Author: Irwin Collier

Categories
Business Cycles Harvard Macroeconomics Money and Banking Paper Topics Suggested Reading

Harvard. Suggested paper topics and references for money and banking. Williams and Harris, 1938-1939

Economics in the Rear-view Mirror is extremely proud to provide a comprehensive, granular set of references suggested for 137 possible topics for papers to be written in the undergraduate course “Money, Banking, and Commercial Crises” jointly taught by Professor John Henry Williams and Associate Professor Seymour Edwin Harris during the 1938-39 academic year at Harvard College. We have before us the vista of the breaking dawn of Keynesian macroeconomics as experienced by Harvard undergraduates(!).

Warning: I have encountered numerous misprints and I have corrected/edited when noticed. I have tried to transcribe accurately but the devil of typos is unlikely to be contained over 30 pages. Nonetheless I believe the value of the material transcribed below is hardly diminished by cooking and serving this document on the rare side. Certain items are included in many topics, giving an indication of their scope but also an indication of their importance in the eyes of the instructors.

_________________________

Course Material from the Other Years

1937-38
1940-41
1941-42

_________________________

Source: Harvard University Archives.

_________________________

Suggested Topics for Theses
in Economics 41
1938-39

I. COMMERCIAL BANKING AND THE MONEY MARKET [General References]

  1. Creation of Bank Deposits
  2. Growth of Bank Deposits since the War
  3. Guarantee of Bank Deposits
  4. Principles of Bank Note Regulation
  5. Role of Bank Notes in the U.S.
  6. Systems of Note Issue
  7. Velocity of Circulation
  8. Bank Assets from a Banker’s Viewpoint
  9. Bank Expenses
  10. Bank Failures
  11. Excess Reserves
  12. Member Bank Reserve Requirements
  13. 100% Reserve Plan
  14. The Banking Principle vs. the Currency Principle
  15. Competition of State and National Banks
  16. New York as International Financial Center
  17. Money Market in some one Year
  18. American Discount Market
  19. Agricultural Credit
  20. Eligible Paper
  21. Brokers’ Loans
  22. Collateral Loans vs. One Name Paper
  23. Interrelation of Rates of Interest
  24. Causes of Stock Market Crash
  25. Causes and Results of Bank Holiday
  26. Causes of Decline of Commercial Loans
  27. Banks and the Public Debt
  28. Federal Credit Agencies
  29. Bank Reform
  30. Nationalization of Banking
  31. Branch and Chain Banking
  32. Branch Banking in Britain
  33. Branch Banking in Canada
  34. Branch Banking in Russia
  35. Cunliffe Report on British Currency
  36. Monetary Developments in Some Countries Since the War

II. CENTRAL BANKING [General References]

  1. Development of Central Banking Functions
  2. Organization of Federal Reserve System
  3. Bank Act of 1933
  4. Bank Act of 1935
  5. Review of Federal Reserve Policy for Some Period
  6. Open Market Operations
  7. Varying Reserve Requirements
  8. Acceptance Market and the Federal Reserve System
  9. Industrial Advances of the Federal Reserve Banks
  10. Criteria of Monetary Policy
  11. Criteria of Federal Reserve Policy
  12. Neutral Money
  13. Price Stabilization: The Strong Bills
  14. Price vs. Economic Stabilization
  15. Qualitative vs. Quantitative Credit Control
  16. Central Bank Policy and Speculation
  17. Central Bank Policy and Agriculture
  18. Fiscal Function of Federal Reserve Board
  19. Bank Correspondent Relationship under Federal Reserve System
  20. Effectiveness of Central Bank Control
  21. Treasury Control of Monetary Policy
  22. Bank of England and London Money Market
  23. Central Banking in France
  24. Central Banking in Canada
  25. Cooperation of Central Banks

III. THE BUSINESS CYCLE — Analysis and Policy [General References]

  1. Causes of the Depression
  2. Critical Discussion of One Theory of the Business Cycle: Pigou / Robertson / Keynes / Hayek / Hawtrey / Mitchell
    Foster and Catchings / Schumpeter / Harrod
  3. Monetary Theory of the Trade Cycle
  4. Review of Warren and Person: Prices
  5. Period of Production and the Trade Cycle
  6. Review of Hayek: Prices and Production
  7. Theory of Forced Savings
  8. Theory of Bank Rates
  9. Installment Selling and the Business Cycle
  10. Underconsumption Theory of the Trade Cycle
  11. The Dilemma of Thrift
  12. Major Douglas’ Social Credit
  13. Fisher’s Compensated Dollar (Commodity Dollar)
  14. 100% Reserve Plan
  15. Public Expenditure and Prices
  16. The Theory of Public Works
  17. The Multiplier

78a Durable Consumer Goods and the Business Cycle
79b Construction and the Business Cycle
78c The Acceleration Principle
78d The Theory of the Long Waves

IV. MONETARY THEORY [General References]

  1. English Monetary Theory during the Napoleonic Wars
  2. Nominalistic vs. Metallistic Conception of Money
  3. Transaction vs. Cash Balances Approach to the Quantity Theory of Money
  4. Keynes’ Theory of Money
  5. Marshall as a Monetary Theorist
  6. Cannan as a Monetary Theorist
  7. Robertson’s Theory of Money
  8. Hawtrey’s Theory of Money
  9. Knapp’s Theory of Money
  10. Fisher’s Theory of Money
  11. Nature of Credit

V. INTERNATIONAL MONETARY RELATIONS AND POLICY [General References]

  1. Pre-War and Post-War Gold Standards
  2. Great Britain’s Return to the Gold Standard in 1925
  3. Stabilization of the Lira
  4. France and the Gold Standard
  5. The Gold Bloc
  6. Causes and Consequences of England’s Departure from Gold
  7. Methods of Return to the Gold Standard
  8. Present Outlook for the Gold Standard
  9. Gold Exchange Standard
  10. Gold Movements since the War
  11. Gold Distribution and the Depression
  12. Is there a Gold Shortage?
  13. Methods to economize Gold
  14. Exchange Depreciation and World Recovery
  15. Exchange Depreciation Experience of Japan
  16. Exchange Depreciation Experience of Sweden
  17. Exchange Depreciation Experience of Britain
  18. Exchange Depreciation Experience of Australia
  19. Exchange Depreciation Experience of U.S.
  20. Exchange Central
  21. Sterling-Dollar-Franc Triangle
  22. The “Gentlemen’s Agreement”
  23. British Equalization Fund
  24. Gold Buying Policy and Devaluation
  25. Recent Silver Policy of the United States
  26. Monetary Consequences of the Fall in the Price of Silver
  27. Flexible Parities
  28. Hot Money
  29. Exchange Rates Under Incontrovertible Paper
  30. Purchasing Power Parity vs. Balance of Payment Theory of the Determination of Exchange Rates
  31. International vs. National Objectives of Monetary Policy
  32. Measures of Over-valuation
  33. The International Transfer of Purchasing Power
  34. The Forward Exchange Market
  35. Spreading the Gold Points and Short Term Capital Movements
  36. American Export of Capital since the War
  37. International Short Term Balances and the Depression
  38. Tariff Policy and the Depression
  39. Bank of International Settlement

VI. MISCELLANEOUS [No General References]

  1. War Finance
  2. The Reparations Controversy
  3. War Debts
  4. Fall of Prices: 1873-96
  5. Rise of Prices: 1896-1913
  6. Price Movement since the War
  7. Probable Future Trend of Prices
  8. Changes in the Value of Money and the Distribution of Wealth
  9. Monetary and Financial Questions Raised by the Social Security Program

*  *  *  *  *  *  *  *  *  *  *  *  *  *  *

SUGGESTED TOPICS AND BIBLIOGRAPHY
FOR COURSE THESES
IN ECONOMICS 41

I. COMMERCIAL BANKING AND THE MONEY MARKET

General References [Return]

Allen, A. M., et al. – Commercial Banking Legislation and Control

Westerfield, R. B. – Money, Credit and Banking

Thomas, R. G. – Modern Banking

Willis, H.P. and Chapman, J.M. – the Banking Situation: American Post-War Problems

Willis, H.P., Chapman, J.M., and Robey, R.W. – Contemporary Banking

Bogin, J.I., Foster, M.B., Nadler, M. – Money and Banking

  1. Creation of Bank Deposits [Return]

Phillips, C.A. – Bank Credit

  1. Growth of Bank Deposits since the War [Return]

Mills, F. C. – Economic Tendencies

– Memoranda on Commercial Banks

– Annual Publications

Goldschmidt, R.W. – The Changing Structure of American Banking

Phillips, C.A., McManus, T.F., – Banking and the Business Cycle

Currie, L. – The Economic Distribution of Demand Deposits – Journ. Amer. Stat. Assn., June 1938

Hartzel, E. – Time Deposits – Harvard Bus. Rev., October 1934

  1. Guarantee of Bank Deposits [Return]

Robb, T. B. – Guarantee of Bank Deposits (1921)

Blocker, J.G. – Guarantee of State Bank Deposits – Univ. of Kansas, Bur. of Bus. Research, Bull. 11, July 1929.

Emerson, Guy – Guarantee of Deposits under Banking Act of 1933, Quart. Journ. Econ., Feb. 1934

Association of Reserve City Bankers – Guarantee of Bank Deposits, 1933

American Banker’s Assn. – Economic Policy Committee – Guarantee or Bank Deposits 1933

Federal Reserve Bulletin – Oct., 1933

Business Week – April 1933

Bankers Magazine – June 1933

Hodgson, J. G. – Federal Control of Banking

Faust, M. L. – The Security of Public Deposits

Crowley, L. T. – Has Federal Deposit Insurance Strengthened the Banking System? – Banker’s Mag., Jan. 1938

Wilcox, V. – Vast Powers of the FDIC – Annalist Nov. 8,1935

Bradford, F. A. – Angell, The Behavior of Money, Quart. Journ. Econ., Feb. 1937

FDIC – Federal Reserve Bulletin – Oct., 1936

Woolsey, J. B. – The Permanent Plan for the Insurance of Bank Deposits, South. Econ. Jour. Apr. 1936

Fox, M.J. – Deposit Insurance as an Influence for Stabilizing the Banking Structure – Jour. Amer. Stat. Assn., Mar. 1936

Hoffman, C. W. – Federal Insurance of Deposits: The New Law and How it Works – Jour. of Ann. Ins. Assn., Nov. 1934

Kimmel, L.H. – Federal Deposit Insurance – Conf. Board Bull, July 10, 1934

Smith, A. A. – Guaranty of Bank Deposits – Social Science Quarterly, July 1934

Toggert, J.H. and Jennings, L.D. – The Insurance of Bank Deposits – Jour. Pol. Econ. August 1934

Emerson, G.– Guaranty of Deposits Under the Banking Act of 1933 – Quart. Journl. Econ., Feb.1934

  1. Principles of Bank Note Regulation [Return]

Simmons, E.C. – The Concept of Lawful Money – Journ. Pol. Econ. Feb. 1938

  1. Role of Bank Notes in the U. S. [Return]

Steiner, W. H. – Money and Banking

Conant, C. A. – History of Modern Banks of Issue

Dunbar, C. F. – History of National Bank Currency

Folwell, W.W. – Evolution of Paper Money in U.S.

Hepburn, A. B. – History of Currency in U.S.

Rawie, H. L. – Fed. Res. Notes

Sumner, A. B. – History of American Currency

Simmons, E. C. – Elasticity of Fed. Res. Note – Amer. Econ. Rev., Dec. 1936

Simmons, E. C. – The Concept of Lawful Money – Jour. Pol. Econ. Feb. 1938

Brinton, C. – History of Paper Money to the War – Journ. of Modern History, Sept. 1934

  1. Systems of Note Issue [Return]

Simmons, E.C. – The Concept of Lawful Money – Journ. Pol.Econ. Feb. 1938

  1. Velocity of Circulation [Return]

Steinar, W. H. – Money and Banking

Keynes, J.M – Treatise on Money

Hawtrey, R. G. – Art of Central Banking

Hawtrey, R. G. – Currency and Credit

Anderson, – Value of Money

Laughlin, J. L. – Principles of Money

Fisher, I. – Purchasing Power of Money

Robertson, D. H. – Money

Foster, W.F. and Catchings, W., – Money

Foster, W.F. and Catchings, W., – Profits

Marshall, A. – Money, Credit and Commerce

Burgess, W. R. – Jour. Am. Statis. Ass., Vol. 18, #2

Lounsbery, A. W. – Quart. Jour. Econ., Nov. 1931

Lounsbery, A. W. – Quart. Jour. Econ., May 1933

Marget, A. W. – Jour. Pol. Econ., June and Aug. 1932

Marget, A. W. – Quart. Jour. Econ., Nov. 1932

Marget, A. W. – Theory of Prices

Marget, A. W. – The Velocity of Circulation – Quart. Journ. Econ. May 1934

Working, H. – Quart. Jour. Econ., 1923

Ellis, H. S. – German Monetary Theory

Ellis, H. S. – Some Fundamentals in the Theory of Velocity – Quart. Jour. Econ., May 1938

Dahlberg, Arthur – When Capital Goes on Strike: How to Speed up Spending

Angell, J. W. – The Behavior of Money

Angell, J. W. – Components of the Circular Velocity of Money, Quart. Journ. Econ., Feb. 1937

Bradford, F. A. – Angell, The Behavior of Money – Quart. Jour. Econ., Feb. 1937

King, W. I. – Recent Monetary Experiments and Their Effect on the Theory of Money and Prices – Jour. Amer. Stat. Assn., Aug. 1935

Gilbert, J. C. – A Note in Banking Policy and the Income-Velocity of Circulation of Money – Economica, May 1934

  1. Bank Assets from a Banker’s Viewpoint [Return]

Natl. Indus. Conf. Board – Banking Situation in the U.S.

Mitchell, W. F. – Uses of Bank Funds

Ostrolenk, B. and Massie – How Banks Buy Bonds

Atkins, P. M. – Banks’ Secondary Reserves and Investment Policies

Bradford, F. A. – Banking

Moulton, H. G. – Financial Organization of Society

Langston and Whitney – Banking Practice

Goldschmidt, R. W. – The Changing Structure of American Banking

Foulke, R. A. – Commercial Paper in the Banking System – Banking, Feb. 1935

Carson, W. J. – Trends of Principal Earning Assets – Amer. Stat. Assn., June 1938

  1. Bank Expenses [Return]

Bradford, F. A. – Banking

Fed. Res. Bank – Annual Reports

Secrist, H. – Banking Ratios

Powlison, K. – Profits of Natl. Banks

Natl. Indus. Conf. Board – Banking Situation in the U.S.

Stark, W. L. – Bank Expenses

Thompson, D. S. – Trends of Bank Earnings and Expenses – Am Stat. Assn., June 1938

  1. Bank Failures [Return]

Steiner, W. H. – Money and Banking

Spahr, W. – Bank Failures in U.S.– Am. Econ. Rev. Suppl. 1932

Tebbutt, A. R. – Bank Failures in Natl. Banking System

Annals of Amer. Acad. Pol. and Soc. Science – Jan. 1933 – Bank Failures

Industrial Arts Index, 1935 and 1934

Goldschmidt, R. M. – The Changing Structure of American Banking

Anderson, T. J. – Federal and State Control of Banking

  1. Excess Reserves [Return]

Edie, L. D. – Easy Money

Guaranty Survey, Jan. 1936 – Problem of Excess Reserves and Business Recovery

  1. Member Bank Reserve Requirements [Return]

Report of Committee on Bank Reserves of Fed. Res. System

Currie, L. B. – Supply and Control of Money

Rodkey, R. G. – Legal Reserves in American Banking – Michigan Bus. Studies, Vol. VI, No. 5

Watkins, L. L. – The Variable Reserve Ratio – Journ. Pol. Econ., June 1936

  1. 100% Reserve Plan [Return]

Fisher, I. – 100% Money

Fisher, I. – 100% Money and Branch Banking – Northwestern Banker, March 1937

Fisher, I. – The Banker’s Interest in 100% Money – Banker’s Mag., Oct. 1936

Fisher, I. – 100% Money and the Public Debt – Econ. Forum, Apr., June, 1936

Robinson, G. B. – 100% Bank Reserves – Harv. Bus. Rev. Summer 1937

Neuman, A. M. – 100% Money – Manchester School, Vol. VIII, No. 1, 1937

Angell, J. W. – The 100% Reserve Plan – Quart. Jour. Ec. Nov. 1935.

Spahr, W.E. – Fallacies of Professor Irving Fisher’s 100% Money Proposal

Graham, F. D. – Reserve Money and the 100% Proposal – Amer. Econ. Rev., Sept. 1936

Lehmann, F. – 100% Money – Social Research, Feb. 1936

  1. The Banking Principle vs. the Currency Principle [Return]

Andreades, A. M. – History of Bank of England

Feaveryear, A. E. – The British Pound

Steiner, W. H. – Money and Banking, pp. 706-10

Keynes, J.M. – Treatise on Money p. 195

Laughlin, J.L.– Principles of Money

Levinsky, Money, Credit, and Prices

Viner, Jacob – Studies in the Theory of International Trade

Harris, S. E. – The Commercial Theory of Credit – Journ. Pol. Econ. Feb.1936

  1. Competition of State and National Banks [Return]

Hilderman, L. C. – National and State Banks

Tippetts, C. S. – State Banks and Federal Reserve System

Federal Reserve Bulletin – 1933, pp. 166-86

Pole, J. W. – Barrons, Sept. 19, 1932

Pole, J. W. – Proposed Unification of Banking, Bankers Mag. May 1932

Pole, J. W. – Washington Looks at State Banks, Am. Banker’s Assn. Journ., May 1932

Pole, J. W. – Symposium on Proposed Unification of Banking under Fed. Supervision: Trust Companies, Apr. and May 1932

Natl. Indus. Conf. Board – The Banking Situation in the U.S.

Barnett, – State Banks and Trust Companies since Natl. Banking Act – Nat. Monetary Comm.

Hammond, E. – Banks, States and Fed. Govt. – Am. Econ. Rev., Dec. 1933

  1. New York as International Financial Center [Return]

Steiner, W. H. – Money und Banking

Einzig, P. – Fight for Financial Supremacy

Harris, B.D.– Branch Banks und Foreign Trade

Madden, J. T. und Nadler, M. – International Money Markets

Phelps, C. W. – Foreign Expansion of American Banks

  1. Money Market in some one Year [Return]

Statistical Sources – Reserve Bank and Board Bulletins

  1. American Discount Market [Return]

Foulke, R. A. – Commercial Paper Market

Reade, L. M. – Story of Commercial Paper Market

Steiner, W. H. – Money and Banking

Phillips, C. A. – Bank Credit

Balubanis, H. P. – The American Discount Market

  1. Agricultural Credit [Return]

Steiner, W. H. – Money and Banking

Sparks, E. S. – History and Theory of Agricultural Credit in the U.S.

Holt, W. S. – Federal Farm Loan Bureau

Stockdyke, E. A. and West, C. H. – The Farm Board

Norman, J. B. – Farm Credits in U.S. and Canada

Benner, O. L. – Federal Intermediate Credit System

  1. Eligible Paper [Return]

Hardy, C. O. – Credit Policies of Federal Reserve System

Dowrie, G. W. – American Monetary and Banking Policies

Harris, S. E. – Twenty Years of Federal Reserve Policy

Steiner, W. H. – Money and Banking

Warburg, P. M. – Federal Res. System, Vol. I, p. 465

Goldenweisser, E. A. – Significance of the Lending Function of the Fed. Res. System – Journ. Amer. Stat. Assn. Mar. 1936

  1. Brokers’ Loans [Return]

Flynn, J. T. – Security Speculation

Hovey, L. H., Logan, L. S., and Gavens, H. S. – Brokers’ Loans

Rogers, J. H. – Stock Speculation and Money Market, Quart. Journ. Econ., May 1926

Eiteman, – Economics of Brokers’ Loans, Amer. Econ. Rev. March 1932

Eiteman, – Economic Significance of Brokers’ Loans and Bank Credit, Journ. Pol. Econ., Oct. 1932

Eiteman, – Regulation of Brokers’ Loans – Amer. Econ. Rev. Sept. 1933

Eiteman, – Speculation, Bank Liquidity, and Price – Amer. Econ. Rev., Dec. 1934

Hoover, C. B. – Bank Deposit and Brokers’ Loans, Jour. Pol. Econ. 1929

Anderson, B. M. – Brokers’ Loans and Bank Credit, Chase Econ. Bulletin, Oct. 1928

Thomas, W. – Credit in Security Speculation, Amer. Econ. Rev. Mar. 1933 and 1935

Harris, S. E. – Twenty Years of Federal Reserve Policy

Ellis, H. S. – German Monetary Theory

20th Century Fund – The Security Markets

  1. Collateral Loans vs. One Name Paper [Return]

Westerfield, R. B. – Trend of Secured Loans – Journ. of Bus., 1932

Steiner, W. H. – Money and Banking, pp. 212-19 (ref. & biblio.)

Greef, A. O. – The Commercial Paper House in the U.S.

  1. Interrelation of Rates of Interest [Return]

Riefler, W. – Money Rates and Money Markets

Beckhart, B. H. – The New York Money Market

Keynes, J. M. – Treatise on Money

Macauley, F. R. – Theoretical Problems Suggested by Movements of Interest Rates in U.S.

  1. Causes of Stock Market Crash [Return]

Fisher, I. – Stock Market Crash and After

Hawtrey, R. G.– Art of Central Banking

Cassel, (Univ. of Chicago, 1928)

Keynes, J.M. – Treatise on Money

Reed, H. L.– Fed. Res. Policy, 1921-1931

Hardy, C. O.– Credit Policy of the Fed. Res. System

Harris, S. E.– Twenty Years of Fed. Res. Policy

Ohlin, B. – Course and Phases of the World Econ. Depression

Robbins, L.– The Great Depression

Hayek, F. – Prices and Production

Hirst, T.M.– Wall St. and Lombard St.

McGregor, A. G. – Basic Cause of World Depression and Sound Remedy

Salter, Sir Arthur – Recovery, the Second Effort

  1. Causes and Results of Bank Holiday [Return]

Colt, C. O. and Keith – Twenty-eight Days, A History of Banking Crisis

Amer. Bankers’ Assn. – Econ. Pol. Assn. – Banking after the Crisis

Ayres – Lessons of Banking Disaster, Com. and Fin. Chronicle Mar. 15,1933

Economist, Mar. 4, 11, and 19, 1933, American Banking Crisis

  1. Causes of Decline of Commercial Loans [Return]

Currie, L. – Decline of Commercial Loan – Quart. Journ. Econ. Aug. 1931

Natl. Indus. Conf. Board – Availability of Bank Credit – 1933

Commercial Borrowing under Recovery Act – Am. Bankers’ Assn. Journal, Sept. 1933

Present Sources of Bank Income – Amer. Bankers’ Assn. Journ. May 1934

Why Banks Don’t Lend – Bankers’ Magazine, Feb. 1934

New Banking Problems – Amer. Banker’s Assn. Journ. Aug. 1934

What is a Sound Loan – Bankers’ Magazine, Nov. 1934

Stone, L. – Commercial Loans and Recovers – Barron’s Dec. 30, 1935

  1. Banks and the Public Debt [Return]

Willis, H. P. and Chapman, J. M. – The Banking Situation: American Post-War Problems

Cole, G. D. H. – What Everybody Wants to Know about Money

Smith, D. T. – Deficits and Depressions

Angell, J. W. – Fed. Finances and the Banking System, Amer. Stat. Suppl., March 1935

  1. Federal Credit Agencies [Return]

The Postal Savings System of the U.S. – Amer. Bankers’ Assn.

Survey of Government Banks – Banking, Jan. 1936

McDiarmid, J. – Govt. Corps and Federal Funds

Anderson, G. E. – Government Banking – Banking, Feb. 1936

  1. Bank Reform [Return]

Goldschmidt, R. W. – The Changing Structure of American Banking

Vanderlip, Frank A. – Tomorrow’s Money

Gephart, W. F. – Our Commercial Banking System – Am. Ec. Rev. Suppl. Mar. 1935

Hammond, R. – Long and Short Term Credit in Early Amer. Banking – Quart. Journ. Econ., Nov. 1934

Alling, N. D. – A Scientific Banking System – Bankers’ Mag. April 1935

Manuel, R. W. – Eliminating Bank Induced Inflation – Bankers’ Mag. Oct. 1937

Heilperin, M. A. – Economics of Banking Reform – Pol. Science Quarterly, Sept. 1935

  1. Nationalization of Banking [Return]

Currie, L. – Supply and Control of Money in the U.S.

Clark – Central Banking under Fed. Res. System

Sachse, O. – Socialization of Banking

White, A. B. – Nationalization of Banking (Eng.)

Proposal for Central Banking and Significance – Guaranty Survey, Sept. 1934

And Next – A Government Bank? – Rand McNally Bankers’ monthly, Nov. 1934

History Marks Boundary Between Govt. and Banking – Amer. Bankers’ Assn. Jour. May 1934

Essentials of American Banking Reform, etc. – Am. Bankers’ Assn. Journ., May 1933

Dodwell, D. W. – Treasuries and Central Banks

Goldschmidt, R. W. – Changing Structure of Amer. Banking

Moley, R. – Must Government Take over Banks? – Today, Feb. 3, 1934

Simons, H. C. – Positive Program for Laissez-Faire

Cole, G. D. H. – What Everybody Wants to Know about Money

Hubbard, Jos. B. – The Banks, The Budget, and Business

Govt. Ownership of the 12 Fed. Res. Banks – Ownership of the 12 Fed. Res. Banks – Hearings before the House Committee on Banking and Currency

Taylor, G. W. – The Case against the Nationalization of Banks – Journ. Canadian Bankers’ Assn., Oct. 1935

Rau, B. R. – The Nationalization of Money – Indian Jour. Econ., Oct. 1936

Paine, W. W. – Nationalizing the Bank – Bankers’ Ins. Manag. Mag., Sept. 1935

Socialization of the Banks – Bankers’ Ins. Manag. Mag., July 1934

Theodore, E. G. – Nationalization of Credit – Econ. Record, Dec. 1933

  1. Branch and Chain Banking [Return]

Annals of Am. Acad. Pol. And Soc. Science – Jan. 1934

Collins, C. W. – Branch Banking Question

Cartinhour, G. T. – Branch, Group and Chain Banking

Harr, L. A. – Branch Banking in England

Ostrolenk, B. – Economics of Branch Banking

Southworth, S. D. – Branch Banking in U.S.

Am. Bankers’ Assn. – A Study of Group and Chain Banking – Ec. Policy Com. 1929

Hearings on Branch, Group and Chain Banking – HR 141 – 1930

Chapman, J. M. – Concentration of Banking

Goldschmidt, R. W. – The Changing Structure of Am. Banking

Dowrie, G. W. – The Branch Banking Situation and Outlook – Harv. Bus. Rev., Summer 1938

Simpson, J. H. – Branch Banking in U.S. – Canadian Banker, Apr. 1938

Fisher, I. – 100% Money and Branch Banking – Northwestern Banker, Mar. 1937

Bradford, F. A. –Angell, The Behavior of Money – Quart. Jour. Econ. Feb. 1937

Galbraith, J. K. – Branch Banking and its Bearing on Agricultural Credit, Journ. Farm. Econ., April 1934

  1. Branch Banking in Britain [Return]

Steiner, W. H. – Money and Banking – 614-15 ref.

Sykes, J. – Amalgamation Movement in English Banking

Harr, L. A. – Branch Banking in England

Willis, H. P. and Beckhart – Foreign Banking Systems

Collins, C. W. – Branch Banking Question

  1. Branch Banking in Canada [Return]

Steiner, W. H. – Money and Banking, 614-15 ref.

Willis, H. P. and Beckhart, B. H. – Foreign Banking Systems

Collins, C. W. – Branch Banking Question

Holladay, J. – The Canadian Banking System

Dodds, J. – Banking in Canada – Jour. Canadian Bankers’ Assn., Jan. 1936

Addis, C. – Canada and Its Banks – Quart. Rev., July 1934

  1. Branch Banking in Russia [Return]

Arnold, A. Z. – Banks, Credit and Money in Modern Russia

Reddaway, W. B. – The Russian Financial System

Hubbard, L. E. – Soviet Money and Finance

Kellman, L. – Money and Banking in Russia – Harper’s Dec. 1936

Gourvitch, A. – Problem of Prices and Valuation in the Soviet System – Am. Econ. Rev. Suppl. [1936]

Nehru, S. S. – Controlled Currency and Credit – Some Russian Results – Indian Inst. Bankers’ Journ., Jan. 1935

  1. Cunliffe Report on British Currency [Return]

Cunliffe Report

War Period Literature

  1. Monetary Developments in Some Countries Since the War [Return]

Northrop, M. B. – Control Policies of the Reichsbank – 1924-33

Monetary Policy in the British Empire – Banker, Oct. 1935

League of Nations Reports

II. CENTRAL BANKING

General References [Return]

Westerfield, R. B. – Money, Credit and Banking

Thomas, R. G. – Modern Banking

Willis, H. P. and Chapman, J. H. – The Banking Situation: American Post-War Problems

Willis, H. P., Chapman, J. H. and Robey, R. W. – Contemporary Banking

Bogen, J. I., Foster, M. B., Nadler, M. – Money and Banking

  1. Development of Central Banking Functions [Return]

Smith, V. C. – The Rationale of Central Banking

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

Dodwell, D. W. – Treasuries and Central Banks, Especially in England and the U.S.

Anderson, J. – The Philosophy of the Fed. Res. Act. – Bankers’ Mag. Sept. 1935

  1. Organization of Federal Reserve System [Return]

Willis, H. P. and Edwards – Banking and Business

Steiner, W. H. – Money and Banking

Clark – Central Banking under Fed. Res. System

Warburg, P. M. – Fed. Res. System, Vol. I

Harding – Formative Period of Fed. Res. System

Strong, Benj. – Addresses and Speeches

Nat. Ind. Conf. Board – Banking Situation in U.S.

Willis, H. P. – Federal Reserve System

Weissman, R. L. – The New Federal Reserve System: The Board Assumes Control

Bopp, K. –The Agencies of Federal Reserve Policy

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

  1. Bank Act of 1933 [Return]

Fed. Res. Bulletin – June 1933

Brody – Act of 1933 and Emergency Act – Bankers’ Law Jour. 1933

Natl. City Bank Letter – July 1933

Steiner, W. H. – Money and Banking

Harris, S. E. – Twenty Years of Fed. Res. Policy

Goodbar, J. E. – Managing People’s Money

Willis, H. P. – Federal Reserve System

Preston, J. J. – The New Federal Reserve System: The Board Assumes Control

Westerfield, R. B. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

  1. Bank Act of 1935 [Return]

Amer. Inst. of Banking – Banking Act of 1935

Goodbar, J. E. – Managing People’s Money

Bradford, F. A. – Banking Act of 1935 – Am. Ec. Rev., Dec. 1935

Gayer, A. D. – The Banking Act of 1935 – Quart. Jour. Econ., Nov. 1935

Gayer, A. D. – The U.S. Banking Act 1935 – Econ. Jour., Dec. 1935

Kress, H. J. – The Banking Act of 1935 – Michigan Law Rev. Dec. 1935

Preston, H. H. – Banking Act of 1935 – Jour. Pol. Econ. Dec. 1935

Crowder, W. F. – Evolution and Analysis of the Banking Act of 1935 – Journ. Bus. Univ. Chi., Jan 1936

Williams, J. H. – The Banking Act of 1935 – Am. Ec. Rev. Suppl. March 1936

Eccles, M. S. – The Banking Bill of 1935 – Barron’s May 27, 1935

  1. Review of Federal Reserve Policy for Some Period [Return]

Harris, S. E. – Twenty Years of Fed. Res. Policy

Hardy, C. O. – Credit Policies of Fed. Res. System

Dowrie, G. W. – American Monetary and Banking Policies

Goldenweiser, E. A. – Fed. Res. System in Operation

Reed, H. L. –Development of Fed. Res. Policy

Reed, H. L. – Fed. Res. Policy, 1921-1930

Currie, L. B. – Supply and Control of Money in U.S.

Annual Reports of Fed. Res. Board

Fed. Res. Bulletins

Paris, J. D. – Monetary Policies of the U.S. 1932-38

Willis, H. P. – The Theory and Practice of Central Banking

Clark, L. E. – Central Banking under the Fed. Res. System with special reference to the New York Fed. Res. Bank

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

Fisher, I. and Cohrssen, H. R. L. – Stable Money: A History of the Movement

Cole, G. D. H. – What Everybody Wants to Know About Money

Whitney, Caroline – Experiment in Credit Control: The Fed. Res. Sys.

Weissman, R. L. – The New Fed. Res. System: The Board Assumes Control.

Villard, H. H. – The Fed. Res. System’s Monetary Policy in 1931 and 1932 – Jour. Pol. Econ., Dec. 1937

Fed. Res. Policy –Economist – London, Jan. 16, 1937

Miller, A. C. – Fed. Res. Policies, 1927-29, Am. Ec. Rev., Sept. 1935

  1. Open Market Operations [Return]

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

Weissman, R. L. – The New Res. System: The Board Assumes Control

  1. Varying Reserve Requirements [Return]

[no references given for this item]

  1. Acceptance Market and the Federal Reserve System [Return]

Steiner, W. H. – Money and Banking, p. 309

Beckhart, B. H. – New York Money Market, Vol. III

Meech, S. P. – Journal of Business, Vol. II 1929

Riefler, W. – Money Rates and Money Markets

Hardy, C. O. – Credit Policies of the Fed. Res. System

Harris, S. E. – Twenty Years of Fed. Res. Policy

Jacobs – Bank Acceptances – Nat. Monetary Comm.

Whitney, Caroline – Experiment in Credit Control

  1. Industrial Advances of the Federal Reserve Banks [Return]

Hardy, C. O. and Viner, J. – Report on Availability of Bank Credit in 7th Fed. Res. District

Anderson, G. E. – Govt. Banking – Banking, Feb. 1936

Industrial Advances by Fed. Res. Banks – Fed. Res. Bull. April 1935

  1. Criteria of Monetary Policy [Return]

Gayer, A. D. – Monetary Policy and Econ. Stabilization. A Study of the Gold Standard

Slichter, S. H. – Towards Stability

Mills, R. C. and Walker, E. R. – Money

  1. Criteria of Federal Reserve Policy [Return]

Steiner, W. H. – Money and Banking

Harris, S. E. – Twenty Years of Fed. Res. Policy

Hardy, C. O. – Credit Policies of the Fed. Res. System

Willis, H. P. – The Theory and Practice of Central Banking

Fisher, I. and Cohrssen, H. R. L. – Stable Money: A History of the Movement

Whitney, Caroline –Experiments in Credit Control

Weissman, R. L. – The New Fed. Res. System: The Board Assumes Control

Cassel, G. – Guiding Principles of Monetary Policy – Mysore Econ. Journ., July 1938

Eccles, M. S. – Credit and Monetary Policies of the Fed. Res. – Bankers’ Magazine, April 1937

  1. Neutral Money [Return]

Gayer, A. D. – Monetary Policy and Econ. Stabilization: A Study of the Gold Standard

Armstrong, W. E. – Savings and Investment

Slichter, S. H. – Towards Stability

Barger, H. – Neutral Money and the Trade Cycle – Economica, Nov. 1935

Hayek, F. – Prices and Production

Hayek, F. – Monetary Theory and the Trade Cycle

Adarkar, B. P. – Hayek’s Neutral Money Doctrine – Ind. Jour. Econ. Jan. 1937

  1. Price Stabilization: The Strong Bills [Return]

Lawrence, – Stabilization of Prices

Keynes, J. M. – Monetary Reform

Keynes, J. M. – Treatise on Money

Robertson, D. H. – Banking Policy and Price Level

Hayek, F. – Prices and Production

Haberler, G. – Essay in Gold and Monetary Stabilization

Hardy, C. O. – Credit Policies of Fed. Res. System

Cassel, G. – Rate of Interest, Bank Rate, and Stabilization of Prices, Quart. Jour. Econ., Aug. 1928

Phillips, G. A., McManus, T. F., Nelson, W. – Banking and the Business Cycle

Commodity Prices and Stability – Economist, (London) Dec. 4, 1937

  1. Price vs. Economic Stabilization [Return]

Gayer, A. D. – Monetary Policy and Econ. Stabilization: A Study of the Gold Standard

Phillips, C. A., McManus, T. F., Nelson, R. W. – Banking and the Business Cycle

Harrod, R. F. – The Expansion of Credit in an Advancing Community – Economica, Aug. 1934

Ohlin, B. – The Inadequacy of Price Stabilization-Index Dec. 1933

Egle, W. – Monetary Conditions of Economic Stability – Am. Ec. Rev. Sept. 1938

  1. Qualitative vs. Quantitative Credit Control [Return]

Robey, R. W. – Purchasing Power: An Introduction to Qualitative Credit Control

Dunkman, W. E. – Qualitative Credit Control

  1. Central Bank Policy and Speculation [Return]

Hardy, C. O. – Credit Policies of the Fed. Res. System

Harris, S. E. – Twenty Years of Fed. Res. Policy, Vol. II

Currie, L. – Supply and Control of Money in the U.S.

Williams, J. H. – Review of Keynes, Quart. Journ. Econ., Aug. 1931

Keynes, J. M. – Treatise, Ch. 15

Reed, H. L. – Fed. Res. Policy 1921-1930, pg. 168

Annual Report of Fed. Res. Board (especially 1929 and 1930)

Rogers, J. H. – Stock Speculation and Money Market, Quart. Journ. Ec. 1926

Hearings on Strong Bills (Cassel)

Anderson, B. M. – Chase Ec. Bulletin, May 1929 and Oct. 1928

Balogh, – Am. Ec. Rev., 1930

Hawtrey, R. G. – Stock Speculation and Wall St., Art of Central Banking

Machlup, F. – Boersenkredit, Industrielle Kredit und Kapitalbildung

Ohlin B. – Index #31, July 1928, Central Banking Policy and Prices

Burgess, W. R. – R.E.S. 1930

Hayek, F. – Economica, 1932, p. 38

Hoover, C. B. – Journ. Pol. Econ. 1929 – Brokers’ Loans and Bank Deposits

Eiteman, W. J. – Economics of Brokers’ Loans – Am. Ec. Rev., 1932, pp. 69-71

Hearings, –  Operation of Banking Systems 1931, p. 1024

Goodbar, J. E. – Managing People’s Money

Whitney, Caroline – Experiments in Credit Control: The Fed. Res. Sys.

Smith, D. T. – Deficits and Depressions

Thomas, W. – Credit in Security Speculation – Am. Ec. Rev. – Mar. 1935

The Banks and the Stock Market, Journ. Pol. Econ. – Dec. 1935

  1. Central Bank Policy and Agriculture [Return]

Black, J. – Provision of Agricultural Credit in the U.S. – Quart. Journ. Econ. 1928

Annual Reports of Fed. Farm Board

Lee, V. P – Principles of Agricultural Credit

James, F. C. – Economics of Money, Credit and Banking, ch. 25

Sparks, E. S. – History and Theory of Agricultural Credit in U.S.

  1. Fiscal Function of Federal Reserve Board [Return]

Chapman, J. M. – Fiscal Functions of Fed. Res. Banks

Harris, S. E. – Twenty Years of Fed. Res. Policy

Clark, L. E. – Central Banking Function under the Fed. Res. System

Smith, D. T. – Deficits and Depressions

  1. Bank Correspondent Relationship under Federal Reserve System [Return]

Clark, L. E. – Central Banking under fed. Res. System

Watkins, L. R. –  Bankers’ Balances

Steiner, W. H. – Money and Banking – p. 660

Hearings on Branch, Group and Chain Banking – 71st Congress

  1. Effectiveness of Central Bank Control [Return]

Hardy, D. O. – Credit Policy of Fed. Res. System

Harris, S. E. – Twenty Years of Fed. Res. Policy

Hawtrey, R. G. – Art of Central Banking

Keynes, J. M. – Treatise on Money – Book VII

Robertson, D. H. – Banking Policy and Price Level

Currie, L. – Supply and Control of Money in the U.S.

Reed, H. L. – Fed. Res. Policy 1921-1931

Zorn, E. C. – Why our Easy Money Policy has Failed – Bankers’ Mag. July 1938

Alling, N. D. – Fed. Res. Sys. And Low Int. Rates – Bankers’ Mag. May 1937

Burgess, W. R. – Limitations of Fed. Res. Policy – Bankers’ Mag. Nov. 1936

Platt, E. –  The Limitations of Central Banking – Bankers’ Mag. Nov. 1936

Collins, E. H. – The Reserve Board Tests the Brakes – Banking Dec. 1935

Currie, L. – The Failure of Monetary Policy to Prevent the Depression of 1929-33, Jour. Pol. Econ., April 1934

Holladay, J. A. – Can Credit be Controlled? – Bankers Mag., May 1936

  1. Treasury Control of Monetary Policy [Return]

Harris, S. E. – Twenty Years of Fed. Res. Policy

Harding, W. P. G. – Formative Period of Fed. Res. System

Reed, H. L. – Fed. Res. Policy 1921-31

U.S. Chamber of Commerce – Banking and Currency Comm. Report & Suppl.

Dodwell, D.W. – Treasuries and Central Banks, Especially in England and the U.S.

Govts. And Central Banks – Economist, London, Mar. 28, 1936

Anderson, T. J. – Currency Powers of Congress – Bankers Mag., Jan. 1935

Powers of Congress over Banking – Bankers Mag., Feb. 1935

Bradford, F. A. – Political Banking Destroying the Reserve System – Annalist, Jan. 11, 1935

Ebersole, J. F. – The Money Management Powers of the Treas. and Fed. Res. Banks – Harv. Bus. Rev. Autumn 1936

Einzig, P. – Govt. Interference in Banking – Barron’s Nov. 18, 1935

  1. Bank of England and London Money Market [Return]

Andreades, A. M. – History of Bank of England

Spalding, – London Money Market

Strakes, – Money Market

Bagehot, W. – Lombard Street

Harris, S. E. – Monetary Problems of British Empire

Bisschop, – Rise of London Money Market

Thomas, S. E. –  British Banks and Finance of Industry

Sagers, R. S. – Bank of England Operations, 1890-1914

Truptil, R. J. – British Banks and the London Money Market

Madden, J. T. and Nadler, M. – The International Money Markets

Beach, W. E. – British International Gold Movements and Banking Policy

Biddulph, G. – The Bank of England’s Monetary Policy – Econ. Forum, Sept. – Oct. 1934

  1. Central Banking in France [Return]

Peel, G. – Economic Policy of France

Madden, J. T. and Nadler, M. – The International Money Markets

Boris, G. – Reforming the Bank of France – Foreign Affairs, Oct. 1936

  1. Central Banking in Canada [Return]

Holladay, J. – The Canadian Banking System

Cohen, J. C. – The Govt. and the Central Bank in Canada – Banker, London, Apr. 1934

Rhodes, E. N. – Canada’s Central Bank – Banking, Nov. 1934

Rogers, A. W. – The Bank of Canada – Journ. Canadian Bankers’ Assn. Oct. 1934

  1. Cooperation of Central Banks [Return]

Mlynarski, F. J. – Gold and Central Banks

Royal Inst. of Int. Affairs – International Gold Problem

Royal Inst. of Int. Affairs – Monetary Policy and Depression

League of Nations – Gold Report

MacMillan Report (Report of the Committee on Finance and Industry)

Hawtrey, H. G. – Art of Central Banking

Keynes, J. M. – Treatise on Money

Goldstein, A. – Fed. Res. Aid to Foreign Central Banks, Rev. Econ. Stud., Feb. 1935

Goldstein, A. – International Aspects of Fed. Res. Policy – Rev. Ec. Stat., Aug. 1935

III. THE BUSINESS CYCLE – Analysis and Policy

General References [Return]

Gordon, R. A. – Bibliography on Business Cycles, Rev. of Econ. Statistics, Special Number, Feb. 1937

  1. Causes of the Depression [Return]

Robbins, L. – The Great Depression

Bratt, E. C. – Business Cycles and Forecasting

Haberler, G. – Prosperity and Depression

Dulles, E. L. – Depression and Reconstruction: A Study of Causes and Controls

  1. Critical Discussion of One Theory of the Business Cycle:
    Pigou / Robertson / Keynes / Hayek / Hawtrey / Mitchell
    Foster and Catchings / Schumpeter / Harrod [Return]

Bresciani-Turroni – Rev. of Money theory and Trade Cycle – Economica, Aug. 1934

Ellis, H. – German Monetary Theory

Hanson, H. H. – Rev. of Prices and Production, Am. Ec. Rev., June 1933

Hawtrey – Rev. of Prices and Production, Economica, Feb. 1932

Hawtrey – Capital and Employment

Hawtrey – Prof. Haberler on the Trade Cycle – Economica, Feb. 1938

Hayek, F. – Paradox of Saving, Economica, May 1931

Hayek, F. – Money and Capital, Ec. Journ. – June 1932

Hayek, F. – Capital and Industrial Fluctuations, Econometrica, April 1934

Hayek, F. – On Relationship between Investment and Output – Ec. Journ., June 1934

Hayek, F. – Monetary Theory and the Trade Cycle

Hayek, F. – The Fallacy of Artificial Price Raising – Barron’s March 12, 1934

Keynes, J. M. – On Hayek’s Review – Ec. Journ., Nov. 1931

Knight, F. H. – Hayek’s Theory of Investment, Ec. Journ. Mar. 1935

Sraffa, P. – Hayek on Money and Capital – Ec. Journ., March 1932

Marget, A. W. – Theory of Prices

Hansen, A. H. – Full Recovery or Stagnation

Shackle, G. L. S. –Expectations, Investments and Income

Munro, H. – Principles of Monetary Industrial Stability

Haberler, G. – Prosperity and Depression

Harrod, R. F. – The Trade Cycle

Durbin, E. F. M. – Problem of Credit Policy

Hayek, F. – Investment that Raises the Demand for Capital – Rev. Am. Stat., Nov. 1937

Neisser, H. – Investment Fluctuation as Cause of the Bus. Cycle – Social Research, Nov. 1937

Chand, G. – Keynes and the Trade Cycle – Indian Jour. Econ. Apr. 1938

Muniswamy, M. K. –Recent Trends in Trade Cycle Theory – Indian Jour. Ec. – April 1938

Mr. Keynes and Finance – Ec. Jour. June 1935

Mukherjee, B. – Trade Cycle and Its Remedies – Nature and Causes of Trade Cycles – Indian Jour. Econ. Apr. 1931

Robertson, D. H. – Trade Cycle – An Academic View – Lloyd’s Bank Monthly Rev., Sept. 1937

Population Cycles: A Cause of the Business Cycle – Quart. Journ. Ec., Jan. 1937

Adarkar, B. P. – Prof. Hayek’s Neutral Money Doctrine – Ind. Journ. Ec., Jan. 1937

  1. Monetary Theory of the Trade Cycle [Return]

Hayek, F. – Monetary Theory and the Trade Cycle

Haberler, G. – Prosperity and Depression

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

Fisher, A. G. B. – Volume of Produce and Volume of Money – Am. Ec. Rev., June 1935

Shackle, G. L. S. – Some Notes on Monetary Theories of the Trade Cycle – Rev. Ec. Stud., Oct. 1933

Snyder, C. – Problem of Monetary and Econ. Stability – Quart. Journ. Econ., Feb. 1935

  1. Review of Warren and Person: Prices [Return]

Warren, G. and Pearson, F. A. – Prices

Warren, G. and Pearson, F. A. – World Prices and the Building Industry

Warren, G. and Pearson, F. A. – Monetary Policy and Prices – Journ. Farm. Econ., May 1935

Warren, G. – Some Statistics on the Gold Situation – Am. Ec. Rev. Suppl. March 1934

Spahr, W. – Monetary Theory of Warren and Pearson

Ransome and Mann – Future of Prices, Home and Abroad

Laughlin, J. L. – Principles of Money

Scott, – Money and Banking

Hardy, C. O. – The Warren-Pearson Price Theory

  1. Period of Production and the Trade Cycle [Return]

Hawtrey, R. G. – Capital and Employment

  1. Review of Hayek: “Prices and Production” [Return]

Hawtrey, R. G. – Capital and Employment

  1. Theory of Forced Savings [Return]

Robertson, D. H. – Money

Robertson, D. H. – Banking Policy and the Price Level

Economics of Saving – Amer. Econ. Rev., 1913

Egle, W. – Money and Production – Journ. Pol. Econ., June 1935

Durbin, E. F. M. – Purchasing Power and Trade Depression

  1. Theory of Bank Rates [Return]

Keynes, J. M. – Treatise on Money

Keynes, J. M. – General Theory of Employment, Interest and Money

Harris, S. E. – Twenty Years of Fed. Res. Policy

Steiner, W. H. – Money and Banking

Hawtrey, R. G. – Art of Central Banking

Hawtrey, R. G. – Currency and Credit

Hayek, F. – Prices and Production

Hayek, F. – Monetary Theory of the Trade Cycle

Wicksell, K. – Natural Rate of Interest, Quart. Journ. Ec., 1907

Macaulay, F. R. – Theoretical Problems Suggested by Movements of Interest Rates in the U.S.

Adarkar, B. P. – Theory of Monetary Policy

Edie, L. D. – Easy Money

Wicksell, K. – Interest and Price

Fleming, J. M. – Determination of the Rate of Interest, Economica, Aug. 1938

Melville, R. G. – The Theory of Interest – Econ. Record, June 1938

Bissell, R. M. – The Rate of Interest – Suppl. Am. Ec. Rev., Mar. 1938

Conning, J. B. – The Rate of Interest – Suppl. Am. Ec. Rev., Mar. 1938

Lange, O. – Rate of Interest and the Optimum Propensity to Consume, Economica, March 1938

Lange, O. – The Place of Interest in the Theory of Production, Rev. Econ. Stud., June 1936

Keynes, J. M. – The “Ex Ante” Theory of Interest Rate – Ec. Journ. Dec. 1937

Tahata, Y. – Determination of Rate of Interest – Kyoto Univ. Ec. Rev. – July 1937

Lerner, A. P. – Alternative Formulations of the Theory of Interest, Ec. Journ., June 1938

Millikan, M. – Liquidity Preference Theory of Interest – Am. Ec. Rev., June 1938

Riley, R. H. – Note on “A Break in Keynes Theory of Interest” – Am. Ec. Rev., June 1928

Ohlin, B., Robertson, D. H., and Hawtrey, R. G. – Alternative Theories of the Rate of Interest – Ec. Journ. September 1937

Keynes, J. M. – Alternative Theories of the Rate of Interest – Econ. Journ., June 1937

Ellsworth, P. T. – Mr. Keynes on the Rate of Interest – Journ. Pol. Ec., Dec. 1936

Jones, H. L. – Should Interest be Abolished? – Bankers Mag., May 1936

Hutton, D. G. – Recovery and the Rate of Interest – Lloyd’s Bank Rev., Feb., 1937

  1. Installment Selling and the Business Cycle [Return]

Currie, L. – Supply and Control of Money in U.S.

Moulton, H. G. – Financial Organization of Society

Steiner, W. H. – Money and Banking

Clark, Evans – Financing the Consumer

Seligman, E. R. A. – Economics of Installment Selling

Ayres, M. V. and Plummer, C. W. – Social and Economical Consequences of Buying on the Installment Plan – Annals of the Amer. Acad. of Pol. and Soc. Science, 1927 Suppl.

Phelps, C. W. – Controlled Installment Credit – Household Fin. Corp.

Babson, R. W. – Folly of Installment Buying

Cover, J. H. – Financing the Consumer

Douglas, P. F. – Consumer Credit

Goldman, J. – Prosperity and Consumer Credit

Foster, L. B. R. – Credit for Consumers

Zweig, F. – The Economics of Consumer Credit

Silberling, N. J. – Consumer Goods Financing and Investment Fluctuations – Amer. Ec. Rev., Sept. 1938

Schwartz, G. L. – Installment Finance – Economica – May 1936

Installment Finance – “Index”, N.Y. Trust Co., April 1937

Consumer Credit – Annals Amer. Acad. Pol. Science, March 1938

  1. Underconsumption Theory of the Trade Cycle [Return]

Munro, H. – Principles of Monetary-Industrial Stability

Haberler, G. – Prosperity and Depression

Phillips, C. A., et al. – Banking and the Business Cycle

Adams, A. B. – Analysis of Business Cycles

Foster, W. T. and Catchings, W. – Profits

Slichter, S. H. – Towards Stability

Durbin, E. F. M. – Purchasing Power and the Trade Depression

Hayek, F. – Prices and Production

Hobson, J. A. and Durbin, E. F. M. – Underconsumption – Economica, November 1933

  1. The Dilemma of Thrift [Return]

Foster, W. T. and Catchings, W. – Profits

Pigou and Robertson –  Review of Foster and Catchings

Hayek, F. – Paradox of Saving – Economica, May 1931

Mitchell, W. C. – Business Cycles

Keynes, J. M. – Treatise on Money

  1. Major Douglas’ Social Credit [Return]

Douglas, C. H. – Social Credit

Holter, E. S. – The ABC of Social Credit

Meade, J. E. – Consumers’ Credit and Unemployment

Hansen, A. H. – Full Recovery or Stagnation

Hawtrey R. G. – Capital and Employment

Dobb, M. – Social Credit Discredited

Strachey, J. – Social Credit

Larkin, J. C. – From Debt to Prosperity

Chase, H. S. – Fallacies of Social Credit – Am. Ec. Rev. Dec. 1935

Chase, H. S. – Social Credit: A Study of the New Economics – Bankers Magazine, April 1935

Robinson, G. B. – Where Social Credit Has Led Us – Annalist, Dec. 27, 1935

The Social Credit Doctrine – Barron’s Weekly, Oct. 28, 1935

Cordell, W. and K. – Alberta and Social Credit – No. Am. Rev. March 1936

  1. Fisher’s Compensated Dollar (Commodity Dollar) [Return]

Fisher, I. – Stabilizing the Dollar

U.S. House of Representatives – Committee on Banking and Currency – Hearings on Goldsborough Bill, H. R., 11788 – 1923

U.S. House of Representatives – Committee on Banking and Currency – Hearings on Goldsborough Bill, H. R., 424 – 1929J

Report on Fisher’s Plan to Stabilize the Dollar – Journ. Am. Bankers’ Assn, 1920

Anderson, B. M. – Fallacy oft he Stabilized Dollar, Journ. Am. Bankers‘ Assn, 1929

Taussig, F. W. – Plan for Compensated Dollar – Quart. Journ. Ec. 1913

Lawrence, – Stabilization of Prices

Gideonse, H. D. – The Commodity Dollar

Kemmerer, E. W. – Money

Slichter, S. H. – Towards Stability

Reed, H. L. – The Commodity Dollar

Rorty, M. C. – The Commodity Dollar – Harv. Bus. Rev., Winter, 1936

  1. 100% Reserve Plan [Return]

(See Title Number 13)

  1. Public Expenditure and Prices [Return]

Gayer, A. D. – Public Works in Prosperity and Depression

Gayer, A. D. – Monetary Policy and Econ. Stabilization

Clark, J. M. – Economics of Planning Public Works

Pigou, A. C. – Public Finance (or any standard text)

Pigou, A. C. – Theory of Unemployment

Keynes, J. M. – Means to Prosperity

Hawtrey, R. G. – Trade Depression and the Way Out

Foster, W. T. and Catchings – Profits

Harris, S. E. – Public Expenditure and Prices – Rev. Ec. Stat., Feb. 1935

Kahn, R. F. – Home Investment – Ec. Journ. 1931

Worming, J. – Financing of Public Works – Ec. Journ. 1932

Bowley, A. – Is Unemployment Inevitable?

Wolman, L. – Public Works

Hubbard, J. B. – Economics of Public Works

Boynton, P. H., et al. – Economics of Pump Priming

Slichter, S. H. – The Economics of Public Works – Am. Ec. Rev. Suppl. March 1934

Cole, G. D. H. – Economic Planning

Douglas, Paul – Controlling Depressions

  1. The Theory of Public Works [Return]

(See above Title and References)

  1. The Multiplier [Return]

Harrod, R. F. – Trade Cycle

Kahn, R. F. – Home Investment, Econ. Journ. 1931

Clark, Colin – Determination of the Multiplier from Natl. Income Statistics – Rev. Econ. Stat., May 1938

Bresciani-Turroni, C. – The Multiplier in Practice – Rev. Econ. Stat., May 1938

IV. MONETARY THEORY

General References

Gordon, R. A. – Bibliography on Business Cycles, Review of Economic Statistics, Special Number, Feb. 1937

  1. English Monetary Theory during the Napoleonic Wars [Return]

MacLeod, H. D. – Theory of Credit

Cannan, E. – Paper Pound

Thornton – Paper Credit of Great Britain

Report of Bullion Committee

Tracts on Bullion Committee Report

Ricardo, D. – Price of Gold

Keynes, J. M. – Essays in Biography, on Malthus

Andreades, A. M. – History of the Bank of England

Angell, J. – International Prices

Fisher, I. and Cohrsson, H. R. L. – Stable Money: A History of the Movement

  1. Nominalistic vs. Metallistic Conception of Money [Return]

Encyclopedia of Social Sciences

Knapp, – The State Theory of Money

Ellis, – German Monetary Theory

  1. Transaction vs. Cash Balances Approach to the Quantity Theory of Money [Return]

Marget, A. W. –

Ellis, – German Monetary Theory

  1. Keynes’ Theory of Money [Return]

Keynes, J. M. – Treatise on Money

Keynes, J. M. – Theory of Employment, Interest and Money

Williams, J. H. – Review of Keynes – Quart. Journ. Ec., Aug. 1931

Robertson, D. H. – Review of Keynes – Ec. Journ. Sept. 1931

Robertson, D. H. – Mr. Keynes and “Finance” – Ec. Journ. Sept. 1938

Hayek F. – Review of Keynes – Economica, Aug. 1931, Feb. 1931 (see also Keynes’ rejoinders in Economica, Nov. 1931 and FF)

Hawtrey, R. G. – Art of Central Banking

Marget, A. W. – Theory of Prices

Curtis, Myra and Townsend, Hugh – Modern Money

Joy, D. – Keynes on Money – Banker (London) April 1936

  1. Marshall as a Monetary Theorist [Return]

Marshall, Alfred – Money, Credit and Commerce

Marshall, Alfred – Official Papers

Keynes, J. M. – Treatise on Money

Angell, J. W. – Theory of International Prices

Memorial to Alfred Marshall, especially Keynes Essay

Robertson, D. H. – Economic Fragments

Pigou, A. C. and Robertson, D. H. – Economic Essay and Addresses

  1. Cannan as a Monetary Theorist [Return]

Cannan, E. – Modern Currency and Regulation of its Value

Cannan, E. – Economic Scares

Cannan, E. – Money (trace through 3rd to 6th editions)

Gregory, T. E – Professor Cannan’s Contemporary Monetary Theory – “London Essays on Economics”.

  1. Robertson’s Theory of Money [Return]

Robertson, D. H. – Money

Robertson, D. H. – Banking Policy and Price Level

Robertson, D. H. – Economic Fragments

Robertson, D. H. and Pigou, A. C. – Economic Essay and Addresses

  1. Hawtrey’s Theory of Money [Return]

Hawtrey, R. G. – Currency and Credit

Hawtrey, R. G. – Trade Depressions

Hawtrey, R. G. – Art of Central Banking

Cannan, E. – Rev. of Hawtrey, Gold Standard, Ec. Journ., Dec. 1927

Cannan, E. – Rev. of Hawtrey, Trade Depression, etc., Ec. Journ. Mar. 1932

Hardy, C. O. – Rev. of Hawtrey, Art of Central Banking, Am. Ec. Rev. June 1933

Harrod, R. F. – Rev. of Hawtrey, Currency and Credit, Ec. Journ., June 1929

Harrod, R. F. – Rev. of Trade Depression, etc., Ec. Journ. June, 1934

Keynes, J. M. – Rev. of Hawtrey, Currency and Credit, Ec. Journ., Sept. 1920

Marget, A. W. – Rev. of Hawtrey, Gold Standard, Quart. Journ. Ec. Nov. 1927

Pigou, A. C. – Rev. of Hawtrey, Trade and Credit, – Ec. Journ., June 1929

Robertson, D. H. – Rev. of Hawtrey, Monetary Reconstruction – Ec. Journ., June 1923

Young, A. A. – Rev. of Hawtrey, Currency and Credit, Quart. Journ. Ec. May 1920

  1. Knapp’s Theory of Money [Return]

(Consult Library Card Catalog)

  1. Fisher’s Theory of Money [Return]

(Consult Library Card Catalog)

  1. Nature of Credit [Return]

MacLeod, H. D. – Theory of Credit

Mill, J. S. – Chapters on Credit

Steiner, W. H. – Money and Banking

Prendergast and Steiner – Credit and its Uses

Robertson, D. H. – Money

Keynes, J. M. – Treatise on Money

Hawtrey, R. G. – Art of Central Banking

Phillips, C. A. – Bank Credit

Currie, L. – Supply and Control of Money in the U.S.

V. INTERNATIONAL MONETARY RELATIONS AND POLICY

General References [Return]

Young, J. P. – International Trade and Finance

Westerfield, R. B. – Money, Credit and Banking

Thomas, R. G. – Modern Banking

Madden, J. T. and Nadler, M. – The International Money Market

Einzig, Paul – World Finance, 1914-35

  1. Pre-War and Post-War Gold Standards [Return]

Irons, W. H. – A Study of the Causes Underlying the International Gold Crisis

Gayer, A. D. – Monetary Policy and Economic Stabilization: A Study of the Gold Standard

Cassel, G. – Downfall of the Gold Standard

Morgan-Webb, Charles – The Rise and Fall of the Gold Standard

Puxley, H. L. – A Critique of the Gold Standard

  1. Great Britain’s Return to the Gold Standard in 1925 [Return]

Keynes, J. M. – Monetary Reform

Keynes, J. M. – Treatise on Money

Report of the Committee on Finance and Industry (MacMillan)

Cunliffe Report on British Currency

Hawtrey, R. G. – Gold Standard and Monetary Reconstruction

Gregory, T. E. – Gold Standard

Brown, W. A. – England and New Gold Standard

McVey, F. L. – Financial History of Great Britain, 1914-20

Bogart, E. L. – Direct and Indirect Costs of World War

Litman, S. – Prices and Price Control in Great Britain and the United States during the World War

Fraser, H. F. – Great Britain and Gold Standard

Benham, F. – British Monetary Policy

Harris, S. E. – Monetary Problems of the British Empire

Pethick-Lawrence, F. W. – This Gold Crisis

  1. Stabilization of the Lira [Return]

[No references given]

  1. France and the Gold Standard [Return]

Hawtrey, R. G. – French Monetary Policy

Hawtrey, R. G. – Art of Central Banking

Rogers, J. H. R. – Process of Inflation in France

Rogers, J. H. R. – America Weighs Her Gold

Final Gold Report of the League of Nations

Sollohub, W. A. – Depression in France – Harv. Bus. Rev., July 1933

Miller, H. E. – The Franc in War and Reconstruction – Quart. Journ. Ec. 1929

Dulles, E. – The French Franc, 1914-1929

Vineberg, P. F – The French Franc and the Gold Standard, 1926-36

The Franc in 1926 and 1927 – Economist (London) Oct. 8, 1937

Wynne, W. H. – France and the Franc – Canadian Banker, Oct. 1936

Readjustment of the Franc – Lloyd’s Bank Rev., Oct. 1936

  1. The Gold Bloc [Return]

[No references given]

  1. Causes and Consequences of England’s Departure from Gold [Return]

Harris, S. E. – Monetary Problems of the British Empire

Fraser, H. F. – Great Britain and the Gold Standard

League of Nations – Gold Reports

Royal Institute of International Affairs – Monetary Policy

Irons, W. H. – A Study of the Causes Underlying the International Gold Crisis

Cassel, G. – Downfall of the Gold Standard

  1. Methods of Return to the Gold Standard [Return]

Cassel, G. – Post-War Monetary Stabilization

Hawtrey, R. G. – Monetary Reconstruction

League of Nations – Genoa Conference and other annual publications

Gregory, T. E. – Gold Standard and Future

Fraser, H. F. – Great Britain and Gold Standard

International Labor Review – Great Britain and Gold Standard

Gregory – Barron’s Weekly, Aug. 28, 1933

Gold Reports of League of Nations

Sprague, O. M. W. – Pre-requisites to Monetary Stabilization – Foreign Affairs 1937

  1. Present Outlook for the Gold Standard [Return]

Einzig, P. – Will Gold Depreciate?

Einzig, P. – The Future of Gold

Gregory, T. E. – The Gold Standard and Its Future

Hansen, A. H. – Situation of Gold Today in Relation to World Currencies – American Ec. Rev., Suppl., Mar. 1937

Jones, J. H. – The Gold Standard – Econ. Journ., Dec. 1933

  1. Gold Exchange Standard [Return]

Edie, L. D. – Money, Bank Credit and Prices

Gold Reports of League of Nations

McMillan Report

Hawtrey, R. G. – Gold Standard

Hawtrey, R. G. – Monetary Reconstruction

Hawtrey, R. G. – Currency and Credit

Gregory, T. E. – First Year of Gold Standard

Robertson, D. H. – Money

Kemmerer, E. W. – Money

  1. Gold Movements Since the War [Return]

Royal Institute of Int. Affairs – Int. Gold Problems (bibliog)

League of Nations – Final Gold Report; other publications

Brown, W. A. – England and the Gold Standard

Reports of Director of Mint – U.S.

Federal Reserve Bulletins

Cassel, G. – Crisis in World’s Monetary System, 1932

Young, J. P. – European Currency and Finance, Commission of Gold and Silver Inquiry, U.S. Senate

Warren, G. F. – Some Statistics on the Gold Situation – Am. Ec. Rev. Suppl., Mar. 1934

  1. Gold Distribution and the Depression [Return]

Gayer, A. D. – Monetary Policy and Economic Stabilization

Phillips, C. A. – Banking and the Business Cycle

Bowen, H. – Gold Maldistribution – Am.Econ.Rev., Dec. 1936

  1. Is there a Gold Shortage? [Return]

Royal Institute of International Affairs – Monetary Policy and Depression

Gregory, T. E. – Gold Standard and its Future

League of Nations – Gold Reports

Mlynarski, F. J. – Gold and Central Banks

Rist – In “Current Economic Policies”

Warren and Pearson – Prices

Hardy, C. O. – Is There Enough Gold

Keynes, J. M. – The Supply of Gold – Econ. Journ., Sept. 1936

  1. Methods to Economize Gold [Return]

Niemeyer, O. – International Gold Problem (How to Economize Gold)

Gold Reports of League of Nations – Final and Interim

Keynes, J. M. – Treatise on Money

Hawtrey, R. G. – Monetary Reconstruction – Genoa Conference

Gayer, A. D. – Monetary Policy and Economic Stabilization

  1. Exchange Depreciation and World Recovery [Return]

Harris, S. E. – Exchange Depreciation

Eder, G. J. – Effect of Gold Price Changes on Prices for Other Commodities – Journ. Royal Stat. Assn., p. I, 1938

Malenbaum, W. – Power of Undervalued Currency – Rev. Ec.Stud., Feb. 1938

Edelberg, V. – Measuring Power of Under-valued Currency to Stimulate Exports – Rev.Ec.Studies, Oct. 1937

  1. Exchange Depreciation Experience of Japan [Return]

[No references given]

  1. Exchange Depreciation Experience of Sweden [Return]

[No references given]

  1. Exchange Depreciation Experience of Britain [Return]

Harris, S. E. – Exchange Depreciation

  1. Exchange Depreciation Experience of Australia [Return]

Copland, D. – Australia and the World Crisis, 1929-33

  1. Exchange Depreciation Experience of U.S. [Return]

Harris, S. E. – Exchange Depreciation

  1. Exchange Central [Return]

Exchange Restrictions in European Countries – circ. #421, Bureau of Foreign and Domestic Commerce

Einzig, P. – Exchange Control

Ohlin, B. – Mechanisms and Objectives of Exchange Control – Am. Ec. Rev. Suppl., March 1937

Williams, J. H. – Adequacy of Existing Currency Mechanisms – Am.Econ.Rev. Suppl., March 1937

  1. Sterling-Dollar-Franc Triangle [Return]

New York Times

Current Articles

  1. The “Gentlemen’s Agreement” [Return]

Spahr, W. E. – Tripartite Agreement – Annalist, Nov. 13, 1936

Warren, R. B. – The Gentlemen’s Agreement – Annalist, Nov. 13, 1936

  1. British Equalization Fund [Return]

Hall, N. F. – The Exchange Equalization Account

Harris, S. E. – Exchange Depreciation

The British Exchange Equalization Fund – 1935-7 – Economica, Aug. 1937

Crump, N. – Development of Exchange Funds – Lloyd’s Rank Monthly Rev., Jan. 1937

Paish, F. W. – The British Exchange Equalization Fund – Economica, Feb. 1935

Paish, F. W. – The British Exchange Equalization Fund – Economica, Feb. 1936

Comstock, A. – British Exchange Equalization Account – Am. Ec. Rev. Dec. 1933

  1. Gold Buying Policy and Devaluation [Return]

Fifty-cent dollars, etc. – Commercial and Finan. Chronicle, June 1, 1932

Incidence of Devaluation – Commercial and Finan. Chronicle, June 8, 1932

Hacker, L. M. – Short History of New Deal

Brown, et al. – Ec. of Recovery Program

Hubbard, J. B. – Current Economic Policy

Hardy, C. O. – Devaluation of the Dollar

Harris, S. E. – British and American Exchange Policy – Quart. Journ. Ec., May & Aug., 1934

Graham, F. O. – Journ. Amer. Statis. Assn., Sup. 1935, March

Edie, L. D. – Easy Money

Harris, S. E. – Exchange Depreciation

Eder, G. J. – Effect of Gold Price Change on Prices of Other Commodities, Jour. Royal Stat. Soc., part I, 1938

Woolfson, A. P. – Our Gold Policy and the Commodity Price Outlook – Bankers Mag., Aug. 1937

Whittlesey, C. R. – The Gold Dilemma – Quart. Journ. Ec., Aug. 1937

Silverstein, A. L. – American Devaluation: Prices and Export Trade – Am. Econ. Rev., June 1937

  1. Recent Silver Policy of the United States [Return]

Gregory, T. E. – Silver Situation, etc.

London Monetary and Economic Conference – agreements

Foreign Policy Assn. – Silver, its International Aspects (1931)

Deterding, H. W. A. – Silver and Foreign Debt Payments

Smith, G. A., Jr. – On Silver – Harv. Bus. Review 1934

Kreps – Silver and Chinese Purchasing Power

Leong, Y. S. – Silver (Brookings – 1934)

Elliston, H. – The Silver Problem – Foreign Affairs, April 1931

Willis, H. P. – Silver – New Republic, March 11, 1931

Westerfield, R. B. – Our Silver Debacle

Barbour, P. E. – America’s Silver Policy – Annalist Dec. 13, 1935

Berridge, W. A. – Some Facts Bearing on the Silver Program – Rev. Econ. Stat., Nov. 1934

Smith, G. A. – Silver: Its Status and Outlook – Harv. Bus. Rev., Oct. 1934

  1. Monetary Consequences of the Fall in the Price of Silver [Return]

Seyd – Fall in the Price of Silver

Nogaro – Modern Monetary Systems

Westerfield, R. B. – Our Silver Debacle

Leavens, D. H. – American Silver Policy in China – Harv. Bus. Rev. Autumn, 1935

Leavens, D. H. – Distribution of the World’s Silver – Rev. Ec. Stat. Nov. 1935

Wu, L. T. K. – China’s Monetary Dilemma – Far East Survey, Dec. 4, 1935

Spalding, W. F. – The Silver Problem as it Affects Mexico – Bankers’ Ins. Manag. Mag., June 1935

Berridge, W. A. – Some Facts Bearing on the Silver Program, Rev. Ec. Stat., Nov. 1934

Deterding, H. W. A. – Silver: Its International Position – Econ. Forum, June-July 1934

Kreps, T. J. – The Price of Silver and Chinese Purchasing Power – Quart. Journ. Ec. – Feb. 1934

  1. Flexible Parities [Return]

Meade, J. E. – Introduction to Economic Analysis and Policy

Hayek, F. – Monetary Nationalism and International Stability

British Monetary Policy – Economist (London) Oct. 24, 1936

Henderson, H. D. – Case Against Returning to Gold – Lloyd’s Bank Monthly Review – June 1935

Graham, F. D. and Whittlesey, C. R. – Fluctuating Exchange Rates, Foreign Trade and the Price Level – Am. Econ. Rev. – Sept. 1934

Whale, P. B. – Theory of International Trade – Economica – Feb. 1936

Williams, J. H. – Adequacy of Existing Currency Mechanisms, Am. Ec. Rev. Suppl. – March 1937

  1. Hot Money [Return]

Kindleberger, C. P. – International Short Term Capital Movements

Feiler, A. – International Movement of Capital – Amer. Econ. Rev. Suppl., Mar. 1935

  1. Exchange Rates Under Incontrovertible Paper [Return]

Cassel, G. – Money and Foreign Exchange After 1914

Angell, J. – Theory of International Prices

Nogaro – Modern Monetary Systems

Taussig, F. W. – International Trade

Whitaker – Foreign Exchange

Viner, J. – Studies in the Theory of International Trade

  1. Purchasing Power Parity vs. Balance of Payment Theory of the Determination of Exchange Rates [Return]

Cassel, G. – Econ. Journ., March 1916

Cassel, G. – Econ. Journ., Sept. 1916

Cassel, G. – Econ. Journ., Dec. 1918

Cassel, G. – Annals of Amer. Acad. Of Pol. And Soc. Science, Vol. 89, May 1920

Cassel, G. – Money and Foreign Exchange after 1914

Ellis – German Monetary Theory

Keynes, J. M. – Monetary Reform, p. 87 ff

Keynes, J. M. – Treatise on Money, ch. 5

Keilhau – Econ. Journ., 1925, pp. 221 ff

Angell, J. – Theory of International Prices

Nogaro – Modern Monetary System

Taussig, F. W. – International Trade

Bogen, J. I. – Money and Banking

Viner, J. – Studies in the Theory of International Trade

Kindleberger, C. P. – International Short Term Capital Movements

Graham, F. D. – Recent Movements in International Price Levels, and the Doctrine of Purchasing Power Parity – Journ. Am. Stat. Assn., Suppl., Mar. 1935

  1. International vs. National Objectives of Monetary Policy [Return]

Gayer, A. D. – Monetary Policy and Economic Stabilization

Hayek, F. – Monetary Nationalism and International Stability

  1. Measures of Over-valuation [Return]

Kindleberger, C. P. – International Short-Term Capital Movements

Whale, P. B. – Theory of International Trade – Economica, Feb. 1936

  1. The International Transfer of Purchasing Power [Return]

Einzig, P. – Foreign Balances

Kindleberger, C. P. – International Short-Term Capital Movements

Ohlin, B. – International and Interregional Trade

Taussig, F. W. – International Trade

Feiler, A. – International Movement of Capital – Am. Ec. Rev. Suppl. March 1935

Cassel, G. – International Payments under a System of Paper Currencies – Skon Kredit Quart. Rept., Oct. 1934

  1. The Forward Exchange Market [Return]

Einzig, P. – The Theory of Forward Exchange

Einzig, P. – Some Theoretico-Technical Aspects of Official Forward Exchange Operations – Econ. Journ. June 1938

Kindleberger, C. P. – International Short-Term Capital Movements

Keynes, J. M. – Tract of Monetary Reform

  1. Spreading the Gold Points and Short Term Capital Movements [Return]

[No references given]

  1. American Export of Capital since the War [Return]

League of Nations – Course and Phases of World Econ. Depression

Hansen, A. H. – Econ. Stabilization in Unbalanced World

Young, J. P. – International Financial Position of U.S.

Moon, P. T. – America as a Creditor Nation

Angell, J. – Financial Foreign Policies of U.S.

Angell, J. – Balance of Payments in U.S.

Taussig, F. W. – International Trade

League of Nations –Report of Gold Delegation

League of Nations – Stat. Yearbook

U.S. Dept. of Commerce – American Underwriting of Foreign Securities in 1929

Haberler, G. – International Trade

Kindleberger, C. P. – International Short-Term Capital Movements

Feiler, A. – International Movement of Capital – Am. Ec. Rev. Suppl. March 1935

  1. International Short Term Balances and the Depression [Return]

Einzig, P. – Foreign Balance

Kindleberger, C. P. – International Short-Term Capital Movements

  1. Tariff Policy and the Depression [Return]

Report of Committee of Inquiry into National Policy in International Economic Relations

  1. Bank of International Settlements [Return]

Dulles, E. L. – B. I. S. at work (1932)

Einzig, P. – Bank of International Settlement

Gideonse, H. R. – The International Bank

Steiner, W. H. – Money and Banking

Bank of International Settlement – Annual Reports

Traylor, M. – Bank of International Settlement Documents – First Natl. Bank, Chicago

Dulles, E. L. – Bank of International Settlement – Am. Ec. Rev. June 1938

Fraser, L. – The International Bank and Its Future – Foreign Affairs, April 1936

Keynes, J. M. – Report of the Bank of International Settlement – Econ. Journ., Sept. 1934

De Clery, A. R. – The Bank of International Settlement and the World Economic Crisis, Interparliamentary Bulletin, Nov. 1934

VI. MISCELLANEOUS

  1. War Finance [Return]

American Econ. Assn. – Report of Committee on War Finance

League of Nations –Currencies after the War

U.S. Senate – Comm. of Gold and Silver – Inquiry – European Currencies and Exchange

Grady, H. F. – British War Finance, 1914-1919

Nicholson, J. S. – War Finance

Harris, S. E. – Monetary Problems of British Empire

Graham, F. D. – Exchange, Prices and Production in Hyperinflation in Germany, 1920-23

Steiner, W. H. – Money and Banking

Hollander, J. B. – War Borrowing

Bogart, E. L. – War Costs and their Financing

Pigou, A. C. – Political Econom. of War

Smith, D. T. – Treasury Operations and Money Market

Hawtrey, R. G. – Currency and Credit

  1. The Reparations Controversy [Return]

Moulton, H. G. and Pasvolsky – War Debts and World Prosperity

Myers, D. P. – The Reparation Settlement

Steiner, W. H. – Money and Banking – 902 ff

Young, J. P. – International Trade and Finance

  1. War Debts [Return]

(same as No. 130)

  1. Fall of Prices: 1873-96 [Return]

Layton – Intro. To Study of Prices

Price, L. L. –Money and its Relation to Prices

Ransome and Mann – Future of Prices at Home and Abroad

Warren and Pearson – Prices

Kuznets, S. – Secular Movements in Production and Prices

League of Nations – Gold Reports

Peterson, J. and Peterson, O. S. – An Analysis of Price Behavior During Period 1855-1913

Mills, F. C. – Prices in Recession and Recovery

  1. Rise of Prices: 1896-1913 [Return]

(see no. 132)

Ashley, Gold and Prices (1912)

  1. Price Movement since the War [Return]

Mills, F. C. – Prices in Recession and Recovery

  1. Probable Future Trend of Prices [Return]

Ransome and Mann – Future of Prices at Home and Abroad

Warren and Pearson – Prices

Hayek, F. – Prod. and Prices

League of Nations – Gold Reports

Journal of Farm Econ., Jan. 1932 – Future of General Price Level

  1. Changes in the Value of Money and the Distribution of Wealth [Return]

Keynes, J. M. – Monetary Reform

Edie, L. D. – Money, Bank Credit and Prices

Fisher, I. – Stabilizing the Dollar

Robertson, D. H. – Money

Steiner, W. H. – Money and Banking (786-795)

Willis, H. P. – The Economics of Inflation

  1. Monetary and Financial Questions Raised by the Social Security Program [Return]

Hansen, A. H. and Murray, H. G. – A New Plan for Unemployment Reserves

Hansen, A. H. – Full Recovery or Stagnation

Hansen, A. H. et al. – Program for Unemployment Insurance Relief in U.S.

Beveridge, W. H. – Causes and Cures of Unemployment

Wolfenden, H. H. – Unemployment Funds: A Survey and Proposal

Woll, M. – Labor, Industry and Govt.

Achsner, E. H. – Social Ins. And Econ. Security

Heyman [?], E. – Unemployment Preventions and Relief

Douglas, P. H. and Director, A. – Problem of Unemployment

Slichter, S. H. – Making Booms Bear the Burden of Relief

*  *  *  *  *  *  *  *  *  *

Additional Thesis Subjects — Economics 41
  1. Monetary policy of neutral countries in war.
  2. War finance in Germany (Great Britain, France).
  3. Problems of war finance.
  4. Exchange rates and war.
  5. The international money proposal.
  6. Business cycle policy under the National Banking System.
  7. The Peel Banking Act of 1844.
  8. The crisis of 1837 (1857, 1873, 1897, 1907).
  9. War debts and reparations.
  10. Monetary aspects of the demand for colonies.
  11. Monetary aspects of recovery policy in Australia.
  12. Monetary controls in Germany (Sweden, Canada, Great Britain).

Image Source: Portraits of John Henry Williams and Seymour Edwin Harris from Harvard Class Album 1939. Enhanced by Economics in the Rear-view Mirror.

Categories
Gender Harvard Suggested Reading

Harvard. Seminar readings for the economics of technological change. Anne P. Carter, 1967

Anne Pitts Carter is 99 years old at the time of this post. Amanar Akhabbar’s “Anne P. Carter: A Biographical Presentation” (2011) [also available as “Anne P. Carter: A Biographical Note” in Oeconomia (March 2011)] provides full details of the first 85 or so years of her life.

Anne Pitts Carter was awarded a Ph.D. from Radcliffe [Note: her first married-name was “Grosse”] in March 1949. She became an assistant professor of economics at Harvard in 1966-69, was director of the Harvard Economic Research Project 1966-72, and from 1971 on professor of economics at Brandeis.

Today’s post adds the reference list for her seminar on the economics of technological change to the Economics in the Rear-view Mirror collection of course syllabi.

___________________________

Course Announcement

Economics 262.
Seminar: The Economics of Technological Change

Half course (spring term) Th., 2-4. Assistant Professor A. P. Carter

Study of the development and diffusion of new techniques and products in the United States and abroad and their impacts on industrial specialization, competitive structure, industrial interdependence, prices and employment, in a general equilibrium framework.

Source: Faculty of Arts and Sciences, Harvard University. Course of Instruction for Harvard and Radcliffe 1966-67, p. 122.

___________________________

SUGGESTED REFERENCES
Economics 262
Seminar: THE ECONOMICS OF TECHNOLOGICAL CHANGE

Assistant Professor Anne P. Carter
Spring 1967

Abramovitz et. al. Allocation of Economic Resources.

Almon, Clopper, The American Economy to 1975.

Arrow, Karlin, Suppes, Mathematical Methods in the Social Sciences.

Bain, Joe, International Differences in Industrial Structure.

Boon, Gerald K., Economic Choice of Human and Physical Factors in Production. North Holland Publishing Company, 1964.

Bowen, H.R. and Magnum, Automation and Economic Progress.

Bright, F., Automation and Management, Boston, Harvard Graduate School of Business Administration, 1958.

Bright, F., Automation and Technological Change, Columbus, Ohio: Battelle-American Assembly, 1963.

Dunlop, J. T., Automation and Technological Change. (American Assembly)

Dunlop, J.T. and Diatckenko, Labor Productivity.

Jerome, Harry, Mechanization in Industry.

Landsberg, Fishman and Fisher, Resources in America’s Future.

Leontief, et al., Studies in the Structure of the American Economy.

Manne, Alan, Studies in Process Analysis – Cowles Commission Monograph #18.

Melman, Seymour, Dynamic Factors in Industrial Productivity. (John Wiley and Sons, 1956)

National Commission on Technology, Automation, and Economic Progress

Report: Technology and American Economy

Six Appendices:
The Outlook For Technological Change and Employment
The Employment Impact of Technological Change
Adjusting to Change
Educational Implications of Technological Change
Applying Technology to Unmet Needs
Statements Relating to the Impact of Technological Change

National Bureau of Economic Research, Problems of Capital Formation, Studies in Income and Wealth.

National Bureau of Economic Research, The Rate and Direction of Inventive Activity.

National Resources Committee, Technological Trends and National Policy.

Salter, W.E.G., Productivity and Technical Change.

Samuelson, Solow, and Dorman, Linear Programming and Economic Analysis.

Schurr, Netschart, et. al., Energy in the American Economy, 1850-1975.

Sen, A.K., Choice of Techniques.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 9. Folder “Economics, 1966-67”.

Image Source: Peter A. Petri’s webpage “Lemberg Program, 1986-1994”. The image was enhanced using the program Pixelup on my cellphone. To my eye, this AI-smoothed image is very faithful to the original web image.

Categories
Chicago Cowles Economist Market Economists Stanford

Cowles Commission. Arrow declines offer for joint appointment of research director and professor of economics. 1953

 

Tjallings Koopmans declared his intention to resign his research directorship of the Cowles Commission for Economic Research at the University of Chicago effective June 30, 1954, having served in that position for six years. This necessitated a search for an economist who could satisfy the needs of both the Cowles Commission and the Chicago Department of Economics. Kenneth Arrow, a Cowles alumnus so-to-speak, was the first target of the search. In this post you will find transcriptions of some of the relevant correspondence in the matter. Arrow was offered a salary of $12,000 (approximately $140,000 at today’s prices) which was equal to that of Koopmans and $1000 less than that of the more senior Jacob Marschak.

For a history of the Cowles Commission and Foundation for Research in Economics, see Robert W. Dimand’s Cowles Working Paper (November 2019).

Plot-spoiler: Arrow declined the offer, “The activity of administration represents for me, I feel, a violation of the principle of comparative advantage, especially if one takes account of my strong subjective preferences,” to which Economics in the Rear-view Mirror can only add, “Good Choice!”

Postscript: Economics in the Rear-view Mirror has appended the September 30 announcement of Arrow’s being appointed executive head of the Stanford economics department. OK, so the comparative advantage argument could have played a role in his Chicago decision, assuming he believed a move would have increased the productivity of both the Stanford and Chicago faculties! Now I’ll  bet that having experienced winters in Chicago and Stanford, the family simply decided to stay in California.

Posted earlier: a mini c.v. for Arrow as of 1951.

________________________

COWLES COMMISSION
FOR RESEARCH IN ECONOMICS

THE UNIVERSITY OF CHICAGO
CHICAGO 37, ILLINOIS

July 21, 1953

Professor T. W. Schultz
c/o Hotel Maury
Casilla Correo 1385
Lima, Peru

Dear Mr. Schultz:

                  The Central Administration and the Board of Trustees have now approved our recommendation with respect to Arrow. Please find enclosed a copy of my letter to Arrow. I presume that Dean Tyler will send you a copy of his letter. May I ask you, if you can find time, to write to Arrow to support this offer, and to indicate the participation the Economics Department? In case you have secretarial assistance, may we have a carbon of your letter?

                  It may be winter in South America just now, but here it is mid-summer, with all that that means. Hoping that you find your trip interesting and profitable,

Sincerely yours,
[signed]
Tjalling C. Koopmans

TCK:lb

Enclosure

*  *  *  *  *  *  *  *  *  *  *  *  *

[COPY]

July 21, 1953

Professor Kenneth J. Arrow
c/o The RAND Corporation
1700 Main Street
Santa Monica, California

Dear Ken:

                  In this letter, which will reach you simultaneously with a letter from Dean Tyler, I am writing to express the gratification of the Cowles Commission research staff in general, and of myself in particular, at the action of the University and of the Executive Committee of the Commission, in extending to you an invitation to join our staff as Director of Research. The Executive Committee has acted on the unanimous recommendation of our faculty, which reflects our great confidence in you as an intellectual leader. We believe that, above all others in the field, you are the person capable of giving the Commission the research leadership it needs during the years just ahead. Needless to say, we hope that you will decide to accept.

                  I well remember your statement this April that you wished not to be considered for a position which like this one has administrative aspects. As illustration you mentioned that you did not wish to become chairman of your department at Stanford either.  The fact that you are now taking another view of the latter task gives us the courage to ask you to reconsider your attitude toward the former. The administrative aspects of this position are adjustable in terms of your own preferences. I think you will find Ross Cardwell capable of discharging those administrative functions which you may wish to avoid. He brings to this a real understanding and sympathy for the objectives of the group.

                  Mr. Schultz will write to you concerning the participation of the Economics Department in this offer. Since he is currently in South America, some time will go by before his letter can reach you. Let me say only that the Department is likewise unanimous in its support for a joint offer, and hopes that you will regard participation in its teaching and other activities an compatible with your primary responsibility with regard to the Commission. A tentative ratio, two-thirds Commission, one-third Department, is proposed for your consideration.

                  I am writing to Jascha [Jacob Marschak], who is currently at the Institute for Numerical Analysis, to inform him that this offer has now been approved. Please feel free to discuss the matter with him and to regard him as an additional source of information. We also hope that you will find it possible to visit Chicago some time in September so that you may inform yourself fully with regard to the opportunities and challenge of this position. The best timing of this visit depends somewhat on Mr. Schultz’ plans, on which I am not fully informed.

                  In conclusion, I want you to know that I look forward with great anticipation to the prospect of a reintensified contact with you, both in research and in a personal way. We all hope that our proposal is challenging enough to you to earn your serious consideration and, ultimately, your acceptance.

                  Please give our best regards to Selma. We hope that she will look with sympathy on our trying to get you both back to Chicago.

Cordially yours,

Tjalling C. Koopmans

cc: Executive Committee (A. Cowles, R. L Cardwell, T. W. Schultz, R. W. Tyler)
J. Marschak

________________________

COPY

The University of Chicago
Chicago 37, Illinois
The Division of the Social Sciences

Office of the Dean

July 21, 1953

Professor Kenneth J. Arrow co The RAND Corporation
1700 Main Street
Santa Monica, California

Dear Mr. Arrow:

                  I take great pleasure in inviting you to become Professor of Economics of the University of Chicago and Director of Research in the Cowles Commission. This is a regular tenure position as a full professor at a salary of $12,000 per year effective for 1954-55, on a 4-E contract. As you may have heard, the provisions of the 4-E contract have recently been liberalized so that the faculty member retains his earnings from royalties, from occasional lectures, and other occasional short-term assignments.

                  The interest in your appointment is indicated by the fact that you were the unanimous selection of the Executive Committee of the Cowles Commission, as well as the research staff of the Commission and the faculty of the department of economics. We are all anxious to have you join us and feel sure that we can provide you with excellent conditions for making an important intellectual contribution. We hope that you will come to Chicago at our expense sometime in September to look into the situation as fully as you wish and to work out conditions that are satisfactory, including the time when you would be able to join our staff.

Sincerely yours,
[unsigned copy]
R. W. Tyler
Dean

RWT:rk

________________________

[COPY]

August 24, 1953

Professor Kenneth J. Arrow
c/o The RAND Corporation
1700 Main Street
Santa Monica, California

Dear Mr. Arrow:

                  I have returned from my field work in Peru and Mexico and learned with great pleasure from Dean Tyler and Professor Koopmans that the Chancellor has approved our recommendation to invite you to come to the University of Chicago as Professor of Economics and Director of Research in the Cowles Commission. Dean Tyler has already formally extended to you this invitation and Professor Koopmans has written to you at some length. May I convey to you the fact that this invitation is rare in that it is the unanimous view and wish of the members of the Department of Economics. This expresses in the strongest possible terms our own very high regard for your professional achievements as an economist and our firm wish to have you become one of us.

Sincerely yours,
[unsigned copy]
Theodore W. Schultz

TWS:jw

________________________

[COPY]

September 11, 1953

Professor Kenneth J. Arrow
c/o The RAND Corporation
1700 Main Street
Santa Monica California

Dear Ken:

                  This is further to my handwritten letter of about a month ago, in which I indicated that I would write again upon returning to Chicago. Let me again express the hope that you may be able to visit us at a time convenient to you. I continue to believe that this is the most effective procedure for you to obtain clarification on points such as those ou have raised in conversation with Jascha. However, in case you should prefer to seek clarification by correspondence, may I suggest that you write to Dean Tyler if you have questions relating to the Cowles Commission (with a carbon copy to me) and to Mr. Schultz for questions relating to the Department.

                  We had an interesting and fruitful meeting at Kingston, in which high temperature and a light program contributed to a relaxed atmosphere.

                  Looking forward to hearing from you.

Cordially,
[unsigned copy]
Tjalling C. Koopmans

TOK:lb

Cc: J. Marschak, T.W. Schultz, R.W. Tyler

________________________

The RAND Corporation
1700 Main St. • Santa Monica • California

15 September 1953

Professor Theodore W. Schultz
Department of Economics
The University of Chicago
Chicago 37, Illinois

Dear Professor Schultz:

Thank you very much for your letter of August 24. I am indeed thrilled by the evidence of approbation by my former colleagues at the University of Chicago.

However, for reasons set forth in the enclosed letter to Dean Tyler, I feel that I should not accept the offer. The activity of administration represents for me, I feel, a violation of the principle of comparative advantage, especially if one takes account of my strong subjective preferences.

Best regards to all members of the Department.

Sincerely yours,
[signed]
Kenneth J. Arrow

KJA: ge
encl.

________________________

[COPY]

15 September 1953

Dean R. W. Tyler
The Division of the Social Sciences
The University of Chicago
Chicago 37, Illinois

Dear Dean Tyler:

I have thought over very seriously the kind and flattering offer to serve as Research Director of the Cowles Comission. It is with a great deal of regret that I feel that I must decline.

The stimulating and vital intellectual atmosphere at the University of Chicago and the high salary offered were very strong inducements, but I feel that I am not temperamentally qualified to assume the administrative responsibilities called for. I would feel strongly the conflict between pursuing my individual research and the responsibilities of leadership, and I do not feel that I would make a satisfactory resolution. I wish to thank you again, not least, for your willingness to wait this long for me to come to a decision.

Sincerely yours,
[unsigned copy]
Kenneth J. Arrow

KJA:ge
cc: Prof. T. C. Koopmans, Prof. T. W. Schultz [checkmark]

________________________

[COPY]

The University of Chicago
The Division of the Social Sciences

Office of the Dean

September 21, 1953

Mr. Kenneth J. Arrow
The RAND Corporation
1700 Main Street
Santa Monica, California

Dear Mr. Arrow:

                  We are greatly disappointed that you feel it unwise to accept our invitation to become Director of Research for the Cowles Commission. We think you have an important contribution to make to our University. Hence, I hope we can work out some other position here that would appeal to you.

Sincerely yours,
R. W. Tyler
Dean

RWT:rk

cc:  Mr. T. W. Schultz  [checkmark], Mr. T. C. Koopmans

Source: University of Chicago Archives. Department of Economics, Records. Box 42, Folder 4.

________________________

Postscript

New Economics Executive Named

Kenneth J. Arrow, professor of economics and statistics at Stanford, has been appointed executive head of the University’s Department of Economics, President Wallace Sterling announced yesterday.

Nationally known for his work in the analysis of criteria for economic decisions, Dr. Arrow has been on the Stanford faculty since 1949. As department head he replaces Professor Edward S. Shaw, who has resigned to devote full time to teaching and research.

Dr. Arrow heads a project at Stanford supported by the Office of Naval Research to study the efficiency of economic decision-making.

As a post-doctoral fellow of the Social Science Research Council, Dr. Arrow traveled extensively in Western Europe for nine months of 1952, studying statistical problems of national economic planning.

He lectured at Oxford University and the Institute of Applied Economics in Paris and was one of a small group of distinguished American economists invited to participate in a colloquium on the theory of risk. The colloquium was conducted in Paris by the National Center of Scientific Research of the French Ministry of Eduaction.

Professor Arrow was graduated by the College of the City of New York in 1940 with Phi Beta Kappa honors and as winner of the Pell medal for highest scholastic proficiency.
He served as assistant professor at the University of Chicago in 1948-49. Appointed acting assistant professor at Stanford in 1949, he became associate professor in 1950 and this year was promoted to full professor.

[Note: the promotion was announced April 28, effective September 1, 1953.]

Source: The Stanford Daily, 1 October 1953.

Image Source:  Kenneth J. Arrow as Guggenheim Fellow (1972)  John Simon Guggenheim Memorial Foundation.

Categories
Economists Harvard

Harvard. Economics Ph.D. alumnus, Seymour Edwin Harris. 1926

While this post still needs the course transcript from the Graduate School of Arts and Sciences at Harvard to be complete, there is enough information about the 1926 Harvard economics Ph.D. Seymour Edwin Harris for it to be added to our series “Meet an economics Ph.D. alumnus/alumna”.

_______________________

Biographical/Historical Note

Seymour Edwin Harris was born September 8, 1897 in New York City. He received an A.B. in 1920 and a Ph.D. in 1926 from Harvard University. From 1922 to 1964, Dr. Harris taught economics at Harvard University, where he received a full professorship in 1954, and served as the chairman of the department of economics from 1955 to 1959. During World War II, Dr. Harris was involved in several wartime planning projects. From 1954 to 1956, Dr. Harris became chief economic advisor to Adlai Stevenson. He then served Senator John F. Kennedy in the same capacity and was chosen as a member of President Kennedy’s task force on the economy. In 1961, Dr. Harris was named as chief economic consultant to Douglas Dillon, Secretary of the Treasury. During the Kennedy administration. Dr. Harris, a proponent of Keynesian economics, was a member of Walter W. Heller’s New Frontiersmen, which persuaded President Kennedy that the stimulation of the economy was more important than a balanced budget and tax cuts and government spending could counter threats of a recession. In 1963, Dr. Harris became the chairman of the department of economics at the University of California at La Jolla. At the same time, he served as a chief economic advisor to the Johnson administration.

Source: John F. Kennedy Presidential Library and Museum, Archives. Guide to the Seymour E. Harris Personal Papers.

_______________________

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

Seymour Edwin Harris.  Sept. 8, 1897; Brooklyn, N.Y.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

C.C.N.Y. – 1916-18. Harvard A.B. 1918-20.
Princeton – Instructor of Economics 1920-2.
Harvard – Tutor 1922-4.

III. Degrees already attained. (Mention institutions and dates.)

A.B. Harvard. 1920.

IV. General Preparation. (Indicate briefly the range and character of your undergraduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc. In case you are a candidate for the degree in History, state the number of years you have studied preparatory and college Latin.)

Economics A, 3, 5, 11, 33
History 1, 12, 32b
Government 1, 17B.
Latin – 2 years at college. Greek – 1 year. French – 2 years (college). German – 1 year.

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics.

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

  1. Economic Theory & History.
    Economics A, 11 – as undergraduate – 14, 15
  2. Money and Banking.
    Economics 38
    Two half courses at Princeton Grad. School. (Currency Reform & Monetary Histor of the U.S.)
  3. Statistics.
    Economics 41
  4. Public Finance
    Economics 31
  5. American History.
    History 32b (as Undergraduate)
    & Private reading
  6. [Left blank]

VII. Special Subject for the special examination.

Money and Banking with International Trade as a substitute field [committee: Professors Young (chairman), Taussig, Gay, and Monroe]

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

Subject? [The Assignat]
Professor Young.

IX. Examinations. (Indicate any preferences as to the time of the general and special examinations.)

May 15, 1924
[March (early), 1926]

X. Remarks

I have not decided on any subject. At present, I expect to write in Theory, and I hope under Professor Young.

Signature of a member of the Division certifying approval of the above outline of subjects.

Allyn A. Young

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: S. E. Harris

Approved: April 2, 1924

Ability to use French certified by C. J. Bullock, 10 May 1923.

Ability to use German certified by C. J. Bullock, 10 May 1923.

Date of general examination April 29, 1924. Passed A.A.Y.

Thesis received March 5, 1926

Read by [left blank]

Approved [left blank]

Date of special examination [left blank]

Recommended for the Doctorate [left blank]

Degree conferred  [left blank]

Remarks.  [left blank]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Certification of reading knowledge
of French and German for Ph.D.

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

Cambridge, Massachusetts
May 10, 1923

This is to certify that I have examined Mr. S.E. Harris and have found that he has such a knowledge of French and German as we require of candidates for the Ph.D. degree.

Very truly yours
[signed]
C. J. Bullock [K]

Dean D. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed General Examination

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

Cambridge, Massachusetts
April 30, 1924

Dear Dean Haskins:

As Chairman of the Committee to conduct the general examination of S. E. Harris for the degree of Ph.D., I beg to report that Mr. Harris passed the examination. It was the opinion of the Committee that Mr. Harris’ showing was distinctly good, “better than the average”.

Yours sincerely,
[signed]
Allyn A. Young

Dean C. H. Haskins

[Note: The exam was held Tuesday, 29 April at 4 p.m. in Widener D. Committee: Professors Young, Crum, Bullock, Williams and Dr. Merk with Professor Persons substituting for Professor Crum at the examination.]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed Special Examination

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

Cambridge, Massachusetts
March 12, 1926

To the Division of History, Government and Economics:

As chairman of the committee appointed to conduct the special examination of Mr. S. E. Harris for the degree of Ph.D. in Economics I beg to report that Mr. Harris passed a very creditable examination.

[signed]
Allyn A. Young

Source: Harvard University Archives. Division of History, Government & Economics, Ph.D. Degrees Conferred 1929-30. (UA V 453.270), Box 6.

Image Source: This particular portrait of Seymour E. Harris has been cropped from the 1934 Harvard Album. The identical portrait can be found already in the 1925 Harvard Album.

 

Categories
Exam Questions Harvard Money and Banking

Harvard. Enrollment and final exam for money and banking. Andrew, 1907-1908

Sen. Nelson W. Aldrich next to a horse labeled "Central Bank" which he is offering to Uncle Sam who inspects the horse's teeth labeled "Wall St. Interests"

The historical roots of the field “Money and Banking” were firmly established at Harvard by its economics department founder Charles Franklin Dunbar during the last dozen or so years of the 19th century. Dunbar was followed in matters monetary by Oliver Mitchell Wentworth Sprague and then Abram Piatt Andrew, Jr.

Fun Fact: Senator Nelson W. Aldrich (see Q. 6 in the Economics 8b exam below) who became the major political figure behind the establishment of the U.S. Federal Reserve System was the grandfather of Gov. Nelson A. Rockefeller of New York. The New York Times, Oct. 24, 2015.

__________________________

Previous course materials for
Money and Banking 

1900-01(Meyer and Sprague)
1901-02 (Andrew, Sprague, Meyer)
1902-03 (Andrew’s money exam, Sprague’s banking exam)
1903-04 (Andrew and Sprague)
1904-05 (Andrew’s money exam, Sprague’s banking exam)
1905-06 (Andrew’s money and banking exams)
1906-07 (Andrew’s money and banking exams)

________________________

Course Enrollment
Money. General Survey
(1st term)

Economics 8a 1hf. Asst. Professor Andrew. — Money. A general survey of currency legislation, experience, and theory in recent times.

Total 72: 6 Graduates, 8 Seniors, 39 Juniors, 14 Sophomores, 5 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

________________________

ECONOMICS 8a
Money. General Survey.
Mid-year Examination, 1907-08

  1. To what extent is money a measure, like measures of time, weight, and capacity.
  2. Define and give examples of:
    1. limping standard;
    2. parallel standard;
    3. double standard;
    4. Gresham’s law.
  3. Under what circumstances, if any, would the levying of a seignorage cause prices to rise? to fall? to remain unchanged?
  4. How will large additions to the money supply tend to effect the rate of interest? the rate of profits? the price of land? of bonds? of stocks?
  5. Describe the conditions which brought about the successful redemption of the greenbacks. Upon what grounds was resumption opposed? Were any of these grounds reasonable?
  6. Is it fair to say that England “blundered into monometallism unwittingly”? Explain why or why not.
  7. Is it fair to say that the world stampeded to gold in the seventies “because the increased output of silver in America had produced an excess of its supply as compared with gold”? Explain why or why not.
  8. In your opinion is any confirmation of the “quantity theory” to be found in the experience of :
    1. Holland between 1873 and 1875?
    2. India between 1893 and 1899?
    3. Austria between 1876 and 1890?
      Can these experiences be explained in any other way?
  9. Enumerate the different kinds of money now current in the United States, and state briefly the origin and history of each.

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

________________________

Course Enrollment
Banking and Foreign Exchange
(2nd term)

Economics 8b 2hf. Asst. Professor Andrew. — Banking and Foreign Exchange.

Total 108: 7 Graduates, 16 Seniors, 41 Juniors, 36 Sophomores, 2 Freshmen, 6 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

________________________

ECONOMICS 8b
Banking and Foreign Exchange
Year-end Examination, 1907-8

  1. Describe and account for the relative proportions of national banks, state banks, and trust companies (a) in some of the New England States, (b) in some of the middle Western States.
  2. Describe the functions of the more important sorts of banks in England, France, and Germany, and explain the tendencies of their recent development.
  3. Describe the relation of the government to the banks as regards (a) bank management, (b) government finance in England, France, Germany, and the United States.
  4. Of what significance in the history of English banking were
    1. the Bullion Report?
    2. Peel’s Act?
    3. Bagehot’s “Lombard Street”?
  5. Explain the system of note issue in the Canadian banks and its supposed advantages. State any differences between conditions in Canada and the United States which would render its equal success here uncertain.
  6. Explain the main features of the Fowler, Aldrich and Vreeland bills of the last Congress, and give your opinion of their respective merits.
  7. Explain the following statements:—
    1. “The principal European exchanges are regulated chiefly by the relative value of money.”
    2. “The effect on the exchanges of a given difference in the discount rates is not always the same.”
    3. “The French cheque-rate frequently rises above the specie point.”

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1908), p. 33.

Categories
Economic History Exam Questions Harvard Suggested Reading Syllabus

Harvard. American Economic and Financial History. Gay, 1907-08.

Lincoln and Chase working on the national banking legislation. Painted by N.C. Wyeth

The materials for this post come from the second time Edwin Francis Gay solo-taught the course on U.S. economic and financial history at Harvard. Other than having its bibliographic furniture rearranged, the course content is virtually identical to that of the 1906-07 version of the course.

__________________________

Previously…

Assistant Professor Oliver Mitchell Wentworth Sprague taught the Harvard course “Economic History of the United States”/ “Economic and Financial History of the United States” in 1901-02 (with James Horace Patten), 1902-03, 1903-04, and 1904-05. The course was taken over in 1905-06 by Frank William Taussig and Edwin Francis Gay after Sprague left for a full professorship at the Imperial University of Japan. The Taussig/Gay reading list and final exam for 1905-06. Gay taught this course alone in 1906-07.

__________________________

Course Enrollment
1907-08

Economics 6b 2hf. Professor Gay. — Economic and Financial History of the United States.

Total 143: 14 Graduates, 24 Seniors, 59 Juniors, 33 Sophomores, 1 Freshman, 12 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

__________________________

[Except for a minor rearrangement in the sequence of topics, the course reading list for 1907-08 is, with only one exception, identical to that for 1906-07.]

Course Reading List
Economic and Financial History
of the United States

ECONOMICS 6b (1908)

Required Reading is indicated by an asterisk (*)

1. Colonial Period.

*Ashley, Commercial Legislation of England and the American Colonies, Q.J.E., Vol. XIV, pp. 1-29; printed also in Ashley’s Surveys, pp. 309-335.

*Semple, American History and its Geographic Conditions, pp. 36-51.

McMaster, History of the People of the United States, Vol. I, pp. 1-102.

Eggleston, Transit of Civilization, pp. 273-307.

Beer, Commercial Policy of England, pp. 5-158.

Rabbeno, American Commercial Policy, pp. 3-91.

Lord, Industrial Experiments in the British Colonies of North America, pp. 56-86, 124-139.

1776-1860.
2. Commerce, Manufactures, and Tariff.

*Taussig, Tariff History of the United States, pp. 68-154.

*Hamilton, Report on Manufactures, in Taussig’s State Papers and Speeches on the Tariff, pp. 1-79, 103-107, (79-103).

Bolles, Industrial History of the United States, Book II, pp. 403-426.

Bishop, History of American Manufactures, Vol. II, pp. 256-505.

Pitkin, Statistical View of the Commerce of the United States (ed. 1835), pp. 368-412.

Gallatin, Free Trade Memorial, in Taussig’s State Papers, pp. 108-213.

Rabbeno, American Commercial Policy, pp. 146-183.

Hill, First Stages of the Tariff Policy of the United States, Amer. Econ. Assoc. Pub., Vol. VIII, pp. 107-132.

3. Internal Improvements.

*Callender, Early Transportation and Banking Enterprises, Q.J.E., Vol. XVII, pp. 111-162; printed also separately, pp. 3-54.

Tenth United States Census (1880), Vol. IV, Thos. C. Purdy’s Reports on History of Steam Navigation in the United States, pp. 1-62, and History of Operating Canals in the United States, pp. 1-32.

Chevalier, Society, Manners and Polities in the United States, pp. 80-87, 209-276.

Ringwalt, Development of Transportation Systems in the United States, pp. 41-54, 64-166.

Gallatin, Plan of Internal Improvements, Amer. State Papers, Misc., Vol. I, pp. 724-921 (see especially maps, pp. 744, 762, 764, 820, 830).

Pitkin, Statistical View (1835), pp. 531-581.

Chittenden, Steamboat Navigation on the Missouri River, Vol. II, pp. 417-424.

4. Agriculture and Land Policy. – Westward Movement.

*Hart, Practical Essays on American Government, pp. 233-257 printed also in Q.J.E., Vol. I, pp. 169-183, 251-254.

*Hammond, Cotton Industry, pp. 67-119.

*Semple, American History and its Geographic Conditions, pp. 52-74.

Turner, Significance of the Frontier in American History, in Report of Amer. Hist. Assoc., 1893, pp. 199-227.

Donaldson, Public Domain, pp. 1-29, 196-239, 332-356.

Hibbard, History of Agriculture in Dane County, Wisconsin, pp. 86-90, 105-133.
[Replaces “Sato, History of the Land Question in the United States, Johns Hopkins University Studies, IV. Nos. 7-9, pp. 127-181” from the 1906-07 reading list.]

Sanborn, Congressional Grants of Land in Aid of Railways, Bulletin of Univ. of Wisconsin Econ., Pol. Sci. and Hist. Series, Vol. II, No. 3, pp. 269-354.

Hart, History as Told by Contemporaries, Vol. III, pp. 459-478.

5. The South and Slavery.

*Cairnes, The Slave Power (2d ed.), pp. 32-103, 140-178.

Hammond, Cotton Industry, pp. 34-66.

Russell, North America, its Agriculture and Climate, pp. 133-167.

De Tocqueville, Democracy in America (ed. 1838), pp. 336-361, or eds. 1841 and 1848, Vol. I, pp. 386-412.

Helper, Compendium of the Impending Crisis of the South, pp. 7-61.

6. Finance, Banking and Currency.

*Dewey, Financial History of the United States, pp. 34-59, 76-117, 224-246, 252-262.

*Catterall, The Second Bank of the United States, pp. 1-24, 68-119, 376 map, 402-403, 464-477.

Bullock, Essays on the Monetary History of the United States, pp. 60-93.

Hamilton, Reports on Public Credit, Amer. State Papers, Finance, Vol. I, pp. 15-37, 64-76.

Kinley, History of the Independent Treasury, pp. 16-39.

Sumner, Andrew Jackson (ed. 1886), pp. 224-249, 257-276, 291-342.

Ross, Sinking Funds, pp. 21-85.

Scott, Repudiation of State Debts, pp. 33-196.

Bourne, History of the Surplus Revenue of 1837, pp. 1-43, 125-135.

Conant, History of Modern Banks of Issue, pp. 310-347.

1860-1900.
7. Finance, Banking and Currency.

*Mitchell, History of the Greenbacks, pp. 3-43, 403-420.

*Noyes, Thirty Years of American Finance, pp. 1-72, 234-254, (73-233).

Taussig, Silver Situation in the United States, pp. 1-157.

Dunbar, National Banking System, Q.J.E., Vol. XII, pp. 1-26; printed also in Dunbar’s Economic Essays, pp. 227-247.

Howe, Taxation and Taxes in the United States under the Internal Revenue System, pp. 136-262.

Tenth United States Census (1880), Vol. VII; Bayley, History of the National Loans, pp. 369-392, 444-486.

8. Transportation.

*Hadley, Railroad Transportation, pp. 1-23, 125-145.

*Johnson, American Railway Transportation, pp. 24-68, 307-321, 367-385.

Industrial Commission, Vol. XIX, pp. 466-481.

Adams, Chapters of Erie, pp. 1-99, 333-429.

Davis, The Union Pacific Railway, Annals of the Amer. Acad., Vol. VIII, pp. 259-303.

Villard, Memoirs, Vol. II, pp. 284-312.

Dixon, Interstate Commerce Act as Amended, Q.J.E., Vol. XXI, pp. 22-51.

9. Agriculture and Opening of the West.

*Industrial Commission, Vol. XIX, pp. 43-123, 134-167.

*Noyes, Recent Economic History of the United States, Q.J.E., Vol. XIX, pp. 167-187.

Twelfth United States Census (1900), Vol. V, pp. xvi-xlii.

Hammond, Cotton Industry, pp. 120-226.

Quaintance, Influence of Farm Machinery, pp. 1-103.

Adams, The Granger Movement, North American Review, Vol. CXX, pp. 394-424.

Bemis, Discontent of the Farmer, J. Pol. Ec., Vol. I, pp. 193-213.

10. Industrial Expansion.

*Twelfth United States Census (1900), Vol. VII, pp. clxx-clxxviii.

*Noyes, Thirty Years of American Finance, pp. 113-126.

Industrial Commission, Vol. XIX, pp. 485-519, 544-569.

Twelfth Census, Vol. IX, pp. 1-16; Vol. X, pp. 725-748.

Wells, Recent Economic Changes, pp. 70-113.

11. The Tariff.

*Taussig, Tariff History, pp. 155-229.

Stanwood, American Tariff Controversies, Vol. II, pp. 243-394.

Taussig, Iron Industry, Q.J.E., Vol. XIV, pp. 143-170, 475-508.

Taussig, Wool and Woolens, Q.J.E., Vol. VIII, pp. 1-39.

Wright, Wool-growing and the Tariff since 1890, Q.J.E., Vol. XIX, p. 610-647.

Robinson, History of Two Reciprocity Treaties, pp. 9-17, 40-77, 141-156.

Laughlin and Willis, Reciprocity, pp. 311-487.

12. Commerce and Shipping.

*Meeker, History of Shipping Subsidies, pp. 150-171.
[This reading has been switched to required status in 1907-08.]

Meeker, Shipping Subsidies, Pol. Sci. Quart., Vol. XX, pp. 594-611.

Soley, Maritime Industries of the United States, in Shaler’s United States, Vol. I, pp. 518-618.

McVey, Shipping Subsidies, J. Pol. Ec., Vol. IX, pp. 24-46.

Wells, Our Merchant Marine, pp. 1-94.

13. Industrial Concentration.

*Willoughby, Integration of Industry in the United States, Q.J.E., Vol. XVI, pp. 94-115.

*Noyes, Recent Economic History of the United States, Q.J.E., Vol. XIX, pp. 188-209.

Twelfth Census, Vol. VII, pp. cxc-ccxiv.

Industrial Commission, Vol. XIII, pp. v-xviii.

Bullock, Trust Literature, Q.J.E., Vol. XV, pp. 167-217.

14. The Labor Problem.

*United States Bureau of Labor Bulletins, No. 18 (Sept., 1898), pp. 665-670; No. 30 (Sept., 1900), pp. 913-915; No. 53 (July, 1904), pp. 703-728.

Adams and Sumner, Labor Problems, pp. 3-16, 502-547.

Levasseur, American Workman, pp. 436-509.

Mitchell, Organized Labor, pp. 391-411.

Twelfth Census, Special Report on Employees and Wages, p. xcix.

National Civic Federation, Industrial Conciliation, pp. 40-48, 141-154, 238-243, 254-266.

15. Population, Immigration and the Race Question.

* United States Census Bulletin, No. 4 (1903), pp. 5-38.

*Industrial Commission, Vol. XV, pp. xix-lxiv.

Adams and Sumner, Labor Problems, pp. 68-112.

Mayo-Smith, Emigration and Immigration, pp. 33-78.

Walker, Discussions in Economies and Statistics, Vol. II, pp. 417-451.

Hoffmann, Race Traits and Tendencies of the American Negro, pp. 250-309.

Tillinghast, The Negro in Africa and America, pp. 102-228.

Twelfth Census Bulletin, No. 8.

United States Bureau of Labor Bulletins, Nos. 14, 22, 32, 35, 37, 38, 48.

Washington, Future of the American Negro, pp. 3-244.

Stone, A Plantation Experiment, Q.J.E., Vol. XIX, pp. 270-287.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1, Folder “Economics, 1907-1908”.

__________________________

ECONOMICS 6b
Year-end Examination, 1907-08

  1. Briefly:—
    1. The Bland-Allison and Sherman Acts.
    2. The National Banking Act.
    3. The Homestead Law.
    4. Reciprocity since 1890.
  2. Compare the condition of manufactures in the United States in 1791 (Hamilton’s report) with that in 1900.
  3. Why has the cotton industry developed more satisfactorily than the woolen industry?
  4. Compare in its chief features the state of Southern agriculture before and after the Civil War.
  5. [Farm indebtedness and tenancy]
    1. Farm indebtedness in the United States 1885-1900; its relation to agricultural prices and the demand for monetary reform.
    2. Farm tenancy in the United States.
  6. Is railroad “pooling” permitted in the United States? Should it be permitted? What do you think of Anti-Trust Legislation?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1908), pp. 31-32.

Image Source: Website of the Office of the Comptroller of the Currency. Webpage: History. Lincoln and the Founding of the National Banking System.

“Lincoln and Chase working on the national banking legislation. N.C. Wyeth painted this mural in the lobby of what was then the Federal Reserve Bank of Boston. The former bank building is today the Langham Hotel.”

Categories
History of Economics Policy Popular Economics

New York City. Centennial Celebration for Adam Smith’s Wealth of Nations. 1876

 

For the 1776th artifact to be posted in Economics in the Rear-view Mirror, I decided to search for something related to Adam Smith. I figured the Centennial, Sesquicentennial and Bicentennial of the publication of Wealth of Nations would be good places to start, so I turned to the newspapers.com archive to begin my search. The very first item I came upon was the Centennial Celebration that took place in New York City on December 12, 1876. After reading the New York Times account of the affair, I thought that more might be found in Glory M. Liu’s book Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism (2022) and sure enough she uses that event as her anecdotal springboard into Chapter 3, “The Apostle of Free Trade”. 

Cringe Moment: John Bigelow found himself as an understudied understudy for no-show Williams College professor Arthur Latham Perry. The role demanded that he comment on the toast to the French liberal economists, predecessors to Adam Smith. Bigelow proceeded to riff on Jean-Baptiste Colbert, poster-child of French mercantilism. I am guessing that few if any of the guests noticed the faux pas.

______________________________

The Evening Post
(New York City, December 13, 1876), p. 1.

ADAM SMITH.

Centennial Celebration of the Publication
of “The Wealth of Nations”—
Speeches by William Cullen Bryant, Parke Godwin, David A. Wells, Professor Sumner, Mr. Atkinson and Others

The dinner given at Delmonico’s last evening, to commemorate the Centennial Anniversary of the publication of Adam Smith’s “Wealth of Nations” was attended by about a hundred gentlemen, including many widely known as advocates of free trade. Among the persons present were Parke Godwin, Abraham L. Earle, Arthur G. Sedgwick, Professor W. G. Sumner, Horace White, Cyrus W. Field, William Cullen Bryant, David A. Wells, Edward Atkinson, of Boston, Professor Frank A. Walker [(sic) Gen. Francis Amasa Walker], President Anderson, of Rochester University; Isaac Sherman, Anson Phelps Stokes, William E. Dodge, Jr.; George Walker, Ex Surgeon-General [N.S.] Hammond, J. Crosby Brown, Secretary of State [John E.] Bigelow, Professor Atwater, of Princeton; Mr. Sidney Biddle, Mr. Balch and Mr. Brinton Coxe, of Pennsylvania; M. Henri Cernuschi, of Paris; Professor [Vincent] Botta, Robert B. Minturn, E. L. Godkin, Charles H. Marshall, F. B. Sanborn of Boston, O. C. Marsh, Howard Potter, Fred. Mason of Chicago, and Joseph S. Moore. [Also listed as having attended according to the New York Times (December 13, 1876, p 5): Charles Moran, Dr. M. K. Leverson of Colorado and Henry Arnott Brown]

                  After prayer by the Rev. Dr. Atwater the chair was taken by Parke Godwin, before whom lay an original edition of the “Wealth of Nations.” During the dinner, which was long and elaborate, music was furnished by an orchestra placed in the gallery.

SPEECH OF PARKE GODWIN.

The cloth having been removed, Mr. Godwin spoke as follows:

                  “Gentlemen, it is my duty to speak the prologue to your future performances, and I know no better way than to follow the epilogue in ‘Henry IV.,’ which says: ‘First my fears, then my courtesy and last my speech.’ I am here less because of my ambition, but because of the headlong obstinacy of my friends of the committee.” He then spoke of the large assemblage present in these times of great political excitement and said: “It is not often that men meet to do honor to a book. But we come together to commemorate not a work drawn out of the mysterious wells of the imagination, but a work treating of our every day affairs which has taken its place among the masterpieces of genius. It is just a hundred years since the work on ‘The Wealth of Nations,’ the work of an humble Scotch professor, first appeared. I take it that the only conception of the wealth of nations was that of the resources of a prince who could keep armies and fleets, subsidized allies, and pension a few very poor poets. But that labor was the real wealth, the real source of national power, they hardly conceived. Yet this work, which taught these truths, penetrated the minds of men, and now at this remote day and in this far land we are met to celebrate it as one of the greatest features of our Centennial. What was the secret of the success of this book? It can hardly be said that the author of this work was the originator of any great and important truth. Many of his conclusions had been anticipated in Italy and in England. But the earlier writers had only discovered the germs of the truth. They had not seen it to its efflorescence. The merit of Smith was that he saw the truth in its intrinsic force, he grasped it in its bearings and relations, and he developed it with such completeness and simplicity that he made it plain to the common apprehension, that he made it the property of men in the common walks of life, and not alone of the student in his closet or the speculator in his school. What a grand truth it was that such men as Smith have bequeathed to us! Kant was accustomed to say that true things filled him with awe; first, the view of the starry heavens, and second, the sense of duty in the soul of man. He might have added a third, that of the mysterious means by which the struggles of the soul in the social man is brought to an harmonious end. But what is society at large? Is there not for its stupendous ramifications of interest, for the vast enterprises which span the globe, a power which holds them in its large love and boundless thought? Aye, there is such a power; it is the power of Providence, the power of freedom, freedom of labor, freedom of interchange, which, demanding nothing of governments save the maintenance of justice and peace, is like the principle of attraction which reduces the far-flaming orbs of space into musical chimes, and will reduce our various conflicting arms into perfect order. The signal service of Adam Smith and his coadjutors was to demonstrate that the gospel was right and that human traditions were wrong. By an exposition of the productive efficacy of the co-operation of industrial groups — by a demonstration that all exchanges of products are not a one-sided spoliation, but a two sided benefit, they showed that human interests were reciprocally helpful and not mutually destructive. Attraction, not repulsion, was shown to be the true law of economic relations. When it was once seen that human interests are convergent and not divergent, the practices of individuals and of nations were made to conform to that view. Giant monopolies began to open their shut doors, and an era of emancipated industry and emancipated commerce broke over the world. Political economy, like other sciences, is still immature and imperfect: it has many deficiencies to fill out, many obscurities to clear, many problems to solve. But we who are here tonight know this — that the great beams of the edifice have been raised; that many downtrodden have found solace within the portals of this, the goodliest temple, I think, ever made — a temple in which the worship is the worship of free human uses, full of the profoundest human affections.”

                  The names of invited guest who were prevented from attending, and had sent letters of regret were then read. Among these were Governor Tilden, Lieutenant-Governor Dorsheimer, President Woolsey, President McCosh, Senator Bayard, William R. Morrison, L. Q. C. Lamar, Professor A. L. [Arthur Latham] Perry; the English Minister, Sir Edward Thornton; the Belgian Minister, M. Maurice Delfosse; Charles Francis Adams, Professor H. W. Longfellow, Ralph Waldo Emerson, W. Lloyd Garrison, R. H. Dana, Jr., H. W. Olcott and others [Also listed as having sent letters of regret according to the New York Times (December 13, 1876, p 5): President Elliott, President Champin, Charles Elliott Norton, Professor Dunbar, Estis Howe, James Brown].

SPEECH OF JOHN BIGELOW.

The first regular toast was read as follows:

“The Early French Economists” – Lights that preceded and announced the dawn. They were the first to discover and to proclaim that natural laws are a better basis for legislation than arbitrary authority.

In the absence of Professor [Arthur Latham] Perry [Williams College], who was expected to respond, Mr. John Bigelow spoke as follows:

                  “I am very sorry that Professor Perry was not able to attend. He was prevented from coming by his modesty, and he has asked me to come here to-night and represent him. I shall do so as well as I may. It is a source of regret to me that I am here in a representative capacity, and shall be unable to do full justice to the early French economists as either Professor Perry or the imaginary Mr. Bigelow you have described would have done. I will only say that they were a very noble set of people. That is all I shall say. I am sure your imaginary Mr. Bigelow could not have described them in fewer words. All the politico-economical teachers have been indebted, more than to any one else, to the man who first classified the industries of France, and by whose work the science of political economy became possible — I refer to Colbert. The work of Colbert in estimating and tabulating the work of every man in France had never been done before. Yet this was essential to the success of politico-economical science. I do not know but Bacon may have anticipated me in this remark, but if he has, so much the worse for Lord Bacon. It is a matter of regret that the Bureau of Statistics in this country has been less useful because of the inexcusable obstinacy of a gentleman present here to-night (Mr. David A. Wells) in resigning its charge. I wish to call attention to one fact in noticing upon this table the original edition of the work of Adam Smith. I don’t know why this work, the natural twin of republican institutions, has never been published complete in this country. My friend on my right says it has been. I can only ask, then, why I have never happened to meet a single copy of an American edition in this country. (A voice — that of Mr. Coxe, of Philadelphia — “An edition was edition was printed in Philadelphia in 1789.”) Then I will modify my remark and ask why we have not had an edition in the current century.” (A voice, “Give it up”) Mr. Bigelow went on to speak of the importance of a proper study of Adam Smith’s method, and said that the great drawback in this country is the waste of power in all the paths of work and business and investigation. He advocated as a great centennial work the publication of a new and complete edition of Adam Smith’s works.

SPEECH OF DAVID A. WELLS.

The second toast was:

“The Wealth of Nations”, — An imperishable monument of human genius, which laid the foundation of a science destined to revolutionize the legislation and practice of nations. At the end of a hundred years it is as instructive in its teachings and as beautiful in style as when it first attracted the attention of the world. Its author, Adam Smith, will be held in honor by his fellow men forever.

David A. Wells made the following response:

                  “Considering the condition of Europe from the time when it first attained a high degree of civilization, there is no question of more interest than that of the relations of nations and men. The prejudices and antagonisms, due to the belief that advantage to one community was necessarily a loss to another, naturally interfered with progress and advancement, and led to the belief, as expressed by Hobbes, that war is the natural condition of man. The restrictions that, until recently, hedged round all trades in Europe, and reduced men to practical slavery, were the outgrowths of this false idea. The right to practice a trade or profession was looked upon as an heirloom, transferred from one to another member of a family.” The results of this system in France and in the country were sketched, and Mr. Wells continued: “In this country, it even happened in 1865, under our absurd revenue law, that it became a question whether a man who mended a carriage had not really manufactured it and made himself liable to a payment of the duties on new carriages. War was often undertaken by European nations as a means of successfully monopolizing trades. It was for this cause that nearly all the battles of the eighteenth century were fought. Our own Revolution is directly traceable to the imposition of duties upon the colonies due to the economic ideas of the times. If Great Britain forbade the colonists to export wool, it made its own subjects liable to capital punishment for exporting wool. John Hancock was the prince of smugglers and was set down for trial at the time of our Revolution. Alexander Hamilton was cognizant of contraband trade by the firm which he formed during his minority. Men like these resisted the government, because they felt that every blow that they struck was a blow for liberty. Mr. Wells then sketched the work of Turgot in France in connection with economic matters. Voltaire and other of Turgot’s contemporaries, he said, supported Turgot in his schemes of economic reforms and foresaw the revolution and the reign of terror which followed after Turgot’s downfall. But afterward there came a compensation in the appearance of Smith’s great work. He then quoted the high praise awarded it by Buckle, Mackintosh and others and said: “The work then done was the greatest ever attempted since the days of Christ and his apostles. Under the light of the teachings of Adam Smith, the golden rule of ‘Do unto others as you would that they should do unto you’ was embodied in the practical affairs of life. People are benefited and never injured by the prosperity of their neighbors; this was the great truth expounded by Adam Smith. There is no class of men that submit quicker to the spirit of the times than the mercantile class, and the spirit of the times always is the aggregation of knowledge. From this point of view and in the light of the work done by Adam Smith, though the world has not recognized the source from which it came, it will be seen that the great Scotchman has fully merited the eulogiums passed upon him. He has done more than all the sleeping[?] statesmen[?] combined have ever attempted[?] to do.” [Three words unclearly printed marked with [?]]

SPEECH OF WILLIAM CULLEN BRYANT.

The third toast was:

“The Illustrious Teachers of Political Economy” — Say, Ricardo, Malthus, Senior, the Mills, Bastiat, Cairnes, Rossi, Chevalier and Walker, who form a galaxy of bright and shining stars whose places in the heavens will grow brighter with the lapse of time.

In reply William Cullen Bryant spoke as follows:

                  “Mr. President and Gentlemen: Allow me to congratulate you on the occasion which has brought you together. I am glad to see such men assembled for such a purpose — that of commemorating the publication of the great work which first clearly demonstrated to mankind the benefits of a free exchange of commodities between the nations of the world, and the mischiefs of that tyranny which seeks to check this free exchange by the strong arm of the law. The doctrine of free trade, placed on the impregnable basis of fact and reasoning, was twin born with this republic of ours, and I can only wish the republic a like perpetuity with the doctrines.

                  “It is now four years since a concurrence of circumstances, to which I will do no more than allude, had the effect of causing a movement in favor of free trade, which was then in considerable activity and apparently not without effect on the public mind to stagnate and almost to sleep. And what years, my friends, were these: Years of languishing enterprise, years of despairing industry, years of strikes, years of contention between the employers and the employed, years which showed the spectacle of laborers by hundreds looking in vain for occupation, and hunger-pinched families shivering in their unwarmed garrets. All this while the protective system, as it is called, has been in full force. Everything is protected — that is to say, everything imported into the country is taxed as it never was taxed before. If the protective system be the ground of commercial prosperity the country should now be prosperous beyond all its previous experience; our mills, now silent, should be in their fullest activity; our laborers should be in constant employment; not a willing arm should be idle, not a spindle should cease to hum.

                  “Is It not time for a reaction? Are we to go on in this manner indefinitely? We have tried the protective system as fully as is possible; we have tasted its fruits, and they are bitter. Let us now have a season of free exchange I have no doubt, for my own part, that a liberal system of revenue laws, especially combined with a return to specie payments, would make an instantaneous and most fortunate change in the condition of the country. Hundreds of commodities, the raw material of as many forms of industry, would be released from the taxation which now puts them beyond the reach of as many classes of artisans, and new life would be at once communicated to the arts both useful and ornamental. The old handicraft of shipbuilding, which made our barks the wonder of the world for speed and economy of management, would be revived. The very day that such a change in our present unhappy policy received the sanction of the Executive would see the gloom of the times dispelled as suddenly as a bright morning follows a storm, and there is no power able under these circumstances to hold back our people from plunging into enterprises which they now shrink from in despair.

                  “Yes, my friends, the time for a reaction has arrived, and we are determined that it shall have a fair field. Free trade has slept while its enemies have been performing their unhappy experiments upon the public welfare, and now we look to see it rise invigorated by its long slumber. Let me say here that I am in favor of protection, but protection of a kind very different from that which for many years past has dealt so cruelly with the interests of the country. I am for protecting the consumers — the class whose numbers are counted by millions — I am for protecting this class in its natural and proper right to exchange what it produces in whatever market it can exchange them to most advantage. I am for rescuing it from the hands into which it has fallen, and which plunder it with as little remorse as the rovers of the Barbary States in the early part of this century pillaged the merchant ships that entered into their seas.

                  “Depend upon it, my friends, this is a righteous contest on our part, and a blessing will rest upon it. I have been long a soldier in this war, and have never grown weary of it. I may I not see the day of triumph, but many of you will. The torch which I have borne for more than fifty years I shall pass to abler, doubtless, though not more faithful hands, assured that it will yet shed it rays on a glorious victory.”

SPEECH OF EDWARD ATKINSON.

The following was the fourth toast:

“Commercial freedom, or the unfettered intercourse of nations” — A glorious principle that has taken its place by the side of the freedom of the press, the freedom of speech and the freedom of assemblage, and which, like them, has demonstrated its claims to our regard by the blessings which have everywhere accompanied and followed its practical applications.

Edward Atkinson replied to this and said the charter of the Pennsylvania Railroad forbade it to build locomotives, although it allowed it to repair them, for fear of interfering with the interests of the factories. This prohibition is, however, got over by the company considering the brass label on the locomotives to be the locomotives themselves. He then said:

                  “The nation was now struggling against evils within which once it struggled against from without. The two great questions of the hour were evils of bad money and bad taxation. This nation might soon hope for freedom from the first, and ere long from the second. The advocates of protection now admitted that free trade was something to be desired, but claimed It was impracticable and artificial. Freetraders believed it natural. Differences now between the two parties were only regarding time and method. The question now arose, could the freetraders unite with protectionists in some compromise that would not demand a sacrifice of principle. He thought they could. The protectionists no longer based their legislation and claims upon the principles of protection, but upon principles of general utility. No one now demanded on principle more than a moderate taxation for the expenses of government, and he thought that very soon the statesmen might take the place of economists. The nation was stronger than its leaders, and order would soon come out of chaos. The admirable advantages of England should be considered; and if the advocates of free trade would only act with moderation and caution, they could soon obtain their end, practically at least.”

                  Remarks were also made by Brinton Coxe, of Philadelphia, who spoke of the progress which the principles of Adam Smith were making in Philadelphia and Pennsylvania, that Middle Age castle of Protection.

SPEECH OF PROFESSOR SUMNER.

The next toast was:

“International freedom” — The liberty of trade and intercourse which, within the domain of the United States, prevails over so many thousand square leagues of territory, which has been so fruitful a source of prosperity, union peace and rapid development needs but to be applied to our foreign relations to establish our rightful position among the nations in wealth, in power, in influence and in the happiness of the people.

                  Professor W. G. Summer responded, saying that old dogmas were disappearing, utopian hopes are vanishing and positive methods are replacing them. Political economy is capable of positive and beneficial resalts. Among us economic problems are practical questions, and we are forced to turn our attention from science to the practical benefits of its old and familiar consequences to our country. This ought to be the work of politicians and statesmen, that the largest amount of human happiness may be directly produced therefrom.

*  *  *  *  *  *  *  *  *  *  *

The last toast given was:

“The Science of Political Economy” — It demonstrates morals. It proves that diligence, economy, prudence, truth and justice are not only among the canons of the moral law, but are also the means of a sound and stable public prosperity.

This was ably responded to by Professor Anderson. [see following item]

______________________________

Democrat and Chronicle (Rochester, NY: December 15, 1876), p. 4.

Dr. [Martin Brewer] Anderson
on Free Trade

Our report of the free-trade dinner at Demonico’s last evening requires to be supplemented by an outline of the interesting and effective remarks of President Anderson, of Rochester (N.Y.) university. He considered free trade in its moral aspects, and said that he regarded free exchange as one of the fundamental principles underlying human society, the same as the freedom of opinion and of labor. Free trade is as worthy and important an object of human endeavor as the doctrines of the declaration of independence. No bargain is either good or safe which does not confer a benefit upon both the seller and buyer, and the moral element in trade must be taken into account to secure permanent prosperity. He eulogized the abstract thinkers of the world and eloquently set forth the benefits conferred upon mankind by Adam Smith in the field of trade, Jeremy Bentham in the field of criminal law, and also cited other examples. He spoke of his own labors as a teacher of political economy, and said that during the last fifteen years he had permitted no young man to leave the institution of which he had charge who did not possess a clear notion of the fundamental doctrines of free trade. He then made the practical suggestion that an efficient free-trade club ought to be organized in this city for the purpose of free discussion. He said that economic truth propagates itself under proper conditions, and he would have the free-trade work of the colleges supplemented by systematic organization, so that young men may be preserved in economic faith and so that the influence of free-traders of all classes may be made effective.

Image Source: Adam Smith, 1723-1790. Political economist by James Tassie (1787). National Galleries of Scotland, Scottish National Portrait Gallery.

Categories
Economics Programs Faculty Regulations Graduate Student Support Regulations Yale

Yale. Graduate economics graduate degree requirements and curriculum brochure. 1950

For the most part today’s artefact speaks for itself. It is another historical economics program brochure added to the growing Economics in the Rear-view Mirror collection.

I entered Yale College as a freshman in the academic year 1969-70 so the Yale brochure digitized below was printed just about two decades before I became an apprentice economist. Now in my senior years two decades does not seem to be all that long but it would appear that the development of the Yale economics department from 1950 to 1970 was about as dramatic as my own from infant to college student over the same time period.

Preparing this post, I was struck by the genuinely small scale of the graduate economics program at Yale in 1950, that “microeconomics”/“macroeconomics”/“econometrics” were not yet words to be found in the course descriptions, further that the history of economic theories was a visible part of the curriculum, and finally that institutional nuts-and-bolts (as well as economic history) did receive relatively greater emphasis in 1950. I was delighted at the “sight” of four of my professors (Healy, Tobin, Lindblom, and Dahl) found in the list of the graduate economics faculty of 1950, an indication that two decades is really not all that long after all within the context of a healthy human life span.

_____________________________

A Few Other Programs,
Other Times

Harvard 1967
M.I.T. 1961
M.I.T. 1974
Chicago 1956
Wisconsin 1904
Chicago 1892
Chicago 1904

_____________________________

GRADUATE CURRICULUM AND DEGREE REQUIREMENTS
IN ECONOMICS

DEPARTMENT OF ECONOMICS
YALE UNIVERSITY
NEW HAVEN, CONNECTICUT
1950

DEPARTMENT OF ECONOMICS
Graduate Faculty

CHAIRMAN: Professor Kent T. Healy.

DIRECTOR OF GRADUATE STUDIES: Professor Lloyd G. Reynolds.

PROFESSORS: E. Wight Bakke, Edgar S. Furniss, John P. Miller, Eugene V. Rostow (Law), Ray B. Westerfield.

ASSOCIATE PROFESSORS: Neil W. Chamberlain, Klaus E. Knorr (International Relations), Charles E. Lindblom, Richard Ruggles, James A. Tobin.

ASSISTANT PROFESSORS: Robert A. Dahl (Political Science), Challis A. Hall, Jr.

INSTRUCTOR: Robert G. Link.

THE GRADUATE PROGRAM IN ECONOMICS

The objective of the graduate program is to equip students with the theoretical and statistical tools of economic analysis, to broaden their historical and institutional knowledge, and to develop judgment in applying economic analysis to issues of public policy. The wide variety of research institutes and activities at the University, in addition to strengthening the teaching program, enables interested students to gain research experience at an early stage of their careers. Students are also encouraged to acquaint themselves with the techniques of other social sciences through course work in the relevant departments.

The number of graduate students admitted each year is limited, which makes possible an unusual degree of individual instruction and guidance. The fact that the number of students is small relative to the research and teaching activities of the University also enables a large proportion of the student body to be self-supporting after the first year of graduate study.

Preference in admission is given to students who plan to proceed toward the Ph.D. degree. The M.A. degree is awarded on successful completion of one year of course work (no thesis requirement), and most Ph.D. candidates take this degree as a matter of course at the end of their first year.

EMPLOYMENT OPPORTUNITIES AND FINANCIAL ASSISTANCE

BEGINNING GRADUATE STUDENTS. There are available each year several graduate fellowships, varying in amount from $450. to $1,000. It is possible also for a considerable number of students to earn between $200. and $300. per year by grading examinations in undergraduate courses.

ADVANCED GRADUATE STUDENTS. Students who do work of high quality during their first year have numerous additional opportunities during their second and subsequent years of study.

(1) The Sterling Fellowships of $1,500. each, competition for which is open to graduate students in all departments of the University.

(2) Appointment to a teaching position in Economics 10 (Principles of Economics). Advanced graduate students may be permitted to teach a maximum of six hours per week while continuing work toward their degree. Appointments are also sometimes given to students who transfer to Yale after completing one year or more of graduate study at another University and who have had satisfactory teaching experience.

(3) Appointment as a research assistant. There are several research institutes in the University, including the Conservation Center, the Committee on National Policy, the Committee on Transportation, the Institute of Human Relations, the Institute of International Studies, and the Labor and Management Center. In addition, members of the Department have individual research programs in progress on a variety of subjects, including decision-making in the business firm, market structure and price determination in the non-ferrous metal industries, wage differentials under collective bargaining, population growth in the United States, the cyclical behavior of cost-price relations in manufacturing, economic planning in selected countries of Western Europe and the determinants of personal savings and consumption decisions. A considerable number of graduate students are employed each year as part-time research assistants while continuing their graduate study. Compensation for this work is in line with that for members of the teaching staff.

(4) There are occasional opportunities for part-time teaching in other colleges in and near New Haven, and for research assistantships in other departments of the University.

REQUIREMENTS FOR THE DEGREE OF
DOCTOR OF PHILOSOPHY

In addition to the general requirements of the Graduate School, students in Economics are expected to meet the following requirements.

PRELIMINARY QUALIFICATIONS: An undergraduate major in economics is normally required. A student whose major was in another field will be admitted in exceptional cases, but may be required to take more than the usual two years of course work. Students preparing for graduate work in economics are strongly advised to take undergraduate courses in economic theory, mathematics (at the level of differential calculus), statistics, French and German. Courses in psychology, history, and the other social sciences will also be of material benefit to the student in his graduate work.

BASIC TRAINING: Before admission to candidacy for the Ph.D. degree the student must have completed at least sixteen semester courses of a graduate character, of which eight must have been taken at Yale. Some of these courses may be taken in other departments or schools of the University.

GENERAL EXAMINATIONS: A certification of competence is required in the use of quantitative methods, including the statement of hypotheses and theorems in quantitative form, the use of symbolic methods in economic reasoning, and the principal statistical tools used in modern economic research. This requirement will normally be met by the satisfactory completion of the courses, Economics 103a and b, during the first year of graduate study, and must be met by the end of the second year.

At least one year before the student expects to take his degree, his general competence in economics will be tested by a written and by an oral examination. The written examination will test (a) knowledge of all aspects of economic theory, its current status and historical development, (b) knowledge of European and American history with special emphasis on the development of economic institutions in modern times, (c) ability to use theoretical tools, together with historical materials and current factual information, in analyzing issues of economic policy. Preparation for the examination will be provided not only by course work but by study of readings suggested by the department.

The oral examination, to be held within a few days of the written examination, will test for intensive grasp of two specialized fields of economics, one of which will normally be the dissertation field. The fields will be determined in consultation with the Director of Graduate Studies.

Before May 1 or October 1 (as the student elects) in the calendar year prior to that in which he expects to get his degree, the student shall provide the Director of Graduate Studies with six copies of a prospectus, setting forth the subject of his proposed dissertation, the questions it proposes to answer, its potential contribution to economic science, and the research techniques and sources to be used.

COURSE OFFERINGS

Each student is expected to plan his work in consultation with the Director of Graduate Studies in Economics, Mr. Reynolds.

Economics 100, General Economic Theory. Mr. Reynolds, Mr. Ruggles.

Economics 101, Development of Economic Thought. Mr. Miller.

Economics 102, Modern Economic History.

Economics 103a, Economic Statistics. Mr. Tobin.

Economics 103b, Introduction to Mathematical Economics. Mr. Tobin.

Economics 110, Aggregate Economics and Cycle Theory. Mr. Tobin.

Economics 112b, Distribution of Wealth and Income. Mr. Reynolds.

Economics 113a, Price Systems and Resource Allocation. Mr. Ruggles.

Economics 114a, National Income Theory and Measurement. Mr. Ruggles.

Economics 114b, Types of Quantitative Research in Economics. Mr. Ruggles. Economics 120, Money, Credit, and Banking. Mr. Westerfield.

Economics 122, Public Finance. Mr. Hall.

Economics 123b, Public Control of Industrial Organization. Mr. Rostow.

Economics 124, Business Firm and Market Behavior. Mr. Miller.

Economics 125, The Labor Movement and Collective Bargaining. Mr. Chamberlain.

Economics 126, Critique of Industrial Relations Theory. Mr. Bakke.

Economics 127a, Regulatory Labor Legislation. Mr. Lindblom.

Economics 127b, Protective Labor Legislation. Mr. Lindblom.

Economics 128, Critique of Economic Planning. Mr. Lindblom, Mr. Dahl.

Economics 129, International Trade and Finance. Mr. Link.

Economics 135, The Structure of the American Economy. Mr. Ruggles.

Economics 200, Individual Research and Consultation. Department Faculty. International Relations 140, International Economic Problems. Mr. Knorr.

Transportation 102, Transportation Economics. Mr. Healy.

Related Courses:

American Studies 151, American Thought & Civilization, 1620 to the present. Mr. Gabriel.

Anthropology 109a, Culture and Personality. Mr. Linton.

Anthropology 114b, Primitive Economics. Mr. Linton.

Conservation 101b, Seminar in Conservation. Mr. Sears.

Forestry 180b, Forest Economics and Policy. Mr. Zumwalt.

Forestry 128a, Economics of the Forest Products Industries. Mr. Garrett.

Geology 150, Economic Geology. Mr. Bateman.

Geology 153, Seminar in Economic Geology. Mr. Bateman.

Government 134, Constitutional Law and Public Policy. Mr. Cahill.

Government 135, National Government and the Problems of Federalism. Mr. Key.

Government 136, American Political Parties – An Introduction to the Study of Political Behavior. Mr. Key.

History 125, Mediaeval Commerce and Capitalism. Mr. Lopez.

History 154, Liberal & National Movements in Modern Europe. Mr. Kent.

History 191, American Intellectual History in the Early Twentieth Century, Mr. Gabriel.

Mathematics 42, Statistics. Mr. Ore.

Source for text and image:  This 1950 graduate economics curriculum brochure was found at the hathitrust.org archive.

Categories
Harvard Libertarianism Principles Suggested Reading Syllabus

Antioch College. Syllabus for principles of economics. Watts, 1935-1936

Vervon Orval Watts (1898-1993)  was a Thomas Nixon Carver  inspired libertarian economist from pre-Keynesian Harvard times. Before going on to become the first head economist for the Los Angeles Chamber of Commerce (1939-46) and later an economic adviser to the Foundation for Economic Education starting in 1946, Watts taught economics at Antioch College (1930-36) and Carleton College (1936-39). His full biographical timeline can be found at the link above. For this post Economics in the Rear-view Mirror has transcribed the syllabus with the assigned and optional readings for the principles course Watts taught at Antioch College in 1935-36.

In the mid-1960s Watts was the Dean of the short-lived Freedom School Phrontistery in Colorado, the brainchild of Robert LeFevre that was to become a libertarian version of a Politics, Philosophy, and Economics program of study.

_____________________________

Harvard Ph.D. awarded in 1932

Vervon Orval Watts, A.B. (Univ. of Manitoba) 1918, A.M. (Harvard Univ.) 1923.
Subject, Economics. Special Field, Sociology. Thesis, “The Development of the Technological Concept of Production in Anglo-American Thought.”
Associate Professor of Economics, Antioch College.

Source: Report of the President of Harvard College, 1931-1932, p.124.

_____________________________

A Syllabus of Instruction
for
Economics 101-102

A Survey of Modern
Economic Life

V. O. Watts
Antioch College
1935-1936

PURPOSES OF THE COURSE

  1. To obtain information concerning American economic institutions.
  2. To develop the habit in the ordinary experiences of daily life of observing, analyzing and appraising the economic results of the conduct of individuals and of groups of individuals as wage-earners, employers, farmers, manufacturers, merchants, financiers, and legislators.
  3. To develop skill in tracing out and explaining the ramifications of the economic effects of an event.

CONDUCT OF THE COURSE

Required Readings

Study of the required readings, those starred and underlined in the list of references in this syllabus, constitutes the larger part of the work of this course. The following methods of study are therefore suggested:

  1. Note the relation of each chapter or section in the text or syllabus to the sections preceding and following it.
  2. Read or scan quickly the material in one or two chapters at a time before underlining or taking notes, so that you may gain perspective and distinguish the more significant principles from the accompanying illustrations and qualifications.
  3. Think out answers to the questions and problems given at the end of each section or chapter in the text or question book, referring back to the appropriate section of the text, when necessary, to clarify your understanding of the principles involved.
  4. Re-read the text, making written note of essential points in definitions of technical terns, statements of important principles, list of arguments pro and con on controversial issues, advantages and disadvantages of proposed policies, and qualifications of principles.
    This note-taking should provide opportunity for practice in expressing yourself in economics, therefore do not copy the author’s words, but put his ideas into your own words. It should also provide an aid to quick and effective review and help you to organize your thinking in this field, therefore keep your notes brief, well-organized, and neatly arranged.
  5. Before class discussions and examinations review those notes, practicing recall, illustrating the points noted, questioning and criticizing the author’s ideas, and formulating your own conclusions.

Periodicals

Each student in this course is expected to keep posted on current economic and political events and opinions through the regular reading of a newspaper or news weekly.

                  Some acquaintance with a number of leading journals in the fields of business and political economy is also required. To that end some of the journals listed below should be consulted with the following questions in mind concerning each: (1) How often is it published? (2) Who are the publishers or editors? (3) What is the professional status or occupation of its contributors? (4) What is the general character or point of view of most of its articles? (5) What special place does it fill in the field and to what type of reader is it likely to have most appeal?

Examine the table of contents for several recent issues of some of these magazines to see if there may be articles which especially interest you. In some journals you may find few or none, but in others you should find many such articles. Try to read at least one article during the semester in each of several of the journals listed.

Recommended Readings

The optional, or recommended, readings listed below present additional information or develop points of view differing more or less from that dominant in the required text. In some cases they may present clearer explanations of the points covered in the required readings.

Class Meetings

There are customarily three class meetings per week.

Conferences

Each student should meet the instructor for a conference at least once in each five-week period. To these conferences the student should bring his economics notebook and recent test papers.

Tests and Examinations

Approximately once a week there will be a ten-minute written test on the subject matter of the required readings. At the end of the first and third divisions there will be a one-hour examination on the readings and lectures. At the end of each semester there will be a three-hour examination covering the entire work of the course to date.

Answers to examination questions should be well planned and neatly written. Each distinct point or argument should be treated in a separate paragraph, and points correlative in meaning and importance should be numbered. All papers should be written in ink.

Oral Report

In the second division of the second semester each student will be expected to present to the class in a ten or fifteen minute report the results of his study outside the required readings of a topic chosen in consultation with the instructor. The time allotted for preparation of this report should be approximately one-tenth of the time devoted to the entire course. The report itself should not take the form of reading an essay, but should be a short talk from a brief outline.

Textbooks

L. A. Rufener, Principles of Economics

R. M. Rutledge, Everyday Economics

SCHEDULE OF READINGS, LECTURES, AND EXAMINATIONS

*  *  *  *  *  *  *  *  *  *

FIRST SEMESTER

First Week

*Rufener, ch.1. Wants, Goods, and Welfare

*Rutledge, ch. 1.

Stuart Chase, Your Money’s Worth

C. E. Carpenter, Dollars and Sense

Fairchild, Furniss, and Buck, Elementary Economics, chs. 1, 7.

S. H. Slichter, Modern Economic Society, ch. 22.

Lecture: The Significance of Scarcity.

Second Week

*Rufener:

ch. 2. Improving Methods of Production
ch. 3. Exchange, Value, and Price
ch. 4. Business Organization and Profits

*Rutledge, ch. 4.

V. O. Watts, The Myth of the Industrial Revolution

Third Week

*Rufener:

ch. 5. Demand and Supply and Market Price
ch. 6. Demand and Supply and Market Price (continued)
ch. 7. Demand Schedules for Producers’ Goods

*Rutledge, ch. 6

W. H. Hamilton, Current Economic Problems, selections 63-66

Slichter, chs. 12, 13, 14

Fairchild, Furniss, and Buck, chs. 11-15.

Fourth Week

*Rufener:

ch. 8. Costs of Production, Market Price, and Profit
ch. 9. Cost and Price in Agriculture: Wheat-Growing
ch. 10. The Rent and Price of Agricultural Land

*Rutledge, ch. 10.

J. B. Hubbard, Current Economic Policies, pp. 180-207

Slichter, chs. 17, 19. “Public Authority as a Determinant of Price”.

Fifth Week

*Rufener:

ch. 11. Indirect Costs in Agriculture
ch. 12. Economic Rent and the Unearned Increment
ch. 13. Cost of Production in Manufacturing: Decreasing Cost

*Rutledge ch. 12.

Fairchild, Furniss, and Buck, chs. 31, 32.

Hour Examination

Sixth Week

*Rufener:

ch. 14. Decreasing Costs, Indirect Costs, and Price
ch. 15. Monopoly and Monopoly Price
ch. 16. Industrial Monopolies and Government Control

*Rutledge:

ch. 15.
ch. 16.

F. A. Fetter, The Masquerade of Monopoly

M. W. Watkins, Industrial Combinations and Public Policy

Lecture:
The Economies and Limitations of Large-Scale Methods

Seventh Week

*Rufener:

ch. 17. Public Utilities and Government Control
ch. 18. Railroads and Government Control
ch. 19. Demand Schedules for Labor

Slichter, ch. 18.

Eighth Week

*Rufener:

ch. 20. Differences in Wages
ch. 21. Labor Organization

*Rutledge:

ch. 20
ch. 21

Paul Douglas, Real Wages in the United States

Slichter, ch. 24. “The Labor Bargain—The Determination of Wages”

Fairchild, Furniss and Buck ch. 35. “The General Law of Wages.”

Rufener, ch. 22. “Labor Legislation”

Lectures:

Principles of Justice in Distribution
Wage Theories
The Malthusian Principle of Population

Ninth Week

*Rufener:

ch. 23. The Price of Loans.
ch. 24. Producers’ Loans and the Rate of Interest.

*Rutledge, ch. 23.

*R. Epstein, Supplementary Readings in Economics, ch. 18. “The Nature of Capital and Interest”

Lecture:
The Nature and Importance of Saving and Investment.

Tenth Week

Semester Examination

*  *  *  *  *  *  *  *  *  *

SECOND SEMESTER

First Week

*Rufener:

ch. 25. The Qualities and Quantity of Money
ch. 27. Government Paper Money

*Rutledge:

ch. 25
ch. 27

*Rufener, ch. 28. Bank Deposits and Bank Notes

D. H. Robertson, Money

Rufener, ch. 26

Second Week

*Rufener:

ch. 29. Bank Credit and Business Cycles.
ch. 30. Government Regulation of Banking in the U.S.

*Rutledge, ch. 29.

Slichter, ch. 11, ch. 20 (pp. 471-491).

L. Robbins, The Great Depression.

H. Clay, J. Stamp, J. M. Keynes, The World’s Economic Crisis and the Way of Escape.

L. Ayres, The Economics of Recovery.

W. C. Mitchell, Business Cycles, ch. 1, sections 3, 4.

Lecture:
The Causes of the 1930-1935 Depression.

Third Week

*Rufener:

ch. 31. Risk, Insurance and Speculation.
ch. 32. Clearings, Collections, and Exchange.

*Rutledge, ch. 31.

Slichter, ch. 30. “International Economic Policies—Monetary and Financial Problems.”

H. G. Moulton:

Germany’s Capacity to Pay.
The World War Debt Settlements.

Rufener, ch. 33.

Fourth Week

*Rufener:

ch. 34. International Trade
ch. 35. Protection and Free Trade.

*F. W. Taussig, Free Trade, the Tariff, and Reciprocity, pp. 44-57 and chs. 3,4,7, and pp. 168-179.

S. Crowther, America Self-Contained.

W. Redfield, Dependent America.

J. M. Jones, Tariff Retaliation.

F. Bastiat, Economic Sophisms.

H. F. Fraser, Foreign Trade and World Politics.

Rutledge, ch. 35.

Fifth Week

*Rufener:

ch. 37. Theories of Taxation.
ch. 38. The Tax System of the United States.

Hour Examination

Sixth to Ninth Weeks

*Rufener:

ch.39. Problems of Agriculture.
ch.36. The Functions of Government
ch.40. Evils of the Price and Profit System, and Remedies Proposed.

*Rutledge ch. 40.

*Hubbard, Current Economic Policies, pp. 3-21.

Stuart Chase:

The Tragedy of Waste.
The Economy of Abundance.

T. N. Carver:

Essays in Social Justice, chs. 4-7, 9-16.
The Economy of Human Energy, chs. 2, 3, 6—9.

P. Sorokin, Social Mobility.

A. T. Hadley, Standards of Public Morality, chs. 1-3.

H. M. Robinson, Relativity in Business Morals.

See also the following references to current periodicals.

Lectures:

Economic Inequality
The Social Nature of Property
The Economy of Abundance
Planned Production
A Program of Economic Reorganization.

Tenth Week

Final Examination.

*  *  *  *  *  *  *  *  *  *

PERIODICALS

                  The following publications are devoted partly or wholly to economic and business subjects.

Academy of Political Science, Proceedings

*American Economic Review

*American Labor Legislation Review

American Statistical Association Journal

Annals of the American Academy of Political and Social Science

*Annalist

*Business Week

Chase Economic Bulletin

*Commercial and Financial Chronicle

Commonweal

Congressional Digest

*Economic Forum

Economic Geography

*Economic Journal

Factory Management and Maintenance

Foreign Affairs

Fortune

Harvard Business Review

International Labor Review

*Journal of Political Economy

*Magazine of Wall Street

Monthly Labor Review

Nation (New York)

National City Bank of New York Bulletin

Nation’s Business

New Republic

Personnel Journal

*Political Science Quarterly

*Printer’s Ink

*Quarterly Journal of Economics

Review of Economic Statistics

Yale Review

*Current issues in the Economics Reading Room, Main Bldg., Room 37.

The following articles in issues of the past year are especially recommended:

First Semester

“The Coal Resources of China,” W. Belden, M. Salter, Economic Geography, July 1935.

“The Public Utility Issue,” L. Olds, The Yale Review, Summer, 1935.

“Economic Effects of Wages and Hour Provisions in Codes,” T. O. Yntema, Journal of the American Statistical Association, Supplement (Papers and Proceedings) March 1935.

“The American Labor Movement Since the War,” D. J. Saposs, Quarterly Journal of Economics, Feb., 1935.

“Economic and Political Radicalism,” M. C. Kruger, American Journal of Sociology, May, 1935.
(The effect of the depression on the economic and political policies of organized labor.)

“Workers’ Education in the United States,” A. S. Cheyney, International Labor Review, July, 1935.

“The Negro in Industry,” G.S.Mitchell, The American Scholar, Summer 1935.
(The problem of race prejudice in trade unions)

“Incidence upon the Negroes,” C.S. Johnson, American Journal of Sociology, May, 1935.
(Incidence of the burdens of the depression upon negroes)

“Compensation of Corporation Executives, 1928-1932 Record,” J.C.Baker and W. L. Crum, Harvard Business Review, Sumner 1935.

“Old Age Security,” E. E. Witte, National Municipal Review, July 1935.

“Paying for Economic and Social Security,” J. P. Harris, National Municipal Review, August 1935.

“Problems of Social Security Legislation in the United States,” several articles in the Proceedings of the Academy of Political Science, June 1935.

Second Semester

“The Royal Road to Inflation,” A. Wolff, Economic Forum, Spring 1935.
(Shows how continued federal budget deficits may lead to currency inflation.)

“Trade Treaty Need,” Cordell Hull, “American Trade Policy and World Recovery,” P. Molyneaux, International Conciliation, June 1935.

“Death Duties, Enterprise, and the Growth of National Capital,” B. M. Anderson, Chase Economic Bulletin, August 6, 1935.

“The Outlook for American Cotton,” J. D. Black, Review of Economic Statistics, March 1935.
(Is America losing her foreign cotton markets?)

“The New Deal and Economic Liberty,” A. A. Berle, and other articles on government control of business, Annals of the American Academy of Political Science, March 1935.

“A Planned Economy for Wall Street,” C. H. Meyer, The American Scholar Summer 1935.
(The economic consequences of the Securities Acts of 1933, 1934)

“Government Control of Investments and Speculation,” R. S. Tucker, American Economic Review, Supplement, March 1935.

“The Paths of Economic Change,” Calvin B. Hoover, American Economic Review, Supplement (Papers and Proceedings) March 1935.
(Fascism, Communism, and Capitalism compared.)

“The Corporate State and NRA,” G. Bottai, Foreign Affairs, July 1935.

“The Permanent New Deal,” W. Lippmann, The Yale Review, Summer 1935.
(A comparison of the policies of Herbert Hoover with those of Franklin D. Roosevelt.)

“Borrowing Machines,” H. A. Davis, National Municipal Review, June 1935.
(Are the now “authorities” a blessing or menace?)

“Gyp Vendor & Co.,” G. B. Seybold, National Municipal Review, June 1935.
(New York’s attempt to secure economy in municipal expenditures discloses numerous rackets and forms of graft.)

Source: Hoover Institution Archives. Papers of V. Orval Watts, Box 1, Folder “Misc. writings, etc. 1930s + 1940s”.

Image Source: Harvard Class Album, 1932.

Categories
Economic History Exam Questions Harvard

Harvard. Exam for 19th century European Industry and Commerce. Gay, 1907-1908

Edwin F. Gay was promoted to the rank of professor in 1906 and served as the acting chairman of the Harvard economics department during Thomas Nixon Carver’s leave of absence. He then became the chair of the department in 1907. In the following year he was appointed the first dean of the newly established Graduate School of Business Administration which is likely the reason that European economic history was reduced to a single semester course.

___________________________

Earlier, related posts

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

Exams for 1903-04.

Exams for 1904-05.

Exams for 1905-06.

Exams for 1906-07.

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

__________________________

Course Enrollment
1907-08

Economics 6a 1hf. Professor Gay. — European Industry and Commerce in the Nineteenth Century.

Total 90: 16 Graduates, 22 Seniors, 34 Juniors, 14 Sophomores, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 66.

__________________________

ECONOMICS 6a
Mid-year Examination, 1907-08

  1. What was the “Movement of Liberation” in the economic history of the nineteenth century? Do you consider this movement completed?
  2. Gladstone wrote in 1846: “Mr. Cobden has throughout argued the corn question on the principle of holding up the landlords of England to the people as plunderers and knaves for maintaining the corn law to save their rents, and as fools because it was not necessary for that purpose.”
    1. Do you regard this as a fair characterization of Cobden’s Anti-Corn Law agitation? Give reasons for your opinion.
    2. What converted Peel to Free Trade?
  3. [Tariffs]
    1. What was the Cobden treaty and in what lay its chief importance?
    2. Describe the protectionist reaction in France and state its causes.
  4. [France and Germany]
    1. Compare the railway policy of France with that of Germany, giving briefly history and results.
    2. Make a similar comparison of the policies of France and Germany in regard to shipping subsidies.
    3. May any conclusions of value for other countries be drawn from the experience of France and Germany? State the grounds for your view.
  5. Comment on the following (from a speech by Mr. Chamberlain, 1903): “In thirty years the total imports of manufactures which could just as well be made in this country have increased £86,000,000, and the total exports have decreased £6,000,000. £92,000,000 of trade that we might have done here has gone to the foreigner, and what has been the result for our own people? The Board of Trade tells you that you may take one-half of the export as representing wages. We therefore have lost £46,000,000 a year in wages during the thirty years. That would give employment to nearly 600,000 men at 30s. per week of continuous employment. That would give a fair subsistence for these men and their families, amounting to 3,000,000 persons.”
  6. What has been the attitude of European governments toward the so-called Trust Problem?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

Image Source: “The Corn Laws Part 2–Real”at the website “British Food: A History”.