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Harvard. Economic Theory II, Econ 202. Leontief, 1948-49

In a previous posting I provided the reading lists for the two term graduate course “Economic Theory I” , Economics 201, taught by Edward Chamberlin in 1947-48. “Economic Theory II”, Economics 202a and 202b, was taught by Wassily Leontief. Presuming a student who took both courses would have done this in consecutive years, I provide the course outlines, reading lists and the exam questions (only for Economics 202a) for the year 1948-49.

Leontief apparently did not get around to covering Part IV of Economics 202a in the Fall Term, since the entire section can be seen repeated for the first topic of the Spring term.

Besides Chamberlin’s course Economics 201 just mentioned. It is interesting to compare Leontief’s course with  that of Lloyd Metzler  and that of Milton Friedman at Chicago also in the same year.

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Economics 202a
Fall Term 1948-49

Economics 202a will cover the Theory of a Firm, the Theory of Individual Demand, Theory of Market Relationships, and introduce the basic concepts of the General Equilibrium Theory. 202b, as given in the Spring Term, will cover the Theory of Distribution (wages, capital and interest), profits), the Theory of General Equilibrium (Keynes), and introduce the basic concept of Welfare Economics and Economic Dynamics.

I.     Theory of a Firm

Costs; total, average, marginal.
Theory of the multiple plant firm.
Revenue; total, average, marginal.
Long and short run analysis
Supply under competitive and monopolistic conditions.
Production function, marginal productivity, increasing and decreasing returns.
Joint products.
Demand for factors of production.
Discontinuous relationships and non-marginal analysis.
Internal and external economies.
New invention and technological change.

Reading assignments:

Oscar Lange, “The Scope and Method of Economics,” Review of Economic Studies, Vol. XIII, (i), 1945-46, pp. 19-32.

E. A. G. Robinson, Structure of Competitive Industry, Chs. II, VII, VIII, pp. 14-35, 107-133.

Boulding, Economic Analysis, Part II, Chs. 18-26, pp. 375-595 (New edition: Chs. 20-26, pp. 419-552; Chs. 31, 32, pp. 669-733).

I. Fisher, “A Three-Dimensional Representation of the Factors of Production and Their Remuneration Marginally and Residually,” Econometrica, October, 1939.

George Stigler, “Production and Distribution in the Short Run,” Journal of Political Economy, 1939, pp. 305-327. Reprinted in Readings in the Theory of Income Distribution, pp. 119-142.

Joe S. Bain, The Economics of the Pacific Coast Petroleum Industry, Part I, Ch. V, pp. 84-114.

Lerner, Economics of Control, Chs. 15, 16, 17, pp. 174-211.

Chamberlin, “Proportionality, Divisibility, and Economies of Scale,” Quarterly Journal of Economics, February, 1948, pp. 229-262.

National Bureau of Economic Research, Cost Behavior and Price Policy, Ch. VII, pp. 142-169; Appendix C, pp. 321-329.

 

II.    Theory of the Household:

Theory of utility and indifference lines analysis.
Individual demand, prices and income.
Dependent and independent, competing and complementary, superior and inferior goods.
Measurability of utility.
“Marginal utility of money.”
Consumer surplus.
Interpersonal interdependence in consumers’ behavior.
Economic theory of index numbers.

Reading assignments:

Hicks, Value and Capital, Part I, Chs. I-III, pp. 1-54.

Boulding, Economic Analysis, Chs. 29, 30; pp. 636-685. (New edition, Chs. 33, 34; pp. 734-759).

 

III. Theory of Market Relationships:

Pure competition; individual and market supply and demand curves.
Stability of market equilibrium, statics and dynamics.
Monopoly and price discrimination.
Monopolistic competition.
Duopoly, oligopoly, bilateral monopoly, etc.
“Theory of games.”

Reading assignments:

Marshall, Principles of Political Economy [sic], Book V, Chs. III, V.

Chamberlin, The Theory of Monopolistic Competition, Chs. II, III, IV, and V.

Joan Robinson, The Economics of Imperfect Competition, Chs. 15 and 16.

Robert Triffin, Monopolistic Competition and the General Equilibrium Theory, Chs. I and II.

W. H. Nicholls, Imperfect Competition within Agricultural Industries, Ch. 18.

One of the following three articles:

Leonid Hurwicz, “The Theory of Economic Behavior,” American Economic Review, December, 1945, pp. 909-925.

Carl Kaysen, “A Revolution in Economic Theory?” The Review of Economic Studies, Vol. XIV (I), 1946-47, p. 1-15.

Jakob Marschak, “Theory of Games,” Journal of Political Economy, April, 1946, pp. 97-115.

 

IV.  Basic concepts of a general equilibrium theory:

Data and variables.
Price system and general interdependence.
Linear model of a general equilibrium system.

Reading assignments:

Lange, The Economic Theory of Socialism, pp. 65-72.

Cassel, The Theory of Social Economy, Vol. I, Ch. IV, pp. 134-155.

E. H. Phelps Brown, Framework of the Pricing System, in particular chapters dealing with general equilibrium theory.

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DEPARTMENT OF ECONOMICS
Reading Period Assignments
January 3—January 19, 1949

[…]

Economics 202: Howard S. Ellis, Editor, A Survey of Contemporary Economics, 1948, Ch. 1, Value and Distribution, by Bernard F. Haley; and Frank H. Knight, Risk, Uncertainty and Profit, Ch. III to X, incl.

[…]

___________________________

 

1948-49

HARVARD UNIVERSITY
ECONOMICS 202a
[Final Exam, first term]

Please write legibly

Answer four questions:

  1. Taking into account considerations suggested by Stigler in his article on “Production and Distribution in the Short Run,” describe the determination of the optimum investment in fixed equipment for a plant faced with a regular seasonal variation in output.
    Give an illustrative example.
  2. Given information about (a) changing factor prices, and (b) changing factor combinations used by an individual enterprise (operating under competitive conditions) over a certain period of time—
    explain under what conditions this information might definitely indicate the presence of genuine technological change as contrasted with passive adjustment to variable market conditions.
  3. Under what conditions could one measure the utility of alternative combinations of commodities consumed by an individual household?
    Describe in detail the process of measurement in the case where these conditions are satisfied.
  4. “A market characterized by duopolistic indeterminism can be stabilized through establishment of an official price ceiling enforced by some outside authority.” Comment.
  5. State what significant difference do you see between the theory of an individual firm as presented in Knight’s “Risk, Uncertainty and Profits” and the treatment of the same subject in the most recent literature as presented in Haley’s article on value and distribution in the “Survey of Contemporary Economics.”

Final. January, 1949.

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Economics 202b
Spring Term, 1949

Part I: General Equilibrium Theory and the Economics of Welfare

a.   Basic Concepts of a General Equilibrium Theory:

Data and variables. Price System and general interdependence. Linear model of a general equilibrium system.

Reading:

Lange, The Economic Theory of Socialism, pp. 65-72.

Cassel, The Theory of Social Economy, Vol. I, Ch. IV, pp. 134-155.

E. H. Phelps Brown, Framework of the Pricing System, in particular chapters dealing with general equilibrium theory.

Schultz, T. W.: Agriculture in an Unstable Economy, Ch. I, pp. 24-43, Ch. IV, pp. 134-153.

 

b. Economics of Welfare

Individual maximum and social welfare. Efficiency and distributive justice. Efficiency of the purely competitive system. Monopoly and economic welfare. External economies. Pricing and allocation for public enterprise.

Reading:

Hicks, J. R. : “The Foundation of Welfare Economics,” Economic Journal, December 1939, pp. 696-712.

Meade and Hitch: An Introduction to Economic Analysis and Policy, Part II, Chs. VI-VII, pp. 159-220.

Meade, J. E., and Fleming, J. M.: Price and Output Policy of State Enterprise,” Economic Journal, Vol. LIV, December 1944, pp. 321-339.

Coase, R. H.: “Note on Price and Output Policy,” Economic Journal, Vol. LV, April 1945, pp. 112-113.

 

Part II: The Theory of Distribution

 

[a. The Theory of Wages. Omitted this year.]

Demands for labor and methods of remuneration. Short run supply of labor, money and real wages. Theory of noncompetitive labor markets. Technological unemployment. Long run supply of labor and the theory of optimum population.

Reading:

Douglas, P. M.: The Theory of Wages, Ch. I, pp. 3-17; Ch. III, pp. 68-96.

Robinson, G. B. H.: Economic Fragments, “Wage Grumbles,” pp. 42-57, also reprinted in Readings in the Theory of Income Distribution.

Marx, Karl: Capital, Vol. I, Part IV, Ch. XV, pp. 405-422, 466-488.

Robbins, L.: “On the Elasticity of Demand for Income in Terms of Effort,” Economica, Vol. X, 1930, pp. 123-129.

 

b. Theory of Interest

Productivity of Capital. Expectations, risk, and uncertainty. Inventory speculation. Interest as cost and the demand for capital. Saving and the supply of capital. Monetary theory of interest. Theory of assets.

Reading:

Irving Fisher: The Theory of Interest, Chs. VII, VIII, IX, X, XI, XVI, XVII, and XVIII. 1930.

Readings in the Theory of Income Distribution (Blakiston, 1946)

F. Knight: “Capital and Interest,” pp. 384-417.

Keynes: “The Theory of the Rate of Interest,” pp. 418-424.

D. H. Robertson: “Mr. Keynes and the Rate of Interest,” pp. 425-460.

 

[c. Theory of Profits and of Rent. Omitted this year.]

Theory of residual income. Entrepreneurial function. “Normal Profits.”

Reading:

Beddy, James: Profits, Ch. X, “An Explanation of Profits,” pp. 216-266.

Crum, W. L: “Corporate Earnings on Invested Capital,” Harvard Business Review, XVI, 1938, pp. 336-350.

Kaldor, N.: “The Equilibrium of the Firm,” The Economic Journal, March 1934, pp. 60-76.

Robinson, Joan: Economics of Imperfect Competition, Ch. 8.

 

Part III: Capital and Economic Development

a. Capital and Income

National wealth: Stock and flow concepts. Dollar measures and physical measures. Capital and income. Capital in production. Depreciation and obsolescence. Period of production and the speed of turnover. The time shape of production and consumption process.

Reading:

Kuznets: “On Measurement of National Wealth,” Studies in Income and Wealth, Vol. 2, National Bureau of Economic Research, 1936, pp. 3-61.

Rae, John: New Principles of Political Economy, 1834, Chs. I-V.

Irving Fisher: Nature of Capital and Income, Chs. I, IV, V, XIV, XVII, Macmillan, 1906.

Kaldor: “Annual Survey of Economic Theory: The Recent Controversy on The Theory of Capital,” Econometrica, July 1937, pp. 201-233.

 

b. Economic Development and Accumulation of Capital

Statics and Dynamics. The general problem of economic growth. Saving, Investment and the growth of income. Acceleration principle. Technical change. Accumulation and employment.

Reading:

Bresciani-Turoni: “The Theory of Saving,” Economica; Part I, February 1936, pp. 1-23; Part II, May 1936, pp. 162-181.

Domar: Expansion and Employment,” American Economic Review, March 1947, pp. 34-55.

Schelling: “Capital Growth and Equilibrium,” American Economic Review, December 1947, pp. 864-876.

Harrod: “An Essay in Dynamic Theory,” Economic Journal, March 1939, pp. 14-33.

Pigou: Economic Progress in a Stable Economy,” Economica, August 1947, pp. 180-188.

Stern: “Capital Requirements in Progressive Economies,” Economica, August 1945, pp. 163-171.

A. Sweezy: “Secular Stagnation?” in Harris, Postwar Economic Problems, McGraw-Hill, New York, 1943, pp. 67-82.

Hansen: “Economic Progress and Declining Population Growth,” American Economic Review, March 1939, pp. 1-15.

 

Part IV: Keynesian Theory and Problems

a. Over-all outlines of the General Theory. Wage and price “stickiness.” Demand for money. Saving and “oversaving.” Multiplier principle.

Reading:

Lerner, A. P.: The Economics of Control, Chs. 21, 22, and 25.

Keynes, J. M.: General Theory of Employment, Interest and Money, Chs. 1, 2, 8, and 18.

Haberler, G.: Prosperity and Depression, Ch. 8.

 

Reading Period:

Schumpeter: Theory of Economic Development, Harvard University Press, 1936.

OR

Harrod, R. F.: Towards a Dynamic Economics, Macmillan, 1948.

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Sources:

Harvard University Archives. HUC 8522.2.1 Box 4, Folder: “Syllabi, course outlines and reading lists in Economics, 1948-1949 (2 of 2)

Wassily Leontief Papers, Harvard University Archives. HUG 4517.45, Box 2, Folder “Fall to Winter—202a ‘48-‘49”.

Image Source:  Harvard Album, 1949.

Categories
Bibliography Courses M.I.T.

MIT. Graduate Macroeconomics 14.451. Blanchard. Spring 1997.

Because the Washington Post story, dated Oct 2 2015, by Steven Pearlstein about Olivier Blanchard (“The smartest economist you’ve never heard of” [sic]) has picked up considerable social media attention, I decided to post (way out of sample for me–Blanchard hardly deserves to be transported into the defunct class of academic scribblers) a transcription of a copy of his course outline and readings for the first half-semester course of macroeconomics in the MIT graduate program during the academic year 1996-97. The copy can be found in Robert Solow’s papers in the Economists’ Papers Project at Duke. Solow taught the same course in 1998 and undoubtedly wanted to see what material Blanchard had covered.

____________________

14.451 Macroeconomics I                            Spring 1997

Olivier Blanchard, […]
TA: Brian Sack, […]

The purpose of this first course is to introduce the workhorses of the field, and use them to analyze current issues.

I shall assume familiarity with macroeconomics at the level of undergraduate macro-textbooks (you will get much more out of the course if you are very familiar with macroeconomics at the intermediate undergraduate level.) Two such textbooks, taken completely at random, are:

Dornbusch, R. and S. Fischer, Macroeconomics, McGraw Hill, 6th edition

Blanchard, O. Macroeconomics, Prentice-Hall, 1996

You should before you graduate, and preferably sooner, read some of the classics in the field. Three essential readings are:

Keynes, J. M. The General Theory of Employment, Interest, and Money, Harcourt Brace, New York, 1964 (first edition, 1936)

Hicks, J. R., Value and Capital, Oxford University Press, 1968 (first edition, 1939)

Modigliani, F., “Liquidity Preference and the Theory of Interest and Money”, Econometrica 12, January 1944, 45-88 (reprinted in Collected papers, Volume 1, MIT Press, 1982)

The textbook for the course is:

Blanchard, O. and Fischer, S. Lectures on Macroeconomics, MIT Press, Cambridge, 1989 (BF in what follows)

A text, which covers roughly the same set of issues at a slightly lower level, is:

David Romer, Advanced macroeconomics, McGraw Hill 1996.

 

A star denotes required reading.

 

1. Basic macroeconomic facts.

* BF, Chapter 1

Gordon, R., “Postwar Macroeconomics: The Evolution of Events and Ideas”, in The American Economy in Transition, Martin Feldstein ed., NBER and the University of Chicago, 1980, 101-182

Stock, J. and Watson, M., “Variable Trends in Economic Time Series”, Journal of Economic Perspectives, Summer 1988, 147-174

Blanchard, O. and Quah, D., “The Dynamic Effects of Aggregate Demand and Supply Disturbances”, AER, September 1989, 655-673

Abraham, K. and J. Haltiwanger, “Real Wages and the Business Cycle”, JEL, September 1995, volume 33-3, 1215-1264

Christiano, L., Eichenbaum M., and C. Evans, “The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds”, Working paper, 1994.

 

2. The Ramsey Model and RBC’s.

*BF, Chapter 2 (Romer, Chapters 2, Part A, and 4)

Prescott, E., “Theory Ahead of Business Cycle Measurement”, Quarterly Review, Fed of Minneapolis, Fall 1986, 9-22

*Cooley, T. and E. Prescott, “Economic Growth and Business Cycles”, in Frontiers of Business Cycle Research, T. Cooley (ed), Princeton University Press, Princeton, 1995, 1-38

Evans, C. and F. Santos, “Monetary Policy Shocks and Productivity Measures in the G-7 countries”, WP 93-12, November 1993, Federal Reserve Bank of Chicago

 

3. The Diamond Model, and Capital Accumulation.

*BF, Chapter 3 (or Romer, Chapter 2, Part B)

*Kotlikoff, L., “Privatization of Social Security: How it Works and Why it Matters”, mimeo, Boston University, October 1995

Barro, R., “World Real Interest Rates”, NBER Macroeconomics, 1990, 15-60

Orr, A., Edey M. and M. Kennedy, “The Determinants of Real Long-Term Interest Rates: 17 Country Pooled-Time-Series Evidence”, OECD Working Paper 155, 1995

 

4. The Cagan Model, and Hyperinflations.

*BF, chapters 4-7, and 10-2 (Romer Chapter 9-7)

Dornbusch, R., Sturzenegger, F. and H. Wolf, “Extreme Inflation: Dynamics and Stabilization”, BPEA, 1990-2, 1-84

 

5. The AS-AD Model; Money, Prices and Output

*BF, chapter 8 (Romer, Chapters 5 and 6)

*Friedman, M., “The Role of Monetary Policy”, AER, March 1968, 1-17

*Lucas, R., “Some International Evidence on Output-Inflation Trade-offs”, AER, June 1973, 326-334

*Taylor, J., “Staggered Wage Setting in a Macro Model”, AER, May 1979, 69-2, 108-113

Tobin, J., “Keynesian Models of Recession and Depression”, AER, May 1975, 195-202

Chari, V.V., Kehoe Patrick, and Ellen McGrattan, “Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?”, Staff Report 217, Minneapolis Fed, September 1966

Blanchard, O. and L. Summers, “Hysteresis in Unemployment,” European Economic review, 31, 1987, 288-295

Ball, L., “Disinflation and the Nairu,” NBER Working Paper 5520, March 1996

OECD, The OECD Jobs Study, Part I. Labour Market Trends and Underlying Forces of Change, 1994.

 

6. The IS-LM Model; Goods and Financial Markets Revisited.

*Blanchard, O., “Output, the Stock Market, and Interest Rates”, AER, 1981, 71-1, 132-143.

*Dornbusch, R., “Expectations and Exchange Rate Dynamics”, JPE, 84-6, December 1976, 1161-1176

Kashyap, A. and J. Stein, “Monetary Policy and Bank Lending”, in Monetary Policy, G. Mankiw (ed), NBER and the University of Chicago Press, 1994, 221-262

*Giavazzi, F. and M. Pagano, “Can Severe Fiscal Contractions Be Expansionary; Tales of Two Small European Countries”, NBER Macroeconomics Annual, 1990, 75-122

Alesina, A. and R. Perotti, “Fiscal Expansions and Adjustments in OECD Countries”, Economic Policy, 1995 (mimeo, Harvard, June 1995)

Obstfeld, M., “International Currency Experience: New Lessons and Lessons Relearned,” Brookings Papers on Economic Activity, 1995-1, 119-220

King, R. and A. Wolman, “Inflation targeting in a St Louis model of the 21st Century”, NBER WP 5507, March 1996

 

7. The Bigger Machines.

Bryant, R. et al, Empirical Macroeconomics for Interdependent Economies, Brookings Institution, Washington, 1988, chapters 1 to 3.

Taylor, J., Macroeconomic Policy in a World Economy, Norton, New York, 1993, chapters 3 to 5

 

Source: Robert M. Solow papers, Duke University Rubenstein Library, Box 69, Folder “Teaching Materials (2 of 2)”.

Categories
Bibliography Courses Harvard

Harvard. Public Finance. Economics 5, Bullock. 1915

This list of suggested readings in Public Finance come from two of seven pages carbon copy, (stapled together, ordered by course number from Economics 1b through Economics 6. The pages are undated and no instructor is given. Nonetheless, based on the course catalogues and indications from several of the courses that the following annotated list was prepared for the use of the Tutors in Harvard College.

We can be reasonably certain of the date since the only year Dr. J. S. Davis taught an accounting course with the number 1b was 1915-16. Charles Jesse Bullock refers to his own book of readings in public finance so it is certain that he composed the list.

Later addition to Economics in the Rear-View Mirror include:  the final examination questions for Economics 5 (June 1916). 

—————————–

Books Used in Economics 5.
Selected Readings in Public Finance.

[Charles Jesse Bullock, 1915-1916]

Bastable, Public Finance. (In these books the assignments cover everything relating to revenue and expenditures. They also have included all that Bastable has to say on public debts and financial administration, but have usually in recent years not included the material in the Selected Readings upon those subjects)

Adams, Public Finance. (In this book they have usually read the chapters dealing with public expenditures and revenue from domain. They used to read what he says about the United States budget, but in recent years I have been going light upon this subject, leaving out not only what Adams says but also the passages in my Selected Readings.)

Seligman, Essays in Taxation. (They have always read the chapters on classification, special assessment, the general property tax, and on the single tax; some times also the first chapter on the historical development of taxation and the chapters on the taxation of corporations and double taxation. Occasionally they have read the chapter on the inheritance tax.)

Daniels, Public Finance. (I have sometimes assigned Daniels’s chapters on revenues from industries and his chapters on customs and excise taxes, but not often in recent years.) [here a Course Syllabus of Daniels]

 

Ely, Evolution of Industrial Society. (I usually assign the chapter on the evolution of public expenditures, frequently the chapter on municipal ownership, and occasionally the chapter on inheritances and bequests.)

Ely, Taxation in American States and Cities. (Sometimes I assign the chapters upon the political and industrial effects of taxation,–I don’t remember the exact title at the moment,–and the chapter upon license taxes, but in recent years I have seldom assigned anything but the latter chapter.)

Shearman, Natural Taxation. (I almost always assign Chapter 9 and another chapter, I think No. 13 or 14, in which Sherman considers objections to the single tax, and in particular replies to Seligman’s Essay.

Bullock, Pamphlets on the Property Tax. (I have had bound together a number of my pamphlets relating to state and local taxation and taxation in Switzerland, and keep duplicate copies in Harvard Hall. The men are expected to read all of these pamphlets.)

The reading in the course is not exactly the same from year to year, and I am thinking of dropping Bastable because the book is getting too old. It was never very satisfactory in its discussion of difficult questions of principle, and its account of European legislation, etc., is now considerably out of date. I believe that next year I shall provide duplicate copies in Harvard Hall and not require the men to buy it unless a new edition is to come out.

I have sometimes thought of using David McG. Means’s book entitled Methods of Taxation, and think that if the tutors want to get the men to do supplementary reading, this might be a good book for them to use, unless meanwhile I decide to use it in the class. If any men read German, it would be very well to refer them to Eheberg, or if they read French, to get them to read chapters in the first volume of Leroy-Beaulieu. [2nd vol of Leroy-Beaulieu]

 

Source. Harvard University Archives. Department of Economics, Correspondence & Papers, 1902-1950. UAV 349.10, Box 25, Folder “Suggested Readings.”

Image Source. Harvard Album 1915.

Categories
Bibliography Courses M.I.T.

MIT, Business Cycles Reading List. Samuelson, 1943

 

 

This reading list comes from Paul Samuelson’s second year at M.I.T. While not designated on the reading list itself, from its location in his papers (filed with other Business Cycle course materials) and according to the courses he taught that in the second term of 1943 (according to the MIT Course Catalogue), this is almost certainly for the course Ec26: Business Cycles.

___________________________

Course Description from 1942-43 Catalogue.

Ec26. Business Cycles (A). A statistical, historical, and theoretical examination of the determinants of income, production and employment. Modern methods are brought to bear on problems of analyses, forecasting, and control.

Prerequisite: Ec40 (Money & Banking). Primarily for graduate students, 2nd term

___________________________

February, 1943     READING LIST     P. A. Samuelson

Asterisks indicate required reading, other items suggested reading

 

I    NATIONAL INCOME, EMPLOYMENT & PRODUCTION

M. Gilbert, “War Expenditures & National Production,” Survey of Current Business, March, 1942.

S. S. Kuznets, National Income & Its Composition, 1919-1938, Vol. I.

W. L. Crum, J. F. Fennelly, L. J. Seltzer, Fiscal Planning for Total War.

S. Fabricant, Productivity of American Manufacturing Industries, [sic, probable or at least related publication: Solomon Fabricant, Employment in Manufacturing, 1899-1939: An Analysis of Its Relation to the Volume of Production, NBER, New York, 1942.]

Federal Reserve Board Bulletin, August & September, 1940.  [New index of industrial production]

R. A. Nixon & P. A. Samuelson, “Estimates of Unemployment in the U. S.,” Review of Economic Statistics, August, 1940.

 

II        NATURE OF BUSINESS CYCLE

*A. H. Hansen, Fiscal Policy & Business Cycle, Ch. 1-4

*Wesley C. Mitchell, Business Cycles, 1941 Reprint of 1913 edition, Ch. V, part I.

*J. P. Wernette, The Control of Business Cycles, pp. 3-23 and Conclusion.

*J. R. Meade & H. Hitch, Economic Analysis & Policy, Ch. I.

*G. Haberler, Prosperity & Depression, Ch. 9, 1 & 2.

*S. H. Slichter, Towards Stability, Ch. I.

A. H. Hansen, Business Cycle Theory, Chs. I, II, IV, & VI.

S. H. Slichter, Towards Stability, Chs. II & IV.

G. Haberler, Prosperity & Depression, any part.

 

III      SAVING AND INVESTMENT

*Joan Robinson, Introduction to the Theory of Employment.

*T.N.E.C. testimony of Hansen & Currie.
[Hearings Before the Temporary National Economic Committee, Seventy-Sixth Congress, First Session. Part 9. Savings and Investment. May 16, 17, 18, 22, 23, 24, 25, and 26, 1939]

*A. H. Hansen, Fiscal Policy, Chs. 11, 12, 15, & 24.

*L. V. Chandler, Introduction to Monetary Theory, Chs. VI & VIII.

O. Altman, T.N.E.C. monograph #37, Saving & Investment.

 

IV THE PROPENSITY TO IMPORT & THE FOREIGN TRADE MULTIPLIER

*R. F. Harrod, International Economics, (Rev.Ed.) 6, 7. (8 & 9, optional)

*W.A. Salant, “Foreign Trade Policy in the Business Cycle,” in Public Policy II (editor E. S. Mason)

*J. M. Keynes, General Theory, Preface, Chs. 23 & 24

I. DeVegh, Review of Economic Statistics, 1940 [De Vegh, Imre. “Imports and Income in the United States and Canada.” The Review of Economics and Statistics 23, no. 3 (1941): 130-46. ]

C. Clark & J. Crawford, National Income of Australia
[Colin Clark and John G. Crawford,National Income of Australia.Sydney and London: Angus & Robertson limited, 1938.]

L. Metzler, Journal of Political Economy, 1942
[Metzler, Lloyd A. “The Transfer Problem Reconsidered.” Journal of Political Economy 50, no. 3 (1942): 397-414.]

 

V        INTERNATIONAL PROPAGATION OF BUSINESS CYCLES

*G. Haberler, Prosperity & Depression, Ch. XII, pp. 455-473

*J. Viner, Studies, pp. 432-436
[Studies in the Theory of International Trade.]

*League of Nations, Annual Survey, 1939-40

*Sir A. Salter, Recovery, pp. 27-66, (101-195 optional)
[Recovery. The Second Effort. London: G. Bell and Sons, 1932]

R. Bennett, National Bureau, manuscript [Rollin F. Bennett, Columbia University: might be a paper presented at the 1940 or 1941 meeting of the NBER Conference of Income and Wealth which were not published (insufficient general interest to warrant publication) ]

P. Einzig, Bankers, Statesmen & Economists

League of Nations, B. Ohlin, Course & Phases of the World Economic Depression, especially pp. 116-215

___________________________

Source: Paul A. Samuelson Papers, Box 33, Folder “14.451 Business Cycles, 1943-1955”. David M. Rubenstein Rare Book & Manuscript Library, Duke University.

Categories
Bibliography Syllabus

Sadler’s Syllabus and Course of Readings in Economics, 1891

This posting gives a bibliography and suggested course of reading published as part of a 26 page Syllabus of a Course of Lectures on The Change in Political Economy with an Outline of a Course of Study prepared by Michael E. Sadler, M.A. (“Student and Steward of Christ Church, Oxford; Secretary, and formerly lecturer, to the Oxford University Extension”). The syllabus was published by University Extension Lectures under the auspices of the American Society for the Extension of University Teaching in 1891, judging from the date stamp (Feb 29, 1892 of the Wisconsin Historical Society) and an opening quote from Marshall’s Principles of Economics (1890). 

Sir Michael Ernest Sadler (1861-1943) was an undergraduate in Trinity College, Oxford where he was deeply influenced by the lectures of John Ruskin. He became President Elect of the Oxford Students’ Union in June 1882 and gained a first-class degree that July. In May 1885 began what was to become a distinguished career in education as the Secretary to the Oxford University Standing Committee of the Delegacy for Local Examinations. Over the next nine years he travelled and organized lectures for the education of the working classes in the Midlands. Because of his success in this work, he was invited in 1891 to give three talks to the National Conference on University Extension in Philadelphia. An appreciative biographical essay was written by J. H. Higginson, “Michael Ernest Sadler (1861-1943)”, published in Prospects: the quarterly review of comparative education (Paris, UNESDDCO: International Bureau of Education), vol. 24, no. 3/4, pp. 455-69.

While this takes us away from my focus on graduate economics education in the United States, England, like France and Germany, mattered enormously for the development of economics in the United States. Also the weight given to Saint-Simon is at least as much a sign of the times as well as the political position of Sadler. In his 1961 AEA Presidential address, Paul Samuelson wrote: “…reading Gide and Rist you would be forgiven for thinking that Robert Owen was almost as important as Robert Malthus; that Fourier and Saint-Simon were much more important than Walras and Pareto…”   as opposed to reading Schumpeter (History of Economic Analysis). For someone learning their economics at the end of the nineteenth century and early twentieth century the various socialist analyses/critiques/proposals were indeed very much part of the development of economics. Cf. Laughlin’s 1891 proposal for the expansion of economics at Cornell or Carver’s 1919-20 course at Harvard or,  much later even, Douglas’s 1938 course at Chicago.

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SELECTED LIST OF BOOKS.

I. Subject-Matter.

The Wealth of Nations. By Adam Smith.
L’Industrie. By St. Simon.
L’ Organisateur. [By St. Simon.]
Du Système Industriel. [By St. Simon.]
Catéchisme des Industriels. [By St. Simon.]
Nouveau Christianisme. [By St. Simon.]
Principles of Political Economy. By John Stuart Mill.
Autobiography. [By John Stuart Mill.]
Economic Studies. By Walter Bagehot.
The Wages Question. By General Francis Walker.
Principles of Economics.  [8th edition] By Alfred Marshall.

II. History.

History of Political Economy, with Introduction, by Edmund J. James. By Dr. Ingram.
The Industrial Revolution. By Arnold Toynbee.

 

III. Criticism.

Essays in Political Economy. By T. E. Cliffe Leslie.
Adam Smith. By R. B. Haldane.
St. Simon et le St. Simonisme. By Paul Janet.
Les Économistes Français du XVIIIme Siècle. By Léonce de Lavergne.
Histoire des Doctrines Économiques. By A. Espinas.
Unto this Last. By John Ruskin.

 

SUGGESTED COURSE OF READING ON THE SUBJECT.

The best book to begin with is Dr. Ingram’s History of Political Economy, originally published in Part 74 of the Encyclopedia Britannica. The student will do well to read the whole of Dr. Ingram’s treatise beginning with the section headed “Third Modern Phase; System of Natural Liberty.”

This done, the reader should turn to Mons. de Lavergne’s Economistes Francais de dix-huitième siècle (1870, Paris, Guillamin). Convenient chapters will also be found in Mons. Espinas’ Histoire des Doctrines Economiques (Paris, Colin, 1891), especially Part 4.

Next, the student should certainly read Adam Smith’s Wealth of Nations. He is strongly advised not to content himself with any summary or analysis of this great work, the style of which has an incommunicable charm. Taken in its historical position, this classical treatise on Political Economy will be found by the student to be of immense value to him in later researches.

After reading Adam Smith, turn to Cliffe Leslie’s Essays on Political and Moral Philosophy, second edition, especially Essays 3, 5, 7, 14, 15, 16. Special attention should be paid to Book 5, Chapter 1.

Haldane’s Life of Adam Smith, 1887, will also be found useful, but advanced students will also derive much pleasure from Dugald Stewart’s Account of Life and Writings of Adam Smith, prefixed to Wakefield’s edition of Wealth of Nations, 1843.

At this point Toynbee’s Lectures on the Industrial Revolution should be carefully read, together with Brentano’s Guilds and Trade Unions.

He should then turn to Saint Simon, reading his Autobiography (Volume I of the collected works, Paris, Dentu, 1868), and paying special attention to Vols. III, IV, V, VI of the collected edition and particularly to L’Industrie, L’Organisateur, Du système industriel, and the Nouveau Christianisme.

For the life of Saint Simon, read Saint Simon et le Simonisme, Janet (Paris, Bailliere, 1878).

Then take Vol. IX of Saint Simon’s Collected Works,  [Note: Oeuvres de Saint-Simon et d’Enfantin. 47 vols. Paris: Dentu, 1865–1878. → Saint-Simon’s writings are found in Volumes 15, 18-23, and 37-40.] and read Catéchisme des Industriels (troisième cahier) which is really Comte’s work. Next compare this with Comte’s Système de Politique Positive, especially Appendice Général, troisième partie (edition, Paris, 1854). Also refer to Littré, Auguste Comte et la Philosophie Positive, especially Chapter III.

For the influence of these ideas on English Political Economy read John Stuart Mill’s Autobiography, especially the end of Chapter II and the whole of Chapter V and the greater part of Chapter VII.

For the later development of Political Economy read Bagehot’s Economic Studies and Professor Henry Sidgwick’s Principles of Political Economy, especially Books I-III.

For the protest against Political Economy make a careful study of John Ruskin’s Unto this Last; also read Ruskin’s Munera Pulveris and Fors Clavigera. Refer also to Karl Marx’s Capital.

For a summary of the present position of Political Economy consult Professor Marshall’s Principles of Economics. [8th edition]

 

Source: Michael E. Sadler, M.A.(1891). Syllabus of a Course of Lectures on The Change in Political Economy with an Outline of a Course of Study.

 

 

 

Categories
Bibliography Chicago Harvard

Laughlin’s List: Recommended Teacher’s Library of Economics, 1887.

 

 

While still an assistant professor of political economy at Harvard, J. Laurence Laughlin (who went on to become professor and first head of  the Chicago department of political economy) included the following bibliography of works that together would constitute “A Teacher’s Library”. I provide here links to almost every item on the Laughlin List. When I could not find the exact edition that Laughlin referenced, I have taken the liberty of substituting the closest edition I was able to find quickly.

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A TEACHER’S LIBRARY,
SELECTED FROM ENGLISH, FRENCH, AND GERMAN AUTHORS.

[By J. Laurence Laughlin, 1887]

General Treatises.

John Stuart Mill’s “Principles of Political Economy.” Abridged, with critical, bibliographical, and explanatory notes, and a sketch of the History of Political Economy, by J. Laurence Laughlin. A textbook for colleges (1884).

Professor Fawcett’s “Manual of Political Economy” (London, sixth edition, 1883) is a brief statement of Mill’s book, with additional matter on the precious metals, slavery, trades-unions, co-operation, local taxation, etc.

Antoine-Élise Cherbuliez’s “Précis de la science économique” (Paris, 1862, [Vol. 1, Vol. 2]) follows the same arrangement as Mill, and is considered the best treatise on economic science in the French language. He is methodical, profound, and clear, and separates pure from applied political economy.

Other excellent books in French are: Courcelle-Seneuil’s “Traité théorique et pratique d’économie politique” (1858), (Paris, second edition, 1867, [Vol. 1, Vol. 2), and a compendium by Henri Baudrillart, “Manuel d’économie politique” (third edition, 1872).

Roscher’s “Principles of Political Economy” [Die Grundlagen der Nationalökonomie (1854 edition); (1897, 22nd edition)] is a good example of the German historical method: its notes are crowded with facts; but the English translation ([Vol. 1, Vol. 2] New York, 1878) is badly done. There is an excellent translation [Vol. 1, Vol. 2] of it into French by Wolowski.

A desirable elementary work, “The Economics of Industry” (London, 1879; second edition, 1881), was prepared by Mr. and Mrs. Marshall.

Professor Jevons wrote a “Primer of Political Economy” (1878), which is a simple, bird’s-eye view of the subject in a very narrow compass.

 

Important General Works.

Adam Smith’s “Wealth of Nations” (1776). The edition of McCulloch is, perhaps, more serviceable than that of J. E. T. Rogers [Vol. 1, Vol. 2].

Ricardo’s “Principles of Political Economy and Taxation” (1817).

J. S. Mill’s” Principles of Political Economy” (2 vols., 1848, sixth edition, 1865, [7th edition. W. J. Ashley, ed. (1909)]).

Schönberg’s “Handbuch der politischen Oekonomie” (1882) [3rd edition (1890)]. This is a large co-operative treatise by twenty-one writers from the historical school.

Cairnes’s “Leading Principles of Political Economy” (1874); “Logical Method ” (1875), lectures first delivered in Dublin in 1857.

Carey’s ” Social Science ” (1877), in three volumes [Vol. 1, Vol. 2, Vol. 3]. This has been abridged in one volume by Kate McLean.

F. A. Walker’s “Political Economy” (1883). This author differs from other economists, chiefly on wages and questions of distribution.

 

Treatises on Special Subjects.

W. T. Thornton’s “On Labor” (1869).

H. George’s “Progress and Poverty” (1879). In connection with this, read F. A. Walker’s “Land and Rent” (1883).

J. Caird’s “Landed Interest” (fourth edition, 1880), treating of English land and the food-supply.

MacLeod’s “Theory and Practice of Banking” (third edition, 1875-1876) [Vol. 1 (4ed, 1883), Vol. 2 (4ed, 1886)]

Goschen’s “Theory of Foreign Exchanges ” (eighth edition, 1875) [10ed, 1879].

A. T. Hadley’s “Railroad Transportation” (1885).

F. W. Taussig’s “History of the Present Tariff” (1886).

W. G. Sumner’s “History of Protection in the United States.” (1883)

Giles B. Stebbins’s “[The American] Protectionist’s Manual.” (1883).

Erastus B. Bigelow’s “The Tariff Question.” [1862]

W. G. Sumner’s “History of American Currency” (1874).

John Jay Knox’s “United States Notes” ([2ed] 1884).

Jevons’s “Money and the Mechanism of Exchange” (1875).

J. L. Laughlin’s “History of Bimetallism in the United States” (1885). [2ed (1888),  4ed (1898)]

Tooke and Newmarch’s “History of Prices” (1837-1856), in six volumes.
[Vol. 1, 1838; Vol. 2, 1838; Vol. 3, 1840; Vol. 4, 1848; Vol. 5, 1857; Vol. 6, 1857]

M. Block’s “Traité théorique et pratique de statistique” (1878). [2e, 1886]

Leroy-Beaulieu’s “Traité de la science des finances” (1883) [5ed (1891/2), Vol. 1, Vol. 2]. This is an extended work, in two volumes, on taxation and finance; “Essai sur la répartition des richesses ” (second edition, 1883).

F. A. Walker’s “The Wages Question ” (1876); “Money” (1878).

M. Louis Reybaud’s “Études sur les réformateurs, ou socialistes modernes ” (seventh edition, 1864). [Vol. 1; Vol. 2]

Rae’s “Contemporary Socialism” (1884) gives a compendious statement of the tenets of modern socialists. See, also, R. T. Ely’s “French and German Socialism” (1883).

D. A. Wells’s “Our Merchant Marine.” [1890]

Dictionaries.

McCulloch’s “Commercial Dictionary ” (new and enlarged edition, 1882).
[Published 1880 by Longmans in London, edited by Hugh G. Reid.]

Lalor’s “Cyclopaedia of Political Science” (1881-1884) is devoted to articles on political science, political economy, and American history. [Vol. 1 (Abdication—Duty), 1883; Vol. 2 (East India Company—Nullification), 1883; Vol. 3 (Oath—Zollverein), 1890]

Coquelin and Guillaumin’s “Dictionnaire de l’économie politique ” (1851-1853, third edition, 1864), in two large volumes. [Vol. 1 (1864); Vol. 2 (1864)]

 

Reports and Statistics.

The “Compendiums of the Census” for 1840, 1850, 1860, and 1870, are desirable. The volumes of the tenth census (1880) are of great value for all questions; as is also F. A. Walker’s “Statistical Atlas ” (1874); and Scribner’s ” Statistical Atlas of the United States,” based on the census of 1880.

The United States Bureau of Statistics issues quarterly statements; and annually a report on “Commerce and Navigation,” and another on the “Internal Commerce of the United States.” [e.g. 1877 report]

The “Statistical Abstract” is an annual publication, by the same department, compact and useful. It dates only from 1878.

The Director of the Mint issues an annual report dealing with the precious metals and the circulation. Its tables are important.

The Comptroller of the Currency (especially during the administration of J. J. Knox) has given important annual reports upon the banking systems of the United States.

The reports of the Secretary of the Treasury deal with the general finances of the United States. These, with the two last mentioned, are bound together in the volume of “Finance Reports,” but often shorn of their tables.

There are valuable special reports to Congress of commissioners on the tariff, shipping, and other subjects, published by the Government.

The report on the “International Monetary Conference of 1878” contains a vast quantity of material on monetary questions.

The British parliamentary documents contain several annual “Statistical Abstracts” of the greatest value, of which the one relating to other European states is peculiarly convenient and useful. These can always be purchased at given prices.

A. R. Spofford’s “American Almanac” is an annual of great usefulness. [e.g. (1887)]

J. H. Hickcox, Washington, publishes a very useful catalogue of the Government publications, entitled ” United States Publications.” [Vol. 1 (1885), Vol. 2 (1886), Vol. 3 (1887)]

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Source:  J. Laurence Laughlin (1887). The Elements of Political Economy with some Applications to Questions of the Day. New York: D. Appleton and Company.

An earlier version with essentially the same Teacher’s Library also found in: J. Laurence Laughlin (1885). The Study of Political Economy. Hints to Students and Teachers. New York: D. Appleton and Company.

 

Image Source: J. Laurence Laughlin in Plans of National Currency Reform. 78th meeting of the Sunset Club, December 6, 1894 held at the Grand Pacific Hotel in Chicago, p. 3. Found in the University of Chicago Archives, Papers of J. Laurence Laughlin, Box 1, Folder 17.