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Harvard. Money And Banking. Readings and Exams. Williams and Hansen, 1947-48

 

The graduate course for Keynesian economics at Harvard in the 1940s was Principles of Money and Banking taught by Alvin H. Hansen and John H. Williams. Course materials for 1946-47 were transcribed and posted earlier [Fall term 1946; Spring term 1947; General course bibliography]. Almost all of the exam questions for 1947-48 are new. The Spring term of 1948 taught by John  Williams turns out to be unchanged from the previous year. The Fall term of 1947 taught by Alvin Hansen does show some minor rearrangements, and significant additions (e.g. Tobin on liquidity preference).

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Course Enrollment
1947-48

[Economics] 141a. Professors Williams and Hansen. — Principles of Money and Banking (F).

Total 81: 47 Graduates, 1 Senior, 20 Public Administration, 4 Business, 9 Radcliffe.

 

[Economics] 141b. Professors Williams and Hansen. — Principles of Money and Banking (Sp).

Total 70: 41 Graduates, 2 Juniors, 20 Public Administration, 2 Business, 5 Radcliffe.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1947-48, p. 91.

 

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ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

 

Economics 141a — First Semester, 1947-8 (Professor Hansen)

  1. Central Banking: Current Problems and Policies
  2. Theory of Money, Liquidity-Preference, Interest and Prices

 

Economics 141b — Second Semester, 1947-8 (Professor Williams)

  1. International Monetary Equilibrium
  2. Monetary and Fiscal Policy

 

READING LIST FOR ECONOMICS 141a
Principles of Money and Banking
1947-1948

 

Note: Pre-requisite reading (for those who are deficient in undergraduate preparation in Money and Banking:

  1. Banking Studies, Board of Governors, Federal Reserve System, (1941).
  2. Southard, F. A., Foreign Exchange Practice and Policy, (McGraw-Hill, 1940).
  3. Any one standard textbook in Money and Banking, such as: Thomas, Our Modern Banking and Monetary System, (Prentice-Hall, 1942); or Reed, Money, Currency and Banking, (McGraw-Hill, 1942).

 

  1. Central Banking: Current Problems and Policies.
    1. Minimum Reading List:
      1. Books and Pamphlets:
        1. International Currency Experience (League of Nations, 1944), Chapters I-IV, pp. 7-112.
        2. World Economic Survey, 1942-44 (League of Nations, 1945), Chapter IV “Finance and Banking” (pp. 173-213).
        3. Ellis, H. S., (in Harris: Economic Reconstruction, McGraw-Hill, 1945), Chapter 13, “Central and Commercial Banking in Postwar Finance” (pp. 237-252).
        4. Hansen, Alvin H., America’s Role in the World Economy (Norton, 1945), Chapter XVII, “Gold, Exports and Liquidity” (pp. 144-157).
        5. Harris, S. E., Inflation and the American Economy (McGraw-Hill, 1945), Chapter XXIV, “Money and Savings” (pp. 372-383).
        6. Hawtrey, R. G., The Art of Central Banking (Longmans, 1933) pp. 116-207.
        7. Keynes, J. M., Treatise on Money, Volume II, Chapters 25, 32, 33, (pp. 49-78; 225-278).
        8. Robertson, D. H., Essays in Monetary Theory (King, 1940), Chapter II, “Theories of Banking Policy” (pp. 39-59); Chapter XII, “British Monetary Policy” (pp. 154-167).
        9. Williams, John H., Postwar Monetary Plans (Knopf, second edition, 1945), Chapter 6, “The Banking Act of 1935” (pp. 112-129); Chapter 8, “The Crisis of the Gold Standard” (pp. 154-172); Chapter 9, “Monetary Stability and the Gold Standard” (pp. 172-190).
        10. Financing American Prosperity (Twentieth Century Fund, 1945):
          1. Ellis, H. S., “Monetary Controls and the Business of Banking” (pp. 140-153).
          2. Williams, John H., “Money and Banking” (pp. 381-5).
        11. Postwar Economic Studies, No. 3 (Board of Governors, Federal Reserve System, 1945): Wallich, H. C., “Public Debt and Income Flow” (pp. 84-100).
        12. Hansen, Alvin H., Economic Policy and Full Employment, Chapters 20 and 22 (pp. 233-247; 261-288).
      2. Reports and Articles:
        1. Treasury Bulletin, April, 1946, “Federal War-time Financing and Growth of Liquid Assets”, pp. A11-20.
        2. Federal Reserve Bulletins:
          1. July, 1947, “Debt Retirement” (pp. 775-87); “Consumer Incomes and Liquid Assets” (pp. 788-802); “International Monetary and Financial Problems” (pp. 836-850).
          2. April, 1947, “Economic Survey of the United Kingdom” (pp. 367-391); “Annual Report of the Bank of Canada” (pp. 392-97); “Monetization of Public Debt by Banks” (pp. 402-04).
          3. “Estimated Liquid Assets of Individuals and Business”, November, 1946, pp. 1236-37; June, 1947, pp. 689-91.
        3. Annual Reports of Board of Governors, Federal Reserve System:
          1. Thirty-second Report (for the year 1945) pp. 1-15.
          2. Thirty-third Report (for the year 1946) pp. 1-49.
        4. Bopp, K. R., “Central Banking at the Crossroads”, Supplement, American Economic Review, March 1944 (pp. 260-77).
        5. Samuelson, Paul, “The Effect of Interest Rate Increases on the Banking System”, American Economic Review, March 1945.
        6. Seligman, H. L., “The Problem of Excessive Commercial Bank Earnings”, Quarterly Journal of Economics, May 1946.
        7. Whittlesey, C. R., “Federal Reserve Policy in Transition”, Quarterly Journal of Economics, May 1946.
    2. Supplementary Reading List:
      1. Books
        1. Arndt, H. W., The Economic Lessons of the Nineteen Thirties, (Oxford, 1944).
        2. Coulborn, W, A. L., An Introduction to Money, (Longmans, 1938) Chapters 5, 13-14 (pp. 48-64, 209-241).
        3. Fisher, Irving, 100 Per Cent Money, (Adelphi, 1935; Third Edition City Printing Co., New Haven, 1945).
        4. Johnson, G. G., The Treasury and Monetary Policy, (Harvard 1939), Chapter I-V (pp. 3-160)
        5. Hawtrey, R. G., The Gold Standard in Theory and Practice (Longmans, Fourth Edition, 1939).
        6. Hawtrey, R. G., A Century of Bank Rate. (Longmans, 1938).
        7. Lewinski, J., Money, Credit and Prices, (King, 1929) Chapters IV-V (pp. 99-144).
        8. McCracken, Paul W., The Future of Northwest Bank Deposits, Federal Reserve Bank, Minneapolis, 1946.
        9. Mints, L. W., A History of Banking Theory (Chicago, 1945), Chapters VI and X (pp. 74-100; 178-197).
        10. Morgan, E. V., The Theory and Practice of Central Banking, (Macmillan, 1943).
        11. Niebyl, Karl H., Studies in the Classical Theories of Money, (Columbia, 1946).
        12. Sayers, R. S., Modern Banking, (Oxford, 1938), Chapters 4-5 (pp. 70-145).
        13. Viner, J. Studies in the Theory of International Trade, (Harper, 1937), Chapter V, “English Currency Controversies” (pp. 218-289).
        14. Wernette, P., Financing Full Employment, (Harvard, 1945), Chapter 3 (pp. 33-61).
        15. Macmillan Report, Royal Commission in Industry and Commerce, Cmd. 3897 (1931) pp. 2-45; 106-160.
      2. Articles
        1. Abbott, C. C. (Review articles on Financing Problems and Bank Liquidity), Review of Economic Statistics, February 1946 (pp. 48-51).
        2. Abbott, C. C., “Management of the Federal Debt”, Harvard Business Review, Autumn 1945.
        3. Goldenweiser, E. A., “Commercial Banking After the War”, Federal Reserve Bulletin, September 1944.
        4. Seltzer, Lawrence, “Is a Rise in Interest Rates Desirable or Inevitable?”, American Economic Review, December 1945.
        5. Treasury Bulletin, April 1946, “Federal War-time Financing and the Growth of Liquid Assets”.
        6. Keynes, J. M., “The Objective of International Price Stability”, Economic Journal, June-September 1943.
    3. General Reference Reading (see below).

 

  1. Theory of Money, Liquidity Preference, Interest and Prices.
    1. Minimum Reading List:
      1. Books:
        1. Fellner, William, Monetary Policies and Full Employment, Chapter 6, (pp. 174-209).
        2. Hansen, Alvin H.:
          1. Economic Policy and Full Employment, Chapters 12, 13, 18, 19 and 21, (pp. 145-160; 202-232; 248-260).
          2. Fiscal Policy and Business Cycles, (Norton, 1941), Chapters 1-5; 11-15; (pp. 13-105; 225-338).
          3. Full Recovery or Stagnation, (Norton, 1938), Chapter 3 (pp. 59-87); Appendix, pp. 331-343.
        3. Hayek, F. A., Prices and Production, (Routledge, 1935), Chapters 1 and 4 (pp. 1-31; 105-128).
        4. Keynes, J. M., Monetary Reform, (Harcourt, 1924), pp. 81-95; 152-191.
        5. Keynes, J. M., A Treatise on Money, (Harcourt, 1930), Chapters 9-13 and 30 (Volume I, pp. 123-220; Volume II, pp. 148-208).
        6. Keynes, J. M., General Theory of Employment, Interest and Money, (Harcourt, 1936), pp. 3-45; 61-65; 74-221; 245-271; 292-332; 372-384.
        7. Klein, Lawrence, The Keynesian Revolution, Chapters 1-3, (pp. 1-90).
        8. Marget, Arthur W., The Theory of Prices, Volume I, (Prentice-Hall, 1938), Chapters 12 and 15 (pp. 302-343, 414-459, and large type sections).
        9. Marget, Arthur W., The Theory of Prices, Volume II, (Prentice-Hall, 1942), Chapter 3 (pp. 89-133, large type sections).
        10. Marshall, A., Money, Credit and Commerce, (Book I, Chapter XX, pp. 38-50.
        11. Robertson, D. H., Essays in Monetary Theory, (King, 1940), Chapters 1, 6, 11 (pp. 1-38; 92-7; 113-153).
        12. Schumpeter, J. A., Business Cycles, (McGraw-Hill, 1939), Volume II, Chapter 8, (pp. 449-482).
        13. Wicksell, K., Interest and Prices, (Macmillan, 1936), Introduction by Bertil Ohlin; also author’s Preface; Chapters 5, 7-8, 11 (pp. 38-50; 81-121; 165-177).
        14. Wicksell, K., Money: Lectures on Political Economy, Volume II, (Macmillan, 1935), Chapter IV (pp. 127-228).
        15. Wright, David McC., The Creation of Purchasing Power, (Harvard, 1939), Chapters 4-6 (pp. 60-121).
        16. Macmillan Report, Royal Commission on Finance and Industry, Cmd. 3897 (1931), Part I, Chapter 11 (pp. 92-105).
      2. Articles:
        1. Clark, Colin, “Public Finances and Changes in the Value of Money”, Economic Journal, December 1945.
        2. Hicks, J. R., “Mr. Keynes and the Classics: A Suggested Interpretation”, Econometrica, April 1937.
        3. Hawtrey, R. G. and Hicks, J. R., “Interest and Bank Rate”, The Manchester School of Economic and Social Studies, October 1939.
        4. Harrod, Hansen, Haberler, and Schumpeter, “Keynes’ Contribution to Economics”, Review of Economic Statistics, November, 1946.
        5. Keynes, J. M., “Relative Movement of Real Wages and Output”, Economic Journal, March 1939.
        6. Lange, O., “The Rate of Interest and the Optimum Propensity to Consume”, Economica, February 1938.
        7. Lerner, A. P., “Interest Theory: Supply and Demand for Loans or Supply and Demand for Cash”, Review of Economic Statistics, May 1944.
        8. Mints, Hansen, Ellis, Lerner, Kalecki, “A Symposium on Fiscal and Monetary Policy”, Review of Economic Statistics, May 1946.
        9. Modigliani, F., “Liquidity Preferences and the Theory of Interest and Money”, Econometrica, January 1944.
        10. Simons, H. C., “Debt Policy and Banking Policy”, Review of Economic Statistics, May 1946.
        11. Tobin, James, “Liquidity Preference and Monetary Policy”, The Review of Economic Statistics, May 1947.
    2. Supplementary Reading List:
      1. Books:
        1. Adarkar, B. P., The Theory of Monetary Policy, (King, 1935), Chapter 1-8; 13-15 (pp. 3-52; 101-122).
        2. Chandler, L. V., An Introduction to Monetary Theory (Harper, 1940), pp. 1-205.
        3. Coulborn, W. A. L., An Introduction to Money, (Longmans, 1938), Chapters 6-8; 15-16 (pp. 65-116; 242-264).
        4. Haberler, G., Prosperity and Depression (1939) Chapters 8, 13 (pp. 168-254; 455-507).
        5. Hicks, J. R., Value and Capital, Chapters 12-13.
        6. Lindahl, Erik, Studies in the Theory of Money and Capital, (Allen and Unwin, 1939), Part II, Chapters 4-6, (pp. 199-268).
        7. Myrdal, Gunnar, Monetary Equilibrium, (Hodge, 1939), Chapters 1-3 (pp. 1-48).
        8. Polanyi, M. Full Employment and Free Trade, (Cambridge Univ. Press, 1945), Chapters 1, 4, (pp. 1-66; 87-103).
        9. Robertson, D. H., Money (Harcourt, 1929) Chapters 2-4; 7-8.
        10. Sayers, R. S., Modern Banking. (Oxford, 1938), Chapter 6 (pp. 146-164).
        11. Thomas, Brindley, Monetary Policy and Crises, (Routledge, 1936), Chapters 3-4 (pp. 62-156).
      2. Articles:
        1. Lange, O., “Economic Controls After the War,” Political Science Quarterly, March 1945.
        2. Lerner, A. P., “Alternative Formulations of the Theory of Interest”, Economic Journal, June 1938.
        3. Lerner, A. P., “Ex Ante Analysis and Wage Theory”, Economica, November 1939.
        4. Lerner, A. P., “Some Swedish Stepping Stones in Economic Theory”, Canadian Journal of Economics and Political Science, November 1940.
        5. Marschak, J., “Wicksell’s Two Interest Rates”, Social Research, November 1941.
        6. Simons, H. C., “On Debt Policy”, Journal of Political Economy, June 1945.
        7. Warburton, Clark, “The Volume of Money and the Price Level Between the World Wars”, Journal of Political Economy, June 1945.
        8. a. Warburton, Clark, “The Monetary Theory of Deficit Financing”, Review of Economic Statistics, May 1945.
          b. Arndt, H. W., “The Monetary Theory of Deficit Financing; A Comment”, Review of Economic Statistics, May 1946.
        9. Bean and others, “Five Views on the Consumption Function”, Review of Economic Statistics, November, 1946.
    3. General Reference Reading (see below).

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1947-48 (2 of 2)”.

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Mid-year Exam

1947-48
HARVARD UNIVERSITY
ECONOMICS 141a

Part A. Write on one question only.

  1. Write an essay on Federal war-time financing including a discussion of:
    1. The role played by (a) the Federal Reserve Banks, (b) the commercial banks.
    2. The impact on (a) the money supply, (b) the liquid assets, (c) member bank reserves, (d) currency in circulation, (e) the rate of interest.
  2. Discuss major problems currently confronting the Federal Reserve System including an appraisal of various proposals to deal with these problems.

Part B. Write on any three questions.

  1. Write an essay (historical and analytical) on the relation of the money supply to the national income. In this connection discuss: (a) the Quantity Theory (b) the Marshallian “k” and (c) the Keynesian liquidity preference functions.
  2. Using the diagrams and analysis of Hicks and Keynes, discuss the role of (a) the schedule of the marginal efficiency of capital (b) the consumption function (c) the liquidity preference function and (d) the quantity of money, as determinants of the rate of interest and of income.
  3. State precisely the conditions (in particular including the relevant functions and their interest-elasticities) under which Monetary Policy alone, or Fiscal Policy alone (without either being supplemented by the other) may be (a) fully effective, (b) wholly ineffective, in raising income.
  4. Write an essay on the “theory of prices” including a discussion of money, income, wage and cost functions; in particular make use of the Keynesian analysis contained in the General Theory, Book V. (Money, Wages, and Prices.)
  5. Write an essay on any one of the following:
    1. International Currency Experience (League of Nations).
    2. Hawtrey, The Art of Central Banking.
    3. Keynes: Treatise on Money.
    4. Robertson: Essays on Monetary Theory.
    5. Williams, Postwar Monetary Plans.
    6. Klein, The Keynesian Revolution.
    7. Wicksell: Interest and Prices.

Note: You will be expected to write on 4 questions (one from part A and three from Part B.

Final. January, 1948.

 

Source: Harvard University Archives. Harvard University Final Examinations 1853-2001. Box 15. Papers Printed for Final Examinations: History, History of Religions…, Economics, … , Military Science, Naval Science, January, 1948.

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 SECOND SEMESTER
ECONOMICS 141b: PRINCIPLES OF MONEY AND BANKING

  1. International Monetary Equilibrium:
    1. Cassel, G., The Downfall of the Gold Standard (1936).
    2. Copland, Douglas, Australia in the World Crisis (1934).
    3. Ellis, H. S., Exchange Control in Central Europe (1941).
    4. Graham and Whittlesey, Golden Avalanche (1939).
    5. Hall, M. F., The Exchange Equalization Account (1935).
    6. Hahn, George, International Monetary Cooperation (1945).
    7. Hansen, Alvin, H., America’s Role in the World Economy (1945).
    8. Hardy, C. O., Is There Enough Gold (1936).
    9. Harris, S. E., Exchange Depreciation (1936).
    10. Harris, S.E., Economic Problems of Latin America (1944).
    11. Iverson, Carl, International Capital Movements (1936).
    12. Kindelberger, C. P., International Short-term Capital Movements (1937).
    13. League of Nations, Final Report on Gold (1932).
    14. League of Nations, Economic Fluctuations in the United States and the United Kingdom, 1918-22 (1942).
    15. Nurkse, R., International Currency Experience (1944).
    16. Warren and Pearson, (a) Gold and Prices (1935);
      (b) World Prices and the Building Industry (1937).
    17. Williams, John H., Postwar Monetary Plans (Second Edition, 1945)
  2. Monetary and Fiscal Policy:
    1. Beveridge, Sir William, Full Employment in a Free Society (1945).
    2. British White Paper on “Employment Policy” (1944).
    3. de Chazeau, Hart, and Others, Jobs and Markets (1946).
    4. Economics of Full Employment. Six Oxford Economists (1945).
    5. Fellner, W., Monetary Policies and Full Employment (1946).
    6. Financing American Prosperity, Twentieth Century Fund (1945).
    7. Groves, H. M., (a) Production, Jobs and Taxes (1944).
      (b) Postwar Taxation and Economic Progress (1946).
    8. Hansen, Alvin, H., Economic Policy and Full Employment (1946).
    9. Harris, S. E., Postwar Economic Problems (1943).
    10. Harris, S. E., Economic Reconstruction (1945).
    11. Hayes, H. Gordon, Spending, Saving and Employment (1945).
    12. League of Nations: Anti-Depression Policy (1945).
    13. Langum, John K., Postwar Banking Problems (1946).
    14. Postwar Economic Studies No. 3, Public Finance and Full Employment (1945).
    15. Postwar Economic Studies No. 8, Federal Reserve Policy (1946).
    16. Ruml and Sonne, Fiscal and Monetary Policy (1944).
    17. Terborgh, George, The Bogey of Economic Maturity (1945).
    18. Williams, John H. Postwar Monetary Plans (Second Edition, 1945), Chapters 4, 5.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1947-48 (2 of 2)”.

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Year-end Exam

1947-48
HARVARD UNIVERSITY
ECONOMICS 141b
PRINCIPLES OF MONEY AND BANKING

(Three hours)

Discuss one question in each part.

I

  1. Your own appraisal of Keynes’ “General Theory.”
  2. The role of money in Keynes’ “General Theory”.

II

  1. Postwar Federal reserve policy.
  2. The secondary (government security) reserve proposal.

III

  1. International monetary and trade adjustment in the postwar world.
  2. Harrod’s “Are These Hardships Necessary?”
  3. The franc devaluation.

 

Final. May, 1948.

Source: Harvard University Archives. Harvard University Final Examinations 1853-2001. Box 14. Papers Printed for Final Examinations: History, History of Religions…, Economics, … , Military Science, Naval Science, May, 1947.

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 ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING
GENERAL REFERENCE READING
[13 pages!]

Has been transcribed and posted with the material for 1946-47.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1946-47 (2 of 2)”.

Image Source: Alvin H. Hansen and John H. Williams in Harvard Class Album 1942.

 

 

 

 

Categories
Bibliography Chicago Columbia Yale

Chicago. French/German/Italian Public Finance Bibliography. Bloch, ca. 1944

 

The backstory to the following list of French, German, and Italian works on public finance that was given to students at the University of Chicago sometime in the early to mid-1940s is illustrative of the forensic effort to prepare such posts. 

Henry Simon Bloch (1915-1988)  was born in Kehl (Germany) and emigrated to the U.S. in 1937 after having received his doctorate from the University of Nancy for a dissertation on Carl Menger.  I ran across two bibliographies he had put together in the files of Robert M. Haig at Columbia University. Both cover letters were written by Bloch on University of Chicago economics department stationary. The bibliography transcribed for this post came without a date, but the course number and senior faculty member,  Simon Leland, were easy to confirm. Still, Bloch only appears once or twice in the departmental list of faculty (at the rank of instructor), but never actually listed as an instructor for Economics 360 “Government Finance”.    

Bloch left Chicago in 1945 about the same time that Oskar Lange did. Because Bloch wrote in the cover letter to the bibliography below that it hardly seemed as though four years had passed since he had visited New York and his other bibliography had been mailed in January 1940, it seems reasonable to assume that the today’s list was sent in 1944.

Last speculation: in the New York Times obituary linked above it mentions that Bloch was honorary associate fellow of Berkeley College of Yale University. Robert Triffin  was master of that residential college at Yale from 1969 until 1977. This likely connection is perhaps related to Bloch’s honorary doctorate from the Universite Libre de Bruxelles?

__________________

 Partial timeline
of Henry Simon Bloch

1915. Born April 6 in Kehl, Germany.
1937.  Dr. en Droit (Econ) at the University of Nancy with the dissertation La théorie des besoins de Carl Menger.
1937. Emigration to the United States.

University of Chicago

1938. Research assistant.
1941-42. Lecturer, Institute for Military Studies.
1943. Instructor economics, Institute for Military Studies.
1943-45. Research supervisor, Civil Affairs Training School (CATS) for Army and Navy Officers.

1945. Consultant, Foreign Economics Administration.
1945-46. Economist, Treasury Department.
1946. Member Treasury delegate for tax treaty negotiations, Treasury Department, France, United Kingdom, Benelux.
1947-49. Section chief, United Nations.

[gap to be filled]

1955. Visiting professor economics Yale University.
1955-62. Director fiscal and financial branch, United Nations.
1958-1959. Acting director, Bureau Economics Affairs.
1959-1962. Director, Bureau Technology Assistance.
1961-1962. Deputy commissioner for technical assistance, Bureau Technology Assistance.
1962-1966. President, Zinder International Ltd.
1967-1970. Vice-president, director, Engineer of Mines Warburg & Company, Inc.
1970-1975. Senior vice president, Engineer of Mines Warburg, Pincus & Company, Inc.
1976-1981. Executive vice president, Engineer of Mines Warburg, Pincus & Company, Inc.
1982-1988. Managing director, Engineer of Mines Warburg, Pincus & Company, Inc.
1988. Died in Manhattan, February 28.

Columbia University

Lecturer, 1955-1963.
Adjunct Professor law and international relations, 1963-1985.
Professor emeritus, 1985-1988.
Member international advisory board School International and Public Affairs, 1986-1988.

Source:   From the Henry Simon Bloch page at the Prabook website of biographies of professionals.

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Budget and Appointment Recommendations 1944-45
February 21, 1944
Economics Department
Item 16

It is recommended that the appointment of Henry S. Bloch as instructor [10/1/1943-9/30/44, $3,600] be renewed [10/1/44 to 9/30/45, $3,600]. Bloch at present is devoting his time exclusively to the CATS program, where his salary is charged. Should that training program be liquidated, Bloch’s services can be transferred immediately to Departmental teaching, research, and assistance in advising students. During the past year such needs have arisen, but because of the demands of the miitary program Bloch has not been able to assist the Department in its civilian program. Attention is called to the fact that Bloch’s salary is on a four-quarter basis.

Source:  University of Chicago Archives. Records of the Hutchins Administration, Office of the President, Box 284, Folder “Economics , 1943-47”.

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Course Description 1944-45

[Economics] 360. Government Finance. A survey course covering the main topics dealt with in standard treatises, but emphasizing analysis of the economic effects of various fiscal practices. Prereq: Two years’ work in the Division of the Social Sciences, or equiv. But: MWF 8; Leland.

Source:  Annual Register of the University of Chicago. Announcements: The College and the Divisions, Sessions of 1944-45. Volume XLIV, No. 8 (May 15, 1944), p. 279.

___________________

The University of Chicago
Department of Economics
Oct 1

Dear Professor Haig,

I thought this might be of interest to you. It is just a list for our students.

It seems as if I had seen you only yesterday and when I was out at Riverdale it seemed as if there had not been more than 4 years interval. It was so nice.

I assume that you met Oscar Lange in the meanwhile.

Regards,

Henri.

___________________

Economics 360
SELECTED LIST OF FRENCH, GERMAN AND ITALIAN WORKS ON PUBLIC FINANCE

by
S. E. Leland and H. S. Bloch

Authors of the French language group

Allix, E. Traité élémentaire de science des finances et de législation financière française, 4th ed., 1921. Paris, 1931.

Allix, E., and Lecerclé, M. L’impôt sur le revenu. Paris, 1927.

Colson, Clément. Les finances publiques et le budget de la France. Cours d’économie politique, vol. v (2d rev. ed.). Paris, 1931.

De Greeff, Guillaume. L’économie publique et la science des finances. Bruxelles, 1907.

Denis, M. H. L’Impôt sur le revenu. Brussels, 1881.

Garnier, Joseph. Traité de Finance, 3d ed. Paris, 1872.

Jèze, Gaston. Cours élémentaire de science des finances et de législation financière française. Paris, 1912.

__________. Cours de science des finances (Théorie de l’impôt). 1936/37.

__________. Cours de finances publiques. Théories générales sur les phénomènes financiers, les dépenses publiques, le crédit public, les taxes, l’impôt. Paris, 1931.

__________. Théorie générale du budget. Paris, 1922.

__________. Cours élémentaire de science des finances et de législation financière française. Paris, 1932.

__________. Cours de science de finances et de législation financière française. Technique du Crédit Public. Paris, 1923.

__________. «Le rôle du ministre des finances dans une démocratie, » Revue de Science et de Législation Financières, Vol. XXVII (1929), pp. 7-24.

__________. Le remboursement des emprunts publics d’état. Paris, 1927.

Jèze-Boucard, M. Éléments de la science des finances et de la législation financière française, 2 vols. 1902.

Leroy-Beaulieu, Paul. Traité de la science des finances. 2 vols. 1899.

Marion, Marcel. Histoire financière de la France, depuis 1715, 6 vols. Paris, 1914/1931.

Marquis de Mirabeau. Théorie de l’impôt. 1760.

Say, Jean Baptiste. Cours complet d’économie politique pratique. 1828-9.

Say, Léon. Les finances. Paris, 1892.

__________. Dictionnaire des finances, 2 vols. Paris : Nancy, 1891/1894.

__________. Les Solutions démocratiques de l’impôt. 1886.

Stourm, R. Cours des finances. 1906.

__________. Le budget. Tr. in English—The Budget. 1917.

Trotabas, L. Précis de science et législation financières. Paris, 1936.

Vauban. Dixme royale. 1707.

Walras, L. Théorie critique de l’impôt. Paris, 1861.

 

Authors of the German language group

Büsch, Johann Georg. Abhandlung vom dem Geldumlauf in anhaltender Rücksicht auf die Staatswirtschaft und Handlung. Hamburg, 1780. [2nd edition, 1800]

Cohn, Gustav. Finanzwissenschaft, 1889. The Science of Finance (tr. by T. B. Veblen). Chicago, 1895.

__________. System der Finanzwissenschaft. 1889.

Colm, G. Volkswirtschaftliche Theorie der Staatsausgaben. Tuebingen, 1927.

Eheberg, Karl. Finanzwissenschaft, 18th ed. Berlin, 1930.

Földes, B. Finanzwissenschaft. 1920.

Gerloff, W. Steuerwirtschaft und Sozialismus. Leipzig, 1922.

Gerloff, W., and Meisel, F. Handbuch der Finanzwissenschaft. Tübingen, 1926.

Goldscheid, Rudolf. Handbuch der Finanzwissenschaft. Tübingen, 1926.

Hock, Karl V. Öffentliche Abgaben und Schulden. 1862.

Jecht, Horst. Wesen und Formen der Finanzwissenschaft. Jena, 1928.

Jèze-Neumark, F. Allgemeine Theorie des Budgets. 1927.

Lindahl, E. R. Die Gerechtigkeit der Besteuerung. Lund, 1919.

Lotz, W. Finanzwissenschaft. 1917.

Mann, Fritz Karl. « Steuerpolitische ideale, » Finanzwissenschaftliche Forschungen. Jena, 1937.

__________. Deutsche Finanzwirtschaft. Jena, 1929.

Moll, Bruno. Lehrbuch der Finanzwissenschaft. Berlin, 1930.

Nebenius, Karl Friedrich. Der öffentliche Kredit. 1820.

Neumark, Fritz. Reichshaushaltplan. 1929.

Rau, Karl. Lehrbuch der politischen Oekonomie. 1826-37.

Ritschl, Hans. Theorie der Staatswirthschaft und Besteuerung. Bonn, 1925.

Sax, Emil. Grundlegung der theoretischen Staatswirtschaft. Vienna, 1887.

Schaeffle, Albert, E.F. Die Steuern. Leipzig, 1895.

Roscher, Wilhelm. System der Finanzwissenschaft. 1886.

Schanz, G. V. Der Einkommensbegriff und die Einkommensteuergesetze, Finanzarchiv. 1896.

Stein, L. V. Lehrbuch der Finanzwissenschaft, 4 vols. 5th ed. 1885/1886.

Sultan, H. Die Staatseinnahmen: Versuch einer soziologischen Finanztheorie als Teil einer Theorie der politischen Oekonomie. 1932.

Tehralle, Fritz. Finanzwissenschaft. Jena, 1930.

Teschemacher, Hans. Handbuch der Finanzwissenschaft. Tübingen, 1927.

Wagner, A. Finanzwissenschaft. 1889.

Wicksell, K. Finanztheoretische Untersuchungen. Jena, 1896.

 

Authors of Italian language group

Barone, Enrico. Principii di economia finanziaria. Rome, 1920.

Conigliani, Carlo. De diritto pubblico nei sistemi finanziari; Studi di teoria finanziaria; e’indrezzo teorico nella Scienza finanziaria. Turin, 1903.

__________. Le leggi scientiche della finanza. 1903.

Cossa, L. “Scienze delle finanze”—Translated excerpts, by H. White. Taxation: Its principles and methods. New York and London, 1893.

Del Vecchio, Gusatavo. Lezioni di scienze delle finanze, 2d ed. Padua, 1923.

De Viti de Marco. Il carattero teorico della economia finanziaria. 1890.

De Viti de Marco, Antonio. Principii di economia finanziaria. Turin, 1934. Translation: First Principles of Public Finance, by Edith Pavlo Marget. New York, 1936.

Einaudi, L. Corso di scienza della finanza, 3rd ed. Turin, 1914.

__________. Principii di scienza della finanza. Turin, 1932.

Fasolis, G. Scienza delle finanze e diritto finanziario. 1933.

Flora, F. Manuale della scienze delle finanze, 6th ed. 1921.

Graziani, A. Istituzioni di scienza delle finanze. Torino, 1897.

Griziotti, B. Considerazioni sui metodi; limiti e problemi della Scienze pure delle Finanze. 1912. Pp. 39.

__________. Principii di politica, diritto e scienza delle tinanze. 1929.

__________. Studi di diritto tributario. 1931.

Loria, Achille. The Economic Synthesis: A study of the laws of income. Tr. by Eden Paul. London, 1914.

Mazzola. Dati scientifica della finanza pubblica. 1890.

Murray, Roberto. Principi fondamentali di scienza pura delle finanze. 1914.

Nitti, F. S. Principi di scienze delle finanze, 5th ed. Rome, 1922.

Pantaleoni, Moffea. Teoria della pressione tributaria. 1887.

Pareto, Vilfredo. “I debiti pubblici dopo la guerra,” (Rivista di Scienze Bancaria—February-March, 1916), Fatti e Teorie, p. 57-62. Firenze, 1920.

Pugliese, Mario. L’imposizione delle imprese di carattere internazionale. 1930.

Ricca-Salerno, G. Scienza della finanze. 1888.

__________. Storia delle Dottrine Finanziane in Italia. Translated. Rome, 1881.

__________.History of Fiscal Doctrines in Italy. Translated. 1890.

Rignano, Eugenio. Social Significance of the Inheritance Tax. Translated by Wm. J. Shultz. New York, 1924.

Rignano, Eucenid. Una Riforma socialista del diritto successorio. Bologna. 1920.

Roncali, A. Corso elementari di scienza finanziaria. Parma, 1887.

Tangorra, V. Trattato di Scienza delle Finanza.

Vanoni, Ezio. Natura ed interpretazione delle leggi tributarie. 1932.

 

Source: Columbia University Archive. Robert M. Haig Papers. Box 16, Folder “Bibliography”.

Image Source: Social Science Research Building. University of Chicago Photographic Archive, apf2-07466, Special Collections Research Center, University of Chicago Library.

Categories
Bibliography Harvard Suggested Reading

Harvard. Debate Briefs on International Trade Policy, ca. 1886-96

 

Print from 1897 by J. S. Pughe in Punch. shows Uncle Sam sitting in a wooden tub labeled “Dingley Bill”, rowing with oars labeled “Monopoly” in a small pool labeled “Home Market” near a sign that states “Republican Goose Pond”. The title of the prints is “A self-evident fact” with the caption “Uncle Sam Say! I want you fellows to distinctly understand that I’m not racing with you!” Beyond the pond are several large steam ships, labeled “France, Germany, Italy, England, [and] Austria” steaming ahead of Uncle Sam. While Uncle Sam protects the home market through tariffs, European nations are expanding their global markets. (Library of Congress)

The inspiration for today’s posting comes from the announcement in late January, 2018 by U.S. President Donald J. Trump that steep tariffs would be imposed on washing machines and solar panels imported into the United States.

Below you will find transcriptions for Harvard University debating briefs on tariffs, subsidies and international trade from the last decade of the 19th century. While economics as a science has shown some considerable progress since that time, zombie ideas are resilient and continue to stalk the face of the earth in original and mutated strains. The literature cited in the briefs is taken largely from the popular periodical literature of the time or government and Congressional publications that conscientious scholars of the history of economics really need to be familiar with. Such stuff is not yet quite so neatly sorted and indexed for our purposes as to facilitate entry into flow of actual policy debates outside the academic realm. The collection of Harvard student debating briefs used here is really a treasure chest (Pandora’s box?) waiting to be opened, filled with good, bad, and ugly arguments regarding international commercial policy.

Also thanks to another of Trump’s policy initiatives, Economics in the Rear-view Mirror has provided transcriptions of analogous old debating briefs on the subject of immigration into the U.S.

The eight debate topics concerning international trade policy were:

Resolved, That the time has now come when the policy of protection should be abandoned by the United States.

Resolved, That a high protective tariff raises wages.

Resolved, That it would be to the advantage of the United States to establish complete commercial reciprocity between the United States and Canada.

Resolved, That foreign-built ships should be admitted to American registry free of duty.

Resolved, That the United States should establish a system of shipping subsidies.

Resolved, That sugar should be admitted free of duty.

Resolved, That a system of sugar bounties is contrary to good public policy.

Resolved, That a system of duties on wool and woollens is undesirable.

 

_________________________________

Briefs for Debate on Current Political, Economic, and Social Topics.

Edited by
W. Du Bois Brookings, A.B. of the Harvard Law School
And
Ralph Curtis Ringwalt, A.B.
Assistant in Rhetoric in Columbia University

With an introduction by Albert Bushnell Hart, Ph.D.
Professor of Harvard University.
(1908)

[From the Preface:]

“The basis of the work has been a collection of some two hundred briefs prepared during the past ten years [ca. 1886-96] by students in Harvard University, under the direction of instructors. Of these briefs the most useful and interesting have been selected; the material has been carefully worked over, and the bibliographies enlarged and verified….

…” the brief is a steady training in the most difficult part of reasoning; in putting together things that belong together; in discovering connections and relations; in subordinating the less important matters. The making of a brief is an intellectual exercise like the study of a disease by a physician, of a case by a lawyer, of a sermon by a minister, of a financial report by a president of a corporation. It is a bit of the practical work of life.

_________________________________

PROTECTION AND FREE TRADE.

Question: ‘Resolved, That the time has now come when the policy of protection should be abandoned by the United States.’

Brief for the Affirmative.

General references:

Frédéric Bastiat, Sophisms of the Protectionists; W. M. Grosvenor, Does Protection Protect?; Henry George, Protection or Free Trade; J. S. Mill, Principles of Political Economy, II., Bk. V., Chap. x., § 1; article on Protection in Tariff Reform Series, IV., No. 12, p. 2 (September 30, 1891); Lalor’s Cyclopædia, II., 289; Nation, XXVIII., 161 (March 6, 1879); XXIX., 338 (November 20, 1879); XXXIV., 288 (April 6, 1882) ; LXXVI., 118 (February 8, 1883); J. G. Carlisle in Congressional Record, 1891-1892, p. 6910 (July 29, 1892); D. A. Wells in Forum, XIV., 697 (February, 1893); F. A. Walker in Quarterly Journal of Economics, IV., 245 (April, 1890); Edward Atkinson in Popular Science Monthly, XXXVII., 433 (August, 1890); Senator Vest in North American Review, Vol. 155, p. 401 (October, 1892); Harper’s Weekly, XXXVIII., 819 (September 1, 1894).

  1. Protection is unsound in theory:

J. S. Mill, Principles of Political Economy, II., 532. — (a) It shuts out what is ours by nature: Sophisms of the Protectionists, pp. 73-80. — (b) It raises unnatural obstacles to intercourse: Sophisms of the Protectionists, pp. 84-85. — (c) It can only raise prices by diminishing the quantity of goods for sale: Sophisms of the Protectionists, pp. 7, 17. — (d) It endangers the interests it aims to promote: Nation, XXXVI., 118. — (e) It may transfer but not increase capital: Sophisms of the Protectionists, p. 93. — (f) The doctrine of protection for revenue is inconsistent: J. S. Mill, Principles of Political Economy, II., 538. — (g) It is anti-social: Sophisms of the Protectionists, pp. 15, 127; Nation, XXXVI., 118; XXXVIII., 161.

  1. Protection is unsound in general practice.

(a) It makes capital and labor less efficient: J. S. Mill, Principles of Political Economy, II., 532, 539. — (b) It hurts our carrying trade: Nation, XXXVI., 118. — (c) It closes against us many of the world’s best markets: J. S. Mill, Principles of Political Economy, II., 537; Nation, XXVIII., 161; XXXVI., 118.

  1. Protection is not beneficial to any class.

(a) It raises prices to consumers: Popular Science Monthly, XXXVII., 433. — (b) It does not raise the wages of laborers: Congressional Record, 1891-1892, pp. 6910-6917; Popular Science Monthly, XXXVII., 433. — (c) It hurts farmers: Nineteenth Century, XXXII., 733 (November, 1892). — (d) It hurts the community by shutting off foreign markets: North American Review, Vol. 155, p. 401. — (e) It increases the cost of materials. — (f) It does not help us against pauper labor: Popular Science Monthly, XXXVII., 433. — (g) It does not benefit the majority: Nation, LV., 299 (October 20, 1892). — (h) Infant industries are not permanently aided: Quarterly Journal of Economics, IV., 245.

  1. Protection tends to run to extremes.

(a) It perverts taxation from its proper uses: Forum, XIV., 51 (September, 1892). — (b) It creates dangerous precedents: Ibid. — (c) Industries seek permanent protection: Nation. LV., 252 (October 6, 1892). — (d) It creates monopolies.

Brief for the Negative.

General references:

S.N. Patten, The Economic Basis of Protection; H. M. Hoyt, Protection versus Free Trade; Congressional Record, 1889-1890, p. 4248 (May 7, 1890); 1891-1892, p. 6746 (July 26, 1892); J. G. Blaine in North American Review, Vol. 150, p. 27 (January, 1890); William McKinley in North American Review, Vol. 150, p. 740 (June, 1890); R. E. Thompson, Social Science and National Economy, pp. 243-278; Lalor’s Cyclopædia, III., 413; Van Buren Denslow, Principles of Economic Philosophy, Chaps. xiii., xiv., xv., xvi.

  1. The policy of protection is sound in principle.

(a) It enables a country to fix the terms of exchange in foreign trade. — (1) Foreign demand for our commodities is necessarily great. — (2) Protection lessens our demand for foreign commodities. — (b) Protection is the best means of increasing the consumer’s rent.

  1. The policy of protection has proved beneficial in practice.

(a) Without it no country has secured a symmetrical development of its industries: Social Science and National Economy, p. 267. — (b) Every period of protection in the United States has been followed by great material prosperity.

  1. Protection secures a home market for commodities incapable of transportation abroad:

E.E. Hale, Tom Torrey’s Tariff Talks. — (a) It enhances values, especially the value of land: J. R. Dodge, How Protection Protects the Farmer.

  1. A protective tariff does not raise prices.

(a) The establishment of a new industry has invariably been followed by lower prices: Congressional Record, 1889-1890, p. 4248.—. (1) Steel rails.—(2) Glass and earthen ware.—(3) Wool.— (4) Tin-plate.

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THE TARIFF AND WAGES.

Question: ‘Resolved, That a high protective tariff raises wages.’

Brief for the Affirmative.

General references:

S. N. Patten, The Economic Basis of Protection, pp. 54-80; Lee Meriwether, ‘How Workingmen Live in Europe and America,’ in Harper’s Magazine, LXXIV., 780 (April, 1887); R. P. Porter, Bread Winners Abroad (People’s Library), Chaps. xvi., xxviii., xlix., li., liii., lvi., lxvi., lxvii., lxxxiv., civ.; Van Buren Denslow, Principles of Economic Philosophy, pp. 623-627.

  1. A high protective tariff raises wages theoretically.

(a) It causes more employers to compete for the hire of labor.—(1) By increasing the number of occupations and enterprises that can be carried on: R. E. Thompson, Social Science and National Economy, p. 248; Principles of Economic Philosophy, pp. 623-624. (b) It increases the amount of money available for the compensation of labor.—(1) By increasing the profits of manufacturers: Principles of Economic Philosophy, pp. 626-627. (c) It enables laborers to share in the natural resources of the country.—(1) By preventing competition with cheap foreign labor: The Economic Basis of Protection, pp. 64-70.

  1. A high protective tariff raises wages practically.

(a) In the United States, which furnishes the best example of a protective tariff, money wages are higher than in Europe.— (1) This is shown by the opinions of writers: Principles of Economic Philosophy, p. 527; Bread Winners Abroad; Consular Reports of the United States, No. 40, p. 304 (April, 1884). —(2) It is shown by the opinions of manufacturers: John Roach in International Review, XIII., 455 (November, 1882); J. M. Swank, Our Bessemer Steel Industry, p. 23; letters from the National Association of Wool Manufacturers and the Titus Sheard Co. in Congressional Record, 1891-1892, p. 6751 (July 26, 1892). (b) Wages have risen in other countries under a protective system. — (1) In Germany: Principles of Economic Philosophy, pp. 523-524; Consular Reports of the United States, No. 42, pp. 12, 13, 15 (June, 1884).—(2) In Canada: Principles of Economic Philosophy, pp. 666-668. (c) Real wages are higher in the United States than in Europe.—(1) An American workman can save more than a European: Consular Reports of the United States, No. 40, p. 304.—(2) His standard of living is higher: Harper’s Magazine, LXXIV., 780.

Brief for the Negative.

General references:

F. W. Taussig in Forum, VI., 167 (October, 1888); W. G. Sumner in North American Review, Vol. 136, p. 270 (March, 1883); J. Schoenhof, The Economy of High Wages, pp. 175-193; J. Schoenhof, Wages and Trade; ‘Labor, Wages, and Tariff,’ Tariff Reform Series, II., No. 21 (January 15, 1890); ‘Labor and the Tariff,’ Tariff Reform Series, I., No. 12, p. 2 (October 10, 1888).

  1. Arguments based on comparisons of wages in different countries are untrustworthy.

(a) Such comparisons prove too much: D. A. Wells, Practical Economics, p. 137. — (b) There is no uniform rate in any country. — (c) There are many local causes which must necessarily make wages higher in one country than in another. — (1) Natural advantages: D. A. Wells, The Relation of the Tariff to Wages, p. 2. — (2) Standing army service: Ibid. — (3) The question of unoccupied land: North American Review, Vol. 136, p. 270.

  1. Careful use of statistics shows that wages are relatively higher under a low tariff.

(a) The high rate of wages in the United States is determined by unprotected industries.— (1) There are more laborers connected with unprotected than with protected industries: J. L. Laughlin’s edition of J. S. Mill, Principles of Political Economy, p. 619. — (b) Wages in certain protected industries in the United States are lower than wages in the same industries in England. — (c) In protected industries in which wages are higher than abroad, they were higher before the existence of a protective tariff: Nation, XLVII., 327 (October 25, 1888). — (d) New South Wales is more prosperous than Victoria: Fortnightly Review, XXXVII., 369 (March, 1882).

  1. A protective tariff lowers wages by diminishing the amount of capital to be distributed for wages.

(a) The general productiveness of industry is less: Practical Economics, p. 135.— — (1) The effect of limiting the sale of commodities to a domestic market is evil: Practical Economics, p. 139. — (b) The proportion in which that produced is divided is less favorable to labor.—(1) The producer requires the same ratio of profit, while the number of laborers among whom the smaller wage-fund is divided is as large as before: North American Review, Vol. 136, p. 270.

  1. Real wages are less.

(a) The tariff increases the price of commodities and puts them out of the reach of the poorer classes: North American Review, Vol. 136, p. 270.

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RECIPROCITY WITH CANADA.

Question: ‘Resolved, That it would be to the advantage of the United States to establish complete commercial reciprocity between the United States and Canada.’

Brief for the Affirmative.

General references:

Goldwin Smith, Canada and the Canadian Question, pp. 281-301; Handbook of Commercial Union (Toronto, 1888); Century, XVI., 236 (June, 1889); Forum, VI., 241 (November, 1888) ; VII., 361 (June, 1889); New Englander, LIII., 1 (July, 1890); North American Review, Vol. 148, p. 54 (January, 1889); Vol. 151, p. 212 (August, 1890); Vol. 139, p. 42 (July, 1884); Harper’s Magazine, LXXVIII., 520 (March, 1889).

  1. Greater freedom of trade between the United States and Canada is desirable.

(a) It would furnish the United States with much needed raw materials: Century, XVI., 236. — (1) Coal, iron, and other mineral products are extensive and easily accessible to the northern and middle states: Handbook of Commercial Union, pp. 72-85; North American Review, Vol. 139, p. 42. — (2) Agricultural products. — (b) It would open to us a large and convenient market for our manufactures: Handbook of Commercial Union, p. 249. — (c) Closer commercial relations would remove much of the present ill feeling, and international disputes would be avoided.

  1. Reciprocity would be advantageous economically.

(a) It would open up a great field for the investment of American capital: Handbook of Commercial Union, p. 247. — (b) It would do away with the enormous expense of maintaining an unnatural customs line four thousand miles long. — (c) By the settlement of the fishery question it would give our fishermen valuable privileges.

  1. Reciprocity is practical:

Handbook of Commercial Union, p. 111. — (a) Great Britain would not raise serious objections: Handbook of Commercial Union, p. 101 .— (1) English investments in Canada would be benefited by commercial prosperity. — (2) Greater commercial activity would establish confederation on a firm basis and give assurance that Canada would remain a part of the British domain. — (b) The loyalty of Canadians would not be affected. — (1) The common tariff would not discriminate against England. — (c) A common tariff could be agreed upon. — (1) The present policy of the United States is toward a reduction of tariffs, while that of Canada is toward an increase. — (2) Canada would be willing to make concessions, such as the adjustment of internal revenue. — (d) The reciprocity treaty of 1854 was a commercial success. — (1) Trade rose from seven millions to twenty: Encyclopedia Britannica, IV., 766. — (2) The abrogation of the treaty was due to national animosity caused by acts of the English during the civil war.

 

Brief for the Negative.

General references:

James Douglas, Canadian Independence, Annexation, and British Imperial Federation; Forum, VI., 451 (January, 1889); J. N. Larned, Report to the Secretary of the Treasury on the State of Trade Between the United States and British Possessions in North America, January 28, 1871; Penn Monthly, V., 529 (July, 1874); Congressional Globe, 1864-1865, pp. 229-233 (January 12, 1865).

  1. Complete commercial reciprocity is impracticable.

(a) The commercial policies of Great Britain and the United States are conflicting. — (b) A common tariff could not be decided upon without detriment to one country. — (c) Internal revenue stands in the way.—(1) Excise taxes and internal revenue would have to be made equal; but excise is necessary to Canada, while it is not unlikely that we shall do away with our internal revenue: Forum, VI., 451.

  1. Complete reciprocity would be contrary to good public policy.

(a) It would result in loss of revenue. — (b) In case of war with Great Britain the frontier would be in a bad condition, and our whole tariff system would be torn asunder.

  1. Complete reciprocity would be economically disastrous.

(a) American and Canadian products are not supplementary, but competitory. — (b) Cheaper wages and cheaper raw material would be an inducement for our capital to move to Canada, and would also lower wages in the United States. — (c) We should lose much through emigration to Canada. — (d) It would give Canada the benefit of the market which we hav

e built up for ourselves by protection: Penn Monthly, V., 531.

  1. Historically, reciprocity with Canada has proved injurious.

(a) The United States tried commercial reciprocity with Canada in 1854, but abrogated the treaty in 1866.

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FREE SHIPS.

Question: ‘Resolved, That foreign-built ships should be admitted to American registry free of duty.’

Brief for the Affirmative.

General references:

D. A. Wells, The Decay of Our Ocean Mercantile Marine; John Codman, Free Ships; J.D.J. Kelly, The Question of Ships; North American Review, Vol. 142, p. 478 (May, 1886); House Reports, 1889-1890, No. 1210, Minority Report; 1882-1883, No. 1827, Views of the Minority; 1891-1892, No. 966; 1887-1888, No. 1874; Congressional Record, 1890-1891, p. 1044 (January 8, 1891); Congressional Globe, 1871-1872, Part 3, p. 2241 (April 6, 1872).

  1. A change in our navigation laws is necessary.

(a) Under their restrictions American shipping has suffered. — (1) Through heavy duties on ships. — (b) Though heavily protected, the ship-building industry has not thrived. — (1) The cost of labor is too great. — (c) American capital has been forced abroad. — (d) The present provision for the limited admission of foreign ships is inadequate. — (e) The development of inventive genius is prevented.

  1. Free ships furnish the only practicable remedy:

The Question of Ships, Chap. v. — (a) They enable Americans to compete on equal terms for world’s commerce. — (1) Ships can be bought at the lowest price. — (b) Carrying trade should not be sacrificed to ship-building.—(1) It employs fifty times as many men: The Question of Ships, p. 31. — (c) American ship-building would not be seriously affected.— (1) Only iron ships are concerned. — (d) The success of the plan is well illustrated by Germany’s policy.

  1. Subsidizing schemes are impracticable and inefficient:

The Question of Ships, Chap. iv. — (a) Subsidies large enough to be efficient would be too great a tax on the people. — (1) The cost of building ships is one-third greater than in England: John Codman, Free Ships. — (b) They must be permanent. — (c) They have already been unsuccessfully tried in the United States. — (d) They have failed in France. — (1) Ship-building has not been built up in ten years’ trial. — (e) England’s supremacy is not due to subsidizing: The Decay of Our Ocean Mercantile Marine, pp. 29-45. — (1) No payments are made to sailing vessels. — (2) Compensation is given only for carrying mails, and for building according to admiralty requirements.

Brief for the Negative.

General references:

W. W. Bates, American Marine; C. S. Hill, History of American Shipping; H. Hall, American Navigation; North American Review, Vol. 148, p. 687 (June, 1889); Vol. 154, p. 76 (January, 1892); Vol. 158, p. 433 (April, 1894); House Reports, 1891-1892, No. 966, Views of the Minority; 1887-1888, No. 1874, Views of the Minority, p. 10; 1882-1883, No. 1827; 1869-1870, No. 28; Nelson Dingley, Jr., in Congressional Record, 1890-1891, p. 997 (January 7, 1891).

  1. The lack of free registry was not responsible for the decline in American shipping.

(a) Under the present laws our merchant marine reached its height. — (b) The decline was due to other causes. — (1) To the destruction of commerce by English-built cruisers: American Marine, Chap. ix. — (2) To the commercial depression following war. — (3) To mechanical changes. — (x) From wood to iron. — (y) From sail to steam.

  1. Free registry offers no material advantages.

(a) American capital now invests in foreign-built ships. — (1) ‘Whitewashed’ sales: American Navigation, p. 75. — (b) The advantage of flying American flag would be subject to abuse.

  1. Free registry involves grave evils.

(a) Economic. — (1) It would annihilate ship-building in the United States. — (2) It would withdraw millions of capital from the country. — (b) National. — (1) It would cripple us in time of war. — (x) We should have no trained workmen. — (y) We should have no shipyards to build in an emergency.

  1. There are better alternatives than free registry.

(a) The removal of duties on materials. — (b) Sufficient mail subsidies to American-built ships: American Navigation, p. 77. — (c) A change in taxation from the principal invested in ships to net profits.

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SHIPPING SUBSIDIES.

Question: ‘Resolved, That the United States should establish a system of shipping subsidies.’

Brief for the Affirmative.

General references:

W. W. Bates, American Marine; House Reports, 1889-1890, No. 1210; C. S. Hill, History of American Shipping; House Reports, 1888-1889, No. 4162, Views of the Minority, p. 5; Congressional Record, 1890-1891, p. 997 (January 7, 1891), p. 3355 (February 26, 1891); Statement of Captain W. W. Bates in House Reports, 1889-1890, No. 1210, p. 220; Overland Monthly, I., 462 (May, 1883); H. Hall, American Navigation.

  1. The merchant marine of the United States is at present in a deplorable condition and ought to be built up:

House Reports, 1889-1890, No. 1210, pp. i-vi. — (a) A national marine is of the greatest importance to the wealth and the commercial prosperity of a nation: Lalor’s Cyclopædia, II., 987; J.D.J. Kelly, The Question of Ships, p. 108. — (1) It is essential to naval power. — (2) To the development of resources. — (3) To national unity and individualism. — (b) The United States has the necessary qualifications for the marine industry: The Question of Ships, Chap. i.; American Navigation, Chap. ii. — (1) In 1856 the United States merchant marine was the most extensive in the world. — (2) Our extensive sea-coast naturally fosters a maritime spirit. — (3) We have abundant natural resources. — (4) Extensive commerce. — (5) Great ship-building interests.

  1. The subsidy system is a desirable means of building up the marine.

(a) It is preferable to the policy of free ships. — (1) Such a policy would destroy our ship-building industry: American Navigation, Chap. vii. — (b) Subsidies given to vessels for mail service would greatly encourage commerce. — (1) By insuring regular service: American Navigation, p. 77; Congressional Record, 1885-1886, p. 4009 (April 30, 1886). — (c) Vessels subsidized could be put under contract to serve the United States in case of war: American Navigation, pp. 83-86. — (d) It is an economical system. — (1) The total payments would not exceed $5,000,000 per annum. — (2) The earnings of the foreign mail service, which amount to $10,000,000 per annum, could fittingly be used for subsidies: Congressional Record, 1889-1890, p. 6996 (July 7, 1890).

  1. Subsidies are necessary.

(a) The cost of American ships and their running expenses are greater than those of foreign vessels. — (b) The high subsidies given to foreign lines make it impossible for American lines to compete without like subsidies.

  1. Subsidies have proved successful in practice:

American Marine, pp. 325-327. — (a) We have tried such a system and found it effective: W. S. Lindsay, Merchant Shipping, IV., 194-228. — (b) Nearly all foreign nations maintain shipping subsidies: Congressional Record, 1890-1891, pp. 3359-3362 (February 26, 1891). — (c) They have been successful in France: House Reports, 1889-1890, No. 1210, pp. ix-xv. — (d) Great Britain, the foremost maritime country, has steadily adhered to a system of bounties: Congressional Record, 1890-1891, pp. 1001-1003 (January 7, 1891).

Brief for the Negative.

General references:

House Reports, 1889-1890, No. 1210, Minority Report, p. xxxix.; D.A. Wells, Our Merchant Marine; D.A. Wells, The Decay of Our Ocean Mercantile Marine; John Codman, Free Ships; John Codman, Shipping Subsidies and Bounties; Congressional Record, 1890-1891, pp. 3348, 3368, 3383 (February 26, 1891); 1889-1890, p. 6959 (July 3, 1890); House Reports, 1888-1889, No. 4162; J. D. J. Kelly, The Question of Ships.

  1. Subsidies are politically objectionable.

(a) They have proved and always will prove inducements to corrupt legislation. — (b) They create and foster a privileged class at the expense of the whole people: Our Merchant Marine, p. 141; Free Ships, p. 15. — (c) The practice would establish a bad precedent: House Reports, 1889-1890, No. 1210, pp. xl., xlii.

  1. Subsidies are economically objectionable:

Congressional Record, 1890-1891, p. 3352. — (a) They are merely temporizing measures: The Decay of Our Ocean Mercantile Marine, p. 25. — (b) They would be a tremendous cost: House Reports, 1888-1889, No. 4162, p. 4. — (c) They would not contribute to the general prosperity of the country: House Reports, 1888-1889, No. 4162, pp. 2-3. — (1) They would not benefit commerce. — (x) Foreign vessels now carry as cheaply as it can be done. — (2) They would benefit one industry at the expense of others. — (3) As profit would come wholly from subsidies, shippers would become uneconomical and the advantages of competition would be lost.

  1. There is no truth in the statement that shipping subsidies have built up merchant marines.

(a) Great Britain does not subsidize her vessels: The Decay of Our Ocean Mercantile Marine, p. 29; House Reports, 1889-1890, No. 1210, pp. xlii., 1. — (1) British mail subsidies are for actual service rendered as shown by the exacting rules and penalties for non-performance of contracts. — (b) The French system has not been successful: House Reports, 1888-1889, No. 4162, p. 3; 1889-1890, No. 1210, pp. 1-lx. — (c) Our own experience has been unfavorable. — (1) The Collins line in 1847: Congressional Record, 1890-1891, p. 3386.

  1. The best remedy for American shipping is free ships:

Our Merchant Marine, pp. 95-128; North American Review, Vol. 142, pp. 481-484 (May, 1886). — (a) Free ships would at least allow Americans to compete on equal terms for the commerce of the world.

 

_________________________________

FREE SUGAR.

Question: ‘Resolved, That sugar should be admitted free of duty.’

Brief for the Affirmative.

General references:

‘Sugar and the Tariff,’ Tariff Reform Series, III., No. 12, p. 174 (July 30, 1890); Harper’s Weekly, XXXVIII., 602 (June 30, 1894), 771 (August 18, 1894), 819 (September 1, 1894); Nation, LIX., 74 (August 2, 1894), 112 (August 16, 1894); Congressional Record, 1889-1890, p. 10,631 (September 27, 1890).

  1. The question of protection does not enter.

(a) We produce only ten per cent, of the sugar we use: Princeton Review, VI., 322 (November, 1880). (b) The established industry can be more economically protected by bounties.

  1. The tariff is a burden on the poor.

(a) The poor man must pay more in proportion to his ability than the rich: C. D. Wright in Seventeenth Annual Report of Massachusetts Bureau of Statistics of Labor, p. 266; W. O. Atwater in American Public Health Association, XV., 208. — (1) Carbohydrates are necessary to life. — (2) Sugar is the most economical carbohydrate. — (3) The laboring man consumes the greatest proportion of this constituent: American Public Health Association, XV., 216.

  1. The sugar tariff is a check to the country’s development.

(a) It discourages industries in which sugar is a raw material. — (1) The preserving industry. — (2) The condensed milk industry. — (3) The refining industry. — (b) It injures foreign commerce. — (1) With Brazil and Cuba. — (2) Germany has retaliated for our tariff by putting a tax on American beef: Harper’s Weekly, XXXVIII., 1058 (November 10, 1894).

  1. Sugar taxes are a great source of corruption.

(a) They enable importers to defraud the government by manipulating the grades of sugar. — (b) They give rise to political corruption such as has disgraced the Senate. — (1) By fostering the sugar trust: Nation, LVIII., 440 (June 14, 1894); LIX., 71, 93, 112; Harper’s Weekly, XXXVIII., 602, 771, 819; Tariff Reform Series, VII., No. 2, p. 28 (July 1, 1894).

  1. The sugar tax is not necessary for revenue.

(a) If the revenues fall short, the deficiency can be made up better by replacing the higher taxes on malt liquors and tobacco.

Brief for the Negative.

General references:

Congressional Record, 1893-1894, Appendix, p. 1178 (August 13, 1894), p. 634 (January 23, 1894); 1889-1890, Appendix, p. 437 (May 20, 1890); Harper’s Weekly, XXXVIII., 218 (March 10, 1894); Tariff Hearings Before the Committee on Ways and Means, 1893, pp. 505, 520, 542.

  1. A tax on sugar is a just way of raising revenue:

Congressional Record, 1893-1894, Appendix, p. 1182. — (a) It is evenly distributed: Ibid. — (1) It reaches consumers in proportion to their incomes. — (2) Sugar is to a great extent an article of voluntary consumption.

  1. It is a desirable way of raising revenue.

(a) It is the only tax which furnishes a steady, reliable revenue, capable of computation beforehand. — (b) It is an easy tax to collect. — (c) Precedent has established sugar as a fitting article for taxation: D. A. Wells in Princeton Review, VI., 323 (November, 1880); Congressional Record, 1893-1894, Appendix, pp. 1180-1186. — (1) It has heretofore furnished one-fourth of the total revenue: D. A. Wells, The Sugar Industry of the United States and the Tariff, p. 9.

  1. The tax is necessary to encourage the American sugar industry:

Congressional Record, 1893-1894, Appendix, p. 632. — (a) The beet and sugar industries are difficult to establish. — (1) They require a large outlay of capital at the beginning. — (2) The return on the investment is small. — (3) The industries are still experimental. — (b) American producers require a special protective tax to offset the large bounties which foreign countries pay to their producers.

  1. The objections to the tax are unsound.

(a) The sugar-refining trust would remain even if sugar were admitted free. — (1) As nearly all of the sugar admitted to the United States is raw, it would still have to pass through the refineries. — (b) The frauds against the government, due to the manipulation of grades, are not an inherent result of the tax.

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SUGAR BOUNTIES.

Question: ‘Resolved, That a system of sugar bounties is contrary to good public policy.’

Brief for the Affirmative.

General references:

D. A. Wells, Recent Economic Changes, pp. 295-309; Lalor’s Cyclopædia, II., 99; Fortnightly Review, XLII, 638 (November, 1884) ; Nation, XLV., 164 (September 1, 1887); XLII, 420 (May 20, 1886); Congressional Record, 1889-1890, pp. 10,712-10,716 (September 30, 1890), Appendix, p. 391.

  1. The bounty system is unconstitutional.

(a) It is legislation in favor of a class: Nation, XLVII., 24 (July 12, 1888); Congressional Record, 1889-1890, pp. 10,712-10,716, Appendix, p. 391; Loan Association v. Topeka, 120 Wallace, 663-664.

  1. The bounty system is burdensome on the people:

Nation, XLIV., 484 (June 9, 1887). — (a) The people are compelled to pay the bounty: Fortnightly Review, XLII., 638. — (b) They are compelled to pay the highest cost of production for sugar: Fortnightly Review, XLII., 638. — (c) They are compelled to pay for the expensive system of administration.

  1. The bounty system gives rise to fraud.

(a) It places a great amount of money and patronage in the hands of political parties: Congressional Record, 1889-1890, Appendix, p. 391. — (b) The intricate system of bounty payments enables producers to defraud the government: Recent Economic Changes, pp. 295-298.

  1. The bounty system is injurious to commerce.

(a) It deranges prices. — (1) The producer is led to disregard the law of supply and demand: Fortnightly Review, XLII., 638. — (b) It makes foreign exchange uncertain: Nation, XLV., 164. — (1) By causing alternate over-production and under-production: Recent Economic Changes, pp. 295-309. — (c) It enables producers to control the markets.

  1. The bounty system is unnecessary for the development of the industry.

(a) The United States has as good facilities for raising beets as any other country. — (b) The sugar industry is not an infant industry.

  1. The bounty system has proved a failure in Europe:

Nation, XLVI., 45 (January 19, 1888); Recent Economic Changes, pp. 295-309; Lalor’s Cyclopædia, II., 99. — (a) The beet-sugar industry was fostered at the expense of cane sugar: Nation, XLV., 164. — (b) International complications arose: Saturday Review, LXIV., 142 (July 30, 1887), 847 (December 24, 1887).

Brief for the Negative.

General references:

Essay on ‘Industry and Commerce’ in Works of Alexander Hamilton, III., 366; Congressional Record, 1889-1890, p. 4266 (May 7, 1890); Senators Allison and Sherman in Congressional Record, 1888-1889, pp. 888-895 (January 17, 1889).

  1. The sugar industry is highly desirable.

(a) The importance of sugar as a food is constantly increasing: Congressional Record, 1889-1890, p. 4266. — (b) The industry will be national, not sectional: Congressional Record, 1888-1889, p. 892; 1889-1890, p. 4515 (May 10, 1890). — (c) Beets do not exhaust the soil: Congressional Record, 1889-1890, p. 4266.

  1. The sugar industry would bring general economic advantages.

(a) It would keep at home money now sent abroad in payment for sugar. — (b) Capital greatly exceeding the amount of the bounty would be invested in the industry. — (c) The industry would create a new and a large demand for labor, both agricultural and mechanical.

  1. The bounty system is the best means of establishing the sugar industry.

(a) Protective duties are inadequate. — (1) Bounties paid by foreign countries tend to counteract our tariff. — (2) In the past import duties have failed. — (b) Bounties are necessary to tide the industry over the critical time of beginning: Congressional Record, 1889-1890, p. 4515. — (1) Establishment is difficult and expensive. — (2) There is small inducement for capital. — (3) Beet and sorghum sugar industries are more or less experimental. — (c) Bounties have been successful in establishing industries abroad. — (1) Beet-sugar industry in Germany: Congressional Record, 1889-1890, pp. 4266, 4431 (May 9, 1890).

  1. The bounty system is constitutional.

(a) The bounty is extended to anyone who is willing to undertake the production of sugar: American Law Register and Review, XXXI., 289 (May, 1892).

_________________________________

DUTIES ON WOOL AND WOOLLENS.

Question: ‘Resolved, That a system of duties on wool and woollens is undesirable.’

Brief for the Affirmative.

General references:

F. W. Taussig in Quarterly Journal of Economics, VIII., 1 (October, 1893); North American Review, Vol. 154, p. 133 (February, 1892); ‘Wool and Tariff,’ Tariff Reform Series, III., No. 19, p. 342 (November 15, 1890); ‘The Wool Question,’ Tariff Reform Series (Report of Ways and Means Committee on the Springer Bill), V., No. 1, p. 1 (March 15, 1892).

  1. Duties on wool and woollens have failed to bring beneficient results.

(a) Wool-growing has not prospered. — (1) The United States cannot raise grades of wool that will compare in quality with the better grades of foreign countries. — (x) Owing to climate: Quarterly Journal of Economics, VIII., 18. — (b) Woollen manufacturers produce only the cheapest grades of woollens. — (c) Under the tariff American producers have succeeded in producing but a small quantity of woollens in comparison with foreign importations: Quarterly Journal of Economics, VIII., 28-29; Tariff Reform Series, III., No. 19, p. 359.

  1. The removal of duties on wool does not hurt woolgrowers.

(a) The grades of wool raised by American growers are not subject to foreign competition. — (1) In these grades the American producer has an equal advantage with foreign producers: Quarterly Journal of Economics, VIII., 5-20.

  1. Free woollens are not injurious to manufacturers.

(a) They do not injure the production of cheap grades of woollens for the American market. — (1) The American manufacturer, owing to the greater efficiency of his machinery and the small necessity for hand labor, can compete on equal terms in these grades.

  1. The removal of duties on wool is a benefit to manufacturers.

(a) It enables them to engage in the manufacture of finer grades of woollens: Quarterly Journal of Economics, VIII., 32-33. — (1) By giving them free raw material of finer grades. — (b) It gives them a larger assortment of wools from which to select their grades: Congressional Record, 1887-1888, pp. 6519-6530 (July 19, 1888). (c) It enlarges their trade with South America: Nation, XLVI., 500 (June 21, 1888).

  1. Duties are unjust to consumers.

(a) They require them to pay a high price for woolens which are not made in America. — (1) This is shown by the constant increase in the importations of the finer grades of woollens in spite of the high tariff.

Brief for the Negative.

General references:

Bulletin of National Association of Wool Manufacturers, XVIII., 1888, Nos. 2, 3; XXII., 268 (September, 1892); XXIII., 275 (December, 1893); XXII., 1 (March, 1892); XXL, 333 (December, 1891); XXII., 115 (June, 1892); W. D. Lewis, Our Sheep and the Tariff (Publications of the University of Pennsylvania), Chaps. i., vii.; Congressional Record, 1893-1894, Appendix, pp. 1064, 1172.

  1. Duties on wool are necessary to protect the sheep-raising industry:

Our Sheep and the Tariff, Chap. vii. — (a) Foreign competition is especially active in this industry. — (1) Australia and the Argentine Republic have superior natural advantages.

  1. Duties on woollens are necessary to protect manufacturers:

Bulletin of National Association of Wool Manufacturers, XXII., 133. — (a) Foreign manufacturers have an advantage in cheap labor. (b) Foreign manufacturers have as good machinery as manufacturers in the United States. — (1) American machinery is used extensively abroad. — (c) The return on investments in the United States is less than it is abroad. — (1) A larger capital is required to produce an equivalent amount of woollens: Bulletin of National Association of Wool Manufacturers, XXII., 136.

  1. The history of the United States shows that duties have been successful in building up the wool and woollen industries:

Bulletin of National Association of Wool Manufacturers, XVIII., 234. — (a) The production of wool has greatly increased since the system was begun. — (b) The woollen industry is four times as large as in 1860: Bulletin of National Association of Wool Manufacturers, XXII., 3. — (c) Under periods of high protection the industries have been most prosperous.

  1. The duties have benefited the consumers:

Bulletin of National Association of Wool Manufacturers, XXII., 119. (a) They have reduced the price of woollens to less than half what it was thirty years ago. — (1) By causing active competition and rapid improvements in machinery: Bulletin of National Association of Wool Manufacturers, XXII., 119.

 

Source: W. Du Bois Brookings and Ralph Curtis Ringwalt, eds., Briefs for Debate on Current Political, Economic, and Social Topics. New York: Longmans, Green, and Co., 1908, pp. 96-117.

Image Source:  Cartoon by John S. Pughe published in Puck , September 15, 1897. Library of Congress Prints and Photographs Division Washington, D.C. 20540.

Categories
Bibliography Policy Social Work Wisconsin

Wisconsin. Richard Ely, series editor of Social Science Textbooks for Macmillan

 

Following his series Citizen’s Library of Economics, Political Science and Sociology, Richard Ely of the University of Wisconsin then served as general editor for the series of social science textbooks published by Macmillan into the 1930s. I have been able to provide links to all but two of the titles (and the 1937 edition of Ely’s own economics textbook).

_______________________

SOCIAL SCIENCE TEXT-BOOKS
Edited by Richard T. Ely
New York: Macmillan

OUTLINES OF ECONOMICS [Third revised edition, 1916]
By Richard T. Ely, Ph.D., LL.D. Revised and enlarged by the Author and Thomas S. Adams, Ph.D., Max O. Lorenz, Ph.D., Allyn A. Young, Ph.D.

OUTLINES OF ECONOMICS [Sixth edition, 1937]
By Richard T. Ely and Ralph H. Hess

OUTLINES OF SOCIOLOGY [1919]
By Frank W. Blackmar, Ph.D., and John Lewis Gillin, Ph.D.

THE NEW AMERICAN GOVERNMENT [1915]
By James T. Young, Ph.D.

SOCIAL PROBLEMS [1917]
By Ezra T. Towne, Ph.D.

PROBLEMS OF CHILD WELFARE [1919]
By George B. Mangold, Ph.D.

COMPARATIVE FREE GOVERNMENT [1915]
By Jesse Macy, LL.D., and John W. Gannaway, M.A.

AMERICAN MUNICIPAL PROGRESS [New and revised edition, 1916]
By Charles Zueblin.

BUSINESS ORGANIZATION AND COMBINATION [1913]
By Lewis H. Haney, Ph.D.

HISTORY OF ECONOMIC THOUGHT (Revised Edition) [1922]
By Lewis H. Haney, Ph.D.

APPLIED EUGENICS [1922]
By Paul Popenoe and Roswell H. Johnson, M.S.

AGRICULTURAL ECONOMICS [1920]
By Henry C. Taylor, M.S. Agr., Ph.D.

THE LABOR MARKET [1919]
By Don D. Lescohier.

EFFICIENT MARKETING FOR AGRICULTURE [1921]
By Theodore Macklin, Ph.D.

A HISTORY OF TRADE UNIONISM IN THE UNITED STATES [1922]
By Selig Perlman, Ph.D.

INTERNATIONAL COMMERCIAL POLICIES [1923]
By George M. Fisk, Ph.D., and Paul S. Peirce, Ph.D.

WORKMEN’S COMPENSATION [1924]
By E. H. Downey

INTRODUCTION TO AGRICULTURAL ECONOMICS [1927]
By Lewis Cecil Gray, Ph.D.

GENERAL SOCIAL SCIENCE [1926]
By Ross L. Finney, Ph.D.

OUTLINES OF PUBLIC UTILITY ECONOMICS [1927]
By Martin C. Glaeser, Ph.D.

MATERIALS FOR THE STUDY OF PUBLIC UTILITY ECONOMICS [1930]
By Herbert B. Dorau

AN OUTLINE OF ADVERTISING [1933]
By G. B. Hotchkiss, M.A.

 

Image: From the portrait of Richard Theodore Ely painted during the summer of 1923. Wisconsin Historical Society.

Categories
Bibliography Columbia Courses Economists Suggested Reading

Columbia. Friedman’s lecture notes to first Hotelling lecture in Mathematical Economics, 1933

 

 

On October 3, 2017, Antoine Missemer tweeted an image of an undated examination question by Harold Hotelling “Describe two mathematical contributions to economics published before 1910”. One should note that asking students to talk about work published at least a quarter century before the current academic year is not necessarily a deep dive into the history of economics, though of course Cournot, Bertrand and Edgeworth had achieved “historical” fame by 1933.

From Harold Hotelling’s course in Mathematical Economics taught in the first semester of 1933/34 at Columbia, Milton Friedman kept about forty-five 3 by 5 inch index cards worth of notes (both sides). From his first lecture, we can put together a convenient “short list” of Hotelling’s chosen greatest hits in mathematical economics. I have taken the liberty of expanding Friedman’s abbreviations, figuring the main purpose of transcribing archival material is to ease digital search down the road.

Earlier postings include a list of Hotelling’s courses and his class rolls at Columbia as well as an outline and exam for his course in mathematical economics offered at North Carolina (1946, 1950).

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Milton Friedman’s student notes to Harold Hotelling’s first lecture in Mathematical Economics (1933)

9/2/33 (1)

Hotelling, Harold on Mathematical Economics

Has been stated that methodological difference between economics + natural sciences is that in former cannot + in latter do experiments

Not entirely true: in econonomics may experiment, + in some physical sciences (e.g. astronomy, meteorology etc.) do not experiment.

Better dividing line to be found in number of relevant factors

 

Use of Mathematics in Economics:

A. Cournot 1838

J. Bertrand 1883 Journal des Savants (reviewed Cournot)

F. Y. Edgeworth 1881 Math. Psychics. Papers relating to Pol. Economy.

Pareto

Alfred Marshall Principles of Economics

(Edgeworth laid foundation of many theories more modern than Marshall

Using higher Mathematics in Economics

G. C. Evans

C. F. Roos

Zeuthen

Pareto in Encyclopedie des Science Math, Vol I, Tome IV part 4 (Tome I, Vol. IV)

[Yes, that is all that Friedman wrote down for that lecture]

Source: Hoover Institution Archives. Milton Friedman Papers, Box 120, Class note cards.

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Links to Works Referred to by Hotelling

Cournot, Augustin. Recherches sur les Principes Mathématiques de la Théorie des Richesses. Paris: Hachett, 1838.

Nathaniel T. Bacon translation: Researches into the Mathematical Principles of the Theory of Wealth with a bibliography of Mathematical economics by Irving Fisher. New York: Macmillan, 1897.

Bertrand, J. (Review of) Théorie Mathématique de la Richesse Sociale par Léon Walras: Recherches sur les Principes Mathématiques de la Théorie des Richesses par Augustin Cournot. Journal des Savants 67 (1883), 499-508.

Edgeworth, F. Y. Mathematical Psychics. An Essay on the Application of Mathematics to the Moral Sciences. C. Kegan Paul & Co., 1881.

Edgeworth, F. Y. Papers Relating to Political Economy.  Volume I;  Volume II; Volume III. London: Macmillan, 1925.

Pareto, Vilfredo. Économie mathématique, —in Encyclopédie des sciences mathématique, Tome I, vol. 4 (Fascicule 4, pp. 590-640), 1906 [?].

Marshall, Alfred. Principles of Economics (8th edition). London: Macmillan, 1920.

Griffith C. Evans. Mathematical Introduction to Economics. New York: McGraw-Hill Book Co., 1930.

Reviewed by Hotelling in Journal of Political Economy, 39, no. 1 (Feb 1931) pp. 107-09.

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

Reviewed by Corwin D. Edwards (New York University) in AER, 21, no. 4 (December, 1931), pp. 701-704.

Charles Frederick Roos. Dynamic Economics—Theoretical and Statistical Studies of Demand, Production and Prices. Monographs of the Cowles Commission for Research in Economics, No. 1. Bloomington, Indiana: Principia Press, 1934.

 

Image source: From a photo of the Institute of Statistics leadership around 1946: Gertrude Cox, Director, William Cochran, Associate Director-Raleigh and Harold Hotelling, Associate Director-Chapel Hill. North Carolina State University.

Categories
Bibliography Harvard

Harvard. General Bibliography for Hansen and Williams’ Money and Banking, 1946-47

 

Today’s post is the last of three devoted to the year long graduate sequence “Principles of Money and Banking” taught by Alvin H. Hansen, John H. Williams, and Richard M. Goodwin (second semester) at Harvard in 1946-47. 

The thirteen typed pages (!) of “General Reference Reading” for both semesters has been transcribed below.

The first post includes Hansen’s first semester’s list of readings and final examination (Econ 141a) and course enrollments in each semester. The previous post provides Williams’ second semester reading list along with its final examination.

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ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

GENERAL REFERENCE READING

(Books listed in minimum and supplementary reading lists are not included here.)

Books:

Allen, A. M. and others: Commercial Banking Legislation and Control. Macmillan, 1938.

Angell, J. W.: Behavior of Money. McGraw-Hill, 1935.

Angell, J. W.: Investment and Business Cycles. McGraw-Hill, 1941.

Bladen, V. F.: Money and the Price System. Univ. of Toronto Press, 1942.

Board of Governors, Federal Reserve System: Annual Reports.

Bresciani-Turroni, C,: The Economics of Inflation. Allen and Unwin, 1937.

Bretterton and others: Public Investment and the Trade Cycle in G. B. Clarenden Press, 1941.

Burgess, W. R.: The Reserve Banks and the Money Market. Harpers, 1936.

Butters and Lintner: Effect of Federal Taxes in Growing Enterprises. Harvard University Press, 1945.

Cassel, G.: On Quantitative Thinking in Economics. Clarendon Press, 1935.

Cassel, G.: Money and Foreign Exchange after 1914. Macmillan, 1923.

Clapham, Sir John: The Bank of England, Cambridge University Press, 1944.

Clark, Colin: National Income and Outlay. Macmillan, 1938.

Clark, Colin: The Conditions of Economic Progress, 1940.

Clark, Colin: The Economics of 1960. Macmillan, 1942.

Clark, J. M.: Economics of Planning Public Works. Gov’t. Printing Office, 1935.

Clark, J. M.: Strategic Factors in the Business Cycle. National Bureau of Economic Research, 1934.

Cole, G. D. H.: Money: Its Present and Future. Cassell and Co., 1944.

Committee on Finance and Industry: Macmillan Report. H.M.S.C., 1931.

Copland, D. B.: The Road to High Employment. Harvard University Press, 1945.

Currie, L.: Supply and Control of Money in the United States. Harvard University Press, 1934.

Docker, F. J.: Foreign Exchange, 1939.

Economic Essays in Honour of Gusav Cassel. Allen and Unwin, 1933.

Economic Reconstruction. Report of Columbia Commission, Columbia University Press, 1934.

Einzig, Paul: World Finance, 1939-40. Kegan, Paul, 1940.

Ellis, H. S.: German Monetary Theory. Harvard University Press, 1934.

Ellis, H. S.: Exchange Control in Central Europe. Harvard University Press, 1941.

Ellis, P. W.: The World’s Biggest Business. American Public Spending, 1914-44, National Industrial Conference Board, 1944.

Fellner, W. A.: A Treatise on War Inflation. Berkeley: University of California Press, 1942.

Fine, S. M.: Public Spending and Postwar Economic policy. Columbia University Press, 1944.

Fisher, Irving: Purchasing Power of Money. Macmillan, 1911.

Foster and Catchings: Money. Houghton, Mifflin, 1930.

Foster and Catchings: Profits. Houghton, Mifflin, 1925.

Gilbert, Milton: Currency Depreciation and Monetary Policy. University of Pennsylvania Press, 1939.

Goldschmidt, R. W.: The Changing Structure of American Banking, Routledge, 1933.

Graham, F. D.: Exchange, Prices and Production in Hyper-Inflation: Germany, 1920-1923. Princeton University Press, 1930.

Hamilton, E. J.: American Treasure and the Price Revolution in Spain. Harvard University Press, 1934.

Hansen, Alvin H.: Economic Stabilization in an Unbalanced World. Harcourt, Brace, 1932. Part I.

Hansen, Alvin H.: International Economic Relations, Part III. Hutchins Commission, University of Minnesota Press, 1934.

Hansen, Alvin H.: (a) Fiscal Policy and Full Employment, N. Y. University Institute in Postwar Reconstruction, 1946. (b) How Shall We Deal with the Public Debt? N. Y. University Institute in Postwar Reconstruction, 1943.

Hansen, A. H., and Perloff, H. S.: State and Local Finance in the National Economy, Norton, 1944.

Hardy, C. O.: Credit Policies of the Federal Reserve System. Brookings, 1932.

Harris Institute Lectures: Gold and MonetaryStabilization. University of Chicago Press, 1932.

Harris, S. E.: The Assignats. Harvard University Press, 1930.

Harris, S. E.: Monetary Problems of the British Empire. Macmillan, 1931.

Harris, S. E.: Twenty Years of Federal Reserve Policy. Harvard University Press, 1933.

Harris, S. E.: Economics of the American Defense Program. Norton, 1943.

Harrod, R. F.: The Trade Cycle. Clarendon Press, 1936.

Harrod, R. F.: International Economics. Nisbet, 1939.

Hawtrey, R. G.: Capital and Employment. Longmans, 1939.

Hayek, F. A.: Profits, Interest and Investment. Routledge, 1939.

Hayek, F. A.: The Pure Theory of Capital. Macmillan, 1941.

Hearings, U. S. Senate Committee on Banking and Currency, 79th Congress, 1st Session.

Hicks and Hart: The Social Framework of the American Economy. Oxford Press, 1945.

Hicks, J. R.: The Problem of Valuation for Rating. Macmillan, 1944.

Hicks, J. R., and U. K.: Standards of Local Expenditure. Macmillan, 1943.

Higgins, B. H.: Canada’s Financial System in War, Occasional Paper No. 19, National Bureau of Economic Research, 1944.

Institute of International Finance, New York University, Bulletin Numbers 101, 112, 122, 124, 132, 137, 141, 142 dealing with current banking and central bank problems.

Kalecki, M.: The Theory of Economic Fluctuations. Farrar & Rinehart, 1939.

Kalecki, M.: Studies in Economic Dynamics. Farrar & Rinehart, 1944.

Kemmerer, E. W.: The ABC of Inflation. McGraw-Hill, 1942.

Kjellstrom, Erik T. H. and others: Price Control—the War Against Inflation. Rutgers University Press, 1942.

Kjellstrom: Managed Money. Columbia University Press, 1934.

Keynes, J. M. Unemployment as a World Problem. University of Chicago, 1931 (pp. 1-42).

Keynes, J. M.: Means to Prosperity. Harcourt, Brace, 1933.

Keynes, J. M.: How to Pay for the War. Harcourt, Brace, 1940.

King, W. T. C.: History of the London Discount Market. Routledge, 1936.

Kuznets, S.: National Income and Capital Formation, 1919-1935. National Bureau of Economic Research, 1937.

Kuznets, S.: National Income and its Composition, 1919-38. 1941.

League of Nations: World Economic Survey. (Annual).

League of Nations: Money and Banking: Monetary Review, Commercial and Central Banks (Vols. I and II). Annual.

Lange, O.: Price Flexibility and Employment, 1944.

Lester, R. A.: Monetary Experiments. Princeton University Press, 1939.

Long, C. D.: Building Cycles and the Theory of Investment, Princeton University Press, 1940.

Lundberg, E.: Economic Expansion. King, 1937.

Lutz, Friedrich: International Monetary Mechanisms: The Keynes and White Proposals (July 1943) Department of Economic and Social Institutions, Princeton University.

Machlup, Fritz: International Trade and the National Income Multiplier, 1943.

Mackenzie, K.: The Banking Systems of Great Britain, France, Germany and the United States, Macmillan, 1945.

Madden, J. R. and Nadler, M.: International Money Markets. Prentice Hall, 1935.

Marshall, Alfred: Money, Credit, and Commerce. Macmillan, 1923.

Meade, J. E.: An Introduction to Economic Analysis and Policy. Oxford University Press, 1938.

Meade, J. E.: Consumer’s Credit and Unemployment. Oxford University Press, 1938.

Morton, W. A.: British Finance 1930-40. University of Wisconsin Press, 1943.

Moulton, H. G.: The New Philosophy of Public Debt. Brookings, 1943.

Moulton, H. G.: Income and Economic Progress. Brookings, 1935.

Myers, Margaret G.: Paris as a Financial Centre. Columbia University Press, 1936.

Nathan, Otto: Nazi War Finance and Banking. Occasional Paper No. 20. National Bureau of Economic Research, 1944.

Nathan, Robert, Mobilizing for Abundance. McGraw-Hill, 1944.

Northrup, Mildred B.: Control Policies of the Reichsbank. Columbia University Press, 1938.

Ohlin, B.: Interregional and International Trade. Harvard University Press, 1933.

Ohlin, B.: Editor of issue of The Annals, May 1938 on Some Problems and Policies in Sweden.

Paris, J. D.: Monetary Policies of the U. S. 1932-38. Columbia University Press, 1938.

Pierson, J. H. G.: (a) Full Employment, Yale University Press, 1941. (b) Full Employment in Practice, N. Y. University Institute on Postwar Reconstruction, 1946.

Pigou, A. C.: The Theory of Unemployment. Macmillan, 1933.

Pigou, A. C.: Employment and Equilibrium. Macmillan, 1941.

Plumptre, A. F. W.: Central Banking in the British Dominions. University of Toronto Press, 1940.

Robinson, Joan: Introduction to the Theory of Employment. Macmillan, 1937.

Roll, Erich: About Money. Faber and Faber, 1934.

Saulnier, R. J.: Contemporary Monetary Theory. Columbia University Press, 1938.

Schumpeter, J. A.: The Theory of Economic Development. Harvard University Press, 1934.

Shackle, G. L. S.: Expectations, Investment and Income, 1938.

Shepherd, Henry L.: The Monetary Experience of Belgium, 1914-1936. Princeton University Press, 1936.

Shirras and Rostas: The Burden of British Taxation. Macmillan, 1943.

Taus, E. R.: Central Banking Functions of the U. S. Treasury. Columbia University Press, 1945.

Timlin, Mabel: Keynesian Economics, 1942.

Thornton, Henry: An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (1802). Farrar and Rinehart, 1939 (Introduction by Hayek).

Timoshenko, V.: World Agriculture and the Depression. University of Michigan, Bureau of Business Research, 1933.

Veblen, T.: Theory of Business Enterprise. Scribner’s, 1904.

Veblen, T.: The Engineers and the Price System. Huebsch, 1921.

Villard, H. H.: Deficit Spending and the National Income. Farrar and Rinehart, 1941.

Vineberg, P. F.: The French Franc and the Gold Standard. McGill University, 1938.

Westerfield, R. B.: Our Silver Debacle. Ronald Press, 1936.

Whittlesey, C. R.: (a) The Banking System and War Finance. New York: National Bureau of Economic Research, 1943. (b) The Effect of War on Currency and Deposits. National Bureau, 1943. (c) Bank Liquidity and War. National Bureau, 1945.

Williams, J. H.: Argentine Trade under Inconvertible Paper. Harvard University Press, 1920.

Willis, H. P., and Beckhart, B. H.: Foreign Banking Systems. Holt, 1929.

Willis, J. B.: The Functions of the Commercial Banking System. New York: Kings Crown Press, 1943.

Wood, Elmer: English Theories of Central Banking Control, 1819-1858. Harvard University Press, 1939.

Youngman, A.: The Federal Reserve System in Wartime. National Bureau of Economic Research, 1945.

 

Articles:

Allen, Newcomer and Shoup: “Taxation Problems”, Am. Econ. Rev., June, 1945.

Anderson, B. M.: “Keynes and Morgenthau Foreign Exchange Stabilization Plans”, Bankers Magazine, May 1943.

Angell, J. W.: “The 100% Reserve Plan”, Quarterly Journal of Economics, November, 1935.

Angell, J. W.: “Foreign Exchange”, Encyclopedia of the Social Sciences, Volume 6.

Belae, W. T. M. Jr., Kennedy, M. T., and Winn, W. J.: “Commodity Reserve Currency,” Journal of Political Economy, August, 1942.

Benham, F.: “Wartime Control of Prices”, Economica, Feb. 1942.

Bennion, E. G.: “Unemployment and the Theories of Schumpeter and Keynes”, Am. Econ. Rev., June, 1943.

Bergson, A.: “Prices, Wages, and Income Theory”, Econometrica, July-October, 1942.

Beveridge, W. H.: “Underemployment in the Trade Cycle”, Economic Journal, March, 1939.

Bloomfield, A. I.: “The Mechanism of Adjustment of the American Balance of Payments: 1919-1929”, Quarterly Journal of Economics, May 1943.

Bronfenbrenner, M.: The Role of Money in Equilibrium Capital Theory”, Econometrica, January, 1943.

Bronfenbrenner, M.: “Some Fundamentals in Liquidity Theory”, Quarterly Journal of Econ., May, 1945.

Clark, Colin: “The Determination of the Multiplier from National Income Statistics”, Economic Journal, September, 1938.

Copeland, M. A.: “The Capital Budget and the War Effort”, Am. Econ. Rev., March, 1943.

Currie, L.: “The Failure of Monetary Policy to Prevent the Depression of 1929-32”, Journal of Political Economy, April 1934.

Dolley, J. C.: “Ability of the Banking System to Absorb Government Bonds”, Journal of Political Economy, February, 1943.

Domar, E.: “The Burden of the Debt and the National Income”, Am. Econ. Rev., December, 1944.

Ebersole, J. F.: (a) “Banks can make more Postwar Jobs.” Harvard Business Review, Autumn, 1943. (b) “Government can Help Banks make more Jobs.” Harvard Business Review, Winter, 1944.

Eddy, George A.: “The Present Status of New Security Issues”, Review of Economic Statistics, August 1939.

Ellis, Howard: “Some Fundamentals in the Theory of Velocity”, Quarterly Journal of Economics, May 1939.

Ellis, Howard: “Notes on Recent Business-Cycle Literature”, Review of Economic Statistics, August, 1938.

Federal Reserve Bulletin: “The Money and Banking System in War-time, Dec., 1943.

Fellner, William: “Monetary Policies and Hoarding in Periods of Stagnation”, Journal of Political Economy, June 1943.

Freeman and Bans, “Saving and Spending Patterns”, Am. Econ. Rev., June, 1944.

Friedman, Milton and Poole, K. E.: “The Spendings Tax,” Am. Econ. Rev., March 1943.

Goodwin, R. M.: “Keynesian and Other Interest Theories”, Review of Economic Statistics, February, 1943.

Graham, Benjamin: “The Critique of Commodity-Reserve Currency: A Point-by-Point Reply”, Journal of Political Economy, February, 1943.

Graham, F. D.: “100% Reserves: Comment”, American Economic Review, June, 1941.

Graham, F. D.: Keynes vs. Hayek in a Commodity Reserve Currency”, Econ. Journal, Dec., 1944. (See also Note by Lord Keynes)

Graham, F. D.: “Commodity-Reserve Currency: A Criticism of the Critique”, Journal of Political Economy, February, 1943.

Hagen and Kirkpatrick, “The National Output at Full Employment in 1950”, Am. Econ. Rev., Sept., 1944.

Hart, A. G.: “Model Building and Fiscal Policy”, Am. Econ. Rev., September, 1945.

Harris, S. E.: “American Gold Policy and Allied War Economics”, Economic Journal, September, 1940.

Harrod R. F.: “An Essay in Dynamic Theory”, Economic Journal, March, 1939.

Hayek, F. A.: “A Commodity-Reserve Currency”, Economic Journal, June-Sept., 1943.

Hansen, Alvin H.: “Three Methods of Expansion through Fiscal Policy”, Am. Econ. Rev., June, 1945.

Hansen, Musgrave and Chamberlain, “Notes on Fiscal Policy”, Am. Econ. Rev., June, 1945.

Henderson, J. S.: “Regional Differentials in Interest Rates”, So. Econ. J., Oct., 1944.

Hinshaw, “American Prosperity and the British Balance of Payments Problem”, Rev. of Econ. Stat., Feb., 1945.

Hicks, J. R.: “Mr. Keynes’ Theory of Employment”, Economic Journal, June, 1936.

Hicks, J. R.: “The Monetary Theory of D. H. Robertson”, Economica, February, 1942.

Hicks, J. R.: “Maintaining Capital Intact”, Economica, May, 1942.

Hicks, J. R.: “Saving and the Rate of Interest in War-time,” The Manchester School of Econ. and Soc. Studies, April, 1941.

Holden, G. R.: “Mr. Keynes’ Consumption Function and the Time-Preference Postulate”, Quarterly Journal of Economics, February 1938; see Keynes’ Reply, Quarterly Journal of Economics, August, 1938.

Horsefield, J. K.: “Currency Devaluation and Public Finance, 1929-1937”, Economica, August, 1939.

Jacobi, N. H.: “Government Loan Agencies and Commercial Banking”, Supplement, Am. Econ. Rev., March, 1942.

Joseph, M F. W.: “The British White Paper on Employment Policy, Am. Econ. Rev., Sept., 1944.

Kaldor, Nicholas: “Capital Intensity and the Trade Cycle”, Economica, February, 1939.

Kaldor, Nicholas: “Stability and Full Employment”, Economic Journal, December, 1938.

Kalecki, M.: “The Short-Term Rate of Interest and Velocity of Cash Circulation”, Review of Economic Statistics, May, 1941.

Kalecki, M.: The Short-Term and the Long-Term Rate”, Oxford Economic Papers, No. 4, Sept., 1940.

Keynes, J. M.: “Alternative Theories of the Rate of Interest”, Economic Journal, June, 1937.

Keynes, J. M.: “The Objective of International Price Stability”, Economic Journal, June-September 1943.

Kondratieff, M. D.: “The Long Waves in Economic Life”, Review of Economic Statistics, November, 1935.

Lange, O.: “Is the American Economy Contracting”, Am. Econ. Rev., 1939, pp. 503-513.

Langer, H. C.: “Maintaining Full Employment”, Am. Econ. Rev. Dec., 1943.

Langum, J. K.: “The Statement of Supply and Use of Member Bank Reserve Funds”, Review of Economics Statistics, August, 1939.

Lanston, A. G.: “Crucial Problems of the Federal Debt”, Harvard Business Review, Winter, 1946.

Lehmann, Fritz: “One Hundred Per Cent Money”, Social Research, February, 1936.

Leland, S. E.: “Management of the Public Debt after the War”, Supplement, Am. Econ. Rev. June, 1944.

Leland, S. E.: “The Government, the Banks, and the Debt”, Commercial and Financial Chronicle, January 17, 1946.

Lerner, A. P.: “Mr. Keynes’ General Theory of Employment, Interest and Money”, International Labour Review, October 1936 and November 1937.

Lerner, A. P.: “Saving Equals Investment”, Quarterly Journal of Economics, February 1938.

Lerner, A. P.: Alternative Formulations of the Theory of Interest,” Economic Journal, June, 1938.

Lerner, Lange, Curtis, Lutz: “Saving and Investment”, Quarterly Journal of Economics, August, 1939.

Lerner, Simons, Graham and Others: “Planning and Paying for Full Employment”, Int’l Postwar Problems, October, 1945 and January, 1946.

Leser, C. E. V.: “The Consumer’s Demand for Money”, Econometrica, April, 1943.

Long, C. D.: “Long Cycles in the Building Industry, 1856-1935”, Quarterly Journal of Economics, May, 1939.

Lusher, D. W.: “The Structure of Interest Rates and the Keynesian Theory of Interest”, Journal of Political Economy, April, 1942.

Lutz, F. A.: “The Interest Rate and Investment in a Dynamic Economy, “ Am. Econ. Rev., December, 1945.

Lutz, F. A.: “The Outcome of the Saving-Investment Discussion”, Quarterly Journal of Economics, August, 1938.

Lutz, F. A.: “Velocity Analysis and the Theory of the Creation of Deposits”, Economica, May 1939.

Machlup, F.: “Period Analysis and the Multiplier Theory”, Quarterly Journal of Economics, November, 1939.

Machlup, F.: “The Theory of Foreign Exchanges”, Economica, Nov., 1939.

Marget, A. W.: “The Monetary Aspects of the Walrasian System”, Journal of Political Economy, April 1935.

Marget, A. W.: “Leon Walras and the ‘Cash-Balance’ Approach to the Problem of the Value of Money”, Journal of Political Economy, October, 1931.

McLeod, G. N.: “The Financing of Employment Maintaining Expenditures”, Am. Econ. Rev., Sept., 1945.

Metzler, L. A.: “Underemployment Equilibrium in International Trade,” Econometrica, April, 1942.

Millikan, M.: “The Liquidity Preference Theory of Interest”, Am. Econ. Rev. 1938, pp. 247-260.

Millikan, M., and others: “General Interest Theory”, Am. Econ. Rev., Supplement, 1938, pp. 69-72.

Moonitz, Maurice: “The Risk of Obsolescence and the Importance of the Rate of Interest”, Journal of Political Economy, August, 1943.

Morgan, E. V.: “The Future of Interest Rates”, Economic Journal, Dec., 1944.

Morgan, Theodore: “Interest, Time Preference and the Yield of Capital”, Am. Econ. Rev., March, 1945.

Morgenstern, O. “On the International Spread of Business Cycles”, Journal of Pol. Econ., August, 1943.

Mosak, J.: “National Budgets and National Policy”, Am. Econ. Rev., March, 1946.

Nussbaum, A.: “The Meaning of Inflation”, Political Science Quarterly, March, 1943.

Ohlin, Robertson, Hawtrey: “Alternative Theories of the Rate of Interest: Three Rejoinders”, Economic Journal, September, 1937.

Ohlin, B.: Some Notes on the Stockholm Theory of Savings and Investment”, Economic Journal, March 1937, June, 1937.

Ohlin, B.: “Mechanism and Objectives of Exchange Control”, Supplement to American Economic Review, March 1937.

Palmer, P. F.: “The Control of Post-War Inflation”, Bulletin of National Tax Association, February, 1943.

Pierson, J. H. G.: “The Underwriting of Aggregate Consumer Spending as a Pillar of Full Employment Policy”, Am. Econ. Rev., March, 1944.

Pigou, A. C.: “The Classical Stationary State”, Econ. Journal, December, 1943, (See also comment by Kalecki in Economic Journal, April, 1944.)

Plumptre, A. F. W.: “Interest Rates and Bank Credit in the British Dominions”, Economic Journal, June, 1939.

Polak, J. J.: “Balance of Payment Problems of Countries Reconstructing with the Help of Foreign Loans”, Quarterly Journal of Economics, February, 1943.

Pumphrey, L. M.: “The Exchange Equalization Account of Great Britain”, American Economic Review, December, 1942.

Robinson, Joan: The Concept of Hoarding”, Economic Journal, June, 1938.

Robinson, Joan: “The International Currency Proposals”, Economic Journal, June-September, 1943.

Robinson, R. I.: “Money Supply and Liquid Asset Formation”, Am. Econ. Rev., March, 1946.

Salant, W. S.: “The Demand for Money and the Concept of Income Velocity”, Journal of Political Economy, June, 1941.

Samuelson, P.: “Interactions between the Multiplier Analysis and the Principle of Acceleration”, Review of Economic Statistics, May, 1939.

Samuelson, P.: “Dynamics, Statics, and the Stationary State”, Review of Economic Statistics, February, 1943.

Samuelson, P.: “Fiscal Policy and Income Determination”, Quarterly Journal of Economics, August, 1942.

Samuelson, P.: “The Rate of Interest under Ideal Conditions”, Quarterly Journal of Economics, February, 1939.

Savage, T. E.: “Banks and Consumer Credit”, Bankers Magazine, February, 1943.

Schumpeter, J. A.: “An Analysis of Economic Change”, Review of Economic Statistics, May, 1935.

Seltzer, L.H.: (a) “Direct versus Fiscal and Institutional Factors”, Supplement, Am. Econ. Rev., Feb., 1941. (b) “Postwar Domestic Monetary Problems”, Supplement, Am. Econ. Rev., March, 1944. (c) “The Changed Environment of Monetary and Banking Policy”, Supplement, Am. Econ. Rev. May, 1946.

Shapiro, S.: “The Distribution of Deposits and Currency in the United States, 1929-1939”, Journal of the American Statistical Association. Dec. 1943.

Shirras, G. F.: “The Position and Prospects of Gold,” Economic Journal, June-Sept., 1940.

Shoup, Carl: “Problems in War Finance”, Am. Econ. Rev., March, 1943.

Simmons, E. C.: “Treasury Deposits and Excess Reserves”, Journal of Political Economy, June, 1940.

Simons, H. C.: “Rules versus Authority in Monetary Policy”, Journal of Political Economy, February, 1936.

Simons, H. C.: “Hansen on Fiscal Policy”, Journal of Political Economy, April, 1942.

Smithies, A.: “The Quantity of Money and the Rate of Interest”, Review of Economic Statistics, February, 1943.

Smithies, A.: “The Behavior of Monetary National Income Under Inflationary Conditions”, Quarterly Journal of Economics, November, 1942.

Smithies, A.: “Full Employment in a Free Society”, Am. Econ. Rev. June, 1945.

Somers, H. M.: “Rules versus Authority in Monetary Policy”, Quarterly Journal of Economics, May, 1941.

Spere, Herbert, and Leavitt, John A.: “Inflation as a Post-War Problem”, Journal of Political Economy, August, 1943.

Stettner, W. F.: “Sir James Stewart on the Public Debt”, Quarterly Journal of Economics, May, 1945.

Stolper, W. F.: “Monetary Equilibrium and Business-Cycle Theory”, Review of Economic Statistics, February, 1943.

Stone, R.: “National Income in the United Kingdom and the United States of America,” Review of Economic Studies: Winter, 1942-43.

Stone, R.: “The National Income, Output, and Expenditure of U.S.A. 1929-41,” Economic Journal, June-Sept., 1942.

Viner, Jacob: “Mr. Keynes on the Causes of Unemployment: A Review” Quarterly Journal of Economics, November, 1936.

Viner, Jacob: “Inflation: Menace or Bogey?” Yale Review: Summer, 1942.

Watkins, L. L.: “The Expansion Power of the English Banking System,” Quarterly Journal of Economics, November, 1938.

Whittlesey, C. R.: “Problems of Our Domestic Money and Banking System”, Supplement, Am. Econ. Rev., March, 1944.

Whittlesey, C. R.: “Reserve Requirements and the Integration of Credit Policies,” Quarterly Journal of Economics, August, 1944.

Williams, John H.: “The Adequacy of Existing Mechanisms under Varying Circumstances” Supplement to American Economic Review, March, 1937.

Williams, John H.: “Fiscal Policy and Preparedness”, Proceedings, Academy of Political Science, May, 1939.

Williams, John H.: “Economic and Monetary Aspects of the Defense Program”, Federal Reserve Bulletin, February, 1941.

Williams, John H.: “Economic Consequences of Deficit Financing”, Am. Econ. Rev., Supplement, 1940, pp. 52-66.

Williams, John H.: “The Keynes and White Plans”, Foreign Affairs, July, 1943.

Williams, John H., and Jacoby, N. H.: “The Changing Position of the Banking System and its Implications for Monetary Policy”, Supplement to American Economic Review, March, 1942.

Williams, R. S.: “Fiscal Policy and Propensity to Consume”, Econ. Journ., Dec., 1945.

Winn, Willis J.: Commodity-Reserve Currency: A Rejoinder”, Journal of Political Economy, April, 1943.

Wright, D. McC.: “The Future of Keynesian economics,” Am. Econ. Rev., June, 1945.

Wright, D. McC., “Moulton’s: The New Philosophy of Public Debt”, Am. Econ. Rev., Sept., 1943.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1946-47 (2 of 2)”.

Image Source: Alvin H. Hansen and John H. Williams in Harvard Class Album 1942.

Categories
Bibliography Johns Hopkins

Johns Hopkins. Fiscal Policy Readings. Domar, 1949-50

 

 

 

Evsey Domar was hired at Johns Hopkins in 1948. This posting provides a convenient list of the greatest (English language) hits in the macroeconomics of fiscal policy at mid-twentieth century.

___________________________________

 

Course Announcement

Fiscal Policy 627-628. Associate Professor Domar. Two hours weekly through the year.

Fiscal policy as an instrument of economic stabilization and development. An analysis of its theory and actual applications in recent years.

Prerequisites: Monetary Theory 309-10 and Business Cycles 617-18, or their equivalents.

 

Source: Announcements of Courses, 1949-50. The Johns Hopkins University Circular, New Series 1949, Number 4 (April 1949), p. 92.

___________________________________

 

FISCAL POLICY
Political Economy 627-28
1949-50

It is assumed that the students are already familiar or will familiarize themselves shortly with the following books or their equivalent:

 

Author

 Title

Year
American Econ Assn. Readings in Business Cycle Theory

1944
Board of Governors of the Federal Reserve System The Federal Reserve System. Its Purpose and Functions

1947
Council of Economic Advisers The Midyear Economic Report of the President to the Congress, July 11, 1949, together with a report, The Economic Situation at Midyear 1949

1949
Haberler, Gottfried Prosperity and Depression

1946
Hansen, Alvin H. Fiscal Policy and Business Cycles

1941
Hansen, Alvin H. Monetary Theory and Fiscal Policy

1949
Keynes, John Maynard The General Theory of Employment Interest and Money

1936
Lange, Oscar Price Flexibility and Employment

1944
Lerner, Abba P.

The Economics of Control. Principles of Welfare Economics

1944
National Planning Assn. National Budgets for Full Employment

1945
Ruggles, Richard An Introduction to National Income and Income Analysis

1949
Somers, Harold M. Public Finance and National Income

1949
Whittlesey, Chas. R. Principles of Money & Banking

1948
The following books are recommended:
Arndt, H. W. The Economic Lessons of the Nineteen-Thirties

1944
Beveridge, Wm. H. Full Employment in a Free Society

1945
Board of Governors of the Federal Reserve System Banking Studies

1941
Bopp, Karl R. et al Federal Reserve Policy

1947
Ellis, Howard S. (ed.) A Survey of Contemporary Economics

1948
Fellner, Wm. Monetary Policies and Full Employment

1946
Hansen, Alvin H. Economic Policy and Full Employment

1947
Hansen, Alvin H. & Perloff, Harvey S. State and Local Finance in the National Economy

1944
Harris, Seymour Edwin (ed.) Economic Reconstruction

1945
Harris, Seymour Edwin (ed.) The New Economics. Keynes’ Influence on Theory and Public Policy

1947
Hart, Albert Gailord Money, Debt and Economic Activity

1948
Hawtrey, Ralph George The Art of Central Banking

1932
Homan, Paul T. & Machlup, Fritz (ed.) Financing American Prosperity. A Symposium of Economists

1945
Keynes, John Maynard A Treatise on Money

1930
King, Willford Isbell The Keys to Prosperity. A Symposium of Economists

1945
Lerner, Abba P. & Graham, Frank D. (ed.) Planning and Paying for Full Employment

1946
Metzler, Lloyd A. et al Income, Employment and Public Policy. Essays in Honor of Alvin H. Hansen

1948
Mises, Ludwig von The Theory of Money and Credit

1935
Musgrave, Richard A. et al. Public Finance and Full Employment

1945
Balogh, T. et al The Economics of Full Employment

1944
Rist, Charles History of Monetary and Credit Theory from John Law to the Present Day

1940
Robertson, Dennis Holme Essays in Monetary Theory

1940

Additions to this list will be made from time to time.

 

Source: Duke University, Rubenstein Library. Economists’ Papers Archive. Evsey D. Domar papers, Box 15, Folder “Macroeconomics: Old Reading Lists.”

Image Source: Joshua Domashevitsky (Evsey D. Domar), University of California at Los Angeles, Bruin Life Yearbook/Southern Campus Yearbook, 1939, p. 52. Caption to graduation picture: “Joshua Domashevitsky, A. B./Economics/ Transferred from State College of Law, Manchuria: Foreign Trade Club; Artus, Chancellor of the Exchequer 4.”

Categories
Bibliography Harvard Undergraduate

Harvard. Books on reserve in economics tutorial department, ca. 1927

 

In one of the folders containing economics course reading lists in the Harvard University Archives, I found a single sheet of paper with a typed list of books in the Harvard College economics tutorial office (a hand-written note above the list: “1926-27 or 1927-28”). Beginning with the Class of 1917, a general examination of candidates for the A.B. degree with a concentration in the Division of History, Government, and Economics was required. Following the English model, special tutors were appointed to supervise and provide supplementary non-course instruction in preparation for the general examination. This posting begins with some background material regarding both the general final examination and the tutorial system. Division exams for 1939 have already been transcribed and posted in Economics in the Rear-view Mirror–see the Economics General Exam for 1939 where links to the five specific (i.e. field) exams and six so-called correlation exams for honors candidates are provided. 

Today’s posting ends with the list of 45 economics titles (multiple copies, from 2-12) available in the economics tutorial office in the late 1920s.

______________________________

Introduction of the general final examination and tutorial system

…Beginning with the Class of 1917, students concentrating in the Division of History, Government, and Economics will be given a general final examination upon the field of their concentration. This examination will be so arranged as to test the general attainments of each candidate in the field covered by this Division and also in a specific field of study pursued by the student within the Division. The specific field will be selected by the student himself upon the basis of his courses and his reading. The following list gives examples of such fields of study, but is in no sense exhaustive, and any other field of work within the Division may be presented by the candidate for approval:

Ancient History
American History and Government
Modern European History
Municipal and State Government
International Law and Diplomacy
Economic Theory
Economic History
Applied Economics

The general final examination has been established, not in order to place an additional burden upon candidates for the A.B., but for the purpose of securing better correlation of the student’s work, encouraging better methods of study, and furnishing a more adequate test of real power and attainment. To this end students concentrating in the Division will from the beginning of their Sophomore year have the guidance and assistance of special Tutors. The work of these Tutors will be to guide students in their respective fields of study, to assist them in coördinating the knowledge derived from different courses, and to stimulate in them the reading habit. Students will meet the Tutors in small groups and for individual conferences at intervals depending upon the nature of the student’s work, the rate of his progress, and the number of courses which he may be taking in this Division in any particular year. The work of Tutors will be entirely independent of the conduct of courses, and the Tutors as such will have no control over the work or the grades of any student in any college course. Their guidance and assistance will naturally be of indirect benefit to the student in his work in individual courses, but their main function will be to help the student and guide him in the kind of reading and study which will be most useful toward his general progress in this Division. The attitude of the Tutor will be that of a friend rather than of a task-master, and students may consult him freely and informally concerning any phase of their work.

 

Source: Division of History, Government, and Economics, 1914-15. Official Register of Harvard University, Vol. XI, No. 1, Part 14 (May 19, 1914), pp. 79-80.

______________________________

From The Harvard Crimson

Tutorial System Hereafter
Rules for Concentration in History, Government and Economics Will Apply Next Year.
April 10, 1914

Beginning with the class of 1917 and applying to all subsequent classes, a new rule in regard to concentration in the Division of History, Government and Economics has been adopted.Concentration in this Division requires at least six courses which are related to each other. Under the new system all students concentrating in this division will be required to pass in their Senior year a final examination covering their special field within the Division, and consisting of a written examination early in the spring, and an oral examination toward the close of the year. In order to prepare students for these examinations the University will provide special tutors beginning with the Sophomore year.

Only Two Introductory Courses.

Every student intending to concentrate in History, Government, and Economics should state the Department in which he will take at least four courses and the Department in which he will take the remaining two. He will not be allowed to count towards his concentration more than two of the introductory courses, History 1, Government 1, and Economics A. The aim of the system is to enforce a more accurate knowledge and comprehension of studies as a whole. This aim has frequently not been achieved owing to the wide scattering of courses.

 

The Tutorial System
April 10, 1914

There are two new features in the recently announced requirements of the Division of History, Government and Economics, namely, the general examination and the tutorial system. And they are complementary. The task of the tutor is to intelligently guide the student in his preparation for the final examination, to assist him in that organization and correllation of his work which is the key-note of the plan. His work begins where the adviser’s work ends. The adviser still superintends the choice of courses made by the student although it is to be expected, probably, that a capable tutor will tend to influence this choice. It will be impossible so sharply to distinguish the task of choosing courses and correlating them as to prevent this. The sanction of the adviser may approximate formal permission, with the guiding force held by the tutor.

The general examination on the other hand, modelled after the plan in use for doctorate examinations, including a general examination for the division work and a supplementary special test for the department or field, reaches over the whole matter of choice and organization and focuses the work of the adviser, tutor and student.

One result is inevitable, that is, the effect of producing a more serious scientific attitude toward the work. The student who chooses this Division will be presumed to have made the choice with serious intent to perfect himself in that line. The student who chose that work because he had to concentrate in something may well feel he is getting more than he bargained for. This is not a criticism; the result-to make study in that division more in the way of laboratory work, to lift it out of the region of inconsequent eclectic undergraduate education may be more serious. The decline or increase in the number of men in the Division will show to what an extent the work there is taken for serious reasons, not as a line of least resistance.

The effect in minimizing course grades, cramming, and mechanical study can only be helpful. To produce capable and broad-minded students, with a wide grasp of their field and an accurate knowledge of their specialty is the very desirable end to which the system aims. And that not by more work but by better organization.

Excerpt from
Will Exchange Two Tutors [with Oxford and Cambridge] Next Year
March 19, 1923

…the work of the tutor is independent of courses, not subordinate to them; for tutorial instruction is quite separate from course instruction.

Started Here in 1912

The tutorial system was inaugurated Harvard in 1912. At that time a general examination for graduation was established experimentally for men concentrating in History, Government and Economics. It was felt that these examinations could be made effective and, at the same time, fair to the student only by the development of a system of individual guidance, so six tutors were appointed. Since then the general examination, with or without tutors, has been put into effect as a requirement for men concentrating in a number of other subjects, all in fact, except Mathematics and the natural sciences,–and the number of tutors having been accordingly increased from six to over 30.

Of the conditions here, Professor H. H. Burbank, G. ’15 says in his recent annual report as chairman of the board of tutors in History, Government and Economics. “Attendance at the conferences is not compulsory. There is no system of monitoring or reports of absences to the college office. The fear of disciplinary action cannot serve as a stimulus to meet appointments or to prepare assignments. It is true that the authority to employ disciplinary measures can be invoked if the occasion arises, but in eight years no resort to such measures has been necessary. Yet the cutting of tutorial appointments is comparatively rare, far less than the cutting of courses. The majority of concentrators, well over 60 per cent, seldom fail to meet their engagements. The tradition of tutorial work has become firmly established”….

____________________________

READINGS IN ECONOMIC TUTORIAL DEPARTMENT
HARVARD UNIVERSITY
[1926-27 or 1927-28]

6 Dunbar Theory and History of Banking Putnam, New York
6 Cannan Money King, London
12 Bagehot Lombard St. Murray, London
12 Robertson Money Harcourt Brace Co., N.Y.
5 Cassell Money and Foreign Exchange MacMillan, N.Y.
6 Carver Essays in Social Justice Harvard University Press
6 White Money and Banking Ginn and Co., Boston
6 Hawtrey Monetary Reconstruction Longmans Green & Co., N.Y.
6 Hawtrey Currency and Credit Longmans Green & Co., N.Y.
3 Hawtrey Economic Problem Longmans Green & Co., N.Y.
6 George Progress and Poverty Garden City Pub. Co., N.Y.
3 Andreades History of Bank of England King, London
5 Withers Meaning of Money E.P. Dutton Co., N.Y.
3 Toynbee Industrial Revolution Longmans Green & Co., N.Y.
4 Morley Life of Cobden, Vol. I; Vol. II. MacMillan, N.Y.
4 Trevelyan John Bright Houghton Mifflin Co., N.Y.
5 Fisher Purchasing Power of Money MacMillan, N.Y.
2 Chamberlain Bond Investment Henry Holt & Co., N.Y.
3 Lough Corporation Finance Alex. Hamilton Institute, N.Y.
2 Henderson Federal Trade Commission Yale University Press, New Haven
12 Smith Wealth of Nations (Everyman’s Lib.)  Vol. I; Vol. II. E.P. Dutton Co., N.Y.
6 Ricardo Political Economy (Everyman’s Lib.) E.P. Dutton Co., N.Y.
3 Ricardo First Six Chapters of Political Economy MacMillan, N.Y.
12 Ricardo Political Economy (Gonner Editor) George Bell, London
3 Malthus Essay on Population MacMillan, N.Y.
6 Mill Political Economy (Ashley Edition) Longmans Green & Co., N.Y.
2 Mill Political Economy (2 vols) Vol. I; Vol. II. Appleton & Co., N.Y.
6 Marshall Principles of Economics MacMillan, N.Y.
6 Marshall Industry and Trade MacMillan, N.Y.
3 Hobson Work and Wealth MacMillan, N.Y.
3 Pigou Economics of Welfare MacMillan, N.Y.
12 Henderson Supply and Demand Harcourt Brace Co., N.Y.
6 Cannan Wealth King, London
3 Davenport Economics of Enterprise MacMillan, N.Y.
6 Carver Distribution of Wealth MacMillan, N.Y.
6 Ely Outlines of Economics MacMillan, N.Y.
6 Clark Economics of Overhead Costs University of Chicago Press
6 Gide & Rist History of Economic Thought D.C. Heath & Co., Boston
3 Fairchild, Furniss & Buck Principles of Economics MacMillan, N.Y.
2 Flux Economic Principles E.P. Dutton Co., N.Y.
6 Veblen Theory of the Leisure Class Vanguard Press, N.Y.
3 Cassell The Theory of Social Economy Harcourt Brace Co., N.Y.
4 Böhm-Bawerk Positive Theory of Capital G.E. Stecher Co., N.Y.
3 National Indust. Conference Public Regulation of Competitive Practices
3 National Indust. Conference Trade Associations

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC8522.2.1), Folder “1927-28”.

Image Source:  Harold Hitchings Burbank in Harvard Class Album 1925.

Categories
Bibliography Columbia Economists

Columbia. Publications of Henry Ludwell Moore, 1895-1929

 

 

The Johns Hopkins Ph.D., Henry Ludwell Moore, was a pioneer in the application of statistics to neoclassical economics. His most famous students were Paul H. Douglas and Henry Schultz. 

______________________

[Bibliography through 1930]
HENRY LUDWELL MOORE
1869-[1958]

A.B., Randolph-Macon, 1892; Ph.D., Johns Hopkins, 1896.

Instructor in Economics, 1896-1897, Lecturer in Political Economy, Johns Hopkins, 1897-1898; Professor of Political Economy, Smith, 1897-1902; Adjunct Professor of Political Economy, 1902-1906, Professor of Political Economy, Columbia, 1906-1929.

Books

Laws of Wages; An Essay in Statistical Economics. New York, The Macmillan Company, 1911. viii, 196 p.

Economic Cycles: Their Law and Cause. New York, The Macmillan Company, 1914. viii, 149 p. [Japanese translation, Tokyo, 1926]

Forecasting the Yield and Price of Cotton. New York, The Macmillan Company, 1917. vi, 173 p.

Generating Economic Cycles. New York, The Macmillan Company, 1923. xi, 141 p.

Synthetic Economics. New York, The Macmillan Company, 1929. vii, 186 p.

 

Articles

Von Thunen’s Theory of Natural Wages. Quarterly Journal of Economics, Apr., July 1895, IX, 291-304, 388-408.

Antoine-Augustin Cournot. Revue de métaphysique et de morale, May 1905, XIII, 521-543.

The Personality of Antoine Augustin Cournot. Quarterly Journal of Economics, May 1905, XIX, 370-399.

Paradoxes of Competition. Quarterly Journal of Economics, Feb. 1906, XX, 211-230.

The Variability of Wages. Political Science Quarterly, Mar. 1907, XXII, 61-73.

The Differential Law of Wages. Journal of the Royal Statistical Society, Dec. 1907, LXX, 638-651.

The Efficiency Theory of Wages. Economic Journal, Dec. 1907, LXIII, 571-579.

The Statistical Complement of Pure Economics. Quarterly Journal of Economics, Nov. 1908, XXIII, 1-33.

Crop-Cycles in the United Kingdom and in the United States. Journal of the Royal Statistical Society, May 1919, LXXXII, 373-389.

Empirical Laws of Demand and Supply and the Flexibility of Prices. Political Science Quarterly, Dec. 1919, XXXIV, 546-567.

Crop-Cycles in the United Kingdom and in France. Journal of the Royal Statistical Society, May 1920, LXXXIII, 445-454.

Forecasting the Crops of the Dakotas. Political Science Quarterly, June 1920, XXXV, 204-235.

Generating Cycles of Products and Prices. Quarterly Journal of Economics, Feb. 1921, XXXV, 215-239.

Generating Cycles Reflected in a Century of Prices. Quarterly Journal of Economics, Aug. 1921, XXXV, 503-526.

The Origin of the Eight-Year Generating Cycle. Quarterly Journal of Economics, Nov. 1921, XXXVI, 1-29.

Elasticity of Demand and Flexibility of Prices. Journal of the American Statistical Association, Mar. 1922, XVIII, 8-19.

An Eight-Year Cycle in Rainfall. Monthly Weather Review, July 1922, L, 357-359.

Economic Cycles. Geographical Review, Oct. 1923, XIII, Sup., 662.

A Moving Equilibrium of Demand and Supply. Quarterly Journal of Economics, May 1925, XXXIX, 357-371.

Partial Elasticity of Demand. Quarterly Journal of Economics, May 1926, XL, 393-401.

Pantaleoni’s Problem in the Oscillation of Prices. Quarterly Journal of Economics, Aug. 1926, XL, 586-596.

A Theory of Economic Oscillations. Quarterly Journal of Economics, Nov. 1926, XLI, 1-29.

 

Source: A Bibliography of the Faculty of Political Science of Columbia University 1880-1930. (New York: Columbia University Press, 1931), pp. 104-105.

______________________

For more about Henry Moore, see George J. Stigler, Henry L. Moore and Statistical Economics. Econometrica, Vol. 30, No. 1 (Jan., 1962), pp. 1-21.

Image Source: Precedes the Stigler article.

 

Categories
Bibliography Chicago Courses

Chicago. Mathematical Economics. Henry Schultz’s Reading List, 1935

 

 

For an earlier posting I transcribed a core list of references for the course on mathematical economics, Economics 402, taught by Henry Schultz at the University of Chicago during the Spring quarter, 1932. That list was found in the papers of Albert G. Hart in the Columbia University archives. A virtually identical core list of references was found in George Stigler’s papers at the University of Chicago archives in a folder labeled “1935 Univ. of Chicago Class notes”. Only a few handwritten additions differ between the two copies.

The “Stigler edition” of the Economics 402 list of references probably comes from the 1935 autumn quarter. There are two reasons to think this besides simply trusting the accuracy of the folder’s label. Stigler’s preliminary examinations for the doctorate must have been taken in May 1935 according to a mimeographed copy of the examination schedules located in this same folder. Mathematical economics was considered a specialized field at the time and was unlikely to have been the subject of the preliminary examination in theory;  further, one of the handwritten additions was a reference to an August 1935 paper by Henry Schultz. 

The value-added of today’s transcription of the “Stigler edition” compared to the earlier “Hart edition“ is that I have gone to great lengths to provide links to the overwhelming majority of items below. The links to jstor.org are free only to those with access to a research library’s e-resource, but a surprising amount of the stuff is out there and downloadable for free. The posting with the “Hart edition” also includes Schultz’s reference lists for Cost Theory and the Theory of Monopolistic Competition that were not found in the Stigler papers.

I suspect that Stigler only audited Economics 402 because we find only about five pages of his own notes for the course in that folder. In comparison for Schultz’s other course, Theory and Measurement of Demand (Economics 405), one finds about forty pages of notes.

There is one problem with one row in the table of references that I have highlighted in boldface blue. The dates given for the Journal of the American Statistical Association are not associated with papers written by Henry L. Moore nor do any of the papers in the issues noted appear to have papers of particular interest for mathematical economics expect perhaps that by Karl G. Karsten: The Theory of Quadrature in Economics. JASA March, 1924 [Link to jstor.org]. Henry L. Moore’s list of publications only shows a single March 1922 publication in JASA, but many papers in QJE.

___________________

 

Course Announcements, 1935-36, 1932-33 

  1. Mathematical Economics.— Prerequisite: Economics 301 [Price and Distribution Theory], a reading knowledge of French, and consent of the instructor. Registration for a course or a double course. Autumn, SCHULTZ.

Source: University of Chicago. Announcements, The College and the Divisions for the Sessions of 1935-36, p. 297

 

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

Source: University of Chicago. Announcements, Arts, Literature and Science, vol. XXXII, February 25, 1932, no. 12 (for the sessions of 1932-33), p. 355.

________________________________

 

[Autumn Quarter 1935]
REFERENCES FOR ECON. 402

Mathematical Economics
By
Henry Schultz
University of Chicago

Amoroso, Luigi Lezioni di Economia Matematica
Le Equazioni Differenziali della Dinamica Economica—in Giornale degli Economisti, February, 1929. [Link to jstor.org]
La Curva Statica di Offerta—Giornale degli Economisti, January, 1930. [Link to jstor.org]  [English translation: Link to jstor.org]
Annals of the American Academy of Political & Social Science July, 1892 (Paper by Walras) [Link to jstor.org]
Auspitz, Rudolf
Lieben, Richard		 Recherches sur la théorie du prix [Volume I, Volume II]
Bentham, Jeremy Principles of Morals and Legislation [Volume I, Volume II]
Bertolasi, Ellen Quittner Die Stellung der Lausanner Schule in der Grenznutzenlehre—in Arch. f. Sozialw. u. Sozialpol., 64. Band, Heft 1, August, 1930, pp. 16-44.
Black, J. D. [Introduction to] Production Economics [New York, 1926]
Bonar, James Philosophy and Political Economy
Bousquet, G. H. Essai sur l’évolution de la Pensée économique [1927]
Précis de sociologie d’àpres Vilfredo Pareto [Paris, 1925]
Vilfredo Pareto: Sa vie et son oeuvre
Boven, Pierre Les applications mathématiques à l’économie politique [Lausanne, 1912].
Bowley, A. L. Mathematical Groundwork of Economics
Bridgman, P. W. The Logic of Modern Physics
Cassel, Gustav Theory of Social Economy
Fundamental Thoughts on Economics
Cournot, A. A. The Mathematical Theory of Wealth
Théorie des richesses
Cunynghame, H. Geometrical Political Economy
Del Vecchio, Gustavo La Dinamica Economica Di H. L. Moore—in Giornale degli Economisti, Anno XLV, Giugno, 1930, VIII, No. 6, pp. 545-554. [link to jstor.org]
Dicey Law and Opinion in England
Edgeworth, F. Y. Mathematical Psychics
Papers relating to Political Economy [Volume  I; Volume II; Volume III.]
Evans, G. C. Mathematical Introduction to Economics
Fisher, Irving Mathematical Investigations in the Theory of Value and Prices,—in Transactions of the Connecticut Academy of Arts & Sciences (9-10) pp. 1-125.
[Ricci, Umberto] Elasticità dei bisogni, della domanda e dell’offerta. Giornale degli Economisti Aug. & Oct., 1924.

Link to Part I in jstor.org; link to Part II in jstor.org.
Halévy, Élie La formation du radicalism philosophique
[Vol. I. La Jeunesse de Bentham, 1901; Vol. II. L’Évolution de la Doctrine Utilitaire de 1789 a 1815, 1901; Vol. III. Le Radialisme Philosophique, 1904.]
Hobson, E. W. The Domain of Natural Science
Jevons, W. S. Theory of Political Economy [Third edition]
Journal of the American Statistical Association Dec. 1923; March & Dec. 1924; Dec. 1926
(Papers by H. L. Moore)
Journal of Political Economy
Oct. & Dec. 1925; April 1927		 Schultz, Henry. The Statistical Law of Demand as Illustrated by the Demand for Sugar, Part I. J.P.E. (Oct., 1925), pp. 481-504. [Link to jstor.org]

Schultz, Henry. The Statistical Law of Demand as Illustrated by the Demand for Sugar, Part II. J.P.E. (Dec., 1925, pp. 577-631. [Link to jstor.org]
Appendix I: Comments on Professor Lehfeldt’s Method of Deriving the Elasticity of Demand for Wheat [Link to jstor.org].
Appendix II: Tables [Link to jstor.org].

Ezekiel, Mordecai. A Statistical Examination of Factors Related to Lamb Prices. J.P.E. (Apr., 1927), pp. 233-260. [Link to jstor.org]
Marshall, Alfred Principles of Economics [Eight edition]
Industry and Trade
Money, Credit and Commerce
Moore, Henry L. Laws of Wages
Economic Cycles
Forecasting the Yield & the Price of Cotton
Generating Economic Cycles
Synthetic Economics
Moret, Jacques L’emploi des mathématiques en économie politique
Nichol, A. J. Partial Monopoly and Price Leadership (Privately published)

[cf. “A Re-appraisal of Cournot’s Theory of Duopoly Price”, Journal of Political Economy (Feb. 1934), pp. 80-105. Link to jstor.org]
Pantaleoni, M. Pure Economics
Pareto, Vilfredo Manuel d’économie politique
Cours d’économie politique [Volume 1, Volume 2]
Anwendung der Mathematik auf National Ökonomie, —in Encycl. Mathematisch, Wissenschaft, I G 2, pp. 1094-1170
Économie mathématique, —in Encyclopédie des sciences mathématique, Tome I, vol. 4 (Fascicule 4, pp. 590-640)
The New Theories of Economics, —in Journ. Polit.Econ., Sept. 1897 [Link to jstor.org]
Traité de sociologie générale [Volume I; Volume II]
Pearson, Karl Grammar of Science
Pietri-Tonelli, Alfonso Traité d’économie rationelle
[H. Gamier translation from 3rd Italian edition. Paris, 1927]
Pigou, Alfred [sic, Arthur] Economics of Welfare
[4th edition, 1920.  ]
Planck, Max A Survey of Physics
Poincaré, Henri Foundations of Science
Political Science Quarterly
(Paper by Mitchell)		 Vol. XXXIII, June, 1918, No. 2, pp. 164-5 [Part II of “Bentham’s Felicific Calculus”. Link to jstor.org]
Quarterly Journal of Economics
Jan. 1898; Aug. 1925; Nov. 1926; March[sic] 1927		 Irving Fisher. “Cournot and Mathematical Economics (Jan., 1898), pp. 119-138. [Link to jstor.org]. And “Appendix: Notes on Cournot’s Mathematics”, pp. 238-244. [Link to jstor.org]

Holbrook Working “The Statistical Determination of Demand Curves” (August, 1925), pp. 503-543. [Link to jstor.org]

Henry Ludwell Moore. “A Theory of Economic Oscillations” (Nov., 1926), pp. 1-29. [Link to jstor.org]

E. J. Working. “What Do Statistical ‘Demand Curves’ Show?” (Feb., 1927, pp. 212-235. [Link to jstor.org]
Revue d’histoire des doctrines économique et sociales 1910 (Article by Antonelli on Léon Walras) [Link to jstor.org]
Revue d’histoire économique et sociale
(1924), pp. 225-43		 G. H. Bousquet. “Vilfredo Pareto — Le Développement et la Signification Historique de son Œuvre”, Vol. 12, No. 2.  [Link to jstor.org]
Revue de metaphysique et de morale (13) 1905 (Section on Cournot) [pp. 291-543]
Ricci, Umberto Die statistischen Gesetze des Gleichgewichtes nach Henry Schultz—in Zeitschrift für Nationalökonomie, January, 1931
Schultz, Henry [Handwritten addition] Interrelation of Demand, Income and Price J.P.E. Aug. 1935 [Link to jstor.org]

Statistical Laws of Demand and Supply […with Special Application to Sugar. University of Chicago Press, 1938]
Marginal Productivity and the General Pricing Process, —Journ. Polit. Econ., Oct. 1929.  [Link to jstor.org]
Der Sinn der statistischen Nachfragekurven
[Vol 10 of Frankfurter Gesellschaft für Konjunkturforschung, 1939[Handwritten addition] Interrelations of Demand J.P. E. Aug. 1933 [Link to jstor.org]
Vinci, Felice “Sui Fondamenti della Dinamica Economica”, Rivista Italiana di Statistica, Anno II, No. 3, Luglio-Settembre, 1930—VIII, pp. 222-268
Walras, Léon Économie politique appliquée
Économie sociale
Éléments d’économie politique
Wicksteed, Philip The Alphabet of Economic Science
Common Sense of Political Economy
Stephen, Leslie The [English] Utilitarians
[Vol. I. Jeremy Bentham; Vol. II. James Mill; Vol. III. John Stuart Mill (1900). ]
Zawadzki, Wl. Les mathématiques appliquées à l’économie politique
Zeuthen, F. L. Problems of Monopoly and Economic Welfare

________________________________

Specific References to Pareto by Schultz

A ten-page handout prepared by Schultz for Economics 402 “General Laws of Individual Demand and Supply (after Pareto)” includes much more specific references to Pareto’s works, the first of which is a new item.

Vilfredo Pareto

  • Giornale degli Economisti, 1892, pp. 119-157, 1893, pp. 279-321.

[Considerazioni Sui Principii Fondamentali Dell’Economia Politica Pura

jstor link to May 1892, Volume 4, pp. 389-420;
jstor link to June 1892, Volume 4, pp. 485-512;
jstor.org link to August 1892, Volume 5, pp. 119-157;
jstor.org link to January 1893, Volume 6, pp. 1-37;
jstor.org link to October 1893, Volume 7, pp. 279-321.

English translation: Considerations on the Fundamental Principles of Pure Political Economy (edited by Roberto Marchionatti and Fiorenzo Mornati), London: Routledge, 2007.

 

Source: University of Chicago Archives. Papers of George Stigler. Addenda, Box 33. Folder “1935 University of Chicago Class Notes”.

Image Source: Henry Schultz (detail from group picture of the Cowles Commission’s 4th Annual Research Conference on Economics and Statistics at Colorado Springs, July 20, 1938)