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Chicago, Columbia, Michigan. Henry Simons Coursework, 1916-1926

Simons

George Stigler’s research file for his paper “Henry Calvert Simons” (The Journal of Law & Economics, Vol. 17, No. 1 (Apr., 1974), pp. 1-5) includes the following artifacts that provide us with a complete, or at least near complete, listing of undergraduate and graduate coursework of the “Crown Prince of that hypothetical kingdom, the Chicago school of economics” — Stigler wisecracking at the start of his otherwise serious biographical essay on Henry Simons.

The 1968 International Encyclopedia of the Social Sciences biography of Simons.

_____________________________________

OFFICE OF THE REGISTRAR
THE UNIVERSITY OF MICHIGAN

1513 LS&A Building
Ann Arbor, Michigan 48104

[June 1972]

TO WHOM IT MAY CONCERN

RE: HENRY CALVERT SIMONS

The following are the descriptive titles of courses pursued, together with the hours of credit earned and grades received by Henry Calvert Simons while a student in the College of Literature, Science, and the Arts, of The University of Michigan. He was in attendance during the years 1916-1920.

Course

 Descriptive Title Semester Hours Grade
1916-20
Latin 1 Cicero, Essays

4

B
Latin 2 Livy. Book I or XXI. Plautus, Terence.

4

B
Latin 3 Horace

4

B
Latin 4b The Letters of Pliny the Younger

2

B
French 1a Elementary French for Juniors & Seniors

4

D
French 2a Elementary French for Juniors & Seniors

4

B
Rhetoric 1 Composition & Rhetoric

3

B
Rhetoric 2 Continuation of Course 1

3

B
Rhetoric 3 Advanced Composition & Rhetoric

3

B
Rhetoric 4 Advanced Composition & Rhetoric

3

B
History W1 The Issues of the War; an exposition of the Causes & Significances of the Great War

3

B
Political Economy and Sociology

1

 Elements of Political Economy, I

5

B

7

 Essentials of Economic Theory

2

A

2

 Elements of Political Economy, II

5

B

38

 Principles of Accounting, I

4

A

37

 Corporation Finance

2

A

6

 Railway Problems

3

A

13b

 Studies in Economic Theory

2

A

9

 Banking and Foreign Exchange

3

A

15

 Corporations

3

A

39

 Principles of Accounting, II

4

B-

40

 Cost Accounting

3

C-

8a

 Economic Statistics

2

B

10

 Money, Credit, and the Level of Prices

3

A

13

 Studies in Economic Theory

2

B

16

 Public Service Industries

2

A

18

 Research Work

1

B

43

 Auditing and Special Accounting Systems

3

D-

43a

 Income Tax Procedure

2

C-
Math 1 Algebra, Trigonometry, & Analytic Geometry

4

B
Math 2 Plane Analytic Geometry

4

B
Math 51 Introduction to the Mathematical Theory of Interest and Insurance, I

3

B
Math 52 Introduction to the Mathematical Theory of Interest and Insurance, II

3

B
Math 3a Calculus, Shorter Course, I

3

B
Math 4a Calculus, Shorter Course, II

3

A
Chemistry 1 General and Inorganic Chemistry

2

B
Chemistry 1a General and Inorganic Chemistry

2

A
Chemistry 2 General and Inorganic Chemistry

2

B
Chemistry 2a General and Inorganic Chemistry

2

B
Military 4 The Basic Group

4

No grade is given

December 3, 1920—Henry Calvert Simons was graduated with the degree of Bachelor of Arts in the College of Literature, Science, and the Arts. With a Business Certificate, and Diploma.

_____________________________________

THE UNIVERSITY OF IOWA
IOWA CITY, IOWA 52240

College of Business Administration
Department of Economics
Area 319: 353-5128

June 30, 1972

 

Professor George J. Stigler
Department of Economics and Business
University of Chicago
Chciago, Illinois 60637

Dear Professor Stigler:

I am responding to your inquiry about information on Professor Henry C. Simons when he was at the University of Iowa. Unfortunately, I have not been able to find much useful information…

…The Personnel office gave me the following background from his file which is rather sterile information.

He received his B. A. from Michigan and began his appointment at Iowa, January 8, 1921 as an Assistant in Principles and Assistant in railroads, at a salary of $1,900. In 1925-26 he was on a leave of absence, but no indication as to where it was spent. [see University of Chicago transcript below] He became an assistant professor of economics in 1926 at a salary of $2,750…

Sincerely yours,

[signed]

Jerald R. Barnard
Associate Professor and Chairman

_____________________________________

COLUMBIA UNIVERSITY
in the City of New York
New York, N.Y 10027

OFFICE OF THE REGISTRAR

Philosophy Hall
July 19, 1972

Mr. George J. Stigler
The University of Chicago
Haskell Hall
Chicago 37, Illinois

Dear Mr. Stigler:

I have your letter of June 26th concerning Henry Calvert Simons.

A careful check of our records indicates that he was with us as a student only during the Summer Session of 1922. He registered for two graduate courses in economics taught by Prof. Herbert J. Davenport. One course was in Pubic Finance and the other was the Theory of Price Competition. For reasons which I do not entirely understand, he did not receive a grade in either course.

I hope this information will be helpful to you.

Very truly yours,

[signed]

Charles P. Hurd
Registrar

_____________________________________

 

The University of Chicago
Office of the Recorder

Matr.   No. 104903
Name             Henry Calvert Simons, Jr.
Date of Matriculation          June 18, 1923
Home Address          College of Commerce, U. of Ia, Iowa City, Ia

Church Affiliation 

Membership Presbyterian
Preference [blank]

The Student’s degree of A. B. judged equal to the Degree of Ph. B. from the U. of C., lacking [blank] majors. Equivalence established by the University Examiner 7.17, 1930

Candidacy for the Degree of Ph. D. in the Dep’ts of 1. Economics 2. [blank]
recomm. by H. A. Millis        3.25, 1930
Approved by the Faculty 8. 9, 1930.

The Graduate School         Record of Work

Majors taken

 Abs. Grade Majors Credit

Grade Points
SUMMER QR. 1923
POL.EC.-mj.31-Advanced Banking A 1
POL.EC.-mj.40X-Org.Labor in Am.Indust.Soc C 1
POL.EC.-mj.65-Government Finance B 1
SUMMER QR. 1924
POL.EC.-mj.16-Hist.of Econ.Thought A 1
POL.EC.-mj.45-Types of Econ.Organiz’n. A ½
POL.EC.-mj.62-Probs.of Federal Aid (Visitor)
POL.EC.-mj.67-State Finance & Taxation A 1
SUMMER QR. 1925
POL.EC.-mj.311-Statistical Theory p 1
POL.EC.-mj.353-Internat.Economic Policies A 1
ED.-m.321A-Financial Administration (Visitor)
ED.-m.321B -Financial Administration
(Visitor)
WINTER QR. 1926
POL.EC.-mj.220-Economic Hist.of U.S. A 1
POL.EC.-mj.312-Statistical Graphics p 1
POL.EC.-mj.461-Research in Gov’t Finance p 1
SPRING QR. 1926
POL.EC.-mj.303-Mod.Tendencies in Economics A 1
POL.EC.-mj.462 Research in Gov’t Finance inc.
French Exams passed 9.2.26 SEP
SUMMER QR. 1927 1st Term
GER.-1010-German for Reading Req’ts (non-cr.)
German Examination Passed OCT

Source: University of Chicago Archives. George Stigler Papers, Box 2, Folder “1972 GJS folder on H. Simons: Sources for articles in Dict. of Am. Biog. & Apr. 74 JLE”.

_____________________________________

[University of Chicago, Summer Quarter, 1923]

[Political Economy] 31. Advanced Banking.—A review of the elementary principles of bank credit will be followed by a brief discussion of foreign banking systems. The purpose of this will be to ascertain wherein, from an institutional point of view, the organization of American banking systems has been influenced by European methods. The course will conclude with an investigation of such topics as agricultural credit, the trade acceptance, the bank acceptance, check collections and clearances, and the problems of Federal Reserve management. The internal problems of bank management are not emphasized. Rather the endeavor is to show the manner in which economic principles work themselves out through the instrumentality of our financial institutions. Prerequisite: course 3 [The Financial Organization of Society] or its equivalent. Mj. 1:30, Professor [Harold Lyle] Reed [Professor of Finance and Banking, Washington University]. [University of Chicago. Announcements, Summer Quarter 1923, p. 26.]

[Political Economy] 40X. Organized Labor in American Industrial Society.—An advanced course, covering much the same ground as 40B [Collective Bargaining and Industrial Arbitration]. After obtaining the needed background in the extent of union organization and in union methods and policies, a study is made of collective bargaining and struggles between organized labor and employers in typical industries. Following this an examination is made of the law as ti is applied to organized labor and employers. The last part of the course is devoted to the mediation and the arbitration of industrial disputes. The course is designed primarily for students who desire a concrete and detailed knowledge of organized labor not to be obtained from a general course and who cannot take 40A [Trade Unionism] and 40B [Collective Bargaining and Industrial Arbitration]. Prerequisite: course 4 [The Worker in Modern Economic Society] or its equivalent. Mj. 10:00, Professor [Harry Alvin] Millis. [University of Chicago. Announcements, Summer Quarter 1923, p. 26.]

[Political Economy] 65. Principles of Government Finance.—This course deals with public expenditure, budgetary methods, public revenues, and public debt. Its purpose is to give a working knowledge of public financial institutions and practices and, more especially, an understanding of financial principles. About half of the quarter is devoted to the theory and practice of taxation. Special attention is paid to war finance. Some of the leading topics discussed are: the growth and amount of public outlays; the principles which should be observed in making appropriations; budgetary methods; the sources of revenue; public industries and price-making; fees and special assessments; the principles of taxation; the more important kinds of taxes; bonds versus taxes in war finance; the principles which should be observed in borrowing; the management of national and local debts. Prerequisite: course 1 [Principles of Economics II: Value and Distribution in Industrial Society] and 27 majors. Mj. 9:00, Associate Professor [Jacob] Viner. [University of Chicago. Announcements, Summer Quarter 1923, p. 26-27.]

 

[University of Chicago, Summer Quarter, 1924]

[Political Economy] 16. History of Economic Thought.—Attention is given throughout to the determining factors of economic thought as found in industrial conditions and in general political and social philosophy. The students are expected to make use so far as possible of primary sources. Prerequisite: 4 majors in the Department. Mj. 10:00, Professor [John Maurice] Clark. [University of Chicago. Announcements, Summer Quarter 1924, p. 23.]

[Political Economy] 45. Types of Economic Organization.—An examination of the various forms of economic organization that have been proposed, including the Utopias, Individualism, Marxian Socialism, Collectivism, the Single Tax, Syndicalism, and Guild-Socialism. Constant comparison will be made between these forms and the present structure of society. M. First Term, 2:30, Associate Professor [Paul H.] Douglas. [University of Chicago. Announcements, Summer Quarter 1924, p. 24.]

[Political Economy] 62. The Problems of Federal Aid.—A semi-research course, which is designed to analyze the economic and fiscal relations between the federal and state governments. The systems of grants-in-aid given in other countries and of state aid in this country will be first considered. The major portion of the course will deal with the specific federal aid laws enacted by the national government and their administrative history. An attempt will be made to work out standards of federal and state action. M. First Term, 3:30, Associate Professor [Paul H.] Douglas. [University of Chicago. Announcements, Summer Quarter 1924, p. 24.]

[Political Economy] 67. Federal and State Taxation Problems.—This course will deal in some detail with current problems of income, inheritance, property, and commodity taxation in federal and state finance in the United States. Students entering this course will be expected to have had a general course in government finance and a substantial knowledge of the principles and methods of taxation on their part will be taken for granted. Mj. 9:00 Associate Professor [Jacob] Viner. [University of Chicago. Announcements, Summer Quarter 1924, pp. 67-8.]

 

[University of Chicago, Summer Quarter, 1925]

[Political Economy] 311. Statistical Theory.—Mj. Summer, 8:00, Professor [James Alfred] Field. [University of Chicago, Annual Register with Announcements for 1925-1926, p. 148]

[Political Economy] 353. International Economic Policies.—Mj. Summer, 10:00, Professor [Jacob] Viner. [University of Chicago, Annual Register with Announcements for 1925-1926, p. 149]

 

[University of Chicago, Winter Quarter, 1926]

[Political Economy] 220. Economic History of the United States.—Mj. Professor [Chester Whitney] Wright. [University of Chicago, Annual Register with Announcements for 1925-26, p. 146]

[Political Economy] 312. Statistical Graphics and Tabulation.—Mj. Professor [James Alfred] Field. [University of Chicago, Annual Register with Announcements for 1925-26, p. 148]

[Political Economy] 461. Research in Government Finance.—Professor [Jacob] Viner. [University of Chicago, Annual Register with Announcements for 1925-26, p. 149]

 

[University of Chicago, Spring Quarter, 1926]

[Political Economy] 303. Modern Tendencies in Economics.—Mj. Professor [John Maurice] Clark. . [University of Chicago, Annual Register with Announcements for 1925-26, p. 147]

[Political Economy] 462. Research in Government Finance.—Professor [Jacob] Viner. [University of Chicago, Annual Register with Announcements for 1925-26, p. 149]

 

IMAGE SOURCE: University of Chicago Photographic Archive, apf1-07613, Special Collections Research Center, University of Chicago Library.

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Chicago Suggested Reading

Chicago. History of Economic Thought. Frank Knight, 1946

This is now the fifth course reading list  I have posted from the valuable collection of University of Chicago lecture notes taken by the economist Norman Kaplan. The other four syllabi are from courses taught by Douglas, Friedman, Lange, and Mints. Today we have the “Working Bibliography” that Frank Knight provided students taking his graduate course on the history of economic thought. I have managed to add a good number of links to the items he cited just as I have for the analogous course offered at Harvard by Joseph Schumpeter in 1940.

Incidentally, the distinguished economic historian Stanley Engerman is the person to whom we all owe an enormous debt of gratitude. Professor Engerman was a colleague and friend of Norman Kaplan at the University of Rochester. After Kaplan’s death Engerman helped sort through the papers left in his deceased colleague’s office, spotted the extraordinary collection of extensive student notes for Kaplan’s years at the University of Chicago and then had the notes shipped to the University of Chicago Archives. 

___________________________

[Course Announcement]

[Economics] 302. History of Economic Thought. Brief survey of the whole field of economic thought and a more intensive study of the “classical school” of British economists, whose doctrines are studied in relation to the problems and discussions of today. Prereq: Econ 301 or equiv. Win: TuThu 3:30-5; Knight.

 

Source:  University of Chicago, Announcements–The College and the Divisions, Sessions of 1945-1946, p. 216.

___________________________

 

ECONOMICS 302
HISTORY OF ECONOMIC THOUGHT
Winter 1946

Working Bibliography

General Character of the Course: A very brief survey of economic thought prior to the “classical school,” with chief attention devoted to the latter, especially to the price and distribution theory of Smith, Ricardo, Senior and Mill. Limited reference to Historical or Socialistic Schools. Matter outside the classical doctrine to be obtained chiefly from reading.

General Works (“Manuals”)

Ferguson, John M., Landmarks of Economic Thought.

Gray, Alexander, The Development of Economic Doctrine.

Two recent books very readable, and excellent within their scope. Gray has nothing on the historical schools. Neither is adequate on the classical writers.

 

Roll, Erich, History of Economic Thought. Somewhat Marxist slant.

Haney, L. H., History of Economic Thought. The fullest book covering the field; table of contents gives a fairly good arrangement of authors into groups or tendencies.
[1920 edition]

Ingram, J. K., A History of Political Economy. Briefer than Haney, and usable.

Spann, O., History of Economics. Translated from the German. Valuable for its intense opposition to the viewpoint of the classical school in favor of an organismic or universalistic standpoint. [Original: Othmar Spann, Die Haupttheorien der Volkswirtschaftslehre, 17th ed. 1928.]

Schumpeter, Joseph, Epochen der Dogmen- und Methodengeschichte, contained in Grundriss der Sozialökonomik Vol. I. [English translation]

Oncken, A. Geschichte der National Ökonomie. (Down to Adam Smith).

Gide, C., and Rist, C., History of Economic Doctrines (in French, or Translated from the French). (Begins with the Physiocrats). A competent but uninspired book. Emphasis on French work and on the socialistic schools.

Scott, William A., The Development of Economics. Covers modern period, beginning with background of classical economics. Excellent summaries, notable omissions (esp. Mathematical economists).

Whittaker, Edmund, A History of Economic Ideas. The best book in the field in content but massive, confusing, and repetitious through organization on the topical principle. First half deals with institutional and intellectual history rather than analytical economic thought. [Cf. his Schools and Streams of Economic Thought. Chicago: Rand McNally, 1960.]

Heimann, Eduard, History of Economic Doctrines. An Introduction to Economic Theory. Oxford University Press, 1945. Pp. ix, 263 (245). More introduction than history.

Salin, Edgar, Geschichte der Volkswirtschaftslehre. Covers the field briefly in an interpretive, historical-philosophical manner.

Encyclopedias; esp. Palgrave, Dictionary of Political Economy. (Ed. Henry Higgs 1926) and the Encyclopedia of the Social Sciences; on men and movements, and especially, Bibliographies. [Palgrave, 1912-1915.  Vol I (A-E), Vol II (F-M), Vol III (N-Z)]

See Bibliographical Notes in Haney (above) 3d Revised Edition, 1936, pp. 803-809.

 

On the Whole Period before the Classical School

Monroe, A. E. Early Economic Thought. Lengthy excerpts from some twenty important writers.

Oncken, A. See under General Works.

Sewall, H. R. The Theory of Value before Adam Smith, Publications of the American Economic Association, 1901.

Dunning, W. A., History of Political Theories, Ancient and Modern; also ibid. From Luther to Montesquieu. (Pre-classical economic thought being essentially political thought.)

 

Greco-Roman Economics

Simey, Miss E., article entitled “Economic Theory among the Greeks and Romans.” Economic Review, 1900. Copies on reserve. Best short account.

Laistner, M. L. W., Greek Economics. Valuable introduction and excerpts.

Calhoun, G. M., Business Life of Ancient Athens. Introduction and text valuable for background.

 

Medieval

Ashley, W. J. English Economic History and Theory, Vol. 1, pt. I, Chap. 3, and Vol. I, Pt. II, Chap. 6. Best general account.

O’Brien, Geo., An Essay on Medieval Economic Teaching. Highly important, especially because written from a Catholic point of view.

Tawney, R. H., Religion and the Rise of Capitalism. Chapter One, on The Medieval Background

 

Mercantilism

Heckscher, Eli F., Mercantilism, 2 vols. [Volume One; Volume Two]

Horrocks, J. W., A Short History of Mercantilism.

Schmoller, Gustav, The Mercantile System. Ashley Economic Classics. Invaluable also as a specimen of the German historical economics. Inquire at desk. E11.

Ashley, W. J. The Tory Origin of Free Trade Policy, in the Quarterly Journal of Economics, Vol. 11. Also in Surveys Historical and Economic.

Johnson, E. A. J. The Predecessors of Adam Smith.

Mun, Thomas, England’s Treasure by Forraign Trade. Ashley Economic Classics

Furniss, E. S., The Position of the Laborer in a System of Nationalism.

Viner, J., English Theories of Foreign Trade before Adam Smith, in Journal of Political Economy, Vol. 38, nos. 3 and 4. Reprinted in Studies in the Theory of International Trade, Harpers, 1937.

 

Physiocrats
(Given very little attention in this course.)

Higgs, Henry, The Physiocrats.

Ware, Norman, article on “The Physiocrats” in American Economic Review, 1931.

Bloomfield, Arthur I., Foreign Trade Doctrines of the Physiocrats. American Economic Review, Volume XXVIII, no. 4, December 1938 (Reprint on Reserve).

Turgot, A. R. J., Formation and Distribution of Riches. (Ashley Economic Classics.)

 

Classical School

Whitaker, A. C., Labor Theory of Value in English Political Economy. Nearly essential, if obtainable (Purchase).

Bowley, Marian, Nassau Senior and Classical Economics (Purchase, alternative to Whitaker). Better, but more difficult.

Cannan, Edwin, Theories of Production and Distribution. Valuable, but laborious reading.

Cannan, Edwin, Review of Economic Theory. Used selectively, more available than his other book.

Taussig, F. W. Wages and Capital (London School Reprint).

Knight, F. H. The Ricardian Theory of Production and Distribution. Reprint from the Canadian Journal of Economics and Political Science.

Cannan, Edwin, (ed.), Lectures of Adam Smith.

Smith, Adam, Wealth of Nations.  Full text, Everyman’s Library (2 vols.) or Modern Library (Reprint of Cannan edition—1 vol.) most available. Abridged edition edited by W. J. Ashley gives portions covered in the course conveniently in one small volume.  Cannan edition (2 vols.) the definitive edition, but expensive and bulky for class use.

Ricardo, David, Principles of Political Economy. Available in Everyman’s Library (1 vol.)  Gonner edition best. (London, C. Bell and Sons: Bohn’s Libraries). [Sraffa edition]

Senior, N. W., Outline of Political Economy. Reprinted 1938, Allen and Unwin.

Mill, J. S., Principles of Political Economy. Ashley ed., Longmans, 1 vol.

 

Subjective Value or Marginal Utility School

Smart, Wm., Introduction to the Theory of Value.

Jevons, W. S. Theory of Political Economy.

Wieser, F., Natural Value.

Smart’s prefaces to Böhm-Bawerk’s two main volumes and to Wieser, Natural Value.

Böhm-Bawerk, Capital and Interest and Positive Theory of Capital.

Weinberger, Otto. Die Grenznutzenschule.

Mises, Ludwig, Bemerkungen zum Grundproblem der subjektivistischen Wertlehre, contained in Archiv für Sozialwissenschaft und Sozialpolitik, Band 59, Heft 1.

 

Historical and Institutional and Socialistic Schools

See articles in Palgrave’s Dictionary of Political Economy and in the Encyclopedia of the Social Sciences.

 

 

Source: University of Chicago Archives. Norman Maurice Kaplan Papers. Box 1, Folder 10.

Image Source:  University of Chicago Photographic Archive, apf1-03516, Special Collections Research Center, University of Chicago Library.

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Chicago Columbia Cornell Harvard Johns Hopkins Statistics Wisconsin

Graduate Student Enrollments in Economics. Seligman’s Tally, 1909

Here we have a letter from the chairman of the Columbia University economics department, Edwin R. A. Seligman, to the chairman of the trustees of Columbia University, George L. Rives, boasting of the large market share of Columbia with respect to graduate education in economics and sociology. We’ve seen earlier (1900) that Seligman kept a jealous eye on Columbia’s competition.

_____________________________________

[carbon copy of letter Seligman to Rives]

No. 324 West 86 street
New York, February 13, 1909

My dear Sir:

You may be interested in the enclosed statistics which have been compiled by me from answers to questions sent out to the various universities. It shows the relative position of Columbia compared to its six leading competitors, and it is a curious coincidence that the totals of Columbia on the one hand, and of the six universities together on the other, should be precisely the same.

Faithfully yours,

Edwin R. A. Seligman

(Enclosure)

 

To Mr. George L. Rives,
New York City

_____________________________________

STUDENTS WITH DEGREES ENROLLED IN
GRADUATE COURSES, Dec. 1909

 

Economics Sociology Total of Economics and Sociology
Harvard

27

 —

27
Yale

16

 12

28
Cornell

10

 4

14
Johns-Hopkins

12*

 —

12*
Chicago

12

 19

31
Wisconsin

22

 4

26
Total in the 6 universities

99

 39

138
Columbia

67

 71

138

*including duplications

 

Source: Columbia University Archives. Central Files 1890-, Box 338. Folder: “Seligman, Edwin Robert Anderson. 1.1.110 2/5”

Image Source: Universities and their Sons, Vol. 2 (1899), pp. 485.

Categories
Chicago Exam Questions Suggested Reading Syllabus

Chicago. Theory of Income and Employment. Domar, 1948

Jacob Marschak’s course “The Theory of Income and Employment” was taught by the (visiting) assistant professor of economics and research associate in the Cowles Commission, Evsey D. Domar, in the Spring Quarter of 1948. The appointment must have taken place after the Announcements for 1947-1948 were published in May, 1947, so one presumes there was a relatively late change in plans.

For those interested in Domar’s early backstory,  Evsey (Joshua) Domashevitsky arrived in the U.S. on the S.S. Taizo Maru that departed 27 July 1936 from Kobe, Japan and arrived at the port of Los Angeles, California August 16. Domar (“race: Hebrew; nationality: White Russian”) was born April 16, 1914 in Lodz, Poland and last resided in Dairen, Manchuria (now Dalian or Talien, China) before he left for the U.S. He worked his way through UCLA and his graduation photo from the college yearbook graces this posting.

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ECONOMICS 335
THE THEORY OF INCOME AND EMPLOYMENT

Spring, 1948
E. D. Domar

Required Reading List

It is assumed that the students are familiar with the contents of the first 20 chapters of A. P. Lerner’s Economics of Control.

 

PART I.   THE MEASUREMENT OF TOTAL OUTPUT.         March 30 – April 1

Simon Kuznets, National Income and Its Composition, V. I, Ch. 1.
J. R. Hicks and A. G. Hart, The Social Framework of the American Economy, ch. 3, 8, 10-13, 15, 16.
National Planning Association, National Budgets for Full Employment.
Survey of Current Business, National Income Supplement, July, 1947.

 

PART II.   THE ESSENCE OF THE THEORY.    April 3- 28.

J. M. Keynes, The General Theory of Employment, Interest and Money.
A. P. Lerner, Economics of Control, ch. 21-25.
American Economic Association, Readings in Business Cycle Theory, ch. 5-12.
S. E. Harris, editor. The New Economics, ch. 9, 11-15, 19, 33, 36.
Oscar Lange, Price Flexibility and Employment, pp. 1-90.
Milton Friedman, “Lange on Price Flexibility and Employment,” American Economic Review, Sept. 1946 (Reprints in Harper Reserve Room).
Lawrence Klein, The Keynesian Revolution, ch. 3-5.
Gottfried Haberler, Prosperity and Depression, Ch. 8, 13.
A. C. Pigou, “The Classical Stationary State,” The Economic Journal, December 1943.
J. E. Meade and P. W. S. Andrews, “Summary of Replies to Questions on Effects of Interest Rates,” and “A Further Inquiry into the Effects of Rates of Interest,” Oxford Economic Papers, No. 1, 1938 and No. 3, 1940.
Simon Kuznets, “Relation between Capital Goods and Finished Products in the Business Cycle,” in Economic Essays in Honor of Wesley Clair Mitchell.
R. F. Kahn, “The Relation of Home Investment to Unemployment,” Economic Journal, 1931.

 

PART III.   UNDERCONSUMPTION, MATURE ECONOMY, AND CAPITAL ACCUMULATION.        May 4-14.

A. H. Hansen, Fiscal Policy and Business Cycles.
A. H. Hansen, Economic Policy and Full Employment, ch. 15, 16, Appendix B.
E. D. Domar, “Expansion and Employment,” American Economic Review, 1947 (reprints on reserve).
E. D. Domar, “The Problem of Capital Accumulation,” (Mimeographed).
P. M. Sweezy, The Theory of Capitalist Development, ch. 10, 12.
J. A. Schumpeter, Capitalism, Socialism and Democracy, Part II.
G. Terborgh, The Bogey of Economic Maturity.
Readings in Business Cycle Theory, ch. 19-20.

 

PART IV.   POLICY          May 15- June 10.

(in addition to preceding readings)

Board of Governors of the Federal Reserve System, Public Finance and Full Employment, Postwar Economic Studies No. 3, pp. 1-21, 53-68.
A. H. Hansen, Economic Policy and Full Employment, parts IV, V, VI.
M. De Chazeau and others (Committee for Economic Development) Jobs and Markets: How to Prevent Inflation and Depression.
E. F. Burchard and others (Oxford University Institute of Statistics), The Economics of Full Employment.
Mints, Hansen and others. Symposium of Fiscal and Monetary Policy, The Review of Economic Statistics, May 1946.
J. Mosak and Arthur Smithies, “Forecasting Post-War Demand,” Econometrica, 1945.
H. Simons, “Hansen on Fiscal Policy,” The Journal of Political Economy, 1942.
National Budgets for Full Employment
Economic Report of the President, January 1948.
A. P. Lerner and F. D. Graham, Planning and Paying for Full Employment.
M. Friedman, “A Monetary and Fiscal Framework for Economic Stability,” (Mimeographed).
W. H. Beveridge, Full Employment in a Free Society, a general survey, with emphasis on Appendix C.

___________________

Economics 335
Final Examination

June 17, 1948
One hour and fifteen minutes

Answer all questions. They carry equal weights.

  1. Ever since the end of the war, it has been asserted by various authorities that increased production is the best cure against inflation. But it can be also argued that while increased production enlarges the supply of goods, it also generates additional income and therefore demand. So in the end it may or it may not mitigate inflation.
    Analyze this question and try to find the correct answer. The quality and depth of your analysis will count more than its quantity.
  2. “In spite of his claims to the contrary, Keynes did not succeed in proving the possibility of underemployment equilibrium if wages and prices were flexible. That a long period of unemployment could persist as a result of wage and price rigidity we had known long before Keynes.”
    Comment on this statement and show what effects would flexible prices and wages have on elimination of unemployment (in a depression) and stabilization of the price level (in an inflation). Indicate clearly every step in your analysis. What practical recommendations follow from your discussion?
  3. You were employed by the U. S. Bureau of the Budget in 1941 to make an economic forecast and to recommend practical policy measures to prevent both unemployment and inflation in the year 1942, when large war expenditures were expected. Following roughly the method of national budgets (or an equally good alternative one) set up a hypothetical but reasonable numerical model for the year 1942. Show clearly (a) the information you will require; (b) the assumptions you will make; (c) how (a) and (b) are brought together; and (d) policy recommendations you will make. Indicate each step explicitly.
  4. Write for some twenty minutes on any subject covered in the course, but not included in the preceding questions and not studied in your term paper. Make sure you have something worth-while to say.

 

___________________

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Evsey D. Domar Papers, Box 15, Folder: “Macroeconomics, Old Reading Lists”; Box 16, Folder: “Final Exams. Johns Hopkins, Stanford, U of Michigan”.

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
Chicago Suggested Reading Syllabus

Chicago. International Trade and Policy. Advanced Graduate. Metzler, 1948 and 1950

Today we have the reading list for an early iteration of Lloyd A. Metzler’s second advanced course in international economics: the theory of foreign trade and commercial policy. The course was held in the Winter quarter of 1948 at the University of Chicago. I have used squared brackets and bold-blue text to indicate additions and  other changes or deletions for his Spring Quarter 1950 reading list.

______________________________________

[Course Description]

[Economics] 371. INTERNATIONAL TRADE AND COMMERCIAL POLICY. Price theory and international trade; the gains from international specialization. International trade and the distribution of income. Historical and theoretical discussion of the theory of tariffs. Commercial policies of particular countries, including the United States, the United Kingdom, and France. Commodity agreements and cartels. The growth of state trading. The new mercantilism. Prereq: Econ 330 or equiv. Spr: TuThS 9:30; Metzler.

Source: University of Chicago Announcements Division of the Social Sciences, 1949-1950. p.28.

______________________________________

[Handwritten] Winter 1948
[Date noted with course title in 1950]

 

ECONOMICS 371
[Spring Quarter – 1950]

Major Topics and Selected Reading

I. Mercantilism and the Classical Theory of the Gains from Trade.

J. Viner, Studies in the Theory of International Trade, Chapters 1, 2.
Adam Smith, The Wealth of Nations, Book IV.
David Ricardo, Principles of Political Economy and Taxation, Chapter 7.
J. S. Mill, Principles of Political Economy, Book III, Chapters 17, 18.
J. M. Keynes, General Theory of Employment, Interest and Money, Chapter 23.

II. Modern Price Theory and the Gains from Trade.

Alfred Marshall, Money, Credit and Commerce, Appendix J.
Gottfried Haberler, The Theory of International Trade, Chapters 9, 10, 11, 12.
J. Viner, Studies in the Theory of International Trade, Chapters 8, 9.
W. W. Leontief, “The Use of Indifference Curves in the Analysis of Foreign Trade,” Quarterly Journal of Economics, 1933. [reprinted in Readings in the Theory of International Trade]
P. A. Samuelson, “Welfare Economics and International Trade,” American Economic Review, 1938.
[F. D. Graham, “The Theory of International Values Reexamined,” Quarterly Journal of Economics, 1923, reprinted in Readings in the Theory of International Trade.
F. D. Graham, The Theory of International Values, Princeton, N. J., 1948.
E. F. Heckscher, “The Effect of Foreign Trade on the Distribution of Income,” Ekonmish Tidshrift, 1919, reprinted in Readings in the Theory of International Trade.
P. A. Samuelson, “International Trade and the Equalization of Factor Prices,” Economic Journal, June, 1948.
P. A. Samuelson, “International Factor Price Equalization Once Again,” Economic Journal, June, 1949.]

III. The Theory of Tariffs

Gottfried Haberler, The Theory of International Trade, Chapters 13, 14, 15, 16, 17.
Alfred Marshall, Money, Credit and Commerce, Chapters 6, 7, 8, 9, 10, 11.
Tibor de Scitovsky, “A Reconsideration of the Theory of Tariffs,” Review of Economic Studies, Vol. 9, 1941-42.[reprinted in Readings in the Theory of International Trade.]
F. W. Taussig, International Trade, Chapter 13.
W. F. Stolper and Paul A. Samuelson, “Protection and Real Wages,” Review of Economic Studies, 1941. [reprinted in Readings in the Theory of International Trade.]
F. D. Graham, “Some Aspects of Protection Further Considered,” Quarterly Journal of Economics, 1923. [Item replaced by: F. D. Graham, Protective Tariffs, Princeton, N. J., 1942.]

 

IV. Some Aspects of Commercial Policy

F. W. Taussig, Some Aspects of the Tariff Question.
F. W. Taussig, Tariff History of the United States.
F. Benham, Great Britain Under Protection.
E. B. McGuire, The British Tariff System.
F. A. Haight, French Import Quotas.

 

V. The Reciprocal Trade Agreements Program of the United States [Section title changed: Recent Developments in Commercial Policy]

H. J. Tasca, The Reciprocal Trade Policy of the United States, 1938.
G. Beckett, “The Effect of the Reciprocal Trade Agreements upon the Foreign Trade of the U. S.,” Quarterly Journal of Economics, November 1940.
[J. M. Letiche, Reciprocal Trade Agreements in the World Economy, 1948.
U. S. Department of State, Analysis of General Agreement on Tariffs and Trade, Washington, D. C., 1947.
U. S. Department of State, Havana Charter for an International Trade Organization, 1948.]

 

VI. Cartels and Commodity Agreements.

C. Edwards, International Cartels, 1945.
E. S. Mason, Controlling World Trade, 1946.
J. S. Davis, International Commodity Agreements: Hope, Illusion, or Menace?, 1947.
[G. W. Stocking and M. W. Watkins, Cartels or Competition?, 1948.]

 

VII. The International Trade Organization [This section dropped in 1950]

Draft Charter of Proposed International Trade Organization, Geneva, 1947.

 

VIII. International Relations and the Structure of World Trade.

A. O. Hirschmann [sic], National Power and the Structure of Foreign Trade, 1945.
J. Viner, “International Relations Between State Controlled National Economies,” American Economic Review, 1944 Supplement.
H. S. Ellis, Bilateralism and the Future of International Trade, Princeton University Essays in International Finance.
J. M. Keynes, “National Self Sufficiency,” Yale Review, 1933. [Keynes dropped in 1950]
D. H. Robertson, “The Future of International Trade,” Economic Journal, 1938.

 

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Lloyd Appleton Metzler Papers, Box 9, Folder: “Econ. 371”.

 

 

 

Categories
Chicago Suggested Reading Syllabus

Chicago. Advanced International Monetary Economics. Metzler, 1950

At the University of Chicago graduate courses numbered in the 200’s were called “Intermediate Courses” and those in the 300’s were “Survey and problem courses in special fields…The main purpose…is to prepare students for research.” The 400’s courses were for “Research, reading, and seminars”.

The Departmental course requirements for an M.A. in economics at the University of Chicago in 1950: “Normally fifteen courses (or their equivalent) in economics, eight of which ordinarily will be at the 300 level.”

The Departmental course requirements for a Doctor’s degree at the University of Chicago in 1950: “Completion of a program of work in economics at the 300-400 level ordinarily embracing at least six quarters of formal training”. Presumably this means in addition to the eight quarters at the 300 level for the M.A.

A few obvious misprints have been corrected and I have attempted to impose a consistent formatting (e.g. book titles underlined, etc.).

 _______________________________

[Course Description]

[Economics] 370. MONETARY ASPECTS OF INTERNATIONAL TRADE. Foreign payments and receipts. Classical and modern theories of adjustment of the balance of payments. Theories of exchange rates. Capital movements in the balance of payments. Postwar monetary plans. Prereq: Econ 330, 335, or equiv. Win: MTuWF 8:30 Metzler.

Source: University of Chicago.Announcements: The Division of the Social Sciences, Sessions of 1950-1951, p. 31.

_______________________________

ECONOMICS 370
Major Topics and Selected Reading
Winter, 1950

Lloyd A. Metzler

I. Elementary Principles of Foreign Payments and Receipts.

G. Haberler, The Theory of International Trade, Introduction.
P. T. Ellsworth, International Economics, Part I, Chaps. VII and VIII.

 

II. The Balance of Payments and the Measurement of Income.

J. R. Hicks and A. G. Hart, The Social Framework of the American Economy, Chapter 12.
R. F. Bennett, “Significance of International Transactions in National Income,” National Bureau of Economic Research, Studies in Income and Wealth, Vol. VI, 1943.
Dept. of Commerce, National Income Supplement to Survey of Current Business, 1947.

 

III. Classical and Modern Theories of Adjustment of the Balance of Payments.

R. F. Harrod, International Economics, Chapters VI and VII.
F. Machlup, International Trade and the National Income Multiplier. Chaps. I-V.
F. W. Taussig, International Trade, Chaps. XVII-XXI.
J. Viner, Canada’s Balance of International Indebtedness.
League of Nations, International Currency Experience, Chapters I and IV.
G. Haberler, The Theory of International Trade, Chaps. II and III.
J. Viner, Studies in the Theory of International Trade, Chaps. VI and VII.
R. Nurkse, “Conditions of International Monetary Equilibrium”, Princeton University, Essays in International Finance, reprinted in Readings in the Theory of International Trade.
F. W. Paish, “Banking Policy and the Balance of International Payments”, Economica, 1936, reprinted in Readings.
W. A. Salant, “Foreign Trade Policy in the Business Cycle,” Public Policy, reprinted in Readings.

 

IV. Theory of Income Transfers.

J. M. Keynes, “The German Transfer Problem,” Economic Journal, 1929, reprinted in Readings.
B. Ohlin, “Transfer Difficulties, Real and Imagined,” Economic Journal, 1929, also rejoinder by Keynes and reply by Ohlin in subsequent issues, reprinted in Readings.
L. A. Metzler, “The Transfer Problem Reconsidered,” Journal of Political Economy, 1942, reprinted in Readings.
C. Iversen, International Capital Movements, Part II A.

 

V. Fluctuating Exchange Rates

League of Nations, International Currency Experience, Chapter V.
J. Robinson, Essays in the Theory of Employment, Part III, reprinted in Readings.
F. W. Taussig, International Trade, Part III.
G. Cassel, Money and Foreign Exchange after 1914.
S. E. Harris, Exchange Depreciation.
International Monetary Policies, Postwar Economic Studies, No. 7, Board of Governors of the Federal Reserve System.
J. E. Meade, “Financial Policy and the Balance of Payments,” Economica, May, 1948.
“Notes on Foreign Currency Adjustments”, Federal Reserve Bulletin, November, 1949.
T. Balogh, “Exchange Depreciation and Economic Readjustment,” Review of Economics and Statistics, November, 1948.
F. Machlup, “The Theory of Foreign Exchange,” reprinted in Readings.
“Readjustment of Foreign Currency Values”, Federal Reserve Bulletin, October, 1949.

 

VI. Multilateral and Bilateral Monetary Policies.

H.S. Ellis, “Bilateralism and the Future of International Trade,” Essays in International Finance, No. 7, Princeton, N. J. reprinted in Readings.
R. Frisch, “Forecasting a Multilateral Balance of Payments,” American Economic Review, XXXVII (September 1947) 535-551.
R. Frisch, “Outline of a System of Multi-Compensatory Trade,” Review of Economics and Statistics, November, 1948.
R. Hinshaw, Professor Frisch on Discrimination and Multilateral Trade, “Review of Economics and Statistics, November, 1948.

 

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Lloyd Appleton Metzler Papers, Box 9, Folder: “Reading Lists 370”.

Source Image: Posting by Margie Metzler on the Metzler Family Tree at the genealogical website, ancestry.com.

Categories
Chicago Suggested Reading Syllabus

Chicago. Intermediate International Monetary Economics. Lloyd A. Metzler, 1949

 

 

The Departmental course requirements for an M.A. in economics at the University of Chicago in 1949: “Normally fifteen courses (or their equivalent) in economics, eight of which ordinarily will be at the 300 level.” The courses numbered in the 200’s were called “Intermediate Courses” and those in the 300’s were “Survey and problem courses in special fields…The main purpose…is to prepare students for research.” The 400’s courses were for “Research, reading, and seminars”.

The final examination questions for the summer quarters of 1947 and 1948 for this course have been posted as well.

_______________________________

[Course Description]

[Economics] 270. INTERNATIONAL ECONOMICS. The nature of international payments and receipts; foreign trade and the banking system. The gold standard in the interwar period. The breakdown of the gold standard and the period of fluctuating exchange rates. Exchange controls, clearing agreements and payments agreements. The second world war and the foreign exchange markets. The position of the International Monetary Fund and the International Bank for Reconstruction and Development in the present world economy. Prereq: Econ 209, 230 [Intermediate Economic Theory, Introduction to Money and Banking, respectively], or equiv. Aut: MWF 8:30; Metzler.

 

Source: University of Chicago. Announcements, Volume XLIX, Number 9: The Division of the Social Sciences, Sessions of 1949-1950, July 1, 1949, p. 24.

__________________________________

Economics 270
Major Topics and Selected Reading
Autumn Quarter 1949

I. Foreign Exchange Markets and Equilibrium of the Balance of Payments

Enke and Salera, Chapters 4, 6.
Southard, Chapters 2, 3.
International Monetary Fund, pp. 1-24.
U. S. Department of Commerce, The United States in the World Economy, pp. 1-25, 137-200.
U. S. Department of Commerce, International Transactions of the U. S. During the War.

II. The Pre-War Gold and Gold-Exchange Standards

Enke and Salera, Chapters 8, 9, 12, 28.
League of Nations, Chapters 1, 2, 3, 4.
U. S. Department of Commerce, The United States in the World Economy, Chapters 2-4.

 

III. The Breakdown of the Gold Standard: Fluctuating Exchange Rates

League of Nations, Chapters 5,6
Enke and Salera, Chapter 30.

 

IV. The Development of Exchange Controls

Ellis, Chapters 1, 2, 4.
League of Nations, Chapter 7.
Triffin, “National Central Banking and the International Economy,” International Monetary Policies. Board of Governors of the Federal Reserve System.
Rejoinder by Haberler.

 

V. The International Monetary Fund

Articles of agreement of the International Monetary Fund.
Third Annual Report of the International Monetary Fund.
Enke and Salera, Chapter 32.
Harris, The New Economics, Chapters 24, 25, 26, 27.
L. A. Metzler, “Exchange Rates ad the International Monetary Fund,” International Monetary Policies, Board of Governors of the Federal Reserve System, 1947.
R. F. Mikesell, “The Role of the International Monetary Agreements in a World of Planned Economies,” Journal of Political Economy, December, 1947.
Camille Gutt, “Exchange Rates and the International Monetary Fund,” Chapter 10 of Foreign Economic Policy for the United States.

 

VI. The International Bank For Reconstruction and Development

Articles of agreement of the International Bank.
Enke and Salera, Chapter 33, 34.
Third Annual Report of the International Bank.

 

VII. Post-war Trade and the World Shortage of Dollars

Harris, editor, Foreign Economic Policy for the United States, Chapters 15, 16, 17, 18, 19, 24, 25.
United Nations, A Survey of the Economic Situation and Prospects of Europe.
United Nations, Economic Survey of Europe in 1948.

 

Books Referred to in this Bibliography

Enke and Salera, International Economics, New York, 1947.
H. S. Ellis, Exchange Control in Central Europe, Cambridge, Mass., 1941.
League of Nations, International Currency Experience, 1944.
F. A. Southard, Foreign Exchange Practice and Policy, New York, 1941.
International Monetary Fund, Balance-of-Payments Yearbook, Wash., D.C., 1949.
U. S. Department of Commerce, The United States in the World Economy.
U. S. Department of Commerce, International Transactions of the U. S. During the War.
Board of Governors of the Federal Reserve System, International Monetary Policies,
Wash., D.C., 1947.
S. E. Harris, editor, The New Economics, New York, 1947.
S. E. Harris, editor, Foreign Economic Policy for the United States, Cambridge, Mass., 1948.
United Nations, A Survey of the Economic Situation and Prospects of Europe.
United Nations, Economic Survey of Europe in 1948.

 

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Lloyd Appleton Metzler Papers, Box 9, Folder: “Econ. 270 International Econ. (Chicago)”.

 

Source Image: “From family album, taken while Lloyd Metzler was a student at Harvard.”
“Lloyd A. Metzler” by Margiemetz – Own work. Licensed under CC BY-SA 3.0 via Commons.

Categories
Chicago Suggested Reading Syllabus

Chicago. Theory and Measurement of Demand. Henry Schultz, 1934

The undated reading list and bibliography for Henry Schultz’s advanced course “Theory and Measurement of Demand” transcribed below, included in Milton Friedman’s papers at the Hoover Institution Archives, are almost certainly from the Autumn quarter, 1934. This was the academic year that Friedman worked as Henry Schultz’s research assistant at the University of Chicago and audited the course.

______________________________

Friedman audited the Schultz course, Theory and Measurement of Demand

According to the draft of his Civil Service application Milton Friedman worked as personal assistant to Henry Schultz October 1934-August 1935 at a yearly salary of $1600. In his list of courses on a separate page, Friedman writes that he “visited”, i.e. did not take for credit, a course in the Theory of Demand given by Henry Schultz during the academic year 1934-35.

 

Source: Milton Friedman Papers, Hoover Institution Archives, Box 5, Folder 4 (Employment records, Civil Service Commission).

______________________________

Friedman describes his work for Schultz

From a carbon-copy, presumably an attachment to the same Civil Service application in Box 5, Folder 4, Friedman writes:

“I lived in Chicago, Ill. from September, 1934 to August, 1935 while employed by the University of Chicago.

My educational training and experience gained while working with Professor Schultz this past year are most relevant to the position for which I am applying. I have aided Prof. Schultz on the theoretical questions underlying his forthcoming book on “The Theory and Measurement of Demand”, a subject intimately connected with consumption. In this connection I have had to survey the literature on demand and consumption. In addition to the theoretical work I have been in charge of related statistical studies and was largely responsible for the planning and direction of a statistical study of the demand for meats in the United States, on which study three statistical assistants were employed. In the course of the study I wrote several memoranda analyzing and interpreting the data and results. The results of the analysis are being published by Prof. Schultz in…[next page missing].”

Source: Milton Friedman Papers, Hoover Institution Archives, Box 5, Folder 11(Student years).

______________________________

[Course Description] 

  1. The Theory and Measurement of Demand.—A course covering such topics as the pure theory of demand; demand and utility in the theory of exchange; static and dynamic demand functions; different notions of elasticity of demand; various methods of deriving demand functions from family budget data and from time series of consumption and prices; etc. Prerequisite: Economics 301, a reading knowledge of French, and consent of the instructor. C.—2Cs., Autumn, 9:00, SCHULTZ.

 

Source: University of Chicago. Announcements: The College and The Divisons for the Sessions of 1934-35, pp. 286-7.

______________________________

REFERENCES FOR ECONOMICS 405

Theory and Measurement of Demand
by
Henry Schultz
University of Chicago

____

I. General Equilibrium

Bowley, A. L. Mathematical Groundwork of Economics
Divisia, Francois Économique Rationelle
Evans, G. C. Mathematical Introduction to Economics
Fisher, Irving Mathematical Investigations in the Theory of Value and Price,–in Transactions of the Connecticut Academy of Arts and Sciences (9-10) pp. 1-125.
Marshall, Alfred Principles of Economics
Pareto, Vilfredo +Manuel d’Économie Politique (especially Chap. III and Mathematical Appendix, pp. 539-594.)

+Cours d’Économie Politique (especially first 73 pages)

+Économie Mathématique, in Encyclopédie des sciences Mathématique, Tome I, Vol. 4, Fascicule 4, pp. 591-640.
Pietri-Tonelli, Alfonso Traité d’Économie Politique
Walras, Leon +Éléments d’Économie Politique
Zawadzki, Wl. Les Mathématiques Appliquées à l’Économie Politique

 

 

II. Utility Theory

A. Philosophical and Historical Background

Bentham, Jeremy Principles of Morals and Legislation
Edgeworth, F. Y. Mathematical Psychics
Halevy, Elie La Formation du Radicalisme Philosophique (French or English edition)
Jevons, W. Stanley Theory of Political Economy
Mitchell, Wesley C. “Bentham and the Felicific Calculus”, Political Science Quarterly, Vol. XXXIII, No. 2, June, 1918.
Stephen, Leslie The Utilitarians

 

B. Analytical and Statistical

Allen, R. G. D. “The Foundations of a Mathematical Theory of Exchange”, Economica, May, 1932.

+”The Nature of Indifference Curves”, The Review of Economic Studies, Vol. 1, No. 2, Feb., 1934, pp. 110-121.

+”A Comparison between Different Definitions of Complementary and Competitive Goods”, Economtrica, Vol. II, No. 2, April, 1934, pp. 168-176.
Allen, R.G.D., and Hicks, J.R. “A reconsideration of the Theory of Value”, Economica, Part I, Feb., 1934, pp. 52-76. Part II, May, 1934, pp. 196-219.
Evans, G. C. “The Role of Hypothesis in Economic Theory”, Science, Vol. 75, No. 1943, March 25, 1932, pp. 321-324.
Johnson, W.E. “The Pure Theory of Utility Curves”, Economic Journal, Vol. XXIII, No. 92, Dec., 1913, pp. 483-513.
Lange, Oscar “The Determinateness of the Utility Function”, The Review of Economic Studies, Vol. I, No. 3, pp. 218-226.
Schultz, Henry Review of Evans’ Mathematical Introduction in Journal of the American Statistical Association, Vol. XXVI, No. 176, Dec., 1931, pp. 484-91.

+”Interrelations of Demand”, Journal of Political Economy, XLI, 1933, pp. 468-512.
Thurstone, L. L. “The Indifference Function”, The Journal of Social Psychology, Vol. II, No. 2, May, 1931, pp. 139-67.
Zotoff, A. W. “Notes on the Mathematical Theory of Production”, Economic Journal, Vol. XXXIII, 1923, pp. 115-121.

 

C. Applications

Allen, R. G. D. “On the Marginal Utility of Money and Its Applications”, Economica, May, 1933.
Fisher, Irving “A Statistical Method for Measuring ‘Marginal Utility’ and Testing the Justice of a Progressive Income Tax”, in Economic Essays Contributed in Honor of John Bates Clark.
Frisch, Ragnar “Sur un Problème d’Économie Pure”, Norsk Matamatisk Forenings Skriften, 1926, Series 1, No. 16.

New Methods of Measuring Marginal Utility
Schultz, Henry “Frisch on the Measurement of Utility”, Journal of Political Economy, XLI, Feb., 1933, pp. 95-117.

+ Of special importance

 

________________________________

 

[Handwritten: Milton Friedman]

 

REFERENCES FOR ECONOMICS 405
Bibliography on Demand

__

Henry Schultz
University of Chicago

____

Derivation of Demand Curves
I. From Price [and] Quantity Data

A. The Moore Method

Moore, H.L. Economic Cycles: Their Law and Cause. New York, 1914.

Forecasting Yield and Price of Cotton. New York, 1917.

“Empirical Laws of Demand and Supply and the Flexibility of Prices”, PSQ, XXXIV, 1919.

“Elasticity of Demand and Flexibility of Prices”, JASA, XVIII, 1922.

“A Moving Equilibrium of Demand and Supply”, QJE, XXXIX, 1925.

“Partial Elasticity of Demand”, QJE, XL, 1926.

“A Theory of Economic Oscillations”, QJE, XLI, 1926.

Synthetic Economics, New York, 1929.
Schultz, Henry Statistical Laws of Demand and Supply, with Special Application to Sugar. Chicago, 1928.

Meaning of Statistical Demand Curves. English original of Der Sinn der Statistischen Nachfragekurven, Veroeffentlichungen der Frankfurter Gesellschaft fuer Konjunkturforschung, Heft 10. Bonn, 1930.

“The Shifting Demand for Selected Agricultural Commodities, 1875-1929”, Journal of Farm Economics, XIV, 1932, 201-27.

“A Comparison of Elasticities of Demand Obtained by Different Methods”, Econometrica, I, 1933, 274-308.

“Interrelations of Demand”, JPE, XLI, 1933, 468-512.
Lenoir, Marcel Études sur la Formation et le Mouvement des Prix. Paris, 1913.
Ezekiel, Mordecai “Statistical Analysis of the Laws of Price”, QJE, 1928.

“A Statistical Examination of Lamb Prices”, JPE, April, 1927.

 

B. The Leontief Method

Leontief, Wassily “Ein Versuch zur Statistischen Analyse von Angebot und Nachfrage”, Weltwirtschaftliches Archiv, Band XXX, Heft 1, 1929, pp. 1-53.
Schultz, Henry Meaning of Statistical Demand Curves, Appendix II, 99-118.
Frisch, Ragnar “Pitfalls in the Statistical Construction of Demand and Supply Curves”, Veroeffentlichungen der Frankfurter Gesellschaft fuer Konjunkturforschung, Neue Folge, Heft 5, Leipzig, 1933.
Leontief, Wassily “Pitfalls in the Construction of Demand and Supply Curves: A Reply”, QJE, XLVIII, 1934, 352-63.
Frisch, Ragnar “More Pitfalls in Demand and Supply Analysis: A Reply”, QJE, XLVIII, 1934, 749-55.
Leontief, Wassily “More Pitfalls in Demand and Supply Analysis: A Final Word”, QJE, XLVIII, 1934, 755-59.
Marschak, J. “More Pitfalls in Demand and Supply Analysis: Some Comments”, QJE, XLVIII, 1934, 759-67.

 

C. The (second) Pigou Method

Pigou, A.C. “The Statistical Derivation of Demand Curves”, EJ, XL, 1930, 344-400; reprinted in A.C. Pigou and D.H. Robertson, Economic Essays and Addresses. London, 1931.
Ferger, Wirth F. “Pigou’s Method of Deriving Demand Curves”, EJ, XLII, 1932, 17-26.
Cassels, J.M. “A Critical Consideration of Professor Pigou’s Method for Deriving Demand Curves”, EJ, XLIII, 1933, 574-87.
Allen, R.G.D. “A Critical Examination of Professor Pigou’s Method of Deriving Demand Elasticity”, Econometrica, II, July, 1934, 249-58.

 

D. Miscellaneous

Working, Holbrook “The Statistical Determination of Demand Curves”, QJE, XXXIX, 1925.
Working, E.J. “What do Statistical Demand Curves Show?” QJE, XLI, 1927, 212-35.
Gilboy, Elizabeth W. “Demand Curves in Theory and Practice”, QJE, XLV, 1930.

“The Leontief and Schultz Methods of Deriving ‘Demand’ Curves”, QJE, XLV, 1931, 218-61.
“Studies in Demand: Milk and Butter”, QJE, XLVII, 1932, 671-97.
Ferger, Wirth F. “The Static and Dynamic in Statistical Demand Curves”, QJE, XLVII, 1932, 36-62.

 

II. From Family Budget Data

A. The (first) Pigou Method

Pigou, A.C. “A Method of Determining Numerical Values of Elasticity of Demand”, EJ, XX, 1910, 636-40.

 

B. The Frisch Method

Frisch, Ragnar “Sur un Problème d’Économie Pure”, Norsk Matamatisk Forenings Skriften, 1926, Series 1, No. 16.

New Methods of Measuring Marginal Utility
Schultz, Henry “Frisch on the Measurement of Utility”, JPE, XLI, 1933, 95-117.

 

C. The Marschak Method

Marschak, Jakob Elastizitaet der Nachfrage, Beitraege zur Oekonomischen Theorie, 2, Tuebingen, 1931.
Frisch, Ragnar “Discussion of Marschak’s Method”, Revue d’Économie Politique, XLVI, 1932, 14-28.

 

D. The Roy Method

Roy, René La demande dans ses rapports avec la Répartition des Revenue”, Metron, VIII, 1930, 101-53.

“Les Lois de la Demande”, Revue d’Économie Politique, 1931, 1190-1218.

 

E. Miscellaneous

Gilboy, Elizabeth W. “Demand Curves by Personal Estimate”, QJE, 1932.
Waugh, Albert E. “Elasticity of Demand from Budget Studies”, QJE, 1932.
Bean, L. H. “The Farmer’s Response to Price”, Journal of Farm Economics, 1929.

“Measuring the Effect of Supplies on Prices of Farm Products”, Journal of Farm Economics, April, 1933.

 

N.B.

The references, with but one exception, are confined to works in English or French. For additional references see Schultz, Henry: “A Comparison…”, Econometrica, I, 1933, 274-308.

The abbreviations refer to the following periodicals:

EJ Economic Journal
JASA Journal of the American Statistical Association
JPE Journal of Political Economy
PSQ Political Science Quarterly
QJE Quarterly Journal of Economics

 

Source: The above transcription is based on the copy  in Milton Friedman Papers, Hoover Institution Archives, Box 5, Folder 12 (Student years). Another copy can be found in the George Stigler Papers, University of Chicago Archives, Addenda, Box 33, Folder “1935 University of Chicago Class Notes”. The copy in the Stigler notes is almost identical to the Friedman copy (with some hand-corrected titles and additions for apparent unintended omissions). Stigler’s notes to the course along with class hand-outs are found in the same folder.

Image Source: The only photo of Henry Schultz that I have ever come across is the one found to accompany Harold Hotelling’s paper and Paul Douglas’ paper in Econometrica (1939) honoring Schultz who died November 26, 1938 in a tragic automobile accident that also took the lives of his wife and two daughters.

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Chicago. J. Laurence Laughlin, brief biographical sketch, 1899

LAUGHLIN, James Laurence, 1850-

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Chicago. Economic Theory Exams, A.M. and Ph.D. Summer 1949

The economic theory examination committee at the University of Chicago in the Summer Quarter of 1949  for the A.M. and Ph.D. degrees was made up of F. H. Knight (chair), O. H. Brownlee, M. Friedman, and  L. A. Metzler.  49 students took Part I of the exam (33 were Ph.D. students, 16 were A.M. students, equally divided between economics majors and minors). Part II of the examination was taken by 14 Ph.D. students (no A.M. students).  It does not appear that Knight participated in the grading of Part II however.

Two minor notes: Students were assigned numbers, presumably to assure anonymity with respect to their examiners, but the “unlucky” number 13 was not assigned to anyone. The “grade sheet” for the exams is labelled the “Report on Written Examination” which is similar to the use of the word “report” by the registrar’s office on official University of Chicago transcripts (for this usage, see the Patinkin transcripts).

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ECONOMIC THEORY, Part I
[August 2, 1949]

Written examination for the Ph.D. and A. M. Degrees, Summer Quarter, 1949

Ph.D. candidates: Time: 3½ hours. Answer all questions

A.M. Major candidates: Time: 3 hours. Answer question #2 and two others.

A.M. Minor candidates: Time: 2 hours. Answer question #2 and one other.

 

  1. (a) Discuss and evaluate alternative theories of “Profits” as a distributive share.
    (b) It is frequently said that in a private enterprise economy the producers’ motive is to maximize “profits”. Discuss the meaning of “profits” in this connection in relation to your answer to (a).
  1. Write briefly on the meaning of the capital concept and its importance in interpreting economic growth or change. Relate your discussion to the case of a Crusoe economy and state whether (and if so how) the principles are different for the competitive pecuniary social order.
  1. With reference to federal legislation assuring to every resident in the U.S.A. medical care by the physician and hospital of his choice, free and with no special taxation: Appraise the proposal as to effects upon general welfare, assuming that the alternative is the sale of medical insurance, not subsidized, but with the same distribution of personal income effected by cash “relief”.
  1. Briefly discuss the familiar diagram of a family of short-run cost curves for a firm, with an “envelope” as a long-run curve. State the main “cases” for price-equilibrium under monopoly and under “perfect competition.” Explain why the point of tangency with both curves descending may be such an equilibrium-supply, and particularly why it locates the minimum cost for the corresponding output.
  1. Briefly outline or list the main features of the Ricardian theories of value and of distribution and contrast each point with a “sound” modern view.”

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ECONOMIC THEORY, Part II
[August 4, 1949]

Written examination for the Ph.D. Degree, Summer Quarter, 1949.

Time: 2½ hours.

  1. Assume an economic system in which real expenditure upon goods and services (real consumption, investment, government expense) is a function of real income and the interest-rate; show that the set of values which satisfy the conditions for equilibrium in the commodity market (make real savings and investment equal) need not contain the “full-employment” income level; i.e., that level of real income which would be produced when the quantity of labor supplied equals the quantity demanded, both the labor supply and labor demand being functions of the real wage.
    Evaluate the assumptions of this system on terms of their realism, citing the relevant evidence; and indicate modifications which would result in the inclusion of the “full employment” level of income as one of the values satisfying the condition for equilibrium in the commodity market.
  1. Under the so-called “security-reserve proposal” member banks would be required to keep a supplementary reserve against deposits over and above the reserves they are now required to keep in the form of a deposit with a Federal Reserve Bank. This supplementary reserve could be in the form of government securities.a. What is the main purpose, or purposes, of this proposal?
    b. What effect would it have on the ability of the banks to expand credit, and how?
    c. In the light of present economic conditions, what can you say about the urgency of such a “reform”?
  1. It is a common view today that an equal reduction of both taxes and governmental expenditure would contribute to an increase of the national income or counteract a tendency to depression. State your position and discuss carefully.

Source: Hoover Institution Archives. Milton Friedman Papers, Box 76, Folder 10 “University of Chicago Econ. 300B”.