 27, pages 578-605
      9. Steiner, Some Aspects of Banking Theory, pages 34-67
      10. Veblen, Theory of Business enterprise, pages 91-132
  2. Statement of theories concerning the relation of money and banking to the price level
    1. Monroe, chs. 7, 12, 19, 22, 29, 30, 34
    2. [1*]Ricardo, Principles of Political Economy (Gonner edition) ch. 27
    3. [2*]Mill, Book III, chs. 7-13
    4. Laughlin, Principles of Money, chs. 8 and 9
    5. [3*]Fisher, Purchasing Power of Money, chs. 2-5 [,8]
    6. Anderson, The Value of Money, ch. 20 [sample]
    7. [4?*]Cassel, Theory of Social Economy, ch. 11
    8. [5*]Hawtrey, Currency and Credit, pages 1-110 [(3rd ed. )]
    9. Keynes, Monetary Reform, pages 81-95
    10. Cannan, Money, 4th or 5th edition, parts I and II.
    11. Robertson, Money, revised edition, chs. 2, 3, and 4.
    12. [*]Marshall, Money, Credit, and Commerce, pp. 38-50
    13. Phillips, Readings in Money and Banking, pp. 178-212
    14. [**]Pigou, The Value of Money, in the Quarterly Journal of Economics for 1917-18, pp. 38-65
    15. Foster and Catchings, Money, ch. 10
    16. Kemmerer, Relation of Money and Credit to Prices, Book I, chs. 1 and 2; Book II, chs. 1 and 8
    17. Scott, Money and Banking, ch. 4
    18. [**]Keynes, A Treatise on Money, Vol. I, chs. 9-12 and 14[-17]
  3. Appraisal of these theories by means of
    1. Logical analyses
      [Vol I of Keynes, pp. 53-120, 221-39]

      1. Anderson, The Value of Money, chs. 2-19
      2. Burns, The Quantity Theory and Price Stabilization, in The American Economic Review for December, 1929; Part III, pp. 573-579.
      3. [*]Davenport, Velocities, Turnovers and Prices, in The American Economic Review for March, 1930; pp. 9-19
        [cf. Marget in J.P.E.]
      4. Laughlin, The Principles of Money, ch. 8
      5. Lewinski, Money, Credit and Prices, chs. 1 and 3
    2. Examination of the process of changes in the price level
      1. In countries whose governmental budgets were unbalanced
        1. Early European experiences
          1. Moulton, Money and Banking, pp. 89-95; 144-148
          2. Fisher, pp. 252-256
          3. Seligman, Currency Inflation and Public Debts
          4. Johnson, Money and Currency, ch. 14
          5. Walker Money ch. 16
          6. [*]Cannan, The Paper Pound of 1797-1821; contains the text of the Bullion Report
          7. Sumner, History of American Currency, ch. 2 and the appendix, pp. 311-324; contains the text of the Bullion Report
          8. [*]Hawtrey, Currency and Credit, 1st. and 2nd. Editions, chs. 15 and 16; 3rd edition, chs. 17 and 18
          9. Andreades, A History of the Bank of England, pp. 161-242
          10. [?]Angell, The Theory of International Prices, ch. 3
            [Harris, Assignat]
        2. American experience: pre-war
          [D C Barrett, Greenbacks]

          1. White, Money and Banking, Book II, pp. 79-192
          2. Moulton, Money and Banking, pp. 148-199; 210-248
          3. Hepburn, History of Currency in the United States, chs. 2, 11 and 13; but see also the table of contents
          4. Sumner, especially pp. 1-59 and 189-227
          5. Johnson, Money and Currency, pp. 272-290
          6. [Best]Mitchell, History of Greenbacks, especially Part I, chs. 1 and 2; and Part II, ch. 10
          7. Noyes, Forty Years of American Finance, chs. 1-3
          8. Fisher, pp. 256-265
          9. Walker, Ch. 15
        3. American experience: World War
          1. Garrett, Government Control over Prices (published by the War Trade Board), pp. 23-59.
          2. Comptroller’s Reports. See, for example, that for 1926, especially pp. 268-282.
          3. Annual Reports of the Secretary of the Treasury; that for 1920, pp. 104-6; 413-16.
          4. Federal Reserve Bulletins.
          5. The Statistical Bulletin of the Standard Statistics Company.
          6. Annual Report of the Federal Reserve Board for 1926; especially pp. 40-2; 134; 142-3; and 220.
          7. The Review of Economic Statistics for July, 1927; pp. 121-141.
          8. Hardy and Cox, Forecasting Business Conditions, chs. 19-22 and Appendix A.
        4. European experience: World War
          Great Britain

          1. [*]Young, John Parke, European Currency and Finance (U. S. Senate Commission of Gold and Silver Inquiry). Vol. I, pp. 273-306; 442-69.
            [Something (from items 2-9)]
          2. Withers, Bankers and Credit, chs. 2, 4, and 5.
          3. Kirkaldy, British Finance, 1914-1921.
          4. Shaw, Currency, Credit and the Exchanges, chs. 1 and 3.
          5. Hawtrey, Monetary Reconstruction.
          6. Keynes, A Treatise on Money, Vol. II, pp. 170-89.
          7. Jack, The Restoration of European Currencies, ch. 2.
          8. Robertson, revised edition, ch. 6.
          9. Harris, Monetary Problems of the British Empire, pp. 65-82, 157-168.

          France

          1. [*]Rogers, The Process of Inflation in France, chs. 6, 11, and 12.
          2. Dulles, The French Franc, 1914-1928, chs. 1, 7, 8 and 9.
          3. Young, Vol. I, pp. 307-46; 470-93.
          4. Moulton and Lewis, The French Debt Problem.
          5. Jack, ch. 7.

          Germany

          1. [*]Graham, Exchange, Prices, and Production in Hyper-Inflation: Germany, 1920-1923, pp. 3-173.
          2. Young, Vol. I, pp. 387-430; 522-42.
          3. Rogers, ch. 7
          4. Jack, ch. 6.
          5. Moulton and McGuire, Germany’s Capacity to Pay.
          6. Keynes, Economic Consequences of the Peace.
          7. Schacht, Stabilization of the Mark.

          Austria

          1. [*]de Bordes, The Austrian Crown, pp. 144-229.
          2. Young, Vol. II, pp. 9-25, 291-297.
          3. Jack, ch. 10

          Some general references on the theory of international prices.

          1. Mill, Book III, chs. 20-22.
          2. Young, Vol. I, pp. 29-49.
          3. Taussig, Principles of Economics, first edition, Vol. I, pp. 458-462.
          4. Viner, Canada’s Balance of International Indebtedness, pp. 191-255.
          5. Cassel, Money and Foreign Exchange after 1914, pp. 137-169, 187-202.
          6. Keynes, Monetary Reform, pp. 95-116.
          7. Taussig, International Trade, pp. 34-42, 337-408; but especially pp. 337-358.
          8. Angell, The Theory of Internaitonal Prices, chs. 7, 14-17.
      2. During a peace-time business cycle.
        1. [*]Mitchell, Business Cycles: The Problem and its Setting, ch. 2.
        2. Mitchell, Business Cycles (1913), pp. 6-18.
        3. Pigou, Industrial Fluctuations, Part I, chs. 8, 12-17; but particularly chs. 8 and 12.
        4. Cassel, Theory of Social Economy, chs. 17 and 19, and pp. 458-467.
        5. Keynes, A Treatise on Money, Vol. I, chs. 18 and 19.
        6. Fisher, ch. 4.
        7. Foster and Catchings, Money, particularly ch. 20, but also ch. 18.
        8. Foster and Catchings, Profits, last chapter.
        9. Anderson, ch. 10.
        10. Laughlin, pp. 92-112.
        11. Adams, Economics of Business Cycles, pp. 198-233.
        12. Hansen, Business Cycle Theory, chs. 1 and 6.
        13. Wagemann, Economic Rhythm, chs. 18 and 19.
        14. Copeland, Two Hypotheses Concerning the Equation of Exchange, in the Journal of the American Statistical Association, Proceedings, 1929, pp. 146-48.
        15. Copeland, Recent Changes in Our Wholesale Price Level, in the Journal of the American Statistical Association, Proceedings, 1930, pp. 164-169.
        16. Copeland, Special Purpose Indexes for the United States, 1919-1927, in the Journal of the American Statistical Association for June, 1929, pp. 109-122.
        17. Some convenient sources of data:
          1. Hardy and Cox, Appendix A.
          2. Schluter, The Pre-War Business Cycle
          3. Standard Statistics Bulletin
          4. Federal Reserve Bulletin
          5. Annual Reports of the Federal Reserve Board
          6. Survey of Current Business
      3. During a longer period covering several cycles.
        1. Cassel, Theory of Social Economy, pp. 467-473.
        2. Fisher, chs. 10-12 and respective appendices.
        3. Laughlin, Money and Prices, chs. 2-4, and 6.
        4. Anderson, ch. 19.
        5. Davis, The Quantity Theory and Recent Statistical Studies, in the Journal of Political Economy for March, 1921, pp. 213-221.
        6. Working, Prices and the Quantity of the Circulating Medium, 1890-1921, in the Quarterly Journal of Economics for 1922-23, pp. 228-256.
        7. Working, Bank Deposits as a Forecaster of the General Price Level, in the Review of Economic Statistics for 1926, pp. 120-133.
        8. Snyder, New Measures in the Equation of Exchange, in the American Economic Review for December, 1924, pp. 699-713.
        9. Edie, Gold Production and Prices before and after the World War.
        10. Burns, The Quantity Theory and Price Stabilization, in the American Economic Review for December, 1929, pp. 561-573.
        11. Kitchin; Berridge; Coyle; a series of articles on the production and consumption of gold, in the Review of Economic Statistics for 1920-21, 1924-26, and 1929.

[Business cycle

Hawtry Trade & Credit. “Trade Cycle”
J. M. Clark JPE Mar 1917 “Business Acceleration & law of demand”, Overhead Costs ch 19, esp. pp. 386-96]

Source: Columbia University Libraries, Manuscript Collections. Albert Gailord Hart Papers. Box 60. Folder “Mints, Money 1932”.

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Yale

Yale. Irving Fisher recording on 100% reserves, 1938

Voice recording of a campaign endorsement by Irving Fisher for Jerry Voorhis, a Yale Phi Beta Kappa, and apparent advocate of the sort of monetary reform that Irving promoted. By the way, Voorhies was defeated by Richard Nixon in 1946.

 

Image source: Voorhis campaign license plate attachment, on display at Nixon Presidential Library and Museum, Yorba Linda CA.

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Chicago Courses Syllabus

Chicago. Banking Theory and Monetary Policy. Mints, 1942

“Lloyd Mints, though less brilliant and exciting than Viner, served the same function for us in monetary theory that Viner did in price theory. His Economics 330 and 331 introduced us to the organic core of monetary theory. Like Viner, Mints concentrated on the fundamentals, not on institutional arrangements. He was thorough and meticulous in his presentations and, again, like Viner, assigned us readings ranging over a wide variety of views.”
Rose Friedman in Milton and Rose D. Friedman, Two Lucky People: Memoirs (1998), p. 38.

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E: MONEY, BANKING, AND BUSINESS CYCLES

  1. Money.—An examination of various theories of the factors which determine the value of money in the short and in the long run. Prerequisite: Economics 230 [Mints’ course, Introduction to Money and Banking] or equivalent. Summer, 1:30; Autumn, 2:30; Mints.
  1. Banking Theory and Monetary Policy.—Theories upon which the Federal Reserve Act is based; the validity of these theories; and the possible objectives and techniques of central-bank and monetary management. Prerequisite: Same as for Economics 330. Summer, Winter, 2:30, Mints.

Source: Announcements, The University of Chicago, Vol. XLI, No. 10 (April 25, 1941). The College and the Divisions for the Sessions of 1941-42, p. 310.

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NOTE: The following reading list for Lloyd Wynn Mints’ course “Banking and Monetary Policy” (Winter Quarter of 1942) was hand-marked by Norman Kaplan with sufficient detail to warrant including his notes with the original reading list. Everything in italics and within square brackets, [], are Kaplan’s additions. A few non-italicized corrections/comments of mine are inside parentheses within the square brackets [()].

The identical printed reading list can be found at the Hoover Institution Archives, Milton Friedman’s papers (Box 5, Folder 12: Student years), together with other course reading lists. Since Milton Friedman himself never took this course according to his own course records and his copy of the reading list for Economics 331 definitely looks to be of a later vintage (at least less worn) from that of his reading list for Economics 330, we cannot conclude with any certainty that the reading list remained completely unchanged for the entire decade 1932-42.

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ECONOMICS 331
BANKING AND MONETARY POLICY

[Lloyd Mints, University of Chicago, Winter Quarter 1942]

  1. Theoretical and historical foundations of the Federal Reserve Act
    1. Theoretical
      1. Smith, The Wealth of Nations, part of Book II, chapter 2; in Everyman’s edition, pages 266-286 [in Vol I; for sake of completeness, Vol II]; in Cannan’s edition, pages 285-304
        [Read]
      2. Ricardo, Reply to Mr. Bosanquet’s Practical Observations on the Report of the Bullion Committee, chapter 5; in Gonner’s edition of Ricardo’s essays, pages 113-119
      3. Mill, Principles of Political Economy, Book III, chapter 24
      4. Scott, Money and Banking; in the second edition, pages 147-176
      5. Willis, The Federal Reserve, pages 46-84, 176-191
      6. Warburg, The Discount System in Europe (The National Monetary Commission)
      7. Dunbar, The Theory and History of Banking, chapters 3, 5, and 6
      8. Agger, Organized Banking, pages 31-33, 37-63, 140-174
        [Read pp. 31-33]
      9. Conant, The Principles of Money and Banking, Vol. II, pages 17-110, 143-163
      10. Moulton, Commercial Banking and Capital Formation, in the Journal of Political Economy, Vol. 26 (1918), pages 705-731
      11. Cannan, The Meaning of Bank Deposits, in Economica for January, 1921, pages 28-36
      12. Phillips, Bank Credit, chapter 3
        [Read]
      13. Angell and Ficek, The Expansion of Bank Credit, in the Journal of Political Economy, Vol. 41 (1933), pages 1-32, 152-193
        [Read Viner, Trade, pp. 218-288]
    2. Historical: The development of the Bank of England and the London money market
      1. Dunbar, The Theory and History of Banking, the chapter on the Bank of England
        [Read]
      2. Feavearyear, The Pound Sterling, A History of English Money
      3. Andreades, A History of the Bank of England
      4. Bagehot, Lombard Street, chapters 3, 7, 9-12
      5. Whitaker, Foreign Exchange, the chapter on “Foreign Money Market Factors”; in the first edition, chapter 8
        [Read]
      6. Leaf, Banking, chapters 3, 7 and 8
      7. Willis and Beckhart, Foreign Banking Systems, chapter 17
      8. Report of the Committee on Finance and Industry (The Macmillan Report), chapter 4
      9. The Report of the Bullion Committee; to be found in “The Paper Pound of 1797-1821,” edited by Cannan
        [Read]
      10. Gregory, the introduction to the reprint of the “History of Prices,” by Tooke and Newmarch; especially pages 69-91
    3. Historical: the development of banking in the United States before 1913
      1. Dewey, State Banking before the Civil War; and Chaddock, the Safety Fund Banking System in New York, 1829-1866 (The National Monetary Commission)
      2. Hepburn, History of Currency in the United States
      3. Noyes, The War Period of American Finance
      4. Sprague, Crises Under the National Banking System, chapter 1
        [*Read]
      5. Davis, Origin of the National Banking System
      6. The appropriate chapters in any good economic history of the United States
        [Read]
      7. Miller, Banking Theories in the United States before 1860
  1. The organization and operation of the Federal Reserve system
      1. Hardy, Credit Policies of the Federal Reserve System
        [Read]
      2. Burgess, The Reserve Banks and the Money Market
        [Read]
      3. Currie, The Suppply and Control of Money in the United States
        [Read a little if you have time]
      4. Willis and Steiner, Federal Reserve Banking Practice
        [Omit]
      5. Annual Report of the Federal Reserve Board for 1923, pages 3-39
        [*Read. Written by Walter W. Stewart, Mints thinks. Represents position of old Board which was homogeneous & consistent until 1934.]
      6. Woodworth, Supplement to Kilborne’s “Principles of Money and Banking” (1934; on recent developments)
      7. The Federal Reserve Bulletin for September, 1935 (the banking act of 1935)
      8. Huffman, Expansion Possibilities of Our Banking System, in the Journal of Political Economy, Vol. 34 (1926), pages 717-741.
        [Read if you want to]
        [added: Willis, Federal Reserve (not Res. System, a later book cf. A.5 for pages) 1st 2 or 3 chapters on what it was they were interested in in getting banking reform]
  1. The Problem of Monetary Policy
      1. Keynes, The Means to Prosperity
        [Omit]
      2. ________, Monetary Reform, pages 167-222[Read, not so important]
      3. ________, A Treatise on Money, Vol. I, pages 185-220, Vol. II, pages 211-408
        [Omit]
      4. Hawtrey, Trade Depression and the Way Out; in the first edition, pages 68-84
        [Read this or ch. 8 (of The Art of Central Banking by Hawtrey)]
      5. ________, The Art of Central Banking, chapters 5,7, and 8
        [(Read) ch. 8 or pp. 68-84 (of Trade Depression and the Way Out by Hawtrey)]
      6. Whittlesey, Banking and the New Deal (Public Policy Pamphlet No. 16)
        [Read if you want to]
      7. Fisher, 100% Money
        [Read if you don’t understand 100% money]
      8. Gayer, Monetary Policy and Economic Stabilization
        [Read if you want to]
      9. Report of the Committee on Finance and Industry (the Macmillan Report)
        [Read if you want to]
      10. Simons, Currency Systems and Commercial Policy; in the Report of the Commission of Inquiry into National Policy in International Economic Relations, pages 344-349
        [Read]
      11. ________, Rules versus Authorities in Monetary Policy, in the Journal of Political Economy for February, 1936
        [Read Esp.]
      12. ________, A Positive Program for Laissez Faire (Public Policy Pamphlet No. 15)
        [Read]
      13. Gregory, The Gold Standard and its Future
        [Read if you want to]
      14. Hansen, Economic Stabilization in an Unbalanced World, pages 277-323
        [Read]
      15. Robertson, Banking Policy and the Price Level
        [ Written as a reaction against stable price level protagonists.]
      16. ________, Theories of Banking Policy, in “Economic Essays and Addresses,” by Pigou and Robertson, pages 95-115
        [Also in Robertson’s Essays in Monetary Theory]
      17. Harrod, The Expansion of Credit in an Advancing Community, in Economica, New Series, Vol. I (1934), pages 287-299
        [Omit]
      18. Durbin, The Problem of Credit Policy, pages 80-87, 109-241
        [Omit]
      19. Mahr, Monetary Stability (Public Policy Pamphlet No. 9)
        [Omit]
      20. Cassel, A Theory of Social Economy; in the McCabe translation, pages 414-419, 473-481
        [You might read this if you want to]

[Read these:

Henry Villard, “Federal Reserve System’s Monetary Policy in 1931 & 1932.” JPE (To be read in connection with II)

L.V. Chandler, “Monopolistic Elements in Commercial Banking” JPE
G. L. Bach, “Monetary Policy & the Price Level”, typewritten condensation of doctoral dissertation

Optional on gold vs. Paper

C. R. Whittlesy, International Monetary Issues, chs. 4-7 (for paper)
F. A. Hayek, Monetary Nat’lism & Internat’l Stability (for gold)
Gregory, pro-gold standard
Heilperin (a book Mints can’t remember published in last 3 years)

You should read some in:

Hansen, Fiscal Policy & Business Cycles, ch. 15 esp.]

________________________________________________

Source: Kaplan, Norman Maurice. Papers, [Box 3, Folder 6], Special Collections Research Center, University of Chicago Library.

Image Source: From a Japanese webpage that certainly appears to be about the Chicago School(s) of Economics. Here is the link to the picture of Mints.

 

Categories
Economists Funny Business

Primer for Little Political Economists. 1896

The  economics of Henry George like you have never seen before. Some clip-art to add to presentations. Here an example I have already used.

___________________

The Up-To-Date Primer:
A First Book of Lessons for Little Political Economists.

In Words of One Syllable
With Pictures

By J. W. Bengough

Designed for use in Schools, Colleges, Universities and other Seats of Learning

NEW YORK
FUNK & WAGNALLS COMPANY
LONDON AND TORONTO
1896

Categories
Columbia Courses Economists Syllabus

Columbia. Introductory Economics. First-term, 1912-13.

According to the Columbia University Catalogue for 1912-13, Economics 1-2, Introduction to economics–Practical economic problems was a 3 hour course taught by Professors Seager, Mussey, Agger, and Dr. Anderson. According to this outline it would appear that these instructors taught the material in the assigned textbook readings listed and once a week, a professor from the graduate faculty of Political Science would hold a lecture. The printed copy of the lectures and assignments transcribed here was found in the Papers of John Bates Clark.

________________________

Columbia College

Lectures and Assignments, Economics I.
[1912-13]

 

SEPTEMBER
27 Introductory Lecture. Professor H. R. Seager
30 ELY, Chapter I.—Nature and Scope of Economics.
OCTOBER
2 SELIGMAN, Chapter V.—The Economic Stages.
4 Lecture. The Accumulation of Economic Facts. Prof. R. E. Chaddock.
7 SELIGMAN, CHAPTER IV.—The Historical Forms of Business Enterprise
9 SELIGMAN, CHAPTER IX.—Private Property
11 Lecture. Conservation as an Economic Movement. Prof. R. E. Chaddock.
14 SELIGMAN, CHAPTER X.—Competition
16 SELIGMAN, CHAPTER XI.—Freedom
18 Lecture. A Method of Approaching and Testing Economic Reforms. Prof. R. E. Chaddock.
21 ELY, Chapter VII.—Elementary Concepts. To page 101.  
23 ELY, Chapter VIII.—Consumption. Pages 106 to 113 to “Luxury”
25 Lecture. Value and Price. Dr. B. M. Anderson, Jr.
28 ELY, Chapter IX.—Production. Pages 121-131 incl. (omitting 132-145).
30 Written Quiz covering all the above.
NOVEMBER
1 Lecture. Normal Price. Dr. B. M. Anderson, Jr.
4 ELY, Chapter XI.—Value and Price. Pages 156-163 to “Elasticity”. [corrected by hand from “Electricity”]
6 ELY, Chapter XI.— Value and Price. Pages 163-168 incl.
8 Lecture. Capitalization of Value. Dr. B. M. Anderson, Jr.
11 ELY, Chapter XII.—Value and Price. Pages 170-177 to “The Surplus of Bargaining”.
13 ELY, Chapter XII.— Value and Price. Pages 177-186.
15 Lecture. The Size of the Population. Prof. H. L. Moore.
18 ELY, Chapter XIII.—Monopoly. Pages 187-192 to “Classification” and page 197 “Monopoly Price” to page 201.
20 ELY, Chapter XIII.—Monopoly. Pages 201-208 to “Monopolies and the Distribution of Wealth”.
22 Lecture. The Quality of the Population. Prof. H. L. Moore.
25 Review.
27 Written quiz.
29 Thanksgiving Holidays.
DECEMBER
2 ELY, Chapter XIX.—Distribution as an Economic Problem, Pages 315-325.
4 ELY, Chapter XIX.— Distribution as an Economic Problem, Pages 326-333.
6 Lecture. Efficiency and Income. Prof. H. L. Moore.
9 SELIGMAN, Chapter XXIII.—Profits. Sections 152-154 incl.
11 SELIGMAN, Chapter XXIII.—Profits. Sections 155-157 incl.
13 Lecture. Profits. Prof. J. B. Clark.
16 ELY, Chapter XXI.—Rent of Land. Pages 348-357 to “The Different Uses of Land”.
18 ELY, Chapter XXI.—Rent of Land. Pages 357-366.
20 Lecture. The Rent of Land and the Single Tax. Prof. J. B. Clark.
Christmas Holidays
JANUARY, 1913
6 ELY, Chapter XXII.—The Wages of Labor. Pages 367-376 to “Subsistence Theory.”
8 ELY, Chapter XXII.—The Wages of Labor. Pages 376-385.
10 Lecture. Wages of Labor. Prof. J. B. Clark.
13 ELY, Chapter XXIV.—Interest. Pages 416-425 to “The Shifting of Investment”.
15 ELY, Chapter XXIV.—Interest. Pages 425 to 438 omitting fine print.
17 Lecture. Capital and Interest. Prof. J. B. Clark.
20 Review

The text assignments are to the 1910 editions of Prof. E. R. A. Seligman’s Principles of Economics and to Prof. R. T. Ely’s Outlines of Economics.

 

            COLLATERAL READING: (Pages to be assigned)

Bücher Industrial Evolution

Bullock Readings in Economics.

George Progress and Poverty. [Memorial Edition(1898): Vol. I, Vol. II.]

 

Source: John Bates Clark Papers, Series II.4. Box 9. Folder “Administrative Records and Course Material Undated”; Rare Book and Manuscript Library, Columbia University Library.