Category: Exam Questions

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Exam Questions Johns Hopkins Macroeconomics Money and Banking

Johns Hopkins. Final exam for monetary economics. Poole, 1968

The artifact chosen for this post is the final examination for William Poole’s monetary economics course at Johns Hopkins University in 1968. Not all artifacts at Economics in the Rear-view Mirror are long.

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William Poole’s Career

William Poole became the eleventh president of the Federal Reserve Bank of St. Louis on March 23, 1998, and retired March 31, 2008.

Poole was born in Wilmington, Delaware. He received a bachelor’s degree from Swarthmore College in 1959 and a master’s degree and a doctorate in economics from the University of Chicago in 1963 and 1966, respectively. Before joining the St. Louis Fed, Poole was Herbert H. Goldberger Professor of Economics at Brown University. He served on the Brown faculty from 1974 to 1998 and the faculty of Johns Hopkins University from 1963 to 1969. Between these two university positions, he was senior economist at the Board of Governors of the Federal Reserve System. He was also a member of the Council of Economic Advisers in the first Reagan administration from 1982 to 1985.

Poole has published numerous papers in professional journals and engaged in a wide range of professional activities. He has published two books: Money and the Economy: A Monetarist View in 1978 and Principles of Economics in 1991 (coauthored with J. Vernon Henderson). During his ten years at the St. Louis Fed, he delivered over 150 speeches on a wide variety of economic and finance topics.

In 1980 and 1981, Poole was a visiting economist at the Reserve Bank of Australia; in 1991, he was the Bank Mees and Hope Visiting Professor of Economics at Erasmus University in Rotterdam. He has served on various advisory boards of the Federal Reserve Banks of Boston and New York and the Congressional Budget Office. He is a senior fellow at the Cato Institute, distinguished scholar in residence at the University of Delaware, senior economic adviser to Merk Investments, and a special adviser to Market News International.

Swarthmore honored Poole with a doctor of laws degree in 1989. He was inducted into the Johns Hopkins Society of Scholars in 2005 and presented with the Adam Smith Award by the National Association for Business Economics in 2006. In 2007, the Global Interdependence Center presented him its Frederick Heldring Award.

Source: https://web.archive.org/web/20240607041405/https://www.federalreservehistory.org/people/william-poole

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Other relevant posts

Reading list for monetary economics, 1964 (JHU)

Modigliani and Poole’s MIT reading list, 1977 (MIT)

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The Johns Hopkins University
Political Economy 662
— Monetary Theory

W. Poole

Final Exam — 2 hours
May 27, 1968

Answer three of the four questions below.

  1. In principle It would be possible to “automate” monetary policy by deriving an optimal decision rule. Explain how such a rule might actually be determined, and what the difficulties of such an approach to monetary policy might be.
  2. Discuss the theory and the cyclical behavior of the term structure of interest rates. Is an understanding of this behavior likely to be of any value to the policy-maker?
  3. “It has been argued that lags in the demand for money function may off-set lags in the expenditure sector, thus leading to a rapid response of income to monetary policy actions. But this result depends on large interest rate fluctuations and such fluctuations are inconsistent with both the notion of a speculative demand for money and with the Meiselman learning model of the term structure of interest rates.” Discuss.
  4. “In a one-sector neoclassical growth model, money will affect the growth path provided that the money is outside money and that zero interest is paid on money balances. Therefore, a sensible growth policy is to prohibit payment of interest on demand deposits and to increase the rate of growth of the money stock.” Discuss.

Source: Johns Hopkins University. The Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 6, Box 3. Folder: “Graduate Exams, 1933-1965”.

Image Source: William Poole at the Federal Reserve Centennial, 2014.

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Exam Questions Harvard Industrial Organization

Harvard. Final exam and enrollment. Economics of Corporations. Ripley and Daggett, 1907-1908

There was an old woman who lived in a shoe, / Whose progeny here are presented by Pughe. / She petted and pampered and coddled the brats, / And guarded her brood from the bad Democrats

Below you will find the final exam from the second half of William Z. Ripley’s sequence on organized labor and organized capital offered at Harvard in 1907-08. Economics 9b, Economics of Corporations, was devoted to the economics of corporations.

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Other Corporations/Industrial Organization Related Posts
for William Z. Ripley

Problems of Labor and Industrial Organization, 1902-1903.

Economics of Corporations, 1903-1904.

Economics of Corporations, 1904-05 (with Vanderveer Custis)

Economics of Corporations, 1906-07 (with Stuart Daggett]

Economics of Corporations, 1914-1915.

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Course Enrollment
1907-08

Economics 9b 2hf. Professor [William Zebina] Ripley, assisted by Dr. [Stuart] Daggett. — Economics of Corporations.

Total 115: 8 Graduates, 15 Seniors, 58 Juniors, 26 Sophomores, 3 Freshman, 5 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

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Course Readings

Cases for the course are most certainly found in Trusts, Pools and Corporations (1905), edited with an introduction by William Z. Ripley. From the series of Volumes Selections and Documents in Economics, edited by William Z. Ripley published by Ginn and Company, Boston.

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ECONOMICS 9b
Year-end Examination, 1907-08

  1. What are the three distinct aspects of the problem of price fixing under monopoly in the United States? Which is the most serious, and why?
  2. What did the “Tobacco Trust” do in England to gain control of the market? Describe the episode in detail.
  3. Was the Supreme Court decision in Hopkins v. United States favorable to the government or not? What was the point raised?
  4. State, in not over ten words in each case, the significant feature of the history of the following industrial combinations, viz:—
    1. The International Mercantile Marine Co.
    2. The Royal Baking Powder Co.
    3. The American Malting Co.
    4. The American Ice Co.
    5. The Asphalt Co. of America.
  5. A certain commodity is native in origin, heavy, low grade, cheap, a necessity of life; another is native in origin but not abundant enough for the domestic demand, readily transported, of high grade when finished, selling at a high price, and half a luxury. Which of the two could the more easily be “monopolized” by an industrial combination? If any important factor, in determining this likelihood, has been omitted in the above description, add it.
  6. How are corporations taxed in Massachusetts? What changes were made in the law of 1903, and with what effect?
  7. In the determination of net profits before declaration of dividends, what factors have to be considered? State briefly a case or two.
  8. State what seem to you basic propositions concerning the relation of the tariff to industrial combination; with illustrations if possible.
  9. What is the most important economy incident to production under monopoly of the market, as distinct from mere large-scale production.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09 (HUC 7000.25), pp. 34-35.

Image Source: This illustration shows an old woman labeled “Monopoly Tariff” sitting next to an old shoe labeled “Special Privilege”, around which a number of children are playing; they all represent a “Trust” and are labeled “Tool, Steel, Copper, Lumber, Sugar, Rubber, Beef, Coal, Tobacco, Clothing, Watch, Leather, Paper, [and] Linen”. The centerfold from Puck (March 25, 1908) was by John S. Pughe. Image from the Library of Congress digital image collection.

 

 

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Exam Questions Harvard Labor

Harvard. Exam for Problems of Labor. Ripley with Lauren Carroll assisting, 1907-08

 

Problems of labor constituted the first semester of William Zebina Ripley’s sequence on organized labor and capital. Trade unions were the focus of his labor course and corporations during the second semester.

His teaching assistant, Lauren Carroll, was a recent Harvard undergraduate who was to go on to Harvard Law School. A few details regarding Carroll’s life and subsequent career are included below.

The principal artifact for this post is the final examination for the course.

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Ripley’s teaching assistant:
Lauren Carroll

Lauren Carroll was appointed at the rank of assistant in economics. Boston Evening Transcript (Nov. 16, 1908), p. 12.

1886: born July 16 in Manhattan, New York City.
1906: A.B. Harvard College
1911: married Akrata von Schrader July 19.
1909: LL.B. Harvard Law School
1945: died in Poughkeepsie, N.Y.

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Self-Report for the 15th anniversary
of the Harvard Class of 1906

At the time of our Decennial I was practicing law in New York City as a member of the firm of Gould and Wilkie. I was also serving my second term as a member of the New York Board of Aldermen. A rather diverse number of businesses required my attention after the death of my father in December, 1916, and finally compelled me to resign from the Board of Aldermen in the Summer of 1917. I continued my activity in the Republican Organization, however, and later served two terms as president of my Assembly District Republican Club, which has a membership of 1500 men and women.
Soon after the United States entered the Great War, the work of organizing the sale of Liberty Bonds over the counters of retail stores throughout Greater New York fell to my lot because my law firm represented several of the large department stores. This took practically all of my time during the 1st and 2d Liberty Loans. In December, 1917 I made a trip through Michigan, Indiana, Wisconsin, Minnesota, Illinois, Iowa and the Dakotas, for the purpose of assisting in the formation of War Savings Stamp organizations in those states. From February until May, 1918 I worked in the Publicity Department of the New York Liberty Loan Committee. I had charge of outdoor advertising in our Federal Reserve District during the 3d Loan, and at the same time supervised the newspaper advertising of the Department Stores Committee.
After the 3d Loan I was appointed Executive Secretary of the Capital Issues Committee for the New York Federal Reserve District. During the next six months our committee passed on many hundred different security issues submitted to it by private and public corporations. The various issues of stocks and bonds considered by the committee in our district aggregated nearly two billion dollars in par value. The above work naturally took me entirely away from the practice of law, and when the Capital Issues Committee disbanded some six weeks after the Armistice, I decided to take advantage of an opportunity to continue in the financial world with Messrs. Brown Brothers & Co. The business of that banking firm has brought me to the city of Brussels on this glorious Sunday afternoon, which finds me writing a dull summary of the past when we might be sipping Porto Rouge on the boulevards.
Member: University Club; Union League Club; Harvard Club of New York; Bar Association of the city of New York; National Republican Club; Harvard Club of Boston.

Source: Harvard Class of 1906. Quindecennial Report (1921), p. 61.

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Obituary

Lauren Carroll, lawyer, businessman and civic leader of New York City, and the father of Miss Kyra Carroll, an official of the local Red Cross organization, died on Wednesday in a nursing home at Poughkeepsie, N. Y., after an eight-month illness. He was 58.
A strong advocate after World War I of American entry into the League of Nations, he had in recent years supported the idea of world cooperation. He served as chairman of the New York State Committee for World Federation and in 1943 presided at a “Win the Peace” rally at Carnegie Hall.
In addition to the foregoing, another daughter, Miss Rosemary Carroll, a member of the staff of the OWI in London, and his wife, Mrs. Akrata von S. Carroll, are surviving.
Funeral services were held yesterday in Fifth Avenue Presbyterian Church, New York.

Source: Press of Atlantic City, 31 March 1945, p. 2

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Problems of Labor:
previous semesters

1902-03
1903-04
1904-05
1905-06
1906-07

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Course Enrollment

Economics 9a 1hf. Professor Ripley, assisted by Mr. Carroll. — Problems of Labor.

Total 67: 5 Graduates, 24 Seniors, 24 Juniors, 12 Sophomores, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

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ECONOMICS 9a
Mid-Year Examination, 1907-08

  1. What is the difference between a “jurisdiction” and a “demarcation” dispute? Illustrate.
  2. Does the New Zealand or the Victorian legislation interfere more with the personal freedom of the individual workman? State concisely in what respects this holds good.
  3. Based on Massachusetts’ experience, what compensation in respect of production is alleged to have followed the progressive shortening of the hours of labor? Are any unforeseen social results possible if this be continued?
  4. What are the main provisions of the Canadian Act of 1907 concerning trades disputes?
  5. What if any is a possible defect in it, as of any similar legislation? Has Australia any experience of value concerning this matter?
  6. What is Webb’s attitude toward Employers’ Liability Laws? Outline his main argument.
  7. Would Workmen’s Compensation Acts meet this argument or not?
  8. When was Government insurance adopted in Germany—approximately? What political objects were in view? Have these been realized?
  9. State in three distinct propositions, what in your own opinion, are the principal defects of American trades unionism of the present day. What remedy for each, if any, may be suggested?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

Image Source: Harvard University Archives.  William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized and noise reduction by Economics in the Rear-view Mirror.

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Business Cycles Exam Questions Harvard Money and Banking Syllabus

Harvard. Exams and assigned reading for money, banking, commercial crises. Williams and Harris, 1938-1939

 

In the previous post, Economics 41, 938-39 (Paper topics), historians of modern economics will find a transcription of 31 typed pages of paper topics with suggested references for the Harvard undergraduate course “Money, Banking and Commercial Crises” taught by Professor John H. Williams and Associate Professor Seymour E. Harris in 1938-39.

Today’s post adds enrollment figures, course reading assignments (when found) and the final exams for that course.

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Course Material from a Few Other Years

1937-38
1940-41
1941-42

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Course Announcement

Economics 41. Money, Banking, and Commercial Crises

Mon., Wed., and (at the pleasure of the instructor) Fri., at 2. Professor Williams and Associate Professor Harris

Source: Harvard University Faculty of Arts and Sciences. Announcement of the Courses of Instruction during 1938-39 (second edition), p. 148.

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Course Enrollment

[Economics] 41. Professor Williams and Associate Professor Harris. — Money, Banking, and Commercial Crises.

Total 181: 1 Graduate, 37 Seniors, 106 Juniors, 32 Sophomores, 1 Freshman, 4 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1938-39, p. 98.

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First Term Reading List
[Note: First term reading list is identical to that for 1937-38]

ECONOMICS 41
Readings: First Term

  1. The Nature and Functions of Banking
    1. Dunbar, “Theory and History of Banking”, Chs. 1, 2, 3, 4, pp. 1-60
    2. White, “Money and Banking”, Ch. 16, pp. 349-372
  2. The Creation of Deposits
    1. Phillips, “Bank Credit”, Ch. 3, pp. 32-77
    2. Currie, “Supply and Control of Money in the U.S.” Chs. 5, 6, 7, pp. 46-63.
  3.  Note Issue
    1.  Dunbar, “Theory and History of Banking”, Ch. 5, pp. 60-81
    2. Currie, “Supply and Control”, Ch. 10, pp. 110-115
  1. Commercial Loan Theory
    1. Robertson, “Money”, Ch. 5, рр. 92-117
    2. Currie, “Supply and Control”, Ch. 4, pp. 34-46
  2. U.S. Banking History
    1. White, “Money and Banking”, Chs. 18, 19, 20, 21, 22, 23, pp. 387-529
  3. The Federal Reserve System
    1. Dunbar, “Theory and History”, Ch. 6, pp. 81-110
    2. Burgess, “Federal Reserve Banks and the Money Market”, pp. 1-327
    3. Federal Reserve Bulletin, July, 1935: “Supply and Use of Member Bank Reserve Funds”, pp. 419-428
    4. Currie, “Supply and Control”, etc., Chs. 8, 9, pp. 83-110
    5. Hardy, “Credit Policies of the Federal Reserve System”, Chs. 3, 4, 5, 6, 7, 8, 9, 10, 11, рр. 34-243
  4.  Recent Banking Changes
    1. White, “Banking”, Chs. 29, 30, pp. 670-738.
  5. Foreign Banking Systems
    1. Dunbar, “Theory and History”, Chs, 8, 9, 10, pp. 139-235
Reading Period
January 5-18, 1939

Economics 41: Read one of the following:

Hardy, Federal Reserve Policy.
Hawtrey, Art of Central Banking, pp. 116-303.
Keynes, Treatise on Money, Vol. II, Book VII.

Reading Period
May 8-31, 1939

Economics 41: Read one of the following:

  1. a. Robertson and Pigou, Economic Essays and Addresses, pp. 95-138.
    b. Robertson, Banking Policy and Price Level.
  2. Durbin, Problems of Credit Policy.
  3. Keynes, Tract on Monetary Reform.
  4. Keynes, Treatise on Money, Ch. 30 and Book VII.
  5. Committee on Finance and Industry (Macmillan Report), Report and Addenda 1 and 3.
  6. Wicksell, Interest and Prices.
  7. Hawtrey, Capital and Employment, Chs. 7-11 inclusive.
  8. Harrod, Trade Cycle.
  9. Marget, Theory of Prices, Chs. XI-XVI.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003.Box 2, Folder “Economics 1938-1939”.

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1938-39
HARVARD UNIVERSITY
ECONOMICS 41
Money and Banking
[Mid-Year Examination]

  1. (One hour.) The Supply and Use of Member Bank Reserve Funds.
(In millions of dollars)
From June 1927
to Dec. 1927		 From Dec. 1927
to June 1928
Bills discounted +132 +423
Bills bought +170 –163
U.S. Government securities +227 –391
Other Reserve Bank credit –11 –14
Monetary gold stock –204 –282
Treasury currency +3 +1
Money in circulation +238 –345
Treasury cash and deposits with Federal Reserve banks –12 –14
Non-member deposits –6 +1
Other Federal Reserve accounts +6 +21
Member Bank reserve balances +91 –89

(a) What is the meaning of each of the above items?

(b) Present, in the form of a balance, a statement indicating the effects of changes in the above items on member bank reserve balances for each of the two periods.

(c) What conclusions do you draw regarding (1) the condition of the money market, (2) member bank policy, (3) Federal Reserve policy?

  1. Write on one of the following questions.

(a) What is the “Commercial Loan Theory” of bank assets? Would banking policy, based on this theory, provide the right quality of bank assets? the right quantity of money?

(b) Discuss the functions of reserves in a modern banking system, distinguishing the case of member banks from that of central banks, and give your views on the various solutions that have been proposed for the reserve problem.

(c) What are the attributes of a good bank note? Give your critical opinion of the following: the national bank note, the Bank of England note, the Bank of France note, the Federal Reserve note.

  1. Trace

(a) the evolution of Federal Reserve objectives since the establishment of the system and indicate to what extent you think these objectives have been attained;

or

(b) the development of instruments of control of the Federal Reserve system, and evaluate their effectiveness.

  1. Discuss the banking weaknesses in the U.S. revealed by crises in the period (a) before the war, or (b) after the war.
  2. Write on one of the following: (Reading period.)

(a) Keynes: Compare the effectiveness of central bank control over the supply of money in England and the U.S.

(b) Hardy: Discuss Federal Reserve policy and speculation, 1927 to 1929.

(c) Hawtrey: Using historical illustrations, discuss the effect of the experience of the Bank of England on current central bank theory and practice.

Source: Harvard University Archives. Harvard University, Mid-year Examinations 1852-1943. Box 12.  Papers Printed for Mid-Year Examinations [in] History, History of Religions, … , Government, Economics, … , Naval Science (January-February, 1939) in the bound volume Mid-Year Examinations—1939.

1938-39
HARVARD UNIVERSITY
ECONOMICS 41
[Year-end Examination]

Answer Question 1 and two others.

  1. Reading Period
    Present and comment upon the views expressed in the reading period assignment on the relation between (a) money and prices or (b) money and economic fluctuations.
  2. Monetary authorities try increasingly to influence the rate of interest. Are they likely to be reasonably successful? If they are successful in controlling the rate of interest, are they likely to attain what you consider the proper objectives of monetary policy?
  3. Answer (a) or (b).
    1. Is it your view that the recent breakdown of the gold standard is to be explained by poor management or by fundamental economic factors?
    2. What advantages over the gold standard has a system of free or variable exchanges?
  4. Discuss one of the following:
    1. Under-consumption theories of the trade cycle
    2. Investment theories of the trade cycle
    3. Monetary theories of the trade cycle
  5. Compare the treatment of velocity in the Fisher and the Cambridge versions of the quantity theory.
  6. “Nowhere do conservative notions consider themselves more in place than in currency; yet nowhere is the need of innovation more urgent.” Discuss.

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001. Box 4: Papers Printed for Final Examinations [in] History, History of Religions, … , Government, Economics, … , Naval Science (June, 1939).

Image Source: 1935 one U.S. dollar silver certificates.  From the United States Paper Money Currency webpage at the U.S. Paper Money website.

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Exam Questions Harvard Money and Banking

Harvard. Enrollment and final exam for money and banking. Andrew, 1907-1908

Sen. Nelson W. Aldrich next to a horse labeled "Central Bank" which he is offering to Uncle Sam who inspects the horse's teeth labeled "Wall St. Interests"

The historical roots of the field “Money and Banking” were firmly established at Harvard by its economics department founder Charles Franklin Dunbar during the last dozen or so years of the 19th century. Dunbar was followed in matters monetary by Oliver Mitchell Wentworth Sprague and then Abram Piatt Andrew, Jr.

Fun Fact: Senator Nelson W. Aldrich (see Q. 6 in the Economics 8b exam below) who became the major political figure behind the establishment of the U.S. Federal Reserve System was the grandfather of Gov. Nelson A. Rockefeller of New York. The New York Times, Oct. 24, 2015.

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Previous course materials for
Money and Banking 

1900-01(Meyer and Sprague)
1901-02 (Andrew, Sprague, Meyer)
1902-03 (Andrew’s money exam, Sprague’s banking exam)
1903-04 (Andrew and Sprague)
1904-05 (Andrew’s money exam, Sprague’s banking exam)
1905-06 (Andrew’s money and banking exams)
1906-07 (Andrew’s money and banking exams)

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Course Enrollment
Money. General Survey
(1st term)

Economics 8a 1hf. Asst. Professor Andrew. — Money. A general survey of currency legislation, experience, and theory in recent times.

Total 72: 6 Graduates, 8 Seniors, 39 Juniors, 14 Sophomores, 5 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

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ECONOMICS 8a
Money. General Survey.
Mid-year Examination, 1907-08

  1. To what extent is money a measure, like measures of time, weight, and capacity.
  2. Define and give examples of:
    1. limping standard;
    2. parallel standard;
    3. double standard;
    4. Gresham’s law.
  3. Under what circumstances, if any, would the levying of a seignorage cause prices to rise? to fall? to remain unchanged?
  4. How will large additions to the money supply tend to effect the rate of interest? the rate of profits? the price of land? of bonds? of stocks?
  5. Describe the conditions which brought about the successful redemption of the greenbacks. Upon what grounds was resumption opposed? Were any of these grounds reasonable?
  6. Is it fair to say that England “blundered into monometallism unwittingly”? Explain why or why not.
  7. Is it fair to say that the world stampeded to gold in the seventies “because the increased output of silver in America had produced an excess of its supply as compared with gold”? Explain why or why not.
  8. In your opinion is any confirmation of the “quantity theory” to be found in the experience of :
    1. Holland between 1873 and 1875?
    2. India between 1893 and 1899?
    3. Austria between 1876 and 1890?
      Can these experiences be explained in any other way?
  9. Enumerate the different kinds of money now current in the United States, and state briefly the origin and history of each.

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

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Course Enrollment
Banking and Foreign Exchange
(2nd term)

Economics 8b 2hf. Asst. Professor Andrew. — Banking and Foreign Exchange.

Total 108: 7 Graduates, 16 Seniors, 41 Juniors, 36 Sophomores, 2 Freshmen, 6 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

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ECONOMICS 8b
Banking and Foreign Exchange
Year-end Examination, 1907-8

  1. Describe and account for the relative proportions of national banks, state banks, and trust companies (a) in some of the New England States, (b) in some of the middle Western States.
  2. Describe the functions of the more important sorts of banks in England, France, and Germany, and explain the tendencies of their recent development.
  3. Describe the relation of the government to the banks as regards (a) bank management, (b) government finance in England, France, Germany, and the United States.
  4. Of what significance in the history of English banking were
    1. the Bullion Report?
    2. Peel’s Act?
    3. Bagehot’s “Lombard Street”?
  5. Explain the system of note issue in the Canadian banks and its supposed advantages. State any differences between conditions in Canada and the United States which would render its equal success here uncertain.
  6. Explain the main features of the Fowler, Aldrich and Vreeland bills of the last Congress, and give your opinion of their respective merits.
  7. Explain the following statements:—
    1. “The principal European exchanges are regulated chiefly by the relative value of money.”
    2. “The effect on the exchanges of a given difference in the discount rates is not always the same.”
    3. “The French cheque-rate frequently rises above the specie point.”

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1908), p. 33.

Categories
Economic History Exam Questions Harvard Suggested Reading Syllabus

Harvard. American Economic and Financial History. Gay, 1907-08.

Lincoln and Chase working on the national banking legislation. Painted by N.C. Wyeth

The materials for this post come from the second time Edwin Francis Gay solo-taught the course on U.S. economic and financial history at Harvard. Other than having its bibliographic furniture rearranged, the course content is virtually identical to that of the 1906-07 version of the course.

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Previously…

Assistant Professor Oliver Mitchell Wentworth Sprague taught the Harvard course “Economic History of the United States”/ “Economic and Financial History of the United States” in 1901-02 (with James Horace Patten), 1902-03, 1903-04, and 1904-05. The course was taken over in 1905-06 by Frank William Taussig and Edwin Francis Gay after Sprague left for a full professorship at the Imperial University of Japan. The Taussig/Gay reading list and final exam for 1905-06. Gay taught this course alone in 1906-07.

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Course Enrollment
1907-08

Economics 6b 2hf. Professor Gay. — Economic and Financial History of the United States.

Total 143: 14 Graduates, 24 Seniors, 59 Juniors, 33 Sophomores, 1 Freshman, 12 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

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[Except for a minor rearrangement in the sequence of topics, the course reading list for 1907-08 is, with only one exception, identical to that for 1906-07.]

Course Reading List
Economic and Financial History
of the United States

ECONOMICS 6b (1908)

Required Reading is indicated by an asterisk (*)

1. Colonial Period.

*Ashley, Commercial Legislation of England and the American Colonies, Q.J.E., Vol. XIV, pp. 1-29; printed also in Ashley’s Surveys, pp. 309-335.

*Semple, American History and its Geographic Conditions, pp. 36-51.

McMaster, History of the People of the United States, Vol. I, pp. 1-102.

Eggleston, Transit of Civilization, pp. 273-307.

Beer, Commercial Policy of England, pp. 5-158.

Rabbeno, American Commercial Policy, pp. 3-91.

Lord, Industrial Experiments in the British Colonies of North America, pp. 56-86, 124-139.

1776-1860.
2. Commerce, Manufactures, and Tariff.

*Taussig, Tariff History of the United States, pp. 68-154.

*Hamilton, Report on Manufactures, in Taussig’s State Papers and Speeches on the Tariff, pp. 1-79, 103-107, (79-103).

Bolles, Industrial History of the United States, Book II, pp. 403-426.

Bishop, History of American Manufactures, Vol. II, pp. 256-505.

Pitkin, Statistical View of the Commerce of the United States (ed. 1835), pp. 368-412.

Gallatin, Free Trade Memorial, in Taussig’s State Papers, pp. 108-213.

Rabbeno, American Commercial Policy, pp. 146-183.

Hill, First Stages of the Tariff Policy of the United States, Amer. Econ. Assoc. Pub., Vol. VIII, pp. 107-132.

3. Internal Improvements.

*Callender, Early Transportation and Banking Enterprises, Q.J.E., Vol. XVII, pp. 111-162; printed also separately, pp. 3-54.

Tenth United States Census (1880), Vol. IV, Thos. C. Purdy’s Reports on History of Steam Navigation in the United States, pp. 1-62, and History of Operating Canals in the United States, pp. 1-32.

Chevalier, Society, Manners and Polities in the United States, pp. 80-87, 209-276.

Ringwalt, Development of Transportation Systems in the United States, pp. 41-54, 64-166.

Gallatin, Plan of Internal Improvements, Amer. State Papers, Misc., Vol. I, pp. 724-921 (see especially maps, pp. 744, 762, 764, 820, 830).

Pitkin, Statistical View (1835), pp. 531-581.

Chittenden, Steamboat Navigation on the Missouri River, Vol. II, pp. 417-424.

4. Agriculture and Land Policy. – Westward Movement.

*Hart, Practical Essays on American Government, pp. 233-257 printed also in Q.J.E., Vol. I, pp. 169-183, 251-254.

*Hammond, Cotton Industry, pp. 67-119.

*Semple, American History and its Geographic Conditions, pp. 52-74.

Turner, Significance of the Frontier in American History, in Report of Amer. Hist. Assoc., 1893, pp. 199-227.

Donaldson, Public Domain, pp. 1-29, 196-239, 332-356.

Hibbard, History of Agriculture in Dane County, Wisconsin, pp. 86-90, 105-133.
[Replaces “Sato, History of the Land Question in the United States, Johns Hopkins University Studies, IV. Nos. 7-9, pp. 127-181” from the 1906-07 reading list.]

Sanborn, Congressional Grants of Land in Aid of Railways, Bulletin of Univ. of Wisconsin Econ., Pol. Sci. and Hist. Series, Vol. II, No. 3, pp. 269-354.

Hart, History as Told by Contemporaries, Vol. III, pp. 459-478.

5. The South and Slavery.

*Cairnes, The Slave Power (2d ed.), pp. 32-103, 140-178.

Hammond, Cotton Industry, pp. 34-66.

Russell, North America, its Agriculture and Climate, pp. 133-167.

De Tocqueville, Democracy in America (ed. 1838), pp. 336-361, or eds. 1841 and 1848, Vol. I, pp. 386-412.

Helper, Compendium of the Impending Crisis of the South, pp. 7-61.

6. Finance, Banking and Currency.

*Dewey, Financial History of the United States, pp. 34-59, 76-117, 224-246, 252-262.

*Catterall, The Second Bank of the United States, pp. 1-24, 68-119, 376 map, 402-403, 464-477.

Bullock, Essays on the Monetary History of the United States, pp. 60-93.

Hamilton, Reports on Public Credit, Amer. State Papers, Finance, Vol. I, pp. 15-37, 64-76.

Kinley, History of the Independent Treasury, pp. 16-39.

Sumner, Andrew Jackson (ed. 1886), pp. 224-249, 257-276, 291-342.

Ross, Sinking Funds, pp. 21-85.

Scott, Repudiation of State Debts, pp. 33-196.

Bourne, History of the Surplus Revenue of 1837, pp. 1-43, 125-135.

Conant, History of Modern Banks of Issue, pp. 310-347.

1860-1900.
7. Finance, Banking and Currency.

*Mitchell, History of the Greenbacks, pp. 3-43, 403-420.

*Noyes, Thirty Years of American Finance, pp. 1-72, 234-254, (73-233).

Taussig, Silver Situation in the United States, pp. 1-157.

Dunbar, National Banking System, Q.J.E., Vol. XII, pp. 1-26; printed also in Dunbar’s Economic Essays, pp. 227-247.

Howe, Taxation and Taxes in the United States under the Internal Revenue System, pp. 136-262.

Tenth United States Census (1880), Vol. VII; Bayley, History of the National Loans, pp. 369-392, 444-486.

8. Transportation.

*Hadley, Railroad Transportation, pp. 1-23, 125-145.

*Johnson, American Railway Transportation, pp. 24-68, 307-321, 367-385.

Industrial Commission, Vol. XIX, pp. 466-481.

Adams, Chapters of Erie, pp. 1-99, 333-429.

Davis, The Union Pacific Railway, Annals of the Amer. Acad., Vol. VIII, pp. 259-303.

Villard, Memoirs, Vol. II, pp. 284-312.

Dixon, Interstate Commerce Act as Amended, Q.J.E., Vol. XXI, pp. 22-51.

9. Agriculture and Opening of the West.

*Industrial Commission, Vol. XIX, pp. 43-123, 134-167.

*Noyes, Recent Economic History of the United States, Q.J.E., Vol. XIX, pp. 167-187.

Twelfth United States Census (1900), Vol. V, pp. xvi-xlii.

Hammond, Cotton Industry, pp. 120-226.

Quaintance, Influence of Farm Machinery, pp. 1-103.

Adams, The Granger Movement, North American Review, Vol. CXX, pp. 394-424.

Bemis, Discontent of the Farmer, J. Pol. Ec., Vol. I, pp. 193-213.

10. Industrial Expansion.

*Twelfth United States Census (1900), Vol. VII, pp. clxx-clxxviii.

*Noyes, Thirty Years of American Finance, pp. 113-126.

Industrial Commission, Vol. XIX, pp. 485-519, 544-569.

Twelfth Census, Vol. IX, pp. 1-16; Vol. X, pp. 725-748.

Wells, Recent Economic Changes, pp. 70-113.

11. The Tariff.

*Taussig, Tariff History, pp. 155-229.

Stanwood, American Tariff Controversies, Vol. II, pp. 243-394.

Taussig, Iron Industry, Q.J.E., Vol. XIV, pp. 143-170, 475-508.

Taussig, Wool and Woolens, Q.J.E., Vol. VIII, pp. 1-39.

Wright, Wool-growing and the Tariff since 1890, Q.J.E., Vol. XIX, p. 610-647.

Robinson, History of Two Reciprocity Treaties, pp. 9-17, 40-77, 141-156.

Laughlin and Willis, Reciprocity, pp. 311-487.

12. Commerce and Shipping.

*Meeker, History of Shipping Subsidies, pp. 150-171.
[This reading has been switched to required status in 1907-08.]

Meeker, Shipping Subsidies, Pol. Sci. Quart., Vol. XX, pp. 594-611.

Soley, Maritime Industries of the United States, in Shaler’s United States, Vol. I, pp. 518-618.

McVey, Shipping Subsidies, J. Pol. Ec., Vol. IX, pp. 24-46.

Wells, Our Merchant Marine, pp. 1-94.

13. Industrial Concentration.

*Willoughby, Integration of Industry in the United States, Q.J.E., Vol. XVI, pp. 94-115.

*Noyes, Recent Economic History of the United States, Q.J.E., Vol. XIX, pp. 188-209.

Twelfth Census, Vol. VII, pp. cxc-ccxiv.

Industrial Commission, Vol. XIII, pp. v-xviii.

Bullock, Trust Literature, Q.J.E., Vol. XV, pp. 167-217.

14. The Labor Problem.

*United States Bureau of Labor Bulletins, No. 18 (Sept., 1898), pp. 665-670; No. 30 (Sept., 1900), pp. 913-915; No. 53 (July, 1904), pp. 703-728.

Adams and Sumner, Labor Problems, pp. 3-16, 502-547.

Levasseur, American Workman, pp. 436-509.

Mitchell, Organized Labor, pp. 391-411.

Twelfth Census, Special Report on Employees and Wages, p. xcix.

National Civic Federation, Industrial Conciliation, pp. 40-48, 141-154, 238-243, 254-266.

15. Population, Immigration and the Race Question.

* United States Census Bulletin, No. 4 (1903), pp. 5-38.

*Industrial Commission, Vol. XV, pp. xix-lxiv.

Adams and Sumner, Labor Problems, pp. 68-112.

Mayo-Smith, Emigration and Immigration, pp. 33-78.

Walker, Discussions in Economies and Statistics, Vol. II, pp. 417-451.

Hoffmann, Race Traits and Tendencies of the American Negro, pp. 250-309.

Tillinghast, The Negro in Africa and America, pp. 102-228.

Twelfth Census Bulletin, No. 8.

United States Bureau of Labor Bulletins, Nos. 14, 22, 32, 35, 37, 38, 48.

Washington, Future of the American Negro, pp. 3-244.

Stone, A Plantation Experiment, Q.J.E., Vol. XIX, pp. 270-287.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1, Folder “Economics, 1907-1908”.

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ECONOMICS 6b
Year-end Examination, 1907-08

  1. Briefly:—
    1. The Bland-Allison and Sherman Acts.
    2. The National Banking Act.
    3. The Homestead Law.
    4. Reciprocity since 1890.
  2. Compare the condition of manufactures in the United States in 1791 (Hamilton’s report) with that in 1900.
  3. Why has the cotton industry developed more satisfactorily than the woolen industry?
  4. Compare in its chief features the state of Southern agriculture before and after the Civil War.
  5. [Farm indebtedness and tenancy]
    1. Farm indebtedness in the United States 1885-1900; its relation to agricultural prices and the demand for monetary reform.
    2. Farm tenancy in the United States.
  6. Is railroad “pooling” permitted in the United States? Should it be permitted? What do you think of Anti-Trust Legislation?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1908), pp. 31-32.

Image Source: Website of the Office of the Comptroller of the Currency. Webpage: History. Lincoln and the Founding of the National Banking System.

“Lincoln and Chase working on the national banking legislation. N.C. Wyeth painted this mural in the lobby of what was then the Federal Reserve Bank of Boston. The former bank building is today the Langham Hotel.”

Categories
Economic History Exam Questions Harvard

Harvard. Exam for 19th century European Industry and Commerce. Gay, 1907-1908

Edwin F. Gay was promoted to the rank of professor in 1906 and served as the acting chairman of the Harvard economics department during Thomas Nixon Carver’s leave of absence. He then became the chair of the department in 1907. In the following year he was appointed the first dean of the newly established Graduate School of Business Administration which is likely the reason that European economic history was reduced to a single semester course.

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Earlier, related posts

A brief course description for Economics 11 plus the exams from 1902-03.

Exams for 1903-04.

Exams for 1904-05.

Exams for 1905-06.

Exams for 1906-07.

A short bibliography for “serious students” of economic history assembled by Gay and published in 1910 has also been posted.

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Course Enrollment
1907-08

Economics 6a 1hf. Professor Gay. — European Industry and Commerce in the Nineteenth Century.

Total 90: 16 Graduates, 22 Seniors, 34 Juniors, 14 Sophomores, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 66.

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ECONOMICS 6a
Mid-year Examination, 1907-08

  1. What was the “Movement of Liberation” in the economic history of the nineteenth century? Do you consider this movement completed?
  2. Gladstone wrote in 1846: “Mr. Cobden has throughout argued the corn question on the principle of holding up the landlords of England to the people as plunderers and knaves for maintaining the corn law to save their rents, and as fools because it was not necessary for that purpose.”
    1. Do you regard this as a fair characterization of Cobden’s Anti-Corn Law agitation? Give reasons for your opinion.
    2. What converted Peel to Free Trade?
  3. [Tariffs]
    1. What was the Cobden treaty and in what lay its chief importance?
    2. Describe the protectionist reaction in France and state its causes.
  4. [France and Germany]
    1. Compare the railway policy of France with that of Germany, giving briefly history and results.
    2. Make a similar comparison of the policies of France and Germany in regard to shipping subsidies.
    3. May any conclusions of value for other countries be drawn from the experience of France and Germany? State the grounds for your view.
  5. Comment on the following (from a speech by Mr. Chamberlain, 1903): “In thirty years the total imports of manufactures which could just as well be made in this country have increased £86,000,000, and the total exports have decreased £6,000,000. £92,000,000 of trade that we might have done here has gone to the foreigner, and what has been the result for our own people? The Board of Trade tells you that you may take one-half of the export as representing wages. We therefore have lost £46,000,000 a year in wages during the thirty years. That would give employment to nearly 600,000 men at 30s. per week of continuous employment. That would give a fair subsistence for these men and their families, amounting to 3,000,000 persons.”
  6. What has been the attitude of European governments toward the so-called Trust Problem?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

Image Source: “The Corn Laws Part 2–Real”at the website “British Food: A History”.

Categories
Exam Questions Harvard Transportation

Harvard. Enrollment and final exam for economics of transportation. Ripley and Daggett, 1907-1908

Judging from the final examination questions, it would appear that this “the economics of transportation” was dedicated to “railway economics”. But what’s in a name?

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Earlier exams etc. for Economics 5

1900-01 (Hugo Richard Meyer alone)
1901-02 (Ripley with Hugo Richard Meyer)
1903-04 (Ripley alone)
1904-05 (Ripley with Stuart Daggett)
1905-06 (Ripley with Stuart Daggett)
1906-07 (Ripley with Stuart Daggett and Walter Wallace McLaren)

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Course Enrollment
1907-08

Economics 5 1hf. Professor [William Zebina] Ripley and Dr. [Stuart] Daggett. — Economics of Transportation.

Total 126: 15 Graduates, 21 Seniors, 67 Juniors, 18 Sophomores, 1 Freshman, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 66.

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ECONOMICS 5
Mid-year Examination, 1907-08

  1. Define: Financial Reorganization; Floating Debt; Collateral Trust Bond; Debenture; Commodity Rate.
  2. On two roads, the figures for certain operating statistics were:
    3,855,000 ton miles per mile, and 428,000 ton miles per mile respectively. What is this called? What is its full financial significance?
  3. In comparing the operating results of two roads, in what way, if any, may the balance sheets be used? How did you analyze them in your report?
  4. What has been the course of developments concerning the attitude of the United States Supreme Court toward the legislative branches of the government in respect of rate regulation?
  5. What states have attempted specific valuations of railway property: and what has been the leading motive in each case?
  6. Name three peculiar features of German States railway practice, as contrasted with American conditions.
  7. How far has actual railroad consolidation progressed in the Southern States, and why?
  8. Discuss the proposition that railroad capitalization and the rates for service charged are entirely independent of one another.

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

Image Source: Built in 1907, the Union Pacific 618 at Heber Valley Historic Railroad. Photo by Evan Jennings, Oct, 2004. Wikimedia Commons.

Categories
Exam Questions Harvard Statistics

Harvard. Mid-year exam for Statistics. Ripley, 1907-1908

William Zebina Ripley

William Zebina Ripley taught at Harvard from 1901/02 through 1932/33. He was a statistician in the time of pre-mathematical statistics but he truly made his mark as an expert on the institutions of organized labor, industrial organization, and transportation. 

A meager harvest of a course artifact for Ripley’s 1907-08 round of statistics is transcribed below. But big or little, such remains the archival stuff needed for the foundation of grand historical narrative of the future (probably above my pay-grade). 

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Statistics (Econ 4), previous years

1901-02.
1902-03.
1903-04.
1904-05.
1905-06 [omitted]
1906-07. [offered but no printed exam found]

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Course Enrollment
1907-08 

Economics 4. Professor Ripley. — Statistics. Theory, method, and practice.

Total 14: 4 Graduates, 7 Seniors, 2 Juniors, 1 Sophomore.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 66.

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HARVARD UNIVERSITY
ECONOMICS 4
Mid-year Examination, 1907-08

  1. Criticise the following table as indicating the relative fecundity of mixed marriages:—

Fathers.

 Mothers. No. Mar. No. Births Children per Marriage.
1896. 1896. 1896. 1895.

1894.

United States

 United States 11,551 19,892 1.7 1.8 1.8
dto. Canada 848 1,743 2.1 2.0

1.9

dto.

 Ireland 41 117 2.9 2.5 2.6
dto. Germany 323 637 2.0 2.4

2.3

dto.

 All 13,388 23,142 1.7 1.8

1.8
  1. Why is the arithmetical rate best adapted to forecasting movements of population in America? Is it theoretically sound?
  2. Why is the average length of life not an index of mortality?
  3. Suppose the age and sex composition of the white and colored populations of the United States to be entirely different. Describe how their mortality rates could be reduced to a strictly comparable basis by standardization.
  4. What has been the most significant feature of the movement of birth rates during the last thirty years? How has it been accounted for? Give relative figures.
  5. Why should the death rate enter into the calculation of the value of an annuity? Of a tontine policy?
  6. Why should the Supplementary Analysis of the Census rely entirely upon the “proportion of children to adults” as an index of fecundity, and omit all reference to birth rates?
  7. What do the statistics of suicide show? State the main conclusions as set forth by Mayo-Smith.

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

Note: No printed end-of-year examination for 1907-08 was found in the Harvard University archive collection of final examinations.

Image Source: Harvard University Archives.  William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard Philosophy Socialism

Harvard. Final examination for Ethics of the Social Questions. Peabody, 1905-1906

 

 

In 1905-06 Francis Greenwood Peabody’s popular course on the ethics of the social questions was listed for the first time as one of the course offerings in a new sub-departmental unit “Social Ethics” within the Philosophy Department. In previous years the course was listed as “Philosophy 5”. It was a relatively popular field chosen for economics Ph.D. general examinations.

More about Professor Peabody can be found in the earlier post for 1902-03 together with the final examination questions from that year. Here the course description and exam from 1904-05. Readings and final exam for social ethics in 1906-07.

A fully linked transcription of Peabody’s own short bibliography of social ethics published in 1910 is also of interest.

Note: the items cited in the exam are found in the original printed exam. Links to the corresponding passages have been added.

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A Peek into Likely Course Content 

Cf. Francis Greenwood Peabody’s The Approach to the Social Question (New York: Macmillan, 1912). “The substance of this volume was given as the Earle Lectures at the Pacific Theological Seminary in 1907.”

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Course Enrollment
1905-06

Social Ethics 1 2hf. Professor Peabody and Dr. Rogers. — Ethics of the Social Questions. The problems of Poor-Relief, the Family, Temperance, and various phases of the Labor Question, in the light of ethical theory. Lectures, special researches, and prescribed reading. Half-course (second half-year). Tu., Th., Sat., at 10.

Total 165: 5 Graduates, 24 Seniors, 59 Juniors, 50 Sophomores, 2 Freshmen, 11 Divinity, 14 Others.

Source: Harvard University. Report of the President of Harvard College, 1905-1906, p. 75.

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SOCIAL ETHICS 12
Year-end Exam, 1905-06

This paper should be considered as a whole. The time should not be exhausted in answering a few questions, but such limits should be given to each answer as will permit the answering of all the questions in the time assigned.

  1. The place in the ethics of industry of :—
    The Civic Federation.
    Mundella.
    Conseils de Prud’hommes.
    Employers’ Associations. (Adams and Sumner, page 279.)
  2. The Social-Democratic Party in Germany; its history and principles.
  3. Economic and ethical criticisms on the programme of Revolutionary Socialism.
  4. “The labor movement in America already exhibits a manifest tendency in the same direction [towards organized socialism] in which it moves in older countries.” (Sombart, Sozialismus und sozialistische Bewegung, s. 249.) How far is this judgment justified by the history of Collectivism, and by the present attitude of Tradesunionism [sic], in the United States?
  5. Industrial education, in its relation to child-labor and to economic efficiency. (Lecture of R. A. Woods.)
  6. The methods and policies of labor-organization in the United States. (Adams and Sumner, pages 245 ff.)
  7. “Have the conditions of employment and the material comfort of the working classes really improved since the introduction of the factory system?” (Adams and Sumner, page 502.) The answer of these authors to their own question, and some of the evidence which they cite.
  8. Compare, in their importance for the ethics of industry, the system of profit-sharing and the system of industrial partnership.
  9. “Trade-agreements,” considered in their relations to the rights of the people.
  10. The relation of the drink-habit in the United States to poverty and crime; and the economic forces now operating for temperance, (“The Liquor Problem,” Chapter IV, pages 108-134.)

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 8, Bound volume: Examination Papers, 1906-07; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1906), p. 59.