Category: Economists

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Economists Gender Harvard Radcliffe

Radcliffe. Schumpeter Letter Supporting Marion Crawford, 1937

Paul Samuelson’s first wife (they were married in Cambridge in 1938) and mother of their six children, Marion Estelle Crawford (b. 1915, d. 1978) graduated Phi Beta Kappa from Radcliffe in 1937, with an A.B. summa cum laude in economics. For graduate study she was awarded a Harvard Annex Fellowship in 1937-38.   In 1938-39 she received an Augustus Anson Whitney and Benjamin White Whitney Fellowship. She was awarded an A.M. in economics in 1940. Her sole publication was “The Australian Case for Protection Reexamined” (Quarterly Journal of Economics, November 1939). Her New York Times obituary closed with the sentence “She retired when her first child was born in 1946.”  It was still a time when motherhood was an absorbing state.

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High-School Honours

Source: Berlin High School (Wisconsin) 1933 Yearbook Mascoutin, pp. 16-17.

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Senior Yearbook Picture
Radcliffe, 1937

Source; The Radcliffe 30 and 7, p. 48.

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Copy of Joseph Schumpeter’s letter supporting Marion Crawford’s application for a fellowship

February 11, 1937

Dr. Bernice Cronkhite, Dean
Radcliffe College
Cambridge, Massachusetts

This is to support Miss Marion Crawford’s application for a fellowship for the next academic year. There cannot be any doubt but that she is one of our best students and that every effort should be made to make her further study financially possible. She proves her ability by the fact that, being a senior, she takes graduate courses with the utmost ease, and in fact much better than most of the graduates, whether male or female. Her equipment should prove particularly useful in the present state of economics, and I feel confident that her work will do credit to her and to Radcliffe.

Very sincerely yours,

J. A. Schumpeter

Source: Harvard University Archives. Department of Economics, Correspondence and Papers, 1930-1961. Box 21, Folder “Joseph A. Schumpeter 1933-1942”.

Image Source: Detail from a black-and-white photo of Marion Crawford and Paul Samuelson from the slideshow at the M.I.T. Memorial Service for Paul Samuelson (April 10, 2010).  Colorized by Economics in the Rear-view Mirror.

Categories
Chicago Economists Faculty Regulations

Chicago. No French, no Economics Ph.D. Case of Robert Russ Kern, 1909

This post provides a case demonstrating that the foreign language requirement for getting a Ph.D. in economics at the University of Chicago was indeed a constraint during the first decade of the 20th century. At the time a reading knowledge of French and German was required for admission to Ph.D. degree candidacy. In the following transcribed letter (June 2, 1909) to President Harry Pratt Judson, the Dean of the Graduate School of Arts and Literature, sociology professor Albion Woodbury Small, recounted his encounter with a political economy graduate student, Robert Russ Kern, whose self-confessed lack of French reading skills had disqualified him from admission to his planned Ph.D. examination in economics and psychology.

It turns out that Kern never received a Ph.D. from the University of Chicago or in fact anywhere else. This was reason enough to don my historian’s gumshoes and find out where Robert Russ Kern came from and how his post-Chicago career turned out. But first I’ll put into the record the letter from the University of Chicago archives that caught my attention.

Fun fact: in 1909 one apparently wrote “ ‘phone” with a leading apostrophe.

Fun with old photos: this is the first post at Economics in the Rear-view Mirror that provides a colorised black and white image from yore.

[Handwritten: June 2-09]

The President,
My dear Chief:

I do not remember that I have ever had a more painful scene in the Graduate Office than occurred this morning with Mr. Kern. In a word Mr. Kern was expecting to take his examination for the Doctor’s degree in Economics and Psychology tomorrow. At the last meeting of the Graduate Faculty it was voted that he be allowed to take the examination, provided the Examiner and the Dean were meanwhile assured that he had complied substantially with our requirement. Yesterday Mr. Williamson reported to me that Mr. Kern confessed to him that he had forgotten all the French he ever knew, but asked him to certify to his knowledge of French. I thereupon notified Mr. Kern that as he could not satisfy our French requirement his admission to the examination was automatically closed. This morning he came to my office in a very intense state of mind, to express it within limits, and as I summed up for him his demands it was that the University should substitute its judgment for his of what was a reasonable requirement for a Doctor’s degree. He stated that for years it had been notorious that men had been passed by the French Department without knowing any more French than he does. When I asked him if he was willing to present evidence to support that statement he declined on the ground that it would make trouble for men still in the University. I told him that it was beyond my power to do anything if I wanted to in the face of the plain statement of fact about his knowledge of French. I told him further, however, that if he would put in writing any statement which he was willing to lay before the President I would put it in your hands today. I told him however that I saw no way in which you could feel called upon to interfere with the regular operation of our rules, but that he would hear from you if you saw any way to deal more favorably with his case.
I have talked over the ‘phone since the interview with Mr. Laughlin and he agrees with me that it would be a demoralizing variation from our precedents to withdraw from the position the rules required me to take. I have therefore sent the following notice to the members of the examining committee “Unless you receive word from the President reversing this decision, Mr. Kern’s examination will not be held Thursday, June 3rd.”

Sincerely,
[signed] Small

Source: University of Chicago Archives. Office of the President. Harper, Judson, and Burton Administrations. Records. Box 38. Folder „Dean of Graduate School, 1909-20. 38/12 Pres.“

The Life and Career
of Robert Russ Kern

Life Data

Robert Russ Kern was born in Kansas City, Missouri on April 9, 1878 (date from draft registration) and died April 19, 1958 in Washington, D.C.

From his obituary in the April 20, 1958 edition of the Sunday Star (Washington, D.C.), p. 34 we also learn the following professional and personal facts:

Phi Beta Kappa at the University of Missouri.
Surviving wife, Jeanette G. Kern, and daughter, Jean Russ Kern.
He retired from George Washington University in 1934.

About his wife: Jeanette Kern, née Geschickter, graduated in 1912 with an A.B. from GWU.  They married June 10, 1912 in the District of Columbia.

University of Missouri Years
(A.B. 1905)

Rollins Junior scholarship winner 1903-1904. Kern “made a higher average grade since his entrance to the university than any other student in the last ten years. He is said to be the best student of philosophy in the history of the university.”
Kansas City Star, June 2, 1904, p. 5.

Some uncertainty whether he would be the valedictorian of his class because he was confined in Parker Memorial Hospital for three weeks and unable to take final examinations. St. Joseph News Press (June 5, 1905), p. 5.

Valedictorian of the academic department of the University of Missouri. St. Louis Post-Dispatch, June 8, 1905, p. 10.

Cornell University Year

Graduate student at Cornell in 1907.
Source: Cornell Alumni Directory (May 15, 1922) p. 175

University of Chicago Years

Robert Russ Kern, graduate student in the department of political economy

Fellow (1907-08)
Assistant in Political Economy (1908-09)

Source: Twenty-five years of the Department of Political Economy (1916).

From the fifth list of dissertations in progress:

Robert Russ Kern, University of Chicago. The formation of the prices of consumers’ goods (probable date of completion, 1908). The Economic Bulletin, vol I, Nr. 1 (April 1908), p. 73.

From the sixth list of dissertations in progress

Robert Russ Kern, University of Chicago. Industrial finance (probably date of completion, 1909). The Economic Bulletin, vol II, Nr. 1 (April 1909), p. 21.

George Washington University Years

Instructor of Economics (listed as “Dr. (sic) Kern”) in 1909.

George Washington University Bulletin (1909), p. 13 “Robert R. Kern, Ph.D (sic)…..Instructor in Economics
Dr. (sic) Kern graduated at the University of Missouri, taught in Columbia University (Note: I have not verified his Columbia University affiliation) and Cornell University and came to this University from the Chicago University.”

Listed  in George Washington University Bulletin as Professor of Economics and Sociology only with a A.B. (1920)

Professor of Urban Sociology, GWU.

Publications

The Supervision of the Social Order. The American Journal of Sociology, 1918/1919
Part I. Part II.

The Super City. The World‘s Most Efficient and Beautiful City. Washington, D.C., 1924. By Robert Russ Kern, Professor of Economics and Sociology in the George Washington University.

Image Source: University of Missouri, The MU Yearbook Savitar (1905), p. 23. Colorized by Economics in the Rear-view Mirror.

Categories
Economists Harvard

Harvard. On Francis Bowen’s Professorial Settee. Eliot, 1898

The picture above is merely one example of an early 19th century American settee (a.k.a. a “love seat”, i.e., a chair for more than one person) that I have posted for visitors who, like the curator of Economics in the Rear-view Mirror, might have had no image in mind of what a settee actually looks like.

Harvard President Charles William Eliot was amused by this felicitous metaphor used by Dr. Oliver Wendell Holmes, Sr. to describe the breadth of his own professorial chair that covered the subjects of histology and pathology.

Eliot became president of Harvard in 1869 and saw the inherent problem in tasking a single professor with instruction in disparate disciplines. Alford Professor Francis Bowen, whose courses covered logic, metaphysics, ethics, and political economy, was Eliot’s poster-child for the lack of specialization resulting from spanning academic disciplines. Eliot appears to have been quite proud in the development of the department of Economics at Harvard that began with its first full-time professor of political economy, Charles Franklin Dunbar in 1871.

To be fair to Bowen, I thought it only right to first post a list of his book/pamphlet length publications to show that Eliot’s problem with Bowen was not so much one of Bowen being an unproductive scholar (in the bean-counting sense) but that economics apparently only accounted for a small share of Bowen’s scholarly attention. But in any event, Dunbar was definitely a big step up for Political Economy at Harvard.

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Books and articles
by Francis Bowen

1842. Critical Essays on a few Subjects connected with the History and Present Condition of Speculative Philosophy.

1849. Lowell Lectures on the Application of Metaphysical and Ethical Science to the Evidences of Religion.

1850. The War of Races in Hungary [The first of two controversial articles regarding Hungary led to Harvard’s Board of Overseers not approving appointment of Bowen to the McLean professor of history. From The North American Review (January, pp. 78-136; April, pp. 473-520.]

1851. The Rebellion of the Slavonic, Wallachian, and German Hungarians against the Magyars [The second of Bowen’s articles on Hungary to displease the Harvard Board of Overseers. From The North American Review (January, pp. 205-249).]

1854. Documents of the Constitution of England and America from Magna Charta to the Federal Constitution of 1789. Compiled and edited, with notes by Francis Bowen.

1855. The Principles of Metaphysical and Ethical Science: Applied to the Evidences of Religion.

1856. The Principles of Political Economy Applied to the Condition, the Resources, and the Institutions of the American People.

1864. A Treatise on Logic or, The Laws of Pure Thought; Comprising both the Aristotelic and Hamiltonian Analyses of Logical Forms and Some Chapters of Applied Logic.

1865. The Metaphysics of Sir William Hamilton, Collected, Arranged, and Abridged for the Use of Colleges and Private Students.

1870. American Political Economy: Including Strictures on the Management of the Currency and the Finances since 1861.

1877. Modern Philosophy from Descartes to Schopenhauer and Hartmann.

1880. Gleanings From a Literary Life.

1885. A Layman’s Study of the English Bible considered in its Literary and Secular Aspect.

Links to many other articles written by Francis Bowen at Gonçalo L. Fonseca’s History of Economic Thought website.

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From President Eliot’s remarks at the 11th annual dinner of the Harvard Club of Fall River, Massachusetts

…I know most of you keep the warmest spot in your hearts for the college. Let me point out what has happened there. When I went back, I found one man, Professor Bowen, occupying the chair of political economy, philosophy and civil polity, and, as Dr. Holmes said, that “chair” should have been called a “settee.” Now there are four full professors of political economy, four in philosophy, with five or six instructors and as many assistants in each subject. That’s the change. Professor Bowen was not productive except of one book, naively called “American Political Economy”. All the professors of political economy are now productive. They belong to the advanced lines. Two have recently rendered important services to country and State, in the matters of currency and taxation….

Source: Fall River Evening News (Massachusetts), February 24, 1898.

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Oh, that Dr. Holmes

…Dr. Oliver Wendell Holmes was professor of anatomy and physiology in Harvard University down to 1871; and he really taught, in addition to these two immense subjects, portions of histology and pathology. He described himself as occupying, not a chair, but a settee. The professorship in Harvard University which was successively occupied by George Ticknor, Henry Wadsworth Longfellow, and James Russell Lowell is the Smith professorship of the French and Spanish languages and literatures. In many American colleges we find to-day the same professor teaching logic, metaphysics, ethics, and political economy. Indeed, this was the case in Harvard College down to 1871, except that moral philosophy and Christian ethics were detached from the Alford professorship from and after 1860. The specialization of instruction is by no means completed in American colleges….

Source: Charles William Eliot’s “The Unity of Educational Reform” before the American Institute of Instruction at Bethlehem, New Hampshire, July 11, 1894 in his Educational Reform: Essays and Addresses (1898). pp. 330-1.

Image Source: Settee from Salem, Massachusetts, ca. 1820. From the (sold) inventory at the Thistlethwaite Americana website.

Categories
Economists Germany Harvard

Harvard. Political Economy tutor, Henry Howland (Heidelberg PhD). 1873-1874

In Charles F. Dunbar’s third academic year of his professorship in political economy at Harvard [course offerings from the first half of the 1870s], a reshuffling of the required (i.e., non-elective) one semester course in political economy to the sophomore year meant that the course would have to be offered twice in 1873-74, once for juniors  and once for sophomores. To handle the increased teaching load, Henry Howland (A.B. Harvard 1869) was appointed tutor in History and Political Economy in 1873-74, having worked as a tutor for German language courses. He had returned to Harvard in the fall term of 1872, after spending a year in France and two years in Germany, where he completed a doctorate in political economy at Heidelberg. Howland went on to Harvard Law School, receiving a law degree in 1878. There he was an instructor on tort law for the years 1879-1883.

Some further research into the life and career of Henry Howland revealed significant episodes of depression (and perhaps other mental illness) that required him to be placed temporarily under the guardianship of his brother. 

I have not yet been able to confirm Howland’s Heidelberg advanced degree in political economy mentioned in the memoir of his classmate that was written shortly after his death following “acute melancholia”.

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From  Harvard’s
Report of the President 1873-74

“The courses in Political Economy and the Constitution of the United States are found in both years [Sophomore and Junior classes], as these courses were, last year [1873-74], transferred from the Junior to the Sophomore course of study.”

Source: Harvard University. Report of the President of Harvard University 1873-74, p. 52.

*  *  *  *  *  *  *  *  *  *

Required studies.
Sophomores.

Instructor: Mr. Howland
Subject: Political Economy
Text-Books: Elements of Political Economy. — Constitution of the United States.
Number of students: 170
Number of sections: 5
Exercises per week for students: 2
Exercises per week for Instructor: 10 (for a half-year)

Instructor: Mr. Howland
Subject: History
Text-Books: Outlines of General History.
Number of students: 170
Number of sections: 5
Exercises per week for students: 2
Exercises per week for Instructor: 10 (for a half-year)

Source: Harvard University. Report of the President of Harvard University 1873-74, p. 42.

*  *  *  *  *  *  *  *  *  *

Required studies.
Juniors.

Instructor: Prof. Dunbar
Subject: Political Economy
Text-Books: Elements of Political Economy.— Constitution of the United States.
Number of students: 153
Number of sections: 3
Exercises per week for students: 2
Exercises per week for Instructor: 6 (for a half-year)

Source: Harvard University. Report of the President of Harvard University 1873-74, p. 44.

Elective studies.

Instructor: Prof. Dunbar
Subject: Philosophy 6
Text-Books: Political Economy. J. S. Mill’s Political Economy.— Bagehot’s Lombard Street. — Sumner’s History of American Currency.
Number of students: 1 Junior, 70 Seniors
Number of sections: 2
Exercises per week for students: 3
Exercises per week for Instructor: 6

Source: Harvard University. Report of the President of Harvard University 1873-74, p. 46.

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Obituary from
Boston Evening Transcript
(July 13, 1887)

            Mr. Henry Howland, for a number of years a member of the Boston Bar, died in Somerville, Monday. He was born in Boston, Dec. 23, 1846, and was graduated at Harvard in the class of 1869, and at the Harvard Law School in 1878. From 1872 to 1874 he was a tutor at Harvard, taking charge of history and political economy classes. Mr. Howland also continued his studies abroad, obtaining at Heidelberg the degree of Ph.D. He practiced law in Boston until his health gave out, holding just before retirement a position in the United States district attorney’s office under Judge Sanger.

[Cf. the Death Registry of the City of Somerville gives “Acute Melancholia” as the “Disease, or Cause of Death”.]

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Henry Howland (see A.B. 1869), Tutor 1872-1874; Instr. in History and Political Economy 1872-1874; Instr. in Torts 1879-1883.

Source: Harvard University, Quinquennial Catalogue of the Officers and Graduates 1636-1930 (Cambridge, MA: 1930), p. 94.

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1888 Memoir of a Harvard Classmate

HENRY HOWLAND

Born in Boston, December 23, 1846. Son of David and Rebecca (Crocker) Howland.
Died July 11, 1887.

The following Memoir, prepared by Henry W. [Ware] Putnam, was read at the Commencement Meeting of the Class, June, 1888:

Henry Howland, son of David and Rebecca Howland, born December 23, 1846, died July 11, 1887. We had hardly separated after our last Commencement reunion when we were startled with the announcement of another gap made in our ranks by the death of Henry Howland. We could hardly have been more unprepared for the death of any one of our number. It had not occurred to his most intimate friends that the disorder which had hung like a cloud over the last years of his life was likely to have any serious physical consequences, much less a fatal termination, and all had cherished the hope that after a while his fine mental powers would reassert themselves undimmed, and that a career which we had at graduation looked forward to as one of the most brilliant that the Class promised, would yet be achieved. But it was not to be, and on July 11, 1887, he died, at the age of forty, after a sudden illness of only a few days’ duration.

After graduating from College, Howland went abroad for purposes of study, intending to make teaching his profession, and spent one year in France and two in Germany. During this period he became a thorough French and German scholar, studied history and political economy at the Universities of Berlin and Heidelberg, taking the degree of Ph.D. at the latter university in political economy. One of the present professors at Harvard who made his acquaintance there, and who remained his devoted and intimate friend till his death, writes as follows of him at that time: “Henry was the first Harvard graduate whom I had ever known well, and from my first meeting with him in Berlin he filled me with admiration by reason of his zeal and enthusiasm in his studies. History was his subject at that time, and he attended the lectures of the university regularly, and had two ‘Docenten’ in addition who went to his room and lectured to him there. He was tireless in finding expedients for increasing his knowledge of German, and accomplished more, I think, in his eighteen months in Germany, than any man of my acquaintance… It was characteristic of Henry,” he continues, “that when he received in Berlin the offer of an appointment in German at Harvard, he came to me and said that he didn’t care for it and would try to get it for me. I knew that he did want it very much, and of course declined to consider the subject of an appointment at all until he had received his. He was appointed in History and German, and it was entirely through his efforts that I was appointed tutor in German. Henry was changed less by his stay in Europe than any American I knew. He absorbed all that was advantageous in his surroundings, and seemed to be affected not at all by that which was worthless or ignoble. Especially in his political and social views he remained a true and steadfast Democrat and high-minded American.”

Returning home in the fall of 1872, he taught for two years at Harvard with success, — the first year as a tutor in German, the second as instructor in History and Political Economy. One of our number who was intimately associated with him during these years, being an instructor in the University at the same time, writes as follows: “He was a close and conscientious student, and possessed a great fund of general information outside of his specialties; but he was always very deferential in making any statement either of fact or opinion even to those who, as he must have known, had but a tithe of his knowledge of the subject in question. He had a happy faculty of making a friend feel at ease while he was imparting to him good information, the faculty of not making an ignorant man feel his ignorance, a faculty which was possessed, as you will remember, in such a marked degree by Professor Gurney. In argument he was always calm and never loud, but very persistent and utterly imperturbable; he never allowed himself to be switched off, and moreover, he never allowed his opponent to jump the track and take to side issues, but held him to the main line of thought until one or the other got somewhere, generally Henry.” His reputation as a teacher at the University was steadily growing, and his outlook for a successful academic career was regarded as very promising by his associates and elders at Cambridge, when he was visited by an attack of mental derangement brought on by overwork in his regular classes and with private pupils, and by the late hours and irregular habits as to sleep and meals, which are apt to accompany excessive application to study. After recovering from this attack he gave up teaching, decided to study law, and entered the Law School in 1876, taking his degree in 1878.

It is not difficult for the rest of us to see now that it was a momentous, probably a mistaken, step to enter so late and so heavily handicapped upon a profession in which one can ill afford to lose any time or have any unnecessary odds against him; but we can also easily see that it was a very natural one under the unsettling and discouraging circumstances of the moment. His natural abilities for the law were indeed fine, lying especially in the direction of a studious and safe adviser in chambers rather than an advocate in court; and with an earlier start and an unobstructed course he would have succeeded in the race; but as it was, the chances were overwhelmingly against him, and the courage with which he entered upon the profession, the patient and unflagging determination with which he clung to it, were at once heroic and pathetic. After being admitted to practice, he gave courses of instruction in torts at the Law School, in addition to his office-work, for three years with great acceptance, and made some scholarly researches in the early literature of the law for one of the professors in the school. During the last of these years he held also the position of Assistant United States District Attorney. The exacting labors of this position, which were not especially adapted to his abilities, nor congenial to his natural tastes, added to his other work, proved too much for him, and in June, 1882, he succumbed to a second attack like the first, but returned to business in December of the same year. Still another slight one occurred in August, 1883, lasting till October of the same year. He then enjoyed entire immunity for three years, and although urged by his closest friends to give up all attempt to practise law and seek some occupation where he would have plenty of outdoor life and leisure for light literary work, he was unwilling to give up his chosen ambition. During this period he did some excellent professional work, chiefly in conveyancing, and in the preparation of briefs and summaries of the law on points placed in his hands by other counsel for his examination, and it seemed as if he might yet get established in the profession; but his father’s illness and death again broke him down in the summer of 1886, and, without again returning to work, and with only a brief interval of even measurably complete restoration to reason in the spring of 1887, he died from a sudden and very brief attack of physical exhaustion.

This long and losing twelve years’ struggle between the finest intellectual gifts and inexorable mental disease is too sad and too pathetic for us, who loved him, and confidently expected so much of him, to be able to dwell upon. As a Class, we can simply put upon our record an expression of our disappointment and grief at this untimely calamity, and then try to put it out of our mind forever. But his character and qualities we shall hold in affectionate and enduring remembrance as long as any of us survive to hold Class meetings. He was the most modest of men — modest to the extent of unjust depreciation of himself. His manners and personal bearing — at all times and in all company — were those of a perfect gentleman; marked as they were, not merely by the friendly good-will and sympathy of the good fellow who is everybody’s friend, but by a certain reserve and formality, not amounting to stiffness, but showing that he made a certain pronounced, though not obtrusive, courtesy of the old school one of the duties of his life never to be forgotten or neglected, even in the society of intimates; and his outward bearing thus never failed to express the real dignity of his character, even when his wit was keenest and his raillery most pungent. His unselfishness, his absolute self-effacement when there was a friend to serve or help in any way, was a part of his very nature, — deep-seated, spontaneous, sincere. Of that fine virtue which the ancients, whose best writings he seems to have absorbed into his very being, placed above all others and called piety, filial devotion, the love of parents, he was the most striking exemplar I have ever known, subordinating every interest of his own — pleasure, social recreation, professional ambition, health — to the unceasing care through long years of an invalid mother and of an aged father. When his love of society is considered, this self-denial — especially when the circumstances did not render it in any sense a necessity — becomes the more striking and admirable. His sense of duty in all the relations of life was so extreme as to be almost morbid, and had in it a touch of Puritanic rigor. His public spirit was strong and his sympathies in this direction broad, and he was active — though not radical or extreme — in all the duties of a citizen and in the movements of social and political reform in his neighborhood. His abilities were peculiarly of a literary kind. His literary taste was of the finest; he was a constant and appreciative reader of the best imaginative literature, a lover of music and the drama. If he could, or would, but have seen it, so rare a spirit was wasted in the study of the law, and would have been so, in a sense, even with health and professional success. The higher fields of literary and historic criticism and, perhaps, composition — of philosophic generalization on literary and particularly on historic subjects — were his true field, and it was only after his first illness had discouraged him somewhat, and perhaps impaired the soundness of his judgment, that he abandoned that career for another. In his death we all mourn a fine, scholarly, high-minded character and loyal classmate; many of us a sympathetic, affectionate, and deeply loved friend.

Source: Eleventh Report of the Class of 1869 of Harvard College. Fiftieth Anniversary (June 1919), pp. 149-154.

Image Source: Title page of the Annual Report of the President of Harvard College, 1876-1877.

Categories
Chicago Economists Funny Business

Chicago. The School of Chicago 1972 by Roger Vaughan (Ph.D. 1977). IDs by Gordon, McCloskey & Grossbard

The 1500th artifact added to Economics in the Rear-view Mirror deserves to be a celebratory post for visitors. For this honor I have chosen a  pastiche drawn by a Chicago economics graduate student in 1972. Roger Vaughan (Ph.D. 1977) was the principal, if not only, illustrator for the student-produced satirical publication P.H.A.R.T., an issue of which has been transcribed for an earlier post.

I first saw a copy of Roger Vaughan’s reworking of Raphael’s “School of Athens” added to a photo from a Tweet of a few years back. At that time it did not occur to me to engage in a serious search for the backstory to the drawing. And yet, serendipity turned out to be kind to me when, on a visit to the Harvard Archives last year, I stumbled upon a folded, mint-condition copy of  Vaughan’s “The School of Chicago 1972” in the papers of Zvi Griliches. Of course I had this masterpiece of economics funny business copied and it now has pride of place in my home study.

A few identifications of the figures seen in “The School of Chicago 1972” are obvious (e.g. Milton Friedman and George Stigler, duh) and others could be identified from other Vaughan caricatures that likewise are found in Griliches’ papers (e.g. Marc Nerlove, Stan Fischer, and Robert J. Gordon). Still, most of the renderings remained unidentified. My first idea was to seek out the artist himself, but alas I could only confirm that he had passed in October 2021. The next idea was to seek a living eye-witness to the Chicago economics department of a half-century ago. Here I was luckier, the Stanley G. Harris Professor in the Social Sciences at Northwestern University, Robert J. Gordon, responded to my inquiry almost immediately and as quickly forwarded my request for further information to Distinguished Professor of Economics, History, English, and Communication at the University of Illinois at Chicago, Deirdre McCloskey, for her confirmation and further commentary. Following the initial posting of this artifact, Professor Shoshana Grossbard of San Diego State University spotted a few misspelled names (mea culpa), but, more importantly, was able to identify Margaret Reid by her beret(!).We can all be grateful to these colleagues for their identifications provided below. There remains one unidentified man in the back-row standing to George Stigler’s left plus a couple of yet-to-be identified graduate students. Peeps, Economic in the Rear-view Mirror needs your help! You can leave comments at the end of this post.

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About the artist, Roger Vaughan

From his 1981 AEA Biographical Listing, p. 421

Vaughan, Roger J, 421 Hudson St., Apt. 406, New York, NY 10014. Birth Yr: 1946

Degrees: B.A., U. of Oxford, 1968; M.A., Simon Fraser U., 1970; Ph.D. U. of Chicago, 1977. Prin. Cur. Position: Dep.Dir., Off. Of Develop. Planning, State of New York, 1980-

Concurrent/Past Positions: Econ., Citibank, 1978-80; Econ. The Rand Corp. 1974-78. Research: Urban Policy, finance, taxation training.

Roger J. Vaughan’s Rand Reports,
1974-1980

• The Urban Impacts of Federal Policies: Vol. 1, Overview 1980
• Federal Activities in Urban Economic Development 1979
• Recent Contributions to the Urban Policy Debate 1979
• The Urban Impacts of Federal Policies: Vol. 4, Population and Residential Location 1979
• Assessment of Countercyclical Public Works and Public Service Employment Programs. 1978
• Regional Cycles and Employment Effects of Public Works Investments. 1977
• The Urban Impacts of Federal Policies: Vol. 2, Economic Development 1977
• The value of urban open space 1977
• The Economics of Urban Blight. 1976
• Getting People to Parks. 1976
• Public Works as a Countercyclical Device: A Review of the Issues 1976
• The Use of Subsidies in the Production of Cultural Services. 1976
• The Application of Economic Analysis to the Planning and Development of the Delaware Water Gap National Recreation Area. 1975
• The Economics of Expressway Noise Pollution Abatement. 1975
• The Economics of Recreation: A Survey. 1974

Source: Rand Reports. Published Research by Author, Roger J. Vaughan.

Sage. Research Methods.

Communicating Social Science Research to Policymakers
By: Roger J. Vaughan & Terry F. Buss
Published: 1998
DOI: https://dx.doi.org/10.4135/9781412983686

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Raphael’s Scuola di Atene (1509-1511)

For some explanation of what we see in the original, cf. “The Story Behind Raphael’s Masterpiece ‘The School of Athens'” by Jessica Stewart at the Modern Met Website.

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Roger Vaughan’s Pastiche

Open the image in a new window to see a larger image

Source: Harvard University Archives. Papers of Zvi Griliches, Box 129. Folder “Posters, ca. 1960s-1970s”.

Background

The statues standing in the upper alcove are of the President and Vice-President of the United States, Richard M. Nixon (holding a lyre, a sweet visual pun) and Spiro T. Agnew (with the pennant “Effete Snobs”, abridged from his description of self-characterized intellectuals as an “effete core of impudent snobs” in his  “Generation Gap” speech given in New Orleans on October 19th, 1969.)

“1126” refers to the street address of the Social Science Research Building, 1126 E. 59th St.

“MV=PT” inscribed in the center of the dome is the Equation of Exchange (cf. Irving Fisher’s The Purchasing Power of Money). Cf. at the left of the back-row of Chicago economists, Arnold Zellner is carrying papers with “MV=PY“. Milton Friedman’s vanity license plates on his red cadillac used “MV=PQ” for the Equation of Exchange. Everyone seems to have agreed on the notational virtues of “M”, “V”, and “P”. Does anyone know whether there was any substantive reason for differences regarding the choice of “T”, “Y”, and “Q” for the final term?

Economics in the Rear-view Mirror comment: Though his arm is blocking part of the equation, Zellner is clearly displaying the equation of exchange, MV = PY.

Deirdre McCloskey’s comment: “Underneath Nixon is Marc Nerlove pointing into the ear, by the way of insult, of Hans Theil the great Dutch econometrician (the four great econometricians at Chicago, which had included Zvi Griliches, who had just moved to Harvard, hated each other).”

Economics in the Rear-view Mirror comment: Robert J. Gordon served as an editor of the Journal of Political Economy (J.P.E.) from 1971-1973.

Economics in the Rear-view Mirror comment: Stigler’s position corresponds to that of Aristotle’s in Raphael’s fresco. There Aristotle holds a copy of his own Nicomachean Ethics. Stigler is seen here holding a book by [Adam] Smith, presumably Wealth of Nations.

Deirdre McCloskey’s comment: “George Tolley [is] in a garbage can because he did urban economics (Vaughan was his student).”

Shoshana Grossbard’s comment: “[Margaret Reid]…not only [wore] the dark beret, but also [has] her hair in a bun, under the beret. that was her typical look. She and I attended Becker’s workshop in applications of economics in the years 1974-76.”

And guess what a casual search just turned up…

Margaret Gilpin Reid, professor emeritus of Home Economics and Economics

Source:  University of Chicago Photographic Archive, apf1-07052, Hanna Holborn Gray Special Collections Research Center, University of Chicago Library.

Economics in the Rear-view Mirror’s comment: On the high-resolution hard-copy hanging on my study wall, the beret looks sort of like an ink blot and I regreted that imperfection. But now, thanks to Shoshana Grossbard’s careful observation combined with her memory of Reid’s “typical look” and an archival sighting of said beret, I am convinced and grateful that we now have another positive identification!

Deirdre McCloskey’s comment: “D. Gale Johnson…has a pitchfork because he was an agricultural economist. ”

Deirdre McCloskey’s comment: Ted Schultz […] is pointing down to say “This is where the true Chicago School is, where I am!”.

Foreground

The identification of Robert F. Pollard was made by Roger Vaughan’s work and life partner, Anna Nechai.

 

Deirdre McCloskey’s comment: “…Dick Zecher [is] sticking his finger through an IBM card because he was in charge of the Department’s mainframe computer access.”

Another visual pun: Harry Johnson is portrayed writing on a literal Edgeworth-Bowley-box, a two-dimensional representation of allocations that could be Pareto efficient exchange equilibria. The two tradeable goods are measured in Edgeworth and Bowley units, respectively.

Deirdre McCloskey’s comment: “Mary Jean Bowman, one of two tenured women in a small department; she did educational and demographic economics.  The other woman was Margaret Reid, the inventor of household economics…”

The triangle seen in the previous detail is Arnold Harberger’s measure of deadweight loss (efficiency cost resulting from a natural or policy induced distortion of markets).  See Robert J. Gordon’s historical photo of Al Harberger stripping down to reveal himself as “Triangleman” ca. December 1970. In Raphael’s fresco Harberger’s place was that of Euclid.

Robert  J. Gordon’s comment: “I think the bearded student is Dan Wisecarver”

Robert  J. Gordon’s comment: “The woman holding the ball is Carolyn Mosby, the head of the department staff.”

 

 

 

 

 

Categories
Berkeley Economists Exam Questions Harvard Suggested Reading Syllabus

Harvard. Graduate Public Finance. Syllabus and Exams. Berkeley professor George Break. 1964-1965

The Harvard archives of course syllabi and final examinations include materials for courses taught by visiting professors from other universities. Graduate public finance was a course normally taught by Otto Eckstein, who was appointed to the President’s Council of Economic Advisers in September 1964. To cover that important field course, the Harvard economics department brought in the Berkeley professor of public finance, George Farrington Break for 1964-65. Below you will find Break’s obituary from a University of California (Berkeley) press release, followed by the syllabus and readings for his graduate public finance course at Harvard. Both the mid-year and year-end examinations have been transcribed and can be found at the end of the post. Break’s c.v. can be downloaded at the Wayback Machine internet archive.

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Public finance scholar George F. Break dead at 88

By Kathleen Maclay
30 March 2009

BERKELEY — George F. Break, an emeritus professor of economics at the University of California, Berkeley, and an authority on public finance, died of heart failure at Alta Bates Summit Medical Center in Berkeley on March 13. He was 88.

George Break conducted influential empirical research on the effects of income taxation on work incentives, intergovernmental relations and tax reform in the United States and Canada.
He chaired UC Berkeley’s Department of Economics from 1969 to 1973. Break also served on numerous campus advisory committees and in 1990 was honored with the Berkeley Citation, one of the campus’s highest honors.

He was born June 10, 1920, in the city of London in Southwest Ontario, Canada. From 1942-1945, Break served in a meteorological office attached to the Royal Canadian Air Force and was a flying officer with its Meteorological Division in 1945. He married Helen Dean Schnacke on July 31, 1948.

Break went on to earn his Ph.D. in economics at UC Berkeley in 1951, and joined the economics department as an assistant professor the same year. Among his many students at UC Berkeley was Michael Boskin, chair of the Council of Economic Advisors under President George H.W. Bush. Break retired from the faculty in 1990.

Of the 11 books authored by Break, the best known are “Public Finance” (1961), which he wrote with Earl Rolph, and “Federal Tax Reform: The Impossible Dream?” (1975), authored with Joseph Pechman, which served as a foundation for the U.S. Tax Reform Act of 1986. Break also wrote “Financing Government in a Federal System” (1980), edited two books and wrote 74 articles or book chapters.

He was president of the National Tax Association from 1982 to 1984, and was honored in 1996 with the association’s Daniel M. Holland Medal for outstanding contributions to the study and practice of public finance. Break was a member of the American Economics Association, National Tax Association and Canadian Economics Association.

He was appointed by California Gov. George Deukmejian to the Tax Reform Advisory Commission, whose 1985 report suggested reducing corporate and individual income taxes and broadening the sales tax by including food, medical care and household utilities.

Break also assisted the U.S. Treasury Department’s Office of Tax Analysis, testified before congressional committees, consulted for various tax agencies within the United States and Canadian governments, and evaluated the tax systems of Greece and Jamaica.

Break was preceded in death by his wife, Helen, who died in 2007. He is survived by several nephews and nieces.

[…]

Source: UCBerkeleyNews. Press Release, 30 March 2009.
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Course Announcement

Economics 251. Public Finance
Full course. M., W., (F.), at 10. Professor George Break (University of California).

Public finance in the context of the theory of economic policy; fiscal policy and the theory of output and prices; economics of public expenditure; theory of multi-level finance.

Source: Harvard University, Faculty of Arts and Sciences. Courses of Instruction for Harvard and Radcliffe, 1964-65, p. 117.

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Syllabus and Course Readings

HARVARD UNIVERSITY
Department of Economics
Economics 251
Public Finance

Professor George F. Break

Fall Term 1964

  1. Recommended for purchase: R. A. Musgrave, The Theory of Public Finance (McGraw Hill, 1959)
  2. Henry C. Simons, Personal Income Taxation (Univ. of Chicago Press, 1938)
  3. General Texts and Treatises: Due, John F., Government Finance (Irwin, 1959)
  4. Groves, H. M., Financing Government (5th ed. Holt, 1958)
  5. Schultz, W. J. and Harriss, C. L., American Public Finance (7th ed., Prentice-Hall, 1961)
  6. Buchanan, J. M., The Public Finances (Irwin, 1960)
  7. Rolph, E. R. and Break, G. F., Public Finance (Ronald, 1961)
  8. Hicks, U. K., Public Finance (2nd ed., Cambridge, 1955)
  9. Prest, A. R., Public Finance (Quadrangle, 1960)
  10. Dalton, Hugh, Principles of Public Finance (4th ed., Routledge, 1954)
  11. Pigou, A. C., A Study in Public Finance (3rd ed., Macmillan, 1947)
  12. Colm, Gerhard, Essays in Public Finance and Fiscal Policy (Oxford, 1955)
  13. Rolph, E. R., The Theory of Fiscal Economics (California, 1954)
  14. Blough, Roy, The Federal Taxing Process (Prentice-Hall, 1952)
  15. Universities–National Bureau Conference, The Public Finances (Princeton, 1961)
  16. Musgrave, R. A. and Peacock, A. T. (eds.): Classics in the Theory of Public Finance (Macmillan, 1958)
  17. Musgrave, R. A. and Shoup, C. S., (eds.), Readings in the Economics of Taxation (AEA series, Irwin, 1959)
  18. Hall, Challis A. Jr., Fiscal Policy for Stable Growth (Holt, 1960)
  19. Smithies, A. and Butters, J. K. (eds.), Readings in Fiscal Policy (AEA series, Irwin, 1955)
  20. Smith, D. T., Federal Tax Reform (McGraw-Hill, 1961)
  21. Smithies, A., The Budgetary System in the United States (McGraw-Hill, 1955)
  22. Burkhead, Jesse, Government Budgeting (Wiley, 1936)
  23. Harvard Law School International Program in Taxation, World Tax Series (volumes on Australia, Brazil, Mexico, India, Sweden, United Kingdom, United States, published)
  24. Joint Economic Committee, The Federal Revenue System: Facts and Problems, 1964
  25. Joint Economic Committee, Federal Tax Policy for Economic Growth and Stability, 1955
  26. Joint Economic Committee, Federal Expenditure Policy for Economic Growth and Stability, 1957
  27. Committee on Ways and Means, Tax Revision Compendium (3 vols., 1960)

Serial Publications and Periodicals

U. S. Treasury Department, Treasury Bulletin (monthly)
U. S. Treasury Department, Annual Report of the Secretary of the Treasury
Budget Message of the President
Economic Report of the President
National Tax Association, Annual Proceedings
National Tax Journal
Taxes, The Tax Magazine
Public Finance (Finances Publiques)
Commerce Clearing House, Inc., and Prentice-Hall publish looseleaf tax services (in Law and Business School Libraries)

*  *  *  *  *  *  *  *  *  *  *  *

1. The Fiscal Setting

7: Chs. 1, 2, 4, 5.

*1: Ch. 9.

21: Chs. 3-4; (5-7); 8-10.

22: Chs. *6-9; (Part III).

Symposium on Budgetary Concept. RES (May 1963):

Bator
Eckstein
*Musgrave
Taylor, Wendell and Brill

Andrew E. Gantt, II., “Central Governments: Cash Deficits and Surpluses, RES (Feb. 1963).

Survey of Current Business (July, 1964), pp. 1823.

Office of Business Economics, Dept. of Commerce, U.S. Income and Output (1958), pp. 55-7 and 164-79.

Joint Economic Committee (Roy Moor), The Federal Budget as an Economic Document (1962), pp. 524; *109-128; 138-148.

Alan T. Peacock and Jack Wiseman, The Growth of Public Expenditure in the United Kingdom (NBER, 1961).

Anthony Downs, “Why the Government Budget is Too Small in a Democracy,” World Politics (July, 1960).

2. Principles of Taxation

*1: Chs. 4, 5.

*2: Ch. 1.

16: Knut Wicksell, pp. 72-118.

17: Elmer D. Fagan No. 3, (JPE, 1938).

11: Part II, Chs. 1, 4-7.

20: Ch. 1.

W. J. Blum and H. Kalven, Jr., The Uneasy Case for Progressive Taxation (Chicago, 1953). Phoenix Paperback Edition, 1963.

Robert J, Lampman, “Recent Thought on Egalitarianism,” QJE (May, 1957).

3. Income, Spending and Net Wealth

*1: pp. 160-64.

2: Ch; pp. 89-100.

17: Robert Murray Haig, No. 4, (The Federal Income Tax, 1921).

*William Vickrey, Agenda for Progressive Taxation (Ronald, 1947), Ch. 1.

Irving Fisher, The Nature of Capital and Income (1906) Chs. 1, 2, 4, 7, 10.

__________, “Income in Theory and Income Taxation in Practice,” Econometrica (January, 1937).

Break, George F., “Capital Maintenance and the Concept of Income,” JPE (February, 1954).

Nicholas Kaldor, An Expenditure Tax (Allen and Unwin, 1955), pp. 21-53.

4. The Scope of Income Taxation

*2: Chs. 5, 7, 8.

*20: Chs. 3, 5.

*Vickrey: Chs. 2, 3, 5-I.

David J. Ott and Allen H. Meltzer, Federal Tax Treatment of State and Local Securities (Brooking, 1963) Chs. 1, 2, 8.

Richard Goode, “Policyholders’ Interest Income from Life Insurance under the Income Tax, Vanderbilt Law Review (Dec. 1962).

C. Harry Kahn, Business and Professional Income Under the Personal Income Tax, NBER, 1964.

5. The Definition of Net Income

*20: Ch. 4.

*Vickrey: Ch. 4.

E. Cary Brown, “The New Depreciation Policy under the Income Tax: an Economic Analysis,” NTJ (March 1955).

Norman B. Ture, “Tax Reform: Depreciation Problems,” AER (May, 1963), pp. 334-53.

Murray Brown, “Depreciation and Corporate Profits,” SCB (Oct. 1963).

Evsey Domar, The Case for Accelerated Depreciation,” QJE (Nov. 1953) and his Essays in The Theory of Economic Growth.

Treasury Department, Internal Revenue Service, Depreciation Guidelines and Rules, Publication No. 456 (7/62).

C. Harry Kahn, Personal Deductions in the Federal Income Tax (NBER, 1960).

*Richard Goode, “Educational Expenditures and the Income Tax,” in Selma Mushkin, ed., Economics of Higher Education (Washington, 1962).

6. The Taxpaying Unit

*Vickrey, Ch. 10-I, III.

*Harold M. Croves, Federal Tax Treatment of the Family (Brookings, 1963).

Reed R. Hansen, “The Diminishing Exemption — a New Look at Equity,” Canadian Tax Journal (July-August, 1963).

Yung-Ping Chen, “Income Tax Exemptions for the Aged as a Policy Instrument,” NTJ (Dec. 1963).

7. Integration of the Personal and Corporate Income Taxes

*2: Ch. 9.

*20: Ch. 7.

*Vickrey, Ch. 5-II.

*Daniel M. Holland, Dividends Under the Income Tax (NBER, 1962), Ch. 4.

Holland, The Income-Tax Burden on Stockholders (NBER, 1958) Chs. 1, 2, 7.

Goode, The Corporation Income Tax (Wiley, 1951) Chs. 2, 3, 10.

Carl S. Shoup, “The Dividend Exclusion and Credit in the Revenue Code of 1954,” NTJ (March, 1955).

8. Income Tax Administration

*M. Farioletti, “Some Results of the First Year’s Audit Control Program of the Bureau of Internal Revenue,” NTJ (March, 1952).

Harold M. Groves, “Empirical Studies of Income-Tax Compliance,” NTJ (Dec. 1958).

W. H. Smith, “Electronic Date Processing in the Internal Revenue Service, NTJ (September, 1961).

Holland, Dividends Under the Income Tax, Ch. 2.

H. H. Hinrichs, “Underreporting of Capital Gains on Tax Returns…,” NTJ (June, 1964).

9. Income Taxation and Work Incentives

1: Ch. 11.

13: Ch. 10.

17: Goode, No. 29 (JPE, 1949).

*Gershon Cooper, No. 30 (QJE, 1952).

7: pp. 153-58.

*Break, “Income Taxes and Incentives to Work,” AER (September, 1957).

Kaldor, Ch. 4.

Break, “Income Taxes, Wage Rates, and the Incentive to Supply Labor Services,” NTJ (Dec. 1953).

10. Income Taxation and Investment Incentives

*1: Ch. 14.

 7: pp. 159-64.

13: Chs. 11, 12.

17: Domar and Musgrave, No. 31 (OJE, 1944).

E. Cary Brown, No. 32 (Income and Employment and Public Policy: Essays in Honor of Alvin B. Hansen (Norton, 1948).

Brown, “Mr. Kaldor on Taxation and Risk Bearing,” Rev. of Ec. Studies Vol. XXV:1.

Kaldor, Ch. III.

*Brown, “Tax Incentives for Investment,” AER (May, 1962).

*Goode, “Accelerated Depreciation Allowances as a Stimulus to Investment, QJE (May, 1955).

Goode, “Special Tax Measures to Restrain Investment,” IMF: Staff Papers (February, 1957).

*Sam B. Chase, Jr., “Tax Credits for Investment Spending,” NTJ (March, 1962), and comment by Brown in NTJ (June, 1962).

11. Income Taxation and Corporate Financial Policies

7: pp. 221-2; 229-30; and studies there cited by Lintner, Smith and Darling.

John A. Brittain,”The Tax Structure and Corporate Dividend Policy,” AER (May, 1964).

Miller and Shelton, “Effects of a Shifted Corporate Income Tax on Capital Structure,” NTJ (1955).

12. The Incidence of Sales and Excise Taxes

1: Chs. 15, 16, especially pp. 379-82.

*13: Chs. 6, 7. or JPE (April 1952) and AER (Sept. 1952) for Ch. 6.

17:   Harry Gunnison Brown, No. 21 (JPE 1939)

John F. Due, No. 22 (The Theory of Incidence of Sales Taxation, 1942)

Rolph and Break, No. 7 (JPE, 1949)

*Due, “Toward a General Theory of Sales Tax Incidence,” QJE (May, 1953).

*Due, “Sales Taxation and the Consumer,” AER (December, 1963).

*J. M. Buchanan, Fiscal Theory and Political Economy (Chapel Hill, 1960).

Break, “Excise Tax Burdens and Benefits,” AER (September, 1954).

Break, “Allocation and Excess Burden Effects of Excise and Sales Taxes,” in Committee on Ways and Means, Excise Tax Compendium (Washington, 1964).

*J. A. Stockfisch, “The Capitalization and Investment Aspects of Excise Taxes under Competition,” AER (June, 1954).

Paul Davidson, “Rolph on the Aggregate Effects of a General Excise Tax,” SEJ (July, 1960).

13. Incidence of a Corporation Income Tax

17: Shoup, No. 20 (NTJ 1948).

7: pp. 210-20.

27: Harberger, Volume I, pp. 231-50.

*Arnold C. Harberger, “The Incidence of the Corporation Income Tax,” JPE (June 1962)

*Kerzyzaniak and Musgrave, The Shifting of the Corporation Income Tax (Johns Hopkins, 1963).

Diran Bodenhorn, “The Shifting of the Corporation Income Tax in a Growing Economy,” QJE (November, 1956).

*Challis A. Hall, Jr., “Direct Shifting of the Corporation Income Tax in Manufacturing.” AER (May: 1964).

14. Taxation of the Oil and Gas Industry

7: pp. 230-34.

Douglas M. Eldridge, “Tax Incentives for Mineral Enterprises,” JPE (June, 1950).

Stephen L. McDonald, Federal Tax Treatment of Income from Oil and Gas (Brookings, 1963).

McDonald, “Percentage Depletion and the Allocation of Resources: The Case of Oil and Gas,” NTJ (December, 1961); comments by Musgrave and Eldridge in NTJ (June, 1962), and McDonald’s reply in NTJ (September 1962).

Peter O. Steiner, “The Non-Neutrality of Corporate Income Taxation: with and Without Depletion,” NTJ (Sept. 1963), and comments by McDonald and Steiner in NTJ (March, 1964).

Paul Davidson, “Policy Problems of the Crude Oil Industry,” AER (March 1963) and discussion in AER (March, 1964).

A. E. Kahn, “The Depletion Allowance and Cartelization,” AER (June 1964).

15. Taxation of Capital Gains and Losses

25: Walter Heller, pp. 381-94.

2: Ch. 7.

7: pp. 123-29.

Lawrence H. Seltzer, The Nature and Tax Treatment of Capital Gains and Losses (NBER, 1951) Chs. 1, 4-6, 9.

Harold M. Somers, “Reconsideration of the Capital Gains Tax,” NTJ (Dec. 1960).

Martin David, “Economic Effects of the Capital Gains Tax,” AER (May, 1964).

Holt and Shelton, “The Implications of the Capital Gains Tax for Investment Decisions,” JF (Dec. 1961).

Alice J. Vandermeulen, “Capital Gains: Two Tests for the Taxpayer and Proposal for the President,” NTJ (Dec. 1963).

H. H. Hinrichs, “An Empirical Measure of Investors’ Responsiveness to Differentials in Capital Gains Tax Rates Among Income Groups, NTJ (Sept. 1963).

Holt and Shelton, “The Lock-in Effect of the Capital Gains Tax,” NTJ (Dec. 1962).

Lent and Menge, “The Importance of Restricted Stock Options in Executive Compensation, ” Management Record (June, 1962)

Holland and Lewellen, “Probing the Record of Stock Options,” HBR April, 1962).

16. The Redistributive Effects of U. S. Taxation

27:   Pechman, pp. 251-82. (Volume 1)

Hellmuth, pp. 283-316. (Volume 1)

*Musgrave, pp. 2223-2234. (Volume 3)

*Lampman, pp. 2235-2246. (Volume 3)

*Joseph A. Pechman, “Erosion of the Individual Income Tax,” NTJ (March, 1957).

Musgrave and others, “Distribution of Tax Payments by Income Groups: a Case Study for 1948,” NTJ (March, 1951), and discussion in NTJ (Sept.1951) and March, 1952).
Also later computations by Musgrave in No. 25, pp. 96-113.

James R. Beaton, “Family Tax Burdens by Income Levels,” NTJ (March, 1962).

George A. Bishop, “The Tax Burden by Income Class, 1958,” NTJ (March, 1961).

*A. R. Prest, “Statistical Calculations of Tax Burdens,” Economica (Aug. 1955).

Annual articles on the size distribution of income in SCB, e.g. (April, 1964).

17. The Structure of U. S. Taxation

27: Volume 1, pp. 1-250.

*NBER and Brookings, The Role of Direct and Indirect Taxes in the Federal Revenue System (Princeton, 1964), especially papers by Due, Eldridge, Eckstein and Chase.

*Committee on Way and Mean, Excise Tax Compendium (Washington, 1964), especially papers by Due, Eldridge, Shoup, and Stockfisch.

18. The Income Sensitivity of U. S. Taxes

*Pechman, “Yield of the Individual Income Tax During a Recession,” NTJ (March, 1954).

Leo Cohen, “An Empirical Measurement of the Built-in Flexibility of the Individual Income Tax,” AER (May, 1959). See also NTJ (June, 1960).

Paul E. Smith, “Built in Flexibility of the Individual Income Tax: Quarterly Estimates,” NTJ (June, 1962).

Smith, “A Note on the Built-in Flexibility of the Individual Income Tax,” Econometrica (Oct. 1963).

Wilfred Lewis, Jr., Federal Fiscal Policy in the Postwar Recessions (Brookings, 1962) Chs. 2 and 3.

*Groves and Kahn, “The Stability of State and Local Tax Yields,” AER (March, 1952).

*Dick Netzer, “Income Elasticity of the Property Tax: a Post-Mortem Note,” NTJ (June, 1964); also No. 15, pp. 23-40.

D. G. Davies, “The Sensitivity of Consumption Taxes to Fluctuations in Income,” NTJ (Sept. 1962).

Brown and Kruizenga, “Income Sensitivity of a Simple Personal Income Tax, RES (Aug. 1959).

M. O. Clement, “The Quantitative Impact of Automatic Stabilizers,” RES (Feb. 1960).

19. Value Added Taxation

*Shoup, “Theory and Background of the Value-Added Tax,” National Tax Association Proceedings (1955) pp. 6-19.

*Excise Tax Compendium, Papers by Smith and Rolph.

The Role of Direct and Indirect Taxes in the Federal Revenue System. Paper by Musgrave and Richman.

20. Spendings and Net Worth Taxes

7: Chs. 8, 9.

Kaldor, An Expenditure Tax.

Vickrey, Ch. 12.

Katona and Lansing, “The Wealth of the Wealthy,” RES (Feb. 1964).

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 9, Folder “Economics, 1964-1965 (2 of 2)”.

_____________________________

Mid-year Examination

HARVARD UNIVERSITY
Department of Economics
Economics 251
Fall 1964

Answer any three questions

  1. There has been much discussion concerning, the role that the principle of taxation according to benefits received should play in modern fiscal systems. Contrast the views on this subject of Henry Simons and the voluntary exchange theorists. Set forth your own views and justify them.
  2. Discuss the incidence of a property tax levied by a single State (assume, if you like, that one State raises its tax rates while others hold them constant) on the land, buildings, and equipment of businesses operating within its borders. The tax applies both to local retail enterprises and to manufacturing corporations selling in national markets.
  3. “In a rational system of income taxation according to ability to pay there is no place for a separate tax on corporate income.” Discuss.
  4. Each of the following is a controversial aspect of the federal individual income tax:
    1. Employer contributions to the cost of employee life, accident, hospital and medical insurance.
    2. Social security retirement benefits.
    3. Income splitting.
    4. Deductions for state and local taxes and for interest on consumer indebtedness.
    5. Expenditures for higher education.
    6. Travelling and entertainment expenditures by businessmen.
    7. Personal exemptions.
    8. Interest on state and local debt.

Select any four of the above and discuss the problems to which they give rise. Include in your answer your own recommendations as to their treatment for tax purposes.

  1. Many critics of the U.S. tax system feel that it unduly impairs incentives to invest. Discuss this question both in general and with respect to the following specific characteristics of the tax system:
    1. depreciation allowances,
    2. loss carryovers,
    3. progressive individual income tax rates, and
    4. capital gains and losses.

Source:  Harvard University Archives. Papers Printed for Mid-Year Examinations [in] History, History of Religions, … , Economics, … , Naval Science, Air Science (January, 1965) in the bound volume Social Sciences: Final Examinations, January 1965 (HUC 7000.28, Vol. 157).

_____________________________

Year-end Examination

Economics 251
Final Examination
Spring Term, 1965

Part I

Answer both questions.

  1. (25%)
    (a) Compute the built-in flexibility and the yield elasticity of the federal individual income tax from the following data:

Y = 0.6 + 0.38X,

where Y = taxable individual income
and X =  gross national product,
both in billions of dollars

The equation was fitted to the period 1955-1963 during which income tax liabilities were 23 percent of taxable individual incomes in each year, and, on the average over the period, individual income tax liabilities were 7.9 percent of GNP

(b) Are there any reasons to expect the built-in flexibility of the individual income tax to be different in the upswing of the business cycle from what it is in the downswing? In the long run compared to what it is in the short run? Discuss.

(c) What effects, if any, would you expect a reduction in the corporate income tax to have on the built-in flexibility of the individual income tax?

  1. (25%)
    Evaluate each of the following as countercyclical fiscal policies:
    1. changes in excise tax rates
    2. variations in public works spending
    3. public debt operations

Part II

Answer any two questions.

  1. (25%) Write a critical analysis of the balanced budget theorem.
  2. (25%) Evaluate the major ways in which the federal government could increase its financial assistance to state and local governments.
  3. (25%) Discuss the problems involved in estimating social and private rates of return to investment in higher education.
  4. (25%) Discuss the importance of each of the following in benefit-cost analysis as applied to governmental spending programs:
    1. The rate of return on reinvested earnings
    2. Intangible benefits
    3. Pecuniary and technological spillovers
    4. Secondary benefits

Source: Harvard University Archives. Bound volume Social Sciences: Final Examinations, June 1965 (HUC 7000.28, vol. 159).

Image Source: George F. Break’s faculty profile page at the Berkeley economics department website.

Categories
Bryn Mawr Columbia Economists Gender Stanford

Columbia. Economics M.A. alumna, Guggenheim Fellow. Katharine Snodgrass, 1918

 

Economics in the Rear-view Mirror has sought from time to time (more accurately, from post to post) to contribute to the cause of documenting the careers of women economists who have historically been kept far from the academic and professional limelight. Scrolling through the John Simon Guggenheim Memorial Foundation fellows in economics, I stumbled across Katharine Snodgrass and I figured that she fit the bill. Good enough to be awarded a Guggenheim fellowship yet a name unknown to me (and I am hardly sticking my neck out when I hazard a guess that very few economists today would have heard of her). So what became of Katharine Snodgrass, born May 8 or 9, 1893 in Marion, Indiana?

It is a sad story, but instead let us begin with what I have been able to learn about her life and career. 

Her story in the history of economics met a tragic end. Two local newspaper accounts of her suicide on September 25, 1930 (only nine days after her early return from England) complete this post. 

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From: Bryn Mawr College Calendar, Register of Alumnae and Former Students (1920), p. 154.

Snodgrass, Katharine. 26 Grove Street, New York City

Prepared by the Shortridge High School, Indianapolis.

Bryn Mawr College

Maria Hopper Sophomore Scholar, 1912-13
Anna Hallowell Memorial Scholar, 1913-14.
A.B. 1915, group, English and French.

A.M., Columbia University in Economics, 1918.

Statistical Work, State Charities Aid Association, New York City, 1915-17

Statistician, War Industries Board, Washington, 1918-19

Research Assistant, Federal Reserve Board, New York City, 1919

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From: Membership listing from the American Statistical Association, 1922, p. 27.

Miss Katharine Snodgrass. Research Department, Chemical National Bank, 270 Broadway, New York City.

From: Membership listing from the American Statistical Association, 1922, pp. 56, 60.

 Note: International etc. International Price Indexes. Publications of the American Statistical Association, Vol. XVII. No. 131 (1920-1921).

A New Price Index for Great Britain. Publications of the American Statistical Association, Vol. XVIII. No. 138 (1922-1922).

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From: John Simon Guggenheim Memorial Foundation. Katharine Snodgrass, Fellow 1930.

Katharine Snodgrass

Fellow: Awarded 1930

Field of Study: Economics

Competition: US & Canada

As published in the Foundation’s Report for 1929–30:

Snodgrass, Katharine:  Appointed to make a study of the dietary fats of Northern Europe, with particular reference to the displacement of dairy fats by vegetable fats, being a study in the economics of food substitution; tenure, nine months from June 15, 1930.

Education:

Bryn Mawr College, A.B., 1915;
Columbia University, A.M., 1918;
Stanford University, 1928-29.

Employment:

Research Assistant, 1918–19, War Industries Board;
Research Assistant, 1919–22, Federal Reserve Board;
Associate Editor, 1923, New York Journal of Commerce;
Research Associate, 1924–29, Food Research Institute, Stanford University.

Publications:

“Price of Wool and Wool Products,” 1919;
“Copra and Coconut Oil,” 1928;
“Margarine as a Butter Substitute” (in collaboration), 1930.
Articles in Wheat Studies, Stanford University, Food Research Institute.

Source:  John Simon Guggenheim Memorial Foundation. Katharine Snodgrass, Fellow 1930.

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Guggenheim Grant Financed European Research Trip Cut Short

Katharine Snodgrass was listed as outward passenger from Southampton (New York via Cherbourg) on the United States Lines “Leviathan” August 28, 1930 departure. [Not clear was the voyage cancelled, or was she unable to embark.]

Katharine Snodgrass arrived 16 September 1930 in New York from London on the S.S. Minnekahda. Her ship departed London on Sept. 6, 1930.

California “U” Teacher Found Dead in Her Home (sic)

Minneapolis, Sept. 25. (UP)—Katherine Snodgrass, 35, University of California instructor (sic), was found dead today below her open fourth floor window at the university hospital here.
Miss Snodgrass was visiting her sister, Mrs. Margaret Harding, member of the University of Minnesota teaching staff on a leave of absence from the California school [Stanford!].
Miss Snodgrass was suffering from an acute nervous ailment and had been placed in the university hospital for treatment. The coroner’s verdict was suicide.

St. Cloud Times. (25, September 1930), p. 17.

Woman Dies in Four-Story Leap

Despondent because of her illness, Miss Katherine Snodgrass, 35-year-old patient at University hospital, leaped to her death from a fourth floor window of the institution early today. The woman, formerly an instructor at the University of California [sic], came here for treatment two weeks ago because a sister is a member of the faculty at the university here. Miss Snodgrass suffered a breakdown while touring Europe.

Attendants saw Miss Snodgrass at 2 a.m. and two hours later, when a nurse again entered her room, she was missing. Search disclosed the body in a court below the window. She had died of a skull fracture.

The Minneapolis Star (25 September 1930), p. 12.

Categories
Chicago Economics Programs Economists Harvard UCLA War and Defense Economics

Harvard. Economics Ph.D. alumnus, Jack Hirshleifer, 1950

 

This UCLA economics department obituary of Jack Hirshleifer is so good that Economics in the Rear-view Mirror keeps a copy for its “Meet an economics Ph.D. alumnus/a” series. Hirschleifer was Brooklyn born and Harvard bred, but his scientific fruit definitely ripened in the California sun.

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Harvard Ph.D. 1950

Jack Hirshleifer, S.B. [Harvard] 1946 (1945), A.M. [Harvard] 1948.

Subject, Economics. Special Field, Labor Problems. Thesis, “Price Flexibility and General Interdependence.”

Source: Harvard University. Report of the President of Harvard College 1949-50, p. 197.

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UCLA
Department of Economics
Obituary of Jack Hirshleifer

Education:

Ph.D. Harvard University

Research Areas:

Economic analysis of conflict; bioeconomics with particular reference to sources of cooperative behavior and the nature of evolutionary equilibrium; voluntary provision of public goods.

Biography:

Jack Hirshleifer, professor emeritus of economics, died July 26, 2005, bringing to a close a career marked by wide- ranging interests and brilliant contributions to the subfields of information economics, investment and capital theory, bioeconomics, and the economic theory of conflict.

After active duty in the U.S. Naval Reserve during World War II, Hirshleifer completed his A.B. degree at Harvard, magna cum laude. Five years later he had earned his doctorate in economics, also at Harvard. From 1949 to 1955 he worked as an economist at the Rand Corporation. Before coming to UCLA in 1958, he took a postdoctoral fellowship in statistics and economics at the University of Chicago where he also taught for five years.

His extensive publications included seven books and close to a 100 scholarly articles. From his first study, Water Supply: Economics, Technology, and Policy [Chicago, 1960] to The Dark Side of the Force: Economic Foundations of Conflict Theory [Cambridge, 2001], Professor Hirshleifer in his scholarship has demonstrated a clarity of analysis and probing for fundamental assumptions which set him apart as one of the most distinguished economists of his generation.

Elected a fellow of both the American Academy of Arts and Sciences and the Econometric Society, Professor Hirshleifer also served on the editorial boards of the American Economic Review, the Journal of Economic Behavior and Organization, and the Journal for Bioeconomics. In 2000 he was elected a Distinguished Fellow of the American Economic Association. He also served as president of the Western Economic Association and as vice- president of the American Economic Association.

Professor Hirshleifer was deeply respected by all his fellow faculty members during his 33 years as a member of the UCLA economics department. His door was always open for any colleague, graduate student or undergraduate who might feel like “popping- in.” While a giant among researchers, Professor Hirshleifer was also deeply committed to the teaching of economics. As a teacher he always strove to give his students a sense of his own deep fascination with the role of competitive markets. This led him to write a revolutionary and best- selling textbook in intermediate microeconomics, Price Theory and Applications. While prior books focused on modeling and theory, the new text added dozens of intriguing real world illustrations of economics forces at work. Through his own text- book and through the many texts that have copied his approach, Professor Hirshleifer continues to influence tens of thousands of undergraduates each year.

Tribute by David Levine

Jack Hirshleifer was an economic theorist with broad-ranging interests. Two areas in economics have especially felt the impact of his work. Early in his career, he was instrumental in the information economics revolution; late in his career, he expanded the domain of economic discourse with his work on evolutionary economics and conflict resolution.

Hirshleifer spanned a broad range of issues in his early work as one of the founding fathers of information economics. He made the abstract ideas of contingent claims concrete through his examples and applications. In the process, he helped develop fundamental tools, such as the covariance of risks, the analysis of gambling and insurance, the Modigliani-Miller Theorem, and the analysis of public investment. He also expanded the range of information economics with two fundamental contributions. His work on the private and social value of information clearly shows that competitive markets need not reflect the social value of information. His example of an inventor who can invest based on the knowledge of the impact of his invention shows that there can be an oversupply of inventive activity. This “race to be first” has its reflection in the current literature on patent races, and represents a fundamental problem in intellectual property law that the profession is only now coming to grips with. His second fundamental contribution showed that differences in taste are not enough to explain speculation. He was the first to analyze speculation in a full general-equilibrium model, with different structures of market completeness carefully considered. Although not generally recognized as such, this is also the first paper to point out the indeterminacy of equilibrium when markets are incomplete.

In addition to his founding contributions in information economics, Hirshleifer had a lifelong interest in conflict, beginning with his earliest work on war damages. Late in his career this area became the focus of his contributions, and he was a leader in extending economic methods to problems more traditionally studied in political science. He wrote broadly on expanding the domain of economic discourse to include the “rational” evolutionary analysis of altruism and spite. His work on conflict showed how “Peace is more likely to the extent that the decisiveness of conflict is low, or … if the stakes are small or the technology favors the defense. More surprisingly, perhaps, increased productive complementarity between the parties does not systematically favor peace…the poorer side is generally motivated to invest more heavily in fighting effort. So conflict can become an income-equalizing process.” Finally, his weakest link/best shot experiment (with Glenn Harrison) demonstrates that economic incentives play a key role in determining how much people will contribute to a public good.

Tribute by Roger Farmer

I was approached last month by Junyao Ying, a UCLA alum who is now working in China. Junyao and his wife Weiyi Qiu have recently translated Jack’s book, Investment Interest and Capital into Chinese. Junyao asked me to write a few words about Jack for the translation. This is what I wrote.

The economics department at UCLA was a very exciting place in the 1980s, not least because of Jack Hirshleifer.  Many of us ate lunch every day in the Faculty Center, and being in Southern California, most days we ate outdoors in the sunshine.  Jack would arrive at 12.00 sharp with an economic question for the day that he would pose to the table. Jack’s questions would be from the news of the day and the analysis he expected would be in the UCLA style.

The department had a unique approach to economics and Jack, along with Harold Demsetz, Armen Alchian, Ben Klein and later, Al Harberger, were a huge part of that. Their economics was intuitive, often verbal, but always incisive.  One story, relayed to me by another UCLA  giant of the era, Axel Leijonhufvud, expresses well the Socratic teaching style that permeated the UCLA curriculum. As Axel relays it, he was sitting in on Armen’s first graduate micro class when the master appeared, paced back and forth for a few minutes, and then boomed loudly: “So why don’t we sell babies anyway?”

Jack had the same approach. Many of our discussions would end up around one of his favorite topics: the economics of disasters. Earthquakes were never far from our minds and Jack was an expert on what today we might call black swan events. LA earthquakes are relatively frequent but they typically register less than 5.0 on the Richter Scale, enough to shake the floor, but usually not to do much damage. Sometimes we see larger quakes and every century or so, an 8.0 magnitude quake brings significant loss of life. Jack pointed out that, if you go far enough back in the fossil record, there have been earthquakes large enough to cause a slippage in the earth’s crust large enough to move two points that were previously next to each other five miles apart!

Jack was an economic imperialist. He believed passionately that the economic method can and should be applied to all of the social sciences. While we may not all share that opinion, in this time of crisis, we can nevertheless benefit from Jack’s insights. He may not be here in person to opine on how to deal with black swan events,  but we can still learn from Jack by reading his written words.

Publications

“War Damage Insurance,” The Review of Economics and Statistics, Vol. 35, No. 2. (May 1953), pp. 144-153. Argues that vulnerability rated war damage insurance would create private incentives to make property less vulnerable to enemy bombing, and that this would be superior to administrative fiat.

“On the Theory of Optimal Investment Decision,” The Journal of Political Economy, Vol. 66, No. 4. (Aug 1958), pp. 329-352. Examines different internal rate of return and present value rules when there is a divergence between borrowing and lending rates, and shows that while the problem can be solved by careful consideration of the budget constraint,  neither of these rules gives the correct answer all the time.

“Risk, The Discount Rate, and Investment Decisions,” The American Economic Review, Vol. 51, No. 2(May 1961), pp. 112-120. Discusses how covariance of new risks with the existing portfolio makes it desirable to diversify by adding new risks.

“Investment Decision Under Uncertainty: Choice-Theoretic Approaches,” The Quarterly Journal of Economics, Vol. 79, No. 4. (Nov 1965), pp. 509-536; and “Investment Decision under Uncertainty: Applications of the State-Preference Approach,” The Quarterly Journal of Economics, Vol. 80, No. 2. (May 1966), pp. 252-277. These two paper develop the time-state-preference approach (what we now call the state-contingent model) applied to traditional problems in economics: gambling and insurance; Modigliani-Miller Theorem and evaluation of public projects.

“Urban Water Supply: A Second Look,” (with  J. W. Milliman) The American Economic Review, Vol. 57, No. 2 (May 1967), pp. 169-178. In a famous earlier work with J.C. DeHaven Water Supply: Economics, Technology and Policy(University of Chicago Press, 1960) alternative methods of supplying water to Southern California were subject to cost-benefit analysis. This paper review what actually happened: policy makers ignored the advice, and chose what both prospectively and retrospectively was the worst economic choice. They conclude: “It appears that the agenda for economists, at this point, should place lower priority upon the further refinement of advice for those efficient and selfless administrators who may exist in never-never land. Rather, it should focus on devising institutions whereby fallible and imperfect administrators may be forced to learn from error.”

“The Private and Social Value of Information and the Reward to Inventive Activity,” The American Economic Review, Vol. 61, No. 4. (Sep 1971), pp. 561-574.   Makes the simple yet crucial point that the benefit of receiving information first bears no necessary relationship to the social value of the information. For example, inventive activity may be oversupplied because the inventor can make investments based upon knowledge of the invention. This paper also makes careful use of an infinitesimal deviant individual in a representative individual world.

“Speculation and Equilibrium: Information, Risk, and Markets,” The Quarterly Journal of Economics, Vol. 89, No. 4. (Nov 1975), pp. 519-542. This paper shows that differences in taste are not enough to explain speculation – differences in beliefs are required. Unlike earlier work on speculation that ignores the endogeneity of prices, the setup here is a full general equilibrium model, with different structures of market completeness carefully considered. In particular, market incompleteness alone cannot explain speculation.  Although not generally recognized as such, this is the first paper to point out the indeterminacy of equilibrium in an incomplete market setting.

“Competition, Cooperation, and Conflict in Economics and Biology,” The American Economic Review, Vol. 68, No. 2 (May 1978), pp. 238-243. This paper draws connections between the economics and sociobiology literature, and marks the beginning of Hirshleifer’s interest in sociobiology and conflict.

“The Expanding Domain of Economics,” The American Economic Review, Vol. 75, No. 6. (Dec 1985), pp. 53-68. This paper is a broad overview of the application of economic logic to a variety of “non-economic” problems. Hirshleifer begins by examining endogeneity of preferences. He identifies the different between altruistic preferences, and what would now be called the “warm-glow” effect of participation. He reviews Becker’s “rotten kid” theorem, which says that an altruistic parent can actually gain from altruism. As an alternative theory of preferences, models of status, such as the rat-race are examined. The underlying point of view is that of “as-if” rationality – altruism must provide some benefit to the altruist. From this perspective, Hirshleifer examines models such as the psychological model of “anger, gratitude, response” and argues that seemingly irrational behavior does indeed benefit the individual. The final topic is once again that of conflict. A narrow range of possible settlements it is argued increases the potential for conflict. Increasing returns followed by diminishing returns explains the monopoly on military force within the state, while also explaining the multiplicity of states.

“An Experimental Evaluation of Weakest Link/Best Shot Models of Public Goods,” (with Glenn W. Harrison) The Journal of Political Economy, Vol. 97, No. 1. (Feb 1989), pp. 201-225. This experimental contribution to the public goods literature explores how the increasing incentives to free ride lead to greater free riding. This paper also introduces the “best-shot” game, a public goods contribution game in which only the largest contribution to the public good matters. In this type of game it is socially and individually optimal for only one player to contribute, and unlike many other types of public goods games, this theoretical prediction is exactly what happens in the laboratory.

“The Technology of Conflict as an Economic Activity,” The American Economic Review, Vol. 81, No. 2  (May 1991), pp. 130-134. “Peace is more likely to the extent that the decisiveness of conflict is low, or … if the stakes are small or the technology favors the defense. More surprisingly, perhaps, increased productive complementarity between the parties does not systematically favor peace…the poorer side is generally motivated to invest more heavily in fighting effort. So conflict can become an income-equalizing process.”

Source: Jack Hirshleifer UCLA page archived by the Wayback Machine.

Image Source: The 1946 Harvard Class Album, p. 153.

Categories
Economists Harvard Michigan

Harvard. Economics Ph.D. alumnus. Paul McCracken, 1948

Just as I dream of a digitized data base with a complete historical series of syllabi, examination, and problem sets for the economics courses taught at major universities/colleges from ca. 1870 to the present, I also imagine having a convenient collection of c.v.’s, obituaries, oral histories of members of the overlapping generations of economics graduate students as well as the faculty members who have taught them through the years. Of course there is an overwhelming amount of material out there and Economics in the Rear-view Mirror, thus far, only has the capacity to conduct artisanal scholarship for a prototypical project patiently waiting for generous funding sponsors to help this project grow in scale and scope.

In the meantime, incremental progress for the blog includes occasional additions to its series “Meet an Economics Ph.D.” This post provides information about a 1948 Harvard Ph.D., a former chair of the President’s Council of Economic Advisers, and professor of business economics at the University of Michigan, Paul W. McCracken.

Research Tip: The University of Michigan’s Faculty History Project is a fabulous resource!

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Harvard Ph.D., 1948

Paul Winston McCracken, A.B. (William Penn Coll.) 1937, A.M. (Harvard University.) 1942.

Subject, Economics. Special Field, Economic Fluctuations and Forecasting.
Thesis, “Cyclical Implications of Wartime Liquid Asset Accumulation.”

Source: Harvard University. Report of the President of Harvard College 1947-1948, p. 181.

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Paul W. McCracken
Classroom Profile
(October 21, 1950)

Paul W. McCracken, a member of the faculty of the School of Business Administration since 1948, was promoted to full Professor this summer. He teaches business conditions, but aside from his academic duties, he serves as a Consultant for the Committee for Economic Development, on Monetary and Debt Management Policy. He is also a member of the Economic Policy Committee of the United States Chamber of Commerce, and is Chairman of the Subcommittee on International Commercial Policy, American Economic Association.

Other professional organizations of which he is a member are the Econometric Society, Royal Economic Society (U.K.), Minneapolis Economic Roundtable, Minnesota Economic Club, Midwest Economic Association, Minneapolis Foreign Policy Association, and the Detroit Economic Club. In addition, he is a Trustee of the First Presbyterian Church.

Professor McCracken was born December 29, 1915, in Richland, la. and received his high school education there before entering William Penn College at Oskaloosa, La., and earning the B.A. degree in 1937.  From 1937 to 1940, he served as an Instructor in English at Berea College,  Ky., and then he studied at Harvard University, being granted the A.M. degree in 1942. For the next year he was an Associate Economist for the United States Department of Commerce at Washington, and this was followed by a position as Financial Economist for the Federal Reserve Bank of Minneapolis. He was Director of Research there from 1945 to 1948, and he was granted the Ph.D. degree at Harvard in 1948. Professor McCracken is the author of “Hypothetical Projection of Commodity Expenditures,” “Northwest in Two Wars,” “Future of Northwest Bank Deposits,” “Rising Tide of Bank Lending,” various articles on the “Business Outlook,” and “The Present Status of Monetary and Fiscal Policy,” in the Journal of Finance, March,1950 (a paper which was presented to the joint meeting of the American Finance Association in December, 1949.)

Professor McCracken is married to the former Ruth Siler, a graduate of Berea College, and they have two children, Linda Jo, five, and Paula Jeanne, seven months old.

Source: The Michigan Alumnus 43

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Memoirs, Comments, Discussion
Prof. Emeritus Paul W. McCracken
with Prof. Emeritus Herbert W. Hildebrandt

October 24/31, 2008

What follows are the subjective, human comments of Professor Paul McCracken in an interview on the above date in his office, Ross School of Business, University of Michigan.  The purpose is to collect his personal comments on the years he has spent at the University of Michigan and his reflections in working in Washington DC along with five Presidents:  Eisenhower, Nixon, Ford, Kennedy, Johnson.

While drafted by Prof. Emeritus Herb Hildebrandt, all of the following comments have been approved after editing by Prof. McCracken.

We are quick to admit there is relatively loose organization of the comments inasmuch as at aged 92 both the respondent and questioner let the ideas flow as they wish.  We occasionally will move from the first to third person in the discussion.

General Reflections, Prof. McCracken

1)  On a personal level, it is interesting and laudable that the University of Michigan in its long history can maintain its high academic standing when a major public University gives extraordinary publicity to athletics rather than academics.  Newspapers shout loudly, and vociferously, when the football team, above all other academic achievements, participates in or leads other teams in a winning season.

Of course major research achievements are noted, sotto voce on an inside newspaper page, as compared with blaring headlines of sports achievements; academic achievements rarely seem to surpass the gridiron success of a football team.

Finally, only the monstrosity of the edifice now under construction (Oct. 2008) surrounding the football stadium suggests a diminution in balance between academics and athletics.  It was never always so.

 

2)  When I came to the University, under the persuasion of Dean Stevenson to join the Business School, I faced a major decision.  At the time of the invitation I was the Director of Research at the Federal Reserve in Minneapolis, a city for which, even today, I have warm affection. There I was happy in my job. It seemed like a positive future and with affection looked forward to a career in the Federal Reserve.

On reflection, in comparing the agonies that Michigan faces today, especially in some of its larger cities, Minneapolis was pleasant, inviting, warm, friendly.

 

3)  I must interject a negative reflection.  That said after remembering that I was hired as an Economics Professor in the School of Business.  At the time we had outside our Business School a stand-alone Department of Economics with whom I tried to seek an affiliation and cordial relationship.

Today we use the words of a ‘silo mentality’, i.e., some scholars and departments seek to remain cloistered, absenting themselves from others who do not walk or breathe the same academic air of pure economics, or are housed with them in what was then a cold, gray building. It later burned down. A retribution?

Indeed, I was looked upon then as a useless citizen, an outcast.  Rarely do I use gentle profanity but my inner Presbyterian self said, “to hell with them”.

But I must stop. The then Chairman, Prof. Sharfman, of the Economics Department was warm, as were some other on the faculty. Slowly, ever so slowly, that animosity faded, but I must say those initial years were personally difficult.

 

4) I add the following as additional perceptions of my early academic and slowly emerging Washington DC days.  Let me, thus, comment on some of my views regarding the political tastes of the early days of the American Economic Association. Early on, in my opinion, there was overt political affection for the Democratic Party. And those of who know me realize my world was/is the Republican Party, a leaning I have held for many years.

Thus, on campus and nationally, there may have been an underground of political concern about my views. I have no overt proof of that statement, but sense my political DNA may have interrupted the natural flow of events, even attitudes toward me as an individual.

As time mutes one’s attitudes, I today soften all of the above comments.

Today it is no mortal sin to be a Republican and a member of the American Economic Association. But I had my doubts years earlier.

 

 5) One of the most often asked questions of me, after holding the position of Head of the Council of Economic Advisors to President Nixon, was “How was he, what is your impression of him?”  Let me give a detailed answer, in multiple parts.

  • Prior to my direct involvement with President Nixon, I was appointed as a member of the CEA (Council of Economic Advisors). There I learned, added to my knowledge of the working of the government. The chairperson of the Council at that time was Herb Stein.
  • Prior to Mr. Nixon assuming the Presidency, he or his staff, recommended that three of us, Arthur Burns, myself, and one other person who I’ve forgotten, were to meet in NYC to discuss economic matters. Putting together initial thoughts on the US economy.  Intrigue, guesses, editorials as to who would be President Nixon’s Sec. of State, and other Cabinet members, ran wild.  Hints were given that possibly I would be asked to come back and head the CEA.
  • A later call from the Washington Post put my hairs on end and I indicated to the caller that no one had spoken with me about the possibility of heading the Council.  To be honest, I had little inclination to enter the inevitable world of politics that that position entailed.  Orally, I signed off on the idea.
  • Subsequently I received one of those phone calls one cannot hang up on: the  President of the United States,  President Nixon was on the line.

“How about it?” he asked.

I knew what he was asking.

“I have a meeting in one hour with the Cabinet and really have nothing to tell them,” he continued.

I said, “I really should talk with my wife.”  (“I knew he had talked with Herb Stein and others; he and others had given their assent.”)

“I called my wife. “Ruth agreed  for a longer tenure in Washington.”

“…I agreed,” I told President Nixon, “to be his Chief Economic Advisor and Chair that committee.  President Nixon had something now to tell his new Cabinet.  “I was somewhat relaxed, and unnerved at the same time.”

“Good,” the President said.

I now jump ahead several years.!  I repeat the most often asked question asked of me:  “How was he, what is your impression of President Nixon?”

Most questions seemingly were couched in a negative tone; they came with an undisguised innuendo of sarcasm similar to the numerous editorial cartoons that depict him in a negative light. Even today.

Time dulls one’s memory and one is inclined to be gentle, never speaking ill of those who have gone before.  I’ll try to be unbiased.

He was a master politician, imbued with innate political skills that out-shown many of those around him.  My dealings with him were always warm, friendly, on a high level of friendliness.  Never did I feel he was condescending.  But I did sense he did let our conversations veer off the main topic, letting our thoughts lose a tight focus. He occasionally slipped away, slipstreaming as one would say of a small airplane, into other topics and concerns.

Regardless, I felt he was consistently deeply concerned about the economy.

One story.  We met at Camp David.  Lovely spot.  The purpose was to discuss whether we should have price controls or not. Forgot who was there, but the dominating theme was President Nixon’s insistence on price controls, in my estimation a no-no that I could never support.  Major counter arguments, on both sides crossed our table. President Nixon listened.  For one of the few times in our group meetings I vehemently opposed the President, arguing against any kind of price control.

He excused himself toward the end of the day.

He later announced he would support price controls, in my estimation a foretaste of an economic disaster. In my estimation it was!

A sidenote.  I have the feeling that he spent the entire night wondering about the issue.  He, there at Camp David, seemed to sleep little.  One story.  Early in the AM he was taking a walk and at the crossroads of two paths, in the dark, ran into a navy man who was coming to work to prepare breakfast.  On realizing it was the President, the navy man blurted, “I’m sorry Mam, yes sir, I’m sorry.”

Soon thereafter, I resigned, knowing I had stepped out of sync with the President. He was gracious in accepting my resignation and asked if I would remain until the end of the year, which I did.

In sum.  He was warm, friendly in the years following our parting.  I visited him on occasions and in private got along well.  Attending his funeral was an emotional event, there being seated among leaders of the world, a bit heady for someone from a small Iowa farm.

  1. HWH:“Paul, we’ll speak about four other Presidents, what was your relationship with President Gerald Ford?  Please bring us up-to-date of your interactions with him.”

…Entirely different relationship.  Indeed, we were personal friends, close friends for a long period of time, our paths crossing in more casual environments than in formal meetings. I’d have to say our human connection was one more of friendship than professional interaction.

A newspaper reporter – there were many that I knew over the years – asked me one day if I knew my name had been mentioned as one who had the ear of the President, my name allegedly being mentioned both in the paper and orally.  I was unaware of that pronouncement.  My personal guess was that a staff person may have drawn that inference.  Oh, occasionally, I did leave Ann Arbor to go to DC and responded to some questions on the economy, but those times were of a short duration.  To be honest, I was eager to return to Ann Arbor.

Thus President Ford and I had a personal friendship. It was comfortable to have affection for President Ford because of his genuine warmth, his commonness, his ability to talk with persons from all walks of life, with little awareness of their stature in life.  We got along well.  And as with other Presidents, it was a deep personal loss when he left us.

 

7. While my political world was Republican, an interesting event occurred soon after President Kennedy was elected.An old, long-time friend of  mine from Harvard days, a Democrat, called me.  His invitation was that President Kennedy wished a small bi-partisan group to meet and prepare for his review a memorandum regarding future economic policy suggestions.

Thus three of us met in NYC, a former head of the Federal Reserve of New York, a member of the Council of Economic Advisors, and myself.  For one week we reviewed options, finally arriving at a consensus document to present to President Kennedy.  Our main thrust was our concern over a lack of gold reserves on which the dollar was based.  Should that information become too public we felt there would be an economic calamity. Additionally adding to our concern, was that on the Congressional books was the requirement that enough gold had to be in our vaults to cover the value of the dollar.

President Kennedy accepted our concern and recommended that someone – I forgot who – appear before a Congressional Committee and have the requirement removed.  My memory further dims and thus do not recall the outcome.

In short.  I found President Kennedy an able person, likable and interested  in the economic situation in our country.  My brief time with him was pleasant.

 

8. My work with President Johnson was of a lesser nature, but again honored that a democrat President, or his staff, would ask me to join a small group that had a single purpose:the nature of the national budget, especially how it was to be formed and amended procedures in putting it together.  We all felt the entire process of budget preparation needed an overall, but knew that in a democracy the task would be difficult.  As part of that group, that discussion was my only tangential involvement in economic affairs during the Johnson tenure.

 

9. All of the preceding governmental actions took me away from my beloved University of Michigan, at that time the School of Business, now called the Ross School of Business after a munificent financial gift from Mr. Raymond Ross.Thus one has the right to ask, “did my Washington experiences have an impact on my teaching, research, and service to the University?

        An emphatic positive  “yes.”

  •  There is merit in being able to bring to a class true-to-life stories on the complicated process of running a government, especially its economic policy.  To cast a stone is easy, but when one is involved in the process it is easy to discern that application of economic theory is a highly complex matter, rarely deeply understood by the casual newspaper writer.  Giving to classes the pragmatic and political nuances, both playing out simultaneously, was for me both invigorating and stimulating – or so I thought in discussions in the classroom.
  • In a sense I began to moonlight, as does Prof. Paul Krugman the economist of Harvard [sic!] who recently won the Nobel Prize for Economics.  He is probably better known for his articles in the New York Times than his economic theories.
    Similarly, I was asked to write an occasional article for the Wall Street Journal.  Indeed,  I am told that as part of the preceding vitae, I wrote over 80 such statements.  (Editor’s comment:  Paul wrote all those statements in long-hand, relying on his long-time secretary, Margaret Oberle, to master the intricacies of the computer.  To this day, Paul still writes in long-hand).
    These many WSJ statements were included in my class discussions and occasioned many letters to me and to the editors of the Journal.
  • Not said out of egotism, but adding personal stories also gave life to what some would call the somber world of economics.  I add one story concerning President Eisenhower, simply to suggest that a President may be the most powerful person in the land, yet is underneath as human as the rest of us, especially when lying in a hospital bed.
    I got a call from one of President Eisenhower’s aides suggesting that the President while in the Walter Reed hospital, sought out long-time friends to come by and visit with him.  The aide suggested the President desired company, finding it lonely lying in a hospital room. My cup was full of responsibilities; my agenda was burdened with appointments.  But how to you tell a sick President that “I’m too busy to see you.”  …“You don’t.”
    I went, thinking that after fifteen minutes an aide would suggest time was up.  An hour slipped by;  how does one politely tell a President that one would like to leave?”  …“You don’t.”  Our chat ranged far and wide.  One comment is still vivid in my memory.  He told me that he remembered when his brother attended the University of Michigan, visiting him there on several occasions. This fact I knew nothing about.  That comment gave me sincere pleasure.
    In sum, our hospital visit with President Eisenhower was one of my more memorable Washington experiences.  His memory was astonishing, his ability to tell a story moving and interesting.  With sadness, three months later, I sat in the Washington Cathedral for his funeral, but with the pleasant thought that I had paused to spend time with him.
  1. HWH: Any comments in general about the University as of now, the end of October ’08?

The University is in for rough water, financially.  One has only to read the financial papers to realize that tuition payments, especially for the smaller private schools, is becoming more difficult for many parents.  We too, even though we’re a State school, will feel the financial ripples.  But not as much.

Surely we receive –  I’ve lost the precise percentage – some of our operating costs come from the State, but that figure has been deceasing over the years.  Increases in tuition cover some of that shortfall, but the University too will bump up against a financial ceiling where devoted parents will find it increasingly difficult to husband funds for their children’s education.

While we receive State funds, those who oversaw our endowment have done so carefully and diligently, and with significant success.  Should the State have serious financial problems – and that’s where the rough water come in – our two sources of funding, tuition driven and endowments, become a major sources of our funding.

My above comments in no way paint a picture of gloom and doom. Our great University has existed for over 150 years, slowly nearing two hundred.  We’ll continue to survive, but the financial waters will continue to disturb a smooth pattern of onward flowing success.

All the above raises a specter that has been quietly voiced over the years:  are we approaching, capturing the aura of a private university?  My data is incomplete – and as an economist lack of data is a kiss of professorial death – yet I sense we are yearly beginning to stand on our own bottom.  That metaphor is a silent mantra, or one not so silent at Harvard University, and is slowly joining the chorus of some here on our campus.  There is little doubt, in my mind, that we are on the doorstep of such a transition.  In a lifetime or two that assumption may become a reality.

It is with sincerity that I say the people I have worked with were highly capable; that fact made my journey at the University of Michigan all worthwhile.

Paul McCracken, November 2008.

Source: The University of Michigan Faculty Memoir Project. Paul W. McCracken (October 24/31, 2008).

Image Source: University of Michigan. Faculty History Project

Categories
Economist Market Economists Fields

Harvard. Economics department professors plan review of junior staff. 1932

 

Within the faculty of the Department of Economics at Harvard University, there was a Committee of Professors. From the following memo it appears that within the Committee of Professors there was an Executive Committee. The memo is interesting to read as an announcement of a pending review of the junior staff that will be stratified into five layers: “unusually able men”, “capable and useful” (hold), “capable and useful” (encourage to seek elsewhere), “not as useful here” (push to seek elsewhere), “capable young” (hold). Somewhat surprised that the strata assignments were identified ex ante. 

[I have added the full names and plus the dates and names of the institutions where undergraduate and graduate degrees had been awarded.]

Also worth noting are hopes for attracting Gottfried Haberler to continue and explicit mention of Wassily Leontief as someone to consider for hiring.

_______________________________________

[Handwritten note: Presented at Meeting Exec Cte Jan 21, 1932]

VERY CONFIDENTIAL

A. Among other matters the Committee of Professors will be asked to consider the status and work of certain members of the Junior Staff.

I. The men in this group have passed their Generals and are at work on their dissertations. They are unusually able men deserving special consideration.

Sweezy
[Alan Richardson Sweezy. A.B. (Harvard) 1929; A.M. (Harvard) 1932; Ph.D. (Harvard) 1934]

Walsh
[John Raymond Walsh. A.B. (Beloit College) 1921; A.M. (Harvard) 1931; Ph.D. (Harvard) 1934]

Smith
[Dan Throop Smith. A.B. (Stanford) 1928; A.M. (Harvard) 1931; Ph.D. (Harvard) 1934]

Abbott
[Charles Cortez Abbott. A.B. (Harvard) 1928; A.M. (Harvard) 1930; Ph.D. (Harvard) 1933]

II. The men in this group either have their degrees or will have them shortly. They are capable and useful, perhaps more. It may be to their advantage and ours to encourage them to remain here for some time longer. For the coming year, at least, promotion to faculty instructorship is not involved.

Anderson
[Karl Leopold Anderson. S.B. (Mt. Allison University) 1928; A.M. (Harvard) 1930; Ph.D. (Harvard) 1932]

Goldstein
[Aaron Goldstein. A.B. (Johns Hopkins) 1928; A.M. (Harvard) 1931; Ph.D. (Harvard) 1934]

Hoover
[Edgar Malone Hoover, Jr.] A.B. (Harvard) 1928; A.M. (Harvard) 1930; Ph.D. (Harvard) 1932]

Hunt
[Bishop Carleton Hunt. B.B.A. (Boston University) 1920; A.M. (Harvard) 1926; Ph.D. (Harvard) 1930]

Shaffner
[Felix Ira Shaffner, Rhodes Scholar (Oxford) 1924; A.B. (Harvard) 1925; A.M. (Harvard) 1926; Litt.B. (University of Oxford, England) 1928; Ph.D. (Harvard) 1933)]

Wallace
[Donald Holmes Wallace. A.B. (Harvard) 1924; A.M. (Harvard) 1928; Ph.D. (Harvard) 1931]

Wernette
[John Philip Wernette. A.B. (University of California) 1924; A.M. (University of Southern California) 1926; A.M. (Harvard) 1929; Ph.D. (Harvard) 1932]

III. The men in this group, all Ph.Ds, have reached or are nearing the point when they can be placed elsewhere most advantageously. They are capable and very useful here. They should be encouraged to take acceptable offers.

Currie
[Lauchlin Bernard Currie. S.B. (University of London, England) 1925; A.M. (Harvard) 1927; Ph.D. (Harvard) 1931]

Ellsworth
[Paul Theodore Ellsworth. A.B. (University of Washington) 1920; B.A. (University of Oxford) 1924; A.M. (Harvard) 1930; Ph.D. (Harvard) 1932]

Gilbert
[Donald Wood Gilbert. A.B. (University of Rochester) 1921; A.M. (University of Rochester) 1923; A.M. (Harvard) 1924; Ph.D. (Harvard) 1932]

White
[Harry Dexter White. A.B. (Stanford) 1924; A.M. (Stanford) 1925; Ph.D. (Harvard) 1930]

IV. The men in this group have their Ph.Ds or will have them shortly. They are useful here, but less so than group III. They should be moved at the first opportunity.

Ratzlaff
[Carl Johann Ratzlaff. S.B. (University of Minnesota) 1922; A.M. University of Minnesota) 1925; A.M. (Harvard) 1928; Ph.D. (Harvard) 1930].

Crane
[John Bever Crane. A.B. (Northwestern University) 1924; A.M. (Harvard) 1926; Ph.D. (Harvard) 1932]

Danielian
[Noobar Réthéos Danielian. A.B. (Harvard) 1928); A.M. (Harvard) 1929; Ph.D. (Harvard) 1932]

Eaton
[Albert Kenneth Eaton. A.B. (Acadia University) 1922; S.B. (London School of Economics) 1928; A.M. (Harvard) 1929, Ph.D. (Harvard) 1933]

Fields
[Morris Joseph Fields. S.B. (Tufts College) 1921; M.B.A. (Harvard) 1923; A.M. (Harvard) 1928; Ph.D. (Harvard) 1932]

Phinney
[Josiah Thompson Phinney. A.B. (Yale) 1923; A.M. (Harvard) 1928; Ph.D. (Harvard) 1931]

Ross
[James Alexander Ross, Jr. S.B. (Princeton) 1922; B.A. (University of Oxford, England) 1925; A.M. (Harvard) 1933; Ph.D. (Harvard) 1934]

Towle
[Lawrence William Towle. A.B. (Bowdoin College) 1924; A.M. (Harvard) 1927; Ph.D. (Harvard) 1932]

V. The men in this group are capable young men and will probably remain here for some time longer.

Baker
[George Pierce Baker, Jr. A.B. (Harvard) 1925; A.M. (Harvard) 1930; Ph.D. (Harvard) 1934]

Cassels
[John MacIntyre Cassels. B.A. (University of Alberta) 1924; B.A. (University of Oxford) 1927; Ph.D. (Harvard) 1934]

Krost
[Martin Max Krost. Senior Economist, Division of Research an Statistics, Board of Governors of the Federal Reserve System (October 1940) ]

Wendzel
[Julius Tugendreich Wenzel. A.B. (Kalamazoo College) 1928; A.M. (Tufts College) 1930, Ph.D. (Harvard) 1934]

B. The Committee should also consider our instruction in International Trade. At present Associate Professor Cole is giving Economics 9a, the undergraduate course in International Trade. The Department has voted that when possible this course is to become part of a full course—International Economic Problems. Our graduate course—Economics 39—will be given by Dr. Haberler during the second half of this year. Dr. Haberler may be available for another year or two if the Department cares to invite him.
Professor Cole is interested in the undergraduate instruction in International Trade and International Economic Problems, but not particularly in the graduate instruction.
A.E. Monroe is interested in the graduate instruction in International trade. Although he is on one-half time appointment, probably an arrangement could be made for him to give the graduate course.

C. There is a possibility—if some of our non-faculty instructors accept positions elsewhere—that we may be able to make a few new appointments. The following men should be considered.

Leontieff (if Haberler is not reappointed) (One of his articles is available in Mrs. Gilboy’s office).

Gardner (sic) Means
[Gardiner Coit Means. A.B. (Harvard) 1918; A.M. (Harvard) 1927; Ph.D. (Harvard) 1933]

Schmidt (California Ph.D. Credentials may be had from Miss Rogers).

Source: Harvard University Archives. Harvard University Department of Economics general office files.  (UAV349.11) Box 11, Folder “Full Professors Meetings of Department of Economics.”

Image Source: Detail from cover of the Harvard Class Album 1946.