Categories
Columbia Economist Market Race

Columbia. Economics Ph.D. alumnus, Brailsford Reese Brazeal, 1942

 

Two quick quotes from the brief biographical articles below about Brailsford R. Brazeal, an African American economics Ph.D. (Columbia, 1942), as amuse-bouche for this post.

“Dr. Brazeal conducted some of the research for his dissertation [on the Pullman sleeping car porters] by working as an assistant cook in the trains’ kitchens on the New York City line that traveled south.”

“It was Dr. Brazeal, who first recommended the young minister [Martin Luther King!] for acceptance at Crozer Theological Seminary in Pennsylvania.  Dr.  Brazeal wrote that King would mix well with the white race.” [The letter of recommendation]

_______________________

BRAILSFORD REESE BRAZEAL
b. Mar 8, 1903; d. Apr 22 1981

Ph.D., Columbia University, 1942.

TITLE OF DISSERTATION: “The Origin and Development of the Brotherhood of Sleeping Car Porters.” (published: New York: Harper & Brothers, 1946.

_______________________

BRAILSFORD BRAZEAL
A Man of Morehouse

Posted by Scott B. Thompsons, Sr.

When you think of Morehouse College, you think of tradition — a tradition of higher learning for African-American college students.  When you go back seventy-five years, you think of a day unlike today when a mere few, the lucky few, had the opportunity to attend an institution of higher learning, much less one with the honorable tradition as Morehouse.  For nearly four decades, one Laurens County native helped the school rise to the prominence it still retains today.

Brailsford Reese Brazeal was born in Dublin, Georgia on March 8, 1903.  The son of the Rev. George Reese Brazeal and Walton Troup Brazeal, young Brailsford attended Georgia State College and Ballard Normal School in Macon.    Late in his life Dr. Brazeal recalled that it was his Baptist preacher father’s guidance and teachings that kindled his imagination as to what was beyond his neighborhood.  Brazeal recalled that his mother and his oldest aunt, Flora L. Troup pushed him to leave Dublin because he wouldn’t be able to obtain anything but an elementary education in Dublin.  His uncle and namesake Brailsford Troup gave him a job during summers as a carpenter’s helper.  Brazeal realized that the life of a laborer is not what he wanted and promised himself that he would do all that he could to break the barriers of race and segregation.

He completed his studies  at Morehouse Academy, a high school, in 1923.  While at Morehouse College, Brazeal came to know Dr. Benjamin E. Mays, who served as his debate coach in college and would later serve as President of Morehouse.   After graduating from Morehouse in 1927, Brazeal continued his studies and obtained a master’s degree in Economics  from the ultimately prestigious Columbia University in 1928.

Brazeal was immediately hired as a Professor of Economics by Dr. John Hope, his alma mater’s first black president.    By 1934, Brazeal was chosen to chair the Department of Economics and Business.  He was also selected to serve as the Dean of Men, a post which he held until 1936.

In his early years at Morehouse, Brailsford met and married Ernestine Erskine of Jackson, Mississippi.  Mrs. Brazeal was a graduate of Spellman College in Atlanta.  An educator in her own right, Mrs. Brazeal held a Master’s Degree in American History from the University of Chicago.  She taught at Spelman and served for many years as the Alumni Secretary.  To those who knew and loved her, Mrs. Brazeal was known to the be the superlative historian of Spelman History, though she never published the culmination of  her vast knowledge.

The Brazeals were the parents of two daughters.  Aurelia Brazeal is a career diplomat and has recently served as the United States Ambassador to Ethopia, Kenya and Micronesia.  Ernestine Brazeal has long been an advocate for the Headstart Program.

The Brazeal home in Atlanta was often a home away from home for Morehouse students.  Especially present were the freshmen who inhabited the home on weekends and after supper for the fellowship and guidance from the Brazeals.  Among these students were the nation’s greatest civil rights leader, Martin Luther King, Jr. and Maynard Jackson, the first black mayor of Atlanta.   It was Dr. Brazeal, who first recommended the young minister for acceptance at Crozer Theological Seminary in Pennsylvania.  Dr.  Brazeal wrote that King would mix well with the white race. The Brazeal’s bought the four square home near Morehouse in 1940.  Today, the home at 193 Ashby Street (now Joseph Lowery Boulevard) was placed on the National Register of Historic Places in 2005.

Through scholarships, Brailsford Brazeal was named a Julius Rosenwald Fellow and in 1942, obtained his Ph. D. from Columbia University in economics.  As a part of his doctoral dissertation, Dr. Brazeal wrote about the formation of the of one of the first labor unions for black workers.  In 1946, Brazeal published his signature work The Brotherhood of Sleeping Car Porters.    For decades, labor researchers often cited Brazeal’s writings  in his landmark work and other papers and journal articles.

During the 1950s, Brazeal worked in voter registration movements.  He wrote extensively about racial discrimination in voting, especially in his native state. He detailed many of the activities in his home county of Laurens. In his Studies of Negro Voting in Eight Rural Counties in Georgia and One in South Carolina, Brazeal examined and wrote of the  efforts of H.H. Dudley and C.H. Harris to promote more black participation in voting in Laurens County.  He chronicled the wars between the well entrenched county sheriff Carlus Gay and State Representative Herschel Lovett and their desire and competition for the black vote.   He wrote of fair employment practices, desegregation of higher education, voter disfranchisement of black voters, voter registration, and many other civil rights matters.

The members of the National Association of College Deans elected Dr. Brazeal as their president in 1947. Brazeal a member of the Executive Committee of the American Conference of Academic Deans and as a vice-president of the American Baptist Educational Institutions.

During his career Dr. Brazeal was a member of the American Economic Association, the Academy of Political Science, the Southern Sociological Society, the Advisory Council of Academic Freedom Committee of the American Civil Liberties Union, the N.A.A.C.P., the Twenty Seven Club, Omega Psi Phi Fraternity, Sigma Pi Phil, Delta Sigma Rho and the Friendship Baptist Church.

In 1967, Dr. Brazeal was inducted into the prestigious national honor society, Phi Beta Kappa as an alumni member of Delta Chapter  of Columbia University.  He organized a chapter at Morehouse, known to many as one of the “Ivy League” schools for African Americans.

Dr. Brazeal retired in 1972 after a career of more than forty years, many of which he served as Dean of the College.  At the age of seventy eight he died in Atlanta on April 22, 1981. His body lies next to that of his wife, who died in 2002, in Southview Cemetery in Atlanta.

Source:  Laurens County African American History (blog). Monday, February 3, 2014

___________________________

HE WAS A MOREHOUSE MAN:
THE LEGACY OF BRAILSFORD REESE BRAZEAL

Jeanne Cyriaque, African American Programs Coordinator
Historic Preservation Division

Brailsford Reese Brazeal was an African American economist and Dean of Academics at Morehouse College. From the late 1920s until he retired from Morehouse College in 1972, Dr. Brazeal’s leadership in research, publications, and academic standards helped Morehouse College achieve national significance as an institution of higher learning. Brazeal was a native of Dublin (Laurens County). He attended Macon’s Ballard Normal School until his family moved to Atlanta, where Brazeal completed high school at Morehouse Academy in 1923. Brazeal received his bachelor’s degree from Morehouse College in 1927, and completed his master’s degree in economics at Columbia University in 1928.

Dr. John Hope, who was Morehouse College’s first African American president, hired Brazeal as an economics instructor in 1928. By 1934, Brazeal was a professor of economics, head of the Department of Economics and Business Administration, and Dean of Men. Brailsford Brazeal was the recipient of two fellowships from the Julius Rosenwald Fund to pursue advanced studies in economics. While the history of the Rosenwald Fund community school building program is widely known, the fund also provided fellowships to many African American scholars. With this assistance and aid from Morehouse College, Brazeal received his Ph.D. in economics and political science from Columbia University in 1942.

Brailsford Brazeal published The Brotherhood of Sleeping Car Porters in 1946. This book was based upon his dissertation research on the Pullman train-car porters and their successful efforts to form America’s first African American labor union. This book remains a standard reference in labor history, American economic history and race relations. Brazeal subsequently wrote an unpublished biography about the Brotherhood’s union leader, A. Philip Randolph.

When George Pullman first arrived in Chicago in 1859, he had learned the art of moving buildings from his father, Lewis Pullman, who had patented a device to roll huge edifices away from the banks of the Erie Canal. After successfully applying this skill in a number of public works projects in Chicago, George Pullman envisioned a hotel on wheels with his luxurious, “palace” sleeping cars. To provide overnight accommodations and dining to the emerging middle class traveler, Pullman needed a workforce to provide personal services. This workforce who provided the necessary work of bellhop, cook, dining car attendant, maid and janitor were called Pullman porters, and they were African American men. Dr. Brazeal conducted some of the research for his dissertation by working as an assistant cook in the trains’ kitchens on the New York City line that traveled south.

Pullman porters worked longer hours and made considerably lower wages than whites, as they monopolized other positions such as conductors on the Pullman sleeping cars. Yet, a porter job provided unique employment opportunities that encouraged the Great Migration of thousands of African Americans from the segregated south. The Pullman porters relied on tips from their expert personal services, and were discouraged from forming unions.

By 1925, the Pullman Company was the nation’s largest private employer of African Americans, and the company used intimidation tactics, company spies, and harassment to deny the porters’ pensions and company benefits. Dr. Brazeal’s book discussed how A. Philip Randolph and the Brotherhood of Sleeping Car Porters organized an eleven-year effort to eventually be presented an international charter by the American Federation of Labor in 1936.

In 1962, Cornelius V. Troup published Distinguished Negro Georgians. Brailsford Brazeal wrote the introduction to this book while he was Academic Dean at Morehouse College. “Although I am a native Georgian and have lived and worked in Georgia virtually all of my life, I have learned for the first time that many distinguished persons whom I know or have read about are also natives of this state. Many of them were born in remote places in the state and had to obtain their education in vicarious ways which were enough to baffle and discourage persons of even extra-ordinary ability.” Brazeal’s comments on African American education in Georgia pointed out the fact that “without private, church-supported schools many of the persons mentioned in this book would never have attained an education which proved to be the key to their achievements.”

In 1933, Brailsford Reese Brazeal married Ernestine Erskine of Jackson, Mississippi. Ernestine Brazeal was a graduate of Spelman College. She received her master’s degree in American history at the University of Chicago. Mrs. Brazeal taught at Spelman and served as the college’s alumnae secretary. In 2003, the Spelman College Messenger featured an article about Mrs. Ernestine Erksine Brazeal that was written by one of her former students, Taronda Spencer. She is the Spelman College archivist and historian. “I learned how to be a Spelman woman from her example. Because of Mrs. Brazeal’s foresight, scholars and researchers are documenting the importance of Spelman’s place in the history of women’s education nationally and internationally. Her legacy and her spirit will forever be an integral part of the essence of Spelman.”

In 1940, Brailsford Reese Brazeal purchased an American Foursquare-type house that is located just west of Morehouse College. Brazeal made few changes to this house during his lifetime. In 1962, a rear addition was added that reflected mid-20th- century ranch house influences, such as built-in bookcases and a stone fireplace.

The home, now on Joseph E. Lowery Boulevard (formerly 193 Ashby Street), was constructed in 1927 by the Adair Construction Company. It was occupied by members of the Adair family until 1939. Charles Hubert, acting president of Morehouse College, leased the home prior to the Brazeal purchase (1940). The home was listed in the National Register of Historic Places on April 8, 2005.

Soon, the Brazeals had two daughters: Ernestine and Aurelia. Though the Brazeals lived in a segregated south, Ernestine Brazeal did not want her children to be born in segregated hospitals, and traveled to Chicago to have both of her daughters. Ernestine and Aurelia Brazeal attended a private girls’ school in Massachusetts, and both are Spelman alumnae.

Aurelia Brazeal is a diplomat in residence at Howard University. She is a former Ambassador to Ethiopia, Kenya, and the Federated States of Micronesia. She promotes job opportunities for the Department of State to students who are pursuing Foreign Service careers. Ernestine Brazeal recently retired from her advocacy career at Head Start in the greater Atlanta area. She lives in the Brazeal home. Ernestine Brazeal supports the work and ideas of the Spelman College Women’s Research and Resource Center. The center ensures a feminist environment for scholarship, activism, leadership and change.

The Brazeal House was always a place where students could gather for mentoring sessions with Dr. Brazeal in a family atmosphere. One Morehouse tradition that Dr. Brazeal particularly liked was to invite freshmen students to his home during their first week at Morehouse College. The students would have a chance to socialize with distinguished faculty and alumni. Maynard Jackson,Martin Luther King, Jr. and Warner Meadows were guests at these sessions in the Brazeal House during their college careers at Morehouse.

The Delta Chapter of Phi Beta Kappa elected Brailsford Brazeal for alumnus membership at Columbia University. Brazeal envisioned a Phi Beta Kappa chapter at his institution, and by 1967, it was approved for Morehouse College. In 1961, while serving as the advisor for the honors program at Morehouse College, Brazeal achieved additional support from the Woodrow Wilson National Fellowship Foundation. Under his guidance, Morehouse College was second among Georgia institutions in the number of students receiving Woodrow Wilson fellowships.

Brailsford Reese Brazeal was an active participant in voter education and registration drives throughout Georgia in the 1960s. He retired from the faculty of Morehouse College in 1972, after a career that spanned over 40 years. He died in his home in 1981. Brailsford and Ernestine Brazeal are buried at South View Cemetery, an African American cemetery that was established in 1886 by nine Atlanta black businessmen.

Source: Reflections: Georgia African American Historic Preservation Network. Vol. VI, No. 1 (April, 2006).

 

Categories
Bryn Mawr Columbia Economists Gender

Columbia. Economics Ph.D. alumna. Mildred B. Northrop, 1938

 

For this post I have put together a timeline for the life and career of the Columbia University economics Ph.D (1938), Mildred Benedict Northrop. Other than her dissertation (cited below), I could find little of substantive research by her. Nonetheless she did attract an obituary notice by the New York Times (see below) and I was able to find an instance of Congressional testimony given by her in 1948:

United States Senate. Eightieth Congress, Second Session. Extending Authority to Negotiate Trade Agreements. Hearings before the Committee on Finance on H. R. 6566. Washington, D.C.: June 1-5, 1948. [Incidentally Alger Hiss testified at those hearings.]

During the twenty-five years that she was on the faculty at Bryn Mawr College, Northrop taught a broad portfolio of courses that included industrial organization, Keynesian macroeconomics, international economics, comparative economic organization, history of economic thought, and development of underdeveloped areas.

For a backgrounder on women researchers at Bryn Mawr before Mildred Northrop, see:

Mary Ann Dzuback. Women and Social Research at Bryn Mawr College, 1915-40. History of Education Quarterly,  Vol. 33, No. 4, Special Issue on the History of Women and Education (Winter, 1993), pp. 579-608.

___________________

Mildred Benedict Northrop, life and career

1899. July 12. Born in Kansas City, Missouri.

1922. A.B. University of Missouri

From University of Missouri yearbook: 1922 Savitar, p. 55.

1923. A.M. University of Missouri

1923-26. Executive Secretary of the Social Service League, Easton, Pennsylvania

1926-31. Associate Professor and Head of the Department of Economics and Sociology, Hood College

1931-34. Instructor in Economics, Hunter College

1934-35. Fellow of The Brookings Institution, Washington, D.C.

1935-38. Division of Research and Statistics, United States Treasury Department

1938. Ph.D., Columbia University. Thesis adviser: James W. Angell

Published Ph.D. dissertation Control Policies of the Reichsbank, 1924-1933 (New York: Columbia University Press, 1938).

1938-39. Lecturer in Economics, Bryn Mawr College

1939-41. Assistant Professor in Economics, Bryn Mawr College

1941. Associate Professor (elect), Bryn Mawr College

War service: chief of export-import branch of the War Production Board; Foreign Economic Administration

1945-46. Adviser to State Department’s Office of Finance and Development Policy

1946-47. Acting Director of the Carola Woerishoffer Graduate Department of Social Economy and Social Research, Bryn Mawr College

1948-49. Professor (elect), Bryn Mawr College

1949-. Professor, Bryn Mawr College

1949-50. Leave of absence.

1963. November 19. Died in Bryn Mawr. According to the coroner’s report (November 20, 1963), the immediate cause of death was pneumonia that was due to burns to over 30% of her body resulting from a fire from smoking in bed.

___________________

Mildred Benedict Northrop, Ph.D., Assistant Professor and Associate Professor-elect of Economics.

A.B. University of Missouri 1922 and M.A. 1923; Ph.D. Columbia University 1938. Executive Secretary of the Social Service League, Easton, Pennsylvania, 1923-26; Associate Professor and Head of the Department of Economics and Sociology, Hood College, 1926-31; Instructor in Economics, Hunter College, 1931-34; Fellow of The Brookings Institution, Washington, D.C., 1934-35; Division of Research and Statistics, United States Treasury Department, 1935-38. Lecturer in Economics, Bryn Mawr College, 1938-39, Assistant Professor, 1939-41 and Associate Professor-elect 1941.

Source: Bryn Mawr College Catalogue and Calendar, 1941-1943, p. 20.

___________________

Northrop’s entry in the AEA Handbook, 1956

NORTHROP, Mildred Benedict, Bryn Mawr Col., Bryn Mawr, Pa. (1942) Bryn Mawr Col. Prof., teach., dept. head, res.; b. 1899; A.B., 1922, M.A., 1923, Missouri; Ph.D., 1938, Columbia. Fields 9ab, 3b, 2c. Doc. Dis. Control policies of the Reichsbank, 1924-33 (Columbia Univ. Press, 1938). Dir. Amer. Men of Sci., III, Dir. Of Amer. Schol.

Source: Handbook of the American Economic Association in American Economic Review, Vol. 47, No. 4 (July, 1956), p. 220.

___________________

Obituary. New York Times.

Dr. Mildred B. Northrop, Economist at Bryn Mawr.

Bryn Mawr, Pa., Nov. 19—Dr. Mildred B. Northrop, chairman of the department of economics at Bryn Mawr College, died today in Bryn Mawr Hospital after a brief illness.

Dr. Northrop joined the Bryn Mawr faculty in 1938. She taught previously at Hood and Hunter Colleges.

She was born in Kansas City, Mo., and was graduated from the University of Missouri in 1922. The following year she earned a master’s degree there. She received her doctorate from Columbia University in 1938.

During World War II, Dr. Northrop was chief of the export-import branch of the War Production Board and an adviser to the Foreign Economic Administration. In 1945 and 1946 she was adviser to the State Department’s Office of Finance and Development Policy.

Dr. Northrop is survived by a brother Eugene S. Northrop, of Darien, Conn., and a sister, Mrs. Robert D. Ayars of Cuernavaca, Mexico.

Source: New York Times (November 20, 1963), p. 43.

Image Source: Bryn Mawr Yearbook 1942.

Categories
Bibliography Columbia Suggested Reading

Columbia. Bibliography on Government Debt for Fiscal Policy Course. Shoup, 1948

 

Government debt was the subject of this first installment of a planned (perhaps completed later) bibliography for a course on fiscal policy that was prepared by Carl Shoup (New York Times obituary). This draft with a few hand-corrections was found in the papers of his colleague in public finance, Robert Haig.

_____________________

Economics b160—Fiscal policy. 3 points. Spring Session. Professor Shoup. M. W. 9. 710 Business.

A study of the reasons why governments choose to follow a policy of deficit financing, balanced-budget financing, or surplus financing, as the case may be, with emphasis on the economic forces that influence these decisions and on the economic results of the various policies. Topics discussed include war finance, compensatory spending in a depression, public finance aspects of theories of long-term investment stagnation, and the problems of the interest charge on the budget and the growing stock of money that may be associated with a great increase in the public debt.

Source: Columbia University. Announcement of the Faculty of Political Science for the Winter and Spring Sessions, 1947-1948, p. 50.

_____________________

[Pencilled Note: “For Dr. Haig. (Parts II, III, IV to follow)”]

COLUMBIA UNIVERSITY
SCHOOL OF BUSINESS

BIBLIOGRAPHY, ECONOMICS b160,
FISCAL POLICY
February, 1948

This bibliography is divided into four parts, and each part is further divided into sections. The four parts are:

Part I. Government Debt
Part II. Taxation
Part III. Government Expenditures
Part IV. Fiscal Policy in the United States and Abroad in Recent Years

Most of the sections are directly concerned with government debt, taxation, and expenditures; for these sections an attempt has been made to present a fairly comprehensive coverage of the periodical and book literature of the past three or four years. The readings that are particularly important for purposes of the present course are marked with an asterisk. The asterisked readings have been put on reserve in the School of Business library.

A few sections are concerned with topics that are only collateral to fiscal policy: for example, the technique of bank deposit expansion, and data on recent changes in amount of currency outstanding. In these sections the references are highly selective, being designed only to assist the student to refresh his background, or to suggest a minimum of reading.

PART I: GOVERNMENT DEBT

  1. Technique of Credit Creation by the Banking System
  2. Technical Characteristics and Pattern of Ownership of Each Type of Federal Security
  3. Non-Negotiable Securities; Securities Ineligible for Bank Holding
  4. Currency
  5. Gold and Silver
  6. Bank Holdings of Government Bonds, and Data on Bank Deposits
  7. Total Interest Charge on Government Debt
  8. Interest Rates
  9. “Burden” of Debt
  10. Debt Management
  11. Debt Management and Credit Control

 

1. Technique of Credit Creation by the Banking System. –The creation of credit by commercial banks is well described in a general way by Bowman and Bach, Economic Analysis and Public Policy (1943), 589-99; but to get a thorough understanding, the student should read J. Brooke Willis, The Relation of Bank Deposits to War Finance (Chase National Bank, November 18, 1942, mimeographed). A description of the Federal Reserve System is given on pp. 636-53 of Bowman and Bach. See also J. E. Horbett, “Banking Structure of the United States,” in Banking Studies, by members of the staff, Board of Governors, Federal Reserve System (1941). Some brief discussions in the Federal Reserve Bulletin may aid in avoiding elementary misconceptions: “Central Banking” (December 1940), “Federal Reserve Bank Lending Power…” (February 1941), “Bank Credit and…Reserves”- (July 1941), “Bank Deposits [and]…Savings Bonds” (August 1941). An explanation of how credit is created under the British banking system, with particular attention to wartime developments, is given in Norman Crump, Facts about British Banks and the War (1943).

 

2. Technical Characteristics and Pattern of Ownership of Each Type of Federal Security.— The types of security issued by the Federal Government, and the relative importance of each, are given in the monthly Bulletin of the Treasury Department, in the section headed “General Fund Position and Debt Outstanding” (consult any recent issue). Note the names of the different kinds of obligations, their respective interest rates and periods to maturity, as shown in the tables headed “Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness” “Offerings and Maturities of Treasury Bills,” “Sales and Redemptions of United States Savings Bonds.—Table 1, Summary…,” and “Sales and Redemptions of Treasury Savings Notes.—Table 1, Summary…” Then study the tables headed “Public Debt and Guaranteed Obligations of the United States Government Outstanding”: “Table 1, Summary;” and “Table 2, Interest-Bearing Public Debt;” then the table headed “Computed Interest Charge and Computed Interest Rate….” Note the data on who owns the federal debt, in the section headed “Ownership of Government Securities.” Study the charts on “Yields of Treasury Securities….”

See also:

Hargreaves, H. W. H., “The Guaranteed Security in Federal Finance,” J.P.E., Aug., 1942.

Mann, F. K., “The Dual-Debt System as a Method of Financing Government Corporations,” J.P.E., Feb., 1947, 39-56.

Simmons, E. C., “The Position of the Treasury Bill in the National Debt,” J.P.E., Aug., 1947, 333-45.

“Treasury Financing Operations,” statement on first page of each issue of Treasury Bulletin in recent issues.

“Direct Exchange of Maturing Treasury Bills for New Issues,” Fed. Res. Bull., May, 1947.

“Treasury Bills and Certificates as Outlets for Idle Funds,” Fed. Res. Bull. July, 1942.

“The Tax Savings Plan,” Red. Res. Bull., Aug., 1941.

 

3. Non-Negotiable Securities; Securities Ineligible for Bank Holding.—

Secretary of the Treasury, “Spreading the Public Debt,” Treasury Bulletin, May, 1947.

Secretary of the Treasury, “The Role of Savings Bonds in Public Debt Management,” Treasury Bulletin, May, 1947.

Tostlebe, A. S., “Estimate of Series E Bond Purchases by Farmers,” J.A.S.A., Sept., 1945.

“Bank Purchases of Restricted Treasury Bonds,” Treasury Bulletin, July, 1946.

 

4. Currency.—The wartime rise in currency is described by G. L. Bach, “Currency in Circulation,” Federal Reserve Bulletin, April, 1944. See also the following unsigned articles in the Federal Reserve Bulletin: “The Currency Function of the Federal Reserve Banks,” July, 1940; “Recent Changes in the Demand for Currency,” April, 1942; and “Relation between Currency and Bank Deposits,” May, 1943.

For a historical treatment: V. M. Longstreet, “Currency System of the U.S.” in Banking Studies, Federal Reserve System, 1941. For terminology; I. B. Cross, “A Note on the Use of the Word ‘Currency,’” J.P.E., December, 1944.

 

5. Gold and Silver.—The vast literature in recent years on the gold situation in general will not be considered here; however, reference by be made to F. D. Graham and C. R. Whittlesey, Golden Avalanche, 1939. For the place of gold in the present U.S. money and credit system, see Bowman and Bach, Economic Analysis and Public Policy, Chapter 42, “Gold and the Price Level,” and a series of notes in the Federal Reserve Bulletin: “Ownership of the Monetary Gold Stock” (May, 1940), “Utilization of the Monetary Gold Stock” (June, 1940), “The Gold Stock” (September, 1940), “Definition of Lawful Money” (July, 1941), and “Money and Inflation” (March, 1944). The Treasury position on gold was stated by Secretary Morgenthau in two press releases, March 23, 1939 (reply to Senator Wagner’s questions) and May 3, 1940 (address before National Institute of Government).

 

6. Bank Holdings of Government Bonds, and Data on Bank Deposits—An appreciation of the quantitative aspects of the bank-credit expansion of the war and postwar years can be obtained from “The Wartime Expansion of Liquid Assets,” Fed. Res. Bull., Oct., 1944, and from “Estimated Liquid Asset Holdings of Individuals and Business,” Fed. Res. Bull., Sept., 1947, and earlier reports on the same subject in the issues of June, 1945; Feb., 1946; and Nov., 1946.

See also:

Robinson, Roland I., “Money Supply and Liquid Asset Formation,” A.E.R., March, 1946.

Warburton, Clark, “Quantity and Frequency of Use of Money in the United States, 1919-45,” J.P.E., Oct., 1946.

“Ownership of Demand Deposits [as of Feb. 26, 1947],” Fed. Res. Bull., June, 1947.

* “Assets and Liabilities of Commercial Banks and Mutual Savings Banks, December 31, 1939-1946.” Treasury Bulletin, July, 1947.

“Measurement of Factors Influencing the Volume of Deposits and Currency,” Fed. Res. Bull., June, 1944.

“Wartime Monetary Expansion and Postwar Needs,” Fed. Res. Bull., Nov. 1945. For the growth in deposits prior to the war, see “Factors Responsible for Increase in Bank Deposits,” Fed. Res. Bull., March, 1941.

 

7. Total Interest Charge on Government Debt.—

“Transfer to Treasury of Excess Earnings of Federal Reserve Banks,” Fed. Res. Bull., May, 1947, 518-19.

Rolph, Earl R., “The Payment of Interest on Series E Bonds,” A.E.A. Proceedings., May, 1947, 318-21.

Shoup, Carl, “Postwar Federal Interest Charge,” A.E.R., Supplement to June, 1944 issue (“Implemental Aspects of Public Finance”).

 

8. Interest Rates.—The average rates (including the case of zero interest) and the structure of interest rates of the public debt are discussed particularly in the following articles. The recent United States experience is analyzed in:

Coleman, G. W., “The Effect of Interest Rate Increases on the Banking System,” A.E.R., Sept. ’45.

Harris, S. E., “A One Per Cent War?” A.E.R., Sept. ’45.

*Samuelson, Paul A., “The Effect of Interest Rate Increases on the Baking System,” A.E.R, March, 1945.

Samuelson, P. A. “The Turn of the Screw [Interest Rates and the Banks],” A.E.R., Sept. ’45.

Seligman, H. L., “The Problem of Excessive Commercial Bank Earnings,” Q.J.E., May, 1946.

*Seltzer, L. H., “Is a Rise in Interest Rates Desirable or Inevitable?” A.E.R., Dec., 1945.

Wallich, Henry C., “The Changing Significance of the Interest Rate,” A.E.R., Dec. 1946.

Willis, J. Brooke, “The Case against the Maintenance of the Wartime Pattern of Yields on Government Securities,” A.E.A. Proceedings, May, 1947.

“Yields on United States Government Securities—Revision of Averages,” Fed. Res. Bull., Oct., 1947.

The wartime position of the United States Treasury on interest rates was stated by Secretary Morgenthau in three addresses printed in the Treasury Bulletin, Nov. 1944.

Recent British discussion includes:

Henderson, H., “Cheap Money and the Budget,” E.J. Sept., ’47.

Paish, F. W., “Cheap Money Policy,” Economica, Aug., 1947.

The particular case of interest-free financing has been the subject of some debate recently; see:

Poindexter, Julius C., Proposals for Interest-Free Deficit Financing. Ph.D. Virginia, 1944 (May be obtained on inter-library loan).

Poindexter, J.C., “Fallacies of Interest-Free Deficit Financing,” Q.J.E., May, 1944.

Wright, D. McC., “Interest-Free Deficit Financing: a Reply,” Q.J.E., Aug., 1944.

Poindexter, J. C., “Interest-Free Deficit Financing: Rejoinder [to Wright’s article],” Q.J.E., Nov. 1945.

Poindexter, J. C., “A Critique of Functional Finance through Quasi-Free Bank Credit,” A.E.R., June, 1946.

Benoit-Smullyan, Emile, “Interest-Free Deficit Financing and Full Employment [Poindexter’s article],” A.E.R., June, 1947.

Pritchard, L. J., “The Nature of Bank Credit [Poindexter’s article]: A Comment,” A.E.R., June, 1947.

In view of the recent changes in the interest rate structure, the forecasts of a few years ago are worth reviewing:

Morgan, E. V., “The Future of Interest Rates,” E.J., Dec., 1944.

Round Table, “The Future of Interest Rates,” A.E.A. Proceedings, March, 1943.

Riddle, J. H., “The Future of Interest Rates,” Bankers Magazine, March, 1943.

 

9. “Burden” of Debt.—Interest and amortization requirements on the public debt lead to a discussion of the degree to which a domestically held debt is a burden. On this topic, see:

*Kalecki, M., “The Burden of the National Debt,” Bull., Oxford Inst. Stat., April 3, 1943.

Ratchford, B. U., “The Burden of a Domestic Debt,” A.E.R., Sept., 1942.

Wright, D. Mc., “Mr. Ratchford on the Burden of a Domestic Debt: Comment,” A.E.R., March, 1943.

*Hansen, A. H., “The Growth and Role of Public Debt,” Ch. IX, especially pp. 135-44, 152-61, 175-85, in Fiscal Policy and Business Cycles.

Harris, S. E., “Postwar Public Debt,” Chapter X in Postwar Economic Problems;

Mitnitzky, Mark, “Some Monetary Aspects of Government Borrowing” A.E.R., March, 1943.

Hahn, A., “Should a Government Debt, Internally Held, Be Called A Debt at All?” Banking Law Journal, July, 1943.

Domar, E. D., “The ‘Burden of the Debt’ and the National Income,” A.E.R., Dec., 1944.

Ratchford, B.U., “Mr. Domar’s ‘Burden of the Debt,” and rejoinder by Domar, A.E.R., June, 1945, 411-14.

 

10. Debt Management.—More comprehensive discussions of the problems posed by the public debt are found in writings on “debt management,” “limits to the debt,” etc. (see also the references in No. 11 below):

*Abbott, Charles C., Management of the Federal Debt, McGraw-Hill, 1946, 187 pp., Rev. in A.E.R., March, ’47.

*Committee on Public Debt Policy, National Debt Series, Nos. 1 to 4 issued in 1947. 12 to 22 pp. each.

Garritsen, Margaret M., Some Theoretical and Practical Problems in the Management of the Federal Debt in the Postwar Period. Ph.D., Mass. Inst. of Tech. 1946. (May be available on inter-library loan.)

*Hansen, A. H., “Federal Debt Policy,” Proceed., N.T.A., 1944, 256-67, 295-97.

Leland, Simeon E., “Management of the Public Debt after the War,” A.E.R., Supplement to the June 1944 issue (“Implemental Aspects of Public Finance”), and discussion by D. T. Smith and L. H. Seltzer.

Leonard, Norman H., Public Debt Management. Ph.D. Yale (no date given). (May be available on inter-library loan.)

Mehta, J. K., “Some Problems of Public Debt,” South Indian Journal of Economics, Feb., 1946.

Neale, E. P., “The Growth of New Zealand’s General Government Debt,” Eco. Record, Dec. 1945.

Neumark, F., “Limite de la dette publique ou deficit permanent?” L’Egypte Contemp., March, 1946.

Ratchford, Benjamin U., “History of the Federal Debt in the United States,” A.E.A. Proceedings, May, 1947, 131-41; discussion by L. Wilmerding Jr. and C. C. Abbott, 151-56.

Suiter, William O., “Some Questions Relative to the Management of the National Government Debt,” Bull. N.T.A., June, 1946.

Wallich, H. C., “La dueda publica y el ingreso nacional de Estados Unidos,” El Trimestre Econ., Jan. and April, 1946.

*Wallich, H. C., “Debt Management as an Instrument of Economic Policy,” A.E.R., June, 1946.

Wickens, Aryness Joy, “The Public Debt and National Income,” A.E.A., Proceedings, May, 1947.

Woodward, Donald B., “Public Debt and Institutions,” A.E.A. Proceedings, May, 1947, 157-83. Discussion by L. H. Seltzer, Susan S. Burr, R. J. Saulnier and E. A. Goldenweiser.

 

11. Debt Management and Credit Control.—The complex relations that link debt management and credit control have received increasing attention in recent years as evidenced by the following articles. The discussion is chiefly in terms of inflationary rather than deflationary conditions.

Abbott, Charles C., “The Commercial Banks and the Public Debt”; discussion by H. H. Preston, A.E.A. Proceedings, May, 1947.

Arndt, H. W., “The Monetary Theory of Deficit Spending: A Comment on …. Warburton’s Article [in RES, 1945, 74-84].” R.E.Stat., May, 1946.

Bach, George L., “Monetary-Fiscal Policy, Debt Policy, and the Price Level,” A.E.A. Proceedings, May, 1947.

Carr, Hobart C., “The Problem of Bank-Held Government Debt,” A.E.R., Dec. 1946.

Chamberlain, N. W., “Professor Hansen’s Fiscal Policy and the Debt”; rejoinder by Hansen, A.E.R., June, 1945.

Cluseau, M., “De quelques definitions necessaires,” Rev. de Sci. et Législ. Fin., April, 1947.

Eccles, M. S., “Sources of Inflationary Pressures,” Fed. Res.Bull., Feb. 1946.

*Eccles, M., “Methods of Restricting Monetization of Public Debt by Banks,” Fed. Res. Bull., April, 1947.

Eccles, M. S., “The Current Inflation Problem—Causes and Controls,” Fed. Res. Bull. Dec., 1947.

Goldenweiser, E. A., “Federal Reserve Objectives and Policies: Retrospect and Prospect,” A.E.R., June 1947.

Hauge, Gabriel, Banking Aspects of Treasury Borrowing in World War II. Ph.D., Harvard, 1947 (Available only on inter-library loan.)

*Hardy, C. O., “Bank Policy versus Fiscal Policy as an Economic Stabilizer,” Proceed. Nat. Tax Assn., 1946.

Lerner, Abba P., “Money as a Creature of the State,” A.E.A. Proceedings, May, 1947.

Mikesell, Raymond F., “Gold Sales as an Anti-Inflationary Device,” R.E.Stat., May, 1946.

Mints, Lloyd W., Hansen, A. H., Ellis, Howard S., Lerner, A. P. and Kalecki, M. “A Symposium on Fiscal and Monetary Policy,” R.E.Stat., May, 1946.

Robinson, R. I., “The Reserve Position of the Federal Reserve Banks,” Fed. Res. Bull., March, 1945.

Seltzer, Lawrence, “The Changed Environment of Monetary-Banking Policy”; discussions by D. B. Woodward and R. A. Young, A.E.A. Proceedings, May, 1946.

*Simons, Henry C., Economic Policy for a Free Society, Univ. of Chicago Press, 1948, 353 pp. espec. Chs. VII, “Rules versus Authorities in Monetary Policy,” VIII, “Hansen on Fiscal Policy,” IX, “On Debt Policy,” X, “Debt Policy and Banking Policy” and XIII, “The Beveridge Plan: an Unsympathetic Interpretation.”

Sproul, Allan, “Monetary Management and Credit Control,” A.E.R., June, 1947.

Sweezy, Alan R., “Fiscal and Monetary Policy”; discussion by J. H. G. Pierson, W. J. Fellner, and Clark Warburton; A.E.A. Proceedings, May, 1946.

Villard, H. H., “The Problem of Bank-Held Government Debt: Comment [on Carr’s article],” A.E.R., Dec. 1947.

Wallace, Robert F., “The Federal Debt and Inflation,” Bull. N.T.A., June, 1947.

Wallich, H. C., “The Current Significance of Liquidity Preference,” Q.J.E., Aug., 1946.

*Warburton, Clark, “The Monetary Theory of Deficit Spending,” R.E.Stat., May, 1945, 74-84.

Warburton, Clark, “Monetary Theory, Full Productivity, and the Great Depression,” Econometrica, April, 1945.

Warburton, Clark, “The Volume of Money,” J.P.E., June 1945.

Whitaker, T. K., Financing by Credit Creation, Dublin, 1947, 67pp. (E.J., Sept. ’47.)

Whittlesey, C. R., “Federal Reserve Policy in Transition,” Q.J.E., May, 1946.

“Treasury Finance and Banking Developments,” Fed. Res. Bull., May, 1946.

* “Debt Retirement and Bank Credit,” Fed. Res. Bull., July, 1947.

 

Source: Columbia University Libraries, Manuscript Collections. Robert M. Haig Collection. Box 16, Folder “Bibliography”.

Image Source: The Columbia Spectator Archive. March 8, 1967.

Categories
Columbia Economists Methodology New School

Columbia. Wesley Clair Mitchell’s remarks at Conference on Methods in Philosophy and the Sciences, 1937

 

In brief remarks intended to give non-economists a sense of the major methodological schools of economics at a 1937 conference at the New School for Social Research, Columbia professor Wesley Clair Mitchell distinguishes (i) orthodox economics dedicated to the understanding of the “pecuniary logic” of an agent within a capitalist market environment, (ii) institutional economics dedicated to the understanding of the evolution of economic organization, and (iii) a new, yet unnamed, type of economic theory that is clearly recognizable as being “behavioral economics”.

____________________

Conference Program

CONFERENCE ON METHODS IN PHILOSOPHY AND THE SCIENCES

New School for Social Research
66 West 12th Street
New York City, N.Y.

Saturday, May 22 and Sunday, May 23, 1937

PROGRAM

Saturday, May 22

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

9:30 A.M. – 11:00 A.M – Registration, Room 24, Fee – $1.00

11:00 A.M. – 1:00 P.M. – First Session – Room 25

Chairman:  H. M. Kallen
Sidney Hook: The Current Philosophical Scene
John Dewey: A Possible Program for Libertarians and Experimentalists

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

2:30 – 4:00 P:M: – Second Session – Room 25

Brief statements on various departments of philosophy and the sciences: Their assumptions, methods, histories of the different schools, etc.

Ernest Nagel: The Position in LOGIC and METHODOLOGY
W.M. Malisoff: The Position in the PHYSICAL SCIENCES

DISCUSSION

4:00 – 5:30 P.M. – Second Session Continued – Room 25

S. E. Asch: The Position in PSYCHOLOGY
Wesley C. Mitchell: The Position in ECONOMICS

DISCUSSION

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

7:00 P.M. – DINNER, Gene’s 71 West 11th Street

Speakers: Bacchus, Dionysus, the Holy and other Spirits.
Appointment of Committees

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

Sunday, May 23

10:00 A.M. – 12 M. – Third Session, Room 25

Julius Lips: The Position in ANTHROPOLOGY
Meyer Schapiro: The Position in AESTHETICS
R. M. MacIver: The Position in SOCIOLOGY

DISCUSSION

12M. – 1:00 P.M. – Business Meeting

Election of Officers
Appointment of Permanent Committees
Unfinished Business
Adjournment

 

____________________

Handwritten Remark by Wesley Clair Mitchell
Economics

 

Conference on Methods in Philosophy and the Social Sciences

New School
May 22, 1937

Economics like Philosophy and the other Social Sciences is still in the stage of development marked by the existence of fairly distinct schools of thought, or as I like better to say Types of Theory.

These schools differ in method. But these differences in method arise from differences in the problems which are taken as the central concern of economics.

 

Orthodox economics concerns itself primarily with what I like to call pecuniary logic — what it is to the economic advantage of men to do under a capitalistic organization — and the ‘purer’ this theory becomes the more exclusive concentration on that problem becomes.

In dealing with pecuniary logic, the investigator employs the method of imaginary experimentation. That is, he sets up certain assumptions and seeks to think out what it is to the interest of men to do under the conditions supposed.

The theory is developed by varying these assumptions with reference to such matters as the factors in theory set which are allowed to change the length of the period considered in the problem, the degree of competition supposed, elasticities of demand, relations between unit costs and volume of output.

How far the conclusions apply to the actual world depends upon the character of the assumptions made. The correspondence between these assumptions and actual conditions is seldom investigated.

Hence the doubts about this type of theory are usually doubts, not about the correctness of the reasoning, but about how far they apply to the facts we wish to understand. May have uncertain ‘operational significance’.  Defence.—tool makers. Question about applicability not relevant.

This description applies less strictly to Marshall than to many of his pupils, to the later Austrians, and to mathematical economists.

 

Institutional economics concerns itself primarily with the evolution of economic organization.

To Veblen this meant study of the widely prevalent habits of thought.

To Commons it means study of social controls over induced action—primarily through the courts.

Methods employed combine ethnology or historical research with reasoning about how men with a certain set of habits ingrained in them by the social environment in which they have grown up and by the work they do will behave or how the social controls over induced behavior may be expected to work out.

Again there may be doubts about how far the reasoning concerning economic behavior applies to actual conditions.

 

A third type of economics seems to be developing though not represented as yet by systematic theoretical treatises.

It endeavors to learn by analytic studies of actual behavior how men conduct themselves. Its methods are closer kin to those of animal psychologists than to those of introspective psychologists.

Though these men show no reluctance to account for their observations by supposing that their subjects know the rules of the money-making and money-spending games. Here they go beyond outlook[?] of physical science— Supposes men have purposes: that they plan for future .

Large use of the mass observations afforded by statistics

Considerable emphasis upon method[?] analysis of these records.

Not confined to statistics.

Doubts here concern representative value [or volume?] of the data

Trustworthiness of the mathematical analysis.

Extent to which factors that are not recorded statistically may modify conclusions drawn. Work of this sort is primarily monographic. Since social phenomena are interdependent, the question concerning what is left out is highly important

Can’t be applied well except when mass observations are available.

Promises to develop in future because statistical observation is covering a wider range.

Danger of ‘mere fact finding’ Dewey. Yes, but the facts may have deep ‘operational’ significance. Relation to questions of policy.

 

Source: Columbia University Archives. W. C. Mitchell Collection. Box 3, Folder “5/22/37 A”.

Image Source: Wesley Clair Mitchell from Albert Arnold Sprague’s and Claudia C. Milstead’s Genealogical Website.

 

Categories
Columbia Suggested Reading Syllabus

Columbia. New Seminar. Outline with readings, Economic Theory and Change. Mitchell and Ginzberg, 1937

 

Wesley Clair Mitchell left voluminous course lecture notes found with his other papers at the Columbia University Archives. On the whole his notes are very neatly written by hand so that any typed pages among his lecture notes immediately catch the attention of the tired eyes of this archival junkie working the boxes. My presumption was that this typed material was probably someone else’s work and the pencilled “Eli Ginzberg” on one of the course outlines provided an obvious lead. Ginzberg received his Ph.D. from Columbia in 1934 and held the rank of Lecturer in economics at Columbia at the time of this course. Chapter 2 (“The Education of an Economist”) in his book The Skeptical Economist (1987) provides the necessary back-story for the course materials transcribed for this post.

From Mitchell’s notes to the first session from the Winter session of the course in 1937-38, we learn that a dress rehearsal was held as a seminar during the Spring 1937 course for which we have the following list of participants. Definitely worth noting is that William Vickrey and Anna Jacobson Schwartz participated in that preliminary seminar.

____________________

Handwritten: Economics Seminar. March-May 1937
(Signatures of student participants. Note: “not complete”)

William Vickrey, Ruth Cleve [?], Pauline Arkus, Anna Jacobson [Note: this is Milton Friedman’s collaborator Anna Schwartz], [First name illegible] Louise Boggen, Konrad Bekker, Mark S. Massel, Eileen M. Conly, John I. Griffin, Alan Pope, Bela Gold, Burnham P. Beckwith, Herman Zap, Moore

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “3-5/37 A”.

____________________

Origin of the seminar

“In 1932-1933, a group of us brought about the first change in the curriculum: We persuaded Mitchell, Clark, and Angell to offer a seminar on economic theory. In the mid-1930s, when I had begun to teach as an assistant in the School of Business, I was instrumental in establishing several further reforms, largely through persuading its dean, Roswell C. McCrea, who also served as chairman of the Economics Department, to do the following: to reduce the number of subjects on which doctoral candidates were examined from seven to six, to invite Milton Friedman to give a course on ‘Neoclassical Economics,’ to have Wesley Mitchell substitute for his lectures on ‘Current Types of Economic Theory’ a new seminar on ‘Economic Theory and Economic Change,’ in which I would serve as his assistant. Furthermore, McCrea obtained the consent of the Committee on Instruction in the School of Business for me to offer a new course on ‘Economics and Group Behavior,’ which was cross-listed in the Department of Economics’ offerings. This was probably the first course in what later became known as ‘human resources.’”

 

Source: Eli Ginzberg, The Skeptical Economist (Westview Press, 1987), p. 16.

____________________

Secular and Structural Changes in a Modern Economy
From Mitchell’s handwritten notes for the first meeting
Sept. 28, 1937

An experimental course. 1st time given, aside from a brief trial run in seminar last spring.
Title not felicitous: perhaps it will prove not very accurate. Explanation of view[?] called for.

Past 2 generations have seen vigorous development of three or four different approaches to study of economic behavior.

Economic theory of several types ranging from mathematical economics on one flank to institutional economics on other flank.

Economic history of recent and more remote past

Economic statistics have multiplied in the leading commercial nations and technique of using them has been improved.

Relation of these approaches to one another

Difficult to find investigation in which one approach only is used.

Economic theorist seldom disregards wholly the historical setting of his problem, or quantitative importance of its components. Whether they recognize it or not, these factors count in their thinking.

Economic historians and statisticians cannot dispense wholly with qualitative analysis.

Their selection and arrangement of materials imply classification: they take materials that are pertinent and pass on others that are not. What is pertinent in their judgment is decided whether they realize it or not, by the organization of their ideas.

Can find many investigations in which an attempt is made to use all three approaches

Schmoller’s Allgemeine Vokswirtschaftslehre, Webbs’ History of British T. U.‘s and Industrial Democracy.Marshall’s Industry and Trade. Cassel’s Social Economics. Keynes‘ Theory of Money, Pigou’s Industrial Fluctuations, Sombart’s Moderne Kapitalismus. A brilliant older example Marx’s Capital; indeed Wealth of Nations except that Adam Smith had a poor opinion of ‘political arithmetic’.

 

But, to a large extent, the theoretical, historical, and statistical approaches have been developed by three groups of workers

Each of whom is especially adept in one approach and makes incidental rather than systematic and thorough use of the other approaches

And there are

Economic theorists
Economic historians
Economic statisticians

who seem not to realize the extent to which their thinking is influenced by elements derived from the other approaches.

In general we cannot claim that the three approaches have been perfectly blended

Schmoller a particularly good example because he tried as hard to use all three. He knew certain phases of economic history well: but not all the phases on which he touched. He was a slovenly theorist and a gullible statistician.

Hence one of the great tasks before the generation of economists to whom members of this class belong is to utilize the knowledge of economic processes provided by the 3 approaches more effectively than their predecessors have done.

Primary aim of the course is to aid in that effort.

Method is to take up certain economic processes that have been studied for both the theoretical angles and for the historical or statistical angles or for both and to inquire whether the realistic approaches call for modification of the theoretical analyses: quite as much

Whether the theoretical approach calls for modification of the realistic investigations.

How much we can get out of this experiment for the improvement of our own investigations remains to be seen.

Will depend not only upon the industry with which we are ready to devote to study of the materials assigned but also upon the ability to think we are able to develop.

 

Mode of conducting course

Dr. G. and I will select problems, at least at beginning, and assign readings. Members of class will present reports to the class Written or oral. Discussion in class.

As work goes on we may well turn up problems of which Dr. Ginzberg and I have not thought in advance.

Interest of the meetings and value of the work are necessarily conditioned by the clarity of the reports made by the members of the group.

Please try hard to get your notes[?] well organized and lucidly presented. So well presented that other members who listen once only can understand and expect questions of others as you present reports.

So much for the general aims of the course and how it will be conducted. Begin work with an attempt to characterize broadly the conceptions of economic change that are held by investigators.

Or rather, what types of movements occur in economic life.

 

1st assignment

Let each member of class consult one or more of the statistical treatises that deal with time-series analysis to find out what types of movements are recognized.

What is basis of classification used? In what are these movements all alike? In what do the types differ? Are all of these types recognized by economic theory? For what types do economic theorists offer explanations? What relation if any do the movements of the statisticians bear to the ‘disturbing circumstances’ of economic theory and to the movements by which economic equilibrium is restored after a disturbance, and maintained in the absence of further disturbances (equilibrating movements)? Are the criteria used by economic statisticians in classifying movement like those used by time-series analysts? Can we expect inductive testing of economic laws?

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “9/28/37 A”.

____________________

Handwritten draft of course announcement

December 19, 1936
Announced for 1936-37

Cumulative Changes in Economic Processes

A critical survey of realistic studies of population growth, natural resources, occupations, capacity to produce, standards of living, national income and its distribution, ownership of property, business organization and methods, labor conditions, capital accumulation, the role played by government in economic affairs, and national planning, accompanied by study of the relations of the findings to economic theory.

Readings, reports and class discussions. Limited to twenty students. Admission by permission of the instructor.

2 hours a week, both semesters.
4-6 Thursdays.

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “12/19/36 A”.

____________________

Course Announcement
1937-38

Economics 201-202—Secular and structural changes in a modern economy.  3 points each session. Professor Mitchell with the assistance of Dr. Ginzberg.

Tu., 4:10-6. 102 Low.

The theoretical, institutional, historical, and statistical approaches to the study of economic changes. Critical survey of investigations into recent changes in important factors. Relations of the findings to current economic theory.
Readings, reports, and class discussions.
Admission only with permission of the instructor.

Source: Columbia University. Bulletin of Information (July 23, 1938). Courses offered by the Faculty of Political Science for the Winter and Spring Sessions, 1937-1938, p. 30.

____________________

Course Announcement
1938-39

Economics 201-202—Economic changes and economic theory.  3 points each session. Professor Mitchell assisted by Dr. Ginzberg.

Tu., 4:10-6. 502 Business.

The theoretical, institutional, historical, and statistical approaches to the study of economic changes. Critical survey of investigations into recent changes in important factors. Relations of the findings to current economic theory. Readings, reports, and class discussions.

Admission only with permission of the instructor.

Source: Columbia University. Bulletin of Information (July 23, 1938). Courses offered by the Faculty of Political Science for the Winter and Spring Sessions, 1938-1939, p. 31.

____________________

Jan. 14, 1937

TENTATIVE OUTLINE FOR COURSE ON CUMULATIVE CHANGES IN ECONOMIC PROCESSES

Introduction: The theoretical, the historical, and the statistical approaches to the study of Economic Changes.

  1. The concepts of economic ‘statics’ and economic ‘dynamics’ in the work of J. S. Mill, Marx, J. B. Clark, Alfred Marshall, Gustav Cassel.
    What ‘dynamic’ problems are treated by these writers? How far does the treatment build upon ‘static’ theory?
    Theoretical treatment of cumulative changes in institutions by Marx, Veblen and Commons.
  2. Historical accounts of economic changes.
    What ‘explanations’ are given of significant changes by such writers as Ashley, Schmoller, the Webbs, Sombart, Clapham?
  3. Time-series analysis
    Types of changes commonly recognized: seasonal variations, random perturbations, cyclical fluctuations, secular trends.
    The problem of ‘long cycles’. Kondratieff, Simiand, Kuznets, Burns.
    The problem of structural changes.
    What types of these changes have been explained theoretically?
    What relations have these explanations to economic theory at large?
    What relations exist between secular, cyclical, random, seasonal and structural changes?
  4. Relations among the three approaches
    The injunction to combine causal analysis with statistical description.
    Dangers of statistical work not guided by theoretical concepts.
    Dangers of theoretical speculation not checked by statistical observation
    Difficulties in fusing the two approaches
    Causal analysis of problems in which many variables are interrelated, and in which effects become causes in a process of cumulative change
    The theoretical uses of history.
    The historical applications of theory.
    Statistics and history.

Classification of investigations available for the study of economic changes

  1. Studies of recognized types of economic changes
    The abundant literature upon business cycles
    A few studies of seasonal variations
    A few studies of secular trends and of long cycles
    No systematic literature upon random perturbations; but many casual references in books on business cycles.
    Many studies of structural changes, particularly those produced by legislations—for example, the Independent Treasury system, tariff acts, etc. Also numberless discussions under next heading.
  2. Studies of changes in single economic factors
    A vast literature is available upon such subjects as
    Growth of population and its geographical distribution
    Developments of the arts of production: histories of industries
    Natural resources of different districts; their exploitation; problems of conservation
    Changes in business organization: rise of corporations, different forms of corporate organization, banking systems; histories of particular business enterprises, and so on.
    Organization of labor
    Shifting importance of agriculture, transportation, manufactures, trade, finance in the national economy.
    Changes in economic relations among nations:: commercial policies, international investments, shifts from debtor to creditor position.
    Changes in the system of prices: their relations to monetary laws and practices; the relative importance of competitive versus regulated prices, private versus public regulation; the degree of flexibility in prices
    Changes in standards of living
  3. Economic changes during certain periods
    Most of the books on economic history might be listed here, in so far as they do not belong under previous heading.
    Also a few studies primarily statistical in character, such as
    Recent Economic changes
    Recent Social Trends
    Social England—Booth’s survey and the recent many-volume study.
    Mills’ Economic Tendencies in the U.S.
  4. Work to be undertaken by the members of the course
    To read critically and report upon significant studies of recent economic changes.
    Avoid so far as feasible the subjects that are treated elaborately in other courses, for example money and banking, labor problems, business cycles, public utilities.
    Stress the effort to grasp the inter-relations among the changes studied.
    In each case consider in how far the changes are or can be ‘explained’, and what relation these explanations have or should have to economic ‘theory’.

Among the books to be consider for assignment the following are possibilities:

W. S. Thompson and P. K. Whelfton, Population Trends in the U.S. N.Y. 1933
R. D. McKenzie, The Metropolitan Community, N.Y., 1933
Carter Goodrich and others, Migration and Economic Opportunity, Philadelphia, 1936
Wyand, Economics of Consumption, N.Y., 1937
C. C. Chapman, Development of American Business and Banking Thought, 1913-1936. New York, 1937
Twentieth Century Fund, Big Business: Its Growth and its Place. N.Y., 1937
A. A. Berle and G. C. Means, The Modern Corporation and Private Property, N.Y., 1932
A. R. Burns, The Decline of Competition, N.Y., 1936
R. C. Epstein, Industrial Profits in the U.S., N.Y., 1934
Harry Jerome, Mechanization in Industry, N.Y., 1934
F. C. Mills, Prices in Recession and Recovery, N.Y., 1936
‘The Brookings Study’, Washington, 1934 and 1935

America’s Capacity to Produce
America’s Capacity to Consume
The Formation of Capital
Income and Economic Progress

H. G. Moulton and Associates, The American Transportation Problem, Washington, 1933
National Resources Board, Report December 1, 1934, Washington 1934.
W. I. King, The National Income and Its Purchasing Power, N.Y., 1930
(S. Kuznets), National Income, 1929-32, Washington, 1934
Our Natural Resources and their Conservation, A symposium edited by A. E. Parkins and J.R. Whitaker. N.Y., John Wiley & Sons, 1936
A. F. Burns, Production Trends in the U.S. Since 1870. N.Y. 1934. See review by F. A. Fetter JPE Feb. 1937
W. Sombart, Hochkapitalismus
W. H. Lough, High-Level Consumption, N.Y., 1935
W. V. Bingham. Aptitudes and Aptitude Testing, N.Y., 1937.

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “1/14/37 A”.

____________________

[Handwritten note at top of page: “Eli Ginzberg Jan 18 1937”]

CUMULATIVE CHANGES IN A MODERN ECONOMY

Introduction

  1. The Method of the Classicists

Ricardo—Chapter I ff.
Marshall—Book V

Supplementary:

Knight—Introduction to Risk, Uncertainty, and Profit—2d ed.
Ibid—The Ethics of Competition and Other Essays
Robbins—Nature and Significance of Economic Science
Clark, J. M. Preface to Social Economics (the essay on “Statics and Dynamics”)
Moore, H.L.—
Hotelling, H.—

  1. Historical-Statistical Approach

(a) Case study of: Industrial Revolution

Toynbee
Hammonds
Webbs
Lipson
Clapham

Supplementary: see

Mantoux—
Nef—in Economic History Review.
Reconstructions, in Economic History Review

(b) Case study of: Profits and Wages in the United States

    1. Profits

Epstein
Patten
Mills

Supplementary:

Knight—Encyclopedia of the Social Sciences—article on Profits
Knight—Encyclopedia of the Social Sciences—article on Risk, Uncertainty, and Profit
Reports of the S.E.C.
Senate Committee on Foreign Bonds

    1. Wages

Douglas—Recent Economic Changes
Wolman, L.—R.E.C. and 3 Bulletins Bureau of Labor Statistics

Supplementary:

Douglas—Theory of Wages
Beveridge—Unemployment
Clay, H.—Essays in Industrial Relations

  1. Institutional-Theoretical

Marx—Communist Manifesto
Ibid.—Capital—vol. I
Veblen—Theory of Business Enterprise
Mitchell—Business Cycles
Clark, J.M.—Economics of Overhead Costs

Supplementary:

Souter-Prolegomena to Relativity Economics
Hamilton—Encyclopedia of the Social sciences Article on “Competition”
Knight—Ethics of Competition, etc.
Clark, J. M.—Preface to Social Economics
American Economic Association—Round Tables

  1. Conclusion: Methodology

Cohen—Reason and Nature
Weber, Max—Wissenschaftslehre
Whitehead—Adventure in Ideas
Simkhovitch—Approaches
Sombart—Drei Nationalökomien
Carnap—Unity of Science
MacIver—Harvard Lecture

 

PART I—Cumulative Changes in Economic Institutions

(General aim to study changes in degree and kind in the institutional setting explicit and implicit in neo-classicists; to gauge interrelations in these changes).

  1. The Large Corporation

Berle and Means—The Modern Corporation
Twentieth Century Fund: Big Business
A. R. Burns—Decline of Competition

Supplementary:

Commons—Legal Foundations of Capitalism
Holmes, O. W.—Representative Opinion
Brandeis, L.—Social and Economic Views
Hamilton, W.—Industries affected with the Public Interest
Clark, J. M.—Social Control of Business
Handler—Trade Regulation

  1. The Credit System

Annual Reports of Federal Reserve Board
Moulton—The Formation of Capital
Brookings—The Recovery of Business
Hardy—Credit Policies of the F. R. S.
Keynes—The General Theory of Employment, Interest, and Money.
Angell—The Behavior of Money
Reports of Senate Sub-committee on Banking
Reports of Senate Committee on S. E. C.
Reports of Senate Committee on Foreign Bonds
Clark, J. M.—Economic of Planning Public Works
Chapman, C. C.—American Business and Banking Thought
Currie, L.—The Supply of Money

Supplementary:

Articles in Economic Journal, Q.J.E., S.[sic, J.?] of P. E.

  1. The Problem of Consumption

(a) Numbers

Thompson and Whelfton—Population Trend
McKenzie—Metropolitan Community
Goodrich—Migration and Economic Opportunity
Recent Social Trends

(b) Psychology

Veblen—The Theory of the Leisure Class
Hearings on Pure Foods Drug Act
Reports of Federal Trade Commission
Bulletins of Consumers Research
Schlink—
Chase, Stuart—

(c) Economics

Brookings—America’s Capacity to Consumer
Brookings—Income and Economic Progress
Wyand—Economics of Consumption
Recent Social Trends
Seligman—Installment Selling
Keynes—Appendix to General Theory

 

PART II—Cumulative Changes in the Short-Run

(Contrast with equilibrium approach of neo-classicists).

Case Study: Post-War Expansion

  1. The automobile: building and new industries

(a) Source of capital
(b) Entrepreneurs’ expectations
(c) Exploitation of demand

  1. Secondary Results: Structural Changes

(a) Relocation of Industry
(b) Urbanization—suburbs
(c) Standard of living—mores—instalment credit
(d) Incidence of Transportation
(e) Complex of Industry—of steel, glass, gasoline

Literature

Recent Economic Changes
Recent Social Trends
Goodrich et al—
Epstein, R.—Automobile Industry
Facts and Figures—Automobile Industry-1919 ff.
Clark, J. M.—Strategic Factors in Business Cycles
Warburton, C.—In Mitchell volume
Moulton et al—The American Transportation Problem
National Resources Board—Report 12/1/34
Burns, A. F.—Production Trends
Trade Journals—Steel, distribution, etc.
Annalist

PART III: The Interrelations of Economic Institutions and Market Phenomena

How do the existing legal, banking, and distributive institutions help to condition—and how are they conditioned by the following?

1. Capital accumulation
2. Profitability of industry
3. National income—wages—agriculture
4. Behavior of prices and costs

Literature

Mills—Economic Tendencies
Mills—Prices in Recession and Recovery
King—National Income and its Purchasing Power
Kuznets, S.—National Income. 1929-32
Mitchell—Business Cycles
Clark, J. M.—Strategic Factors in Business Cycles
Keynes, J. M.—General Theory of Employment
Brookings—Recovery of Business
Brookings—N. R. A.

 

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “1/18/37 A”.

____________________

OUTLINE
Secular and Structural Changes in a Modern Economy

[Handwritten: Eli Ginzberg]

February 23, 1937

*  *  *  *  *  *  *  *  *

OUTLINE
Secular and Structural Changes in a Modern Economy.

INTRODUCTION: The theoretical, the historical, the institutional, and the statistical approaches to the study of economic changes.

  1. “Statics and Dynamics” in the works of:
    J. S. Mill, J. B. Clark, Alfred Marshall, Gustav Cassel.
  2. “Explanation” of economic changes by:
    Ashley, Schmoller, Webbs, Sombart, Clapham
  3. Cumulative changes in institutions:
    Marx, Veblen, Commons.
  4. Time-Series Analysis: seasonal variations, cyclical fluctuations, secular trends and random perturbations. “Long cycles”:
    Kondratieff, Simiand, Kuznets, Burns.

Summary: The limitations of isolated techniques and the difficulties of fusion

  1. Theory and statistics; history and theory; statistics and theory
  2. Multiple variables in a process of cumulative change.

*  *  *  *  *  *  *  *  *

Secular changes in the industrial unit, the financial system, the organization of labor, and the ideology of the public during the periods:

1870-1890
1890-1914
1914-1937

 

  1. The Industrial Unit: The changing pattern of competition
    1. Economic aspects
      1. Adjustment to technology and to a national market
      2. Location of plant and transportation
      3. Integration: to raw materials; to distribution; to finance
    2. Law and Social Control
      1. Trademarks and Patents
      2. Governmental Regulation: License, taxes, etc.
      3. Trade Associations
      4. Management vs. Ownership

*Emphasis to be placed upon changing relative positions of the industrial unit to the total economy; upon the influence of size to competitive behavior; upon economic implications of individual vs. corporate forms.

  1. Financial System—The rôle of money in a modern economy.
    1. The Changing Structure of Banking
      1. Loans and investments
      2. Active money
    2. The Problems of Debt and Liquidity
      1. Private vs. Public Debt
      2. Collateral for private debt
      3. Insurance—private and public
    3. Implications: Economic and Social
      1. Economic: The interrelations of interest rates, savings, and the formation of capital.
      2. Social: The political control over the creation of money and the use of this control for the eradication of the business cycle.
  1. Labor: not solely a commodity
    1. Unionization
      1. Members
      2. Objectives
      3. Potential threats and consequences
    2. Supply
      1. Changes in requirements of skill
      2. The relative shrinkage in agriculture
      3. The additions from women of the middle class
      4. Mobility
    3. Rôle of the Government
      1. Free Services
      2. Enforcement of minimum standards
      3. Relief payments and work creation
      4. Re Bargaining between Labor and Capital

*Emphasis: Implication of these changes for

    1. Rate of wages
    2. Total wages—cf. monopoly analysis
    3. Class-struggle analysis
  1. The Changing Ideology: The influence of money making upon the attitudes of people—
    Upon their behavior in

    1. Spending: price vs. quality; advertising; women as buyers
    2. Accumulating: liquid vs. fixed assets; speculation; insurance; goods vs. family
    3. Playing: The esoteric vs. the stable; Wanderlust; the shift from church and home to club and movie.
    4. Occupational adjustment: sensitivity to monetary stimuli; civil service; money and the arts.

Conclusions: An approach to isolating and treating the strategi9c factors in a dynamic economy—

    1. The emergence of profitability
    2. The cumulative process and the breakdown
    3. The absorption of technological developments and the tendency towards retardation of growth.
    4. The closely allied patterns of change; their interaction with the economic. 1. Political/2. Legal/3. Ideological

 

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “2/23/37 A”.

____________________

[Pencil: “April 1937”]

SECULAR AND STRUCTURAL CHANGES
IN A
MODERN ECONOMY

OUTLINE

    1. The Study of Economic Change
    2. Population
    3. Migration and Location
    4. The Business Unit
    5. Psychology and Social Classes
    6. Technology
    7. The Legal Framework
    8. Government
    9. Dynamics of the Market
    10. Cumulative Factors

 

I

THE STUDY OF ECONOMIC CHANGE

  1. Introduction
  2. The Classicists and the Institutionalists

*Preface to First and 8th editions of Marshall’s Principles and Bk. V—Chapter XV
*Marx—Communist Manifesto—Part I

    1. The Classicists

J. S. Mill—Principles of Political Economy—Bk IV
J. B. Clark—Essentials of Economic Theory—Preface, Chapters XII, XIII, XIV, XV, and XXX
Marshall—Principles—Bk I—Chap. III; Bk V—Chaps. I, II, III, V, and XV
Cassel—Social Economy—Bk I, Chaps. I #5,6; Bk. IV

    1. The Institutionalists

Marx—Communist Manifesto—Part I
Veblen—Business Enterprise—Chpas. II, VII, IX, X
Commons—Legal Foundations of Capitalism—Chapters I, II, III, VII, IX, vi

  1. The Historians and the Statisticians

*Heckscher, Eli—“Aspects of Economic History” in Essays in Honor of Gustav Cassel
*Mitchell—“Business Cycles”—Encyclopedia of the Social Sciences

    1. The Historians

Webbs—History of Trade Unionism—Chapters II, III
Clapham—Economic History of Modern Britain—Vol I, Chapter XIV
Sombart—Der Moderne Kapitalismus—Vol. III, Part I—Chapters 22-25

    1. The Statisticians

Simiand—La Crise Mondiale—pages 1-14; pages 114-35
Burns, A. F.—Production Trends—Foreword; Chapters III;ii, iii; IV: iv; V:v, vi.
Mitchell—“Business Cycles”—Encyclopedia of the Social Sciences
Kuznets—Seasonal Variations in Industry and Trade—Chapter I, Concluding Notes—pp. 355 ff.

  1. Theory, History, and Statistics
    *J. M. Clark—“Statics and Dynamics” in Preface to Social Economy
    *F. H. Knight—New Introduction to Risk, Uncertainty, and Profit
    *W. C. Mitchell—“Quantitative Measurement” in Backward Art of Spending Money and Other Essays
    1. Cohen and Nagel—Introduction to Logic and Scientific Method Bk II: Chaps. X, XI, XVI, XVII, XIX sec. 3
    2. Robbins—Nature and Significance of Economic Science. Chapters II 4,5; III 4,5; IV; VI 5,6
    3. J. M. Clark—“Socializing Theoretical Economics” in Preface to Social Economics

 

II

POPULATION

  1. The Data, Method, and Deductions about population in economic theory
    *Malthus—Population—Chapters I, II
    *Marshall—Bk IV, Chapters IV, V

    1. Ricardo—Principles II, V, XXXII
    2. J. S. Mill—Principles—Chapter X, 2, 3
    3. Pigou—Economics of Welfare—Part I, chapters IX, X
  2. The Contemporary Data, Methods, Deductions as to Trends
    *“Population”—Encyclopedia of Social Sciences

    1. Thompson and Whelpton—Population Trends in U. S.—Chapters I: pp. 2267;257-61;288-91; IX, X, and XI
    2. Carr-Saunders—World Population (1936)—Chapters I, II, XVI, XVII, XXII, Note on Overpopulation
    3. Kucyznski—Births and Death, Vol I. Chaps. I, II, III, IV; II. Chaps. I, VI
  3. The Economic Implications of the Population Problem
    *Myrdal—“Industrialization and Population” in Essays in Honor of Gustav Cassel

    1. On Unemployment
      Beveridge—Unemployment—Chapter XVII
    2. On Imperialism
      W. S. Thompson—Danger Spots in World Politics—Chapters X, XII, XIII, XIV
    3. On Consumption
      Lynd—Middletown—Chapters V, XI
      J. M. Keynes. Economic Consequences of a Declining Population. Eugenics Review, April 1937, vol. XXIX, 13-17.

 

III

MIGRATION AND LOCATION OF PEOPLE AND INDUSTRY

*Marshall—Principles—pp. 199-203, Book IV—Chapter X, Appendix A-#13
*Weber, A.—Theory of Location of Industries

Editor’s Introduction
Author’s Introduction
Chapters I, VII

*Semple—American History, its Geographic Conditions—Chapters XV, XVI, XVII

    1. Goodrich—Migration and Economic Opportunity—Introduction: Chapters I, VI, VII, IX, XII
    2. Mackenzie—The Metropolitan Community—Chapters I, III, V, VI, XII, XVII, XXIII

 

IV

THE BUSINESS UNIT

*Marshall—Principles—Bk IV—Chapter XII
*Twentieth Century Fund—Big Business—Summary

    1. Distribution of the Working Population

The National Income in the United States (1929-35). Department of Commerce

    1. The Problem of Control: Private

Berle and Means—Modern Corporation and Private Property, Bks I, VI
Twentieth Century Fund—Big Business Summary, Chaps. I, VIII
Laidler—Concentration of Control in American Industry, Parts I, VI.

    1. The Problem of Control: Public

Jones and Bingham—Principles of Public Utilities—Chapters I, II, and XII
Moulton Associates—American Transportation Problem—Report of Committee—Chapters I, II, XII, XXI, XXIV, XXV, XXX, XXXI

    1. Planning

Parkins and Whitaker—Our Natural Resources and their Concentration—Chapters I, II, IX, X, XI, XVI, XVIII
National Resources Board—1934—Part I—Sec. I, Sec. V.

 

V

PSYCHOLOGY AND SOCIAL CLASSES

*Marshall—Principles—Bk I—Chapter II
*Weber—General Economic History—Chapter XXX

    1. The Spirit of the Capitalist

M. Weber—The Protestant Ethic—Foreword, Introduction, Chapters II, III, V

    1. Modern Psychology and Aggression

Abrahams, K.—Selected Essays on Psycho-Analysis—Chapters XXIII, XXIV, XXV
Horney, K.—The Neurotic Personality of Our Times—Chapters [blank]
Mead, M.—Competition and Cooperation in Primitive Societies. Interpretive Statement.

    1. The American Scene

Veblen—Absentee Ownership—chapters VI, VII I, ii, iii
Parker—The Casual Laborer and Other Essays—Recent Social Trends—Chapter VIII
Taussig and Joslyn—American Business Leaders—Chapters X, XI, XVI, XVII, XIX, XX

 

VI

TECHNOLOGY

*Marshall—Principles—Bk IV—Chapter IX
*Veblen—Theory of Business Enterprise—Chapter IX

    1. America’s Capacity to Produce—Introduction, Chapters VI, XIV, XV, XVI, XIX, XX

Jerome—Mechanization in Industry—Introduction, Summary, Chapters III, IV

    1. –Recent Social Trends—Volume I—Chapter III

Weintraub and Posner—Technological Tendencies and their Social Implications
Jerome—Mechanization—Chapters IX, X

 

VII

THE LEGAL FRAMEWORK

*J. S. Mill—Principles of Political Economy—Bk II—Chapter II
*Veblen—Theory of Business Enterprise—Chapter VIII

    1. Commons—Legal Foundations of Capitalism. Chaps. I, II, III, VII, IX
    2. Handler—Trade Regulation, Chapters I, II
    3. Bonbright—The Valuation of Property—Chapters I, II, III, IV, V, XXX, XXXII

 

VIII

THE GOVERNMENT

*J. S. Mill—Principles of Political Economy—Bk V—Chapter XI
*H. Laski—The State—Chapter IV

    1. Re Taxes

Shoup—Facing the Tax Burden—Chaps 2, 3, 6, 7, 8
Recent Social Trends—Volume II—Chapters XXV, XXVI

    1. Re Banking

Willis—Central Banking—Part I, Chapters XVI, XVII, XVIII, XXVI
Hardy—Credit Policies of the Federal Reserve System—Part I

    1. Re Labor

Commons and Associates—History of Labor in the U.S.

Volume III, Section I, Chapters XI, XII, Labor legislation
Volume IV, Chapters I, II, XVI, XXXII, XXXVIII, XLIV, XLV

Epstein—Insecurity—Parts I, X, XI

 

IX

DYNAMICS OF THE MARKET

*Marshall—Principles—Book V
*J. M. Clark—Economics of Overhead Costs—Chapters XXIII, XXIV

    1. Production: 1922-36

Mills—Economic Tendencies—Chapters VI, X

    1. Prices: 1922-36

Mills—Economic Tendencies—Chapter VII
Prices in Recession and Recovery—Chapters I, III, V, VI, IX

    1. Wages: 1922-36

Douglas—Real Wages in the United States—Chapters XXII, XXVI, XXX, XXXI
Recent Economic Changes—Volume II—Chapter VI
Wolman—N.B.E.R. Bulletins #46, 54, 63

    1. Profits: 1922-36

Epstein—Industrial Profits in the United States—Introduction, Book I, Book IV

    1. Money: 1922-36

Currie—The Supply and Control of Money in the United States—Chapter III
Fed. Res. Board—Annual Reports. 1934, 1935, 1936

 

X

CUMULATIVE FACTORS

*Marshall—Principles—Book VI—Chapters XI, XII, XIII
*J. M. Clark—Strategic Factors in Business Cycles—Parts I and VI

    1. The War, Changing Attitudes, and the Economy
    2. The Automobile and the Economy
    3. The Creation and Destruction of Bank Deposits and the Economy

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “4/?/37 A”.

Image Source: From the cover of Eli Ginzberg’s book The Eye of Illusion (Transactions Publishers, 1993).

 

 

Categories
Cal Tech Columbia Fields M.I.T. Michigan Princeton Stanford

Columbia. Memo advocating the establishment of an Industrial Relations Section. Wolman, 1944

 

 

The following brief memo written by Leo Wolman was commissioned in 1943 by an informal committee to provide a case for establishing an Industrial Relations Institute at Columbia. Besides identifying the existing centers of industrial relations research and teaching in the U.S. and Canada, Wolman also points to the key role played by “C. J. Hicks, the dean of American industrial relations men, adviser to the Rockefellers on policies and problems in this field and, until his retirement some 15 years ago, the director of labor relations for the Standard Oil Co. of New Jersey.”

_____________________

Leo Wolman, Biographical Note

1890, Feb. 24. Born, Baltimore, Md.
1914. Ph.D. in political economy, Johns Hopkins University, Baltimore, Md.
1916. Published The Boycott in American Trade Unions. Baltimore: Johns Hopkins Press
1918. Appointed head of section on production statistics, War Industries Board
1919. Attached to American peace mission, Paris, France
1919-1928. Member, faculty, New School for Social Research, New York, N.Y.
1920-1931. Director of research, Amalgamated Clothing Workers Union
1920-1934. Editor, Journal of American Statistics Association
circa 1925. Became freelance researcher for the National Bureau of Economic Research, formally joining the staff in 1931 and later becoming director-at-large for research. NBER publications by Leo Wolman.
1931-1958. Professor of economics, Columbia University, New York, N.Y.
1933. Appointed to staff of National Recovery Administration
1936. Published Ebb and Flow in American Trade Unionism. New York: National Bureau of Economic Research
1961, Oct. 2. Died, New York, N.Y.

Source: Library of Congress. Leo Wolman Papers. Biographical Note.

_____________________

COPY TO DR. FACKENTHAL

October 23, 1944

Dean George B. Pegram,
201 Low Memorial Library.

Dear Dean Pegram:

I enclose a copy of a statement prepared by Professor Wolman on “Industrial Relations Sections or Departments in American Universities”. This was prepared in compliance with the recommendation made by the informal committee that met last year to consider the possibility of our setting up an Industrial Relations Institute at Columbia. I have had some two dozen copies of this statement mimeographed. These will be available for distribution if you plan to call another meeting to explore this matter further.

Faithfully yours,

_____________________

Industrial Relations Sections or Departments

During the past 15 years, a number of American universities, and one Canadian, have organized sections or departments of industrial relations. The earliest of these was the Industrial Relations Section of Princeton University. Since 1930, similar sections have been established at the University of Michigan, Stanford, California Institute of Technology, Massachusetts Institute of Technology, and Queens University, Canada. These sections are integral parts of the graduate departments of the several institutions. The moving spirit in initiating and finding financial resources for the sections, already established, was C. J. Hicks, the dean of American industrial relations men, adviser to the Rockefellers on policies and problems in this field and, until his retirement some 15 years ago, the director of labor relations for the Standard Oil Co. of New Jersey.

The purposes of this departure were several—to keep members of the faculty and students abreast of the very rapid developments in this important area of private and public policy, to make available to employers, managers, labor, and public officials comparative data as to practices, rules, procedures and policies, to enable students desiring to specialize in labor, labor relations and related subjects to observe and study the practical workings of industrial relations, to push forward the boundaries of knowledge through research, and to establish a closer relation between the scientific activities of universities and the problems of industry, labor, government, and the public. In carrying out these purposes, the various sections have built up libraries of current materials, have published studies dealing with current developments, such as the reemployment of veterans, or of historical importance, such as labor banking in the United States, have trained graduate students, and have held conferences, annual as a rule, for persons working in labor relations.

Depending on their location, age, and industrial environment, the sections now in operation have emphasized different practices. California Technology, operating in a region where large-scale industry is relatively new and personnel men are scarce, has devoted much of its time and resources to bringing to bear the knowledge and experience of other parts of the country on the problems and needs of Southern California. The Massachusetts Institute, operating in an area concerned with unemployment and industrial contraction, has concentrated on research in wages, labor mobility, unemployment, and the like. But all of the sections study, teach, and write about the large issues of private and public policy.

The funds for these enterprises come largely from business, usually in the form of annual contributions pledged for periods of 3 or 5 years. Occasionally a specific piece of research is financed by one of the Foundations but this source of funds has not been counted on for current expenses. Contributions by labor unions have been only a small fraction of total income, though they generally participate in the conferences, and make use of available materials.

There can be little question that the establishment of an industrial relations section at Columbia (associated with the faculties of Political Science and Business) would confer many benefits upon the University. It would make available to students in this field facilities, publications, and contacts with labor and industry which they now lack. It would open up for graduate students new opportunities for employment. It would make available to the university facilities and funds for research. It would create for interested numbers of the faculty, working in the related areas of labor economics, theory, public law, sociology, and labor law, the occasions for using the materials, experience, and problems of industry, labor, and government, not now available to them. It would enable the University to enlarge the range of its public service by serving some of the needs of the enormous and variegated industry, located in this city and the surrounding industrial area of New Jersey, Connecticut, and New York State.

The funds for such an undertaking are probably available in industry. At any rate the other universities had no difficulty raising money. What is needed at Columbia is endorsement of the idea by the faculty, administration, and trustees and the appointment of a small committee instructed to make the plans, raise the funds and find the man capable of directing a section of industrial relations at Columbia.

Leo Wolman

Source: Columbia University Libraries, Manuscript Collections. Columbiana. Department of Economics Collection. Faculty. Box 2, Folder “Department of Economics—Faculty. Beginning Jan. 1, 1944”.

Image Source: Detail from a faculty group picture (early 1930’s). Columbia University Libraries, Manuscript Collections. Columbiana. Department of Economics Collection. Box 9, Folder “Photos”.

Categories
Columbia Salaries

Columbia. Major increase in salaries for instructional staff announced, 1928

 

Several interesting aspects to this post: (1) there was a major across-the-board increase in the salary scale at Columbia University in 1928; (2) the salary scale was not differentiated according to faculties or departments; (3) E.R.A. Seligman’s salary was at the top of the full professor scale.

Pro-tip:  Clicking on the “salaries” keyword at the bottom of this post will take you to other artifacts with salary information.

__________________

Columbia University
in the City of New York
President’s Room

April 5, 1928

My dear Professor Seligman

It is with great pleasure and profound satisfactions that I advise you of action taken by the Trustees at their meeting on April 2, 1928, greatly to improve the scale of compensation paid to full-time teachers and administrative officers who are appointed directly by the Trustees of Columbia University. This action, effective from July 1, 1928, affects every member of the teaching and administrative staff on full-time service, 450 in number, with two exceptions,–first, those who have heretofore, and as exceptional cases, been advanced in the manner now made general for their group; and, second, those who, by the provisions of the Budget for 1928-29 as just adopted, have been just now, through promotion or advancement in salary, brought up to the present minimum level of the group to which they belong. The salaries of this latter class, 32 in number, will naturally be increased to the new minimum scale in the next or following years, as may be found practicable.

By the terms of the new salary scale, the full Professor will receive a normal minimum salary of $7,500 instead of $6,000 as heretofore, and there will be groups at $9,000, at $10,000, and at $12,000, to which, for special reasons or under exceptional circumstances, individuals may be from time to time advanced or appointed.

The Associate Professor will receive a normal minimum salary of $5,000, instead of $4,500 as heretofore, and there will be a group at $6,000, to which, for special reasons or under exceptional circumstances, individuals may be from time to time advanced or appointed.

The Assistant Professor will receive a normal minimum salary of $3,600, instead of $3,000 as heretofore, and there will be groups at $4,000, at $4,500, and at $5,000, to which, for special reasons or under exceptional circumstances, individuals may be from time to time advanced or appointed.

The Instructor will receive a normal minimum salary of $2,400, instead of $2,000 as heretofore, with advancement in subsequent years, if reappointed, to $2,700 and $3,000.

Fourteen officers of administration will receive additional compensations amounting in all to $9,500 annually; and seventeen members of the Library Staff will receive additional compensations amounting in all to $5,300 annually.

The compensation paid for service in the Summer Session or in University Extension is not to be increased because of the changes now made in the general salary schedule. Officers who accept Summer Session or University Extension service do so voluntarily, and the present stipends are as large as the resources of the University will permit.

I congratulate the entire University staff upon this most important action by the Trustees, which will do so much to make more comfortable and more satisfying the conditions of academic life and service at Columbia.

I have particular pleasure in advising you that your salary from July 1, 1928 has been fixed in the Budget as amended at $12,000.

With cordial regards,

I am,

Faithfully yours,

[signed] Nicholas Murray Butler
President

Professor E. R. A. Seligman

__________________

Response by E.R.A. Seligman
Carbon copy

April 11, 1928

President Nicholas Murray Butler,
Columbia University.

My dear Mr. President:

I beg to acknowledge receipt of your letter of April 5th. I need not say with what appreciation the news has been received among all my colleagues and I want to thank you very warmly also on my own behalf for what constitutes a notable step forward in the history of higher education.

When this is coupled with what you told me the other day, it will certainly be a landmark in university history.

What we must now try to do is to insist upon the highest possible standard in the quality of the scholars connected with Columbia.

            Respectfully yours,

[unsigned copy: E.R.A. Seligman]

 

Source:  Columbia University Libraries, Manuscript Collections. Edwin Robert Anderson Seligman Collection, Box 37, containing “Box 100: Columbia 1924-30”.

Image Source: Art and Picture Collection, The New York Public Library. (1913). Library Columbia University, New York City. Retrieved from http://digitalcollections.nypl.org/items/510d47e2-8bad-a3d9-e040-e00a18064a99

 

Categories
Bryn Mawr Columbia Economists Germany Pennsylvania

Columbia. Appointments of H. L. Moore, H. R. Seager, and A. S. Johnson, 1902

 

 

Memorial minutes of the Columbia University Faculty of Political Science for both Henry L. Moore and Henry R. Seager have been transcribed earlier here at Economics in the Rear-view Mirror. This post takes us back to the start of their Columbia University careers, namely the 1902-03 academic year. Professor Richmond Mayo-Smith’s suicide in November 1901 left a significant gap in Columbia’s economics faculty which was then closed with the appointment of Henry L. Moore.

_______________________

Columbia Announcement of the appointments of Henry L. Moore (Prof.) and Henry R. Seager (Adjunct Prof.), 1902

It seems fitting to introduce to the acquaintance of the readers of the QUARTERLY those who come from other universities to occupy professors’ chairs in our own. Professors Moore and Seager enter the service of the University in the School of Political Science…

Professor Henry L. Moore, who comes to us from Smith College, is thirty-two years of age; a native of Maryland and a graduate of Randolph-Macon College in Virginia. His special training in economics was received at the Johns Hopkins University, from which he received, in 1896, the degree of Ph.D., and in Vienna, where he was a pupil of Professor Karl [sic, “Carl”] Menger. He was appointed to an instructorship in economics in the Johns Hopkins University in 1896, and to a professorship in Smith College in 1897, though he continued after this, for a time, to give, in the Johns Hopkins University, lectures which treated of the application of mathematical principles to economic problems.

His chief published work is an essay on Von Thünen’s “Theory of Natural Wages,” which, beside throwing new light on a scientific problem, offers to the English reading student the best introduction to the study of the works of Von Thünen and of the extensive literature which has grown up about them.

Henry R. Seager, the new adjunct-professor of political economy, was graduated from the University of Michigan in 1890. During the next four years he studied at Johns Hopkins, Halle, Berlin, Vienna and the University of Pennsylvania, receiving the degree of Ph.D. from the last-named institution in 1894. From that date he was on the teaching force of the University of Pennsylvania, holding successively the titles of instructor and assistant professor of economics, till he accepted the call to Columbia. Professor Seager was for three years Secretary of the American Academy of Political and Social Sciences, and in 1900 he became editor-in-chief of the Annals, the magazine published by the Academy. His publications in periodicals have been numerous, and his more important works include “The Finances of Pennsylvania,” “The Teaching of Economics at Berlin and Vienna,” [JPE, March 1893]The Fallacy of Saving,” and “The Teaching of Economics and Economic History.”

Source: Columbia University Quarterly, v. 4, June 1902, pp. 293-94.

_______________________

Announcement of the Columbia appointments of Henry R. Seager (Adjunct Prof.) and Alvin Saunders Johnson (Reader), 1902

Columbia University.- Doctor Henry R. Seager has resigned his position of Assistant Professor of Political Economy at the University of Pennsylvania, and has accepted the position of Adjunct Professor of Political Economy in Columbia University. His duties in Columbia University will begin with the opening of the coming academic year.

Mr. Seager has published the following papers:

German Universities and German Student Life.” The Inlander, June, 1892.

Economics at Berlin and Vienna.” Journal of Political Economy, March, 1893.

Philippovich’s Grundriss der Politischen-Oekonomie.” ANNALS, July, 1893.

Pennsylvania Tax Conference.” Ibid., March, 1894.

Seventh Annual Meeting of the American Economic Association.” Ibid., March, 1895.

Malloch’s Labour and the Popular Welfare, and Dyer’s The Evolution of Industry.” The Citizen, June, 1895.

Cunningham’s Outlines of English Industrial History.” ANNALS, January, 1896.

Bruce’s Economic History of Virginia in the Seventeenth Century.” Ibid., 1896.

The Fallacy of Saving.” Supplement to Economic Studies, American Economic Association, April, 1896.

Smart’s Studies in Economics.” The Citizen, August, 1896.

Stray Impressions of Oxford.” The Pennsylvanian, February, 1897.

Higgs’ The Physiocrats.” ANNALS, July, 1897.

Gibbins’ Industry in England.” Ibid., September, 1897.

Bullock’s Introduction to the Study of Economics.” Ibid., November, 1897.

The Consumers’ League.” Bulletin of American Academy, April, 1898.

George’s Political Economy.” Political Science Quarterly, December, 1898.

Devine’s Economics.” ANNALS, March, 1899.

Hull’s The Economic Writings of Sir William Petty.” Ibid., May, 1900.

Smart’s The Distribution of Income.” Ibid., July, 1900.

Clark’s The Distribution of Wealth: A Theory of Wages, Interest and Profits.” Ibid., September, 1900.

Editorial. Ibid., January, 1901.

Meeting of American Economic Association.” Ibid., March1901.

Professor Patten’s Theory of Prosperity.” Ibid., March, 1902.

Editorial. Ibid.

Meeting of American Economic Association.” Ibid.

Crowell’s The Distribution and Marketing of Farm Products.” Report of United States Industrial Commission, Vol. VI, 1901. Political Science Quarterly, March, 1902.

Mr. Alvin Saunders Johnson, at present Reader in Economics at Bryn Mawr College, Pa., has been appointed Tutor in Economics at Columbia University, New York City. His work in Columbia will begin at the opening of the coming academic year.

Source: Personal Notes, Annals of the American Academy, Vol. 19 (May, 1902), pp. 103-104.

Image Sources: Henry Moore (left) Smith College, Classbook of 1902, p. 11. and Henry Seager (right) Library of Congress Prints and Photographs Division Washington, D.C.

Categories
Columbia Economists Suggested Reading Syllabus

Columbia. National accounting. Course outline and readings. Barger, 1963-64

 

Harold Barger was, at least up through 2003, one of the last (if not the last) economics professor to teach in the interdisciplinary core course for Columbia undergraduates, Contemporary Civilization. Similar to the University of Chicago where undergraduate and graduate teaching in economics were strictly segregated, Columbia University’s economics faculty (see Peter Kenen’s description below) was either teaching for the college or for the university. Harold Barger was one of the few exceptions to work both sides of that street. In addition to the official Columbia obituary that gives some sense of the man, I provide a transcription of his syllabus on national economic accounts in this post.

____________________

Barger taught both undergrads and graduate students

Peter Kenen’s description of undergraduate economics education at Columbia at mid-century:

Unfortunately, the Economics Department at Columbia was different from most others there. It was divided sharply between those who taught graduate courses and those who taught undergraduates. There were exceptions. Harold Barger, who taught money and banking, also gave a graduate course on national-income accounting, and C. Lowell Harriss, who taught public finance, gave a graduate course on state and local taxation. But Columbia’s most prominent economists, Ragnar Nurkse, Carl Shoup, Arthur Burns and William Vickrey, to name only a few, did not teach undergraduate courses and did not encourage undergraduates to take their graduate courses. Furthermore, the undergraduate programme did not greatly emphasize econmic theory, because some of its members were overtly hostile to it. The senior seminar, conducted by Horace Taylor, was devoted mainly to the works of Thorstein Veblen, John R. Commons and other institutionalists.

Source: Chapter 12, “Peter B. Kenen” in Exemplary Economists: North America , Vol. 1 edited by Roger Backhouse and Roger Middleton (Edward Elgar, 2000), p. 259.

____________________

Harold Barger (1907-1989)
Columbia University Obituary

Harold Barger, former chairman of Columbia’s department of economics and the first director of the University’s Paris center, died Aug. 9 at his home in Kinderhook, N.Y., after a long illness. He was 82.

Barger taught at Columbia almost 40 years, beginning in 1937 as an instructor in economics. He became an assistant professor in 1943, associate professor in 1947 and professor in 1954. Chairman of the economics department from 1961 to 1964 and acting chairman from 1969 to 1970, he had been professor emeritus since his retirement in 1975.

Barger directed Columbia’s Paris campus, Reid Hall, for a year after it was acquired by the University in 1964. Located in the Montparnasse district of Paris, the center houses undergraduate programs of Columbia, Barnard and various other U.S. colleges and universities.

A faculty member of Columbia College from 1943 to 1975, Barger was assistant to the dean of the College from 1954 to 1959. From 1959 to 1964, he was a faculty adviser at the College.

“I remember Harold Barger most for his integrity and total devotion to the University, especially Columbia College,” said Columbia economics professor Donald Dewey. “He always looked out for the interests of students at the College.”

Albert Hart, Columbia professor emeritus of economics, said: “He had a very broad interest in the field of economics and his lectures were full of substance. He was very precise and knew how to organize material.”

Harold Barger was born Apr. 27, 1907, in London. He received the B.A. from Cambridge in 1930 and the Ph.D. from the London School of Economics in 1937. He was a lecturer at the University of London from 1931 to 1936 and from 1938 to 1939.

A specialist in monetary policy and income and employment theory, Barger served as a consultant to the U.S. Bureau of the Census and Bureau of Mines. He conducted studies for the National Bureau of Economic Research from 1940 to 1954 and served in the Office of Strategic Services of the U.S. Army from 1943 to 1945. From 1945 to 1946, he was an assistant division chief for the State Department.

Barger was the author of numerous articles and books on economics, including the textbook Money, Banking and Public Policy(1962). He coauthored his last book, College on Credit (1981), with his wife, Gwyneth.

Barger was married to the former Anne Macdonald Walls, who died in 1954. In 1955, he married Gwyneth Evans Kahn, who survives him. Other survivors include two nieces and a nephew.

A memorial service was held at Spencertown Academy in Spencertown, N.Y., on Aug. 26. In lieu of flowers, gifts may be made to the Parkinson’s Disease Foundation of the Columbia-Presbyterian Medical Center or the Chamber Music Series of Spencertown Academy.

Source: Columbia University Record. Vol. 15, No. 1 (8 September 1989), p. 6.

____________________

ECONOMICS G4431x
Professor Barger
1963-1964

THE MEASUREMENT OF INCOME AND WEALTH

Students should possess the following books containing required readings (marked *):

Richard Ruggles, National Income Accounts and Income Analysis (2nd ed. 1956, $6.50)

Survey of Current Business, Supplement, “US Income and Output,” 1958 (Government Printing Office, $1.50).

The following books also contain required readings (marked *):

Colin Clark, National Income and Outlay

International Association for Research in Income and Wealth,Income and Wealth, Series I, VIII.

National Bureau of Economic Research, Studies in Income and Wealth, Vols. II, VI, VIII, XII, XLV, XX.

A.C. Pigou, Economics of Welfare, 3rd (1929) or subsequent edition.

Richard Stone, Role of Measurement in Economics.

Simon Kuznets, Economic Change.

United Nations, National Income and its Distribution in Underdeveloped Countries (1951).

Milton Gilbert and I.B. Kravis, International Comparison of National Products (1954; reissued 1957 as Comparative National Products and Price Levels).

Alexander Eckstein, The National Income of Communist China.

Abram Bergson, The Real National Income of Soviet Russia Since 1928.

U.S. Congress, Joint Economic Committee, “Comparisons of the U.S. and Soviet Economies,” Papers submitted by Panelists, Parts I and II, 1959 (Government Printing Office, $1.45).

The following books contain recommended readings:

John P. Powelson, Economic Accounting.

Harold Barger, Outlay and Income in the United States (NBER Studies in Income and Wealth, Vol IV).

James C. Bonbright, Valuation of Property, Vol. I.

Simon Kuznets, National Income and its Composition; National Income Since 1869.

Wassily Leontief, Structure of the American Economy.

National Bureau of Economic Research, Studies in Income and Wealth, Vols. III, X, XVIII.

International Association for Research in Income and Wealth,Income and Wealth, Series II, III, IV.

Survey of Current Business, 1954 National Income Supplement.

 

  1. INCOME
    1. ELEMENTARY IDEAS: HISTORY OF THE SUBJECT: RELATION OF SOCIAL ACCOUNTING TO WELFARE
      1. *Ruggles, pp. 3-15
      2. *Clark, Chap. X
      3. *Pigou, Part I, Chaps. I, II
      4. Phyllis Deane in Economic Development and Cultural Change 1955, pp. 3-38
      5. Phyllis Deane, Economic History Rev. 1956, pp. 339-354; Apr. 1957, pp. 451-461
    2. FUNDAMENTALS OF ACCOUNTING
      1. *Ruggles, pp. 16-44
      2. Powelson, Ch. 1-8
    3. THE STRUCTURE OF SOCIAL ACCOUNTS
      1. *Ruggles, pp. 45-106
      2. *Stone, “Functions and Criteria” in International Association Series I, or Stone, Role of Measurement, pp. 38-60
      3. Powelson, Chaps. 9, 10, 15, 16
    4. GNP AND NATIONAL INCOME AS ACCOUNTING CONCEPTS
      1. *Ruggles, pp. 107-131
      2. *“U.S. Income and Output,” pp. 50-69; 114-116
      3. Powelson, Chs. 17-20
      4. Copeland in Studies, Vol. XX, pp. 19-111
    5. RELATION OF NATIONAL INCOME ACCOUNTING TO INPUT-OUTPUT AND MONEY FLOW ANALYSIS
      1. *Ruggles, pp. 187-210
      2. Studies, Vol. XVIII, especially pp. 137-182, 253-320
      3. Leontief, Structure of the American Economy
    6. THE PROBLEM OF DEFINING INCOME
      1. *Pigou, Part I, Chs. III, IV
      2. *Haberler and Hagen in Studies, Vol. VIII, pp. 3-31
      3. *Hance, in Studies, Vol. VI, pp. 238-270
      4. Kuznets, “Government Product and National Income” in International Association, Series I
      5. Kuznets, National Income and its Composition, Ch. I
      6. 1954 National Income Supplement, pp. 40-60
    7. STATISTICAL MEASUREMENTS
      1. *Ruggles, pp. 158-186
      2. *“U.S. Income and Output,” pp. 70-105
      3. Goldsmith in Studies, Vol. III, pp. 220-244
      4. Kuznets, National Product since 1869, Parts I and II
        ______, National Income and its Composition, Chs. 3, 12
      5. 1954 National Income Supplement, pp. 61-152
      6. Barger, Ch. III and pp. 302-04
    8. THE DEFLATION PROBLEM AND INTERNATIONAL COMPARISONS
      1. *Ruggles, pp. 131-143
      2. *Pigou, Part I, Chs. V-VII
      3. *Gilbert and Kravis, pp. 13-33, 61-95
    9. NATIONAL INCOME MEASUREMENTS IN UNDERDEVELOPED COUNTRIES
      1. *Kuznets, Economic Change, pp. 145-191, 216-252
      2. *United Nations, Chs. I and II
      3. *Kravis in Studies, Vol. XX, pp. 349-400
      4. *Eckstein, pp. 1-90
      5. Rao in International Association, Series III
    10. NATIONAL INCOME IN SOVIET RUSSIA
      1. *Bergson, pp. 1-298
      2. *Joint Economic Committee, Part I (Campbell, Nutter, Turgeon) and Part II (Bornstein, Boddy)
  1. WEALTH
    1. THE ESTIMATION OF NATIONAL WEALTH
      1. *Kuznets in Studies, Vol. II, pp. 3-82
      2. *Goldsmith and Hart in Studies, Vol. XII, pp. 23-186
      3. *Goldsmith in Studies, Vol. XIV, pp. 5-73
      4. Goldsmith in International Association, Series II and IV
      5. International Association, Series VIII, pp. 1-59
      6. Bonbright, Vol. I, Chs. I-XII
      7. Kuznets, National Income since 1869, pp. 185-234

Source: Columbia University Rare Book & Manuscript Library. William Vickrey Papers, Box 35, Folder “Columbia Correspondence, 1947-1969”.

Image Source: Harold Barger from J. W. Smit “Wisdom, Training and Contemporary Civilization”, Columbia College Today (November 2003).

Categories
Columbia Suggested Reading Syllabus Undergraduate

Columbia. Syllabus and reading assignments from economic affairs course, 1931-36

 

 

One fine research day when I was working in the splendid reading room of the New York Public Library, I came across a ninety page syllabus for a junior year course at Columbia College “The Organization of Economic Affairs” published in 1930. From two articles in the student newspaper “The Columbia Daily Spectator” it looks like this course had a five-year run from 1931-32 through 1935-36 (see below). I was struck by the deliberate sidestepping of “economic principles”, i.e. theory, and was less than impressed by the preface to the syllabus that I have nonetheless transcribed for the digital record. In addition I have transcribed the 73 reading assignments along with the list of required reading for the course (with links to the books that I could find).  For those interested in more, there are indeed 54 pages of detailed questions and commentary for the reading assignments in the published syllabus.

Of some interest for a modern instructor is that this syllabus includes absolutely no discussion of course requirements, grading or policies. The Columbia Daily Spectator description of the course has introduced me to the concept of “Wallop Courses” which in my day at Yale (early 1970s) were referred to as “Gut Courses” and at Harvard (ca. 1910) such courses attracted “snappers”.

___________________

Reform of Columbia College Economics Course Offerings for 1931-32.

“Contemporary Civilization 3-4 has been dropped from the schedule. The entire Economics and Social Science department’s presentation has been reorganized with many sweeping changes indicated.”

Source: Columbia Daily Spectator, Vol. LIII, No. 122 (15 April 1930), p. 1.

 ___________________

Wallop Courses

         This series outlines courses in the University generally considered by students as easy, either because of the nature of the material or—the chief point—the absence of rigid study and assignment requirements. The purpose of the series is to determine, after investigation how such courses function; the attitude and methods of the instructors; the attitude of students toward course and instructor.

Merely because a course is a “wallop,” does not prevent students from deriving much benefit from it, or from doing unassigned readings if the spirit of the course can move them to it. The question is, What happens in “easy” courses? If a course is invaluable no one is to be blamed because it can be considered a “wallop.”

         Economic 3-4—The organization of economic affairs. Two points each session, and two maturity credits each session. Drs. [Addison T.] Cutler, [George S.] Mitchell and [Robert] Valeur.

This course is not a “wallop” in the strict sense of this rather vague word. It is rumored about the place that if the course is easy, (which it is not, according to some statements,) that it is due more to the ability of the instructors to get the material across than to facility of the material. There is a considerable list of assigned readings, but by paying attention in class it is deemed possible to make a fair grade with a minimum of reading.

The material studied consists of surveys of various important U. S. industries, and of studies of governmental policies toward industry and labor under the New Deal. The material is said to be about 25 per cent repetition of Contemporary Civilization B. Two term papers are required during the year, and grading of these papers is generally considered to be fairly liberal.

Fortunately, or otherwise, the course will be dropped at the conclusion of this year. The material will be included in a new course, to be known as Economics 7-8, which will combine the material of Eco. 3-4 and 5-6, a course in economic theory.

This change is expected to meet general approval of students, as, at present there is some overlapping of material between the two Courses, and both are usually taken by students specializing in Economics.

Source: Columbia Daily Spectator, Volume LIX, No. 81 (21 Feb. 1936), p. 2.

___________________

COLUMBIA UNIVERSITY
IN THE CITY OF NEW YORK

THE ORGANIZATION OF ECONOMIC AFFAIRS
ECONOMICS 3-4

A SYLLABUS PREPARED AND EDITED BY THE STAFF OF THE DEPARTMENT OF ECONOMICS IN COLUMBIA COLLEGE

PREFACE

ASSIGNMENT NO. 1

To the Students of Economics 3-4:

You have completed the two-year course called “An Introduction to Contemporary Civilization.” It is assumed that you wish to explore in more detail than was possible there the problems of “Economics”. You are not unacquainted with economic affairs, for, in addition to your daily observations, you have examined to a certain extent the development of man’s ways of making a living, his ways of living with his fellow men and his ways of interpreting the world. You have also considered some of the difficult problems centering around modern industry as it expands and affects more and more all phases of life.

What then, will be the content of this course? Shall it consist of the “principles” of economics, or a study of many economic problems, or a perusal of the theoretical contribution of some authoritative economist, or something else? For better or for worse “something else” has been chosen, and that choice is roughly indicated by the title of the course, “The Organization of Economic Affairs.” The reasons for this choice and the manner of executing the task have been dictated by a number of considerations, which have to do broadly with three sorts of things: the nature of your previous experience; other curricular offerings both in and out of the field of economics; and modern descriptive and analytical trends in the study and teaching of economics. In no genuine sense will you be “specializing” even here. You will be given other opportunities for particular study: the curriculum offers courses in money and banking, labor problems, public finance, business cycles and the like.

This course will center about economic organization today. But “economic organization” is huge, sprawling and complex. The term itself is subject to considerable ambiguity. Unfortunately it is not possible to picture economic organization with the same degree of precision as might be attained in describing the layout of a given steel mill, or the organization of the United States Steel Corporation, or the organization of the steel industry. The latter type of task is puzzling enough, as you will observe in the first section of the course. But economic organization in the large is infinitely more complex and bothersome. In a hundred courses dealing with economic organization which might be offered in as many universities, it is probable that one hundred different plans of procedure would be invented. This is true of the approach to most bodies of subject matter. It is abundantly and poignantly true in the present case.

Economic affairs are in process of change. Even though this course is intended to be concerned strictly with the contemporary, rather than with the historical, it will in no sense be addressed to fixed or static conditions. It would be strange indeed, after spending a good part of two years in studying developing institutions, to assume that institutions have ceased changing. They must be caught on the wing. Changes are immediately behind us, around us, and before us. We shall probably not have frequent occasion to go back of 1920. And the impossibility of isolating a static “present” may force us into some slight projection of the future.

Another characteristic of the course is its use of quantitative data. Many, although not necessarily all, economic phenomena are matters of “more” or “less”. Quantitative tools are an increasingly important part of the equipment for the study of social phenomena. We can hardly fail to recognize this fact, whatever our private convictions as to the ultimate value of “statistics” in general, or whatever our like or dislike for playing with figures. Our quantitative data will not be used for exercises in statistical technique (there are other opportunities for that), but rather for the direct purpose of coming face to face with economic institutions in operation and discovering their meaning, or at least suggested interpretations of meaning. In this, there are two apparent dangers: (1) the student may not be able to interpret the data; (2) he may over-estimate its significance. The latter may be a real danger if a reader accepts too readily a conclusion drawn from statistical data or accepts even the elements of a statistical series, when ignorant of the methods that have been used by the statistician. We shall make our way with at least a forewarning of these dangers. Some comfort may be had from the avoidance of highly specialized and refined statistical procedures. It will be found that in many cases the authors of the materials used have shown a commendable candor in describing the limitations of their own methods.

A word as to the materials used. An emphasis on change, and the use of quantitative data, will be found to characterize the book which will provide about half the reading material: Recent Economic Changes. This is a two-volume work prepared by the National Bureau of Economic Research. It is the product of many minds. It is admittedly not perfect for our purposes; but it does present the most comprehensive and incisive picture available concerning American economic organization on the move. We present it as the best raw material for the purpose at hand. Supplementing this book various other materials appear in the outline of the course.

The outline does not follow the order of topics in Recent Economic Changes. A three-fold division of another sort is employed. First comes an analysis of a small number of important industries, in each case dealing with the industry’s technology, its business organization, and its leading problems and trends. This is for the purpose of providing specific materials for a concrete and realistic background. The classification by “industries”, rather than by topics which are common to all industries, is followed especially because the economic activities of everyday life are usually centered about some particular industry. Recent Economic Changesis not used in this section.

The second section deals with “industrial relationships”. Here we take leave of the boundaries between the specific industries such as steel and textiles, and begin to consider the institutions and practices which industries have in common, and which, taken together, provide consumers with goods and services. Included here are recent trends in industrial technology, transportation, marketing, labor, finance and especially the price system. Each of these topics is studies in its own terms and usually without confinement to any one industry. In this section the use of Recent Economic Changesas text prevails.

The third section deals with the income, the standards of living, and the consumption levels of the various groups of the population; and a consideration of desirable public policy toward the organization and conduct of industry. This study of policy will include not only some familiar current issues such as farm relief, tariff-making and trust policy, but also some larger questions of planned as against unplanned production. Here Recent Economic Changesassumes a somewhat subordinate place in the reading list.

The course centers about economic life as it is found in the United States today; but this does not imply a narrowly nationalistic viewpoint, or a total exclusion of international features of industrialism. These appear inevitably at various points and especially toward the latter part of the third section where planned and unplanned production are discussed with reference to the Russian five-year economic plan and the long-range economic program devised by the British Liberal Party, with reference as well to our own planning and control of industry during the emergency of the World War.

The fact that many or most of the topics listed are already familiar to college Juniors may cause the course to appear repetitive. Any annoyance on this score should be short-lived. The similarities in names of topics often conceal real differences. Since the course is built upon the foundations of the two-years’ study of “Contemporary Civilization”, a more concentrated and intense piece of study may be expected than would be if the extended survey had not already been made.

 

LIST OF REQUIRED READINGS

Recent Economic Changes in the United States.McGraw-Hill, 1929 (text).

Berglund, A. and Wright, P. G.: The Tariff on Iron and Steel. The Brookings Institution, Washington, 1929.

Black, J. D.: Agricultural Reform in the United States. McGraw-Hill, 1929.

Britain’s Industrial Future. Benn, 1928.

Chase, S., Dunn, R., and Tugwell, R.G.: Soviet Russia in the Second Decade. John Day, 1928.

Commons, J.R. and Andrews, J.B.: Principles of Labor Legislation(second edition). Harper, 1927. [First edition, 1920]

Ellingwood, A.R. and Coombs, W.: The Government and Labor. McGraw-Hill, 1926.

Foster, W.Z.: The Great Steel Strike and Its Lessons. Viking Press, 1920.

Garrett, P.W.: Government Control over Prices. (Price Bulletin No. 3, War Industries Board.) Government Printing Office, Washington, 1920.

Keezer, D.M. and May, S.: Public Control of Business. Harper, 1930.

Lewisohn, S.A., Draper, C.S., Commons, J.R., and Lescohier, D.D.: Can Business Prevent Unemployment?Knopf, 1925.

Page, T.W.: Making the Tariff in the United States. McGraw-Hill, 1924.

Seager, H.R. and Gulick, C.A., Jr.: Trust and Corporation Problems. Harper, 1929.

Stocking, G.W.: The Oil Industry and the Competitive System. Houghton Mifflin, 1925.

Tugwell, R.G.: Industry’s Coming of Age. Harcourt, Brace, 1927.

Tugwell, R.G., Munro, T., and Stryker, R.E.: American Economic Lifeand the Means of Its Improvement(third edition). Harcourt, Brace, 1930.

Warshow, H.T., Representative Industries in the United States. Holt, 1928.

ARTICLES

Hartl, E.M., and Ernst, E.G.: “The Steel Mills Today,” The New Republic, February 19, 1930

“Steel’s Empire is Restless.” The Business Week, February 12, 1930.

Tugwell, R.G.: “Farm Relief and a Permanent Agriculture,” Reprinted from The Annals of the American Academy of Political and Social Science, March 1929.

Tugwell, R.G.: “Experimental Control in Russian Industry,” Reprinted from the Political Science Quarterly, Vol. XLIII, No. 2, June 1929.

SCHEDULE OF ASSIGNMENTS

I. SOME IMPORTANT AMERICAN INDUSTRIES

    1. Preface to the course.
      Introduction to Section I.
    2. Berglund and Wright: The Tariff on Iron and Steel, 10-40, 75-103.
    3. Seager and Gulick: Trust and Corporation Problems, 216-242.
    4. Seager and Gulick, 243-262.
      “Steel’s Empire is Restless,” The Business Week, Feb. 12, 1930.
    5. W. Z. Foster: The Great Steel Strike, Introduction, 1-7, 16-27, 50-67, 162-175.
      Hartl and Ernst: “The Steel Mills Today,” The New Republic, Feb. 19, 1930.
    6. Reading to be assigned.
    7. Reading to be assigned.
    8. Reading to be assigned.
    9. G. W. Stocking: The Oil Industry and the Competitive System, 1-35.
    10. Stocking, 83-114.
    11. Stocking, 115-164.
    12. Stocking, 165-210.
    13. Stocking, 238-265, 303-314.
    14. H. T. Warshow: Representative Industries, 3-44.
    15. Warshow, 44-71.
    16. Meat Packing. Warshow, 440-469.

II. INDUSTRIAL RELATIONSHIPS

    1. Introduction to Section II.
      Changes in new and old industries. Recent Economic Changes, 79-95.
    2. Technical changes in manufacturing industries. Recent Economic Changes, 94-146.
    3. Technical Changes in manufacturing industries. Recent Economic Changes, 147-166.
    4. Suggested theories to account for increased productivity. R.G. Tugwell: Industry’s Coming of Age, 29-64.
    5. The changing structure of industry. Recent Economic Changes, 167-194.
    6. The changing structure of industry. Recent Economic Changes, 194-218.
    7. Recent Economic Changes, 425-462.
    8. Recent Economic Changes, 462-490.
    9. Proceedings, 1928 Convention of the American Federation of Full Fashioned Hosiery Workers.
    10. Excerpts from the Proceedings of the 1929 Special Convention of the American Federation of Full Fashioned Hosiery Workers (see Appendix).
    11. Transportation: railways. Recent Economic Changes, 255-279.
    12. Transportation: railways. Recent Economic Changes, 279-308.
    13. Transportation: shipping. Recent Economic Changes, 309-319.
    14. Recent Economic Changes, 321-343.
    15. Recent Economic Changes, 343-374.
    16. Recent Economic Changes, 374-402.
    17. Recent Economic Changes, 402-421.
    18. Money and credit and their effect on business. Recent Economic Changes, 657-679.
    19. Money and credit and their effect on business. Recent Economic Changes, 680-707.
    20. Foreign markets and foreign credits. Recent Economic Changes, 709-725.
    21. Foreign markets and foreign credits. Recent Economic Changes, 725-756.
    22. The system of prices. Tugwell, Munro, and Stryker: American Economic Life (third edition), 368-378.
      Excerpt from W. C. Mitchell: Business Cycles, the Problem and its Setting (see Appendix).
    23. Price movements and related industrial changes. Recent Economic Changes, 602-623.
    24. Price movements and related industrial changes. Recent Economic Changes, 623-655.

III. THE FRUITS OF INDUSTRY AND SOCIAL POLICY

    1. Introduction to Section III.
      Consumption and the standard of living. Recent Economic Changes, 13-51.
    2. Consumption and the standard of living. Recent Economic Changes, 51-78.
    3. The national income and its distribution. Recent Economic Changes, 757-774.
    4. The national income and its distribution. Recent Economic Changes, 774-813.
    5. The national income and its distribution. Recent Economic Changes, 813-839.
    6. Farm relief policy. J.D. Black: Agricultural Reform in the United States, 232-270.
    7. Farm relief policy. Black, 321-366.
    8. Farm relief policy. Black, 368-405.
    9. Farm relief policy. R.G. Tugwell: “Farm Relief and a Permanent Agriculture,” The Annals of the American Academy of Political and Social Science, March 1929.
    10. Tariff policy. T. W. Page: Making the Tariff in the United States, 41-99.
    11. Tariff policy. Page, 100-170.
    12. Tariff policy. Page, 171-239.
    13. Social legislation. Commons and Andrews: Principles of Labor Legislation, 1-34.
      Ellingwood and Coombs: The Government and Labor, 20-26.
    14. Social legislation. Ellingwood and Coombs, 443-450, 461-467.
      Reprint of Lochner vs. New York (see Appendix).
    15. Social legislation. Ellingwood and Coombs, 559-579, 516-537.
    16. Social legislation. Lewisohn, Draper, Commons, and Lescohier: Can Business Prevent Unemployment? 152-210.
    17. Public policy toward large businesses. Keezer and May: Public Control of Business, 40-84.
    18. Public policy toward large businesses. Keezer and May, 85-120.
    19. Public policy toward large businesses. Keezer and May, 121-148.
    20. Public policy toward large businesses. Keezer and May, 149-183.
    21. Public policy toward large businesses. Keezer and May, 184-229.
    22. Planned production in Russia. Chase, Dunn, and Tugwell: Soviet Russia in the Second Decade, 14-54.
    23. Planned production in Russia. Chase, Dunn, and Tugwell, 189-215, 55-66.
    24. Planned production in Russia. R.G. Tugwell: “Experimental Control in Russian Industry,” Political Science Quarterly, June 1929.
    25. Planned production in Great Britain. Britain’s Industrial Future, the report of the Liberal Industrial Inquiry, v-vii, xvii-xxiv, 3, 14-20, 61-92, 116-120.
    26. Planned production in Great Britain. Britain’s Industrial Future, 139-141, 205-225, 265-279, 341-366.
    27. War-time planning and control in the United States. Excerpt from American Industry in the War (see Appendix).
      W. Garrett: Government Control Over Prices, 23-39.
    28. War-time planning and control. Garrett, 40-87.
    29. War-time planning and control. Garrett, 151-194.
    30. War-time planning and control. Garrett, 195-244.
    31. War-time planning and control. Garrett, 350-360, 380-414.
    32. A review of recent economic changes. Recent Economic Changes, 841-874.
    33. A review of recent economic changes. Recent Economic Changes, 874-910.

Source: Copy of The Organization of Economic Affairs–A Syllabus (1930) at the New York Public Library.

Image Source: The New York City Public Library Reading Room. Library of Congress Prints and Photographs Division Washington, D.C.