Category: Courses

Categories
Courses Curriculum Economists Johns Hopkins Regulations

Johns Hopkins Economics. Ph.D. Regulations, Courses 1880

Johns Hopkins University began instruction October 3, 1876. The class schedule for the entire university could be printed as a single page matrix of hours by days in 1879.

By the academic year 1880-81 Johns Hopkins University had awarded a single Ph.D. in political science, which is where political economy still was classified.

In this posting  we approach the beginning of the Big Bang of graduate education in economics in the U.S.

General Statements for 1880-81
Information for Graduate Students
Enumeration of Classes

 

________________________

[p. 54]

GENERAL STATEMENTS FOR 1880-81.

Instruction is provided for both Collegiate and University students….

Admission of Students.

Arrangements are made for the reception of the following classes of students:

I.
Graduates.

Young men who have already graduated in this or other institutions of acknowledged standing are received on the presentation of their diplomas, after satisfying the chief instructors in the departments of study which they propose to follow that they are qualified to pursue the courses here given. They may be enrolled as candidates for the degree of Doctor of Philosophy or not, at their option. Those whose years and attainments correspond with those of graduates may also be received as special students.

II.
Matriculates.

Students who wish a collegiate training are expected, unless excused for some special reason, to offer themselves for matriculation at the time of their admission. If they can pass satisfactorily in a considerable part of the required studies, but not in all, they may be admitted as candidates for matriculation, but their names will not be printed as enrolled students until the examination is completed. They will not be considered as candidates for more than one academic year.

Students who present themselves with higher attainments than are requisite for matriculation may, upon examination, receive credit for the same, be admitted to advanced classes, and so graduate in less time than would otherwise be requisite.

III.
Non-Matriculates.

  1. Students in subjects preliminary to a medical course…
  2. Young men of collegiate age…sufficiently advanced in character and attainments to be allowed the privilege, and that there is some good reason why they should not offer themselves for matriculation…
  3. Attendants upon lectures. –The University has extended certain privileges to teachers…, to medical students…, and to other persons…[they] are not enumerated as enrolled students.

Fees for Tuition, Etc.

The charges are as follows, payable in advance, unless, for specific reasons satisfactory to the Treasurer, he permits the payment to be deferred:

For Tuition, $80 per annum.

[…]

Board and lodging in private houses near the University, including care of room, fuel and light, may be obtained at five dollars, an upwards, per week. Some students pay even less.

[p. 55]

 

INFORMATION FOR GRADUATE STUDENTS.

Graduate Courses.

Advanced and graduate students are received with or without reference to their being candidates for a degree, and they are permitted to attend such lectures and exercises as they may individually select…

…The University professors are not absorbed in the details of college routine, but are free to give personal counsel and instruction to those who seek it; books and instruments adapted to investigation and advanced work have been liberally provided; the system of Fellowships secures the presence of twenty special students, imbued with the University spirit, most of them looking forward to academic careers; seminaries limited to a few advanced students, under the guidance of a director, have been organized in Greek, Mathematics, Physics, and History; societies devoted to Philology, to Mathematical, Physical, and Natural Science, and to History and Political Science, afford opportunities for the presentation of memoirs and original communications….

The instruction is carried on by such methods (varying of course with individual scholars, and with the different departments of work) as will encourage the student to become an independent and original investigator, while he is growing more and more familiar with the work now in progress elsewhere, and with the results which have been obtained by other scholars in the same field, and while he is adding to his general intellectual culture…

Degree of Doctor of Philosophy.

The Degree of Master of Arts and Doctor of Philosophy will be conferred in conformity with the following regulations:

Every candidate for the degree of A.M: and Ph.D. will be required:

  1. To have obtained the Baccalaureate degree of this University (or to present the diploma of some other college which the Faculty shall accept as equivalent), and to have subsequently devoted not less than two years to University study in the special department of learning which he may have chosen. The appointment to a Fellowship will be regarded by the faculty as equivalent to the attainment of a Bachelor’s Degree, so far as this is a necessary condition of obtaining a higher degree.
  2. To produce a thesis which shall be approved by the Faculty. This thesis must be the result of original investigation in the main subject for examination, and the subject of the thesis must be submitted for approval to the head of the department, or the chief examiner in it, not less than six months before the degree is conferred.
  3. To pass an examination in one main and one or more subsidiary subjects; the choice of which is to be referred by the candidate to the chief examiner, and through him to the Faculty for final approval. The method of examination will vary according to the subject, and will be written, oral, practical, or all three, as may be deemed best.
  4. To enroll himself as a candidate for the degree, at least one year in advance of the time when he proposes to apply for examination.

Degrees will be conferred by the Trustees on the recommendation of the Faculty, probably twice a year, in the middle of the winter and at the end of the academic term.

The Diploma will indicate the department of study to which the candidate has directed his attention.

Degrees Conferred.—The degree of Doctor of Philosophy has been conferred on the following named persons, who have passed the required examinations:

 

1878 [4 Ph.D. degrees awarded, one in economics  (no other in economics through 1880)]

Henry C. Adams, A.B., Iowa College, 1874; now Lecturer on Political Economy at Cornell University and at the Johns Hopkins University.

 

[…]

 

ENUMERATION OF CLASSES

Which have been instructed during the Academic Year 1879-80.

[pp. 61]

History and Political Science. (33 Students.)

Seminary of American History (15).

Once weekly, two months: Dr. [Austin] Scott.

Comparative Constitutional History (5).

Once weekly, four months: Dr. H. B. Adams.

History of the Renaissance and Reformation (17).

Daily, first half-year, also ten public lectures: Dr. H. B. Adams.

English Constitutional History, Stubbs’ Select Charters (15).

Once weekly, six months: Dr. H. B. Adams.

Political Economy (13).

Four times weekly, two months : Dr. H. B. Adams.

Money and Banking (12).

Four times weekly, two months: Dr. H. C. Adams.

National Debts.

Nine public lectures: Dr. H. C. Adams.

________________________

Source: Johns Hopkins University. University Circulars. No. 5, May, 1880, pp. 54-55, 61.

Categories
Courses Harvard Syllabus

Harvard Economics. Course. Graduate Theory. Schumpeter. 1935-36

 

 

The graduate economic theory course, Economics 11, was taught by Schumpeter for both semesters of the academic year 1935-36. According to Schumpeter’s own handwritten list of students and grades for that course, Paul Samuelson received a grade of A+ and represented the local maximum of the “Ec 11 boys, graduates”.

1935_6_Ec11_SchumpeterGrades

____________________

Because the “cost controversy” was discussed during the first term of the academic year 1935-36 (one can gleam a glimpse of content from Schumpeter’s course notes from random names and words not written in his shorthand) I append here the corresponding readings assigned for the second term of the the academic year 1934-35.  Note that Pigovian welfare economics appears to have been covered some time during the second term of the academic year 1935-36, see the exam below.

____________________

The Laws of Cost and Returns. Probably three or four weeks. It is proposed to deal fully with the so-called “cost controversy”, a series of more or less closely connected articles which appeared in the Economic Journal from 1922 to 1932. The following is a list of the articles in the order of their appearance. Students will not be held responsible for those included in brackets, some of which are connected only remotely with the main controversy. 1) “On Empty Economic Boxes”, J. H. Clapham, Sept. 1922; “Empty Economic Boxes: a Reply”, A.C. Pigou, Dec. 1922; “Those Empty Boxes”, D. H. Robertson, March, 1924; “The Laws of Returns under Competitive Conditions”, P. Sraffa, Dec. 1926; [“The Laws of Diminishing and Increasing Costs”, A.C. Pigou, June 1927]; [“An Analysis of Supply”, A. C. Pigou; June 1928]; “Varying Costs and Marginal Net Products”, G. F. Shove, June 1928; [“The Instability of Capitalism”, J.A. Schumpeter, Sept. 1928;] [“The Representative Firm”, L.C. Robbins, Sept. 1928]; “Increasing Returns and Economic Progress”, A.A. Young, Dec. 1928; “Increasing Returns and the Representative Firm: a Symposium”, D.H. Robertson, G.F. Shove, and P. Sraffa, March 1930. The following two articles by R.F. Harrod are in effect a continuation of the “cost controversy”, but they will be considered later in connection with the discussion of imperfect competition: “Notes on Supply”, June 1930; and “The Law of Decreasing Cost”, Dec. 1931.

Source: Harvard University Archives,  HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: Ec11 Fall 1935.

____________________

Economics 11 [First term]

            Following is a list of some of the most important works in English dealing with problems outside the range of perfect competition. They are not all assigned, but assigned reading is taken altogether from this list.

Pigou, A. C., Economics of Welfare, 3rd Edition.
Chamberlin, E. H., The Theory of Monopolistic Competition.
Chamberlin, E. H., On Imperfect Competition, in the March, 1934 Supplement of The American Economic Review, pp. 23-27.
Robinson, Joan, Economics of Imperfect Competition.
Robinson, Joan, What is Perfect Competition, Q. J. E., Nov. 1934.
Zeuthen, F., Problems of Monopoly and Economic Warfare.
Cournot, A. A., Mathematical Principles of the Theory of Wealth.
Edgeworth, F. Y., The Pure Theory of Monopoly (Papers, Vol. I)
Hotelling, Harold, Stability in Competition, E. J., March 1929.
Shove, G. F., The Imperfection of the Market, E. J., March 1933.
Harrod, R. F., Doctrines of Imperfect Competition, Q. J. E., May 1934.
Hicks, J. R., The Theory of Monopoly, Econometrica, Jan. 1935.

The subjects, in the order in which they will be taken up, together with the assigned reading, are given below.

I. The Technique and the Background.
Pigou, Part II, Ch. XIV.
Robinson, Chs. 1, 2.
Chamberlin, Chs. 1, 2.		 V. Monopolistic Competition
Chamberlin, Chs. 4, 5, 6, 7.
Robinson, Ch. 7. Q.J.E., Nov. ‘34
Shove, E.J., March ’33.
Harrod, Q.J.E., May ’34.
II. Simple Monopoly.
Pigou, Part II, Ch. XVI.
Robinson, Chs. 3, 4, 5.		 VI. Discrimination.
Pigou, Chs. XVII, XVIII (Part II).
Robinson, Chs. 15, 16.
III. Duopoly and Oligopoly
Pigou, Part II, Ch. XV.
Chamberlin, Ch. 3.		 VII. Imperfect Competition and the Theory of Distribution.
Chamberlin, in March ’34 A.E.R. Supplement.
IV. Bilateral Monopoly.(To be discussed in class)

 

Source: Harvard University Archives,  HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: Ec11 Fall 1935.

____________________

1935-36
HARVARD UNIVERSITY
ECONOMICS 11

Four questions may be omitted. Arrange your answers in the order of the questions.

  1. Discuss the concepts “internal economies” and “spreading of overhead” and explain what, if any, relations exist between the two.
  2. What do we mean by Production Function? Discuss its principal properties, and state why and for what purpose we need this instrument of analysis.
  3. “Wherever products are differentiated, the theory of monopoly seems adequately to describe their prices. Competition is not eliminated from the explanation; it is fully taken into account by the recognition that substitutes affect the elasticity of demand for each monopolist’s product.” Do you agree? Justify your answer.
  4. “Under imperfect competition, in conditions of full long period equilibrium, it is not only true that average costs for the individual firm may be falling; they must be falling.” Discuss. Does this necessarily imply falling supply price?
  5. Assume that a commodity is offered by two sellers. Disregard costs. Describe the courses of action open to the two sellers, and discuss the conditions of the case in which price and quantity sold are uniquely determined. Show that in this case price will as a rule be higher than under perfect competition and lower than under monopoly.
  6. In his 1926 article, Sraffa says, “It is necessary to abandon the path of free competition and turn in the opposite direction, namely, towards monopoly.” Discuss the considerations which led him to adopt this view.
  7. Discuss price and output under discriminating monopoly.
  8. State and discuss the principle involved in “Hotelling’s case.”
  9. “The economist has shown that, granted certain assumptions, a set of prices exists which, if established from the beginning, would produce a state of equilibrium; he has never demonstrated, however, that forces are at work which would tend to establish such a system of prices.” Discuss.

Mid-Year. 1936.

Source: Harvard University Archives,  HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: Ec11 Fall 1935.

____________________

ECONOMICS 11 [Second term]

            The first four or five weeks of the second term will be devoted to a study of distribution, with special emphasis on the theory of wages. Topics to be covered include (1) marginal productivity, (2) the elasticity of substitution, and (3) opportunity costs. The following is a list of reading.

  1. Marginal Productivity and the Theory of Wages
    1. Marshall, Bk. VI, especially Ch. I.
    2. Hicks, J. R., “The Theory of Wages”, Chs. I and VI.
    3. ——-, Marginal Productivity and the Principle of Variation,” Economica, Feb., 1932.
    4. Schultz, Henry and Hicks, J. R., “Marginal Productivity and the Lausanne School: A Reply” and “A Rejoinder”, Economica, Aug., 1932.
    5. Clark, J. B., “The Distribution of Wealth”, Ch. VIII.
    6. Robertson, D. H., “Wage Grumbles” in the volume of essays entitled Economic Fragments.
  2. Elasticity of Substitution
    1. Hicks, Ch. VI (Cf. above).
      (mathematical treatment in Appendix for those who prefer)
    2. Machlup, Fritz, “The Common Sense of the Elasticity of Substitution”, Review of Economic Studies, June, 1935.
    3. Also notes and articles on substitution in Review of Economic Studies, Vol. I, nos. 1 and 2, though not required reading, may be consulted.
  3. Opportunity Costs.
    1. Green, D.I., “Pain Cost and Opportunity Cost”, Quarterly Journal of Economics, 1894.
    2. Davenport, H.J. , “Economics of Enterprise”, Ch. VI.
    3. Knight, F.H., “A Suggestion for Simplifying the Statement of the General Theory of Price”, Journal of Political Economy, 1928.

Source: Harvard University Archives,  HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: Ec11 1935-36.

____________________

ECONOMICS 11  [Second term]

            The next two or three weeks will be devoted to the discussion of capital and interest. A select bibliography and the assigned reading are listed below. The readings from Wicksell and Knight will probably not be covered in class and may, therefore, at pleasure be postponed until the reading period. As usual in this course there will be no additional reading period assignment.

 

BIBLIOGRAPHY

  1. Böhm-Bawerk, E., Capital and Interest (a history of interest theories); The Positive Theory of Capital (the third edition, available only in German, containing the polemical Excursi, is to be preferred to the English translation)
  2. Marx, Karl, Capital (especially Vol. I, Parts III and VII; Vol. II, Part III; Vol. III, Parts II and III)
  3. Wicksell, Knut, Über Wert, Kapital und Rente;  Lectures on Political Economy, Vol. I
  4. Fisher, Irving, The Rate of Interest (1907);  The Theory of Interest (1930) (a rewriting of the earlier work)
  5. Taussig, F.W., Wages and Capital
  6. Knight, F.H., “Interest”, article in The Encyc. of Soc. Science
  7. For a rather complete list of the numerous recent articles on capital, interest and the structure of production, Cf. Machlup, Fritz, “Professor Knight and the Period of Production”, Journal of Political Economy, 1935, first footnote.
  8. For an exposition of Böhm-Bawerk, Wicksell and the later work along the same lines done in Sweden, particularly by Gustav Akerman, Cf. Kirchmann, Hans, Studien zur Grenzproduktivitätstheorie des Kapitalzinses.

 

ASSIGNED READING

  1. Fisher, The Rate of Interest, Part I, Chs. 1,2,3; Part III, Ch. 10
  2. Böhm-Bawerk, Positive Theory, Book I, Ch. 2; Book II, Chs. 2,4,5; Book V, Chs. 1,2,3,4,5; Book VI, Chs. 5,6,7; Book VII, Chs. 1,2,3.
  3. Wicksell, Lectures, Vol. I, pp. 144-171; 185-195.
  4. Knight, “Professor Fisher’s Theory of Interest: a Case in Point”, Journal of Political Economy, April, 1931.

Source:  Harvard University Archives, HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: “Ec11 1935-36”

____________________

[Given that Economic Welfare, the distinction between marginal social value and private net value product, and the national dividend show up in questions 5 and 6 in the final, I append here the corresponding readings assigned for the second term of the the academic year 1934-35]

Welfare and the National Dividend. Approximately two weeks. The discussion will turn around the following chapters from “The Economics of Welfare” by A.C. Pigou (3rd or 4th edition): Part I, Chapters 1,2,3,5,6,7,8; Part IV, Chapter 2; and Part II, Chapters 1,2,3,4,11. In the second edition the corresponding chapters from Part I are 1-7 inclusive and from Part II, 1,2,3,4,10. Chap. 10 Part II is completely revised in the third edition (where it appears as Chap. 11, Part II) and should if possible be read in the third.

Source:  Harvard University Archives, HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: “Ec11 Fall 1935”

____________________

1935-36
Final Examination
Economics 11

One question may be omitted. Arrange your answers in the order of the questions:

  1. What is the relation between elasticity of substitution and elasticity of demand? Interpret the following statement: “If the demand price of capital increases as a result of a fall in wages, then the elasticity of demand for labor is greater than the elasticity of substitution.”
  2. How would you expect inventions to affect the rate of interest?
  3. Marginal productivity of labor is held to determine wages. How does this work out in the cases of perfect and of imperfect competition?
  4. State and discuss Boehm-Bawerk’s theory of interest.
  5. “If in all industries the values of marginal social and marginal private net product differed to exactly the same extent, the optimum distribution of resources [between their possible uses] would always be attained, and there would be, on these lines, no case for fiscal interference”. Discuss.
  6. Define Economic Welfare and National Dividend. Do you consider these two concepts to be serviceable instruments of economic analysis? Why or why not?

 

Source:  Harvard University Archives, HUC (FP) – 4.62. Joseph Schumpeter, Lecture Notes. Box 9, Folder: “Ec11 Fall 1935”

____________________

Categories
Courses Exam Questions Harvard Syllabus

Harvard Economics. Course. Graduate Theory. Schumpeter. Spring 1935

The second semester of Economics 11 for the academic year 1934-35  was taught by Joseph Schumpeter after Frank W. Taussig taught the first semester.

Wolfgang Stolper’s notes for the course (Box 19, Notebook “Taussig Ec 11 Theory. 1934-35”) taken during the Spring Semester 1935 follow the printed reading lists given below that are undated in the folder marked “Ec11 Fall 1935” in Schumpeter’s papers.

_____________________

Economics 11

The following is a brief outline of what will be covered in the first four to six weeks of the second semester.

I. Welfare and the National Dividend. Approximately two weeks. The discussion will turn around the following chapters from “The Economics of Welfare” by A.C. Pigou (3rd or 4th edition): Part I, Chapters 1,2,3,5,6,7,8; Part IV, Chapter 2; and Part II, Chapters 1,2,3,4,11. In the second edition the corresponding chapters from Part I are 1-7 inclusive and from Part II, 1,2,3,4,10. Chap. 10 Part II is completely revised in the third edition (where it appears as Chap. 11, Part II) and should if possible be read in the third. The material from Part II leads to the second main topic, namely,

II. The Laws of Cost and Returns. Probably three or four weeks. It is proposed to deal fully with the so-called “cost controversy”, a series of more or less closely connected articles which appeared in the Economic Journal from 1922 to 1932. The following is a list of the articles in the order of their appearance. Students will not be held responsible for those included in brackets, some of which are connected only remotely with the main controversy. 1) “On Empty Economic Boxes”, J. H. Clapham, Sept. 1922; “Empty Economic Boxes: a Reply”, A.C. Pigou, Dec. 1922; “Those Empty Boxes”, D. H. Robertson, March, 1924; “The Laws of Returns under Competitive Conditions”, P. Sraffa, Dec. 1926; [“The Laws of Diminishing and Increasing Costs”, A.C. Pigou, June 1927]; [“An Analysis of Supply”, A. C. Pigou; June 1928]; “Varying Costs and Marginal Net Products”, G. F. Shove, June 1928; [“The Instability of Capitalism”, J.A. Schumpeter, Sept. 1928;] [“The Representative Firm”, L.C. Robbins, Sept. 1928]; “Increasing Returns and Economic Progress”, A.A. Young, Dec. 1928; “Increasing Returns and the Representative Firm: a Symposium”, D.H. Robertson, G.F. Shove, and P. Sraffa, March 1930. The following two articles by R.F. Harrod are in effect a continuation of the “cost controversy”, but they will be considered later in connection with the discussion of imperfect competition: “Notes on Supply”, June 1930; and “The Law of Decreasing Cost”, Dec. 1931.

_____________________

[There is a gap in reading lists between the laws of costs and production above and the discussion of imperfect competition and monopolistic competition below. The following three topics and readings are taken from the second term of the academic year 1935-36. According to Stolper’s notes (both from class and his reading notes), the topics and material were at least touched upon in the second term of the academic year 1934-35. Cf. the final exam questions below.]

 

  1. Marginal Productivity and the Theory of Wages
    1. Marshall, Bk. VI, especially Ch. I.
    2. Hicks, J. R., “The Theory of Wages”, Chs. I and VI.
    3. ——-, Marginal Productivity and the Principle of Variation,” Economica, Feb., 1932.
    4. Schultz, Henry and Hicks, J. R., “Marginal Productivity and the Lausanne School: A Reply” and “A Rejoinder”, Economica, Aug., 1932.
    5. Clark, J. B., “The Distribution of Wealth”, Ch. VIII.
    6. Robertson, D. H., “Wage Grumbles” in the volume of essays entitled Economic Fragments.
  2. Elasticity of Substitution
    1. Hicks, Ch. VI (Cf. above).
      (mathematical treatment in Appendix for those who prefer)
    2. Machlup, Fritz, “The Common Sense of the Elasticity of Substitution”, Review of Economic Studies, June, 1935.
    3. Also notes and articles on substitution in Review of Economic Studies, Vol. I, nos. 1 and 2, though not required reading, may be consulted.
  3. Opportunity Costs.
    1. Green, D.I., “Pain Cost and Opportunity Cost”, Quarterly Journal of Economics, 1894.
    2. Davenport, H.J. , “Economics of Enterprise”, Ch. VI.
    3. Knight, F.H., “A Suggestion for Simplifying the Statement of the General Theory of Price”, Journal of Political Economy, 1928.

Source: Harvard University Archives, HUC (FP) – 4.62. Joseph Schumpeter Lecture Notes, Box 9, Folder “Ec11 1935-36”.

_____________________

Economics 11

Following is a list of some of the most important works in English dealing with problems outside the range of perfect competition. They are not all assigned, but assigned reading is taken altogether from this list.

Pigou, A. C., Economics of Welfare, 3rd Edition.
Chamberlin, E. H., The Theory of Monopolistic Competition.
Chamberlin, E. H., On Imperfect Competition, in the March, 1934 Supplement of The American Economic Review, pp. 23-27.
Robinson, Joan, Economics of Imperfect Competition.
Robinson, Joan, What is Perfect Competition, Q. J. E., Nov. 1934.
Zeuthen, F., Problems of Monopoly and Economic Warfare.
Cournot, A. A., Mathematical Principles of the Theory of Wealth.
Edgeworth, F. Y., The Pure Theory of Monopoly (Papers, Vol. I)
Hotelling, Harold, Stability in Competition, E. J., March 1929.
Shove, G. F., The Imperfection of the Market, E. J., March 1933.
Harrod, R. F., Doctrines of Imperfect Competition, Q. J. E., May 1934.
Hicks, J. R., The Theory of Monopoly, Econometrica, Jan. 1935.

The subjects, in the order in which they will be taken up, together with the assigned reading, are given below.

I. The Technique and the Background.Pigou, Part II, Ch. XIV.
Robinson, Chs. 1, 2.
Chamberlin, Chs. 1, 2.		 V. Monopolistic CompetitionChamberlin, Chs. 4, 5, 6, 7.
Robinson, Ch. 7. Q.J.E., Nov. ‘34
Shove, E.J., March ’33.
Harrod, Q.J.E., May ’34.
II. Simple Monopoly.Pigou, Part II, Ch. XVI.
Robinson, Chs. 3, 4, 5.		 VI. Discrimination.Pigou, Chs. XVII, XVIII (Part II).
Robinson, Chs. 15, 16.
III. Duopoly and OligopolyPigou, Part II, Ch. XV.
Chamberlin, Ch. 3.		 VII. Imperfect Competition and the Theory of Distribution.Chamberlin, in March ’34 A.E.R. Supplement.
IV. Bilateral Monopoly.(To be discussed in class)  

_____________________

1934-35
Harvard University
ECONOMICS 11

Two questions may be omitted. Arrange your answers in the order of the questions.

  1. State the principle of Pigou’s method of measuring the National Dividend, and explain the relation of variations in the National Dividend, as thus measured, to “Welfare.”
  2. “What the production of any commodity costs to society or any individual, is the satisfaction which could have been derived from producing something else with the same means of production.” What do you think of this proposition?
  3. Explain briefly what is meant by
    (a) Elasticity of demand,
    (b) Elasticity of substitution,
    (c) Marginal revenue,
    (d) Bilateral monopoly,
    (e) Perfect competition.
  4. State the three theorems, which together constitute the “theory of marginal productivity” and show what, if anything, corresponds to each of them in the case of imperfect competition.
  5. “Monopolistic competition implies oligopoly and could not exist without it.” Do you agree?
  6. Define discrimination, and formulate the condition which must be fulfilled in order to maximize the discriminating monopolists profit. Do you think that the monopolists output will be greater or less than it would be without discrimination?

Final. 1935.

No. 55

_____________________

Source: Harvard University Archives. HUC (FP)–4.62. Joseph Schumpeter Lecture Notes, Box 6. Folder “Ec 11, Fall 1935”.

Categories
Courses Exam Questions Harvard Syllabus

Harvard Economics. Course. Graduate Economic Theory. Taussig. 1934-5

Frank W. Taussig’s last time teaching the graduate theory course, Economics 11, was  in the Fall Semester of 1934. Joseph Schumpeter took over the second half of the course for the Spring Semester of 1935. In Schumpeter’s papers are 3 pages of Taussig’s handwritten notes and carbon copies of reading lists. Note: the folder where the material is found is labelled “Ec 11 Fall 1935” but material from 1934-35 is in it as well.

 

ECONOMICS 11, FALL SEMESTER 1934

_________________

[handwritten notes by F. W. Taussig, cf. initials in letter June 9, 1914 to Hunnewell in Lowell Papers, Box 14 Folder 403]

Economics 11 — 1934-35

Topics taken up by F.W.T. [Taussig], in order

  1. Ricardo, Mill—Theory of Value + Distribution
  2. “Labor Theory” as modified by non-competing Groups + Social Stratification
  3. Temporary Equil of S. + D.—inflow of goods to market from an existing stock
  4. Equil. of S. + D. for longer period.
    a) Marshall 2nd period—inflow from existing plant
    b)      “           3rd period—inflow from changing plant
  5. External + Internal Economies—M’s [Marshall’s] 4th period
  6. Quasi-Rent
    Agricultural + Urban Rent
  7. Profits
  8. Clark—B.B. [Böhm-Bawerk]
  9. Consumer’s Surplus.

Topics not taken up

Theory of Monopoly Price
Austrian Theory of Value

_________________

[handwritten notes by F. W. Taussig]

(1

Ec 11 — ‘34-35

I

Ricardo, chs I Value (omitting the discussion of Adam Smith)

“    II Rent,   III Rent of Mines
“    IV
“    V Wages
“    VI Profits

Mill, Bk III chs I, III[,] IV

(Value, omitting ch II, which was considered later in connection with Marshall)

Mill   Bk II, ch. XVI ; Bk I, ch. XII (Rent)

“      Bk II, ch XI ; XIII, §§3-4 Wages
“      Bk II, ch XV ;   Profits
“      Bk IV, chs IV[,] V, VI ; Profits to a minimum

_________________

[handwritten notes by F. W. Taussig]

(2

Reading List—Econ 11 — 1934-35

Non-competing Groups + Labor Theory of Value

Cairnes[,] Leading Principles.  P+I, ch. III

Mill[,] Bk II, ch XIV (Differences of wages), cf. Adam Smith, Bk I, ch. X

Taussig, Principles, ch 47, 48

Marshall, Book VI chs IV, V;  Book IV, ch 6

Cf. Marshall second edition,  Bk VI, ch I, §3 (p. 557-558)

_________________

[handwritten addition] 3)

[Typed table of readings that is nearly identical to Wolfgang Stolper’s hand-written reading list in his course notes from the Fall Semester 1934. Cf. Duke University, Rubenstein Rare Book & Manuscript Library. Wolfgang F. Stolper Papers, Box 19, Notebook: Taussig Ec 11 Theory, 1934-35]

Economics 11
1934-35

Demand,
Market
Value		 Mill, Book III, chs. 1, 2.
Marshall, Book III, ch. 3; Book V, chs. 1, 2.
Taussig, Quarterly Journal of Economics, May 1921
Normal
Value		 Mill, Book III, chs. 3, 4.
Marshall, Book V, chs. 3, 4, 5.
Viner, Zeitschrift f. Nationaloekonomie, Sept. 1931, vol. I
Taussig, Quarterly Journal of Economics, February 1919.
Marshall, Appendix H
Quasi
Rent		 Marshall, Book V, ch. 8; Book V, ch. 9.
Fetter, Quarterly Journal of Economics, May 1901 (vol. 15).
Increasing
Returns		 Marshall, Book V, ch. 12; Book IV, ch. 9, §7; ch. 10, 13.
Agricultural
Rent,
Urban Rent		 Marshall, Book IV, chs. 2, 3; Book V, ch. 10, (omit §§4, 5); Book VI, ch. 9; Book V, ch. 11.
Ely, Outlines, 5th ed., ch. 22.
Profits Mill, Book II, ch. 15.
Marshall, Book IV, chs. 12, 13; Book VI, chs. 7, 8.
Knight, “Risk, Uncertainty and Profits”, chs. 9, 10.
Ely, Outlines, ch. 24.L.
Robbins, The Representative Firm, Economic Journal (1928)
[handwritten addition] Marshall Bk V, ch. 10 §2 (settlers in a new country); Bk VI, ch V, §7 (rare natural abilities)
[handwritten addition] Schumpeter—Theory of Ec. Development ch. IV

_________________

[Typed carbon list]

[handwritten addition] 4)

Economics 11
1934-35
Reading

I

Böhm-Bawerk, Positive Theory of Capital

Book II, chs. 1, 2, 4, 6
Book V, chs. 1, 2, 3, 4, 5
Book VI, chs. 1 (pp. 285-286), 2, 4, 5, 6
Book VII, chs. 1, 2, 5

II

Clark, Distribution of Wealth

chs. 6, 7, 8, 9, 20
chs. 11, 12, 13, 21

Marshall, Book IV, ch. 7 (“The Growth of Wealth”—Capital, Saving etc); Book VI, chs. 1, 2

_________________

[Final Exam Economics 11, Fall Semester 1934]

1934-35
HARVARD UNIVERSITY
ECONOMICS 11

One question may be omitted. Arrange your answers in the order of the questions.

  1. “Suppose that society is divided into a number of horizontal grades, each of which is recruited from the children of its own members; and each of which has its own standard of comfort, and increases in numbers rapidly when the earnings to be got in it rise above, and shrinks rapidly when they fall below that standard. Suppose, then, that parents can bring up their children to any trade in their own grade, but cannot easily raise them above it and will not consent to sink them below it….”

Suppose also that there is free competition as regards the earnings of capital.

On these suppositions what would be the relation between

(a) the values of commodities and their “real cost”
(b) the values of commodities and their money costs;
(c) the values of commodities and their supply prices?

  1. “Internal economies of large-scale production are primarily a long-run phenomenon, dependent upon appropriate adjustment of scale of plant to each successive output. They should not be confused with the economies resulting from ‘spreading of overhead.’” Why or why not to be thus confused?

“Internal economies of large-scale production are independent of the size of output of the industry as a whole, and may be accruing to a particular concern whose output is increasing at the same time that the output of the industry as a whole is undergoing a decline.” Why or why not?

  1. Does quasi-rent have the same meaning in the following passages?

(a) “The quasi-rent of farm-buildings.”
(b) “When the artisan or professional man has once obtained the skill required for his work, a part of his earnings are for the future really a quasi-rent of the capital and labor invested in fitting him for his work, in obtaining his start in life, his business connections, and generally his opportunity for turning his faculties to good account; and only the remainder of his income is true earnings of effort. But this remainder is generally a large part of the whole. And here lies the contrast. For when a similar analysis is made of the profits of the business man, the proportions are found to be different; in his case the greater part is quasi-rent.”
(c) “In relation to normal value the earnings of high ability are to one regarded as a quasi-rent rather than as a rent proper.”

  1. Is it fatal to the conception of consumers’ surplus to admit:

(a) that differences in income make it impossible to measure satisfactions;
(b) that each unit of a homogeneous supply yields ipso facto the same satisfaction as every other unit;
(c) that the satisfaction indicated by the high price paid for an article having “prestige value” will disappear when the article becomes cheap

  1. Does “capital,” as distinguished from “capital goods,” serve to synchronize the effort of labor with the reward for labor? If so, how? If not, why not?
  1. Explain the distinctions

(a) between the intensive and the extensive margins of cultivation for land;
(b) the intensive and the extensive zones of indifference in the application of labor;
(c) the marginal product of labor and the product of marginal labor.

State summarily your opinion of the usefulness of the distinctions as tools of analysis.

Mid-Year. 1935.

No. 37

Source: Harvard University Archives. Joseph Schumpeter Papers. HUC (FP) – 4.62
Box 9 (Lecture Notes), Folder “Ec11 Fall 1935”.

Categories
Courses Harvard Socialism Syllabus

Harvard Economics. Course. Economics of Socialism. Sweezy. 1940

The course “Economics of Socialism” (Economics 11b) was taught during the Spring Semester 1940 by Dr. Paul M. Sweezy. According to the Report of the President of Harvard College and Reports of Departments for 1939-40 (p. 99), sixty students were enrolled:  20 Seniors, 25 Juniors, 6 Sophomores and 9  out-of-course candidates for the Bachelor’s degree.

For biographical detail about Paul Sweezy, take to the following link at the Monthly Review website for the Memorial Service for Paul Marlor Sweezy (1910-2004) by John Bellamy Foster (Feb 27, 2004).

Addition April 18, 2017:  Final Examination for Sweezy’s course “Economics of Socialism” in 1940.

Fun Fact:  John F. Kennedy took this course in the second semester of his senior year according to the copy of his Harvard College record at the John F. Kennedy Presidential Library.

____________________

ECONOMICS 11b
1939-40

 

Outline and Assignments—First Eight Weeks

The first eight weeks (to spring recess) will be devoted to the socialist critique of capitalist economy. The last four weeks will be devoted to the problems of socialist economy. This sheet covers only the first eight weeks.

Assigned readings are taken from the following works:

  1. Böhm-Bawerk, E. v., Karl Marx and the Close of his System
  1. Burns, Emile, Handbook of Marxism.
  1. Dobb, Maurice, Political Economy and Capitalism.
  1. Lenin, V. I., Imperialism.
  1. Lenin, V. I., State and Revolution.
  1. Marx, Karl, Capital, Vols. I and III.
  1. Marx, Karl, Value, Price and Profit.
  1. Lange, Oskar, “Marxian Economics and Modern Economic Theory,” Review of Economic Studies, June 1935.

In addition to the assigned reading every student will be expected to submit before the spring recess a report of about 1500 words on one of the following books:

  1. Cole, G. D. H., Life of Robert Owen.
  1. Foster, W. Z., From Bryan to Stalin.
  1. Fox, Ralph, Lenin: a Biography.
  1. Freeman, Joseph, An American Testament.
  1. Hicks, Granville, John Reed, the Making of a Revolutionary.
  1. Hillquit, Morris, Loose Leaves from a Busy Life.
  1. Mayer, Gustav, Friedrich Engels: a Biography.
  1. Mehring, Franz, Karl Marx: the Story of his Life.
  1. Trotsky, Leon, My Life: an Attempt at an Autobiography.
  1. Weir, L.M., The Tragedy of Ramsey Macdonald.

____________________

Outline and Assignments

FIRST WEEK. Marx and Engels; dialectical materialism and historical materialism; classical economics.

Burns, Handbook of Marxism, Chs. I, XIII, XIV, XX.

Ricardo, Principles, Ch. I (Sections I-V inclusive).

SECOND AND THIRD WEEKS. Commodities; the law of value; suplus value; accumulation; the reserve army of labor.

Marx, Capital, Vol. I, Ch. I (sections 1, 4).

Marx, Value, Price and Profit.

Marx, Capital, Vol. I, Ch. XXIII; Ch. XXIV (sections 1, 2 3); Ch. XXV.

FOURTH WEEK. Law of the falling tendency of the rate of profit; crises.

Marx, Capital, Vol. III, Part III.

Dobb, Political Economy and Capitalism, Ch. IV.

FIFTH WEEK. Value calculation and price calculation.

Marx, Capital, Vol. III, Chs. VIII, IX.

Böhm-Bawerk, Karl Marx and the Close of his System, Chs. II, III.

SIXTH WEEK. Theory of Social Classes and the State.

Lenin, State and Revolution.

SEVENTH WEEK. Monopoly and the Theory of Imperialism.

Lenin, Imperialism.

Dobb, Political Economy and Capitalism, Ch. VII.

Lange, “Marxian Economics and Modern Economic Theory.”

EIGHT WEEK. Review.

Book reports due. No additional assignment.

____________________

ECONOMICS 11b
1939-40

Outline and Assignments—Last Four Weeks and Reading Period

Assigned readings are taken from the following works:

  1. Dickinson, H. D., Economics of Socialism (1939).
  1. Pigou, A. C., Socialism vs. Capitalism (1937).
  1. Lange, Oskar and Taylor, F. M., On the Economic Theory of Socialism (1938).

NINTH WEEK (April 7-13). Historical sketch of the economics of a socialist society; demand and cost in a socialist economy.

Dickinson, Economics of Socialism, pp. 24-98.

TENTH WEEK (April 14-20). Prices and incomes in a socialist economy.

Dickinson, Economics of Socialism, pp. 98-166.

ELEVENTH WEEK (April 21-27). Special problems of a socialist economy.

Dickinson, Economics of Socialism, pp. 166-226.

TWELFTH WEEK (April 28-May 4). Income distribution in socialist theory and practice.

Assignment to be announced.

 

READING PERIOD

Read both:

1. Pigou, Socialism vs. Capitalism.

2. Lange and Taylor, On the Economic Theory of Socialism. pp. 55-142.

____________________

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1. Box 2, Folder (1939-1940, No. 1).

Categories
Chicago Courses Economists Exam Questions Syllabus

Chicago. Course Notes. Theory of Income and Employment. Marschak. 1948.

The Cowles Commission Archive at Yale provides a copy of Income, Employment, and the Price Level: Notes on Lectures Given at the University of Chicago Autumn 1948 and 1949 by Jacob Marschak. Notes edited by David Fand and Harry Markowitz, 1951. Problems, course examination (Fall 1949) and reading list are included.

See the biographical memoir for Jacob Marschak (1898-1977) written by Kenneth Arrow to appreciate the enormous debt modern economics owes to Marschak.

From the Course Announcements this would have been Economics 335, The Theory of Income and Employment offered in Autumn and Spring quarters.  The notes explicitly refer to only the Autumn Quarters of 1948 and 1949. Oswald H. Brownlee was listed  in the Announcements for the course for the Spring Quarter in 1949.

In the Evsey D. Domar Papers at Duke University’s Rubenstein Library, Box 16 c.1, folder “Final Exams: Johns Hopkins, Stanford, U. of Michigan”, there is a one page mimeographed page of final exam questions for “Economics 335, June 17, 1948” which is the time Domar had an joint appointment Cowles Commission/Department of Economics at the University of Chicago and corresponds to the precise end of the Spring quarter. Thus I consider it highly likely to most probable that Domar taught the Spring term, 1948 of Economics 335.

Image Source: Carl F. Christ. History of the Cowles Commission, 1932-1952.

Categories
Chicago Courses Economists Exam Questions

Chicago. Econ 332. Business Cycle Theory (Lange). Final Exam.1938

 

 

In the previous post, we encountered Martin Bronfenbrenner who was the first choice on a short-list for a position to be filled at Columbia College. In his papers archived at the Duke University Economists’ Papers Project we find a mimeographed copy of the exam for Business Cycle Theory, Economics 332 dated December 21, 1938.  Since Bronfenbrenner was a graduate student at the University of Chicago then and the course number and title exactly coincide with those of the course offered by Oskar Lange in the Autumn Quarter 1938 that ended precisely on December 21, we can confidently match the exam below to Lange’s Business Cycle Theory course.

 

From The University of Chicago, Announcements,Vol. XXXVIII,   No. 7. The College and the Divisions for the Sessions of 1938-39. (p. 325):

E. FINANCE AND FINANCIAL ADMINISTRATION
[…]

332. Business Cycle Theory.–Historical and systematic analysis of business cycle theory. The main types of explanation. Equilibrium theory and analysis of economic processes. The role of time in the analysis of economic processes. The significance of anticipations. Theoretical and observed fluctuations. The factors which determine the general level of output and employment. The fluctuations of investment and of employment. The role of technical progress. Business-cycle policy. Prerequisite: Economics 211, 301, and 330, or their equivalents. Autumn, 1:30, LANGE.

[Highlighted text was not included in the course description from the 1942 Announcements]

________________________________

December 21, 1938

ECONOMICS 332

Business Cycle Theory

  1. State Say’s law and explain under what monetary conditions it does or does not hold good.
  2. (1) What definition of saving makes saving always equal to investment?
    (2) Indicate two definitions of saving such that saving may differ from investment and explain the meaning of this difference in each case.
    (3) Give two possible meanings of the term ‘hoarding.’
  3. Explain briefly Mr. Keynes’ doctrine concerning:
    (1) the effects on employment of a general and uniform change in money wages
    (2) the effects on total employment of relative changes in money wage rates
  4. Is there any theoretical justification for dividing the business cycle into four phases? Discuss the problem on hand of any theory of the business cycle you like to choose.

 

Source: Duke University, Rubenstein Rare Book & Manuscript Library, Martin Bronfennbrenner Papers, 1939-1995, Box 24, c.1, Folder “Exams. Macro-econ cycles & fiscal policy 1951-76. 1 of 3”.

Image source: Wikipedia/commons.

 

Categories
Columbia Courses Economists Harvard Transcript

Columbia. Search Committee Report. 1950

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

___________________

January 9, 1950

 

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

Dear Mr. Chairman:

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

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

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

 

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

[p. 2]

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

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

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

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

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

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

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

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

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

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

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

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

Respectfully submitted,

[signed]

Robert M. Haig

 

______________________________

Appendix A – Martin Bronfenbrenner

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

Born: 1914

Education and Degrees:

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

Fields: Theory, mathematical economics, statistical methods, econometrics

Doctoral dissertation: Monetary theory and general equilibrium

Publications:

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

Additional publications:

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

Additions to list of publications circulated, January 9, 1950

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

______________________________

Appendix B – D. J. Dewey

On leave from Iowa.

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

Bibliography:

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

Friedman and Schultz are highly enthusiastic.

Statement by Hart, dated December 6, 1949:

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

______________________________

Appendix [C] – James Tobin

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

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

Data supplied by Harvard:

Address:    Department of Applied Economics, Cambridge University, England

Married:   Yes, one child

Born:          1918, U.S.

Degrees:

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

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

Special Field: Business Cycles

Thesis Topic: A Theoretical and Statistical Analysis of Consumer Saving

Experience:

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

[p. 2 of Appendix C]

Courses:           1939-40

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

1940-1941

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

1946-47 Library and Guidance

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

 

Data from 1948 Directory of American Economic Association:

Harvard University, Junior Fellow

Born:                1918

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

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

Dissertation: A theoretical and statistical analysis of consumer saving.

Publications:

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

______________________________

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

Image Source: The beyondbrics blog of the Financial Times.

Categories
Columbia Courses Economists

Columbia. Course Descriptions. Hotelling. 1931-1945

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

_________________________

[1931-32]

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

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

Prerequisite: Calculus. A knowledge of determinants is desirable.

 

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

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

Prerequisite: Calculus.

 

[1932-33]

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

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

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

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

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

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

Prerequisites: Economics 311 and Mathematics 57 and 101.

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

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

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

 

[1933-34]

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

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

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

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

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

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

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

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

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

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

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

 

[1934-35]

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

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

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

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

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

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

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

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

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

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

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

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

 

[1935-36]

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

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

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

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

 

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

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

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

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

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

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

Prerequisites: Statistics 111, Mathematics 57 and Mathematics 101.

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

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

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

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

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

[1936-37]

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

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

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

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

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

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

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

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

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

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

Prerequisites: Statistics 111, Mathematics 57 and Mathematics 101.

[Statistics 302—Seminar in advanced mathematical statistics. 3 points Winter Session. Professor Hotelling.
Not listed in Bulletin 1936-1937] 

Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling.
M. and W. at 10. M. in 401 Fayerweather and W. in 412 Fayerweather.

The consequences of the simultaneous attempts by different persons to maximize their respective profits or degrees of satisfaction. Utility, indifference curves, demand, supply and cost functions, monopoly and various forms of competition, interrelations of prices, taxation. Contrasts and resemblances of a planned society with the outcome of competition. Overhead and marginal costs.

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

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

 

[1937-38]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling.
M. and W. at 5:10 228 Pupin.

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

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

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

[Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Hotelling.
Not given in 1937-38]

[Statistics 114—Correlation, analysis of variance, and the χ2 test. 3 points Spring Session. Professor Hotelling.
Not given in 1937-38]

Statistics 301—Seminar in advanced mathematical statistics. 3 points Winter Session. Professor Hotelling.
Hours to be arranged.

Prerequisites: Statistics 111, 112, and 114, or similar knowledge of statistical theory.

[Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling.

Not given in 1937-38]

 

[1938-39]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling.
M. and W. at 5:10 412 Fayerweather.

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

Prerequisites: A thorough knowledge of calculus and Mathematics 107 (probability); but the latter may be taken simultaneously, or a knowledge of elementary probability supplemented by readings may be substituted for Mathematics 107. Mathematics 58 (higher algebra) is recommended.

Graduate credit in economics will be allowed for Mathematics 58, and Mathematics 107.

Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Hotelling.
M. and W. at 11. 412 Fayerweather.

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

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

Prerequisites: Statistics 111, and a knowledge of higher algebra (e.g., Bôcher’s) and of probability. For these see Mathematics 58 and 107.

Statistics 114—Correlation, analysis of variance, and the χ2 test. 3 points Spring Session. Professor Hotelling.
M. and W. at 5:10. 412 Fayerweather.

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

Prerequisites: Same as for Statistics 112.

[Statistics 301—Seminar in advanced mathematical statistics. 3 points Winter Session. Professor Hotelling.
Not given in 1938—1939]

Prerequisites: Statistics 111, 112, and 114.

Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling.
M. and W. at 11. M. in 412 Fayerweather.

The consequences of the simultaneous attempts by different persons to maximize their respective profits or degrees of satisfaction. Utility, indifference curves, demand, supply and cost functions, monopoly and various forms of competition, interrelations of prices, taxation. Contrasts and resemblances of a planned society with the outcome of competition. Overhead and marginal costs.

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

Prerequisite: A thorough knowledge of calculus. Mathematics 58 (higher algebra) is highly desirable. Graduate credit in economics is allowed for Mathematics 58 and Mathematics 107.

 

[1939-40]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling and Dr. Wald.
M. and W. at 5:10 412 Fayerweather.

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

Prerequisites: A thorough knowledge of calculus and Mathematics 107 (probability); but the latter may be taken simultaneously, or a knowledge of elementary probability supplemented by readings may be substituted for Mathematics 107. Mathematics 58 (higher algebra) is recommended.

Attention is called also to Mathematics 108 (calculus of finite differences, given by Professor Koopman, M. and W., 1:45-3). Graduate credit in economics will be allowed for Mathematics 58, 107, and 108.

Numerical methods, including the use of punched-card equipment, may be learned in Astronomy 110.

Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Hotelling and Dr. Wald.
M. and W. at 5:10. 412 Fayerweather.

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

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

Prerequisites: Statistics 111, and a knowledge of higher algebra (e.g., Bôcher’s) and of probability. For these see Mathematics 58 and 107.

Statistics 114—Correlation, analysis of variance, and the χ2 test. 3 points Spring Session. Professor Hotelling and Dr. Wald.
M. and W. at 11. 224 Pupin.

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

Prerequisites: Same as for Statistics 112.

Statistics 302—Seminar in advanced mathematical statistics. 3 points Spring Session. Professor Hotelling and Dr. Wald.
Tu. at 8 p.m. 304 Fayerweather.

Prerequisites: Statistics 111, 112, and 114.

Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling and Dr. Wald.
M. and W. at 11. M. 228 Pupin.

The consequences of the simultaneous attempts by different persons to maximize their respective profits or degrees of satisfaction. Utility, indifference curves, demand, supply and cost functions, monopoly and various forms of competition, interrelations of prices, taxation. Contrasts and resemblances of a planned society with the outcome of competition. Overhead and marginal costs.

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

Prerequisite: A thorough knowledge of calculus. Mathematics 58 (higher algebra) is highly desirable. Graduate credit in economics is allowed for Mathematics 58 and Mathematics 107.

 

[1940-41]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling.
M. and W., at 5:30—6:20. 410 Fayerweather.

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

Prerequisites: A thorough knowledge of calculus and Mathematics 107 (probability); but the latter may be taken simultaneously, or a knowledge of elementary probability supplemented by readings may be substituted for Mathematics 107. Mathematics 58 (higher algebra) is recommended.

Graduate credit in economics will be allowed for Mathematics 58 and 107.

Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Hotelling.
M. and W. at 10. 410 Fayerweather.

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

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

Prerequisites: Statistics 111, and a knowledge of higher algebra (e.g., Bôcher’s) and of probability. For these see Mathematics 58 and 107.

Statistics 114—Correlation, analysis of variance, and the χ2 test. 3 points Spring Session. Professor Hotelling.
M. and W., 5:30—6:20. 410 Fayerweather.

The multivariate normal distribution. Simple, partial, multiple, and vector correlation. Rank correlation and the problem of non-normal populations. Tests of independence, homogeneity, and goodness of fit for tables of frequencies.

Prerequisites: Same as for Statistics 112.

Statistics 302—Seminar in advanced mathematical statistics. 3 points Spring Session. Professor Hotelling and Dr. Wald.
Tu. at 8 p.m. 304 Fayerweather.

Prerequisites: Statistics 111, 112, and 114.

Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling.
M. and W. at 10. 401 Fayerweather.

The consequences of the simultaneous attempts by different persons to maximize their respective profits or degrees of satisfaction. Utility, indifference curves, demand, supply and cost functions, monopoly and various forms of competition, interrelations of prices, taxation. Contrasts and resemblances of a planned society with the outcome of competition. Overhead and marginal costs.

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

Prerequisite: A thorough knowledge of calculus. Mathematics 58 (higher algebra) is highly desirable. Graduate credit in economics is allowed for Mathematics 58 and Mathematics 107.

 

[1941-42]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling.
M. and W., at 5:40—6:30. 305 Schermerhorn.

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

Prerequisites: A thorough knowledge of calculus and Mathematics 107 (probability); but the latter may be taken simultaneously, or a knowledge of elementary probability supplemented by readings may be substituted for Mathematics 107. Mathematics 57 (higher algebra) is recommended.

Graduate credit in economics will be allowed for Mathematics 57 and 107.

Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Hotelling.
M. and W., at 5:40—6:30. 305 Schermerhorn.

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

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

Prerequisites: Statistics 111, and a knowledge of higher algebra (e.g., Bôcher’s) and of probability. For these see Mathematics 58 and 107.

Statistics 114—Correlation and the χ2 test. 3 points Spring Session. Professor Hotelling.
M. and W. at 10. 410 Fayerweather.

The multivariate normal distribution. Simple, partial, multiple, and vector correlation. Rank correlation and the problem of non-normal populations. Tests of independence, homogeneity, and goodness of fit for tables of frequencies.

Prerequisites: Same as for Statistics 112.

Statistics 302—Seminar in advanced mathematical statistics. 3 points Spring Session. Professor Hotelling and Dr. Wald.
Tu. at 8 p.m. 304 Fayerweather.

Prerequisites: Statistics 111, 112, and 114.

Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling.
M. and W. at 10. 410 Fayerweather.

The consequences of the simultaneous attempts by different persons to maximize their respective profits or degrees of satisfaction. Utility, indifference curves, demand, supply and cost functions, monopoly and various forms of competition, interrelations of prices, taxation. Contrasts and resemblances of a planned society with the outcome of competition. Overhead and marginal costs.

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

Prerequisite: A thorough knowledge of calculus. Mathematics 57 (higher algebra) is highly desirable. Graduate credit in economics is allowed for Mathematics 57 and Mathematics 107.

 

[1942-43]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling.
M. and W., at 5:40—6:30. 305 Schermerhorn.

The fundamental course prerequisite to all others in mathematical statistics. An introduction to the modern theory of inference from observations, leading to the combination of observations in such ways as to make inferences valid and efficient. Relations of statistics and probability. Significance of the normal distribution. Accuracy of means and differences of means. The characteristic function.

A thorough knowledge of calculus is an essential prerequisite. Unless a previous study has been made of mathematical probability, Mathematics 107 (probability) should be taken simultaneously. Mathematics 167 is also recommended to be taken simultaneously in order to get an acquaintance with matrix algebra for use in more advanced statistics courses and in mathematical economics.

Graduate credit in economics will be allowed for Mathematics 107 and 167. For these courses see the Announcement of the Division of Mathematical and Physical Sciences.

Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Hotelling.
Tu. and Th. at 10. 410 Fayerweather.

The classical method of least squares and modern modifications and developments, with stress on the interpretation of results in terms of probability. Applications to social and to natural sciences. The problems of observations ordered in time. Correlation and regression of time series. Seasonal variation and secular trend. Methods of correcting lack of independence and avoiding fallacies. Periodogram analysis. Recent discoveries and improvements.

Prerequisites: Statistics 111, and a knowledge of higher algebra (e.g., Bôcher’s) and of probability. For these see under Statistics 111.

Statistics 114—Correlation and the χ2 test. 3 points Spring Session. Professor Hotelling.
Tu. and Th., 5:40—6:30. 410 Fayerweather.

The multivariate normal distribution. Simple, partial, multiple, and vector correlation. Rank correlation and the problem of non-normal populations. Tests of independence, homogeneity, and goodness of fit for tables of frequencies.

Prerequisites: Same as for Statistics 112.

Statistics 302—Seminar in advanced mathematical statistics. 3 points Spring Session. Professors Hotelling and Wald.
W. at 8 p.m. 304 Fayerweather.

Prerequisites: Statistics 111, 112, and 114. 

Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling.
M. and W. at 10. 410 Fayerweather.

The consequences of the simultaneous attempts by different persons to maximize their respective profits or degrees of satisfaction. Utility, indifference curves, demand, supply and cost functions, monopoly and various forms of competition, interrelations of prices, taxation. Contrasts and resemblances of a planned society with the outcome of competition. Overhead and marginal costs.

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

Prerequisite: A thorough knowledge of calculus. Mathematics 167 (higher algebra) is highly desirable. Graduate credit in economics is allowed for Mathematics 167 and Mathematics 107.

 

[1943-44]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling.
Tu. and Th., at 5:40—6:30. 305 Schermerhorn.

The fundamental course prerequisite to all others in mathematical statistics. An introduction to the modern theory of inference from observations, leading to the combination of observations in such ways as to make inferences valid and efficient. Relations of statistics and probability. Significance of the normal distribution. Accuracy of means and differences of means. The characteristic function.

A thorough knowledge of calculus is an essential prerequisite. Unless a previous study has been made of mathematical probability, Mathematics 107 (probability) should be taken simultaneously. Higher algebra is also recommended to be taken simultaneously in order to get an acquaintance with matrix algebra for use in more advanced statistics courses and in mathematical economics.

Graduate credit in economics will be allowed for Mathematics 107 and 57. For these courses see the Announcement of the Division of Mathematical and Physical Sciences.

Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Hotelling.
Tu. and Th., at 5:40—6:30. 410 Fayerweather.

The classical method of least squares and modern modifications and developments, with stress on the interpretation of results in terms of probability. Applications to social and to natural sciences. The problems of observations ordered in time. Correlation and regression of time series. Seasonal variation and secular trend. Methods of correcting lack of independence and avoiding fallacies. Periodogram analysis. Recent discoveries and improvements.

Prerequisites: Statistics 111, and a knowledge of higher algebra (e.g., Bôcher’s) and of probability. For these see under Statistics 111.

Statistics 114—Correlation and the χ[2] test. 3 points Spring Session. Professor Hotelling.
Tu. and Th. at 10. 410 Fayerweather.

The multivariate normal distribution. Simple, partial, multiple, and vector correlation. Rank correlation and the problem of non-normal populations. Tests of independence, homogeneity, and goodness of fit for tables of frequencies.

Prerequisites: Same as for Statistics 112.

Statistics 302—Seminar in advanced mathematical statistics. 3 points Spring Session. Professors Hotelling and Wald.
Hours to be arranged.

Prerequisites: Statistics 111, 112, and 114.

Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling.
Tu. and Th. at 10. 410 Fayerweather.

The consequences of the simultaneous attempts by different persons to maximize their respective profits or degrees of satisfaction. Utility, indifference curves, demand, supply and cost functions, monopoly and various forms of competition, interrelations of prices, taxation. Contrasts and resemblances of a planned society with the outcome of competition. Overhead and marginal costs.

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

Prerequisite: A thorough knowledge of calculus. Mathematics 167 (higher algebra) is highly desirable. Graduate credit in economics is allowed for Mathematics 167 and Mathematics 107.

 

[1944-45]

Statistics 111—Statistical inference. 3 points Winter Session. Professor Hotelling.
Tu. and Th., at 5:40—6:30. 305 Schermerhorn.

The fundamental course prerequisite to all others in mathematical statistics. An introduction to the modern theory of inference from observations, leading to the combination of observations in such ways as to make inferences valid and efficient. Relations of statistics and probability. Significance of the normal distribution. Accuracy of means and differences of means. The characteristic function.

A thorough knowledge of calculus is an essential prerequisite. Unless a previous study has been made of mathematical probability, Mathematics 107 (probability) should be taken simultaneously. Higher algebra is also recommended to be taken simultaneously in order to get an acquaintance with matrix algebra for use in more advanced statistics courses and in mathematical economics.

Graduate credit in economics is allowed for these mathematics courses, for which see the Announcement of the Division of Mathematical and Physical Sciences.

Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Hotelling.
Tu. and Th at 10. 410 Fayerweather.

The classical method of least squares and modern modifications and developments, with stress on the interpretation of results in terms of probability. Applications to social and to natural sciences. The problems of observations ordered in time. Correlation and regression of time series. Seasonal variation and secular trend. Methods of correcting lack of independence and avoiding fallacies. Periodogram analysis. Recent discoveries and improvements.

Prerequisites: Statistics 111, and a knowledge of higher algebra (e.g., Bôcher’s) and of probability. For these see under Statistics 111.

Statistics 114—Correlation and the χ[2] test. 3 points Spring Session. Professor Hotelling.
Tu. and Th., at 5:40—6:30. 410 Fayerweather.

The multivariate normal distribution. Simple, partial, multiple, and vector correlation. Rank correlation and the problem of non-normal populations. Tests of independence, homogeneity, and goodness of fit for tables of frequencies. Contingency tables.

The distribution of the correlation coefficient is derived and is used to illustrate various logical and mathematical questions of more general application.

Prerequisites: Same as for Statistics 112.

Statistics 302—Seminar in advanced mathematical statistics. 3 points Spring Session. Professors Hotelling and Wald.
Hours to be arranged.

Prerequisites: Statistics 111, 112, and 114.

 [Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling.
Not given in 1944-1945]

 

[1945-46]

Statistics 111a and 111b—Probability and statistical inference. 3 or 6 points Winter Session. Professor Hotelling.

Tu. and Th., at 5:40—6:30 and 7:30—8:20. 305 Schermerhorn.

The fundamental prerequisite to all other courses in mathematical statistics. Statistics 111a (Probability) covers the first half of the session and Statistics 111b (Statistical inference) the second half. Students may register for the first half alone, or, if they have completed a course in mathematical probability, for the second half alone. Those intending to study both parts should register for both at the beginning of the session. Registration for Statistics 111b should be completed not later than November 15.

The classical mathematical theory of probability is developed in the first half, starting from a critical treatment of the basic concepts and including permutations and combinations, the binomial, Poisson and normal distribution, the Law of Great Numbers, the principal limit theorems, geometrical probability, and the characteristic function. The second half introduces the use of observations to estimate unknown quantities and to test hypotheses, and deals with criteria of valid, efficient, and exact estimation, with illustrations drawn from physical, biological, and social sciences. The method of maximum likelihood is considered. The Student distribution and the variance distribution are derived and applied to various situations. Moments, cumulants, and other quantities are considered in their two meanings as parameters of a “population,” or probability distribution, and as estimates of parameters based on a “sample” of observations.

A thorough knowledge of calculus is an essential prerequisite. Students are advised to study Mathematics 167 simultaneously to obtain a knowledge of matrix algebra for use in more advanced statistics courses and in mathematical economics.

Statistics 112—Least squares and the treatment of time series. 3 points Spring Session. Professor Wald. [Note change in instructor.]
Tu. and Th at 10. 410 Fayerweather.

The classical method of least squares and modern modifications and developments, with stress on the interpretation of results in terms of probability. Applications to social and to natural sciences. The problems of observations ordered in time. Correlation and regression of time series. Seasonal variation and secular trend. Methods of correcting lack of independence and avoiding fallacies. Periodogram analysis. Recent discoveries and improvements.

Prerequisites: Statistics 111b, and a knowledge of higher algebra (e.g., Bôcher’s) and of probability. For these see under Statistics 111a and 111b.

[Statistics 114—Correlation and the χ[2] test. 3 points Spring Session. Professor Hotelling.
Not given in 1945-1946]

Statistics 302—Seminar in advanced mathematical statistics. 3 points Spring Session. Professor Wald.  [Note change in instructor.]
Tu., 8-10 p.m. 618 Business.

Prerequisites: Statistics 111a and b, 112, and 114. 

[Economics 117—Mathematical economics. 3 points Winter Session. Professor Hotelling.
Not given in 1945-1946]

___________________

 

Source: Columbia University. Bulletin of Information. History, Economics, Public Law, and Social Science [1931-32—1940-41]; History, Economics, Public Law, and Sociology [1941-42—1945-46]. Courses offered by the Faculty of Political Science.

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

Categories
Chicago Courses

Chicago Economics. Reading Assignments, Economic Theory (Econ 301). Viner, Fall 1932

In Milton Friedman’s papers at the Hoover Institution Archives there is a one page handwritten list of reading assignments for Jacob Viner’s Economics 301 (Economic Theory) in Box 5, Folder 12 and a one page typed list of reading assignments for the course, Box 5 Folder 13, that is nearly identical (with only two discrepancies) to the reading list “reproduced exactly from the document that the editors have in their possession” in the appendix to Jacob Viner: Lectures in Economics 301. Douglas A. Irwin and Steven G. Medema, editors. Transaction Publishers, 2013. The lecture notes taken by Marshall D. Ketchum that have been published by Irwin and Medema were taken in the Summer Quarter 1930, two years before Milton Friedman took the course in the Fall Quarter 1932. Everything below in brackets are my additions/annotations.

______________________

[Handwritten notes by Milton Friedman]

Assignments given by Viner in 301, 1932

Marshall        Bk III  ch 3 + 4; Bk V ch 1 + 2

[Alfred Marshall, Principles of Economics (London: Macmillan and Co. 8th ed. 1920).
Book III: On wants and their satisfaction.
Chapter 3: Gradations of consumers’ demand;
Chapter 4: The elasticity of wants.
Book V: General relations of demand, supply and value.
Chapter 1: Introductory. On markets;
Chapter 2: Temporary equilibrium of demand and supply.]

Schultz           Meaning of st[atistical] de[mand] cur[ves] pp 1-10; 25-41.

[Henry Schultz. Statistical Laws of Demand and Supply with Special Application to Sugar. Chicago: University of Chicago Press. 1928. 118 pages]

Mars[hall]      Bk V ch 3, 4, 5, 12; App H

[Book V: General relations of demand, supply and value.
Chapter 3: Equilibrium of normal demand and supply;
Chapter 4: The investment and distribution of resources;
Chapter 5: Equilibrium of normal demand and supply, cont., with reference to long and short periods;
Chapter 12: Equilibrium of normal demand and supply, cont., with reference to the law of increasing returns.
Appendix H: Limitations of the use of statical assumptions in regard to increasing return.]

Viner             Cost Curves […]

[…and Supply Curves, Zeitschrift für Nationalökonomie. Bd. 3, H. 1 (1931), pp. 23-46]

Cunynghame “Geometrical Political Economy”, ch. 3

[Henry H. Cunynghame. A Geometrical Political Economy: Being an Elementary Treatise on the Method of Explaining Some of the Theories of Pure Economic Science by Means of Diagrams, Oxford at the Clarendon Press. 1904.
Chapter 3: Demand curve.]

Smart, Introduction to theory of value     pp. 64-83

[Smart, William (1891). An Introduction to the Theory of Value on the Lines of Menger, Wieser, and Böhm-Bawerk. London and New York, Macmillan and Co. 1891.
Chapter 12: Cost of production;
Chapter 13: From marginal products to cost of production;
Chapter 14: From cost of production to product;
Conclusion.]

Böhm-Bawerk:

“Ultimate standard of value”, Annals of Am[erican] Academy Sept. [sic] 1894

[Eugen von Böhm-Bawerk. The ultimate standard of value. American Academy of Political and Social Science, Philadelphia. Publications, no. 128. June, 1894, 60 p.]

“One word more on ult. st. of v. [ultimate standard of value]   E.J. Dec. 1894

[Eugen von Böhm-Bawerk. One word more on the ultimate standard of value. Economic Journal, Vol. 4, No. 16 (Dec., 1894), pp. 719-725.]

Marshall        Bk V, ch 6;  Bk V, ch 14

[Book V, ch 6: Joint and composite demand. Joint and composite supply.
Book V, ch 14: The theory of monopolies.]

Viner              JPE. 1925 pp 107-111 (objective test of comp.[etitive] price appl[ied] to cem[ent] ind[ustry])

[Jacob Viner, Objective tests of competitive price applied to the cement industry. Journal of Political Economy, Vol. 33, No. 1 (Feb., 1925), pp. 107-111.]

J.S.Mill “Outline of Pol. Economy” Bk II, Ch 11, sec 1; Bk I, ch VI, sec 1

[Note: Outline of Political Economy is the title of Nassau Senior’s book.
John Stuart Mill, The Collected Works of John Stuart Mill, Volume II – The Principles of Political Economy with Some of Their Applications to Social Philosophy (Books I-II), ed. John M. Robson, introduction by V.W. Bladen (Toronto: University of Toronto Press, London: Routledge and Kegan Paul, 1965).
Book II, ch XI, sec. 1:  Distribution. Of wages.
Book I, ch VI, sec. 1: Production. On circulating and fixed capital.]

Henry George, “Progress + Poverty”         Bk I, ch 1,3,4

[Henry George, Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth, The Remedy (Garden City, NY: Doubleday, Page, & Co. 1912).
Book I: Wages and Capital.
Chapter 1: The current doctrine of wages–its insufficiency;
Chapter 3: Wages not drawn from capital, but produced by labor;
Chapter 4: The maintenance of laborers not drawn from capital.]

F.W. Taussig, Principles, vol II, ch 39, 51

[Frank W. Taussig, Principles of Economics. 2nd revised edition. 2 vols. (New York: Macmillan). 1915. Note: a later 3rd revised edition from 1921 has a chapter 51 “Great fortunes” that does not appear as good a fit to this course’s content, so I conclude the reference is to the second edition.
Chapter 39: Interest, cont. The equilibrium of demand and supply;
Chapter 51: General wages.]

J.B. Clark “Dist[ribution] of Wealth”, ch 1, 7, 8, + Preface

 [John Bates Clark, The Distribution of Wealth: A Theory of Wages, Interest and Profits (New York: Macmillan). 1899.
Chapter I: Issues That depend on Distribution;
Chapter VII: Wages in a Static State, the Specific Product of Labor;
Chapter VIII: How the Specific Product of Labor may be Distinguished.]

F.A. Walker, Political Economy P[reface] + IV, ch 4,5,8 + V [sic, should be VI], sec 5

[Francis Amasa Walker, Political Economy (London: Macmillan) 3rd revised and enlarged edition. 1892.
Part IV: Distribution.
Chapter 4: Profits;
Chapter 5: Wages;
Chapter 8: The reaction of distribution upon production.
Part VI: Some applications of economic principles.
Section V: The doctrine of the wage-fund.]

A. Smith Bk I, ch 10

[Adam Smith An Inquiry into the Naature and Causes of the Wealth of Nations, Edwin Cannan, 3d. London: Methuen & Co., Ltd. 5th edition, 1904.
Book I, Chapter X: Of wages and profit in the different employments of labour and stock.]

J.S. Mill           Bk II, ch 14

[Book II, ch 14: Distribution. Of the differences of wages in different employments.]

Cairnes “Polit. Econ”, P[reface] + I, ch 3 [art.] 4,5

[J.E. Cairnes. Some Leading Principles of Political Economy Newly Expounded. New York: Harper & Brothers, Publishers. 1874.
Part I: Value.
Chapter 3: Normal value]

Taussig          Principles, ch 47

[Chapter 47: Differences of wages. Social stratification.]

J. B. Clark Ch 9, 13

[Chapter IX: Capital and Capital-Goods Contrasted;
Chapter XIII: The Products of Labor and Capital, as Measured by the Formula of Rent]

Böhm Bawerk           Bk 2, ch 1-5; Bk 5, ch 1-4; Bk 6, ch 1,2,4,5,6; Bk 7, ch 1,2

[Book II: Capital as instrument of production.
Chapter 1: Introductory;
Chapter 2: Capitalist production;
Chapter 3: Historical development of the conception;
Chapter 4: The true conception of capital;
Chapter 5: The competing conceptions of capital.
Book V: Present and future.
Chapter 1: Present and future in economic life;
Chapter 2: Differences in want and provision for want;
Chapter 3: Unerestimate of the future;
Chapter 4: The technical superiority of present goods.
Book VI: The source of interest.
Chapter 1:  The loan and loan interest
Chapter 2: The profit of capitalist undertaking. Principles of explanation.
Chapter 4: The profit of capitalist undertaking. The labour market;
Chapter 5: The profit of capitalist undertaking. The general subsistence market;
Chapter 6: The profit of capitalist undertaking. The general subsistence market (continued).
Book VII: The rate of interest.
Chapter 1: The rate in isolated exchange;
Chapter 2: The rate in market transactions.]

Marshall                    Bk VI, ch IX

[Book VI: The distribution of the national income.
Chapter 9: Rent of land.]

Ogilvie                       Marshall on Rent      Econ J. 1930

[F.W. Ogilvie. Marshall on Rent. Economic Journal 40 (March) 1930: 1-24]

J.B. Clark        ch 23

[Chapter XXIII: The Relation of All Rents to Value and Thus to Group Distribution]

 Source: Hoover Institution Archives, Milton Friedman Papers Box 5, Folder 12 (Student years)

______________________

[typed list of reading assignments]

Assignments in Viner’s Economics 301
(In order of assignment)

Marshall,        Bk III, ch. 3, 4; Bk V, ch. 1, 2

Böhm-Bawerk, Positive Theory of Capital, Bk IV, ch. 4

Schultz, Meaning of Statistical Demand Curves, pp. 1-10, 25-41.

Marshall, Bk. V, ch 3, 4, 5, 12; App. H

Viner, Cost Curves [and Supply Curves, Zeitschrift für Nationalökonomie. Bd. 3, H. 1 (1931), pp. 23-46]

Cunynghame, Geometrical Political Economy, Ch. 3

Smart, Introduction to the Theory of Val., pp. 64-83

B. B. [Böhm-Bawerk], Ultim. Stand. of Val., Ann. of Am. Ac., Sept. 1894

One word More on Ult. S. of V., Econ. Jour., Dec 1894

Marshall,        Bk. V, ch. 6; Bk. V, ch. 14

Viner, Objective Tests of Comp. Pr. appl. to the Cem. Ind. JPE, ‘25

J.S. Mill, Outline of Pol Ec. [sic, Principles of Political Economy], Bk II, ch. 11, sec. 1; Bk I, ch. 6 sec. 1

Henry George, Progress and Poverty, Bk I, ch. 1, 3, 4.

F. W. Taussig, Principles, Vol II, ch 39, 51.

J. B. Clark, Distr. of Wealth, ch. 1, 7, 8, preface.

F. A. Walker, Pol. Ec., Part IV, ch. 4, 5. Part VI, Sec. 5

Adam Smith, Bk. I, ch 10

J.S. Mill, Bk II, ch. 14

Cairnes, Pol. Ec., Part I, ch. 3, arts. 4, 5.

Taussig, ch. 47

J. B. Clark, ch. 9, 13

B.B. [Böhm Bawerk], Bk II, ch 1-5; Bk V, ch 1-4; Bk. VI, ch. 1, 2,4,5,6; Bk. VII, ch. 1,2.

Marshall, Bk. VI, ch. 9

Ogilvie, Marshall on Rent, Econ. Journ., March, 1930

J. B. Clark, ch. 23

Source:  Hoover Institution Archives, Milton Friedman Papers Box 115, Folder 13 (Class Exams circa 1932-1938)

Image Source: University of Chicago Photographic Archive, apf1-08490, Special Collections Research Center, University of Chicago Library.