Author: Irwin Collier

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Columbia Economists

Columbia Economics. Mathematical Economics. Hotelling. Class Rolls 1931-1944

Hotelling’s students included the communist and later Soviet agent Victor Perlo (1932-33) and three Nobel prize winners in economics, Milton Friedman (1933-34), William Vickrey (Winter session 1935-36) and Kenneth Arrow (Winter session 1940-41).  Friedman’s and Arrow’s student notes for this course with Hotelling can be found at the Hoover Archives and the Duke Economist Papers Project, respectively. 

Course outlines and a final examination for Hotelling’s course as taught at the University of North Carolina in 1946 and 1950 has been posted. Here is a link to the posting of a list of statistics and economics courses taught at Columbia by Harold Hotelling.

____________________________

Econ 312. Mathematical Economics

 Winter Session, 1931-32
Benitz, Paul A.
Kelly, Thomas H.
Metzger, Henry W.
Pabst, William R., Jr.
Wu, Kan
Columbia College Madow, William
School of Business Otto, Erich A.
School of Business Stein, Arthur
Econ 314. Mathematical Economics Spring Session, 1931-32
Benitz, Paul A.
Duncan, Acheson Johnston
Kelly, Thomas H.
Pabst, William R. (Jr)
Metzger, Henry W.
Econ 313. Mathematical Economics Winter session, 1932-33
Lawson, Alfred
Perlo, Victor
Preinreich, Gabriel A.D.
Weyl, Nathaniel
Econ 314. Mathematical Economics  Spring Session, 1932-33
Perlo, Victor
Preinreich, Gabriel A. D.
Weyl, Nathaniel
Econ 117. Mathematical Economics Winter session, 1933-34
Dodwell, David W.
Edmondson, Susanna P.
Friedman, Milton
Goldberg, Henry
Madow, William G.
Vass, Laurence C.
School of Business Osborne, Ernest L.
Econ 118. Mathematical Economics Spring Session, 1933-34
Edmondson, Susanne P.
Friedman, Milton
Goldberg, Henry
Vass, Laurence C.
Econ 117. Mathematical Economics Winter Session, 1934-35
Bonis, Austin J.
Frankel, Lester R.
Wright, Charles A.
Econ 118. Mathematical Economics Spring Session, 1934-35
  Bonis, Austin J.
Frankel, Lester R.
Machol, Richard M.
Richards, Margaret H.
Romig, Harry G.
Solomons, Leonard M.
Wright, Charles A.
Econ 117. Mathematical Economics Winter Session, 1935-36
Bennett, Rollin F.
Fabricant, Solomon
Hilfer, Irma
Jacobson, Katharine
Norton, John D.
Vickrey, William
Wallis, W. Allen
Econ 117. Mathematical Economics Class rolls not found for 1936-37
Econ 117. Mathematical Economics Not offered 1937-38
Econ 117. Mathematical Economics Winter Session, 1938-39
Dejongh, Theunis W
Durand, David
Friedman, Irma D.
Geisler, Murray A.
Gould, Jacob M.
King, Frederick G.
Schwartz, Seymour
Shulman, Harry
Columbia College Klarman, Herbert
Teachers College Recht, Leon Samuel
Econ 117. Mathematical Economics Winter Session, 1939-40
Bennett, Blair M.
Nassimbene, Raymond
Pascale, Henry
Columbia College Schwartz, Harry
Econ 117. Mathematical Economics Winter Session, 1940-41
Arrow, Kenneth J.
Berger, Richard
Cohen, Leo
Divatia, Makarand V.
Fischer, Harry S.
Haines, Harold
Konijn, Hendrik S.
Peiser, Donald E.
School of Business Ballentine, George A.
Econ 117. Mathematical Economics Winter Session, 1941-42
Diamond, Harold S.
Peach, Paul
Ravitsky, Inda
Reder, Melvin W.
Sievers, Allen M.
School of Business Cooper, William W.
School of Business Morrison, Lachlan
Econ 117. Mathematical Economics Winter Session, 1942-43
Boyd, Elizabeth N.
D’Errico, John E.
Simpson, Elizabeth T.
Simpson, William B.
Columbia College Tenenbaum, Warren S.
School of Business Lopata, Simon
Econ 117. Mathematical Economics Winter Session, 1943-44
Hsieh, Kia
Lindsey, Fred D.
Owlett, Ann M.
Straus, Everett M.
Ullman, Joseph L.
School of Business

Varon, Frank R.

Source: Assembled from the student registration cards. Columbia University. Rare Book & Manuscript Library. Hotelling Papers, Box 48, Folder Mathematical Economics (1).

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Columbia Cornell Economists Pennsylvania Yale

Portrait of Eight Economists. University Extension Summer Meeting. 1894

This set of pictures was found in Box 2, Folder “Photographs” of the Franklin Henry Giddings papers, 1890-1931, Columbia University, Rare Book & Manuscript Library. Judging from the college/university affiliations given (about a two year window) and the fact that the Seventh Annual Meeting of the American Economic Association was held with Columbia College, New York City, December 26-29, 1894, my first guess was that this was related to the AEA event and put together by the local organizers.

However we can be certain that this handsome collection of portraits was published instead as a supplement to the University Extension Bulletin. Exactly these eight economists are the “corps of lecturers” for the University Extension Summer Meeting held July 2-28, 1894 at the University of Pennsylvania as described in The University Extension Bulletin, Vol. I, No. 8 (May 10, 1894). Further it is announced: “We present our readers also with a supplement with portraits of the lecturers in the Economics Department.” Here at haithitrust.org is that supplement.

 

Probably this collection of portraits is related to the 7th Annual AEA Meeting at Columbia Dec 26-29, 1894.

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Chicago Courses

Chicago Economics. Reading Assignments, Economic Theory (Econ 301). Viner, Fall 1932

In Milton Friedman’s papers at the Hoover Institution Archives there is a one page handwritten list of reading assignments for Jacob Viner’s Economics 301 (Economic Theory) in Box 5, Folder 12 and a one page typed list of reading assignments for the course, Box 5 Folder 13, that is nearly identical (with only two discrepancies) to the reading list “reproduced exactly from the document that the editors have in their possession” in the appendix to Jacob Viner: Lectures in Economics 301. Douglas A. Irwin and Steven G. Medema, editors. Transaction Publishers, 2013. The lecture notes taken by Marshall D. Ketchum that have been published by Irwin and Medema were taken in the Summer Quarter 1930, two years before Milton Friedman took the course in the Fall Quarter 1932. Everything below in brackets are my additions/annotations.

______________________

[Handwritten notes by Milton Friedman]

Assignments given by Viner in 301, 1932

Marshall        Bk III  ch 3 + 4; Bk V ch 1 + 2

[Alfred Marshall, Principles of Economics (London: Macmillan and Co. 8th ed. 1920).
Book III: On wants and their satisfaction.
Chapter 3: Gradations of consumers’ demand;
Chapter 4: The elasticity of wants.
Book V: General relations of demand, supply and value.
Chapter 1: Introductory. On markets;
Chapter 2: Temporary equilibrium of demand and supply.]

Schultz           Meaning of st[atistical] de[mand] cur[ves] pp 1-10; 25-41.

[Henry Schultz. Statistical Laws of Demand and Supply with Special Application to Sugar. Chicago: University of Chicago Press. 1928. 118 pages]

Mars[hall]      Bk V ch 3, 4, 5, 12; App H

[Book V: General relations of demand, supply and value.
Chapter 3: Equilibrium of normal demand and supply;
Chapter 4: The investment and distribution of resources;
Chapter 5: Equilibrium of normal demand and supply, cont., with reference to long and short periods;
Chapter 12: Equilibrium of normal demand and supply, cont., with reference to the law of increasing returns.
Appendix H: Limitations of the use of statical assumptions in regard to increasing return.]

Viner             Cost Curves […]

[…and Supply Curves, Zeitschrift für Nationalökonomie. Bd. 3, H. 1 (1931), pp. 23-46]

Cunynghame “Geometrical Political Economy”, ch. 3

[Henry H. Cunynghame. A Geometrical Political Economy: Being an Elementary Treatise on the Method of Explaining Some of the Theories of Pure Economic Science by Means of Diagrams, Oxford at the Clarendon Press. 1904.
Chapter 3: Demand curve.]

Smart, Introduction to theory of value     pp. 64-83

[Smart, William (1891). An Introduction to the Theory of Value on the Lines of Menger, Wieser, and Böhm-Bawerk. London and New York, Macmillan and Co. 1891.
Chapter 12: Cost of production;
Chapter 13: From marginal products to cost of production;
Chapter 14: From cost of production to product;
Conclusion.]

Böhm-Bawerk:

“Ultimate standard of value”, Annals of Am[erican] Academy Sept. [sic] 1894

[Eugen von Böhm-Bawerk. The ultimate standard of value. American Academy of Political and Social Science, Philadelphia. Publications, no. 128. June, 1894, 60 p.]

“One word more on ult. st. of v. [ultimate standard of value]   E.J. Dec. 1894

[Eugen von Böhm-Bawerk. One word more on the ultimate standard of value. Economic Journal, Vol. 4, No. 16 (Dec., 1894), pp. 719-725.]

Marshall        Bk V, ch 6;  Bk V, ch 14

[Book V, ch 6: Joint and composite demand. Joint and composite supply.
Book V, ch 14: The theory of monopolies.]

Viner              JPE. 1925 pp 107-111 (objective test of comp.[etitive] price appl[ied] to cem[ent] ind[ustry])

[Jacob Viner, Objective tests of competitive price applied to the cement industry. Journal of Political Economy, Vol. 33, No. 1 (Feb., 1925), pp. 107-111.]

J.S.Mill “Outline of Pol. Economy” Bk II, Ch 11, sec 1; Bk I, ch VI, sec 1

[Note: Outline of Political Economy is the title of Nassau Senior’s book.
John Stuart Mill, The Collected Works of John Stuart Mill, Volume II – The Principles of Political Economy with Some of Their Applications to Social Philosophy (Books I-II), ed. John M. Robson, introduction by V.W. Bladen (Toronto: University of Toronto Press, London: Routledge and Kegan Paul, 1965).
Book II, ch XI, sec. 1:  Distribution. Of wages.
Book I, ch VI, sec. 1: Production. On circulating and fixed capital.]

Henry George, “Progress + Poverty”         Bk I, ch 1,3,4

[Henry George, Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth, The Remedy (Garden City, NY: Doubleday, Page, & Co. 1912).
Book I: Wages and Capital.
Chapter 1: The current doctrine of wages–its insufficiency;
Chapter 3: Wages not drawn from capital, but produced by labor;
Chapter 4: The maintenance of laborers not drawn from capital.]

F.W. Taussig, Principles, vol II, ch 39, 51

[Frank W. Taussig, Principles of Economics. 2nd revised edition. 2 vols. (New York: Macmillan). 1915. Note: a later 3rd revised edition from 1921 has a chapter 51 “Great fortunes” that does not appear as good a fit to this course’s content, so I conclude the reference is to the second edition.
Chapter 39: Interest, cont. The equilibrium of demand and supply;
Chapter 51: General wages.]

J.B. Clark “Dist[ribution] of Wealth”, ch 1, 7, 8, + Preface

 [John Bates Clark, The Distribution of Wealth: A Theory of Wages, Interest and Profits (New York: Macmillan). 1899.
Chapter I: Issues That depend on Distribution;
Chapter VII: Wages in a Static State, the Specific Product of Labor;
Chapter VIII: How the Specific Product of Labor may be Distinguished.]

F.A. Walker, Political Economy P[reface] + IV, ch 4,5,8 + V [sic, should be VI], sec 5

[Francis Amasa Walker, Political Economy (London: Macmillan) 3rd revised and enlarged edition. 1892.
Part IV: Distribution.
Chapter 4: Profits;
Chapter 5: Wages;
Chapter 8: The reaction of distribution upon production.
Part VI: Some applications of economic principles.
Section V: The doctrine of the wage-fund.]

A. Smith Bk I, ch 10

[Adam Smith An Inquiry into the Naature and Causes of the Wealth of Nations, Edwin Cannan, 3d. London: Methuen & Co., Ltd. 5th edition, 1904.
Book I, Chapter X: Of wages and profit in the different employments of labour and stock.]

J.S. Mill           Bk II, ch 14

[Book II, ch 14: Distribution. Of the differences of wages in different employments.]

Cairnes “Polit. Econ”, P[reface] + I, ch 3 [art.] 4,5

[J.E. Cairnes. Some Leading Principles of Political Economy Newly Expounded. New York: Harper & Brothers, Publishers. 1874.
Part I: Value.
Chapter 3: Normal value]

Taussig          Principles, ch 47

[Chapter 47: Differences of wages. Social stratification.]

J. B. Clark Ch 9, 13

[Chapter IX: Capital and Capital-Goods Contrasted;
Chapter XIII: The Products of Labor and Capital, as Measured by the Formula of Rent]

Böhm Bawerk           Bk 2, ch 1-5; Bk 5, ch 1-4; Bk 6, ch 1,2,4,5,6; Bk 7, ch 1,2

[Book II: Capital as instrument of production.
Chapter 1: Introductory;
Chapter 2: Capitalist production;
Chapter 3: Historical development of the conception;
Chapter 4: The true conception of capital;
Chapter 5: The competing conceptions of capital.
Book V: Present and future.
Chapter 1: Present and future in economic life;
Chapter 2: Differences in want and provision for want;
Chapter 3: Unerestimate of the future;
Chapter 4: The technical superiority of present goods.
Book VI: The source of interest.
Chapter 1:  The loan and loan interest
Chapter 2: The profit of capitalist undertaking. Principles of explanation.
Chapter 4: The profit of capitalist undertaking. The labour market;
Chapter 5: The profit of capitalist undertaking. The general subsistence market;
Chapter 6: The profit of capitalist undertaking. The general subsistence market (continued).
Book VII: The rate of interest.
Chapter 1: The rate in isolated exchange;
Chapter 2: The rate in market transactions.]

Marshall                    Bk VI, ch IX

[Book VI: The distribution of the national income.
Chapter 9: Rent of land.]

Ogilvie                       Marshall on Rent      Econ J. 1930

[F.W. Ogilvie. Marshall on Rent. Economic Journal 40 (March) 1930: 1-24]

J.B. Clark        ch 23

[Chapter XXIII: The Relation of All Rents to Value and Thus to Group Distribution]

 Source: Hoover Institution Archives, Milton Friedman Papers Box 5, Folder 12 (Student years)

______________________

[typed list of reading assignments]

Assignments in Viner’s Economics 301
(In order of assignment)

Marshall,        Bk III, ch. 3, 4; Bk V, ch. 1, 2

Böhm-Bawerk, Positive Theory of Capital, Bk IV, ch. 4

Schultz, Meaning of Statistical Demand Curves, pp. 1-10, 25-41.

Marshall, Bk. V, ch 3, 4, 5, 12; App. H

Viner, Cost Curves [and Supply Curves, Zeitschrift für Nationalökonomie. Bd. 3, H. 1 (1931), pp. 23-46]

Cunynghame, Geometrical Political Economy, Ch. 3

Smart, Introduction to the Theory of Val., pp. 64-83

B. B. [Böhm-Bawerk], Ultim. Stand. of Val., Ann. of Am. Ac., Sept. 1894

One word More on Ult. S. of V., Econ. Jour., Dec 1894

Marshall,        Bk. V, ch. 6; Bk. V, ch. 14

Viner, Objective Tests of Comp. Pr. appl. to the Cem. Ind. JPE, ‘25

J.S. Mill, Outline of Pol Ec. [sic, Principles of Political Economy], Bk II, ch. 11, sec. 1; Bk I, ch. 6 sec. 1

Henry George, Progress and Poverty, Bk I, ch. 1, 3, 4.

F. W. Taussig, Principles, Vol II, ch 39, 51.

J. B. Clark, Distr. of Wealth, ch. 1, 7, 8, preface.

F. A. Walker, Pol. Ec., Part IV, ch. 4, 5. Part VI, Sec. 5

Adam Smith, Bk. I, ch 10

J.S. Mill, Bk II, ch. 14

Cairnes, Pol. Ec., Part I, ch. 3, arts. 4, 5.

Taussig, ch. 47

J. B. Clark, ch. 9, 13

B.B. [Böhm Bawerk], Bk II, ch 1-5; Bk V, ch 1-4; Bk. VI, ch. 1, 2,4,5,6; Bk. VII, ch. 1,2.

Marshall, Bk. VI, ch. 9

Ogilvie, Marshall on Rent, Econ. Journ., March, 1930

J. B. Clark, ch. 23

Source:  Hoover Institution Archives, Milton Friedman Papers Box 115, Folder 13 (Class Exams circa 1932-1938)

Image Source: University of Chicago Photographic Archive, apf1-08490, Special Collections Research Center, University of Chicago Library.

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Chicago Columbia Economists Transcript

Milton Friedman’s Coursework in Economics, Statistics and Mathematics

Before Milton Friedman could be a teacher of economics, he was of course the student of many teachers. This list of his relevant coursework and teachers is complete. I merely add here that his transcript also shows three semesters of college French and four semesters of college German and that he entered Rutgers with advanced credits in French.

Rutgers University
University of Chicago
Columbia University
Dept. of Agriculture Graduate School

Rutgers University (1928-32)

Principles of Economics E. E. Agger 1929-30
Money and Banking E. E. Agger 1930-31
Statistical Methods Homer Jones 1930-31
Business Cycles Arthur F. Burns 1931-32
Economic Research Ivan V. Emelianoff 1931-32
Principles of Insurance Homer Jones 1931-32
College Algebra 1928-29, 1st term
Analytical Geometry 1928-29, 2nd term
Calculus 1929-30
Advanced Calculus 1930-31
Theory of Numbers 1929-30, 2nd term
Theory of Equations 1930-31, 1st term
Differential Equations 1930-31, 2nd term
Analysis 1931-32
Elliptic Integrals 1931-32, 2nd term

 

University of Chicago (1932-33, 1934-35)

Econ 301 Prices and Distribution Theory Jacob Viner Autumn Quarter 1932
Econ 302 History of Economic Thought Frank H. Knight Winter Quarter 1933
Econ 303 Modern Tendencies in Economics Jacob Viner Spring Quarter 1933
Econ 311 Correlation and Curve Fitting Henry Schultz Winter Quarter 1933
Econ 312 Statistical Graphics Henry Schultz Spring Quarter 1933
Econ 330 Graduate Study of Money and Banking Lloyd W. Mints Autumn Quarter 1932
Econ 370 International Trade and Finance Jacob Viner Winter Quarter 1933
Econ 220 Economic History of the United States, not taken for credit Chester Wright Winter Quarter 1935
Econ 220 Economic History of Europe, not taken for credit John U. Nef Autumn Quarter 1934
Labor (visited) Paul H. Douglas  1934-35
Theory of Demand (visited) Henry Schultz  1934-35
Math 306 Introduction to Higher Algebra  E. Dickson Autumn Quarter 1932
Math 341 Calculus of Variations  G. Bliss Autumn Quarter 1932
Math 324 Theory of Algebraic Numbers  A. Albert Winter Quarter 1933
Math 310 Functions of a Complex Variable (not taken for credit) L. M. Graves

 Master’s thesis: An empirical study of the relationship between railroad stock prices and railroad earnings for the period 1921-31.

 

Columbia University (1933-34)

Stat 111-12 Statistical Inference Harold Hotelling Winter/Spring semesters
Econ 117-18 Mathematical Economics Harold Hotelling Winter/Spring semesters
Econ 119 Economic History V. G. Simkhovitch Winter semester
Econ 128 Currency and Credit James W. Angell Spring semester
Econ 211-12 Business Cycles Wesley Claire Mitchell Winter/Spring semesters
Econ 315-16 Economic Theory Seminar John M. Clark, James W. Angell, and Wesley C. Mitchell Winter/Spring semesters
Social Economics (visited) J. M. Clark
Labor (visited) Leo Wolman
Theory (visited) R. W. Souter

 

Department of Agriculture Graduate School (1936-37)

Statistics 17-18 Adjustment of Observations

Source: Assembled from transcripts and course lists kept by Milton Friedman. Hoover Institution Archives, Milton Friedman Papers, Box 5, Folders 11, 13 (Student years).

Image Source: Columbia University, Columbia 250 Celebrates Columbians Ahead of Their Time.

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Chicago Courses Syllabus

Chicago Economics. Math Econ (Econ 402). Henry Schultz References. 1932

 

 

Albert G. Hart was a graduate student at the University of Chicago 1931-34. Among the courses he took was that of Henry Schultz in mathematical economics. In his papers are three sets of reading lists for the course along with Hart’s handwritten notes.

Course Description Econ 402
References for Econ. 402
References for Cost Theory
References for Monopolistic Competition

The same core reading list was used in the autumn quarter of 1935. The reading list for that quarter has been transcribed in a later post, with the added attraction of having many links to the individual items on the list!

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  1. Mathematical Economics.—A study of economic theory from the point of view of assumptions, range of problems, methods and tools, and validity and utility of results under present conditions. Consideration is given to the problem of “circular reasoning” in price theory, to the advantages and limitations of the mathematical approach, and to the possibility of developing a “statistical complement” to pure theory. Special attention is paid to the problem of price determination and to the mathematical theory of production. Readings will be assigned on special topics in the works of Cournot, Jevons, Walras, Pareto, Marshall, Moore, and others; and the class meetings will be devoted chiefly to discussion. Opportunity for investigation of particular problems is offered the student. Prerequisite: Economics 301 [Price and Distribution Theory], a reading knowledge of French, and consent of the instructor. Registration may be made for one or more courses each quarter. Summer, Spring, SCHULTZ.

 

Source: University of Chicago. Announcements, Social Sciences for the sessions of 1931-32. Vol. XXI, January 15, 1931, no. 11, p. 26

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[Spring Quarter 1932]

REFERENCES FOR ECON. 402

Mathematical Economics
By
Henry Schultz
University of Chicago

 

Amoroso, Luigi Lezioni di Economia Matematica
Le Equazioni Differenziali della Dinamica Economica—in Giornale degli Economisti, February, 1929.
La Curva Statica di Offerta—Giornale degli Economisti, January, 1930.
Annals of the American Academy of Political & Social Science July, 1892 (Paper by Walras)
Auspitz, Rudolf
Lieben, Richard		 Recherches sur la théorie du prix
Bentham, Jeremy Principles of Morals and Legislation
Bertolasi, Ellen Quittner Die Stellung der Lausanner Schule in der Grenznutzenlehre—in Arch. f. Sozialw. u. Sozialpol., 64. Band, Heft 1, August, 1930, pp. 16-44.
Black, J. O. Production Economics
Bonar, James Philosophy and Political Economy
Bousquet, G. H. Essai sur l’évolution de la Pensée économique
Précis de sociologie d’àpres Vilfredo Pareto
Vilfredo Pareto: Sa vie et son oeuvre
Boven, Pierre Les applications mathématiques à l’économie politique
Bowley, A. L. Mathematical Groundwork of Economics
Bridgman, P. W. The Logic of Modern Physics
Cassel, Gustav Theory of Social Economy
Fundamental Thoughts on Economics
Cournot, A. A. The Mathematical Theory of Wealth
Théorie des richesses
Cunynghame, H. Geometrical Political Economy
Del Vecchio, Gustavo La Dinamica Economica Di H. L. Moore—in Giornale degli Economisti, Anno XLV, Giugno, 1930, VIII, No. 6, pp. 545-554.
Dicey Law and Opinion in England
Edgeworth, F. Y. Mathematical Psychics
Papers relating to Political Economy
Evans, G. C. Mathematical Introduction to Economics
Fisher, Irving Mathematical Investigations in the Theory of Value and Prices,—in Transactions of the Connecticut Academy of Arts & Sciences (9-10) pp. 1-125.
Giornale degli Economisti Aug. & Oct., 1924
Halévy, Élie La formation du radicalism philosophique
Hobson, E. W. The Domain of Natural Science
Jevons, W. S. Theory of Political Economy
Journal of the American Statistical Association Dec. 1923; March & Dec. 1924; Dec. 1926 (Papers by H. L. Moore)
Journal of Political Economy Oct. & Dec. 1925; April 1927
Marshall, Alfred Principles of Economics
Industry and Trade
Money, Credit and Commerce
Moore, Henry L. Laws of Wages
Economic Cycles
Forecasting the Yield & the Price of Cotton
Generating Economic Cycles
Synthetic Economics
Moret, Jacques L’emploi des mathématiques en économie politique
Nicol, A. J. Partial Monopoly and Price Leadership (Privately published)
Pantaleoni, M. Pure Economics
Pareto, Vilfredo Manuel d’économie politique
Cours d’économie politique
Anwendung der Mathematik auf National Ökonomie, —in Encycl. Mathematisch, Wissenschaft, I G 2, pp. 1094-1170
Économie mathématique, —in Encyclopédie des sciences mathématique, Tome I, vol. 4 (Fascicule 4, pp. 590-640)
The New Theories of Economics, —in Journ. Polit.Econ., Sept. 1897
Traité de sociologie générale
Pearson, Karl Grammar of Science
Pietri-Tonelli, Alfonso Traité d’économie rationelle
Pigou, Alfred [sic, Arthur] Economics of Welfare
Planck, Max A Survey of Physics
Poincaré, Henri Foundations of Science
Political Science Quarterly Vol. XXXIII, June, 1918, No. 2, pp. 164-5 (Paper by Mitchell)
Quarterly Journal of Economics Jan. 1898; Aug. 1925; Nov. 1926; March 1927
Revue d’histoire des doctrines économique et sociales 1910 (Article by Antonelli on Léon Walras)
Revue d’histoire économique et sociale 1924, pp. 225-43
Revue de metaphysique et de morale (13) 1905 (Section on Cournot)
Ricci, Umberto Die statistischen Gesetze des Gleichgewichtes nach Henry Schultz—in Zeitschrift für Nationalökonomie, January, 1931
Schultz, Henry Statistical Laws of Demand and Supply
Marginal Productivity and the General Pricing Process, —Journ. Polit. Econ., Oct. 1929
Der Sinn der statistischen Nachfragekurven
Vinci, Felice “Sui Fondamenti della Dinamica Economica”, Rivista Italiana di Statistica, Anno II, No. 3, Luglio-Settembre, 1930—VIII, pp. 222-268
Walras, Léon Économie politique appliquée
Économie sociale
Élèments d’économie politique
Wicksteed, Philip The Alphabet of Economic Science
Common Sense of Political Economy
Stephen, Leslie The Utilitarians
Zawadzki, Wl. Les mathématiques appliquées à l’économie politique
Zeuthen, F. L. Problems of Monopoly and Economic Welfare
[handwritten addition] Weinberger, Otto Mathematische Sozialwissenschaft

 

________________________________

Economics 402
Prof. Henry Schultz

REFERENCES ON COST THEORY

Marshall, A.—Principles of Economics, 8th ed., Book V, Chap. V.

Ricci, Umberto—“Curve piane di offerta dei prodotti”, Giornale degli Economisti, Vol. 33, September, 1906, pp. 223ff.

————- “Elasticita dei Bisogni delli Domanda e dell’ offerta,” Giornale degli Economisti, August and October, 1924.

Edgeworth, F. Y.—“The Laws of Increasing and Diminishing Returns”, in Papers Relating to Political Economy, Vol. I, pp. 61-99.

Young, Allyn A.—“Pigou’s Wealth and Welfare”, Quarterly Journal of Economics, Vol. XXVII, 1913, pp. 672ff.

Fanno, Marco—Contributo alla Teoria dell’offerta a costi conqiunti, Rome, 1914.

Clapham, J. H.—“On Empty Economic Boxes”, Economic Journal, Vol. 32, September, 1922, pp. 304-314.

Pigou, Prof. A. C.—“Empty Economic Boxes: A Reply”, Economic Journal, Vol 32, December 1922, pp. 458 ff.

Clapham, J. H.—“The EconomiC Boxes—a Rejoinder”, Ibid.

Knight, F. H.—“Some Fallacies in the Interpretation of Social Costs”, Quarterly Journal of Economics, Vol. 38, 1924, pp. 582ff.

Sraffa, P.—“Sulle relazioni fra costo e quantità prodotta,” Annali di Economia, Bd. II, 1925.

————- “The Laws of Return under Competitive Conditions”, Economic Journal, Vol. 36, December, 1926, p. 535.

Papi, G. U.—Sul costo di produzione nei cicli economica, Rome, 1926.

Del Vecchio, G.—“Il costo quale element della theoria economica,” Giornale degli Economisti, Vol. 67, March, 1926, p. 167.

Robertson, D. H.—“Those Empty Boxes,” Economic Journal, Vol. 34, 1927.

Barone—Grunzüge der theoretischen Nationalökonomie, Bonn, 1927. (Translated by H. Staehle)

Cabiati—“Per riempire alcune ‘empty boxes’ finanziarie,” Giornale degli Economisti, 1928.

Pigou, A. C.—“An Analysis of Supply”, Economic Journal, Vol. 38, June, 1928, p. 238.

Shove, G. F.—“Varying Costs and Marginal Net Products,” Economic Journal, Vol. 38, June, 1928, p. 258.

Robbins, Lionel,–“The Representative Firm”, Economic Journal, Vol. 38, September, 1928, p. 387.

Young, Allyn A.—“Increasing Returns and Economic Progress”, Economic Journal, December, 1928.

Schultz, Henry—Statistical Laws of Demand and Supply, 1928, Chap. IV.

————- “Marginal Productivity and the General Pricing Process”, Journal of Political Economy, Vol. 27, October, 1929, p. 505.

Amoroso, Luigi—“La Curva Statica di offerta”, Giornale degli Economisti, January, 1930.

Robertson, D. H., Shove, G.F., and Sraffa, P.—“Increasing Returns and the Representative Firm: a Symposium”, Economic Journal, Vol. 40, March, 1930, pp. 79ff.

Morgenstern, Oskar—“Offene Problem der Kosten- und Ertragstheorie”, Zeitschrift für Nationalökonomie, Band II, Heft 4, March, 1931, pp. 481ff.

Harrod, R. F.—“Notes on Supply, Economic Journal, Vol. 40, June, 1930, pp. 232 ff.

 

________________________________

Economics 402

Prof. Henry Schultz

REFERENCES ON MONOPOLISTIC COMPETITION

Cournot, A. A.—Mathematical Principles of the Theory of Wealth, (1838) Bacon’s Translation, Chaps. V-VIII.

Edgeworth, F. Y.—Mathematical Psychics, London, 1881, pp. 20 ff.

————- “Teoria pura del monoplio”, Giornale degli Economisti, November, 1897, pp. 13-31.

————- “The Pure Theory of Monopoly” and

————- “Professor Seligman on the Theory of Monopoly”, in Papers Relating to Political Economy, Vol. I, pp. 111-171.

Bertrand, Joseph—“Review of Walras and Cournot”, Journal des Savants, Paris, September, 1883, pp. 499-508.

Marshall, Alfred—Principles of Economics, 8th edition, Chap. XIV.

Pareto, Vilfredo—Cours d’économie politique, 1909, pp. 595-602.

————- Manuel d’économie politique, 1909, pp. 595-602.

————- “Économie mathématique”, Encyclopédie de Sciences mathématiques, Tome I, Vol 4, Fascicule 4 (1911), paragraph 14, pp. 604-608.

Fisher, Irving—“Cournot and Mathematical Economics”, Quarterly Journal of Economics, January, 1898, p. 126.

Moore, Henry L.—“Paradoxes of Competition”, Quarterly Journal of Economics, Vol. XX, 1906, pp. 211 ff.

Zawadski, Wl.—Les mathématiques appliquées à l’économie politique, Paris, 1914, pp. 68-75.

Amoroso, Luigi—Lezioni di Economia mathematica, 1921, pp. 254-272.

————- “La Curva Statica di offerta”, Giornale degli Economisti, January, 1930, especially pp. 11-20.

Edgeworth, F. Y.—Review of Amoroso’s Lezioni, Economie Journal, September, 1922, p. 400.

Clark, J. M.—Economics of Overhead Costs, 1923.

Bowley, Arthur L.—The Mathematical Groundwork of Economics, 1924, p. 38.

Young, Allyn A.—Review of Bowley, Journ. Amer. Stat. Assn., Vol. XX, March, 1925, p. 134.

Myrdal, Gunnar—“Prisbildnings Problemet och Föränderligheten”, Uppsala, 1927.

Wicksell, Knut—“Mathematische Nationalökonomie”, Arch. f. Sozialwiss. u. Sozialpol., 1927, pp. 252 ff.

Schumpeter, Joseph—“Zur Einführung der folgenden Arbeit Knut Wicksells”, Arch. f. Sozialwiss. u. Sozialpol., 1927.

Bowley, A. L.—“Bilateral Monopoly,” Economic Journal, Vol. 38, Dec., 1928, pp. 651 ff.

Schumpeter—“The Instability of Capitalism”, Economic Journal, 1928, pp. 369-70.

Hotelling, Harold—“Stability in Competition”, Economic Journal, Vol. 39, March, 1929, pp. 41-57.

Chamberlin, E. H.—“Duopoly: Value Where Sellers Are Few”, Quarterly Journal of Economics, Vol. XLIV, No. 1, Nov., 1929.

Pigou, Alfred [sic, Arthur]—Economics of Welfare, 3d edition, 1929, Chaps. XIV-XVII.

Evans, G. C.—Mathematical Introduction to Economics, 1930, Chaps. I and III [handwritten note “add solutions (Duopoly)”]

Nichol, Archibald Jamieson—“Partial Monopoly and Price Leadership,” 1930. (Published by the author.)

Schneider, Erich—“Zur Theorie des mehrfachen Monopols, insbesondere der des Duopols”, Archiv. f. Sozialwiss. u. Sozialpol., Vol. 63, Heft 3, 1930, pp. 539-555.

————- “Drei Probleme der Monopoltheorie”, Zeitschrift für Nationalökonomie, Band II, Heft 3, January, 1931, pp. 376-386.

Zeuthen, F.—Problems of Monopoly and Economic Warfare, London, 1930.

 

 

Source: Albert G. Hart Papers. Box 60, Folder “H. Schultz. Math Ec”. Rare Book and Manuscript Library. Columbia University.

Categories
Chicago Exam Questions

Chicago Economics. Ph.D. Exam. Spring 1939

University of Chicago written examination questions. Part I: Economic Theory. Part II: Monetary and Cycle Theory.

 

ECONOMIC THEORY
Written Examination for the Ph.D. Degree

____________________

Spring Quarter, 1939

____________________

PART I

Time: 4 hours

Answer three questions in Group I and three questions in Group II—six questions in all.

____________________

Group I

  1. A competitive industry uses large enough fractions of the available stocks of several important types of productive services appreciably to influence the prices of these services by its own demand for them. Discuss: (a) the probable shape of the long-run supply curve of that industry’s product, and (b) the relationships between (1) that product’s long-run equilibrium price and (2) the long-run average and marginal costs for a particular concern in that industry and also for the industry as a whole.
  2. An industry produces a bulky standardized commodity, e.g., cement, and uses the base-point pricing system. Mill No. 1 is located at a base point which is one hundred miles away from the nearest mill, No. 2, and two hundred miles away from the next mill, No. 3, the three mills being situated in a straight line as follows: 1__________2____________________3. From No. 1 to No. 2 and from No. 2 to No. 3 are separate freight zones, with 25 cents a barrel rates within each zone for any distance, and 50 cents a barrel for shipments from any point in one zone to any point in the next zone regardless of distance. Mill No. 2, however, gets the 25 cents rate for shipment into either zone. You are asked by Mill No. 1 for advice as to (a) how to determine its optimum base point price, and (b) how far it should invade the market territories of Mills Nos. 2 and 3 through freight absorption, maximum net revenue being its sole objective.
    (a) How would you proceed? (What additional information would you need? How would you use it?)
    (b) Do you know of any industries whose price structure is fairly illustrated by this example?
    (c) What objections might be raised against this type of price structure from a social point of view?
  3. Suppose that frequency distributions of hourly money wage rates (a) in different crafts, (b) in different regions, in the United States were constructed for 1910 and for 1930 and that in each case the frequency distribution for 1930 showed a much greater concentration about the mean than the distribution for 1910.
    (a) Frame plausible hypotheses to explain such a trend.
    (b) Indicate in general lines how their validity might be tested.
  4. In a closed economy, with a paper standard currency fixed in quantity, a 10 per cent sales tax levied upon all final sales to consumers of tangible commodities is the only tax. There is substituted for this tax a uniform 15 per cent personal income tax, which produces and identical amount of revenue. Discuss the changes in the price structure which would probably result from the change in the method of taxation.

 

Group II

  1. Discuss the pros and cons of (a) general, and (b) selective, wage-reductions as a means of procuring fuller employment at the present stage of the depression.
  2. Distinguish between “loan-fund,” “cash-balance” (Keynesian), and marginal productivity theories of the determination of the interest rate structure, and discuss the possibility (or the need) of harmonizing them.
  3. Discuss the differences and the resemblances between the objectives and the attitudes toward free economic enterprise of the seventeenth, eighteenth century mercantilists and the present-day advocates of comprehensive economic planning.
  4. Compare the doctrines of the German historical school and the American institutionalists.

Source: Columbia University Archives, Albert Gailord Hart Collection, Box 61, Folder “Sec 2. General Exams Chicago (Micro)”

 

____________________

PART II
MONETARY AND CYCLE THEORY

Written Examination for the Ph.D. Degree

____________________

Spring Quarter, 1939

____________________

Time: 2½ hours.

Answer all four questions.

  1. Explain the doctrine of “forced saving,” and discuss its applicability to the period since 1933.
  2. Discuss and appraise the various parts of the following quotation:
    “If the quantity theory of money is true, the demand for money is taken as perfectly elastic; because human wants are indefinitely extensible, the public’s demand for money is insatiable, and prices vary directly as the quantity of money offerable. When the Austrians began to apply the marginal analysis, this commodity money having unit elasticity—a perfectly flat horizontal demand curve—naturally attracted attention.”
  3. There is a current belief among many economists that investment opportunities for the future will be so restricted as to necessitate continuous spending by governments. Indicate the factors that would have to be considered in deciding upon the merits of this contention and give your conclusion.
  4. Formulate a set of rules in accordance with which you think the gold standard would operate with a considerable degree of acceptability today; or, if you do not believe this to be possible, indicate why. You may assume that a satisfactory redistribution of gold among the nations has been achieved.

Source: Columbia University Archives, Albert Gailord Hart papers, Box 61, Folder “Exams. Chicago.”

Image: University of Chicago Photographic Archive, apf2-07443, Special Collections Research Center, University of Chicago Library.

Categories
Irwin Collier

Somebody noticed

Peter Boettke of the Coordination Problem blog has the first posting  (June 25) in an economics blog to call attention to my Economics in the Rear-view Mirror. And for that first non-selfie signpost in the cloud, my thanks!

Categories
Chicago Exam Questions

Chicago Economics. Ph.D. Exam Questions by Viner in Theory. 1928

Transcription of handwritten draft of examination questions prepared by Jacob Viner.

Ph.D. Examination in Economic Theory

Spring, 1928             Viner[added and circled]

 

Answer questions 1 to 4, inclusive, and four others.

  1. Discuss the scope and method of the English classical school in the light of modern criticism therof.
  2. Explain, and discuss the validity, purpose, and usefulness of any three of the following Marshallian concepts:
    (a) quasi-rent;
    (b) consumers’ surplus;
    (c) unit elasticity;
    (d) maximum satisfaction;
    (e) representative concern.
  3. Describe the cost and supply aspects of the long-run equilibrium conditions under competition for two joint-products, when the proportions in which the two products are produced are: (a) non-variable, (b) variable.
  4. Discuss the contributions to economics of any five of the following:(a) Aristotle; (b) Cantillon ; (c) David Hume; (d) Cournot; (e) Senior; (f) J. B. Say; (g) Von Thunen; (h) Leon Walras.
  5. What is the significance of margins in price theory.
  6. “The price-processes of the market-place are a product of the institutional framework, and cannot be explained independently of the long evolution of the institutional framework of modern economic society which has molded them” Discuss.
  7. In what respects did the Canonists carry economic inquiry beyond its previous status?
  8. Discuss the problem of the relationship of the rate of physical productivity of capital goods to the rate of interest; or
    Discuss the supply curve of saving.
  9. Compare the wage theories of Adam Smith, Ricardo, and John Stuart Mill.
  10. Outline a research project for either:
    (a) The statistical verification of an important proposition in price theory, or
    (b) A statistical study in some phase of distribution theory.

Source:  University of Chicago. Department of Economics. Records, [Box 35, Folder 14], Special Collections Research Center, University of Chicago Library.

Image: University of Chicago Photographic Archive, [apf1-08489], Special Collections Research Center, University of Chicago Library.

Categories
Economists Michigan Research Tip

Michigan Economics

The University of Michigan’s Faculty History Project provides brief biographies of its economics faculty and/or good portraits.

Hint: To get all the economists, when you search faculty, only enter “economics” into the space provided for “Position”.

A few examples:

Henry Carter Adams (1880-1921)

Frederick Manville Taylor (1893-1930)

Kenneth Eward Boulding (1949-1968)

Richard A. Musgrave (1947-1959)

Wolfgang F. Stolper (1949-1982)

 

 

 

Categories
Chicago Courses Economists

Chicago Economics. Econ 332. Business Cycle Theory (Lange). Minsky Notes. 1942

Notes taken by Hyman Minsky in Spring, 1942, when he was an undergraduate at the University of Chicago. The notes are from the class, “Economics 332: Business Cycle Theory” taught by Oscar R. Lange.

I was going to send a graduate student of mine to check the notes in the Minsky Archive at Bard College. Imagine my delight when I was told that the kind folks there would scan the material and post it for all in their Bard Digital Commons. Note there are five files total.

________________

[Course Description]

E. MONEY, BANKING, AND BUSINESS CYCLES
[…]

332. Business Cycle Theory.–Historical and systematic analysis of business cycle theory. The main types of explanation. Equilibrium theory and analysis of economic processes. The role of time in the analysis of economic processes. The significance of anticipations. Theoretical and observed fluctuations. The factors which determine the general level of output and employment. The fluctuations of investment and of employment. The role of technical progress. Business-cycle policy. Prerequisite: Economics 211, 301, and 330, or equivalents. Spring, 2:30, LANGE.

Source: From The University of Chicago, Announcements,Vol. XLI, No. 10, April 25, 1941.   The College and the Divisions for the Sessions of 1941-1942. (p. 310).