Author: Irwin Collier

Categories
Chicago Columbia Cornell Harvard Johns Hopkins Michigan Pennsylvania

Top Eleven Economics PhD Programs in US, 1934

A listing of 22 U.S. graduate programs in economics judged by majority vote of a jury of 54 individuals (identified by name) to be adequately staffed and equipped for work leading to the doctorate in Economics. Eleven of those programs were designated to be “distinguished”.

________________________________

Excerpt from:

American Council on Education.
Report of Committee on Graduate Instruction.
Washington, D. C., April 1934.

…In preparing a list of graduate schools the following procedure was followed:

  1. A list of 50 fields of knowledge in which it seemed possible to study the graduate work was prepared. The study as concluded covered only 35 fields.
  2. A list of the 50 fields was sent to the Dean of the graduate school of every institution known to be offering work for the doctorate. The Dean was requested to check the fields in which graduate work for the doctorate was offered, to indicate the number of doctorates conferred in the last 5 years, and to submit a list of the graduate faculty in each field. The responses of the deans varied in accuracy and comprehensiveness.
  3. From the reports of the deans, supplemented by study of catalogs, lists of institutions offering graduate work for the doctorate in each field, were prepared, complete so far as our information went.
  4. The secretary of the national learned society in each field was requested to provide a list of 100 well-known scholars distributed, as far as possible, among the various special branches of the field.
  5. To each of these scholars was sent a list of all the institutions offering work for the doctorate in the field with their respective graduate staffs in the field. Each scholar was requested to check those institutions which in his judgment had an adequate staff and equipment to prepare candidates for the doctorate; and to star the departments of the highest rank, roughly the highest 20 per cent.
  6. The returns from these scholars were summarized, and those institutions accorded a star by the majority voting were placed in the starred group; those checked by a majority, but failing of a majority of stars, were placed in the group of those adequately staffed and equipped….

…Many votes on departments came in too late for inclusion in tabulations.

[…]

ECONOMICS
100 ballots sent out.
61 returns; majority, 31 votes.
535 doctorates were conferred in the period 1928-1932: 53 institutions offered work for doctorate.

Composite ratings were made from reports of the following persons: James W. Angell, George E. Barnett, J. W. Bell, A. B. Berglund, Roy G. Blakey, E. L. Bogart, O. F. Bouche, F. A. Bradford, T. N. Carver, J. M. Clark, Clive Day, F. S. Deibler, Paul Douglas, F. A. Fetter, Irving Fisher, F. B. Garver, Carter Goodrich, C. E. Griffin, M. B. Hammond, Alvin Hansen, C. D. Hardy, B. H. Hibbard, H. E. Hoagland, Grover G. Huebner, John Ise, Jens Jensen, Eliot Jones, Edwin Kemmerer, James E. LeRossingnol, H. L. Lutz, David McCabe, H. A. Millis, Broadus Mitchell, Wesley C. Mitchell, H. G. Moulton, C. T. Murchison, E. G. Nourse, E. M. Patterson, Carl Plohn, C. O. Ruggles, W. A. Scott, Horace Secrist, S. H. Slichter, T. R. Snavely, W. E. Spahr, R. A. Stevenson, G. W. Stocking, Frank P. Stockton, H. C. Taylor, Jesse Tullock, Francis Tyson, Jacob Viner, G. S. Watkins, A. B. Wolfe.

The jury named above has by a majority vote approved the following institutions as adequately staffed and equipped for work leading to the doctorate in Economics, starring which it considers most distinguished:

Brown University

*

 University of Chicago

*

 Columbia University University of Illinois

*

 Cornell University University of Iowa

*

 Harvard University—Radcliffe College

*

 University of Michigan
Johns Hopkins University

*

 University of Minnesota
New York University University of Missouri
Northwestern University

*

 University of Pennsylvania
Ohio State University University of Texas

*

 Princeton University University of Virginia
Stanford University

*

 University of Wisconsin

*

 University of California

*

 Yale University

[…]

 

Source: Columbia University Rare Book & Manuscript Library. William Vickrey Papers, Box 35, Folder “510.7/1934/Am3”.

Categories
Columbia Courses Syllabus

Columbia. Public Finance Syllabus. Seligman circa 1923

A printed copy of the syllabus and list of readings for the one-year, two course sequence for public finance of Edwin R. A. Seligman can be found in the papers of Robert Murray Haig who succeeded Seligman in teaching this public finance course at Columbia  in 1931-32.  The latest date in the list of readings is 1923, so I date the syllabus to the 1923-24 academic year. I have merged the reading list with the syllabus so that the reading assignments are paired with the class session(s).

_____________________________

Economics 101–Public Finance. 3 points Winter Session. Professor Seligman.
M. and W. at 1:10. 515 Kent.

General introduction and history of public finance. Different kinds of public revenues, including public domain and public property, public works or industrial undertakings, fees, and special assessments. General theories and principles of taxation, incidence of taxation, and newer social theories of taxation.

Economics 102–Public Finance. 3 points –Spring Session. Professor Seligman.
M. and W. at 1:10. 515 Kent.

Application of general principles to consideration of actual systems of taxation. Practical American problems of federal, state, and local taxation. Classes of public expenditure and fiscal principles which govern them. Public debt, methods of borrowing, redemption, etc. Fiscal organisation of state. Budgets, national,  state, and local.

Students who have not completed Economics 101 are admitted to Economics 102 only by special permission.

Source: Columbia University. Bulletin of Information, 23rd Series, No. 35 (June 2, 1923). History, Economics and Public Law: Courses Offered by the Faculty of Political Science. Announcement 1923-1924,  p. 20.

_____________________________

Columbia University
In the City of New York
ECONOMICS 101-102

OUTLINE OF LECTURES
ON
PUBLIC FINANCE

By Edwin R. A. Seligman

ECONOMICS 101

Part I
Introduction

  1. Finance and the Science of Finance. Public Finance and Fiscal Science.
  2. Relation to Economics. Content and Method.

Shirras, ch. i; Lutz, ch. i; Bastable, introduction, ch. i; Dalton, ch. i.

  1. Growth of Public Finance.

Bullock, ch. iii; Lutz, ch. ii.

  1. History and literature of Fiscal Science

Bullock, ch. i; Bastable, ch. ii; Shirras, ch. ii.

  1. The general theory of Public Finance.

Adams, introduction; Dalton, chs. ii, iii; Peck, ch. ii.

Part II
Public Revenues

  1. Historical development of public revenues.
  2.      The ancient world: Greece, Rome.
  3.      The middle ages: feudal income.
  4.      The absolute monarchy: England, the Continent.
  5.      The modern state.

Seligman I, ch. i.

  1. Classification of public revenues.

Seligman I, ch. xiv; Adams, part II, preliminary chapter; Shirras, ch. xiii; Lutz, ch. ix; Bastable, book II, ch. i; Plehn, part II, ch. i; Dalton, ch. iv.

Book I
Quasi-public Revenues

  1.    I. Prices.

   Bastable, book II, ch. ii.

  1.           Public domain.

Lutz, ch. x; Bullock, ch. v; Davies, ch. iii.

  1.                The public domain of the United States.

Adams, part II, book I, ch. i; Hibbard, chs. iv-vi, x, xv.

  1.           Public property; funds and investments.

Bastable, book II, ch. v; Dalton, ch. xiv.

  1.           Public industry: business enterprise.

Shirras, ch. xxx; Bastable, book II, ch. iii.

  1.                Fiscal monopolies.

Adams, part II, book i, ch. ii; Madsden, ch. ii.

  1.                Social monopolies: commercial undertakings.

Lutz, ch. xi; Davies, chs. vii, x, xiii.

  1.                     Coinage, credit and insurance.
  2.                     Post office, telegraph and telephone.
  3.                     Markets, docks and harbors.

Bullock, ch. vi; Smith, chs. i-iii, viii;
Barker, ch. xvi.

  1.                     Roads, canals and railways.

Dixon, chs. ix-xiv; Barker, chs. x-xii.

  1.                     Municipal monopolies; water, light and power.

Lutz, ch. xii; Watkins, passim; Barker, chs. i-ix, xiii-xv.

  1.                Public prisons and workshops.

Bastable, book II, ch. iv.

  1.    II. Fees: history, classification, description, criticism.

Bullock, ch. vii; Urdahl, part I, chs. i, ix, x; part II, chs. vi and viii; Lutz, ch. xiii.

  1.    III. Special assessments: history, theory, purposes, methods, extent, criticism.

Rosewater, chs. i, ii and v.

Book II
Taxation—General

  1. Definitions and terminology.

Lutz, ch. xiv; Bastable, book III, ch. i.

  1. Classification of taxes.

Adams, part II, book II, ch. i; Dalton, ch. v.

  1. Historical development of taxation.

Plehn, part II, ch. iv.

  1.           Ancient taxation.

Seligman I, pp. 34-37.

  1.           Mediaeval taxation.

Kennedy, chs. ii-iv; Seligman I, pp. 38-56.

  1.           Modern taxation.

Plehn, ch. v.

  1.           Local taxation.

Cannan, chs. i-iv.

  1. Essentials of taxation.

Lutz, ch. xv; Bastable, book III, ch. ii.

  1.           Reason of taxation.

Weston, ch. iii

  1.           Function of taxation.

Stamp, ch. vi; Bullock, ch. ix.

  1.           Nature of taxation.

Seligman I, ch. x; Jones, ch. i.

  1.           Limits of taxation.

Adams, ch. i.

  1.           Source of taxation.

Bullock, ch. viii.

  1. Incidence of taxation.

Seligman II, introduction; Bastable, book III, ch. v; Plehn, part II, ch. x.

  1.           Theories of incidence.

Seligman II, part I; Dalton, ch. vii; Hobson, ch. iii;
Brown, chs. iii, v; Shirras, ch. xviii; Lutz, ch. xvii.

  1.           General principles.

Conference I, pp. 424-433; Seligman II, part II, ch. i.

  1.           Application to separate taxes.

Seligman II, part II, chs. ii-viii; Seligman III, ch. ii [iii?]; Brown, chs. vii-x; Shirras, ch. xix.

  1. Influence and effects of taxation.

Seligman III, ch. iii; Stamp I, ch. v; Stamp II, ch. iv; Bullock, ch. viii; Dalton, chs. x-xii.

  1. Canons and principles of taxation.

Bastable, book iii, ch. vi; Jones, ch. iii; Stamp I, ch. i.

  1.           Secondary canons.

Jones, ch. iv; Stamp I, ch. iv.

  1.           Primary canons.

Plehn, part II, ch. iii; Bullock, ch. ix.

  1.    I. Uniformity and equality of taxation.

Bastable, book III, ch. iii; Weston, chs. v-vi; Robinson, ch. ii.

  1.           Basis of taxation.

Hobson, part I, chs. i, ii; Dalton I, part II, ch. ix.

  1.           Norm of taxation.

Seligman IV, introduction; Robinson, ch. iv.

  1.           Graduation of taxation.

Seligman III, introduction; Adams, part II,
book ii, ch. ii; Stamp I, ch. ii.

  1.                History of progressive taxation.
  2.                Facts of progressive taxation.

Seligman III, part i.

  1.                Theory of progressive taxation.

Seligman III, part ii, chs. i-iv; Weston, ch. vii.

  1.           Differentiation of taxation.

Seligman IV, pp. 22-25; Weston, ch. vii; Stamp I, pp. 83-91.

  1.    II. Universality of taxation.
  2.           Exemptions.

Seligman IV, pp. 25-29; Conference, xii, p. 477.

  1.           Double taxation.
  2.                 By the same jurisdiction.

Seligman I, ch. iv.

  1.                 By competing jurisdictions.

Conference, ii, p. 547; iv, p. 261; ix, p. 358.

  1. The tax system. Single versus plural taxation.

Bastable, book III, ch. iv.

  1.           The single tax.

Seligman I, ch. iii; Hunter, ch. xvi.

  1. Tax administrations. Tax commissions.

Seligman I, chs. xiii, xix-xxi; Lutz, passim.

 

Book III
Taxation—Special

Part I.—Direct Taxes: Taxes on Wealth.

  1. Impersonal taxes.

Bastable, book IV, ch. i.

  1.    I. Tax on real estate.

Bullock, ch. xiv.

  1.           Land tax. Taxation of forests and mines.

Conference, v, p. 345, iv, p. 313; vi, p. 371; vii, 387; viii, 338; xiii, p. 405; xiv, p. 36; xv, p. 127; Young, chs. i, v-vi and ix; King, chs. i-iv.

  1.                Unearned increment and land-value taxes.

Sheftel, chs. i, vii-x; Seligman I, ch. xvii; New York Report, pp. 100-120; Bullock, ch. xix.

  1.                House tax.

Haig I, pp. 262-280; New York Report, pp. 7-60, 85-99.

  1.    II. Tax on personal property.

Conference, xi, pp. 118, 218.

  1.           Tax on tangibles.

Hunter, ch. xi.

  1.           Tax on intangibles.

Conference, viii, p. 207; Wells, chs. xviii-xix; Hunter, ch. xii.

  1.    III. Business tax.

Bastable, book iv, ch. ii; Conference, i, p. 442; xl, p. 185.

  1.           License tax.

Bullock, ch. xvi; Conference, ii, p. 273; Hunger, ch. x.

  1.           Corporation tax.

Seligman I, chs. vi-viii; Conference, v, p. 139; vii, p. 372; Bullock, ch. xvii.

  1.           Excess-profits and other business taxes.

Haig II, summaries.

  1. Personal taxes.
  2.           Poll tax.

Bastable, book iv, ch. iii; Bullock, ch. 4.

  1.           Expenditure tax. Luxury tax.

Seligman I, ch. ii; Conference, iv, p. 299.

  1.           General property tax.

Pethick-Lawrence, passim; Soward, ch. xi; Allen, ch. viii; Pigou, part IV, ch. xi; Dalton II.

  1.                     The capital levy. Capital increment tax.

Seligman IV, part ii; Conference, vi, p. 321; ix, p. 279; x, pp. 126, 279; Haig III, pp. 1-20; Bullock, ch. xii; Comstock, chs. i, xi.

  1.           Income tax.

Seligman I, ch. v; Bullock, ch. xviii; Hunter, ch. xiv.

  1. Mixed taxes. Inheritance tax.

Conference, iv, p. 279; Soward, chs. viii, xiii.

Part II.—Indirect Taxes: Taxes on Exchange and Consumption.

  1. General considerations.

Bastable, book IV, ch. vi; Robinson, ch. iii; Pigou, part IV, ch. v.

  1. Taxes on commodities.

Bullock, ch. xxi; Plehn, part II, ch. vi; Smith, chs. viii, ix.

  1.           Customs duties.

Bastable, book IV, ch. vii; Plehn, part II, ch. vii.

  1. Stamp taxes.

Bullock, ch. xxi.

  1. Taxes on transactions.

Smith, ch. vi.

  1.      Sales tax. Luxury tax.

Industrial Conference Board, ch. iv; Seligman VI, passim.

  1. Taxes on transportation and communication.

Bastable, book IV, ch. viii.

Part III.—Local Taxation.

  1. English system.

Grice, chs. ii, iii; Cannan, ch. vi; Webb, chs. i-iii; Robinson, ch. vii.

  1. Continental systems.

Grice, chs. viii, xi, xv-xviii.

  1. American system.
  2. Relation of local, state and federal finance.

Seligman I, chs. xii, xxi.

  1. Local option and separation.

Seligman I, ch. xi; Conference, v, p. 271; ix, p. 42.

  1. Selection of local revenues.
  2. General conclusion.

Bullock, ch. xiii; Adams I, part II, ch. vi; Seligman I, [no chs. listed]

_____________________________

ECONOMICS 102

Part III
Public Expenditures

  1. General considerations.

Lutz, ch. iii; Shirras, ch. iii; Bastable, book i, ch. i; Bullock, chs. ii, iii; Adams, part i, book i.

  1. History.

Lutz, ch. v; Dalton, ch. xvi.

  1. Principles

Lutz, ch. vii; Shirras, ch. iv.

  1. Classification.

Lutz, ch. iv; Shirras, ch. v.

  1.           A. General governmental expenditures.

Bastable, book i, ch. vi.

  1.           B. Protective expenditures.

Shirras, ch. vi; Bastable, book i, ch. ii.

  1.           C. Judicial and reformatory expenditures.

Bastable, book i, ch. iii.

  1.           D. Educational and charitable expenditures.

Shirras, ch. viii; Bastable, book i, ch. v.

  1.           E. Health and recreation expenditures.

Shirras, ch. vii; Bastable, book i, ch. iv.

  1.           F. Commerce and industry expenditures.

Shirras, ch. ix.

  1.           G. Public debt expenditures.

See Part IV.

  1. Conclusion

Lutz, ch. viii; Shirras, ch. xii; Bastable, book i, ch. viii; Dalton, chs. xviii-xx; Rosa, passim.

Part IV
Public Credit

  1. General considerations

Bastable, book v, ch. ii; Dalton, part iii, ch. xxi; Lutz, ch. xxiv; Shirras, ch. xxxiii.

  1. History of public credit.
  2. War chests and reserves.

Bastable, book i, ch. iii, iv; Shirras, ch. xxxv-xxxvi.

  1. Theories of public credit.

Bullock, ch. xxii; Bastable, book v, ch. v.

  1. Influence of public indebtedness.

Bullock, ch. xxiii; Adams, book iii, ch. i; Dalton, ch. xxii; Pigou, part iv, ch. viii.

  1. Debts versus Peace and war finance.

Seligman, ch. xxiii; Adams II, part ii, ch. i; Allen, ch. vi; Robinson, ch. viii; Hunter, ch. xix; Pigou, part iv, chs. viii and ix.

  1. Classification of public debts.
  2.           A. Compulsory, patriotic and voluntary loans.
  3.           B. Funded and floating debts.
  4.           C. Bonds and annuities.
  5.           D. Temporary and perpetual debts.
  6.           E. Premium and discount bonds.

Bastable, book V, ch. vi; Adams II, part ii, ch. ii; Hollander, passim; Hunter, ch. xvi; Lutz, ch. xxvi.

  1. Contraction of public debts. Methods of emission.

Adams II, part ii, ch. iii.

  1. Conversion of public debts. Refunding.

Bastable, book v, ch. vii; Lutz, ch. xxvii.

  1. Redemption and payment of public debts.

Adams II, part ii, ch. iv; Bullock, chs. xxiv-xxv; Dalton, ch. xxiii; Shirras, ch. xxxviii.

  1. Government paper money.

Seligman V, passim.

  1. Local indebtedness.
  2.      State debts.
  3.      Municipal debts.

Bastable, book v, ch. vii; Bullock, ch. xxvi.

 

Part V
The Budget

  1. History of the budget.

Stourm, introduction; Bastable, book vi, ch. i.

  1. Comparison of European and American budgets.

Adams I, book ii, ch. i; Ford, chs. ii, iv, viii.

  1. Preparation, form and composition of the budget.

Stourm, part i; Higgs, ch. i; Adams, book ii, ch. ii; Bastable, book vi, ch. ii; Buck, chs. vi-viii; Shirras, ch. xxxviii.

  1. Presentation, discussion and vote of the budget.

Stourm, part ii; Higgs, ch. iii, iv; Adams, book ii, ch. iii; Bastable, book vi, ch. iii; Shirras, ch. xxxvix.

  1. Execution of the budget.

Stourm, part iii; Higgs, ch. v,vi; Adams, book ii, ch. iv; Buck, chs. xi-xii; Lutz, ch. xxx; Shirras, ch. xl.

  1. Control of the budget.
  2.      Administrative control.
  3.      Judicial control.
  4.      Legislative control.

Stourm, part iv; Adams, book ii, chs. iv, v.

  1.      Conclusion.

Higgs II, passim.

_____________________________

REFERENCES

Allen, J. E.—The War Debt. 1919.

Adams I, Adams, H. C.—The Science of Finance. 1898.

Adams II, Adams, H. C.—Public Debts. 1887.

Bastable, C. F.—Public Finance. 3d ed., 1903.

Buck, A. E.—Budget Making. 1921.

Bullock, C.—Selected Readings in Public Finance 2d ed., 1920.

Cannan, E.—History of Local Rates in England. 2d ed., 1912.

Comstock, A.—State Taxation of Personal Incomes. Columbia Studies, no. 223. 1921.

Conference—Proceedings of the Conference of the National Tax Association, vols. i-xv, 1907-1923.

Daniels, W. M.—The Elements of Public Finance. 1889.

Dalton I, Dalton, H.—Principles of Public Finance. 1923.

Dalton II, Dalton, H.—The Capital Levy Explained. 1923.

Ford, H. J.—The Cost of our National Government. 1910.

Grice, J. W.—National and Local Finance. 1910.

Haig I, Haig, R. M.—The Exemption of Improvements from Taxation. 1915.

Haig II, Haig, R. M.—The Taxation of Excess Profits in Great Britain. 1920.

Haig III, Haig, R. M.—The Federal Income Tax. Columbia Lectures, ed. by Haig, 1921.

Higgs, H.—The Financial System of the United Kingdom. 1914.

Hobson, J. A. Taxation in the New State. 1919.

Hollander, J. H.—War Borrowing. 1919.

Hunter, M. H.—Outlines of Public Finance. 1921.

Industrial Conference Board—Report of the Tax Committee of the National Industrial Conference Board, no. 18. 1920.

Jones, R.—The Nature and First Principles of Taxation. 1914.

Kennedy—English Taxation, 1640-1799. 1913.

King, W. I.—The Valuation of Urban Realty for Taxation. 1914. (University of Wisconsin Series.)

Lutz, H. L.—State Tax Commissions. 1918.

New York Report—Final Report of the committee on Taxation of the City of New York, 1916.

Pethick-Lawrence, F. W.—A Levy on Capital. 1918.

Pigou, A. C.—Economics of Warfare. 1920.

Plehn, C. C.—Introduction to Public Fiance. 4th ed., 1920.

Robinson, M. E.—Public Finance. 1922.

Rosa, E.-B.—Expenditures and Revenues of the Federal Government. In Annals of the American Academy of Political and Social Science. Vol. XCV. May, 1921.

Seligman I—Essays in Taxation. 9th ed., 1921.

Seligman II—The Shifting and Incidence of Taxation. 4th ed., 1921.

Seligman III—Progressive Taxation. 2d ed., 1908.

Seligman IV—The Income Tax. 2d ed., 1914.

Seligman V—Currency Inflation and Public Debts. 1921.

Secrist, H.—An Economic Analysis of the Constitutional Restrictions upon Public Indebtedness in the U. S. (University of Wisconsin Series.)

Sheftel, Y.—The Taxation of Land Values. 1916.

Smith, H. F.—The United States Federal Internal Tax History. 1914.

Soward, A. W., and Willan, W. E.—The Taxation of Capital. 1919.

Stamp I, Stamp, Sir Josiah—The Fundamental Principles of Taxation. 1921.

Stamp II, Stamp, Sir Josiah—Wealth and Taxable Capacity. 1922.

Stourm, R.—The Budget, American Translation, 1917.

Webb, S.—Grants in Aid., New ed., 1920.

Wells, D. A.—The Theory and Practice of Taxation. 1900.

Weston, S. F.—Principles of Justice in Taxation. Columbia Studies, vol. xviii, 1903.

Young, L. E.—Mine Taxation in the United States. University of Illinois Studies, 1916.

Seligman—Studies in Public Finance [last item typed addition]

 

 

Source: Columbia University Libraries, Manuscript Collections. Robert M. Haig Papers. Box 15 Lecture Notes (3). Folder “Bibliography”.

Image Source: National Civic Federation Review (1905), p. 229.

Categories
Chicago Courses Exam Questions

Chicago. Modern Tendencies in Economics. Viner. 1933

The following list of readings and examination questions come from the Milton Friedman papers. Only the examination questions are from a typed copy, the list of reading assignments has been transcribed from Friedman’s handwritten notes from when he took the course with Jacob Viner. Links have been added whenever found.  Anything within square brackets has been added by me, otherwise I have left the text for the most part as I found it.

____________________________

From Courses of Instruction 1932-33.

303. Modern Tendencies in Economics.–A critical study of controversial questions in the general body of orthodox theory, and of some modern departures from orthodox theory. The discussion covers questions as to the selection of problems in economic theory, methods, tools of thought, assumptions, laws and standards of validity appropriate to the central body of economic though under present conditions. Prerequisite: Economics 301 or its equivalent. Spring, Viner.

Source: Announcements,Arts, Literature and Science, vol. XXXII, February, 1932, no. 12 (for the sessions 1932-33), p. 354.

____________________________

Economics 303 [Spring Quarter 1933]
Modern Economic Tendencies
Jacob Viner

 Assignments

J. S. Mill—System of Logic

Bk III, chs 8, 10, 11
Bk VI, chs 1,3,7,8,9

Some Unsettled Questions, Essay V

W. H. Hamilton—The Place of Value Theory in Economics. J.P.E. March-May [sic], 1918

[Part I, March; Part II, April]

Lionel Robbins: Essay on the Nature etc of Economics ch 1 & 2

Wesley Michel [Mitchell] Role of Money in Ec[onomic] Theory Am Ec Rev Supplement March 1916

Fetter, Price Ecs vs Welfare Ecs. Am Ec Rev. Sept, ‘20

Marshall. Consumer’s Surplus & Max satisfaction

Bk II ch VI
Bk V ch XIII, 94-97
Math App. Cost & ¶ of note XIII

J.A. Hobson, Work & Wealth. Ch 1-5, 7, 8, 9, 12, 22.

[J. A. Hobson] Free Thought & the Social Sciences pp. 131-145

Viner. Utility Concept Aug 1925, J.P.E.

Robbins: Essay on the Nature etc of Economics ch 6

Pigou Ec’s of Welfare—3rd ed only

Part I ch 1-2
Part II ch 1-5, 9, 11
Appendix III pp. 787-815
[last two items “minimum”]

[4th edition, The principal changes made in this edition affect Chapter IV. and Chapter VI. §§ 12-13 in Part I.; Chapter XI. § 2 and Chapter XV. in Part II.; and Chapter IX. §§ 2-3 and Chapter XIV. § 1 in Part III.]

Veblen: “Why is Econ not an Econ Science? Place of Science pp. 56ff or Q. J. E. July 1898

Instinct of Workmanship. Chs 5 & 6

Theory of the Leisure Class. chs 1-5

Prof. Clark’s Ec’s [Economics]: Place of Science 180 ff.

Homan. Ch. VIII in Odum Am[erican] Masters of Soc[ial] Science or in Contemporary Ec[onomic] Thought pp. 105-192.

[Homan, Paul T. (1927) ‘Thorstein Veblen’, in Odum, Howard W. (ed.) American Masters of Social Science (New York: Holt), pp. 231-70.
Homan, Paul T. (1928). Contemporary Economic Thought, Harper & Bros.]

 

Institutionalism

W. C. Mitchell Prospects of Ec[onomic]’s in Tugwell. Trends pp. 1-34.

[The Trend of Economics, Rexford Guy Tugwell (ed.) (1930). The Prospects Of Economics, By W. C. Mitchell; On Measurement In Economics, By F. C. Mills; The Socializing Of Theoretical Economics, By J. M. Clark; Communities Of Economic Interest And The Price System, By M. A. Copeland; The Reality Of Noncommercial Incentives In Economic Life, By P. H. Douglas; Economic Theory And The Statesman, By R. L. Hale; The Limitations Of Scientific Methods In Economics, By F. H. Knight; Some Recent Developments Of Economic Theory, By R. T. Bye; The Organization And Control Of Economic Activity, By S. H. Slichter; Economics Science And Art, By G. Soule; Experimental Economics, By R. G. Tugwell; Regional Comparison And Economic Progress, By W. E. Weld; Functional Economics, By A. B. Wolfe.]

Hamilton The Institutional Approach. Amer. Ec. Rev. Suppl. IV, 309-324.

[Walton H. Hamilton. The Institutional Approach to Economic Theory
The American Economic Review. Vol. 9, No. 1, Supplement, Papers and Proceedings of the Thirty-First Annual Meeting of the American Economic Association (Mar., 1919), pp. 309-318.]

Hamilton. Control of Wages ch 10, 11, 12

[Walton Hamilton and Stacy May. The Control of Wages. New York: George H. Doran, 1923).]

A. A. Young pp. 249-260 in Ec. Problems, New & Old [sic]

[Allyn Abbott Young. Economic Problems: New and Old. Houghton Mifflin Comp, 1927]

[A. A. Young] English Pol. Ec. Economica, [illegible word(s)]

[Allyn A. Young. English Political Economy. Economica. No. 22 (Mar., 1928), pp. 1-15]

 

Suggestion:

Albion Small [1924] “Origins of Sociology” ch. 11 [The Attempt to Reconstruct Classical Economic Theory on the Basis of Comparative Economic History, 1850], 14 [Later Phases of the Conflict Between the Historical and the Austrian Schools].

[Albion W. Small, Origins of Sociology. Chicago: University of Chicago Press, 1924.
This book was first published serially in the American Journal of Sociology, January, 1923-November, 1924, with the title Some Contributions to the History of Sociology (Section XI and XIV). The corresponding articles are found at Vol. 29, No. 4 (Jan., 1924), pp. 443-454 and Vol. 29, No. 5 (Mar., 1924), pp. 571-598.]

Cliff. Leslie [T. E. Cliffe Leslie] “Philos. Essays” Essay 14

[cf. First edition (1879, Essay XIV “On the Philosophical Method of Political Economy”) with Second edition (1888, Essay XIV Economic Science and Statistics). Essay XVI “Political Economy and Sociology” of the second edition appears to me the reading that best fits to the sociology theme at this point in the reading list..]

Parsons “Summary of …” J. P. E. Dec. 1928, Feb. 1929

[Talcott Parsons. “Capitalism” In Recent German Literature: Sombart and Weber. Journal of Political Economy. Vol. 36, No. 6 (Dec., 1928), pp. 641-661; Vol. 37, No. 1 (Feb., 1929), pp. 31-51.]

Mitchell “On Sombart” Feb ‘29

[Wesley C. Mitchell. Sombart’s Hochkapitalismus. The Quarterly Journal of Economics Vol. 43, No. 2 (Feb., 1929), pp. 303-323]

Rogin “On Sombart” Apr. ‘33

[Leo Rogin. Werner Sombart and the “Natural Science Method” in Economics. Journal of Political Economy. Vol. 41, No. 2 (Apr., 1933), pp. 222-236]

Sombart “Die Drei Nationalökonomien”

[Werner Sombart. Die drei Nationalökonomien : Geschichte und System der Lehre von der Wirtschaft. München [u.a.] : Duncker & Humblot, 1930]

F. C. Mills in Tugwell, Trends “On Imp[?] Methd[?]”

[The Trend of Economics, Rexford Guy Tugwell (ed.) (1930). The Prospects Of Economics, By W. C. Mitchell; On Measurement In Economics, By F. C. Mills; The Socializing Of Theoretical Economics, By J. M. Clark; Communities Of Economic Interest And The Price System, By M. A. Copeland; The Reality Of Noncommercial Incentives In Economic Life, By P. H. Douglas; Economic Theory And The Statesman, By R. L. Hale; The Limitations Of Scientific Methods In Economics, By F. H. Knight; Some Recent Developments Of Economic Theory, By R. T. Bye; The Organization And Control Of Economic Activity, By S. H. Slichter; Economics Science And Art, By G. Soule; Experimental Economics, By R. G. Tugwell; Regional Comparison And Economic Progress, By W. E. Weld; Functional Economics, By A. B. Wolfe.]

Mitchell Nov[sic] 1925. Proceedings of Am. Ec. Assoc.

[Wesley C. Mitchell. Quantitative Analysis in Economic Theory. The American Economic Review. Vol. 15, No. 1 (Mar., 1925), pp. 1-12]

[Mitchell] Mar 1929 pp. 28… (A.E.R)

[Frederick C. Mills , Jacob H. Hollander , Jacob Viner , E. B. Wilson , Wesley C. Mitchell , F. W. Taussig , T. S. Adams , John D. Black and John Candler Cobb in “The Present Status and Future Prospects of Quantitative Economics”. The American Economic Review. Vol. 18, No. 1, Supplement, Papers and Proceedings of the Fortieth Annual Meeting of the American Economic Association (Mar., 1928), pp. 28-45]

Viner. Q. J. E. Feb ’29—Rev. of Millis on prices.

[Jacob Viner. Review of Behavior of Prices by Frederick Mills. The Quarterly Journal of Economics. Vol. 43, No. 2 (Feb., 1929), pp. 337-352]

Spann “ Types of Econ Theories[“] Preface, ch. 4, 12.

[Othmar Spann. Types of Economic Theory. 1929 English translation of the 19th edition of Die Haupttheorien der Vokswirtschaftslehre,  17th edition in German]

 

Schultz assignments

Chp 3, Manuel of Pareto

[Vilfredo Pareto. Manuel d’Économie Politique. Paris: V. Giard & E. Brière, 1909]

Pareto, Traité de Sociologie Général, look in index under Dependance Mutuel, & Equilibrium

[Cf. George C. Homans and Charles P. Curtis, Jr. An Introduction Pareto: His Sociology. New York: Alfred A. Knopf, 1934.]

Zawadzki, W. Les mathématiques appliqués à l’économie politique. [Paris, Rivière, 1914].

 

On In[stitutional] Ec’s [Economics]

Mitchell’s essays[sic] in Trends[sic] in Ec’s[Economics] by Tugwell & paper by Mills and Mitchell’s Pres. Address to Am. St. Ass. in 1927 volume. [?]

[The Trend of Economics, Rexford Guy Tugwell (ed.) (1930). The Prospects Of Economics, By W. C. Mitchell; On Measurement In Economics, By F. C. Mills; The Socializing Of Theoretical Economics, By J. M. Clark; Communities Of Economic Interest And The Price System, By M. A. Copeland; The Reality Of Noncommercial Incentives In Economic Life, By P. H. Douglas; Economic Theory And The Statesman, By R. L. Hale; The Limitations Of Scientific Methods In Economics, By F. H. Knight; Some Recent Developments Of Economic Theory, By R. T. Bye; The Organization And Control Of Economic Activity, By S. H. Slichter; Economics Science And Art, By G. Soule; Experimental Economics, By R. G. Tugwell; Regional Comparison And Economic Progress, By W. E. Weld; Functional Economics, By A. B. Wolfe.
Wesley C. Mitchell. Statistics and Government. Publications of the American Statistical Association. Vol. 16, No. 125 (Mar., 1919), pp. 223-235]

Source: Hoover Institution. Milton Friedman Papers, Box 120. Handwritten notes for Economics 303,Modern Economic Tendencies, Jacob Viner.

­­­­­­­­­­____________________________

 

[signature: Milton Friedman]

Economics 303
1st Examination—1 hour

  1. What was J. S. Mill’s position with respect to:

(a) the scope for induction in the social sciences;

(b) the use of the “geometric method” in political economy; in the social sciences;

(c) the “economic man.”

 

  1. Explain and appraise Marshall’s technique of “maximum satisfaction” analysis.

(a) What were Veblen’s principal contributions to economic methodology?

(b) What are the differences and what the resemblances between the content of what Hobson calls “human values” and what ordinary utility theorists call “utility” or “satisfaction” or “economic welfare”?

(c) In what manner and degree does Pigou’s technique of welfare analysis overcome the difficulties in the way of accepting price as the measure of welfare.

Source: Hoover Institution. Milton Friedman Papers, Box 115, Folder 13. “Biographical: Class Exams circa 1932-1938”.

­­­­­­­­­­____________________________

[signature: Milton Friedman]

Economics 303
2nd Examination—1 hour

  1. Explain, with reference to exponents of these types of economics, any five of the following:

(a) institutional economics; [✓]

(b) genetic economics; [✓]

(c) historical economics; [✓]

(d)“verstehende” economics; [✓]

(e) functional economics; [✓]

(f) experimental economics; [✓]

(g) social economics;

(h) romantic economics[✓]

2.    (a) List all of the empirical (historical) laws of economics which have been allegedly discovered by quantitative methods, and indicate for each very briefly whether you are inclined to accept it as a law, and if so on what grounds.

(b) State as briefly as possible the nature of the difficulties in the way of the discovery of genuine empirical laws of a quantitative nature in the field of economic phenomena.

  1. Write on either:

(a) Give the equations of the general equilibrium of exchange and production indicating the underlying assumptions, and the economic meaning of each equation. Compare the general equilibrium approach with that of Marshall.

or

(b) Explain the way in which pure theory has been used to determine one of the following:

(1) the concrete, statistical curve of the marginal utility of money.

(2) statistical demand curves, with special reference to the demand for related (completing or competing) goods.

(3) theoretical “cycles” of production and prices.

Point out the underlying assumptions and critically appraise the results obtained.

 

Source: Hoover Institution. Milton Friedman Papers, Box 115, Folder 13. “Biographical: Class Exams circa 1932-1938”.

Image Source: University of Chicago Photographic Archive, apf1-08488, Special Collections Research Center, University of Chicago Library. The photograph is dated 14 June 1944.

Categories
Harvard

Harvard. Readings Ph.D. Preparation. Banking, ca 1913

From the fact that E. E. Day last taught courses in money and banking in 1913 and based on the last dates of items of the reading list we can date this list to 1912 or 1913. Dates of publication have been added by me, as have links to the individual readings.

____________________________

(COPY)

E. E. DAY.

SUGGESTED READING IN PREPARATION OF PH.D. EXAMINATION.
SUBJECT: BANKING.

(Familiarity with the better texts—e.g., Dunbar [1901, revised], White [1908, 3rd edition]—is assumed.)

A. K. Fiske, The Modern Bank [1904, revised ed. 1919]

Holdsworth & Dewey, The First and Second Banks of the United States. (National Monetary Commission Publications)

D. R. Dewey, State Banking before the Civil War. (N. M. C. Pubs.) [1910]

O. M. W. Sprague, History of Crises under the National Banking System (N. M. C. Pubs.) [1910]

Report of the Indianapolis Monetary Commission [1897]

C. F. Dunbar, Economic Essays (those upon banking)[1904]

Noyes, Forty Years of American Finance [1909]

D. Kinley, The Independent Treasury of the United States (N. M. C. Pubs.)

J. G. Cannon, Clearing Houses (N. M. C. pubs.)[1910]

G. E. Barnett, State Banks and Trust Companies (N. M. C. Pubs.) [1911]

W. Bagehot, Lombard Street

H. Withers, The Meaning of Money [1909, revised 1916]

A. Liesse, Evolution of Credit and Banks in France (N. M. C. Pubs.) [1910]

Miscellaneous Articles on German Banking (N. M. C. Pubs.)

R. M. Breckenridge, History of Banking in Canada, (N. M. C. Pubs.) [1910]

J. F. Johnson, The Canadian Banking System (N. M. C. Pubs.) [1910]

(Candidate should have some acquaintance also with the other publications of the National Monetary Commission.)

____________________________

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

 

 

Categories
Harvard

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

1933-34

Additional Readings for General Examination
Railroads

Interstate Commerce Commission: Reports

W. Z. Ripley: Report on Consolidation, 1921

Splawn: Report on Railroads, 1930

Grodinsky: Railroad Consolidation

W. Z. Ripley: Railroads, Rates, and Regulation

Railroads, Finance, and Organization

Railway Problems

Bonbright and Means: The Holding Company

Dewing: Corporation Finance OR

Lyons: Corporation Finance OR

Meade: Corporation Finance

Daggett: Railroad Reorganization

Bauer: Effective Regulation of Public Utilities

Sharfman: Interstate Commerce Commission

Keezer and May: Public Control of Business

Frankfurter: Cases under the Interstate Commerce Commission

Cherington: British Railways

Locklin: Railroad Regulation since 1920

Buck: The Grange Movement

Eliot Jones: Principles of Railway Transportation

Vanderblue and Burgess: Railroads: Rates, Service, Management

Daggett: Principles of Inland Transportation

Sharfman: American Railroad Problems

Cunningham: American Railroads

 

Recent Valuation Cases

 

Additional Readings on Public Utilities:

Colson: Railway Rates and Traffic

New York State Report on Revision of Public Utility Laws

Jones and Bigham: Principles of Public Utilities

Mason: The Street Railway in Massachusetts

Nash:    Public Utility Regulation

Public Utility Rate Structures

Mosher and Crawford: Public Utility Regulation of Competitive Practices

____________________________

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

Categories
Harvard

Harvard. General/Special Exams: Public Finance. Readings, ca 1933

[probably 1933]

Readings in Public Finance for General and Special Examinations

Students preparing for the special examination in public finance should read all the references listed under I. In II the student should read a substantial portion of six or eight books, selecting topics which he considers of most interest and value to him. In III the student should read a substantial portion of three or four of the books listed, again following his own requirements or interests.

 

I. Required Reading

A. Smith Wealth of Nations, Book 5
J. S. Mill Principles of Political Economy, Book 5, ch. 1-8
C. F. Bastable Public Finance (3rd edition). Read pages: 1-149; 153-257; 261-421; 425-442; 443-464; 465-468; 469-494; 504-573; 611-711.
H. L. Lutz Public Finance
C. J. Bullock Selected Readings in Public Finance (3rd edition). Read pages: 1-51; 76-147; 156-268; 278-379; 445-490; 533-607; 755-902; 921-982
A. Wagner Finanzwissenschaft, Vol. II. Read all the coarse print; use judgment on the fine print.
P. Leroy-Beaulieu Traité des Finances, Vol. I (8th edition, 1912). Read pages: 1-10; 28-92; 92-133; 134-143; 172-249; 367-387; 394-437; 439-482; 483-517; 539-626; 626-703
D. R. Dewey Financial History of the United States
The Colwyn Report Great Britain: Report of the Committee on National Debt and Taxation, 1927. Read pages: 73-244. (Cmd. 2800; Econ. 5389.27)

 

II. Reading Recommended

Mills and Starr Readings in Public Finance and Taxation. Read Pages: 41-150; 168-195; 205-264; 369-453; 482-607; 763-808
A. C. Pigou A Study in Public Finance
B. Moll Lehrbuch der Finanzwissenschaft (1930)
E. Allix Traité élementaire de Science des Finances (6th edition, 1931). Read pages: 1-81; 151-204; 216-256; 285-312; 341-382; 437-573; 870-902; 910-958; 1011-1050;1091-1134.
L. Suret Théorie de l’Impôt progressif
J. Stamp Fundamental Principles of Taxation
T. G. Shearman Natural Taxation
H. L. Lutz State Tax Commissions
S. Leland The Classified Property Tax
A. L. Harding Double Taxation of Property and Income
E. Cannan History of Local Rates
A. F. Macdonald Federal Aid
J. W. Grice National and Local Finance
A. E. Buck Municipal Finance
The May Report Great Britain: Report of the Committee on National Expenditure, 1931 (Cmd. 3290; Econ. 5389.31)
National Tax Association Proceedings, 1933, Report of Committee on Model System of State and Local Taxation

III. Other Reading

G. F. Shirras Science of Public Finance
E. R. A. Seligman Progressive Taxation
——————— Essays in Taxation
——————— Income Tax (chapters on Great Britain, Germany, France, U.S.A.)
——————— Shifting and Incidence of Taxation
H. A. Silverman Taxation, Its Incidence and Effects
A. Comstock Taxation in the Modern State
J. P. Jensen Property Taxation in the United States
W. G. Schultz Taxation of Inheritances
R. G. Blakey Taxation in Minnesota
R. M. Haig The Taxation of Excess Profits in Great Britain
National Industrial Conference Board General Sales or Turnover Taxation
National Industrial Conference Board Sales Tax
A. G. Buehler General Sales Taxes
R. Magill, editor Lectures on Taxation
R. Stourm The Budget
W. F. Willoughby The National Budget System
H. S.[sic, should be “H. C.”] Adams Public Debts
M. L. Walker Municipal Expenditure
Britain’s Industrial Future, pp. 426-447. H.U. Library, Econ 6069.28.5
Joseph Sykes British Public Expenditures, 1921-1931
Report of New York Commission for Revision of the Tax Laws, 1932, Part III.

____________________________

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

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.

Categories
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.

_____________________________

[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.

_____________________________

[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).

_____________________________

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.”