Category: Columbia

Cornell. Laughlin’s Scheme to Expand Economics,1891

Post author By Irwin Collier
Post date 2015-08-10

J. Laurence Laughlin was hired away from Cornell to build the Department of Political Economy at the University of Chicago that began operation in the academic year 1892-93. This proposal to expand Cornell’s own instructional and research work in political economy and finance is interesting as Laughlin’s vision of what it would take to go from second-rate to the leading department. It is also interesting for its table comparing Laughlin’s dream department with the state of affairs at six rival universities: Harvard, Yale, Columbia, Johns Hopkins, Michigan and Pennsylvania in 1890-91.

_______________

SCHEME FOR THE DEPARTMENT OF POLITICAL ECONOMY AND FINANCE IN CORNELL UNIVERSITY, PRESENTED TO THE BOARD OF TRUSTEES

I.

In view of the arrangement of courses for the coming year, (1891—2,) careful consideration should be given to the opportunities afforded by this department. The subjects heated are essential parts of the civic education of every member of society. Apart from their disciplinary value, their practical character would alone make it natural that the curricula of such schools as those of Agriculture, and of Mechanic Arts, should be enriched by including in them economic courses. This policy has already been announced by the statement in the University Register that Political Economy shall be hereafter made a part of the course of Civil Engineering. When regard is had to the prevailing ignorance of economics and its effect on national legislation, the wisdom of this policy is undoubted. The question might even be raised whether it were not advisable to require Political Economy of all students in the various courses, quite as much as History, or Chemistry. I cannot think, however, it is of advantage to the inﬂuence of a study to make its pursuit obligatory; but there cannot, I suppose, be any difference of opinion as to the wisdom of providing the proper amount of instruction, when the study of it is voluntary, and when the numbers of students are too great, (as is now the case,) to be properly cared for by the single professor

II.

In extending the reputation and prestige of Cornell University, no possible investment of its funds would, in my judgment, produce larger or earlier fruit than those spent in enlarging the work of this department. Such a policy would, at once, lend aid in educating the country where it most needs education, and bring here greater numbers of bright students who want economic training. The real University is to be found in the men it trains, and in the inﬂuence they exert on the community.

The deplorable ignorance and prejudice regarding questions of great practical importance, (such as banking and currency topics.) in the very regions from which we now draw our students, and must hereafter draw them in increasing numbers, makes the duty, as well as the opportunity, of our University, one of transcendent importance. Can it rise to the occasion? It is entirely within the truth to say that no such opportunity is open to us in any other branch of study. Furthermore, no other institution in our country is, at present, so well situated as Cornell University for doing a great and striking work in economics. If we accomplish this work, we can secure a strong hold on the people, and an enviable repute for enthusiastic, enterprising scholarship on subjects touching the immediate welfare of every individual citizen.

The mere fact of having had this exceptional opportunity for twenty years, and not having used it, (excepting one year,)—although there may be good reasons for it—has created a widespread belief elsewhere in our lack of interest and purpose in aiding economic study. To take only a second-rate position, therefore, or to do only moderately well, will not be enough to place us in a proper attitude before the public. Nor will it do to act so slowly that the growth of the department, however real, may be imperceptible to the outside world. In short, to produce the desired effect we should, if possible, draw the attention of the country to us by a striking and important movement; and it will be easy to make it striking and effective, because it is started in a subject which is occupying general attention. To indicate what form this movement should take is, in my opinion, the proper purpose of this communication. It has consequently seemed best to present a scheme of work for the department in as nearly complete a form as possible; a scheme, which shall be more thorough, more comprehensive, more scholarly than that presented by any other university. If adopted, it may then be said that greater advantages for economic study are offered at Cornell University than at any other American university. That a distinct opportunity exists for us, any member of an economic department in other institutions would be the ﬁrst to admit. Our apathy in this matter has, in the past, excited some comment and surprise.

The discussion regarding the neglect by this University of liberal studies in favor of the professional and technical schools, might suggest the present as a favorable opportunity to disabuse the public of that mistaken idea, by adopting this scheme for enlarging the department of economics; for, while appealing to those who believe in an intensely practical education, economics in truth belongs, because of its disciplinary power, to the culture studies. Should the Fayerweather bequest be received, may it not be the means, by concentrating its use on one ﬁeld, of making a striking movement which would command public attention?

III

I present herewith a list of courses which, if provided, would place this department ahead of any other in America. This is then followed by a comparison of the proposed scheme with the courses offered at Harvard, Yale, Columbia, Johns Hopkins, Pennsylvania, and Michigan. The courses run throughout the year, at the given number of hours per week :—

Introductory course. Principles of Modern Economics. Elementary Banking. Descriptive economics: Money, coöperation, bimetallism, railway transportation, etc.
3 hours a week. [At present, two sections, requiring of the instructor six hours a week.]

Advanced course. History of Economic Theory. Examination of writers and systems. Critical Studies. Open only to those who have passed in course 1.
3 hours a week.

Investigation of Practical Economic Questions of the day: shipping, money, proﬁt-sharing, social questions. Theses and Criticisms. Training for Seminary. Open only to those who have passed in course 1.
2 hours a week.

The Industrial and Economic History of Europe and the United States in the last 100 years. Lectures and selected reading. No previous economic study required.
3 hours a week.

Taxation. Public Finance. Banking. Comparative study of the Financial Methods of the United States, Great Britain, France, Germany, Italy, etc. Open only to those who have passed in course 1.
3 hours a week.

History of Financial Legislation in the United States since 1789. Lectures and reports. Open to all students.
1 hour a week.

History of Tariff Legislation in the United States since 1789; Tariff Legislation of France, Germany and Great Britain. Open to all students.
2 hours a week.

Railway Transportation and Legislation in the United States and Europe. Open to all students.
2 hours a week.

Statistics. Methods. Practical Training for Statistical Work. Presentation of Results. Open only to those who have passed in course 1.
3 hours a week.

Land Tenures. Land Systems of England, Ireland, France Belgium. Germany, and the United States. Open to all students. 1 hour a week.

Socialistic Theories. Marx, Lasalle, Proudhon; and modern popular theories. Open only to those who have passed in course 1.
1 hour a week.

Seminary. Special Investigations. Open only to competent students.
2 hours a week.

COMPARISON OF THE PROPOSED COURSES WITH THOSE NOW GIVEN AT VARIOUS UNIVERSITIES.

Courses.	Proposed for Cornell.	Now Given at
Courses.	Proposed for Cornell.	Cor- nell.	Har- vard.	Yale.	Colum- bia.	Johns Hopkins.	Penna.	Michi- gan.
1	3	3	3	7 ½	1	5	4 ½	2
2	3	}3	3	3	1 ½	5 (?)	6	1
3	2	}3	1 ½	1	2			2 ½
4	3		3	2	1		2	1[*]
5	3		3	2	3		1	1 ½
6	1		1 ½	}2	2		2
7	2	1	1 ½	}2	1			1
8	2		1 ½	1	1 ½
9	3				2		1	½
10	1
11	1			1	2
12	2	2	2(?)	2 ½	2	2	2	2
Total.	26	9	20	22	19	12	18 ½	11 ½
Number of In- structors.	5	1	4	4	4	1	5	2

[* The actual entry in this cell appear to be:

This Table makes obvious, at a glance, how far Cornell is behind other universities in this department. When it is considered that man’s character is moulded by his material surroundings; that questions of livelihood and economic concern occupy his thoughts more hours in the day, possibly, than any other subject; that the great forming agencies of the world are religious and economic,—this shortcoming in our courses of instruction becomes painfully evident. Not only are we behind other institutions, but this department, with all its importance, is far behind almost every other of our departments, especially in comparison with the Historical group.

The present number of students in the department (about 160) is, moreover, too large to be properly cared for by one instructor. Nor should the present professor be expected to keep in view the larger questions of the scope and inﬂuence of the department, or the work of investigation, and yet continue the reading of routine, but necessary, exercises.

To give the courses in the proposed list above, in addition to the present professor, there would be needed at least one associate professor, at a probable salary of $2,000 (to whom it would be necessary, in order to obtain the right man, to offer some deﬁnite expectation of further promotion in the future); one assistant-professor, at the usual salary, and two capable instructors, paid probably $1,000 each. These estimates are, of course, provisional.

IV

Of equal, or even greater importance than the increased hours of instruction, for the purpose of touching the work of students at its most vital point, is the grant of a suitable Publication Fund. The professor in charge believes this to be essential to the success of the department; that this part of the scheme is of primary importance. It is proposed to publish investigations of students and instructors in a series of bound volumes, with a distinctive cover, marking them as productions of Cornell University, and entitled “Cornell University Studies in Economics.” For this purpose at least $1,000 per annum should be granted. It would be appropriate to name this the “Fayerweather Publication Fund,” and every volume issued would bear the name of this benefactor. With the material already in sight that sum would not be sufﬁcient; but it would, so far as it goes, send the name of the University into every centre of scholarly work in this country and in Europe. Still better, it would do more than any other one thing to stimulate the work of our students, and to produce ﬁnished and accurate scholarship; while the practical bearing of these studies would bring the University to the notice of men in business and financial circles.

The subject has been carefully examined and studied in view of past experience in other institutions. The establishment of the Quarterly Journal of Economics by Harvard University was due to the creation of a Publication Fund, and it has won the respect and attracted the attention of scholars, as well as the public, the world over. Columbia College has wielded a large influence by the Political Science Quarterly, and stimulated its work in these lines: while, in addition, the publication of a series of monographs is now announced. The University of Pennsylvania has lately taken energetic steps to increase its publications, by which the work of the Wharton School has been suddenly brought to the attention of students everywhere. Not only a journal, The Annals of the American Academy of Political and Social Science, but a series of monographs, and translations of important German works, are published by this school. The Johns Hopkins University Studies in Historical and Political Science have been published for years, and, although not even in quality, have done more than anything else to attract attention to their facilities for investigation and study. Finally, the scheme of the new University of Chicago, following the trend of these successful movements, makes the “University Publication Work” one of the three general divisions of its work, and emphasizes the desire to publish papers, journals, and books by instructors, thereby hoping to furnish greater stimulus and incentive than now exist toward original investigation.

V

The ﬁxing of a high standard of work by students; in the department; the encouragement of capable young men to carry on their studies beyond mere superﬁcial work; a relief to poor, but able, men from subsidiary employments to earn a living while engaged in investigations; a means of drawing here from other institutions the brightest men who have distinguished themselves in economics; and, to provide for investigators, who will present their results to the public and enlarge the repute of the University for scholarly work both at home and abroad,—all these things can be effected only by the creation of fellowships and scholarships in this department. Five (5) fellowships, permitting the holders to reside either at the University, or abroad, with an annual income of $500 each; and four (4) scholarships, with an annual income of $250 each, are urgently needed.

VI

The library is deﬁcient in important collections and series, which are absolutely essential to economic research; and which are possessed by other institutions. In other places these deﬁciencies are supplemented by access to neighboring libraries (e.g., at Columbia College, by the Lenox and Astor Libraries; at Harvard University, by the Boston Public Library and the Atheneum. Our absolute isolation requires that we should own these important collections outright. We have, for example, none of the British Government Publications (the “Blue-Books”), a complete set of which is very expensive; nor those of France, or Germany, whose statistical work is exceedingly valuable. Of the various European economic journals, by which we may keep abreast of current thinking, we have almost none. It is a hindrance: which would be regarded as intolerable in Physics, Chemistry, or Philology. In short, the department needs a special annual grant of $2,000 for at least ﬁve (5) years beyond the present and expected allowance of next year for this department) to bring it to a respectable basis, as compared with other departments. Detailed accounts of these wants can be given, if needed.

VII

SUMMARY.

The Board of Trustees is respectfully asked to grant an annual appropriation to this department of the following sums :—

Additional instruction,
	One Associate Professor,	$ 2,000
	One Assistant Professor,	1,600
	Two Instructors at $1000 each,	2,000
			$ 5,600
Five Fellowships at $500 each,			2,500
Four Scholarships at $250 each,			1,000
Publication fund,			1,000
Books (for five years),			2,000
	Total,		$12,100

With this grant, it is quite certain we can produce results which are not now possible in any university in this country Our department of economics will then be the ﬁrst in the United States.—one of which every friend of Cornell can speak with pride. Especially will it mark an epoch in the history of economic training in this country, and bring Cornell to the front in an important subject of universal, and yet practical, concern. The University is not rich enough to permit any other institution to seize the opportunity for which she herself has so evident an advantage, and for which she so evidently occupies a strategic position.

Very respectfully presented by

J. LAURENCE LAUGHLIN.

Professor of Political Economy and Finance.

March 2, 1891

_______________

Source: Laughlin, James Laurence. Papers, [Box 1, Folder 17], Special Collections Research Center, University of Chicago Library.

Image Source: Clipped from printed speech given at the 78th meeting of The Sunset Club at the Grand Pacific Hotel, Chicago, December 6, 1894 found in Laughlin, James Laurence. Papers, [Box 1, Folder 17], Special Collections Research Center, University of Chicago Library.

Tags Laughlin

Columbia Courses Syllabus

Columbia. Readings International Economics. Angell, 1933

Post author By Irwin Collier
Post date 2015-08-08

This course title is a bit misleading from today’s perspective. The emphasis is on international finance and commercial policy with maybe one-third of the second semester devoted to trade theory. This course reading list comes from Milton Friedman’s Papers at the Hoover Institution though this particular course was apparently not ever taken for credit by Milton Friedman. I have not yet found a more recent picture of Angell than this passport photo taken when he was 23-24 years of age.

__________________________

Economics 125-126—International trade. 3 points each session. Professor J. W. Angell.
M. and W. at 11. 301 Fayerweather.

World trade currents today; the foreign trade of the United States. The foreign exchanges and the world money markets. The classical theory of international trade; the maintenance of equilibrium in trade; international capital movements. Tariffs and the protective controversy. The effects of currency depreciation. Reparations and inter-ally debts.

Students who have not completed Economics 125 are admitted to Economics 126 only by permission of the instructor.

Source: Columbia University. Bulletin of Information 32 Series, No. 33 (May 14, 1932). History, Economics, Public Law, and Social Science. Courses Offered by the Faculty of Political Science for Winter and Spring Sessions 1932-33, pp. 28-29.

__________________________

READING LIST IN INTERNATIONAL TRADE
Economics 125-126
Revised: 1933

# Required reading

## Required reading, to be prepared for class-room discussion

FIRST SEMESTER

The Balance of International Payments: World Trade Currents

# U.S. Dept. of Commerce, The Balance of International Payments of the U. S. in 19__ (Trade Information Bulletin). This study is made annually; read study for current year.

Boggs, T. F., The International Trade Balance (1922).

Bullock, C. J., Williams and Tucker, The Balance of Trade of the U.S. (Review of Economic Statistics, 1919; reprinted separately).

German Statistical Office, Wirtschaft und Statistik (this journal contains semi-annual studies of the German balance of payments).

Great Britain, Board of Trade, Journal (contains annual survey of the British balance of payments).

League of Nations, Memorandum on Balance of Payments (appears about every two years).

Lewis, Cleona, The International Accounts (1927).

Meynial, P., La Balance des Comptes (articles appearing about once a year on the French balance of payments, in La Vie Économique Française or in the Revue d’Éonomie Politique).

_____________________

Bishop, A. L., Outlines of American Foreign Commerce (1923).

Cowden, D., Measures of Exports of the U. S. (1931).

Day, C., History of Commerce (1917; new ed. 1931).

Johnson, E. R., History of the Domestic and Foreign Commerce of the U. S. (1915).

League of Nations, World Economic Survey: 1931-32; 1932-33 (successive volumes).

U.S. Dept. of Commerce, Commerce Yearbook (annual).

Foreign Exchange; Money Markets

##Furniss, E. S., Foreign Exchange (1922). [✓]

# Keynes, J. M., Monetary Reform (1924), pp. 125-151. [✓]

#Angell, J. W., Foreign Exchange (Encyclopedia of the Social Sciences, 1931). [✓]

Cross, I. B., Domestic and Foreign Exchange (1923).

Edwards, G. W., International Trade Finance (1924).

Escher, F., Elements of Foreign Exchange (1910).

Whitaker, A. C., Foreign Exchange (1921).

_____________________

Bagehot, W., Lombard Street (1873; 14 ed. 1915).

Beckhart, B. H., ed., The New York Money Market (4 vols.: 1931-32).

Burgess, W. R., The Reserve Banks and the Money Market (1927).

Goschen, Viscount G. J., Foreign Exchange (1861; reprinted 1926).

Spalding, F., The London Money Market (1924).

Withers, H., International Finance (1916).

———–, The Meaning of Money (1909, reprinted).

Tariffs: International Commercial Policies

##Taussig, F. W., Selected Readings in International Trade (1921): pp. 62-69; Parts II, III.

#Ashley, P., Modern Tariff History (1920).

#Delle Donne, O., European Tariff Policies (1928).

#Taussig, F. W., Necessary Changes in Our Commercial Policy (Foreign Affairs, April, 1933).

#————, Some Aspects of the Tariff Question ( 3 ed. 1931).

#————, Tariff History of the U. S. (7 [(corrected by MF) 8] ed., 1931).

American Tariff League, Statistical Bulletin.

Allix, E., Les Droits de Douanes (2 vols.; Paris, 1932).

Berglund, A., and Wright, P. G., The Tariff on Iron and Steel (1929). Also see other studies in this series (Institute of Economics) for other commodities.

Beveridge, Sir W. H., ed., Tariffs: The Case Examined (1931).

Bidwell, P., Tariff Policy of the U. S. (Council on Foreign Relations, 1933).

Cairnes, J. E., Leading Principles of Political Economy (1874): Part III, ch. 4.

Crompton, G., The Tariff (1927): esp. chs. 13, 14.

Eiteman, W. J., The Rise and Decline of Orthodox Tariff Propaganda (Quar. Jour. Econ., Nov. 1930).

Foreign Policy Association, Reports, passim.

Graham, F. D., Some Aspects of Protection Further Considered (Quar. Jour. Econ., 1923).

Gregory, T. E., Tariffs (1921).

Grunzel, J., Economic Protectionism (translated 1916).

Hewins, A. S., Trade in the Balance (1924).

Marshall, A., The Fiscal Policy of International Trade (British Parliamentary Papers, 1908; Cd. 321).

McClure, W., Commercial Policy of the U. S. (1924).

Page, T. W., Making the Tariff in the U. S. (1929).

Schüller, R., Schutzzoll und Freihandel (1905).

Stanwood, E., American Tariff Controversies in the 19^th Century (1903).

Stewart, M. S., Tariff Issues Confronting the New Administration (Foreign Policy Association, Reports, March 29, 1933).

Taussig, F. W., Free Trade, The Tariff and Reciprocity (1920).

—————–, State Papers and Speeches on the Tariff (1893).

—————–, The Tariff Act of 1930 (Quar. Jour. Econ., Nov. 1930).

U. S. Dept. of Commerce, Trade Information Bulletins, passim.

U. S. Tariff Commission, Reports, etc. (so far as published).

Wright, P. G., Sugar in Relation to the Tariff (1924).

_____________________

#Angell, J. W., Financial Foreign Policy of the U. S. (Council on Foreign Relations), 1933). [✓]

[One (of Culbertson, Donaldson or Fisk/Peirce)]

#Culbertson, W. S., International Economic Policies (1925).

# Donaldson, J., International Economic Relations (1926).

#Fisk, G. M., and Peirce, P. S., International Commercial Policies (1923), esp., chs. 8, 11, 12.

# Williams, B. H., Economic Foreign Policy of the U. S. (1929). [✓]

Delaisi, F., Political Myths and Economic Realities (1927); also other works.

Donham, W. B., National Ideals and Internationalist Idols (Harvard Business Review, April, 1933).

Eulenberg, F. Aussenhandel und Aussenhandelspolitik (1929).

Fontana-Russo, L. Traité de politique commerciale (1908).

Knight, M. M., Water and the Course of Empire in North Africa (Quar. Jour. Econ., Nov. 1928).

Moon, P. T., Imperialism and World Politics (1927).

Somary, F., Changes in the Structure of World Economics since the War (1931).

Viner, J., Dumping (1923).

———-, Memorandum on Dumping (League of Nations, 1927).

Wallace, B. B., and Edminster, L. R., International Control of Raw Materials (1930).

Whittlesey, C. R., Governmental Control of Crude Rubber (1931).

SECOND SEMESTER

The General Theory of International Trade

## Ricardo, D., Principles of Political Economy (1817): ch. 7.

## Mill, J. S., Principles of Political Economy (1848): Bk. III, chs. 17-22, 25.

## Cairnes, J. E., Leading Principles of Political Economy, (1874): Part III, chs. 1, 2, 3, 5.

# —————-, Essays in Political Economy (1873): chs. I, II.

## Bastable, C. F., Theory of International Trade (4 ed., 1903): chs. 1-4.

## Taussig, F. W., International Trade (1927): chs. 1-18.

# Angell, J. W., Theory of International Prices (1926): chs. 14, 16, 18.

# —————, Equilibrium in International Trade (Quar. Jour. Econ., May, 1928).

#Viner, J., International Trade: Theory (Encyclopedia of the Social Sciences, 1932).

Burns, A. F., A Note on Comparative Costs (Quar. Jour. Econ., 1928).

Carr, R. M., The Role of Prices in the International Trade Mechanism (Quar. Jour. Econ., 1931).

Cournot, A. A., Principes de la théorie des richesses (1863).

Graham, F. D., The Theory of International Values Re-Examined (Quar. Jour. Econ., 1923).

——————, The Theory of International Values (Quar. Jour. Econ., Sept. 1932).

Haberler, G., The Theory of Comparative Costs Once More (Quar. Jour. Econ., 1929).

Keynes, J. M., Treatise on Money (2 vols.; 1930): esp. ch. 21.

Mangoldt, J., Grundriss der Volkswirtschaftslehre (1863; 2 ed., 1871).

Marshall, A., Pure Theory of Foreign Trade (1879; reprinted in Royal Economic Society, Reprints of Scarce Tracts, vol. i: 1930).

Ohlin, B., Equilibrium in International Trade (Quar. Jour. Econ., 1928).

———–, Interregional and International Trade (1933).

Pareto, V., Cours d’économie politique (2 vols.; 1896-97).

Williams, J. H., The Theory of International Trade Reconsidered (Econ. Jour., 1929).

Yntema, T. O., A Mathematical Reformulation of the Theory of International Trade (1932).

Young, A. A., Marshall on Consumer’s Surplus in International Trade (Quar. Jour. Econ., 1924).

Zapoleon, L. B., International And Domestic Commodities and the Theory of Prices (Quar. Jour. Econ., May, 1931).

International Capital Movements; Reparations and Inter-Ally Debts

## Taussig, F. W., International Trade (1927): chs. 19-25.

# Angell, J. W., Theory of International Prices (1926): Appendix I.

# Gregory, T. E., The Gold Standard and Its Future (1932): chs. 1, 2.

Bullock, C. J., Williams and Tucker, The Balance of Trade of the U. S. (Review of Economic Statistics, 1919: reprinted separately).

Einzig, P. Some New Features of Gold Movements (Econ. Jour., 1930).

———–, International Gold Movements (1930).

Feis, H., Europe: The World’s Banker, 1870-1914 (1930).

Graham, F. D., International Trade of the U. S., 1862-1879 (unpublished thesis in Harvard University Library: 1922).

Hobson, C. K., The Export of Capital (1912).

Jenks, L. H., The Migration of British Capital to 1875 (1927).

McGuire, C., Italy’s International Economic Position (1926). Also see other Institute of Economics studies of post-war European finance.

National Industrial Conference Board, The International Financial Position of the U. S. (1929).

Rogers, J. H., America Weighs Her Gold (1931).

Viner, J., Canada’s Balance of International Indebtedness, 1900-1913 (1924).

Williams, J. H., Argentine International Trade, 1880-1900 (1920).

_____________________

Agent General for Reparation Payments, Reports (Berlin, 1924-1930).

Angell, J. W., The Recovery of Germany (1929).

#————–, Reparation (Encyclopedia of the Social Sciences, 1934).

————–, Reparations and the Inter-Ally Debts in 1930 (Foreign Policy Association, Reports, April 29, 1931, 2 ed., August, 1931).

International Conciliation (series; see especially no’s. 262, 282).

Keynes, J. M., The Economic Consequences of the Peace (1919).

Long, R. C., The Mythology of Reparations (1928).

McFadyean, Sir Andrew, Reparation Reviewed (1930).

Moulton, H. G., and Pasvolsky, L., War Debts and World Prosperity (1932).

—————————————–, World War Debt Settlements (1926).

National Industrial Conference Board, The Inter-Ally Debts and the United States (1925).

Reparation Commission, Reports, etc. (1922 ff.).

Royal Institute of International Affairs (London), Survey of International Affairs (annual, on intergovernment debts see especially volumes for 1920-23 and for 1926).

Schacht, H., The End of Reparations (translated, 1931).

Wheeler-Bennett, J. W., and Latimer, H., Information on the Reparation Settlement (1930).

World Peace Foundation (reprints of many documents on intergovernment debts, with explanatory comments).

Depreciated Currencies and Foreign Exchanges

#Angell, J. W., Theory of International Prices (1926): chs. 7, 17.

#—————–, Exchange Depreciation, Foreign Trade and National Welfare (Proceedings, Academy of Political Science, June, 1933).

# Keynes, J. M., Monetary Reform (1924): chs. 2, 3.

# Taussig, F. W., International Trade (1927): chs. 26-30.

Angell, J. W., Monetary Theory and Monetary Policy (Quar. Jour. Econ.., 1925).

Brown, W. A., England and the Gold Standard (1928).

Cassel, G., Money and Foreign Exchange After 1914 (1922).

————, Post-War Monetary Stabilization (1928).

Dulles, E. L., The French Franc, 1914-1928 (1929).

Fetter, F. W., Monetary Inflation in Chile (1931).

Graham, F. D., Exchange, Prices and Production in Hyper-Inflation: Germany, 1920-1923 (1930).

Keynes, J. M., Treatise on Money (1930): see index for relevant sections.

Nogaro, B., La monnaie (1924). English translation: Modern Monetary Systems (1927).

Rist, C. La déflation en pratique (1924).

Rogers, J. H., The Process of Inflation in France, 1914-1927 (1929).

U. S. Senate, Commission of Gold and Silver Inquiry: Foreign Currency and Exchange Investigation (by J. P. Young. 2 vols.; 1925).

U. S. Tariff Commission, Depreciated Exchange and International Trade (2 ed., 1922).

__________________________

Source: Hoover Institution Archives, Milton Friedman Papers, Box 5, Folder 5.12 (Student years)

Image Source: James Waterhouse Angell’s July 18, 1922 U.S. passport application. National Archives.

Tags Angell, Friedman

Columbia Courses Economists Syllabus

Columbia. Introductory Economics. First-term, 1912-13.

Post author By Irwin Collier
Post date 2015-08-02

According to the Columbia University Catalogue for 1912-13, Economics 1-2, Introduction to economics–Practical economic problems was a 3 hour course taught by Professors Seager, Mussey, Agger, and Dr. Anderson. According to this outline it would appear that these instructors taught the material in the assigned textbook readings listed and once a week, a professor from the graduate faculty of Political Science would hold a lecture. The printed copy of the lectures and assignments transcribed here was found in the Papers of John Bates Clark.

________________________

Columbia College

Lectures and Assignments, Economics I.
[1912-13]

SEPTEMBER
27	Introductory Lecture.	Professor H. R. Seager
30	ELY, Chapter I.—Nature and Scope of Economics.
OCTOBER
2	SELIGMAN, Chapter V.—The Economic Stages.
4	Lecture. The Accumulation of Economic Facts.	Prof. R. E. Chaddock.
7	SELIGMAN, CHAPTER IV.—The Historical Forms of Business Enterprise
9	SELIGMAN, CHAPTER IX.—Private Property
11	Lecture. Conservation as an Economic Movement.	Prof. R. E. Chaddock.
14	SELIGMAN, CHAPTER X.—Competition
16	SELIGMAN, CHAPTER XI.—Freedom
18	Lecture. A Method of Approaching and Testing Economic Reforms.	Prof. R. E. Chaddock.
21	ELY, Chapter VII.—Elementary Concepts. To page 101.
23	ELY, Chapter VIII.—Consumption. Pages 106 to 113 to “Luxury”
25	Lecture. Value and Price.	Dr. B. M. Anderson, Jr.
28	ELY, Chapter IX.—Production. Pages 121-131 incl. (omitting 132-145).
30	Written Quiz covering all the above.
NOVEMBER
1	Lecture. Normal Price.	Dr. B. M. Anderson, Jr.
4	ELY, Chapter XI.—Value and Price. Pages 156-163 to “Elasticity”. [corrected by hand from “Electricity”]
6	ELY, Chapter XI.— Value and Price. Pages 163-168 incl.
8	Lecture. Capitalization of Value.	Dr. B. M. Anderson, Jr.
11	ELY, Chapter XII.—Value and Price. Pages 170-177 to “The Surplus of Bargaining”.
13	ELY, Chapter XII.— Value and Price. Pages 177-186.
15	Lecture. The Size of the Population.	Prof. H. L. Moore.
18	ELY, Chapter XIII.—Monopoly. Pages 187-192 to “Classification” and page 197 “Monopoly Price” to page 201.
20	ELY, Chapter XIII.—Monopoly. Pages 201-208 to “Monopolies and the Distribution of Wealth”.
22	Lecture. The Quality of the Population.	Prof. H. L. Moore.
25	Review.
27	Written quiz.
29	Thanksgiving Holidays.
DECEMBER
2	ELY, Chapter XIX.—Distribution as an Economic Problem, Pages 315-325.
4	ELY, Chapter XIX.— Distribution as an Economic Problem, Pages 326-333.
6	Lecture. Efficiency and Income.	Prof. H. L. Moore.
9	SELIGMAN, Chapter XXIII.—Profits. Sections 152-154 incl.
11	SELIGMAN, Chapter XXIII.—Profits. Sections 155-157 incl.
13	Lecture. Profits.	Prof. J. B. Clark.
16	ELY, Chapter XXI.—Rent of Land. Pages 348-357 to “The Different Uses of Land”.
18	ELY, Chapter XXI.—Rent of Land. Pages 357-366.
20	Lecture. The Rent of Land and the Single Tax.	Prof. J. B. Clark.
	Christmas Holidays
JANUARY, 1913
6	ELY, Chapter XXII.—The Wages of Labor. Pages 367-376 to “Subsistence Theory.”
8	ELY, Chapter XXII.—The Wages of Labor. Pages 376-385.
10	Lecture. Wages of Labor.	Prof. J. B. Clark.
13	ELY, Chapter XXIV.—Interest. Pages 416-425 to “The Shifting of Investment”.
15	ELY, Chapter XXIV.—Interest. Pages 425 to 438 omitting fine print.
17	Lecture. Capital and Interest.	Prof. J. B. Clark.
20	Review

The text assignments are to the 1910 editions of Prof. E. R. A. Seligman’s Principles of Economics and to Prof. R. T. Ely’s Outlines of Economics.

COLLATERAL READING: (Pages to be assigned)

Bücher Industrial Evolution

Bullock Readings in Economics.

George Progress and Poverty. [Memorial Edition(1898): Vol. I, Vol. II.]

Source: John Bates Clark Papers, Series II.4. Box 9. Folder “Administrative Records and Course Material Undated”; Rare Book and Manuscript Library, Columbia University Library.

Tags Agger, Anderson, Bullock, Chaddock, ClarkJB, Ely, GeorgeH, Moore, Mussey, Seager, Seligman

Columbia Economists

Columbia. Lecture Series. Seager on Economics. 1907-08.

Post author By Irwin Collier
Post date 2015-07-31

Lectures on Science, Philosophy and Art, 1907-1908 at Columbia University.

A SERIES of twenty-two lectures descriptive in untechnical language of the achievements in Science, Philosophy and Art, and indicating the present status of these subjects as concepts of human knowledge, were delivered at Columbia University, during the academic year 1907-1908, by various professors chosen to represent the several departments of instruction.

The entire lecture series was published by Columbia University Press in book form. These lectures were also published by Columbia University Press separately in pamphlet form, at a price of twenty-five cents each, “carriage extra”. I was able to find most of the individual lectures. In boldface are people who were either members of or regularly taught courses in Columbia’s Faculty of Political Science, which was disproportionately represented in the lecture series.

MATHEMATICS, by Cassius Jackson Keyser, Adrain Professor of Mathematics.
PHYSICS, by Ernest Fox Nichols, Professor of Experimental Physics.
CHEMISTRY, by Charles F. Chandler, Professor of Chemistry.
ASTRONOMY, by Harold Jacoby, Rutherfurd Professor of Astronomy.
GEOLOGY, by James Furman Kemp, Professor of Geology.
BIOLOGY, by Edmund B. Wilson, Professor of Zoology.
PHYSIOLOGY, by Frederic S. Lee, Professor of Physiology.
BOTANY, by Herbert Maule Richards, Professor of Botany.
ZOOLOGY, by Henry E. Crampton, Professor of Zoology.
ANTHROPOLOGY, by Franz Boas, Professor of Anthropology.
ARCHAEOLOGY, by James Rignall Wheeler, Professor of Greek Archaeology and Art.
HISTORY, by James Harvey Robinson, Professor of History.
ECONOMICS, by Henry Rogers Seager, Professor of Political Economy.
POLITICS, by Charles A. Beard, Adjunct Professor of Politics.
JURISPRUDENCE, by Munroe Smith, Professor of Roman Law and Comparative Jurisprudence.
SOCIOLOGY, by Franklin Henry Giddings, Professor of Sociology.
PHILOSOPHY, by Nicholas Murray Butler, President of the University.
PSYCHOLOGY, by Robert S. Woodworth, Adjunct Professor of Psychology.
METAPHYSICS, by Frederick J. E. Woodbridge, Johnsonian Professor of Philosophy.
ETHICS, by John Dewey, Professor of Philosophy.
PHILOLOGY, by A. V. W. Jackson, Professor of Indo-Iranian Languages
LITERATURE, by Harry Thurston Peck, Anthon Professor of the Latin Language and Literature.

Image Source: Roberto Ferrari, Unveiling Alma Mater [Sept 23, 1903]. Columbia University Libraries. July 15, 2104.

Tags Giddings, Seager

Columbia Courses Economists Syllabus

Columbia. Syllabus for Trust Problem. Seager, 1907

Post author By Irwin Collier
Post date 2015-07-31

The second in a two-semester “problem sequence” taught by Professor Henry Rogers Seager at Columbia. Found in the papers of John Maurice Clark. The first semester was a course on the labor problem. The field of pre-game-theory industrial organization can trace its roots to the trust problem.

________________________

ECONOMICS 106—Trust Problem. Professor Seager.

Tu. And Th. At 11.30, second half-year. 415 L.

In this course special attention is given to the trust problem as it presents itself in the United States. Among the topics considered are the rise and progress of industrial combinations, the forms of organization and policies of typical combinations, the common law and the trusts, anti-trust acts and their results, and other proposed solutions of the problem.

Given in 1906-07 and in alternate years thereafter.

Source: Columbia University. Bulletin of Information. Fifth Series, No. 10 (March 25, 1905). History, Economics, and Public Law. Courses Offered by the Faculty of Political Science. Announcement 1905-07, p. 25.

________________________

Columbia University
in the City of New York

THE TRUST PROBLEM

OUTLINE OF COURSE
BY
HENRY R. SEAGER
Professor of Political Economy

(The references are to the numbers attached to the titles in the bibliography. Those printed in heavy-faced type constitute the required reading for the course. Those marked with asterisks are especially recommended.)

Nature and scope of the trust problem. Survey of literature. (43, chap. XVIII, pp. 428-441.)
Progress of the corporation movement in the United States. (*8, chap. I; *36, June, 1890, pp. 50 et seq.; 47, 1900, vol. VII, chap. II, sec. XI, and 1905, Bulletin 57, pp. 13-18.)
Progress of the trust movement in the United States. (5, chap. I; 9, chap. I; *14, chap. V; *30, chap. I; 31; 41, vol. XIX, pp. 595-608; 47, 1900, vol. VII, chap. II, sec. XVII.)
Conflicting theories in regard to the economic advantages of the trusts. (22, chaps. I and II; 43, chap. XVIII, pp. 442-461; *6, pp. 35-42; *14, chap. IV; *30, chap. II; 27, Part I.)
Typical American trusts; the Addyston Pipe Company. (22, chap. VII ; 43, chap. V.)
Typical American trusts : the Standard Oil Company. (22, chap. VIII, pp. 151-157; 29; 39; 40; 41, vol. I, pp. 93-173; *44; 46.)
Typical American trusts: the Standard Oil Company today. (*37.)
Typical American trusts: the United States Steel Corporation. (22, Appendix F ; *28, chap. XVII ; 41, vol. I, pp. 173-205; 42; *48.)
The United States Steel Corporation’s bond conversion (43, chap. VIII.)
Typical American trusts: the International Mercantile Marine Company. (43, Chap. VI.)
Typical American trusts: the United States Shipbuilding Company (43, chap. IX.)
The success of American trusts as business enterprises. (*15, 1907; 31.)
Conflicting legal theories in regard to corporations and the attitude of American courts. (16; *17, pp. XVIII-XLIII ; *21, pp. 7-16 ; *45, chaps. III and VIII.)
The development of corporation laws in the American states and the present law of New Jersey. (4; *6, pp. 383-394, 409-422 ; *21; 23.)
The Massachusetts Business Corporation Law. (43, chap. XV; *38.)
State anti-trust legislation and the reasons for its failure. (*1, 1904, pp. 37-41; *13, vol. II, part VIII; 30, chap. V ; 41, vol. I, pp. 225-232, vol. II.)
The federal anti-trust act of 1890 and what has been accomplished under it. (43, chap. XII ; 13, vol. II, part VII.)
Latest phases of the attempt to enforce the anti-trust act. (43, chap. XIV.)
The trust problem in the United Kingdom and the British Companies Act of 1900. (43, chap. XVII; 20, part II, chap. III ; 27, chaps. VIII and IX ; 41, vol. XVIII, part I, chap. II.)
The trust problem in Germany. (22, chap. XII; 24 ; 35, third series, vol. V, no. 3; *41, vol. XVIII, part I, chap. V.)
Germany’s corporation law and the attitude of the German government towards trusts. (43, chap. XVI; 24 ; *41, vol. XVIII, part II, chap. IV.)
Present problem in the United States: the trusts and investors. (22, chaps. V and VI; 28, chaps. VII, VIII, XV, and XIX ; 41, vol. I, Digest, pp. 242-253.)
Present problem in the United States: the trusts and wage-earners. (22, chap. IX; 6, pp. 349-354 ; 9, chaps. VII and VIII.)
Present problem in the United States: the trusts and consumers. (22, chap. VIII; 41, vol. I, part I, pp. 39-57.)
Present problem in the United States: the trusts and the tariff. (22, chap. III; 5, chaps. VI and XV; *6, pp. 171-177 ; *8, chap. III; 25; 41, vol. XIX pp. 627-631.)
Proposed solutions of the trust problem. (22, chap. XI; *1, 1904, pp. 44-63; 30, chap. VI; 41, vol. XIX, pp. 649-652.)
Objects to be accomplished through federal control over the trusts. (22, chap. XIII; *7, chaps. IV and V; 21, pp. 168-173; 28, chap. XX.)
The future of trusts in the United States. (*26, part III, chap. II; *27, chap. XII.

BIBLIOGRAPHY.

Annual Reports of the United States Commissioner of Corporations. 1904—
Baker, Monopolies and the People. Third edition. 1899.
Beach, A Treatise on the Law of Monopolies and Industrial Trusts. 1898.
Black, Corporation Laws of New York and New Jersey. Second edition, 1904.
Bolen, Plain Facts as to the Trusts and the Tariff. 1902.
Chicago Conference on Trusts, September, 1899. 1900.
Clark, The Control of Trusts. 1901.
Clark, The Problem of Monopoly. 1904.
Collier, The Trusts. 1900.
Cook, “Trusts.” Second edition. 1888.
Davis, Corporations: Their Origin and Development, 2 vols. 1905.
Dos Passos, Commercial Trusts. 1901.
Eddy, The Law of Combinations, 2 vols. 1901.
Ely, Monopolies and Trusts. 1900.
Financial Review (Annual) of the Commercial and Financial Chronicle.
Freund, The Legal Nature of Corporations. 1896.
Gierke, Political Theories of the Middle Ages. 1900.
Gunton, Trusts and the Public. 1899.
von Halle, Trusts or Industrial Combinations in the United States. 1895.
Hirst, Monopolies, Trusts and Kartells. 1905.
Horack, the Organization and Control of Industrial Corporations. 1903.
Jenks, The Trust Problem. Revised edition. 1903.
Laws of the State of New Jersey Relating to Business Companies. 1905.
Liefmann, Die Unternehmerverbände. 1897.
Liefmann, Schutzzoll und Kartelle. 1903.
Macgregor, Industrial Combination. 1906.
Macrosty, Trusts and the State. 1901.
Meade, Trust Finance. 1903.
Montague, The Standard Oil Company. 1904.
Montague, Trusts of Today. 1904.
Moody, Truth about the Trusts. 1904.
Mussey, Combination in the Mining Industry. 1905.
Nettleton, Trusts or Competition. 1900.
Political Science Quarterly. 1886—
Publications of the American Economic Association. 1886—
Quarterly Publications of the American Statistical Association. 1888—
Report of the Commissioner of Corporations on the Transportation of Petroleum. 1906.
Report of the Committee (Massachusetts) on Corporation Laws. 1903.
Report of the Committee (New York) on General Laws on the Investigation Relative to Trusts. New York Senate Document No. 50, Vol. V. 1888.
Report of the Committee (United States) on Manufactures on the Investigation of Trusts. House of Representatives Report, No. 3112. 1888.
Report of the United States Industrial Commission, 19 vols. 1900—1902.
Reports of the United States Steel Corporation. 1902—
Ripley, Trusts, Pools, and Corporations. 1903.
Tarbell, The History of the Standard Oil Company, 2 vols. 1904.
Taylor, A Treatise on the Law of Private Corporations. Fifth edition. 1905.
Trust Investigation of the Ohio Senate. 1898.
United States Census Reports and Bulletins.
Wilgus, The United States Steel Corporation. 1901.

Source: Columbia Archives. John M. Clark Collection. Box 23, Lecture Notebooks.

Monopoly Image: From The Up-to-date Primer: A First Book of Lessons for Little Political Economists.

Tags Seager

Chicago Columbia Courses Syllabus

Columbia. Friedman Course. Structure Neoclassical Economics 1939-40

Post author By Irwin Collier
Post date 2015-07-29

In 1939-40 Milton Friedman taught the course Structure of Neo-classical Economics, Columbia University Extension ub-171/172. The outline and reading assignments from this course were later used as a foundation for the earliest version of Friedman’s Price Theory, Economics 300A, taught in the Autumn Quarter of 1946 at the University of Chicago. In a later posting and most recently we will see the obvious similarities but for now the following note found among the early Friedman papers for Economics 300A is sufficient to document that link.

Columbia University Extension
Course Outline
Course Reading Assignments

______________________________

Tuesday

Dear Nerlove:

The only thing I have on the theory course is the attached outline of a course I gave at Columbia. I shall depart from this at numerous points but, for the moment at least, plan to follow its broad outlines.

I should appreciate it if you would return this when you’re through with it, since I have only one other copy.

[signed]

Milton Friedman

Source: Hoover Institution Archives. Milton Friedman Papers. Box 76, Folder 9 (Ec 300a)

Note: From the location of this note in the folder and the fact that the outline to which is being referred was indeed returned, the note is most likely from 1946. The econometrician Marc Nerlove (b. 1933) would have been too young to be the addressee. Perhaps this was addressed to his father Chicago Business School professor, Samuel Nerlove, or a much older sibling.

______________________________

Columbia University Extension Courses

“With the beginning of the academic year 1910-1911 the financial responsibility for the work of Extension Teaching, as the movement was then known, was assumed by the Trustees of Columbia University…the development of Extension Teaching may be said to be an outgrowth of the striking success of the Summer Session of the University. After ten years’ experience, the Summer Session had more than justified itself, and it was proposed to extend the operation of the principles which had been successful in the Summer Session so as to provide classes and laboratory work at the University, both in the evening and during the day, in other parts of the city, and in neighboring parts of New Jersey, New York, and Connecticut, for the benefit of those who were not able to avail themselves of the regular courses of instruction. In 1921, by act of the trustees, the title of Extension Teaching was changed to University Extension.”

______________________________

Outline of Course Given at Columbia by M. Friedman
Entitled “Structure of Neo-classical Economics”

A. Pricing of Final Goods [“Pricing of Final Goods Sold on Market” in original]

The nature of economics; the concept of a free enterprise system; general outline of how free enterprise system solves economic problem.
Momentary price
1. Market demand for a product: demand curve, composite demand, joint demand, dealers’ [apostrophe placement as in original] demand, consumer’s [apostrophe placement as in original] demand
2. [Momentary] Supply of a product: supply curve, effect of time
3. Price as set by supply and demand
The demand curve
1. General
  1. Elasticity of demand
  2. Assumptions underlying demand schedule
  3. Generalization of mathematical school
  4. Statistical demand curves: from time series; from spatial data; [“Engel curves” crossed out in original] cobweb theorem
2. Demand curve of an individual consumer
  1. Utility analysis
  2. Difficulties with utility analysis
  3. Indifference curve analysis
  4. Difficulties with indifference curve analysis
3. Demand curve for the product of an individual firm [“Demand curve for the product of an individual producer” in original]
  1. Competitive vs. monopolistic
  2. Relevance of anticipations
  3. Marginal revenue
4. Short run supply
  1. Economics of individual firm
    1. [Crossed out in original “a. Production function. Law of diminishing returns”] Perfect competition: producer must decide what to produce, how to produce it, how much to produce
    2. Monopolistic conditions: producer must decide what to produce, how to produce it, price or how much to produce [In original last item reversed: “how much to produce or price”]
    3. Cost curves for individual firm
  2. Widespread importance of marginal concepts
  3. Relation of cost curves of individual firm to supply curve of industry under competition
  4. Different kinds of monopolistic conditions: monopolistic competition, oligopoly, duopoly
  5. Supply under monopolistic competition: impossibility of defining industry, or supply curve for industry; [following not in original] implications for practical usefulness of theory of monopolistic competition
  6. Law of diminishing returns
  7. Translation of physical law of diminishing returns into economic cost curves
  8. Statistical cost curves: how reconcile declining marginal cost curves with theoretical expectations? [Original: “Statistical cost curves: how can declining marginal cost curves be reconciled with theory?”]
5. Long run supply
  1. Implications of linear homogeneous production function: constant costs
  2. Effect of indivisibilities and discontinuities
  3. Pecuniary factors making for decreasing or increasing cost[s]
  4. Internal and external economies of scale
  5. Social and private economies and diseconomies of scale

[Crossed out “6. Joint Demand and Supply (Transition to Distribution)

1. Joint demand and supply; derived demand
2. Distribution theory if factors must be used in fixed proportions”]

B. Distribution Theory

General: pricing of factors special case of theory of market price [“market” added]
Demand for factors of production
1. Marginal productivity determines demand by individual firm
2. Relation between demand by individual firm and demand for factor
3. Determinants of marginal productivity
4. Ethical implications of marginal productivity theory: does it justify existing distribution of income? Meaning of exploitation
5. Relation of marginal productivity analysis to cost curve analysis
  1. Alternative ways of explaining equilibrium of individual firm
  2. Translation of marginal productivity curves into cost curves [Original: “Relation of cost curves to marginal productivity curves”]
  3. Influence of [“changing” in original] number of firms
6. Monopsony: impossibility of defining demand curve for factor
Supply of labor
1. Short run
2. Long run
Wages in different occupations
1. Equalizing differences
2. Non-competing groups
3. Frictional differences [“3. Frictional differences” was added.]
Capital theory
1. Why marginal productivity analysis not applicable to determination of interest rate [“to determination of interest rate” was added]
2. Alternative approaches adopted to explain demand curve
  1. Time preference
  2. Time period of production
  3. Knight’s simultaneous equation
  4. Keynes’ marginal efficiency of capital [“of capital” was added]
  5. Comparison of Keynes and Knight [Ordering in original: “Knight and Keynes”]
3. Supply of capital
  1. Sources of capital
  2. Difficulties in defining capital, in measuring and defining savings [“in defining capital,” not in original]
  3. Relation of savings to rate of interest
4. Relation between functional distribution of income and personal distribution.

C. General Equilibrium

Concept of interdependence: direct and indirect effects [“direct and indirect effects” not in original]
Walrasian equations of general equilibrium

Source: Hoover Institution Archives. Milton Friedman Papers, Box 75, Folder 1 “Columbia University” for carbon copies of the typed outline. “Original” refers to Friedman’s handwritten draft found in Box 75, Folder 12.

_________________________________

The following list of assignments for Friedman’s course Structure of Neo-classical Economics was taken from a poor carbon copy with Friedman’s handwritten revisions, e.g. the new title would read “Assignments in course given at Columbia by M. Friedman entitled ‘Structure of Neo-classical Economics’”. Also the sections of suggested readings for mathematicians and in mathematics in the Columbia version were apparently intended to be omitted in the later version. We have Friedman’s handwritten notes for the dates of assignments. Lectures (for which typed student notes are available) are designated below with an asterisk (*). These incomplete student notes are misfiled in Hoover Institution Archives,Milton Friedman Papers, Box 75, Folder 12 “University of Minnesota, B.A. 102”. There is a later typed alternate version of this assignment list with a few handwritten additions that I have included below in curved brackets {}.

_________________________________

{Wallis and Friedman—Indifference Curves
Knight—Functions}

Assignments in Economics ub-171-2 [1939-40]
“Structure of Neo-classical Economics”

Instructor: Milton Friedman

(listed in order in which assigned)

First Semester

[Sept 28*:] Alfred Marshall, Principles of Economics, Book III, ch. 2, 3, 4; Book V, ch. 1, 2

[Oct 5*:] Henry Schultz, The Meaning of Statistical Demand Curves, pp. 1-10

{§§5,6,7,8,III, ch 4. Add Marshall Bk III, ch 5 }

E.J. Working, “What do Statistical ‘Demand Curves’ Show?”, Q. J. E. Vol. XLI (1927), pp. 212-27

Frank H. Knight, Risk, Uncertainty and Profit, ch. 3.

Frederic Benham, Economics, pp. 89-100

Suggested

J. R. Hicks, Value and Capital, pp. 11-37

Columbia. Search Committee Report. 1950

Post author By Irwin Collier
Post date 2015-07-15

This report is fascinating for a couple of reasons. The search committee understood its task to identify “the names of the most promising young economists, wherever trained and wherever located” from which a short list of three names for the replacement of Louis M. Hacker in Columbia College was selected. Organizationally, Columbia College is where undergraduate economics has been taught so that teaching excellence, including participation in Columbia College’s legendary Contemporary Civilization course sequence, was being sought as well as was potential for significant scholarship. Appendix C provides important information on James Tobin’s graduate economics education. In a later posting, I’ll provide information on others in the long-list of seventeen economists identified by the search committee.

___________________

January 9, 1950

Professor James W. Angell, Chairman
Department of Economics
Columbia University

Dear Mr. Chairman:

The Committee appointed by you to canvass possible candidates for the post in Columbia College that is made available by the designation of Professor Louis M. Hacker as Director of the School of General Studies submits herewith its report.

As originally constituted, this committee was made up of Professors Taylor, Barger, Hart and Haig (chairman). At an early stage the membership was expanded to include Professor Stigler and from the beginning the committee had the advantage of the constant assistance of the chairman of the department.

In accordance with the suggestions made at the budget meeting in November, the committee has conducted a broad inquiry, designed to raise for consideration the names of the most promising young economists, wherever trained and wherever located. In addition to the men known personally to the members of the committee, suggestions were solicited from the authorities at other institutions, including Harvard, Chicago, California and Leland Stanford. By mid December, scrutiny of the records and publications by the committee to the following seventeen:

Name	Suggested by
Alchian, Armen A.	Haley
Bronfenbrenner, Martin	Friedman
Brownlee, O. H.	Friedman
Christ, Carl L.	Angell
Dewey, D. J.	Friedman
Du[e]senberry, [James]	Stigler
Goodwin, Richard M.	Burbank
Harberger, J. H.	Friedman
Ho[s]elitz, Bert	Friedman
Lewis, H. Gregg	Hart
Machlup, Fritz	Stigler
Nicholls, William H.	Stigler
Nutter, J. W.	Friedman
Pancoast, Omar	Taylor
Schelling, Thomas	Burbank
Tobin, James	Burbank
Vandermeulen, D. C.	Ellis

[p. 2]

The meeting of the American Economic Association in New York during the Christmas holidays offered an opportunity to meet many of the men on the above list and to make inquiries regarding them. As a consequence, it has been possible for your committee to make rapid progress with its appraisals. Although the committee is continuing to gather information and data, it is prepared at this time to make a series of definite recommendations, with a high degree of confidence that these recommendations are not likely to be greatly disturbed by its further inquiries.

It is the unanimous opinion of the members of your committee that the most eligible and promising candidate on our list is Martin Bronfenbrenner, associate professor of economics at the University of Wisconsin, at present on leave for special service in Tokyo.

Should Bronfenbrenner prove to be unavailable the committee urges consideration of D. J. Dewey, at present holding a special fellowship at the University of Chicago, on leave from his teaching post at Iowa. As a third name, the committee suggests James Tobin, at present studying at Cambridge, England, on a special fellowship from Harvard.

Detailed information regarding the records of these three men will be found in appendices to this report.

Bronfenbrenner, the first choice of the committee, is 35 years old. He received his undergraduate degree from Washington University at the age of 20 and his Ph.D. from Chicago at 25. During his war service, he acquired a good command of the Japanese language. He taught at Roosevelt College, Chicago, before going to Wisconsin and undergraduate reports of his teaching are as enthusiastic as those of the authorities at Chicago. He happens to be personally well known to two of the members of your committee (Hart and Stigler) and to at last two other member of the department (Shoup and Vickrey), all four of whom commend him in high terms.

The following statement from Hart, dated December 6, 1929, was prepared after a conference with Friedman of Chicago:

“Bronfenbrenner is undoubtedly one of the really powerful original thinkers in the age group between thirty and thirty-five. He has always very much enjoyed teaching; my impression is that his effectiveness has been with the upper half of the student body at Roosevelt College and at Wisconsin. He is primarily a theorist but has a wide range of interest and a great deal of adaptability so it would not be much of a problem to fit him in somewhere [p. 3] in terms of specialization. He would do a good deal to keep professional discussion stirring in the University. My impression is that he tends to be underrated by the market, and that a chance at Columbia College might well be his best opportunity for some time ahead. The difficulty is, of course, that there is no chance of arranging an interview; though Shoup and Vickrey, of course, both saw him last summer.”

In a letter dated December 15, Shoup wrote as follows:

“I have a high regard for Martin Bronfenbrenner’s intellectual capacities, and I think he would fit in well in the Columbia scene. He has an excellent mind and a great intellectual independence. In his writings he sometimes tends to sharp, almost extreme statements, but in my opinion, they almost always have a solid foundation, and in conversation he is always ready to explore all sides of the question. When we had to select someone to take over the tax program in Japan, after the report had been formulated, and oversee the implementation of the program by the Japanese government, it was upon my recommendation that Bronfenbrenner was selected. He arrived in Japan in the middle of August and his work there since that time has confirmed me in my expectations that he would be an excellent selection for the job, even though he did not have very much technical background in taxation. I rank him as one of the most promising economists in his age group in this country, and I should not be surprised if he made one or more major contributions of permanent value in the coming years.

“He has gone to Japan on a two year appointment, after having obtained a two year leave of absence from the University of Wisconsin. My understanding is that on such an appointment he could come back to the United States at the end of one year, provided he paid his own passage back. It might be possible that even this requirement would be waived, but I have no specific grounds for thinking so. I believe the major part of his work with respect to implementing the tax program will have been completed by next September. If the committee finds itself definitely interested in the possibility of Bronfenbrenner’s coming to Columbia, I should not let the two year appointment stand in the way of making inquiries.”

The breadth and rang of his interests recommend Bronfenbrenner as a person who would probably be highly [p.4] valuable in the general course in contemporary civilization and the quality of his written work suggests high promise as a productive scholar in one or more specialized fields.

Your committee considers that the appropriate rank would be that of associate professor.

Respectfully submitted,

[signed]

Robert M. Haig

______________________________

Appendix A – Martin Bronfenbrenner

The following data regarding Bronfenbrenner are taken chiefly from the 1948 Directory of the American Economic Assoication:

Born: 1914

Education and Degrees:

A.B. Washington University, 1934
Ph.D. University of Chicago 1939
1940-42, George Washington School of Law

Fields: Theory, mathematical economics, statistical methods, econometrics

Doctoral dissertation: Monetary theory and general equilibrium

Publications:

“Consumption function controversy”, Southern Economic Journal, January, 1948
“Price control under imperfect competition”, American Economic Review, March, 1947
“Dilemma of Liberal Economics,” Journal of Political Economy, August, 1946

Additional publications:

“Post-War Political Economy: The President’s Reports”, Journal of Political Economy, October, 1948
Various book reviews including one on W. I. King’s The Keys to Prosperity, Journal of Political Economy, December, 1948, and A. H. Hansen’s Monetary Theory and Fiscal Policy, Annals

Additions to list of publications circulated, January 9, 1950

“The Economics of Collective Bargaining”, Quarterly Journal of Economics, August, 1939.
(with Paul Douglas) “Cross-Section Studies in the Cobb-Douglas Function”, Journal of Political Economy, 1939.
“Applications of the Discontinuous Oligopoly Demand Curve”, Journal of Political Economy, 1940.
“Diminishing Returns in Federal Taxation” Journal of Political Economy, 1942.
“The Role of Money in Equilibrium Capital Theory”, Econometrica (1943).

______________________________

Appendix B – D. J. Dewey

On leave from Iowa.

In 1948 studied at Cambridge, England.
1949-50, at Chicago on special fellowship.

Bibliography:

Notes on the Analysis of Socialism as a Vocational Problem, Manchester School, September, 1948.
Occupational Choice in a Collectivist Economy, Journal of Political Economy, December, 1948.

Friedman and Schultz are highly enthusiastic.

Statement by Hart, dated December 6, 1949:

“Friedman regards Dewey as first rate and points to an article on ‘Proposal for Allocating the Labor Force in a Planned Economy’ (Journal of Political Economy, as far as I remember in July 1949) for which the J.P.E. gave a prize as the best article of the year. I read the article, rather too quickly, a few weeks ago and it is definitely an imaginative and powerful piece of work. How the conclusions would look after a thorough-going seminar discussion, I am not clear; but the layout of questions is fascinating.”

______________________________

Appendix [C] – James Tobin

Statement by Burbank of Harvard, dated December 14, 1949:

“We have known Tobin a good many years. He came to us as a National Scholar, completed his work for the A.B. before the war and had advanced his graduate work very well before he went into the service. He received his Ph.D. in 1947. Since 1947 he has been a Junior Fellow. He was a teaching fellow from 1945 to 1947. He is now in Cambridge, England, and will, I believe, begin his professional work by next fall. Since Tobin has been exposed to Harvard for a very long time I believe that he feels that for his own intellectual good he should go elsewhere. I doubt if we could make a stronger recommendation than Tobin nor one in which there will be greater unanimity of opinion. Certainly he is one of the top men we have had here in the last dozen years. He is now intellectually mature. He should become one of the handful of really outstanding scholars of his generation. His interests are mainly in the area of money but he is also interested in theory and is competent to teach at any level.”

Data supplied by Harvard:

Address: Department of Applied Economics, Cambridge University, England

Married: Yes, one child

Born: 1918, U.S.

Degrees:

A. B. Harvard, 1939 (Summa cum laude)
A.M. Harvard, 1940
Ph.D. Harvard, 1947

Fields of Study: Theory, Ec. History, Money and Banking, Political Theory: write-off, Statistics

Special Field: Business Cycles

Thesis Topic: A Theoretical and Statistical Analysis of Consumer Saving

Experience:

1942-45 U.S. Navy
1945-47 Teaching Fellow, Harvard University
1947- Junior Fellow, Society of Fellows

[p. 2 of Appendix C]

Courses: 1939-40

Ec. 21a (Stat.)                  A
Ec. 121b (Adv. St.)          A
Ec. 133 (Ec. Hist) A
Ec. 147a (M&B Sem)      A
Ec. 145b (Cycles) A
Ec. 113b (Hist. Ec.) Exc.
Gov. 121a (Pol.Th.)         A

1940-1941

Ec. 121a (Stat.)                A
Ec. 164 (Ind. Org.)          A
Ec. 20 (Thesis) A
Ec. 118b (App. St.)          A
Math 21 A
Ec. 104b (Math Ec.) A

1946-47 Library and Guidance

Generals: Passed May 22, 1940 with grade of Good Plus
Specials: Passed May 9, 1947 with grade of Excellent.

Data from 1948 Directory of American Economic Association:

Harvard University, Junior Fellow

Born: 1918

Degrees: A. B., Harvard, 1939; Ph.D., Harvard, 1947j

Fields: Business fluctuations, econometrics, economic theory, and mathematical economics

Dissertation: A theoretical and statistical analysis of consumer saving.

Publications:

“Note on Money Wage Problem”, Quarterly Journal of Economics, 1941.
“Money Wage Rates and Employment”, in New Economics (Knopf, 1947).
“Liquidity Preference and monetary Policy”, Review of Economics and Statistics, 1947.
[pencil addition] Article in Harris (ed.), The New Economics, 1947.

______________________________

Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

Image Source: The beyondbrics blog of the Financial Times.

Tags Alchian, Angell, Barger, Bronfenbrenner, Brownlee, Burbank, Christ, DeweyDJ, Duesenberry, Ellis, Friedman, Goodwin, Haig, Haley, Harberger, HartAG, Hoselitz, LewisHG, Machlup, Nicholls, Nutter, Pancoast, Schelling, Shoup, Stigler, TaylorH, Tobin, Vandermeulen

Columbia Courses Economists

Columbia. Course Descriptions. Hotelling. 1931-1945

Post author By Irwin Collier
Post date 2015-07-15

Class rolls from Hotelling’s courses on mathematical economics he taught at Columbia have been posted, as have course outlines and a final exam from the course as taught at the University of North Carolina in 1946 and 1950.

_________________________

[1931-32]

Economics 311-312—Statistical inference. 3 points each session. Professor H. Hotelling.
M. and W. at 10. 412 Fayerweather.

Summarizing and interpretation of data; probability, mathematical and philosophical; the normal law of error; probable errors; student’s distribution and the work of R. A. Fisher; least squares; fitting trend lines and other empirical curves; their reliability; accuracy of forecasts; tests of stability, homogeneity, and goodness of fit; analysis of variance; simple, partial and multiple correlation coefficients and their interpretation in terms of probability; periodogram analysis.

Prerequisite: Calculus. A knowledge of determinants is desirable.

Economics 313-314—Mathematical economics. 3 points each session. Professor H. Hotelling.
M. and W. at 4:10. 302 Fayerweather.

Supply and demand functions; monopoly; competition; duopoly; utility; taxation; tariffs; index numbers; exhaustible resources; dynamical economics.

Prerequisite: Calculus.

[1932-33]

Economics 311—Statistical inference. 3 points Winter Session. Professor H. Hotelling.
M. and W. at 10. 412 Fayerweather.

Summarizing and interpretation of data; probable errors; significance of means, of differences of variances; and of least-square determinations; accuracy of forecasts; Student’s distribution and R. A. Fisher’s extensions; comparison of observed with theoretical frequencies; tests of independence, homogeneity and goodness of fit. Proofs of the formulae are considered. Examples are drawn from a variety of fields, both within and outside of the social sciences.

Prerequisite: Calculus is a prerequisite. Mathematics 101 (Probability. Professor B. O. Koopman. Tu. and Th., 2:10-3) must be taken simultaneously. Mathematics 57 (Higher algebra. Professor L. P. Siceloff. M., W., and F. at 11) should also be taken at the same time if the student is to go on with Economics 312 or undertake research in statistics, unless he is already familiar with determinants and quadratic forms.

Graduate credit in economics will be allowed for Mathematics 57 and 101, which are required for this work in statistics.

Economics 312—Modern statistical theory. 3 points Spring Session. Professor H. Hotelling.
M. and W. at 10. 412 Fayerweather.

Correlation, simple, partial and multiple, with exact and approximate tests of significance; comparison and analysis of variances; the theory of estimation and efficiency; frequency curve fitting; analysis of time series; periodicity. Recent discoveries will be discussed.

Prerequisites: Economics 311 and Mathematics 57 and 101.

Economics 313-314—Mathematical economics. 3 points each session. Professor H. Hotelling.
M. and W. at 4:10. 302 Fayerweather.

Supply and demand functions; monopoly; competition; duopoly; utility; taxation; tariffs; index numbers; exhaustible resources; dynamical economics.

Prerequisite: Calculus. Mathematics 57 will also be found helpful, though it is not a required prerequisite.

[1933-34]

[Starting this year the two courses in Statistics were moved from “Research Courses” to “General Courses” as reflected in the course numbering. Note the label “Statistics” instead of “Economics” before the course numbers]

Statistics 111—Statistical inference. 3 points Winter Session. Professor H. Hotelling.
M. and W. at 10. 412 Fayerweather.

Calculus is a prerequisite. Mathematics 101 (Probability. Professor B. O. Koopman. Tu. and Th., 2:10-3) should be taken simultaneously. Mathematics 57 (Higher algebra. Professor L. P. Siceloff. M., W., and F. at 11) should also be taken at the same time if the student is to go on with Statistics 312 or undertake research in statistics, unless he is already familiar with determinants and quadratic forms.

Graduate credit in economics will be allowed for Mathematics 57 and 101, which are required for this work in statistics.

Statistics 112—Statistical inference. 3 points Spring Session. Professor H. Hotelling.
M. and W. at 10. 412 Fayerweather.

Prerequisites: Economics 111 and Mathematics 57 and 101 or equivalent knowledge.

Economics 117-118—Mathematical economics. 3 points each session. Professor H. Hotelling. [Starting this year Mathematical Economics was moved from “Research Courses” to “General Courses” as reflected in the course numbering.]
M. and W. at 4:10. 418 Business.

Supply and demand functions; monopoly; competition; duopoly; utility; taxation; tariffs; index numbers; exhaustible resources; dynamical economics.

Prerequisite: Calculus. Mathematics 57 will also be found helpful, though it is not a required prerequisite. Graduate credit in economics is allowed for Mathematics 57 and Mathematics 101.

[1934-35]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling.
M. and W. at 10. 412 Fayerweather.

Summarizing and interpretation of data; probable errors; significance of means, of differences of variances; and of least-square determinations; accuracy of forecasts; student’s [sic] distribution and R. A. Fisher’s extensions; comparison of observed with theoretical frequencies; tests of independence, homogeneity and goodness of fit. Proofs of the formulae are considered. Examples are drawn from a variety of fields, both within and outside of the social sciences.

Graduate credit in economics will be allowed for Mathematics 57 and 101, which are required for this work in statistics.

Statistics 112—Statistical inference. 3 points Spring Session. Professor Hotelling.
M. and W. at 10. 412 Fayerweather.

Prerequisites: Economics [sic, Statistics] 111 and Mathematics 57 and 101 or equivalent knowledge.

Statistics 301—Seminar in advanced mathematical statistics. 3 points Winter Session. Professor Hotelling.
[According to Bulletin 1935-36 this course was given in 1934-1935 but not given in 1935-1936]

Economics 117-118—Mathematical economics. 3 points each session. Professor Hotelling.
M. and W. at 4:10. 418 Business.

The fundamentals of economics as a set of problems in maxima and minima. The maximizing of utility or of profits by individuals and the consequent equations of general equilibrium; the nature and interrelations of utility, curves and surfaces of indifference, demand and supply functions, consumers’ surplus, and welfare. Monopoly and various forms of competition. The extent to which selfish activities of individuals promote the general welfare; contrasts and resemblances of a planned society with the outcome of competition. Interrelation of prices. Taxation. Dynamical economics: cycles, lagging effects, and exhaustible resources.

The theory of maxima and minima of functions of n variables, with and without restraining conditions; the elements of the calculus of variations; tensors. The effects of variation of parameters on maximizing conditions are applied to discover consequences of taxation and other interferences.

A thorough knowledge of calculus, with something of differential equations, is an essential prerequisite. Mathematics 57 (Higher algebra; M., W., and F. at 11) is highly desirable. Graduate credit in economics is allowed for Mathematics 57 and Mathematics 101.

[1935-36]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling.
M. and W. at 4:10 611 Business.

Summarizing and interpretation of data. Frequency distributions. Significance of the normal distribution. Accuracy of means and of differences of means. Relations of statistics and probability.

Prerequisites: Calculus and Mathematics 101 (probability); but the latter may be taken simultaneously. Mathematics 57 (higher algebra) is recommended.

Graduate credit in economics will be allowed for Mathematics 57, and Mathematics 101.

Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Hotelling.
M. and W. at 10. 412 Fayerweather.

The classical method of least squares and modern modifications and developments, with stress on the interpretation of results in terms of probability. Diverse applications, both to social and to natural sciences.

The problems of observations ordered in time. Correlation and regression of time series. Seasonal variation and secular trend. Methods of correcting lack of independence and avoiding fallacies. Periodogram analysis. Recent discoveries and improvements.

Prerequisites: Statistics 111, Mathematics 57, and Mathematics 101 or equivalent knowledge.

Statistics 114 [new course]—Correlation, analysis of variance, and the χ² test. 3 points Spring Session. Professor Hotelling.
M. and W. at 4:10. 611 Business.

The multivariate normal distribution. Simple, partial, multiple, and vector correlation. Rank correlation and the problem of non-normal populations. Tests of independence, homogeneity, and goodness of fit for tables of frequencies. The analysis of variance and covariance to segregate factors producing significant variation. Recent discoveries in statistical theory.

Prerequisites: Statistics 111, Mathematics 57 and Mathematics 101.

[Statistics 301—Seminar in advanced mathematical statistics. 3 points Winter Session. Professor Hotelling.
Given in 1934-1935; not to be given in 1935-1936]

Economics 117 [Course reduced to a single semester]—Mathematical economics. 3 points Winter Session. Professor Hotelling.
M. and W. at 10. 507 Business.

The consequences of the simultaneous attempts by different persons to maximize their respective profits or degrees of satisfaction. Utility, indifference curves, demand, supply and cost functions, monopoly and various forms of competition, interrelations of prices, taxation. Theory of interest, depreciation, exhaustible resources. Contrasts and resemblances of a planned society with the outcome of competition. Dynamical economics: cycles and lagging effects.

The theory of maxima and minima of functions of n variables, with and without constraining conditions, is developed beyond the treatments in calculus books to include the second-order conditions. Elements of the calculus of variations.

Prerequisite: A thorough knowledge of calculus. Mathematics 57 (higher algebra) is highly desirable. Graduate credit in economics is allowed for Mathematics 57 and Mathematics 101.

[1936-37]