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Economists Exam Questions Harvard

Harvard. Exams for Economic Theory and Monetary Economics. R.G. Hawtrey, 1928-29

 

 

Sir Ralph Hawtrey (Fun fact: according to J.M. Keynes,  Alfred Marshall was his third cousin once removed) was given leave by the British Treasury to lecture at Harvard during the 1928-29 academic year. Full course outlines with assigned readings are not found in the Harvard University Archives collection of course syllabi and reading lists. Only the titles of the items for the end of semester reading periods for his graduate course “Principles of Money and Banking” could be found and are transcribed below. The first semester exam for “Problems in Economic Theory” and both semester exams for “Principles of Money and Banking” are included in this post.

_____________________

Problems in Economic Theory

Course Announcement.

[Economics] 15. Problems in Economic Theory

Mon., Wed., Fri., at 4. Mr. R. G. Hawtrey.

In this course less attention will be given to specific economic doctrines than to questions of the scope, methods, premises, and goal of economic science, and of its relations to logic and psychology and to the other social sciences.

Source: Division of History, Government, and Economics, 1928-29. Published in Official Register of Harvard University, Vol. XXV, No. 29 (May 26, 1928), p. 71.

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Enrollment.

[Economics] 15. Mr. Hawtrey.— Problems in Economic Theory.

Total 6: 3 Graduates, 1 Senior, 2 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1928-29, p. 72.

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1928-29
HARVARD UNIVERSITY

ECONOMICS 15
Mid-year examination

Five questions and ONLY FIVE should be answered

  1. How does the functioning of a market depend on dealers holding stocks of the goods dealt in?
  2. By what process does the investment market maintain equilibrium between the supply of savings and the supply of fresh capital?
  3. Jevons wrote: “By free capital I mean the wages of labour either in its transitory form of money or in its real form of food and other necessaries of life.”
    Is this an improvement on the Wages fund theory? Can you improve the statement further?
  4. Explain the relation of profit to (1) compensation for risk, (2) rent of ability, (3) quasi-rent.
  5. Why is the explanation of profit as the remuneration of management and organization incomplete?
  6. What are the chief objections to the doctrine that the end of economic activity is the maximum of total utility?
  7. Can justice in distribution be regarded as a part of the subject-matter of economics?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 11, Bound volume Examination Papers, Mid-Years, 1929. Papers printed for Mid-year Examinations in History, New Testament,…Economics,…Military Science, Naval Science, January-February, 1929.

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DEPARTMENT OF ECONOMICS
SPRING READING PERIOD—1928/29

Economics 15

No additional assignments.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2. Folder “Economics 1928-29”.

_____________________

Principles of Money and Banking

Course Announcement.

[Economics] 38. The Principles of Money and Banking

Tu., Th., at 10, and a third hour at the pleasure of the instructor. Mr. R. G. Hawtrey.

The course is intended to afford training in analysis and research in the field of money and banking. The subject as a whole will be systematically reviewed. Selections from important writings dealing with monetary principles will be read and critically discussed.

Source: Division of History, Government, and Economics, 1928-29. Published in Official Register of Harvard University, Vol. XXV, No. 29 (May 26, 1928), p. 73.

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Enrollment

[Economics] 38. Mr. Hawtrey. — Principles of Money and Banking.

Total 50: 32 Graduates, 10 Seniors, 1 Junior, 5 Radcliffe, 2 Others.

 

Source: Harvard University. Report of the President of Harvard College, 1928-29, p. 73.

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DEPARTMENT OF ECONOMICS
MID-YEAR READING PERIOD—1928/29

Economics 38

Select two from the following list and read about 300 pages.

  1. Keynes, J.M.: Indian Currency and Finance.
  2. Burgess, W. R.: The Federal Reserve System and the Money Market.
  3. Hargreaves, E. L. : Restoring Currency Standards.
  4. Knapp: State Theory of Money.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2. Folder “Economics 1928-29”.

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1928-29
HARVARD UNIVERSITY

ECONOMICS 38
Mid-year examination.

Six questions and ONLY SIX should be answered.

  1. What different meanings can be given to “velocity” in monetary theory?
  2. On what conditions can the use of gold coin be made to maintain a gold standard effectively?
  3. What are the essential functions of a bank? To what extent do they depend on the assignability of debts from one creditor to another?
  4. Why does a contraction of credit tend to cause unemployment?
  5. What circumstances determine the degree of sensitiveness of borrowers to the rate of discount or short-term interest?
  6. Upon what conditions does the power of a Central Bank to control credit depend? Is the issue of notes by the Central Bank essential?
  7. Describe the effect of external investment on the foreign exchange market.
  8. In what circumstances and to what extent will relatively high rates of discount and short-term interest attract balances from abroad for temporary investment.
  9. What is meant when London is called an international clearing centre?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 11, Bound volume Examination Papers, Mid-Years, 1929. Papers printed for Mid-year Examinations in History, New Testament,…, Economics,…Military Science, Naval Science, January-February, 1929.

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DEPARTMENT OF ECONOMICS
SPRING READING PERIOD—1929

Economics 38

Select two from the following list and read about 300 pages.

  1. Keynes, J.M.: Indian Currency and Finance.
  2. Burgess, W. R.: The Federal Reserve System and the Money Market.
  3. Hargreaves, E. L. : Restoring Currency Standards.
  4. Knapp: State Theory of Money.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2. Folder “Economics 1928-29”.

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1928-29
HARVARD UNIVERSITY
ECONOMICS 38

Final examination.

Five questions and only five to be answered.

  1. Explain the advantages and disadvantages of the “elasticity” claimed for the fixed proportion system of gold reserve.
  2. How far is it true to say that gold reserve laws “exist to be broken”?
  3. To what extent can the phenomena of the business cycle, as experienced up to 1914, be traced to the working of the gold standard?
  4. What are the principal conditions likely to predispose a country to be the scene of a financial crisis?
  5. Compare, in respect of relative liquidity, the principal classes of assets usually held by banks. Criticise the idea of the “self-liquidating” bill.
  6. Show how speculation in the foreign exchanges may interfere with measures for the reestablishment of the gold standard in a country with an unstable currency.
  7. What grounds are there for supposing that it is practicable, through the coöperation of the central banks of gold standard countries to affect the purchasing power of gold?
  8. How, in your opinion, can the stability of the purchasing power of a currency unit best be tested statistically?

Source: Harvard University Archives. Bound volume (No. 71) Examination Papers, Finals, 1929. (Papers printed for Final Examinations in History, Church History,… , Economics,…, Military Science, Naval Science, June, 1929.

Image Source: Creative Commons image of Sir Ralph George Hawtrey by Walter Stoneman (1939) at the National Portrait Gallery.

 

Categories
Exam Questions Minnesota Suggested Reading Syllabus

Minnesota. Readings and Final Exam for National Income and Wealth. Friedman, 1946

 

 

The course materials transcribed for this post are found in a folder in Milton Friedman’s papers at the Hoover Institution with the label “University of Chicago. Econ 129”. The handwriting on the folder is that of an archivist (i.e. not Friedman) and the material in the folder is neither dated nor can the name of the university be found. The most recent publication included in the reading list is from February 1946 (“Recent Figures…”). Also there is an item in the reading list “Blakey et al., Analyses of Minnesota Incomes, Parts One and Two” that points to the state of Minnesota. Milton Friedman did teach economics and statistics at the University of Minnesota for the academic year 1945-46 and no graduate course at the University of Chicago had a course number in the 100’s. Further, the academic calendar in Minnesota, like Chicago, followed a quarter system. Thus it seems almost certain that we are dealing with a course that Milton Friedman taught at the University of Minnesota during the latter quarters of the 1945-46 academic year. I don’t have access to the course catalogue from Minnesota for that year, so this should be easy to verify conclusively down the road.

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O-M [typed in the upper left corner]

Description of proposed course in “Statistical Economics”

  1. Purpose: The course proposed is designed primarily to provide training in the quantitative analysis of economic problems. As a by-product it should also acquaint the student with some coherent body of quantitative data and some important empirical studies.
  2. Content: The emphasis in the course would be on research method: the utilization of statistical data, statistical method, and theoretical analysis to attack an economic problem. The approach to method would be via substantive empirical work in particular fields. The fields considered would shift from quarter to quarter.

For the first quarter, it is proposed to consider.

National Income and Wealth: concepts of income and wealth—problems of valuation, treatment of government contribution and of gifts, capital gains, and other borderline items; problems of measurement—techniques of measurement, sources of data, estimates for segments of the economy for which data are scanty, precision of estimates; distribution of income by industry, type of payment, final product, and region; distribution of income and wealth by size; uses and misuses of income and wealth data.

Basic text material: Simon Kuznets, National Income and its Composition; Studies in Income and Wealth; Consumer Incomes in the United States; Department of Commerce publications and British white papers on national income.

For subsequent quarters, possible topics are:

Secular movements: Statistical studies of long-run changes in economic activity in the United States; examination of evidence bearing on “mature economy” or “stagnation” thesis.

Economies of scale: Empirical work on the relation of the size of enterprises to their economic efficiency, including conceptual problems in measuring economic efficiency and in distinguishing private from social economics of scale, statistical derivation of cost curves, and studies of profits in relation to size of enterprise.

  1. Potential students: Seniors and graduate students, particularly those interested in economic research
  2. Prerequisites: B.A. 101-102; B.A. 112. Undergraduates with consent of instructor..
  3. Duration: One quarter.

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Syllabus and Readings for
Economics 129: Statistical Economics

Topic: National Income and Wealth

Note: Starred readings are required; others are recommended.

  1. Recent figures on National Income and National Products

*Survey of Current Business, February 1946, pp. 4 to 9.

  1. Concepts of National Income and Wealth

General:

*Hicks and Hart, pp. 125-232.
Kuznets, National Income and Capital Formation, pp. 1-7.
*Kuznets, National Income and its Composition, pp. 1-60.
*Hicks, Value and Capital, pp. 171-181.
Studies in Income and Wealth, Vol. II, pp. 1-82; *Vol. III, Preface (vii-xv).
J.E. Meade and R. Stone, “The Construction of Tables of National Income, Expenditure, Savings and Investment”, Economic Journal, June-Sept., 1941, pp. 216-33.

Capital gains:

Studies in Income and Wealth, Vol. I, pp. 97-101, 159-62.

Government Services:

Studies in Income and Wealth, Vol. Two, pp. 317-27; Vol. Six, pp. 1-44.
J.R. and U.K. Hicks, “Public Finance in the National Income”, Review of Economic Studies, Feb. 1939, pp. 147-55.

  1. Concept of Gross National Product

*Gilbert and Jaszi, “National Product and Income Statistics”, Dun’s Review, 1944

  1. Measurement

*Kuznets, National Income and its Composition I, pp. 96-132, Vol. II, pp. 475-537.

  1. Correction for Price Change

*Keynes, Treatise on Money, Vol. I, pp. 95-120.
Studies in Income and Wealth, Volume II, pp. 85-135.

  1. Temporal changes in National income in the United States

*Kuznets, National Income and its Composition, pp. 135-160.
Kuznets, National Income and Capital Formation, pp. 8-11.

  1. British estimates

*British White Paper Cmd. 6623. (Reprinted in Federal Reserve Bulletin, August, 1945).

  1. Distributions of income

1.  By Industry

Kuznets, National Income and Capital Formation, pp. 12-22.
*Kuznets, National Income and its Composition, pp. 161-214.

2. By type of payment

Kuznets, National Income and Capital Formation, pp. 23-28.
*Kuznets, National Income and its Composition, pp. 215-265.

3. By Final Product

Kuznets, National Income and Capital Formation, pp. 34-57.
*Kuznets, National Income and its Composition, pp. 266-291.

4. By region

F. Schwartz, “State Income Payments in 1944”, Survey of Current Business, August 1945.

5. By size

*National Resources Committee, Consumer Incomes in the United States.
Studies in Income and Wealth, Volume V, Income Size Distributions, Part I, pp. 1-98.
Blakey et al., Analyses of Minnesota Incomes, Parts One and Two.

 

Economics 129: Statistical Economics
Books on Reserve

Main Library

R.G. Blakey, Wm. Weinfeld, J.E. Dugan, A.L. Hart, Analyses of Minnesota Incomes, 1938-39.
Clark, Colin, The Conditions of Economic Progress.
Clark, Colin, National Income and Outlay.
Fabricant, Solomon, Capital Consumption and Adjustment.
Hicks, J.R., Value and Capital.
Keynes, J.M., A Treatise on Money.
Kuznets, Simon, National Income and Capital Formations.
Kuznets, Simon, National Income and its Composition (2 Volumes).
W.C. Mitchell, W.I. Kerg, F.R. Macauley, and O.W. Knauth, Income in the United States (2 volumes).
Conference on Research in Income and Wealth, Studies in Income and Wealth, Volumes I, II, III, V, VI.
National Resources Committee, Consumer Incomes in the United States.

Materials Room

Barger, Harold, Outlay and Income in the United States, 1921-38.
J.R. Hicks and A.G. Hart, The Social Framework of the American Economy.
Kuznets, Simon. National Income and its Composition.
Martin, R.F., National Income in the United States, 1799-1938.
Conference on Research in Income and wealth, Studies in Income and Wealth, Vol. V, Part I.

 

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Final Examination
Economics 129—Statistical Economics

The Income payments concept differs from national income in part…

  1. T or F…because the former excludes and the latter includes undistributed corporate profits;
  2. T or F …because relief benefits are included in the former and excluded from the latter;
  3. T or F …because food consumed on the farm is excluded from the former and included in the latter;
  4. T or F …because imputed rents are excluded from the former and included in the latter;
  5. T or F …and because social security taxes are excluded from the former and included in the latter.
  6. T or F Imputed rents are not included in the Department of Commerce estimates of national income but are include in Kuznets.
  7. T or F In a self-contained economy without government national income would equal gross national product.
  8. T or F In Commerce Department estimates the value of government product is measured by taxes except for education.
  9. T or F “Transfer payments” are gifts from one individual to another.
  10. T or F A major difference between national income and gross national product is dividend payments to foreigners.
  11. T or F The growth of Victory gardens was in part responsible for the rise of national product from 1940 to 1943.
  12. T or F Undistributed corporate profits plus individual savings equals net capital formation plus government deficit.
  13. T or F Product of non-profit institutions is valued at cost in national product.
  14. T or F Government savings in Kuznets’ estimates is measured by excess of receipts over expenditures.
  15. T or F Business taxes includes all taxes paid by business except excess profits taxes.
  16. T or F Capital outlays charged to current expense are items of fixed capital that become obsolete within the year.
  17. T or F Business savings are equal to undistributed profits plus expenditures on plant and equipment.
  18. T or F The adjustment for inventory revaluation is designed to eliminate changes in value due to spoilage, change of style, and fire losses.
  19. _____ Which of the following was not an important factor in our economic mobilization for war? [choose “a”, “b”, “c”, or “d”]
    (a) Curtailment of gross capital formation
    (b) Curtailment of consumers non-durable goods expenditures
    (c) Increase in average hours worked per week
    (d) Heavy government expenditures for plant and equipment
  20. T or F The basic source of profits estimates in the national income is Statistics of Income.
  21. T or F The method used to derive estimates of wages in manufacturing is number of employed multiplied by average wages.
  22. T or F Advertising is treated as investment in the national product.
  23. T or F In estimating wages allowance is made for expenses involved for transportation to and from work.
  24. T or F Gross capital formation includes all automobiles produced but no other consumers durable goods.
  25. T or F Capital gains and losses are not allowed for in the national income except in the case of security and commodity brokers.
  26. T or F Subsistence of the armed forces is included in the national income because war expenditures are in essence a type of capital formation.
  27. T or F National debt interest is included in the national income because of Hamilton’s theory that the debt would strengthen the union.
  28. T or F The British include interest on the national debt as a measure of the services of government property.
  29. T or F Income payments to individuals could be derived entirely by adding up income reported for tax purposes if everyone were required to file a return.
  30. T or F Size distribution of income must be based upon income payments rather than national income.
  31. T or F Intermediate government products are products on the borderline between current services and capital goods.
  32. T or F Income from illegal activities is excluded from the national income.

Given the following items:

Wages and salaries 100
Supplements to wages and salaries 3
Transfer payments (net) 4
Lend-lease shipments 10
Profits before dividends 8
Dividends 4
Interest on the national debt 2
Interest and rent 7
Business taxes 25
Income of proprietors 24
Imputed return on govt. property 1 1
Personal taxes 18
Depreciation 8
Consumers expenditures 90
Net capital formation 3
Savings bond sales 12
Subsistence to armed forces 10

33, 34, 35. _________ State amount of National Income.

36, 37, 38. _________ State amount of income payments

39, 40, 41. _________ State amount of gross national product

42, 43, 44. _________ State amount of individual savings

45, 46, 47. _________ State amount of Govt. expenditure for goods and services

48, 49, 50. _________ State amount of total government expenditures.

51, 52, 53. _________ State amount of government deficit.

  1. T or F Wealth is measured as a stock at a point in time while income is measured as a flow over a period of time.
  2. T or F Capital formation consists of all business purchases of producers goods except additions to inventory of finished consumption goods.
  3. _____ The gross national product for any year will consist of all the following items except [list all the items that are not included]—

(a) sales of single use consumer goods
(b) sales of single use producers goods
(c) change in business inventories
(d) sales of durable use consumers goods
(e) sales of durable use producers goods
(f) sales of consumers services
(g) sales of producers services

  1. T or F Omitting imputed rents from the national income results in too high an estimate of savings.
  2. T or F A gun purchased by a gangster is not included in the national product because it is for use in illegal activities.
  3. T or F Capital formation tends to fluctuate more widely over the business cycle than consumers expenditures.
  4. T or F In Kuznets’ estimates national income equals net national product.

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Answer Key

  1. True;
  2. True;
  3. False;
  4. False;
  5. True;
  6. True;
  7. False;
  8. False;
  9. False;
  10. False;
  11. False;
  12. True;
  13. True;
  14. False;
  15. False;
  16. False;
  17. False;
  18. False;
  19. (b);
  20. True;
  21. False;
  22. False;
  23. False;
  24. False;
  25. True;
  26. False;
  27. False;
  28. False;
  29. False;
  30. True;
  31. False;
  32. True;

33/34/35. = 100+3+8+24+7=142;
36/37/38. = 142+4–4=142;
39/40/41. = 142+8+25=175;
42/43/44. = 142 – 18 – 90 = 34;
45/46/47. = 175–90–(3+8)  = 74;
48/49/50. =175–90–(3+8) +4 =78;
51/52/53. = 78 – 25 – 18 =35

  1. True;
  2. False;
  3. (b),(g);
  4. False;
  5. False;
  6. True;
  7. True.

Source: Hoover Institution Archives. Papers of Milton Friedman, Box 76, Folder 5 “University of Chicago [sic], Econ 129”.

Image Source: Columbia University, Columbia 250 Celebrates Columbians Ahead of Their Time.

Categories
Exam Questions Harvard

Harvard. Exams for Undergraduate and Graduate Money and Banking. Williams, 1932-33.

John Henry Williams taught the money and banking/monetary policy courses at Harvard over several decades. Material for more years will be transcribed soon! This post takes us to the trough of the Great Depression. Joseph Schumpeter and Lauchlin Currie joined in teaching the undergraduate course this one time.

 

Principles of Money and Banking (graduate course, 1946-47)

Economics 141a, Reading Assignments and Exam (co-taught with Alvin Hansen) 1946-47

Economics 141b, Reading Assignments and Exam (co-taught with Richard Goodwin) 1946-47

Economics 141, thirteen pages of general course bibliography, 1946-47

________________________

Brief Undergraduate Course Description

[Economics] 3. Money, Banking, and Commercial Crises

Mon., Wed., Fri., at 2. Professor Williams.

The course will be conducted by means of lectures and discussions and (in the second half-year) a thesis based on work in the library. Certain subjects, such as the monetary and banking history of the United States, will be covered almost wholly by assigned reading.

Source: Division of History, Government, and Economics, containing an Announcement for 1932-33. Official Register of Harvard University, Vol XXVII, No. 51 (August 15, 1940), pp. 72, 81.

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Enrollment

[Economics] 3. Professor Williams and Schumpeter and Dr. Currie — Money, Banking, and Commercial Crises.

Total 151: 32 Seniors, 103 Juniors, 8 Sophomores, 1 Freshman, 7 Others.

Source: Harvard University. Report of the President of Harvard College, 1932-33, p. 65.

 

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1932-33
HARVARD UNIVERSITY

ECONOMICS 3

Money, Banking and Commercial Crises
Mid-year Examination, 1933

  1. Combined Statement of the Federal Reserve Banks

($000,000 omitted)

Sept. 1931

Feb. 1933

June 1932

Total Reserves

3371

3211

2844

Bills Discounted

328

828

440

Bills bought

469

109

67

U.S. Securities

742

740

1784

Other Federal Reserve Securities

39

31

19

Federal Reserve Notes

2098

2651

2795

Member Bank Deposits

2364

1849

1982

Government Deposits etc.

143

76

34

Discuss the significance of the changes in each of the above items between September, 1931, and February, 1932, and between February, 1932, and June, 1932. How do you account for the changes in member bank deposits with the reserve banks? What conclusions do you draw regarding Federal Reserve policy in the two periods covered by the above statement?

  1. In how far do the Federal Reserve Act and Federal Reserve policy reveal an acceptance of the commercial loan theory of banking?
  2. Trace the evolution of the bank note in (a) the United States, (b) England, (c) Germany or What are the merits and defects of our present system and how could it be improved?
  3. Discuss one of the following:
    1. Burgess’ “Gold Paradox.”
    2. American Experience with bimetallism.

Source:  Harvard University Archives. Mid-year examinations, 1852-1943. Box 10. Folder “Mid-year examinations, 1932-1933.”

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1932-33
HARVARD UNIVERSITY

ECONOMICS 3

Money, Banking and Commercial Crises
Final Examination, 1933

  1. Explain the equation P=\frac{E}{O}+\frac{{I}'-S}{R}. Can the course of business during the past five years be interpreted in terms of this equation?
  2. “A managed standard is incompatible with a world standard.”
    “Avoidance of monetary disturbances can be achieved only under a managed standard.”
  3. Compare the effects of
    1. Purchase of one billion dollars of securities b the Reserve Banks.
    2. Redemption of one billion dollars of government bonds by the issue of paper money.
    3. Reduction of the gold content of the dollar by one-hald.
    4. Adoption of bimetallism.
  4. Can the concepts of demand and marginal utility be applied in an explanation of the value of money?
  5. Is business stability compatible with stable prices? Compare the views of Foster and Catchings, Keynes and Hayek on this point.

Source: Harvard University Archives. Harvard Univ. Examination Papers. Finals, 1933. (HUC 7000.28) Volume 75. Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science. January-June, 1933.

 

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Brief Graduate Course Description

[Economics] 38. Principles of Money and Banking

Tu., Th., at 3, and a third hour at the pleasure of the instructor. Professor Williams.

This course is intended to afford training in analysis and research in the field of money and banking. The subject as a whole will be systematically reviewed. Selections from important writings dealing with monetary principles will be read and critically discussed. Particular attention will be given to the theory of the value of money and to the policy and operations of central banks.

Source: Division of History, Government, and Economics, containing an Announcement for 1932-33. Official Register of Harvard University, Vol XXVII, No. 51 (August 15, 1940), pp. 72, 81.

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Enrollment

[Economics] 38. Professor Williams and Schumpeter. — Principles of Money and Banking.

Total 61: 36 Graduates, 16 Seniors, 1 Juniors, 5 Radcliffe, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1932-33, p. 66.

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1932-33
HARVARD UNIVERSITY

ECONOMICS 38
Principles of Money and Banking
Mid-year Examination, 1933

[copy not yet recovered]

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1932-33
HARVARD UNIVERSITY

ECONOMICS 38
Principles of Money and Banking
Final Examination, 1933

  1. Discuss “Hayek concludes…that the necessary condition of avoiding credit cycles is for the banking system to maintain the effective quantity of money…absolutely and forever unaltered.”
    Is this a correct interpretation of Hayek? Just what is involved, in the way of central bank action, in a “neutral” money policy? Would you favor such a policy?
  2. Discuss:
    1. The concept of international equilibrium.
    2. The mechanism of adjustment of departures from equilibrium under conditions of gold standard.
    3. The relation of gold standard to central banking.
  3. Discuss the effects of:
    1. A devaluation of the dollar relative to the pound sterling and the franc.
    2. An all-round devaluation of currencies.
    3. An all-round abandonment of the gold standard or of any other mechanism for providing stability of exchanges.
    4. The proposal to widen the zone between gold points to five per cent.

Source: Harvard University Archives. Harvard Univ. Examination Papers. Finals, 1933. (HUC 7000.28) Volume 75. Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science. January-June, 1933.

Image Source:  John Henry Williams in the Harvard Album, 1932.

 

Categories
Exam Questions Gender Harvard Radcliffe

Harvard. Examination for Women. Political Economy (Optional Advanced Exam), 1874

 

During a recent visit to the Harvard archives I was frustrated when I found that in a volume with the title “Examinations for Women” that pages for advanced examinations, of which political economy would have been one according to an overview of the examinations, had been ripped out. Perhaps an advantage of our age of easy photocopying is that such acquisatory vandalism in libraries has been significantly reduced. Today I thought I would trawl the net and see if I could find any Harvard political economy exams for women in the days before there was even a Radcliffe.  Following an excerpt from a U.S. Bureau of Education report and a New York Times account (the examination questions are “far too hard”), Economics in the Rear-view Mirror is happy to provide a transcription of the questions for the advanced examination in political economy for 1874.

Political Economy exams for the Harvard men of this period have been posted earlier.

_________________________

HARVARD’S EXAMINATION FOR WOMEN

This was originally intended as a careful test of proficiency in a course of elementary study of a liberal order, arranged for persons who might, or might not, afterwards pursue an advanced curriculum of studies. It differed, therefore, both in its purpose and in its selection of subjects from any college examination, whether for admission or for subsequent standing. But it applied the highest standard of judgment in determining the excellence of the work offered. It furnished a test of special culture in one or more of five departments. It was not intended to be taken as a whole, and did not, therefore, represent the studies of a college course, but was adapted to persons of limited leisure for study, such as girls who had left school and were occupied with home cares, or teachers engaged in their professional labors.

In Scribner’s Monthly for September, 1876, the purposes of the new movement are set forth, and an idea given of the reception which has been accorded it. The writer says:

Harvard has undertaken to do for this country what Oxford and Cambridge are doing for England;

and he might have added, “and Edinburgh for Scotland.” Its faculty held examinations for women at Cambridge first in June, 1874, 1875, and 1876. In 1874 Harvard gave only four certificates; in 1875 only ten candidates entered, and in 1870 only six. In the latter year it was decided that examinations should be held also in New York. A local committee was formed there, with Miss E. T. Minturn as secretary. This committee went to work at once to procure candidates for examination after the manner pursued in England, on the establishment of a new center, and met with much encouragement.

The examination took place in June of 1877. The examinations (held in a private house, or in some room hired by the committee) were almost entirely in writing. No one was permitted to be present but ladies of the local committee, and a representative officer from the university, who brought the question papers, took the answers as soon as the time allowed for each paper had expired, and carried the answers at the close of the examinations back to the university, when they were inspected by the examiners and reported upon to the candidates through the local committee. This is the English mode of proceeding.

The examination, as in the preceding years, was of two grades. The first was a preliminary examination for young women who were not less than 17 years old; the second an advanced examination for those who had passed the preliminary examination and who were not less than 18 years old. The preliminary examination embraced English literature, French, physical geography, with elementary botany, or elementary physics, arithmetic, algebra through quadratic- equations, plane geometry, history, and any one of three languages — German, Latin, or Greek. The advanced examination was divided into five sections, in one or more of which the candidate could present herself:

(1) Languages. In any of the following: English, French, German. Italian, Latin, or Greek.

(2) Natural science. In any of the following: Chemistry, physics, botany, mineralogy, and geology.

(3) Mathematics. Solid geometry, algebra, logarithms and plane trigonometry, and any one of the three following : Analytic geometry, mechanics, spherical trigonometry, and astronomy.

(4) History. For the first year, 1876, candidates could offer either of the two following: The history of Continental Europe during the period of the Reformation, 1517-1648; or English and American history from 1688 to the end of the eighteenth century.

(5) Philosophy. Candidates might offer any three of the following: Mental philosophy, moral philosophy, logic, rhetoric, political economy.

Notice of intention to be candidates must be sent to the secretaries on or before April 1 preceding the examination. The fee for the preliminary examination was $15, for the advanced examination $10.

At the New York examination, referred to above, 18 candidates presented themselves, and the examination lasted a week, and was under the conduct of Professor Child. With the exception of a short oral exercise to test pronunciation of the modern languages, the examination was wholly in writing.

The committee were careful to lay stress upon the fact that they did not consider the preparation for these examinations equivalent to a course in Harvard, or other first-class colleges, and that they did not place the same value on a Harvard diploma and a Harvard certificate.

These examinations have now become a part of the regular work of the university, and are held every year simultaneously in New York and Cambridge (or Boston), in Philadelphia, and in Cincinnati, beginning on the last Wednesday in May. Since 1879 instruction as well as examination has been provided for by a new organization incorporated under the name of the “Society for the Collegiate Instruction of Women by Professors and other Instructors of Harvard College.”

The first intimation of this movement for the private instruction of women by professors of Harvard University was made in a circular signed by the seven ladies who became the first managers of the annex, and was dated Washington’s Birthday, 1879.

The terms of the circular were somewhat vague, but they were taken as evidence that privileges which had before been the right of men only were to be offered to women. The intention of the promoters of the scheme was, in fact, to provide for women, outside of the college, instruction of the same grade that men receive in it, united to tests of progress as rigid as those which are applied in the college.

The next step was the publication of a circular, giving the terms of admission to the courses of instruction to be offered the first year. This was done in April. The Harvard examinations for women being in successful operation, they were made the basis upon which fitness for ad mission was to be determined.

Upon the eighth examination held in Cambridge, New York, and Cincinnati, June 30, 1881, in accordance with the wishes of the Woman’s Educational Association, the candidates who presented themselves for examination were examined upon the subjects required for admission to Harvard College, with the exception, that the candidate could, if she chose, substitute French and German in place of Greek. The time and method of examinations and the papers used were the same as for the examination for admission to Harvard College, and the same privilege of passing a preliminary examination on a part of the subjects and of completing the course in a subsequent year was allowed.

Certificates were given, bearing the signature of the president, and specifying the subjects in which the candidate had passed.

The old order of examinations was then abolished except for such candidates as had passed on a part of the work required. The Woman’s Educational Association took charge of the examination in Cambridge, and local committees had charge of the examinations in New York, Philadelphia, and Cincinnati. The certificate given to a candidate who passes upon all the subjects required for admission to the college entitles her to admission to the courses of instruction given in Cambridge by instructors in Harvard University, under the direction of the Society for the Collegiate Instruction of Women. It is also accepted, if presented within a year of its date, by Vassar, Wellesley, and Bryn Mawr Colleges as the equivalent for examinations in such subjects, whether preparatory or collegiate, as are covered by it.

Source: United States Bureau of Education. Circular of Information No. 6, 1891. George Gary Bush, History of Higher Education in Massachusetts, pp. 176-178. [No. 13 in Contributions to American Educational History, edited by Herbert B. Adams]

 

HARVARD EXAMINATIONS FOR WOMEN
from a New York Times report in 1877

…The objects specially held in view by the ladies who have promoted this movement were to afford persons desirous of becoming teachers in schools such a diploma of competency for their task as would be received on all hands with respect, and, further, to promote a higher standard of attainments in the private schools attended by the wealthier classes, by thus securing them thoroughly qualified teachers. The radical defect in women’s education generally, more especially in the case of women educated at a fashionable school, is, that while they have a smattering of many subjects, they do not know one thoroughly….

…At present it appears to us that the questions are far too hard…

…[the illustrative questions cited from physical geography and history] are merely in the “preliminary” examination, and surely are well calculated to convey a lively apprehension as to the stiffness of the queries to follow; and we are not, therefore, surprised to read in the report that only three of the eighteen New-York candidates took up the whole number of subjects required for a certificate, and that of these, but two were successful.”

Source: The New York Times, December 30, 1877, p. 6.

_________________________

HARVARD UNIVERSITY.
EXAMINATIONS FOR WOMEN, 1874.

ADVANCED EXAMINATION. POLITICAL ECONOMY.

The examination will be based on Fawcett’s “Manual of Political Economy” [1874] and Blanqui’s “Histoire de l’Économie Politique en Europe.” [4e èd. Rev. et annot. (1860). Tome Premier; Tome Second]

SPECIMEN EXAMINATION-PAPER.

I. Fawcett’s Manual.

  1. Define, with illustrations, Wealth, Capital, and Money; and state the distinctions between them.
  2. How is the rapid recovery of a country from a devastating war explained?
  3. Define and distinguish Value and Price.
  4. What causes regulate the price of articles of vertu, of agricultural produce, and of manufactured articles respectively?
  5. Explain Ricardo’s theory of rent, the law of production from land on which it rests, and how the conclusion is drawn that agricultural rent is not a component of price.
  6. What causes the tendency of profits to fall as a nation advances?
  7. What principles determine the rate of wages, and what remedies are suggested for low wages?
  8. State the distinction between industrial partnership, complete coöperation, and the coöperative store; and explain the system of the Rochdale Pioneers and its advantages.
  9. What arguments can you give for or against peasant proprietorship?
  10. What effect have the discoveries of gold in California and Australia had on the value of gold, and what has tended to counteract that effect in England and the United States?
  11. What will determine the amount of money which a country will keep in circulation?
  12. “What will happen if the circulating medium is increased beyond its natural amount, by the introduction (1) of more gold or silver? or, (2) of bank notes which are redeemed in gold on presentation? or, (3) of inconvertible notes?
  13. Do the United States gain or lose by the constant exportation of the gold mined in California; and why?
  14. Can two countries trade with each other profitably, when every commodity exchanged might be produced by one cheaper than by the other?
  15. In the example given of an exchange of iron and wheat by England and France, what will be the effects of an improvement which cheapens the production of iron in England?

II. Blanqui’s Histoire de l’Économie Politique en Europe.

  1. Give the names and geographical positions of some of the chief of the Hanseatic cities, and briefly explain their rise and the organization of their trade.
  2. What important changes took place in the economical condition of Europe in the reign of Charles the Fifth? Give the leading dates of his reign, and name some of his contemporaries.
  3. What social changes, good or bad, were produced in Europe in the fifteenth century, by the discovery of gold and silver in the New World?
  4. When was the Bank of Amsterdam established, and on what plan was it conducted?
  5. When did the school of the French economists flourish, who were some of its leading writers, and what were its characteristic doctrines?
  6. Who was Adam Smith, when did he live and publish his chief work, and what service did he render in the development of political economy?
  7. What economical effects had the establishment of American independence?
  8. When and for how long a time did the Bank of England suspend specie payments?
  9. What were the characteristic views of Sismondi, and by what circumstances of his time was he led to them?
  10. Give some account of Robert Owen and of his system of social reform.
  11. How have the peculiar situation and industrial conditions of England probably influenced the views of her writers on political economy?

Source: Harvard University. Examinations for Women, 1874, p. 70-71.  Also, a copy at the Radcliffe Archives.

 

 

 

 

Categories
Economic History Exam Questions Harvard

Harvard. Exam questions for Mediaeval Economic History of Europe. Ashley, 1895-96

 

William James Ashley (1899 biography) taught a course on the mediaeval economic history of Europe that required reading knowledge of Latin that was indeed tested as can be seen in his examination questions transcribed below.

Earlier posts with material from Ashley’s economic history courses:

University of Toronto Economic History Exams (1891)

Economic History Module in Introductory Economics Course (1896)

Modern Economic History (1899-1900)

______________________

Course Enrollment

[Economics] 10. Professor Ashley. — The Mediaeval Economic History of Europe. 2 hours.

Total 14: 7 Graduates, 5 Seniors, 2 Juniors.

Source: Harvard University. Report of the President of Harvard College 1895-96, p. 63.

______________________

Course Description

[10. The Mediaeval Economic History of Europe. Tu., Th., (and at the pleasure of the instructor) Sat., at 12. Professor Ashley.]

Omitted in 1897-98.

The object of this course is to give a general view of the economic development of society during the Middle Ages. It will deal, among others, with the following topics:— the manorial system in its relation to mediaeval agriculture and serfdom; the merchant gilds and the beginnings of town life and of trade; the craft gild and the gild-system of industry, compared with earlier and later forms; the commercial supremacy of the Hanseatic and Italian merchants; the trade routes of the Middle Ages and of the sixteenth century; the merchant adventurers and the great trading companies; the agrarian changes of the fifteenth and sixteenth centuries and the break-up of the mediaeval organization of social classes; the appearance of new manufactures and of the domestic industry.

Special attention will be devoted to England, but that country will be treated as illustrating the broader features of the economic evolution of the whole of western Europe; and attention will be called to the chief peculiarities of the economic history of France, Germany and Italy.

Students will be introduced in this course to the use of the original sources, and they will need to be able to translate easy Latin.

It is desirable that they should already possess some general acquaintance with mediaeval history, and those who are deficient in this respect will be expected to read one or two supplementary books, to be suggested by the instructor. The course is conveniently taken after, before, or in conjunction with History 9; and it will be of especial use to those who intend to study the law of Real Property.

Source: Harvard University, Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics (1897-98), pp. 31-32.

______________________

1895-96
ECONOMICS 10.
Mid-year examination

I.

To be first attempted by all.

Translate, and comment, on the following passages: —

  1. Totius terrae descriptio diligens facta est, tam in nemoribus quam in pascuis et pratis, nec non in agriculturis, et verbis communibus annotata in librum redacta est.
  2. In Tineguella…sunt iiii hidae et dimidia ad geldum Regis. Et de istis tenet xx homines xx virgas terrae. Et xiii homines tenent vi virgas et dimidiam.
  3. Sicut traditum habemus a patribus, in primitivo regni statu post conquisitionem, regibus de fundis suis non auri vel argenti pondera sed sola victualia solvebantur.
  4. Plerique, cum aut aere alieno aut magnitudine tributorum aut injuria potentiorum premuntur, sese in servitutem dicunt nobilibus, quibus in hos eadem omnia sunt jura quae dominis in servos.
  5. Ceteris servis non in nostrum morem, descriptis per familiam ministeriis, utuntur. Suam quisque sedem, suos penates regit.

II.

Write on four only of the following subjects.

  1. The importance of the yardland in the rural economy of the Middle Ages.
  2. A history of the mark theory, from its first promulgation to its general acceptance.
  3. A comparison of the life of a mediaeval English village with that of a New England village of today.
  4. The Roman colonate.
  5. An account and criticism of Mr. Seebohm’s “Tribal System in Wales.”

 

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 3. Bound volume: Examination Papers. Mid-Years, 1895-96.

______________________

1895-96
ECONOMICS 10.
Final Examination

I.

To be first attempted by all.

Comment on the following passages, and translate those in Latin and French: —

  1. If a man agree for a yard of land, or more, at a fixed rent, and plough it; if the lord desire to raise the land to him to service and to rent, he need not take it upon him, if the lord do not give him a dwelling.
  2. Ego Eadward…rex…dedi X manentes in illo loco qui dicitur aet Stoce be Hysseburnam, cum omnibus hominibus qui in illa terra errant qando AElfred rex viam universae carnis adiit.
  3. Magnates regni et alii minores domini qui tenentes habebant perdonarunt redditum de redditu ne tenentes abirent prae defectu servorum et caristia rerum.
  4. Whan Adam dalf and Eve span,
    Wo was thane a gentilman?
  5. Nul ne deit rien achater a revendre en la vile meyme, fors yl serra Gildeyn.
  6. Cives Londoniae debent LX marcas pro Gilda telaria delenda ita ut de cetero non suscitetur.
  7. No one of the trade of Spurriers shall work longer than from the beginning of the day until curfew rings out at the church of St. Sepulchre.

II.
Write on four only of the following subjects:

  1. The economic and constitutional questions involved in recent discussions as to the beginnings of town life in mediaeval Europe.
  2. A comparison of a mediaeval merchant gild with a modern “trust,” and of a craft gild with a modern trade union.
  3. The extent and character of the public regulation of prices and wages in the later middle ages.
  4. The cause of the Peasant Revolt in 1381.
  5. The relation of the English Reformation to the origin of the Poor Laws.
  6. A criticism of Cunningham and McArthur’s Outlines of English Industrial History.

 

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 4, Bound volume: Examination Papers, 1896-97. Section: Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College (June, 1896), pp. 45-46.

Image Source:University and their Sons. History, Influence and Characteristics of American Universities with Biographical Sketches and Portraits of Alumni and Recipients of Honorary Degrees. Editor-in-chief, General Joshua L. Chamberlain, LL.D. Vol II (1899) , p. 595.

Categories
Exam Questions Harvard

Harvard. Exams in money, banking and commercial crises. Guest professor, W. C. Mitchell, 1908-09

 

For the academic year 1908-09 Wesley Clair Mitchell took leave from the University of California to cover three courses previously taught by A. Piatt Andrew at Harvard on money, banking and foreign exchange, and commercial crises. This post provides enrollment figures and the examination questions for the three courses.

While I have been unable to find course outlines in the Harvard archives, here is the (almost complete) 1906 Syllabus for Mitchell’s money course taught at the University of California.

 ___________________

Money. A General Survey…in recent times

Course Enrollment

[Economics] 8a 1hf. Asst. Professor Mitchell (University of California). — Money. A general survey of currency legislation, experience, and theory in recent times.

Total 103: 4 Graduates, 24 Seniors, 48 Juniors, 20 Sophomores, 1 Freshman, 6 Special.

Source: Harvard University. Report of the President of Harvard College, 1908-1909, p. 68.

 

ECONOMICS 8a1
Final Examination

1. and 2. Describe the monetary system of the United States, making such reference as is necessary for a clear understanding to monetary history and to the banking system.

  1. Sketch the monetary history of British India since 1873.
  2. Give a brief account of the production of gold and silver, and of the changes in the market ratio between them, for the years 1848 to 1908.
  3. State the case for bimetallism.
  4. What are the chief differences between monetary conditions in the Middle Ages and at present?
  5. Sketch some one of the paper-money episodes of the nineteenth century.
  6. What are index numbers? How are they constructed? Of what use are they?
  7. and 10. Discuss the way in which an increasing production of gold affects the price-level in gold-standard countries.

Source: Harvard University Archives. Examination Papers, 1873-1915 (HUC 7000.25), Box 8. Bond volume: Examination Papers, 1908-09. Papers set for Final Examinations in History, Government, Economics,…, in Harvard College (June 1909), p. 39.

 ___________________

Banking and Foreign Exchange

Course Enrollment

[Economics] 8b 2hf. Asst. Professor Mitchell (University of California). — Banking and Foreign Exchange.

Total 117: 3 Graduates, 24 Seniors, 61 Juniors, 22 Sophomores, 1 Freshman, 6 Special.

Source: Harvard University. Report of the President of Harvard College, 1908-1909, p. 68.

ECONOMICS 8b
Final Examination

  1. Exercise in Banking Accounts
    Do not spend more than sixty minutes upon this exercise.

    1. Arrange the following items in the form of a bank statement: Bonds and stocks, $90,000; Undivided profits, $10,000; Due from other banks, $50,000; Notes, $50,000; Exchanges for the clearing house, $50,000; Expenses, $1,500; Notes of other national banks, $1,000; Due to banks, $60,000; Real estate, $40,000; Surplus, $50,000; United States deposits, $30,000; 5% redemption fund, $2,500; Due from reserve agents, $50,000; Lawful money, $66,000; Capital, $200,000; Individual deposits, $600,000; Loans, $630,000; Other assets, $19,000.
    2. If the statement is that of a National Bank, not in a reserve city, how much lawful money is it required by law to hold as reserve?
    3. Assume that the statement shows the condition of the bank at the close of business Thursday. During business hours Friday the following transactions take place:—
      1. The bank pays a coal bill of $1,000 in cash;
      2. The bank remits $5,000 of United States notes to its reserve agent;
      3. The following deposits are received from individual customers:—
        $2,000 in gold certificates;
        $1,000 in the bank’s own notes;
        $5,000 in checks against the bank itself;
        $42,000 in checks against other banks belonging to the same clearing house.
      4. The bank discounts a 30-day note for $50,000 at 6%, taking United States bonds as collateral security. The borrower takes the proceeds in such form that he can pay in checks.
      5. A note of $20,000, discounted six months before at 4%, is paid by means of a check against the borrower’s account.
      6. At the clearing house, the bank finds $55,000 presented against it. Balances are paid in gold.
        How does the bank stand at the close of business Friday?
  1. Sketch the development of banking in England to 1700.
  2. Describe briefly the condition of banking in the United States in 1860.
  3. What factors affect the profit upon the issue of national bank notes?
  4. Compare the methods of treating a commercial panic followed by the banks of New York and the Bank of England.
  5. State the case for and against the incorporation into national banking law of provisions for any one of the following purposes:—
    1. To guarantee deposits;
    2. To permit branch banking;
    3. To change the bond-secured circulation for asset currency;
    4. To establish a central bank on the German model.
  6. State the leading differences between the business of commercial banking and savings banking.

 

Source: Harvard University Archives. Examination Papers, 1873-1915 (HUC 7000.25), Box 8. Bond volume: Examination Papers, 1908-09. Papers set for Final Examinations in History, Government, Economics,…, in Harvard College (June 1909), pp. 40-41.

 ___________________

Commercial Crises and Cycles of Trade

Course Enrollment

[Economics] 12 1hf. Asst. Professor Mitchell (University of California). — Commercial Crises and Cycles of Trade.

Total 68: 2 Graduates, 31 Seniors, 25 Juniors, 10 Sophomores.

Source: Harvard University. Report of the President of Harvard College, 1908-1909, p. 68.

 

ECONOMICS 121
Final Examination

Describe business conditions in the United States from 1890 to 1908, inclusive, with such reference to business conditions abroad as is necessary for an understanding of American conditions. State the most important causes of the changes which have occurred.

 

Source: Harvard University Archives. Examination Papers, 1873-1915 (HUC 7000.25), Box 8. Bond volume: Examination Papers, 1908-09. Papers set for Final Examinations in History, Government, Economics,…, in Harvard College (June 1909), p.  44.

Image Source: Thumbnail image from a 1900 picture of Wesley Clair Mitchell at the University of Chicago in Lucy Sprague Mitchell’s Two Lives: The Story of Wesley Clair Mitchell and Myself.

 

Categories
Exam Questions Fields M.I.T.

M.I.T. General exams for international economics, 1959

 

It seems safe to assume that Charles Kindleberger was the principal author of these general exams for the field of international economics (i.e. international trade and finance) since the exams come from his papers at the M.I.T. archive. I don’t know whether he had been the sole author. Maybe Samuelson contributed an international trade question or two, but that is much more speculative than Kindleberger’s likely authorship.

The general exams in international economics for 1950-51 have been transcribed and posted earlier.

_____________________

INTERNATIONAL ECONOMICS
February 16, 1959

Part I

Write an essay on any two or three of the following topics.

  1. The gains from trade.
  2. The effect of foreign trade on the distribution of income.
  3. Structural disequilibrium in the balance of payments.
  4. What determines the commodities and services a country will export and import?
  5. Elasticity conditions in international trade.

Part II

Answer any two or three of the following questions.

  1. A distinguished economist has stated that an underdeveloped country which is not developing balance of payments trouble, is not trying very hard to develop. Explain this view and discuss it critically.
  2. The New York Times recently had an article explaining that the present favorable position of the British and other West European balances of payments was really a bad sign because it was accompanied by a reduction in the volume of world trade. In particular, the improvement in the British balance of payments was due to a sharp improvement in the terms of trade which could not help worsen the situation after a few months.
    What have favorable or unfavorable terms of trade to do with the matter?
  3. What is the purpose of two of the following. How well have they filled, or are they filling, that purpose?
    1. The International Bank for Reconstruction and Development.
    2. The International Monetary Fund.
    3. The Colombo Plan.
    4. The Marshall Plan.
    5. The European Payments Union.
  4. The following is a real quotation from a distinguished economist: “Under a system of free trade there would be conflicts in interests neither among different nations nor among corresponding classes of different nations.”
    Discuss critically.
  5. “If all countries pursued full employment policies and at the same time avoided inflationary pressures, the balance of payments would present no problem.” Discuss theoretically.
  6. “There is no reason why a country could not pursue any domestic policy it liked provided it did not care about exchange stability.”
    “A country could have any fixed exchange rate it chose provided it pursued the correct domestic policy.”
    Discuss these quotations critically.
  7. Write an essay on the advantages and disadvantages of aiding underdeveloped countries through private capital movements, governmental loans and gifts on a bilateral basis or through multilateral aid.
  8. “It is frequently stated that aid should be given ‘with no strings attached.’ And this is a meaningless statement, because you can’t just send an anonymous check and say: do what you want.”
    What is meant by such a statement? What conditions could be attached to aid to make it effective?
  9. Write an essay on the instruments of commercial policy and discuss the effectiveness of each.

 

*  * *  *  * *  *  *  *

General Examination in International Economics
May 20, 1959

Answer any five questions

  1. Discuss the relevance of the factor-price equalization theorem to the observed facts of international trade.
  2. It has been said that the theory of international trade is peculiarly static and that this vitiates its applicability to the problems of growing economies. Do you agree or disagree? Discuss.
  3. Analyze the relevance of international trade (and tariffs) to wages and employment in as many contexts as are significant.
  4. What differences exist between internal trade in a single country, economic integration between sovereign countries, and international trade between unintegrated countries? Is there more content to economic integration than customs union?
  5. Discuss the relative roles of income and price in international adjustment, not in theoretical models, but as they have operated in the real world as observed by historians, by econometricians, or by casual empiricists. What generalizations, if any, can be drawn from this experience regarding the efficacy of exchange depreciation in producing adjustment?
  6. Argue for or against central bank intervention in the forward exchange market.
  7. What can the economist say about foreign aid?
  8. Compare and contrast the impact of foreign trade and lending on economic stability in a developed country and in an export economy? What monetary and commercial policy devices are available to the latter to promote stability?
  9. Write brief didactic essays setting forth the “correct view” (conventional wisdom) of international trade economists on two of the following subjects:
    1. the long-run terms of trade facing underdeveloped countries;
    2. the persistent surplus in the German balance of payments;
    3. the regional vs the universal approach to commercial policy and intergovernmental lending;
    4. commodity price stabilization;
    5. multiple exchange rates: blessing, menace, crutch for the feeble?
  10. Argue the case for modifying the Articles of Agreement of the International Monetary Fund, or its procedures under the present articles, or for leaving both Articles and Procedures alone.

 

Source: M.I.T. Libraries. Institute Archives and Special Collections. Papers of Charles Kindleberger, 1934-99. Box 22, Folder “Examinations. International Economics, 1959-75”.

Image Source: M.I.T. Yearbook Technique, 1950.

Categories
Exam Questions Harvard Undergraduate

Harvard. Undergraduate General Examination in Economics, 1956

 

 

Other undergraduate Harvard divisional/departmental  general exams that have been transcribed and posted earlier:

General Division Exam 1916

General Division Exam 1917

Division Exams 1939

Economics General Exam 1953

______________________

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS
GENERAL EXAMINATION — May 2, 1956
(Three hours)

Please be sure to use a separate bluebook for each Section, noting on the cover of each book the numbers of the questions discussed therein, and HONORS or NON-HONORS.

 

PART I
(One hour)
Economic Analysis

All candidates answer ONE question.

  1. It is often said that investment is one of the principal determinants of national income. On the other hand it is also claimed that national income is one of the principal determinants of investment. In what sense is each of these statements true? What are the implications of these propositions for the theory of business cycles?
  2. “Almost no one would select the industries which are distinguished by a close approach to the competitive model as a showpiece of American industrial achievement. The showpieces are, with rare exceptions, the industries which are dominated by a handful of large firms. The foreign visitor, brought to the United States by the Economic Cooperation Administration, visits the same firms as do attorneys of the Department of Justice in their search for monopoly.” Discuss.
  3. Wages and profits perform important functions in the economic system. To what extent are these functions the same and to what extent do they differ?
  4. Ricardo considered savings as the basis of economic growth. Some modern common economists on the other hand have argued that a high propensity to save reduces the rate of economic growth. Explain the reasons for each of these views.
  5. Agriculture is an excellent example of the failure of the competitive system to allocate resources efficiently. Discuss.

 

PART II
(Two hours)

Part II consists of five sections: A. Industrial Organization; B. Labor Economics; C. Economic History; D. Money, Economic Fluctuations, and International Trade; and E. Statistics. Each student must answer FOUR questions from Part II, distributed among the sections as follows:

Either

(1) TWO questions each from TWO different Sections chosen from A, B, C, D.

Or

(2) ONE question from Section E; and three other questions, TWO chosen from any ONE of A, B, C, D, and ONE from ANOTHER of these Sections.

A. Industrial Organization

  1. “The diversity of behavior revealed by a study of particular oligopolies in the United States helps explain why economists have been unable to produce a unique theory of oligopoly.” Discuss.
  2. Evaluate the evidence for and against the thesis that monopoly has increased during the last half-century in American manufacturing industries.
  3. With respect to either electric power or railroads, what do you think have been the chief achievements and shortcomings of the regulatory process in the United States?
  4. Discuss the problem of resale price maintenance laws, commenting on
    1. The historical circumstances from which resale price maintenance agreements evolved;
    2. The characteristics of goods most commonly sold under resale price maintenance agreements and why the producers of these goods prefer to operate under such agreements;
    3. The economic effects of resale price maintenance.

 

B. Labor Economics

  1. The following are recently released figures by the Bureau of Labor Statistics showing production, man hours, and output per man hour in the bituminous coal industry since 1935. Selected years are shown as follows; 1947-49 is the base in each case.
Year Production Man hours Output per man hour
1935 67.0 89.0 75.3
1938 62.7 73.8 85.0
1941 92.5 100.5 92.0
1945 103.9 111.5 93.2
1948 107.8 109.0 98.9
1950 92.9 82.1 113.2
1954 70.4 47.3 148.8

(a) What factors would you advance to explain the movement in output per man hour? (b) Is the 100 percent rise in output per man hour in this twenty year period a consequence of, or a reason for, substantial wage rate increases?

  1. How do you praise be consequences of the merger between the AFL and CIO? Indicate the consequences for organizing campaigns and union growth, internal union government, legislative and political action, collective bargaining, and the movement of wages. Consider the consequences both within the labor movement and for the economy generally.
  2. “The growing importance collective-bargaining cannot be reconciled with the view that unions may be considered as private organizations or ‘clubs’.” Discuss. What types of public policy would you advocate with respect to governmental intervention in the internal affairs of unions?
  3. Explain the meaning of “marginal productivity” to a friend who is never studied economics. Explain further whatever degree of relation you believe exists between marginal productivity and wages.

 

C. Economic History

  1. It has been said that “mercantilism” has always been the dominant economic philosophy in American politics. Discuss.
  2. How does the development of the corporation as an institutional form for organizing business activity different in United States and Great Britain? What accounts for and what have been the consequences of these developments?
  3. Contrast ante- and post-bellum Southern Agriculture.
  4. What light does [sic] the depression experiences of 1873, 1920, 1929, cast on business cycle theories and policies?

 

D. Money, Economic Fluctuations, and International Trade

  1. What actions could the Federal Reserve authorities take to check an inflationary movement? What objections might be raised against the use of any combination of these actions?
  2. Suppose the trade unions force up money wages. Discuss the effect of the change on employment and prices in terms of (a) the Quantity Theory of Prices (b) the Keynesian theory of the price level.
  3. Supposed that aggregate income were to remain constant for the next six months while unemployment slowly rose. What budgetary and monetary policies would you recommend?
  4. In a recent statement to the Associated Press, Mr. T. Coleman Andrews, Commissioner of Internal Revenue for the first three years of the present administration until his resignation last Spring, declared his complete opposition to the taxation of personal income. He advocated completely doing away with the individual income tax and substituting “less burdensome” taxes.
    1. What reforms, if any, would you advocate in the taxation of individual income? Explain.
    2. Are there any “less burdensome” taxes than the individual income tax? Explain.
      Note: throughout your discussion keep in mind the fiscal policy aspects of taxation as well as considerations of the effects on incentives, equity, etc.
  5. With few exceptions output per worker is much higher in American industries (including agriculture) than in other countries. How is it possible under these circumstances to maintain equilibrium between exports and imports?

 

E. Statistics

  1. Summarize and discuss critically two quantitative studies dealing with one or more phases of household behavior.
  2. Discuss the relative advantages and disadvantages aggregative time series data, cross sectional data, and re-interview data on identical households for purposes of estimation and testing of hypotheses.
  3. Discuss various ways in which statistics may be of use in economic research. In formulating your answer give consideration to some or all of the following: formation of hypotheses, testing of hypotheses, estimation of population parameters, and design of experiments.

 

Source:  John F. Kennedy Presidential Library. John Kenneth Galbraith Personal Papers, Harvard University File, 1949-1965, Box 528, Folder “Tutorial 9/15/51-9/57”.

Image Source: Duster House Tower, Harvard College. Library of Congress, Prints and Photographs Division.

Categories
Exam Questions Johns Hopkins

Johns Hopkins. General exam questions for economics Ph.D., 1954

 

It is pretty interesting to compare the Harvard micro and macro general exams 1992 with what was asked economics graduate students at Johns Hopkins in 1954, transcribed and posted below. I note that the index number question (the first question in Part IV) was more-or-less covered in my second lecture of undergraduate principles of macroeconomics a few days ago (OK, I grant it was somewhat heavy-going, but somebody’s gotta do it…and better earlier than never). 

Ten comprehensive Ph.D. exams from Johns Hopkins in 1965 were transcribed and posted earlier.

_______________________

GENERAL WRITTEN EXAMINATIONS FOR THE PH.D.
Department of Political Economy
May 25-26, 1954

Part I — Three hours
May 25, 1954 — 9 a.m.

Answer the following questions: I and II; III or IV; they carry equal weights.

I.

In four out of five given cases, explain exactly — with or without the aid of graphs — how you can derive

  1. a demand curve for a commodity (as a function of price) from a family of indifference curves between that commodity and money;
  2. a supply curve for a foreign currency (as a function of its exchange rate in terms of domestic currency) from a demand curve for domestic currency (as a function of its exchange rate in terms of the foreign currency);
  3. a savings curve (as a function of income) from a consumption curve (as a function of income);
  4. a demand (liquidity preference) curve for cash balances (as a function of the interest rate) from a supply curve of interest-bearing securities (as a function of security prices);
  5. a family of interest-income curves (functions giving the equilibrium combinations of interest rate and income level) with various fixed money stocks as parameters, from a family of liquidity preference curves (as functions of the interest rate) with various fixed income levels as parameters.

II.

In three out of the five given cases, demonstrate as convincingly as you can

  1. that an increase in wage rates
    1. will result in an increase in total profits,
    2. will result in a decrease in total profits;
  2. that an increase in interest rates
    1. will result in an increase in total consumption
    2. will result in a decrease in total consumption;
  3. that an increase in government expenditures for domestic public works
    1. will result in an increase in total employment,
    2. will result in a decrease in total employment;
  4. that an increase in income taxes with an equal and simultaneous decrease in excise taxes
    1. will result in an increase in general prices,
    2. will result in a decrease in general prices;
  5. that an increase in private foreign investment
    1. will result in an increase in domestic total income,
    2. will result in a decrease in domestic total income;

[Note: In order to be convincing on both sides of each issue, you will have to change your evaluations of the probabilities with which the essential conditions responsible for the particular result may be expected actually to prevail.]

III.

“The elasticity of supply of foreign exchange will be higher, the higher is the elasticity of supply of exportable articles.” What is wrong with this statement? Why? How would you formulate the correct relationship between the variables in question?

IV.

“The question of whether capital movements lead the trade balances, or trade balances direct the capital movements has been answered differently by classical and Keynesian theory.”

Present the two views and then explain how the contradictions can be resolved, and both views found to be correct, if the terms are appropriately defined.

 

Part II — Three hours
May 25, 1954 — 2 p.m.

Answer three questions of the following five, provided you don’t select more than two from the first three. They all carry equal weights.

I.

Discuss the Neo-Classical School of Economists.

II.

In Schumpeter’s Book on the History of Economic Analysis, there is a section on “The Men Who Wrote above Their Time”. What would you write for such a section?

III.

Discuss the development of American economic thought.

IV.

Select a “period” of American economic history other than the most recent one and discuss it. Link it with the preceding and succeeding periods.

V.

Discuss England’s chief economic problems of 1793-1815.

 

Part III — Three hours
May 26, 1954 — 9 a.m.

Answer the following questions: I; any two out of the remaining three. They all carry equal weights.

I.

Write a coherent essay on statistical inference, in which you discuss (not necessarily in this order):

  1. tests of hypotheses
  2. confidence intervals
  3. errors of the first and second kind [Penciled here as change or alternative “Efficiency/Max Likelihood”]
  4. correlation and regression
  5. the identification problem
  6. the “t” distribution and an example of its use
  7. one other distribution (other than the normal) and an example of its use.

II.

It has been maintained by some that an increase in wages leads to an increase in labor supply out of a given population, and a decrease in wages to a decrease in supply; but it has also been maintained, by others, that an increase in wages brings a decrease in supply, and a decrease in wages an increase in supply.

Select one of the two views and summarize the points which have offered in defense of it. Do you think an equally strong case should be made for the other view? If you do, then are we left without a theory?

III.

Considerable attention has been devoted to the question of the effect of union activity on the wage level. One conclusion reached by several writers on the basis of statistical data is that union wage activity has resulted in no appreciable differential in favor of union income, compared to non-union income and to non-labor income.

What could be the theoretical foundations for such a result?

IV.

“Of all the single statements that can be made about wages, the statement that ‘wages tend to measure the marginal productivity of labor’ is at once the most illuminating analytically and the most important practically for the consideration of wage policy.”

This proposition has come in for considerable criticism over the years. What are the most telling points of this criticism?

 

Part IV — Three hours
May 26, 1954 — 2 p.m.

I.

Write an essay on index numbers in economics, in which you discuss (not necessarily in this order)

  1. price indexes
  2. quantity indexes
  3. value indexes
  4. constant-weight (Laspeyres) indexes
  5. changing-weight (Paasche) indexes
  6. the relationships among price, quantity, and value indexes
  7. the use and limitations of economic index numbers

II.

Evaluate critically the contribution which Keynes’ General Theory has made to:

  1. Theoretical economic thinking
  2. Economic policy

III.

Present and analyze some (reasonably respectable) business cycle theory.

IV.

Compare and contrast monetary and fiscal policies as methods of achieving economic stabilization (reasonably full employment without inflation). Include (but don’t limit yourself to) the following points:

  1. The theoretical foundation of each
  2. Methods used
  3. Effects on distribution of income and wealth
  4. Social and political repercussions
  5. Their effectiveness and limitations.

Do they overlap? Can you work out a synthesis of both?

 

Source: Johns Hopkins University. Eisenhower Library. Ferdinand Hamburger, Jr. Archives. Department of Political Economy Series 5/6.  Box No. 6/1. Folder: “Comprehensive Exams for Ph.D. in Political Economy, 1947-1965”.

Image Source: from the cover of the 1954 Johns Hopkins yearbook, Hullabaloo.

Categories
Exam Questions Harvard History of Economics

Harvard. Final exams for “Modern Economic Theory and its Critics”. O.H. Taylor, 1938-39.

 

Just started a “scope and methods of economics” course this semester and after consulting my files from archival visits to Harvard, I discovered that good old Overton Hume Taylor offered a similar course there fifteen times during the 1930s and 1940s. I have already transcribed/posted numerous syllabi and exams for his other courses in the history of economics, political economy, and socialism. For some unknown reason he apparently did not keep a syllabus of assigned readings on file for his “Modern Economic Theory and its Critics” course with the Harvard library. For now we’ll be limited to the printed semester final examinations that I have located in the Harvard archives to reverse-engineer his likely reading assignments.

The stability of the course content may be presumed from the identical course descriptions (with the sole exception of “programmes” becoming “programs”) in the 1932-33 and 1940-41 Division announcements, included below.

Overton Hume Taylor received his economics Ph.D. from Harvard in 1928 with the dissertation “The Idea of a Natural Order in Early Modern Economic Thought.” 

 

Chronology of O. H. Taylor’s course Economics 105
(formerly Economics 17)

1930-31. Ec17 Half-course (second half-year). Classical Economics and Eighteenth Century Philosophy. 3 students enrolled (1 Gr., 1 Sr., 1 Jr.)

1931-32. Ec17 Half-course (second half-year). Classical Economics and Eighteenth Century Philosophy.

1932-33. Ec17 Half-course (second half-year). Modern Economic Theory and its Critics.

1933-34. Ec17 Full-course. Modern Economic Theory and its Critics.

1934-35. Ec17 Modern Economic Theory and its Critics. “This course may be taken as a half-course in either half-year.”

1935-36. Ec17 Modern Economic Theory and its Critics. “This course may be taken as a half-course in either half-year.”

1936-37. Ec105 (formerly 17) Modern Economic Theory and its Critics. “This course may be taken as a half-course in either half-year.”

1937-38. Ec105 (formerly 17) Modern Economic Theory and its Critics. “This course may be taken as a half-course in either half-year.”

1938-39. Ec105 Modern Economic Theory and its Critics. “This course may be taken as a half-course in either half-year.” [Note: James Tobin took the second semester of the course. His student notes are found with his papers at the Yale University archives].

1939-40. Ec105 Modern Economic Theory and its Critics. “This course may be taken as a half-course in either half-year.”

1940-41. Ec105 Half-course (first half-year). Modern Economic Theory and its Critics.

1941-42. Ec105 Half-course (first half-year). Modern Economic Theory and its Critics.

1942-43. Ec105 Half-course (first half-year). Modern Economic Theory and its Critics.

1943-44. Ec105a. Half-course (first half-year).  Modern Economic Theory and its Critics. 12 students enrolled (9 Graduates, 3 Public Admin.)

1944-45. Ec105a. Half-course (first half-year).  Modern Economic Theory and its Critics. 3 students enrolled (1 Graduate,1 Public Admin., 1 Radcliffe)

1945-46. Ec105a Half-course (first half-year). Modern Economic Theory and its Critics. 2 students enrolled (2 Graduate)

1946-47. Ec105a. Half-course (first half-year). 3 students enrolled (1 Graduate, 2 Radcliffe)

_______________________

Course Description, 1932-33

[Economics] 17 2hf. Modern Economic Theory and its Critics

Half-course (second half-year). Mon., Wed., Fri., at 12. Dr. Taylor.

A critical study of conflicting views in regard to the proper aim and scope, method, and basic “premises” of economic theory. The views considered are those reflected, in recent English and American literature, in the work of relatively “orthodox” theorists on the one hand, and in the criticisms, programmes, and attempted innovations of various “insurgent” writers on the other hand. Reading, lectures, and discussions.

 

Source: Division of History, Government, and Economics 1932-33. Official Register of Harvard University, Vol. XXIX, No. 32 (June 27, 1932), p. 77.

_______________________

Course Description, 1940-41

[Economics] 105a 1hf. Modern Economic Theory and its Critics

Half-course (first half-year). Tu., Th., Sat., at 12. Dr. O. H. Taylor.

A critical study of conflicting views in regard to the proper aim and scope, method, and basic “premises” of economic theory. The views considered are those reflected, in recent English and American literature, in the work of relatively “orthodox” theorists on the one hand, and in the criticisms, programs, and attempted innovations of various “insurgent” writers on the other hand. Reading, lectures, and discussions.

 

Source: Division of History, Government, and Economics 1940-41. Official Register of Harvard University, Vol. XXXVII, No. 51 (August 15, 1940), pp. 58-59.

_______________________

Course Enrollment, 1938-39

[Economics] 105. Dr. O. H. Taylor.—Modern Economic Theory and its Critics.

Total 13: 6 Graduates, 5 Seniors, 2 School of Public Administration

Source: Harvard University. Report of the President of Harvard College, 1938-1939, p. 99.

_______________________

Reading Period Assignments, 1938-39

Mid-year: January 5-18, 1939

Economics 105: Read one of the following:

  1. Jevons, W. S., Theory of Political Economy.
  2. Von Wieser, F., Natural Value.
  3. Wicksteed, P. Common Sense of Political Economy. Vol. I.

 

End-year: May 8-31, 1939

Economics 105: Read one of the following:

T. Veblen, Instinct of Workmanship.
T. Veblen, Theory of Business Enterprise.

 

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

_______________________

1938-39
HARVARD UNIVERSITY
ECONOMICS 105
Final Examination, mid-year. 1939.

Answer one of the first three questions — four questions in all. Average time, 45 minutes per question — distribute your time at your own discretion.

  1. Write your own accounts, and critical discussions, of (a) realism and nominalism, (b) rationalism and empiricism, and (c) the ‘methods’ of the ‘classical’ and ‘historical schools’ in economics.
  2. Discuss the general ideas prevalent in the eighteenth century about (a) causal and (b) ethical “natural laws” pertaining to human activities and social life; and the contributions of these ideas to the outlook and beliefs of nineteenth century “orthodox” economists and economic liberals.”
  3. Write a summary and criticism of the main ideas or theses included in Bentham’s “utilitarianism”; and a discussion of the question whether, and how far, the same, or similar, ideas became “the basis” of economic theory, in the hands of Ricardo and of later writers.
  4. Explain the substance, and discuss the merits, of Ricardo’s arguments and “doctrines” about either(1)(a) labor and value, and (b) rent and value; or (2)(a) wages in the short run and in the long run and(b) profits.
  5. Discuss either (a) “romanticism,” and the views of Carlyle or of Ruskin about classical economics; or (b) “positivism,” and the views of Comte.
  6. Explain and discuss the main ideas and reasonings you’ve found in Jevons, von Wieser, or Wicksteed, on the topics of utility, cost, and value.

 

Source: Harvard University Archives. Harvard University Mid-Year Examinations, 1852-1943. Box 13, Papers Printed for Mid-Year Examinations. History, History of Religions, …, Economics, …, Military Science, Naval Science. January-February, 1939.

_______________________

1938-39
HARVARD UNIVERSITY
ECONOMICS 105
Final Examination, year-end. 1939.

Write on SIX questions; omit either (3) or (4), and either (6) or (8).

  1. Describe and discuss, with reference to Marshall’s Principles, either (a) his ‘sociological’ and ‘economic’ ideas, his theory about ‘wants’ and ‘activities,’ his views about ‘free enterprise,’ his view on the direction of ‘social evolution,’ and his attitude to ‘hedonism’ and the ‘money measure’; or (b) his theories of diminishing and increasing returns, and of ‘lengths of time’ and ‘normal value.’
  2. Describe and discuss Veblen’s idea of the nature of ‘modern science’; his account and criticism of the preconceptions of classical economics; his view of what economic science should be and do; his general theory of the evolution of institutions; and his theory of the conflict of the ‘industrial’ and ‘pecuniary’ classes in modern society. Add your own appraisal of Veblen as ‘scientist,’ and your list of what seems to you his most valuable contributions to economics.
  3. Describe and discuss Mitchell’s account and criticism of the psychological basis of classical theory, and his proposals for a new approach through modern psychologies; and explain your own views on this problem.
  4. Do you think that economic theory should, in reference to social institutions, (a) only postulate various institutional set-ups as ‘given’ and study the solutions of ‘economic’ problems attainable under them, or (b) include the development of institutions in its own subject-matter, i.e. study the interactions of ‘economic’ and ‘institutional’ change? Take one position or the other, and develop your arguments for the position you take.
  5. How does Chamberlin describe and explain the main economic consequences for society of product-differentiation and oligopoly, as compared with those of pure competition? Discuss the assumptions involved in, and the significance of, this comparison. Do you think it has any implications for public policy?
  6. Describe and discuss the main features of Schumpeter’s theory of capitalist ‘development’ – his theories of the nature and rôle of entrepreneurial activity, of credit, of capital, of profits, and of the business cycle.
  7. Write anything you wish to write, on the reading you did under the May reading assignment.
  8. Write a half-hour essay on any topic of your own choice, in any way related to any of the subject-matter of the course not treated in your answers to the foregoing questions.

 

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. Box 4, Papers Printed for Final Examinations. History, History of Religions, …, Economics, …, Military Science, Naval Science. June 1939.

Image Source: Harvard Class Album 1942.