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Exam Questions Harvard Suggested Reading

Harvard. Business cycle theory. Reading list and exam. Hansen and Haberler, 1938

 

This is one of those instances where I really would like to try to dig deeper to see what the actual course content was. From the 1940-41 Division announcements we have the following description of the Business Cycle course at Harvard:

The broad facts about the business cycle will be discussed first. The distinction between trend movements, seasonal fluctuations, long waves and the business cycle in various time series will be analyzed. Then various theories of the cycle will be reviewed and the principles of cycle policy and possibilities of mitigating or avoiding depressions considered.

For now we at least have a bibliographic list for the subject and the exam questions from the first time that Alvin Hansen and Gottfried Haberler co-taught the course together.

________________

Course Enrollment

[Economics] 452hf. Professor Hansen and Associate professor Haberler.— Business Cycles.

Total 37: 2 Graduates, 25 Seniors, 7 Juniors, 2 Sophomores, 1 Other.

 

Source:  Harvard University. Report of the President of Harvard College, 1937-1938, p. 85.

________________

[Penciled Note: 1937-38]

[Penciled Note: Ec. 45a]

BUSINESS CYCLE THEORY

I.

Haberler, Gottfried: Prosperity and Depression, League of Nations, Geneva, 1937
Hansen, Alvin H.: Business Cycle Theory, Ginn and Co., 1927
Röpke, Wilhelm: Crises and Cycles, William Hodge and Co., London, 1936.

 

II.

Selected List of Books, Articles and Forecasting Services

A. Books

Adams, A. B. 1. Economics of Business Cycles

2. Profits, Progress and Prosperity

Ayres, L. P. Economics of Recovery
Bellerly Control of Credit
Brookings Institution The Recovery Problem in the United States
Cassel, G. The Theory of Social Economy, Book IV.
Clark, J. M. 1. Strategic Factors in Business Cycles

2. Economics of Planning Public Works, (Government Printing Office, Washington, D.C.)

Copeland, Douglas Australia in the World Crises
Dickinson, F. G. Public Construction and Cyclical Unemployment
Douglas, Paul H. Controlling Depressions
Durbin, E. M. F. 1. Purchasing Power and Trade Depressions

2. The Problem of Credit Policy

Economic Reconstruction (Report of Columbia University Commission)
Economic Essays in Honour of Gustav Cassel
Fisher, Irving 1. Booms and Depressions

2. 100% Money

Foster and Catchings 1. Profits, Part V.

2. Business Without a Buyer

3. Road to Plenty

Gayer, Arthur D. 1. Monetary Policy and Economic Stabilization

2. Public Works in Prosperity and Depression

Haney, L. H. Business Forecasting
Hansen, A. H. 1. Economic Stabilization in an Unbalanced World

2. The Problem of Unemployment Insurance and Relief in the U.S., Part IV.

Hardy, C. O. and Cox, G. V. Forecasting Business Conditions
Harrod The Trade Cycle
Hawtrey 1. Good and Bad Taste [sic, “Trade”]

2. Trade Depression and the Way Out

3. Capital and Employment

Hayek, F. A. Prices and Production
Hobson, J. A. Economics of Unemployment
Hull Industrial Depressions
Keynes, J. M. 1. A Treatise on Money

2. The Means to Prosperity

3. General Theory of Employment, Interest and Money

4. Unemployment as a World Problem, pp. 1-42

Kuznets, S. S. Cyclical Fluctuations
Lavington Trade Cycle
Lundberg Economic Expansion
McCracken, H. L. Value Theory and Business Cycles
Meade  Economic Analysis and Policy
Mitchell, Wesley Business Cycles, the Problem and its Setting
Moore, Henry L. 1. Economic Cycles

2. Generating Economic Cycles

Moulton, H. G. 1. The Formation of Capital

2. Income and Economic Progress

Newman, William H. The Building Industry and Business Cycles
Ohlin, Bertil Course and Phases of the Depression (League of Nations)
Persons, Warren Forecasting Business Cycles
Persons, Foster and Hettinger The Problem of Business Forecasting
Pigou, A. C. Industrial Fluctuations
Robbins, Lionel The Great Depression
Robertson, D. H. 1. Money

2. Industrial Fluctuations

3. Banking Policy and the Price Level

Schmidt, C. T. German Business Cycles, 1924-1933
Schumpeter, Joseph A. The Theory of Economic Development
Slichter, S. H. Towards Stability
Smith, W. B. and  Cole, A.H. Fluctuations in American Business, 1790-1860
Snyder, Carl Business Cycles and Business Measurements
Timoshenko, V. 1. World Agriculture and the Depression

2. The Role of Agriculture Fluctuations

Tintner, Gerhard Prices in the Trade Cycle
Warren and Pearson Gold and Prices
World Prices and the Building Industry
Veblen, T. [1.] Theory of Business Enterprise

[2.] The Engineers and the Price System

Wagemann Economic Rhythm
Wicksell Interest and Prices

 

B. Articles

Aftalion, Albert in Review of Economic Statistics, October 1927

Haberler, Gottfried, “Some Reflections on the Present Situation of Business Cycle Theory,” Review of Economic Statistics, February, 1936

Hansen, Boddy and Langum, “Recent Trends in Business Cycle Literature,” Review of Economic Studies, May, 1936

Hansen and Tout, “Investment and Saving in the Business Cycle,” Econometrica, April 1933

Hansen, A. H., “Mr. Keynes in Under-employment Equilibrium,” Journal of Political Economy, October, 1936

Hansen, A. H., Harrod on the Trade Cycle,” Quarterly Journal of Economics, May, 1937

Hansen, A. H., “The Consequences of Reducing Expenditures,” Proceedings, Academy of Political Science, January, 1938

Kondratieff, M. D., “The Long Waves in Economic Life,” Review of Economic Statistics, November, 1935

Robertson, D. H., “The Trade Cycle—An Academic View,” Lloyds Bank Review, September, 1937

Schumpeter, Joseph, “An Analysis of Economic Change,” Review of Economic Statistics, May, 1935

 

C. Forecasting Services

  1. Annalist (Weekly)
  2. Brookmire Economic Service (Weekly and Special)
    Councillor; Annalist; Investor; Technician; Forecaster; Purchaser (outlook for commodity prices); Executive; Income Map; Special Reports on Industries.
  3. London and Cambridge Economic Service (Quarterly)
  4. Moody’s Investors Service (Weekly and Bi-weekly)
  5. Review of Economic Statistics; Harvard (Quarterly)
  6. Standard Statistics (Weekly, Bi-weekly, Monthly and Special)
    Business Prospects; Outlook for Security Market; Industry Reports A, B, C, etc.; Basic Statistics.
  7. United Business Service (Weekly)

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1). Box 2, Folder “Economics, 1937-38”.

________________

1937-38
HARVARD UNIVERSITY

ECONOMICS 45a2
BUSINESS CYCLES

[Final Exam]

(Write on THREE questions)

  1. Write briefly on each of the following:
    1. Summarize and evaluate the analyses of “the long waves” made by (1) Schumpeter, and (2) Kondratieff.
    2. Compare Robertson and Aftalion with respect to the role of fixed capital in the business cycle.
  2. Show the significance and implications of (a) the “principle of accelerations” and (b) the “multiplier” with respect to the “pump-priming” theory.
  3. “The turning point from prosperity to depression is caused not by a shortage of capital but by inadequate consumption expenditures.”
    (In answering this question discuss, among other items, the following: (1) Is saving deflationary? (2) What is the effect of an increase in savings (a) upon the value of real investment? (b) upon consumption? (3) Is over-investment a cause of recession?
  4. Discuss the part played by monetary factors in the trade cycle, drawing particularly upon the analyses of Hawtrey and Hayek.

 

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, 1938.

Image Source: Alvin Hansen (left) and Gottfried Haberler (right) from Harvard Class Album 1942.

Categories
Exam Questions Harvard Statistics

Harvard. Final Examination for topics in statistical theory. E.B. Wilson, 1938

 

Most course final examination questions at Harvard were officially printed, but for a variety of reasons some course final examinations questions were only duplicated using carbon paper or perhaps they were written on the black-board at the time of the examination. The Harvard archives collection of final examinations has boxes of the bound printed copies of final examinations and folders with the carbon or mimeographed copies of examinations for (some) of the other courses. We see from the enrollment data that there were only four graduate students enrolled in E. B. Wilson’s course on “Topics in Statistical Theory” so logistically it would have been no big deal for a secretary to type enough copies using carbon paper.  It appears to be the original copy of his examination questions for 1937-38 that I have transcribed for this post.

________________

Course Announcement

Economics 122b 2hf. (formerly 32b). Topics in Statistical Theory.
Half-course (second half-year). Tu., Th., 3 to 4.30. Professor E. B. Wilson.

 

Source:  Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1937-38 (First Edition). Official Register of Harvard University, Vol. 34, No. 5 (March 1, 1937), p. 149.

________________

Course Enrollment

[Economics] 1222hf. (formerly 32b). Professor E. B. Wilson.—Topics in Statistical Theory.

Total 4: 4 Graduates.

 

Source:  Harvard University. Report of the President of Harvard College for 1937-38, p. 86.

________________

Final Examination in Economics  122b2.
Wednesday June 8, 1938 at 2 P.M. in Amerson A

Students may individually use slide rules, logarithmic tables, books, notes, and their solutions of problems at their discretion.

  1. Why did Macaulay feel that he must include a twelve-months moving average as one process in his summation formula for smoothing monthly interest rates? Why did this make it advisable that he include another summation over an even number of elements?
  2. Prove that a running mean of a specified number of elements eliminates more of the random fluctuation from a time series than any other mean of the same number of elements.
  3. What does a 13-term running mean do to a sine curve with period of 40 (using the interval between terms as a unit)?
  4. Define a random series. Derive the relations which exist between the standard deviation of the random elements and the standard deviations of the 1st, 2nd, and 3rddifferences of those elements?
  5. What is the actuarial criterion of smoothness? What is the difficulty of using maximum smoothness as a criterion for smoothing a series?
  6. Assuming the expansion of \frac{x}{{{e}^{x}}-1} in a series with Bernoulli numbers as coefficients, derive formally the (asymptotic) expansion for \log n! or for \log \Gamma \left( n \right).
  7. What is the criterion of fidelity which is ordinarily imposed in graduating time series? Why is Spencer’s 21-term formula, which satisfies this criterion, used in place of that best 21-term eliminator or of that 21-term best smoother which satisfy this same criterion?
  8. Prove the ordinary formula for the standard deviation of a median.
  9. State R.A.Fisher’s method of finding the values of the constants (or parameters) of a frequency function of assumed type from the elements of a given sample. State also his rule for the standard deviations of the constants.
  10. Given any analytical frequency function with close contact at the ends, derive therefrom the expansion of another frequency function of the same mean and standard deviation good to fourth moments inclusive.
  11. Give a brief sketch of the symbolic method of treating advancing and retreating and central differences.
  12. Give an illustration of (a) a universe with median but no mean (b) another universe in which the median is a better criterion of center than the mean, (c) a universe in which the mean is a better criterion of center than the median, (d) a universe in which the average of the least and greatest elements of a sample is a better criterion of center than either the mean or the median. What do you mean by “a better criterion of center”?

 

Source:  Harvard University Archives. Final Examinations 1853-2001 (HUC 7000.28). Box 3, Folder “Final examinations, 1937-1938”.

Image Source:  Faculty portrait of of E. B. Wilson in Harvard Album 1939.

Categories
Curriculum Economists Exam Questions Suggested Reading Toronto

Toronto. Five Annual Examinations in Economics. Ashley and McEvoy, 1891

 

Today’s post was just intended to be a quickie set of five economics exams I found for the University of Toronto from 1891. There turned out to be much more interesting information at the hathitrust.org digital library that I simply had to include: from the University of Toronto Calendar, I was able to obtain course announcements that provide course descriptions as well as list a few key readings. And as though this were not enough, it turns out that it was the practice, at least in Toronto at the end of the 19th century, when applying for a professorship to submit a printed application “cover letter” followed by short “testimonials”. As it so happens, the University of Alberta has copies of Professor William J. Ashley’s application for the vacant Drummond professorship in political economy at Oxford (1890) and of Mr. John Millar McEvoy’s application for Ashley’s vacant chair at Toronto, following Ashley’s move to Harvard in 1892. 

Following the “cover letters” with these two abbreviated c.v.’s are the course descriptions for all four economics courses offered at the University of Toronto in 1890-91 and five sets of examination questions.

__________________

To the Electors to the Drummond Professorship.
[From William J. Ashley, November 20, 1890]

My Lord and Gentlemen:

I beg to offer myself as a candidate for the Professorship of Political Economy in the University of Oxford.

I entered Balliol College with a History Scholarship in 1878, took a First-Class in the Honour School of Modern Histor. in 1881, and received the Lothian Prize in 1882. In February, 1885, I was elected to a tutorial Fellowship at Lincoln College, and soon afterwards was also appointed Lecturer in History in Corpus Christi College. Resigning this position in order to be able to devote my time more exclusively to economic studies, I was appointed Professor of Political Economy and Constitutional History in the University of Toronto in 1888; and by the subsequent appointment of an assistant I have recently been enabled to give my whole attention to Economics.

I began the study of Political Economy under the late Arnold Toynbee, whose Lectures on the Industrial Revolution the 18th CenturyI afterwards assisted in preparing for publication. I began to lecture on Political Economy in 1884; and after my appointment at Lincoln I lectured upon it each year; in one course stating and criticizing Modern Economic Theory, and in another following Economic History and Theory in their relation to one another from mediaeval to modern times. I may add that from 1886 to 1888 I acted as Secretary to the Oxford Economic Society; and that in 1887 and 1888 I examined in the Pass School of Political Economy.

Since my arrival at Toronto I have had the task of organizing the new Department of Political Science, a Department which has grown rapidly, and now numbers more than 100 students; and I have lectured on (i) Elementary Political Economy, (2) The History of Economic Theory; (3) The History of Economic Development; (4) Modern Finance. In dealing with the last mentioned subject I have had an opportunity to acquaint myself with the main features of Canadian and American Taxation, Tariffs, Currency, Banking, and similar subjects.

I have also undertaken the editorship of the Toronto University Studies in Political Science, of which the first, on The Ontario Township, has already appeared. For a further account of my work here I beg to refer you to the subjoined letters from the Chancellor and President of the University, the Minister of Education, the Manager of the Bank of Commerce, and from one of my pupils.

My own researches have hitherto been mainly in the field of Economic History. In 1887 the American Economic Association published my Early History of the English Woollen Industry. In 1888 appeared the first volume of my Introduction to Economic Historyand Theory, which I now beg to lay before you, together with the letters concerning it from English and foreign authorities printed below.

There are two directions in which, as it appears to me, it is most desirable to promote economic study in Oxford. Of these one is Public Finance; it might not be impossible

to secure for men who are about to enter into public life, the civil service, or the higher branches of business, a training similar to that provided by some foreign Universities. The other is the history of Economic Phenomena, and of the parallel growth of Economic Theory. While recognizing the value of recent work in the further analysis of theory, there is, I think, reason to believe that the most fruitful field for economic work at the present time in Oxford is the historical. An effort in this direction would be in sympathy with one of the strongest intellectual forces in the University, and it might reasonably be expected to enlist the interest of students in the School of Modern History.

I have the honour to be,

My Lord and Gentlemen,

Your obedient servant,

W. J. ASHLEY.

The University of Toronto,
November 20, 1890.

[…]

Source: Testimonials in Favour of W.J. Ashley M.A., Professor of Political Economy in the University of Toronto: Late Fellow of Lincoln College, Oxford. A Candidate for the Drummond Professorship of Political Economy in the University of Oxford, pp. 1-2.

__________________

TO THE HONORABLE GEORGE WILLIAM ROSS, LL.D.
MINISTER OF EDUCATION FOR ONTARIO.

[Application of ] JOHN MILLAR McEVOY.
Toronto, July 30th, A.D. 1892.

Sir, — I beg leave to make application for the chair of Political Economy and Constitutional History, in the University of Toronto, lately rendered vacant by the resignation of Professor W. J. Ashley, M.A.

I am a graduate of the University of Toronto in the Honor Department of Political Science. Throughout my course in that department I was first in first-class honors in all economic subjects. Since being graduated in Arts I have taken the University Law Examinations, and have been awarded the LL.B. degree. I have attended two years’ lectures in Osgoode Hall Law School, and have taken the examination required at the end of each year.

I may be permitted to mention the following scientific and literary work : —

  1. My “Essay on Canadian Currency and Banking,” which was awarded the Ramsay Scholarship. This essay, upon examination by some of the leading bankers of Canada, was thought to be so valuable that the various banking institutions of the Dominion in order to have it printed, have offered to take such a number of copies of it, at $1.50 per copy, as will provide for its publication and leave me a handsome margin.
  2. My essay on “Karl Marx’s Theory of Value,” which was read before the Political Science Association of the University of Toronto. This essay was publicly declared by Professor W. J. Ashley, M.A., to be “the ablest exposition of the kernel of the abstract theory of value that it had been his good fortune to have heard or read on any occasion.”
  3. At the invitation of the American Academy of Political and Social Science, which is controlled by the most distinguished Economists on the continent, I contributed a series of articles to their publication, the Annals, upon subjects of economic and historical importance to Canada. These may be seen in the November number of that journal for 1891.
  4. My essay on “The Ontario Township,” which was printed by the Minister of Education, as the first in the series of University of Toronto studies in Political Science, It has received favorable notice from American, English and German Economic Reviews and Journals. It has also been very favorably received by men engaged in the practical working of our municipal institutions. Several American publishing houses have asked me to publish a second edition; and there is a growing demand for it in our own Province.

As Fellow I have had two years’ experience in the practical work of the Department of Political Science in the University of Toronto. In consequence of sickness in Professor Ashley’s family, I had for a time during last year, full charge of the department. During this time I did acceptably Professor Ashley’s work as well as my own. Throughout last year the Constitutional History, both English and Canadian, has been entirely under my charge.

I have had two years’ experience as Examiner in Political Science in the University, and I have been for one year Examiner in Political Economy in the Ontario Agricultural College. My work throughout has been completely satisfactory, which fact may be easily verified by inquiry. What my success as a practical teacher of the science has been, I will leave you to infer from my testimonials.

It is my desire, if appointed, to spend the long vacations of each of the first three or four years at some foreign university, in which a regular course of lectures in Political Science is delivered during the summer months; and in that event I shall be glad to have your government indicate the institution most suitable for the further prosecution of my studies.

[…]

Source: Application and Testimonials of J. M. McEvoy, B.A., LL.B., for the Chair of Political Economy and Constitutional History in the University of Toronto. 1892.

__________________

FACULTY OF LAW

§1.
POLITICAL ECONOMY.

Professor: W. J. ASHLEY, M.A.

FIRST YEAR. (SECOND YEAR IN FACULTY OF ARTS.)

The elements of Political Economy. Value, Price, Wages, Interest, Profits, Rent.

For Reference:

F.A. Walker, Political Economy.
Mill, Political Economy, ed. Laughlin.

 

SECOND YEAR. (THIRD YEAR IN FACULTY OF ARTS.)

The history and criticism of economic theories.

The Economic ideas of Plato and Aristotle; the influence of Roman law; the teaching of the mediaeval church; Aquinas; the genesis of modern conceptions; the mercantile system; the Physiocrats; Adam Smith, Malthus, and Ricardo; the historical school.

Students are requested to especially examine (i.) Adam Smith, Wealth of Nations, Bk. I, chap. 10, part 2; Bk. IV, chaps. 1, 2, 3, part 2; chap. 7. (ii.) Malthus, Essay on Population, Bk. I, chaps. 1, 2. (iii.) List, National System of Political Economy(trans. Sampson Lloyd), chaps. 10, 11, 12. (iv.) Ricardo, Principles of Political Economy, chaps. 1-6.

For Reference:

Ingram, History of Political Economy.

 

THIRD YEAR. (FOURTH YEAR IN FACULTY OF ARTS.)

(1) The History of Economic Development, including such topics as the following: the Manor; Guilds; Domestic Industry; Trading Companies; Enclosures; Agricultural changes; the Mercantile System and Protection; the measures of Colbert; the beginnings of modern finance; the Factory System.

For Reference:

Rogers, Six Centuries of Work and Wages.
Ashley, Economic History, vol. I.
Cunningham, Growth of English Industry and Commerce, Bks. IV and V.
Toynbee, Lectures on the Industrial Revolution of the 18th Century in England.

 

(2) Modern Economic Questions, including such topics as the following: Socialism; taxation; public debt; currency (including banking); municipal finance; public domain; Government works.

Students are advised to consult such books as the following: Jevons, The State in Relation to Labour and Money; Giffen, Essays in Finance, vol. I, Essays ix, x, xiii, xiv; vol. II, Essay vi; Rae, ContemporarySocialism; Ely, The Labour Movement, and Taxation in American Cities and States; Adams,Public Debts; Seligman, Railway Tariffs, in Political Science Quarterly, vol. II; Adams, Relation of the State to IndustrialAction; and James, Modern Municipality and Gas Supply, in Publications of American Economic Association; Taussig, Tariff History of theU.S.; Felkin, The National Insurance Laws of Germany, in Contemporary Reviewfor August, 1888; Taussig, Workmen’s Insurance, in Quarterly Journal of Economics, vol. II.

 

Source:  University of Toronto Calendar, 1890-91, pp. 43-44.

__________________

University of Toronto.
Annual Examinations: 1891.
Candidates for B.A.

POLITICAL ECONOMY.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

  1. What is Political Economy ?
  2. Illustrate the use of inductionand deductionin Political Economy.
  3. State and criticize the ‘Wage Fund Theory.’
  4. “Landlords were able to pocket the whole advantage of the Corn Laws, and the people suffered that rents might be kept up.” Explain and criticize.
  5. What are the functions of money ?
  6. State arguments for and against the adoption of bimetalism.
  7. Is a government justified in taxing the rich for the benefit of the poor? If so, to what degree?
  8. Distinguish the various meanings attached to the term “socialism.”

*  *  *  *

University of Toronto.
Annual Examinations: 1891.
Candidates for B.A.

POLITICAL SCIENCE.
HONORS.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

N.B.—Candidates are requested not to attempt more than eight questions.

  1. Sketch the history of the Teutonic Hanse in England.
  2. Describe the position of the mediaeval villein.
  3. Explain the causes for the decay of the Craft Guilds.
  4. Trace the development of the Poor Laws during Elizabeth’s reign.
  5. Show the importance in English Economic History of the woollen industry.
  6. Distinguish the various stages in the growth of English foreign trade.
  7. Describe the origin of the Bank of England, and explain its connection with the financial measures of the government of William III.
  8. Trace the progress of the East India Company, down to the beginning of the eighteenth century.
  9. What were the social effect of the “Enclosures” of the eighteenth century?
  10. Compare the Merchant Guild with the modern Joint Stock Company.
  11. Illustrate historically the relative advantages and disadvantages of the Factory system of Industry.
  12. Sketch the history of factory legislation in England.

*  *  *  *

University of Toronto.
Annual Examinations: 1891.
Second Year.

POLITICAL SCIENCE.
HONORS.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

N.B.—Candidates are requested not to attempt more than eight questions.

  1. Examine the assumption made by some Economists, that all persons will act in such a manner as will secure their own best interests.
  2. What are the relative advantages and disadvantages of the division of labor?
  3. Co-operation in production has not been so successful as co-operation in distribution. How would you account for this?
  4. Define value. How is the value of commodities determined?
  5. “The fundamental cause of rent is difference in fertility.” — Symes. Criticize.
  6. What do you understand by “average rate of profit?”
  7. State the theoretic arguments, if any, in favour of protection and the practical disadvantages, if any, in its application.
  8. What are the objects of trades unions? How far are they suited to the attainment of these objects?
  9. State the various circumstances which explain and justify the payment of interest.
  10. What would be the result if the government were to issue bills to every farmer to the extent of $500 on the security of his real estate?
    Illustrate the correct and incorrect use of the phrase “a violation of the laws of Political Economy.”

*  *  *  *

University of Toronto.
Annual Examinations: 1891.
Third Year.

POLITICAL SCIENCE.
ECONOMIC THEORY.
HONORS.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

N.B.—Candidates are requested not to attempt more than eight questions.

  1. Show how the mediaeval doctrine of Usury was undermined by the doctrine of Interest.
  2. Describe the “Balance of Bargain” system.
  3. Compare the attitude of Child and Hume towards the Balance of Trade theory.
  4. Comment on the Maxims of Quesnay.
  5. Distinguish the essentials and non-essentials in the teaching of Malthus.
  6. In what case did Adam Smith consider “Protection” desirable.
  7. “What Smith sought to establish was the free competition of equal industrial units; what in fact he was helping to establish was the free competition of unequal industrial units.” Explain and comment upon.
  8. “Back to Adam Smith.” In what sense is this desirable.
  9. State and criticize the “Iron Law of Wages.”
  10. Examine the doctrine laid down by Ricardo that the relative values of commodities are governed by the relative quantities of labor bestowed on their production.
  11. Wherein does List find the teaching of Smith and his school defective.

*  *  *  *

University of Toronto.
Supplemental Examinations: 1891.
Fourth Year.

ARTS.
POLITICAL ECONOMY.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

  1. Does density of population tend to increase or to diminish the per capitaproductiveness of a nation? Apply your conclusions to determine the importance of the Malthusian doctrine of population.
  2. If it were deemed desirable to encourage the manufacturing of steel in Canada would you do so by levying a duty on imported steel, or by giving a bonus per ton for all steel produced in Canada?
  3. Examine the soundness of the two fundamental assumptions upon which the laissez fairedoctrine of the functions of Government proceeds.
  4. “Value depends on supply and demand.”
    What limitations and explanations does this statement require ?
  5. “Rents tend to rise with industrial propers .” [sic, “when industry prosper”]
    Examine this statement.
  6. On what principles would you proceed to determine what was “fair wages” between master and workman in any given industry?
  7. Describe some of the more important plans recently advanced for the uniting of labour and capital, and examine the expediency of each from an economic standpoint.

Source:  University of Toronto. Examination Papers for 1891.

Image Source: William J. Ashley in 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 Fields M.I.T.

M.I.T. General exam questions, fiscal economics, 1963

 

The following general exam in fiscal economics was found in Evsey Domar’s papers at Duke University’s Economists’ Papers Archive. Two students apparently took this examination and were graded by Domar:  Michael Repplier Dohan (MIT Ph.D., 1969) and Silva (unable to determine first name).

_________________

September 23, 1963

GENERAL EXAMINATION IN FISCAL ECONOMICS
THREE HOURS

Please answer THREE QUESTIONS, ONE from each part. Use a separate examination book for each question.

Part I.

  1. Write an essay on the subject of “The Effect of Built-In Stabilizers on the Growth and Fluctuations of the American Economy.”
    Explain what they are and how they work.
  2. State the economic objectives which the American Federal Government, in your opinion, should pursue at the present time and explain how well (or badly) the details of the proposed tax reduction; indicate, however, what kind of reductions you have in mind).

 

Part II.

  1. Explain as fully as you can the economic effects of a, say, 50 per cent income tax imposed on (a) corporations, and (b) all businesses. Indicate the positions taken by the authorities in the field, your own position, and methods of testing them.
  2. Abba Lerner has suggested that the best tax would be a kind of a poll tax imposed on each individual not in relation to his actual income but to his potential income (what he could earn) as estimated by the tax authorities.
    Leaving the practical aspects of this proposal aside, explain the following:

    1. What objectives was Lerner trying to accomplish by means of this unusual tax?
    2. What does this proposal tell you about Lerner’s general economic philosophy?
    3. What defects in our existing (federal) tax structure was Lerner trying to eliminate by this proposal?
    4. How would you deal with the defects indicated in (c)? Be specific.

 

Part III.

  1. Explain as fully as you can the objectives to be pursued and the problems likely to be encountered by recurrent deficit financing (an excess of expenditures over receipts) if practiced by the following organizations:
    1. The American Federal Government
    2. The national government of India or of some other underdeveloped country
    3. An American state (or local) government
    4. American business as a whole
    5. An American business corporation.
  2. Amoz Morag, an Israeli economist, once said that our whole theory of public finance, having been developed mostly in England and in the United States, is based on certain economic philosophy natural to these countries but not to the underdeveloped ones. For the latter, a very different approach to public finance is required, frequently leading to conclusions and methods diametrically opposed to the usually accepted ones.
    Comment fully.

 

 

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archives. Evsey Domar Papers, Box 16, Folder “Ph.D. examinations, Fiscal Economics”.

Image Source:  Evsey Domar from the MIT Museum website.

Categories
Exam Questions Harvard

Harvard. Trade-unionism and allied problems. Exams, 1913-32

 

The course for undergraduates and graduates “Trade Unionism and Allied Problems” (Economics 6a) was a staple in the Harvard economics department offerings for the two decades that include the first world war, the roaring ‘twenties and the early years of the Great Depression. This post follows up on the previous post that provided lists of readings used in the courses on “trade unions” and “labor problems” from the second half of the 1920s.

I have provided early and late course descriptions to indicate the continuity of course content. These are followed by the annual enrollment data when available along with transcriptions of the final exams for all but three years not found in the collections of printed examinations in the Harvard archives or in the hathitrust.org digital archive. Biographical information about Professor William Z. Ripley who regularly taught Economics 6a was included in an earlier post for this course in 1914-15.

The Fall term 1947 Harvard course outline and reading list for John Dunlop’s course “Trade Unionism and Collective Bargaining” has been transcribed and posted earlier. 

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Early Course Description (1913-14)

[Economics] 6a 1hf. Trade Unionism and Allied Problems. Half-course (first half-year). Tu., Th., Sat., at 10. Professor RIPLEY, assisted by —.

This course will deal mainly with the economic and social relations of employer and employed. Among the topics included will be: the history of unionism; the policies of trade unions respecting wages, machinery, output, etc.; collective bargaining; strikes; employers’ liability and workmen’s compensation; efficiency management; unemployment, etc., in the relation to unionism, will be considered.

Each student will make at least one report upon a labor union or an important strike, from the original documents. Two lectures a week, with one recitation, will be the usual practice.

Source: Harvard University. Division of History, Government, and Economics, 1913-14. Official Register of Harvard University, Vol. X, No. 1, Part X (May 19, 1913), p. 63.

 

Late Course Description (1932-33)

[Economics] 6a 1hf. Labor Problems.
Half-course (first half-year). Tu., Th., Sat., at 10. Dr. Brown

This course will deal mainly with the economic and social relations of employer and employed. Among the topics included will be: the history of unionism; the policies of trade unions respecting wages, machinery, output, collective bargaining,  strikes, the legal status of unionism, closed shop, efficiency management, unemployment, and labor legislation.

Source: Harvard University. Division of History, Government, and Economics, 1913-14. Official Register of Harvard University, Vol. XXIX, No. 32 (June 27, 1932), p. 73.

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1912-13

Enrollment, 1912-13

6a 1hf. (formerly 9a 1hf) Professor Ripley, assisted by Mr. [Lloyd Morgan] Crosgrave. — Trade-Unionism and Allied Problems.

Total 72: 3 Graduates, 44 Seniors, 19 Juniors, 4 Sophomores, 2 Others.

Source: Harvard University. Report of the President of Harvard College 1912-13, p. 57.

 

ECONOMICS 6a
Final examination, 1912-13

Answer the first five briefly

  1. What is sabotage?
  2. What is the “extended” closed shop?
  3. What is the principal practical difficulty in the “general strike”?
  4. Is it met by the adoption of any positive policy in France by the “syndicates “?
  5. In the syndicalist programme what is to be the unit in the reorganized state?
  6. Contrast collective bargaining under sanction of the law with its adoption by private arrangement; (a) from the point of view of advantage to the employer; (b) from that of the workman.
  7. What are the four main features of the New Zealand legislation. (Each in a sentence.)
  8. What is the principal demonstrated weakness in the above legislation?
  9. What are three disabilities of the individual workmen in negotiating a wage contract?
  10. Wages for women in domestic service and in manufactures seem out of line with one another. What main difference helps to explain this?
  11. What is the present condition of affairs respecting the closed shop in the United States? Outline the course of events for two decades.
  12. How does the law of conspiracy enter into the decision by courts in labor disputes? How has Great Britain settled it?

 

Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College (June, 1913), p. 45.

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1913-14

Enrollment, 1913-14

6a 1hf. Professor Ripley, assisted by Mr. [Louis August] Rufener. — Trade-Unionism and Allied Problems.

Total 71: 4 Graduates, 31 Seniors, 25 Juniors, 6 Sophomores, 5 Others.

Source: Harvard University. Report of the President of Harvard College 1913-14, p. 55

 

ECONOMICS 6a
Final examination, 1913-14

  1. Outline the principal phases of development of organized labor in the United States, with especial reference to conditions at the present time. In conclusion name five or six of the most significant events which define the present situation.
  2. What are the three most essential features of a collective bargain between workmen and employers?
  3. What is the feature in common of all minimum wage laws, as in Victoria and of compulsory arbitration statutes like those of New Zealand? Wherein does the policy differ most profoundly from ours?
  4. Name in a sentence in each of as many of the following cases as possible, the essential point at issue.

(a) The Danbury hatters.
(b) Allen v. Flood.
(c) New York Bakeshop law.
(d) Bucks Stove Co. case.
(e) Taff Vale Railway.
(f) Holden v. Hardy. (Utah.)

  1. How, other than by incorporation, is a greater measure of legal responsibility of trade unions to be attained?
  2. Discuss scientific management from the viewpoint of organized labor.
  3. What is the significant feature of the new type of state labor bureau, like the Wisconsin Industrial Commission?
  4. Compare the present legal status of the non-union man in England and the United States.

 

Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College (June, 1914), p. 44.

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1914-15 

Enrollment, 1914-15

6a 1hf. Professor Ripley, assisted by Mr. [Louis August] Rufener. — Trade-Unionism and Allied Problems.

Total 76: 45 Seniors, 21 Juniors, 4 Sophomores, 6 Others.

Source: Harvard University. Report of the President of Harvard College 1914-15, pp. 59-60.

 

ECONOMICS 6a1
Final examination, 1914-15

Answer in order; but cover only as many as the time limit permits.

  1. Speaking of English conditions, the Webbs on p. 707 say:
    “Hence old-fashioned family concerns with sleepy management and obsolete plant, find the Trade Union regulations a positive protection against competition.” What do they mean? Show how it works out.
  2. Describe and discuss the recent decision of the U. S. Supreme Court in the Danbury Hatters case, especially in its bearing upon incorporation.
  3. Under any of the plans for eliminating labor contests which expressly prohibit striking, what offset is given to the employees for this limitation upon their freedom of action?
  4. The Philadelphia Rapid Transit Co. assures its operatives a fixed percentage of gross receipts as a wage fund. What is the object? Criticize the plan.
  5. What advantages may be expected to flow to a union from the adoption of a positive system of high dues and liberal benefits?
  6. The Eastern Engineer’s Arbitration Award of 1912 says:
    “Therefore, considering the uncertainty of many of the factors involved, the arbitrators feel that they should not deny an increase of compensation to the engineers merely on the ground that the roads are unable to pay. They feel that the engineers should be granted a fair compensation. … In making their award they therefore eliminate the claim of the railroads that they are unable to pay an increased compensation.” Discuss the principle advanced.
  7. Is the closed-shop policy essential to successful trade unionism? Illustrate your argument.
  8. Theoretically, the Standard Wage is merely the minimum wage for the trade. How does it work out in practise?
  9. How do the efficiency engineers deal with restriction of output? Give imaginary examples, if you can?
  10. Where has insurance against unemployment been tried; and with what success?

 

Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College (June, 1915), pp. 49-50.

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1915-16

Enrollment, 1915-16

6a 1hf. Professor Ripley, assisted by Mr. Weisman. — Trade-Unionism and Allied Problems.

Total 61: 24 Seniors, 29 Juniors, 1 Sophomore, 7 Others.

Source: Harvard University. Report of the President of Harvard College 1915-16, pp. 60-61.

 

ECONOMICS 6a1
Final examination, 1915-16

  1. Illustrate by a sketch the interrelation between the constituent parts of the American Federation of Labor.
  2. Criticise the following premium wage plans for mounting “gem” electric lamp bulbs.
Wage per thousand
Output under 900 daily $1.03
Output 900-1000 daily $1.07
Output 1000-1100 daily $1.12
Output over 1100 daily $1.17
  1. Have you any impression whether Webb favors craft or industrial unionism? What instances does he cite?
  2. Define (a) Federal union; (b) Device of the Common Rule? (c) Jurisdiction dispute.
  3. Is there any real difference between an “irritation strike” of the I.W.W. and the British “strike in detail”?
  4. Contrast the British and American policies of trade union finance, showing causes and results.
  5. Describe the Hart, Schaffner and Marx plan of dealing with its employees.
  6. Is the Standard Wage merely the minimum for a given trade or not? Discuss the contention that it penalizes enterprise or ability.
  7. Is there any relation logically between the attitude of labor toward piece work and the relative utilization of machinery?
    What is the nature of the business transacted at the annual convention of the American Federation of Labor?

 

Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College (June, 1916), pp. 54-55.

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1916-17

Enrollment, 1916-17

6a 1hf. Professor Ripley, assisted by Mr. Lewis. — Trade-Unionism and Allied Problems.

Total 49: 3 Graduates, 20 Seniors, 22 Juniors, 4 Others.

Source: Harvard University. Report of the President of Harvard College 1916-17, pp. 56-57.

 

ECONOMICS 6a1
Final examination, 1916-17

  1. Discuss, with illustrations, the proposition to avoid judicial interference with labor legislation, by means of constitutional amendment.
  2. In how far do the Industrial Commissions of several states exemplify the ideals and necessities in the field of labor legislation?
  3. “The minimum scale does not reduce all workmen to a ‘deal level’ as it is so often asserted. It is true that it protects the average man when he is employed. But in dull seasons it will invariably be found that the less efficient men are out of work. A lower wage scale for the less efficient would not create more work and furnish them employment. It would, however, pull down the wages of the more efficient, who would still continue to do the work, but at a lower rate of pay.
    “If the unions did not set a minimum scale of wages, the minimum would be set by the necessity of the idle men in the street and standards of living would be lower.” Did the author apparently have piece or time wages in mind in the above quotation, or would the reasoning be applicable equally to either sort?
  4. How does the New Zealand program differ from our American practices as respects,
    1. Status of the non-union man?
    2. The standard wage?
    3. Strikes?
  5. With what feature of the labor problem does scientific management seek primarily to cope? What obstacles confront its introduction?
  6. Give as many reasons as you can for the apparently deep-seated distrust of the courts among the working classes in the United States?
  7. Discuss the proposition that equal wages should be paid for the same work regardless of sex.
  8. Two slogans are common among the working classes in America; “An injury to one is an injury to all” and “A fair day’s pay for a fair day’s work.” With what important organizations, respectively, would you naturally associate them and why?
  9. What are the three crucial features of a collective agreement as to wages and working conditions?
  10. As between England and the United States which, on the whole, is the more advanced in the matter of trade union policy and labor legislation? Cite examples.

 

Source: Harvard University Examinations. Examination Papers 1917 (HUC 7000.28, 59 of 284) Papers Set for Final Examinations in History, History of Religions, …, Economics, …, Fine Arts, Music in Harvard College (June, 1917), pp. 56-57.

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1917-18

Enrollment, 1917-18

6a 1hf. Professor Ripley. — Trade-Unionism and Allied Problems.

Total 19: 1 Graduate, 10 Seniors, 8 Juniors.

Source: Harvard University. Report of the President of Harvard College 1917-18, p. 54.

ECONOMICS 6a1
Final examination, 1917-18

[not included in published volume of exams]

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1918-19

Enrollment, 1918-19

[Course not included in the annual report of President of Harvard College]

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1919-20

Enrollment, 1919-20

6a 1hf. Professor Ripley, assisted by Mr. [Richard Stockton] Meriam. — Trade Unionism and Allied Problems.

Total 97: 30 Seniors, 37 Juniors, 5 Sophomores, 25 Others.

Source: Harvard University. Report of the President of Harvard College 1919-20, p. 90.

 

ECONOMICS 6a1
Final examination, 1919-20

  1. Outline the recent coal strike, noting explicitly the novel points involved in the settlement.
  2. The National War Labor Board declared specifically that in the determination of wages for street railway employees it would not admit evidence concerning the financial necessities of the companies.. Was this presumably because they were public utilities or is the principle applicable to all classes of employers?
  3. What are the disabilities of the individual laborer in bargaining for wages, according to Webb?
  4. How is the closed shop issue treated in the Australian colonies?
  5. Discuss labor “as a commodity,” indicating how and why the question was raised?
  6. In the discussion of incorporation of trade unions in Commons, two entirely distinct lines of objection are brought out. Outline them.
  7. Where have the W.W. been most in evidence? Suggest reasons.
  8. Give as many reasons as you can for the wide difference in labor legislation between the several American commonwealths. Number each one and be brief.
  9. Discuss the proposition that the standardization of wages is beneficial to the community as well as to the individual worker.
  10. Draw up a brief industrial code to govern the relation between employers and workmen as to collective bargaining. State what principles you personally approve.

 

Source: Harvard University Examinations. Examination Papers 1920 (HUC 7000.28, 62 of 284) Papers Set for Final Examinations in History, History of Religions, …, Economics, …, Fine Arts, Music in Harvard College (June, 1920), p. 51.

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1920-21

Enrollment, 1920-21

6a 1hf. Professor Ripley, assisted by Mr. [Richard Stockton] Meriam. — Trade Unionism and Allied Problems.

Total 94: 2 Graduates, 41 Seniors, 34 Juniors, 1 Sophomore, 16 Others.

Source: Harvard University. Report of the President of Harvard College 1920-21, p. 96.

 

ECONOMICS 6a1
Final examination, 1920-21

Answer the questions in order. Begin each question on a new page. Answer all questions.

  1. a. What are the elements of a collective bargain?
    b. Does collective bargaining adequately describe the aim of trade unionism? Why, or why not?
  2. “A living wage is a first charge on industry.” If you were an arbitrator, would you accept this as a basic principle and rule out other considerations as irrelevant? If not, what other facts would you demand, and what use would you make of them?
  3. “If the fundamental object of trade unionism…has any justification at all, the principle of the Standard Rate must be conceded, and if a Standard Rate is admitted, the subsidiary regulations which we have described follow as a matter of course.”—(Webb, p. 320.)
    Explain and discuss.
  4. Outline the history of British experience respecting rights of trade unionists in the conduct of strikes.
  5. Write briefly on five of the following topics:
    1. “Lowering the dyke.”
    2. Priestly v. Fowler.
    3. The Osborne Case.
    4. The Strike in Detail.
    5. The preamble of the I.W.W.
    6. Jurisdictional disputes.
  6. What is the legal status of the secondary boycott in the United States? Why is the matter taken so seriously by both parties?
  7. What principles as to wages and working conditions have been applied in the New Zealand Compulsory Arbitration Law?
  8. Cite instances by name of the two leading types of employers’ organizations, and outline their respective tactics.
  9. Describe some of the factors or industrial circumstances which favor or discourage union organization in industry. Illustrate by concrete examples.
  10. Why was 1903, or thereabouts, a critical period in the American labor movement?

 

Source: Harvard University Examinations. Examination Papers 1921 (HUC 7000.28, 63 of 284) Papers Set for Final Examinations in History, Church History, …, Economics, …, Fine Arts, Music in Harvard College (June, 1921), pp. 60-61.

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1921-22

Enrollment, 1921-22

[Enrollments not in the annual report of President of Harvard College]

Note: according to Announcement of the Courses of Instruction for 1921-22 (3rd edition) course was listed to be taught by W. Z. Ripley.

ECONOMICS 6a1
Final examination, 1921-22

  1. Show by a sketch the structure of the American Federation of Labor.
  2. If the A. F. of L. is a creation of its constituent members, what are the sources of its power over them?
  3. The so-called Cleveland plan of collective bargaining in the women’s clothing industry deals with restriction of output by two novel proposals. Describe one or both.
  4. Discuss the proposed bills to empower trade unions to sue and to be sued; setting forth their advantages and defects in principle.
  5. What is the greatest disadvantage of a minimum wage law under the particular industrial conditions now prevalent? What line of action is proposed for meeting it?
  6. What are the two main arguments for a national system of employment agencies in place of the existing practice?
  7. Lenin in his Address to the Proletariat (in Commons) announces certain new policies respecting production under the Soviet government. What are they?
  8. What is the usual method nowadays of dealing with strikes in the United States? Describe briefly and name alternative plans proposed or adopted.
  9. Rowntree’s so-called “price of peace” contains the following five items of an industrial program:
    1. A fair wage.
    2. Reasonable working hours.
    3. Protection against unemployment.
    4. The status of the worker must yield to leadership. We must cultivate in the factory worker the greatest possible maximum of cooperation, self-reliance self-government and enthusiasm, and the lowest practical minimum of discipline and overhead supervision. The democracy and freedom prevailing outside of the factory must not stand out in too great contrast with dictation within the factory. To this end machinery must be adopted for common counsel and mutual understanding relative to conditions under which the worker is employed.
    5. Profit-sharing.
      Criticise this program (a) from the standpoint of production; and (b) as affording satisfaction to the aspirations of the workers.

Final. 1922

 

Source: Harvard University Examinations. Examination Papers 1922 (HUC 7000.28, 64 of 284) Papers Set for Final Examinations in History, Church History, …, Economics, …, Social Ethics, Education in Harvard College (June, 1922).

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1922-23

Enrollment, 1922-23

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 89: 3 Graduates, 44 Seniors, 27 Juniors, 6 Sophomores, 2 Freshmen, 7 Others.

Source: Harvard University. Report of the President of Harvard College 1922-23, p. 92.

 

ECONOMICS 6a1
Final examination, 1922-23

  1. What are principal functions of the:
    (a) National Founders’ Association; (b) the National Manufacturers’ Association; (c) National Bottle Manufacturers’ Association; (d) San Francisco Building Trades Council?
  2. Who have been the leading proponents of incorporation of trades unions? What are the main objections of the opponents?
  3. What did the Clayton Act in its labor clauses seek to do, and with what success? Explain fully.
  4. What were the differences between the Coronado Coal Co. case, and that of the Danbury Hatters?
  5. What is the gist of the Canadian Industrial Disputes Act of 1907? How does it differ from the British Trades Disputes Act of 1906?
  6. What have been some of the results of the plan for settling disputes in the anthracite coal industry?
  7. Compare the various types of unemployment insurance.
  8. Concerning Workmen’s Compensation in the United States:
    1. What is the best proof of its success?
    2. What has been the attitude, respectively, of employers and workers?
    3. Who pays for it?
    4. What has been its principal indirect, as distinct from its direct effect?
    5. What are some outstanding defects?
  9. What renders the Hart, Schaffner and Marx labor policy so distinctive? What great industry stands most flatly opposed to its prime features?
  10. What has been the most significant survival in the field of labor relationships of the war period? Show wherein it differs from conditions prevalent commonly in the building trades.

Final. 1923.

 

Source: Harvard University Archives. Examination Papers 1923 (HUC 7000.28, 65 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Social Ethics, Anthropology, June, 1923.

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1923-24

Enrollment, 1923-24

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 63: 6 Graduates, 25 Seniors, 22 Juniors, 6 Sophomores, 1 Freshman, 3 Others.

Source: Harvard University. Report of the President of Harvard College 1923-24, pp. 106-07.

 

ECONOMICS 6a1
Final examination, 1923-24

Develop each question fully, regardless of whether you complete the paper or not.

  1. Define, each in a sentence, the following:
    1. preferential shop:
    2. time study;
    3. sabotage;
    4. “ca’canny”;
    5. the truck system;
    6. one big union;
    7. “open shop”;
    8. workmen’s compensation.
  2. What has been our experience with Federal child labor regulation?
  3. Describe in outline the structure of the American Federation of Labor, indicating, each in a sentence, the prime function of the several units. Show their relation one to another.
  4. Criticize the policy proposed by Bullard in the second assigned Atlantic Monthly article dealing with solutions for labor unrest.
  5. Trace in outline the development of British legislation dealing with trade unionism. Indicate wherein we have anything resembling it in the United States.
  6. How are strikes dealt with in Canada? What success has attended the experiment?
  7. Merely name the issue involved in the following Supreme Court decisions:
    1. Coronado Coal Co.
    2. Hitchman Coal Co.
    3. Duplex Printing Press Co.
  8. Name as many important events, as you can recall, since the Armistice, which have any bearing upon the matter of industrial relations, again showing in a word what was the significance of each.
  9. What do you, personally, think of minimum wage legislation? Not the opinion, whatever it be, but the reasons adduced therfor, are of importance.

Final. 1924.

 

Source: Harvard University Archives. Examination Papers, Finals 1924 (HUC 7000.28, 66 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Psychology, Social Ethics, June, 1924.

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1924-25

Enrollment, 1924-25

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 66: 4 Graduates, 37 Seniors, 18 Juniors, 1 Sophomore, 6 Others.

Source: Harvard University. Report of the President of Harvard College 1924-25, pp. 75-76.

 

ECONOMICS 6a1
Final examination, 1924-25

  1. Outline concisely the history of trade unionism in the United States, indicating the predominant type of each period and the factors responsible for its development.
  2. Hoxie devotes a good deal of attention to the “fixed group demand” or “lump of labor” doctrine as explaining certain phases of trade union policy. Describe it, and show how it manifests itself in practice; indicating also whether it deserves condemnation, wholly or only in part.
  3. In May 1910, Waddell made 31 trips over his division and hauled 38,000 tons. His compensation was $180. In May 1912, he made 26 trips and hauled 46,000 tons, and his pay was $181.
    State the pros and cons of the argument that because the instruments utilized were more productive, assuming that the actual individual effort remained the same, he was entitled to a substantial increase in wages.
  4. Is there any difference in principle between profit sharing and the bonus or premium system of wages employed in scientific management?
  5. What conditions, other things being equal, favor the use of piece wages; and under what conditions would day or time wages yield better results? [Note. This is purely a “Reasoning” question, not based upon any particular reading.]
  6. “The position given in England to trade unions and employers’ associations violates that concept, fundamental in law, that he who is responsible for a wrong must answer therefor.”
    Do you think the above statement is an accurate description of the situation in England at the present time? Could the same remark be applied to conditions as they now exist in the United States? In both cases, state your reasons as fully as possible.
  7. Attack or defend, as you please, one or more of the following propositions, stating the case as fully and concisely as possible, and anticipating, where it seems advisable, the arguments which might be urged in opposition to your stand:
    1. A system of compulsory investigation such as the one now in force in Canada should be adopted in the United States.
    2. Trade unions in the United States should be made legally responsible through some form of incorporations.
    3. The closed non-union shop is in the best interests of the consuming public.
    4. Compulsory arbitration, contrary to the workers’ belief, would be to their interests both as union members and as wage-earners.
    5. Restriction of immigration tends to improve the economic position of the American wage-earner.

Final. 1925.

 

Source: Harvard University Archives. Examination Papers, Finals 1925 (HUC 7000.28, 67 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Anthropology, Military Science, June, 1925.

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1925-26

Enrollment, 1925-26

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 53: 1 Graduate, 22 Seniors, 21 Juniors, 4 Sophomores, 5 Others.

Source: Harvard University. Report of the President of Harvard College 1925-26, pp. 77-78.

 

ECONOMICS 6a1
Final examination, 1925-26

  1. “The labor of a human being is not a commodity or an article of commerce.” In what law was this phrase employed? Why? Did it probably serve its purpose, as intended?
  2. President Wilson in his war message to Congress, April, 1917 said: “We shall fight…for democracy, for the right of those who submit to authority to have a voice in their own governments.” In your opinion is the principle as applicable to industrial as to political affairs? What constitutes the difference, if any?
  3. Criticize the theory of the factory owner’s right to a “free flow of labor.” How is it applied under the Constitution?
  4. The United States Railroad Labor Board in the Shopmen’s case in 1920 said: “The Board has endeavored to fix such wages as will provide a decent living and will procure for the children of the wage-earners opportunity for education; and yet to remember,…” How do you think they went on with the decision? Complete one as you work it out in your mind.
  5. Hart, Schaffner & Marx once proposed to change the system of delivery of paper patterns to cutters, using boys instead of cutters to hunt them up in the files. So the firm petitions the neutral board for a compensatory increase in the number of cuts in a standard day’s performance, because of the relief afforded by employing pattern boys. The cutters object as pattern delivery is cutters’ work. To employ boys will decrease the jobs for the cutters. Company contended it was wasteful to have high-priced men doing boys’ work. As arbitrator how would you reason it out and render decision? Any validity in cutters’ contention?
  6. Relate briefly the history of the Clayton law, the “Magna Carta” of labor, exclusive of the point covered in question one.
  7. Why have the so-called “Co-union” types of employers’ associations flourished in particular trades in the United States? Analyze the situation in such trades.
  8. Sketch under distinct headings, some of the reasons for the antagonism of organized labor to stimulation, as applied in scientific management.
  9. What are some of the causes of the distrust and suspicion of organized labor towards the courts in America?

Final. 1926.

Source: Harvard University Archives. Examination Papers, Finals 1926 (HUC 7000.28, 68 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Social Ethics, Military Science, June, 1926.

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1926-27

Enrollment, 1926-27

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 63: 1 Graduate, 23 Seniors, 30 Juniors, 3 Sophomores, 6 Others.

Source: Harvard University. Report of the President of Harvard College 1926-27, p. 75.

 

ECONOMICS 6a1
Final examination, 1926-27

  1. Name some positive factors in industrial situations which have directly contributed to the development of unionism in particular trades, explaining why some are well organized and others not so at all.
  2. “The American labor movement is strongly in favor of the five day work week wherever it is possible…this policy has a sound economic basis. As their leisure time increases, men and women develop more numerous and more discriminating wants. They buy more of the world’s goods and therefore, purchasing demand is increased.”
    The above argument for the five day week was recently advanced by the President of the A. F. of L. Do you agree that the proposal in question is economically sound, especially with reference to all branches of industry?
  3. What is a major factor, purely political, which affects the course of labor legislation in some of the states. Cite a concrete case.
  4. Define sabotage. What are some of the other tactics used by the organization which is identified with it?
  5. Outline the course of developments affecting growth of the American Federation of Labor in the decade to 1910.
  6. Why have co-union agreements with employers’ organizations been so persistent in a certain industry in the United States? Explain fully how things are expected to work out.
  7. How would you decide the Statler Hotel case; and why?
  8. “Scientific management attempts to substitute in the relations between employers and workers the government of fact and law for the rule of force and opinion. It substitutes exact knowledge for guess work and seeks to establish a code of natural law equally binding upon employers and workmen.”
    From what you know of scientific management in practice, which of the above claims of Mr. Taylor would you call in question and why?
  9. Name, if possible, three distinct devices which have been adopted since the World War which have militated against unionism in the United States.

Final. 1927.

 

Source: Harvard University Archives. Examination Papers, Finals 1927 (HUC 7000.28, 69 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Social Ethics, Military Science, June, 1927.

________________________________

1927-28

 Enrollment, 1927-28

6a 2hf. Professor Charles E. Persons (Boston University), assisted by Mr. Joslyn. — Trade Unionism and Allied Problems.

Total 31: 15 Seniors, 14 Juniors, 1 Sophomore, 1 Other.

Source: Harvard University. Report of the President of Harvard College 1927-28, pp. 74-75.

 

ECONOMICS 6a2
Final examination, 1927-28

GROUP I

Answer one. Forty minutes to one hour

  1. When and under what circumstances were the first unions formed? Sketch the development of labor organizations before 1850. What special conditions did they meet in the United States?
  2. What, according to the Webbs, are the methods used by trade unions in actual operation? Discuss the Standard Rate and more briefly other trade union policies, stating your own conclusions.
  3. What are the special methods of scientific management in dealing with labor? How are wages determined? Are Trade Unionism and Scientific Management necessarily incompatible?
    State the general features of Profit-sharing plans as applied in the United States. Contrast this plan with that applied in Scientific Management plants.
  4. Contrast the methods of strike control applied by the United States Railroad Labor Board and The Canadian Industrial Disputes Investigation Act. Were these plans successful in operation? What features of either act do you think worthy of adoption in the United States?

GROUP II

Answer ALL questions; follow the order given

  1. Describe the organization of the present union groups in the United States.
  2. A western state enacts a law providing:
    1. Children under 18 years of age shall not work more than seven hours a day, nor forty hours a week. These hours must be included between 7 a.m. and 5 p.m.
    2. Females over 18 years of age shall not be employed more than eight hours a day and forty hours a week. These hours must be included between 7 a.m. and 5 p.m.
    3. Males over 18 years of age shall not be employed over eight hours a day nor forty-four hours a week.
      The act is attacked as unconstitutional. State the probable line of attack and defense. What do you think the present supreme court would decide on each of the three articles?
  3. To what extent can unemployment be prevented? Which of the methods proposed for the prevention of unemployment seem to you most practical and effective? Outline and justify a program for dealing with such unemployment as is not preventable.
  4. In 1923 the receiver of a certain railroad petitioned the Railroad Labor Board for authority to reduce wages below those paid by the railroads generally under rulings by the Board. It was shown that the railroad was not earning enough to cover operating expenses, that the stock and bond holders had received no return for several years, “That the necessity of a discontinuance of operations had been greatly threatened for some time,” and that “such shutdown of the carrier would be disastrous for the 31 counties of Kansas, Oklahoma and Texas through which its lines ran.” The workers decline to accept any reduction in pay and show that their incomes do not suffice to cover the cost of a living wage on a health and comfort standard. As a member of the railroad labor board render decision on this issue.
  5. (a) Suppose all workers were persuaded to join unions giving us a complete system of closed shops. What would be the effect on wages, and social conditions generally?
    (b) Suppose the Open Shop drive should be completely successful and trade unionism reduced to local and partial organization. What results would follow?
  6. In what respects does a shop committee afford less adequate protection to the workers than does a trade union? What, if any, useful functions may a shop committee perform which are not now performed by trade unions?

Final. 1928.

 

Source: Harvard University Archives. Examination Papers, Finals 1928 (HUC 7000.28, 70 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science, June, 1928.

________________________________

1928-29

Enrollment, 1928-29

6a 1hf. Dr. C. E. Persons. — Trade Unionism and Allied Problems.

Total 50: 1 Graduate, 22 Seniors, 21 Juniors, 3 Sophomores, 3 Others.

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

ECONOMICS 6a1
Final examination, 1928-29

Group I
Answer one. Forty minutes to one hour.

  1. Write brief essays on two of the following subjects:
    1. The origin of trade unionism in Great Britain.
    2. Trade Unionism under the Combination Laws.
    3. The “New Model” and its importance in trade union history.
  2. Write a summary history of the development of national trade unions in the United States. This should include the formation and development of the American Federation of Labor.
  3. Discuss the method of Collective Bargaining as practiced by the trade unions of Great Britain. Follow the exposition of the Webbs but do not fail to state your own conclusions.
    On what grounds have trade unions based their claims of a “right to a trade”? Discuss the attempts of the unions to settle demarcation disputes and the solution offered by the Webbs for dealing with this problem.
  4. (a) State definitely how scientific management proposes to handle questions which concern wage earners. Are these proposals necessarily incompatible with trade unions? What is to be said by way of critical comment of the following quotation: “(Scientific management) substitutes exact knowledge for guess work and seeks to establish a code of natural laws equally binding upon employer and workman.”
    (b) What are the essential features of profit sharing plans? What is, and what should be, the attitude of trade unions toward such proposals? How large is the promise of such plans regarded as aids in solving the labor problem?
  5. State, with some precision, the provisions of the Canadian Industrial Disputes Investigation Act. In what respect has the administration of the act departed from the intent of the authors? What is to be said of its success or failure? Its constitutionality? And its standing in the opinions of the wage earners, employers and the general public?
  6. State the important features of the law establishing the Railroad Labor Board, and of the act of 1926 which superseded it.
    Briefly summarize the work of the Railroad Labor Board, pointing out its successes and failure. What conclusions do you draw from this experience with governmental control of labor conditions.

Group II
Answer all questions: follow the order given

  1. Contrast the Knights of Labor and the American Federation of Labor. Include in your answer a clear statement of: plans of organization; program for the attainment of results; governing philosophy; and effectiveness as agencies to advance the interest of wage earners.
  2. A strike was declared against the Mills restaurants in Arizona by the Amalgamated Cooks and Waiters Unions. The strikers maintained pickets who appealed to cooks and waiters not to accept employment or to leave it if employed, and to customers not to patronize the restaurants. The pickets allege that the proprietors are “unfair to organized labor,” that hours are excessive and wages below the living standard. They picket in groups of six and employ vigorous, but generally peaceful, persuasion. There are minor cases of coercion and intimidation. The state has enacted laws declaring picketing legitimate and denying to the state courts the power to issue writs of injunction in labor disputes. The employers enter suits for damages against the union and attack the constitutionality of the law in both state and federal courts.
    Discuss these issues from the standpoint of legality, governmental policy and the legitimate exercise of trade union functions.
  3. Discuss the use of writs of injunction in labor disputes. Why has the employment of such writs become increasingly common and why have the trade unions vigorously opposed their use? What issues were involved in the Buck’s Stove case? The Bedford Stone decision?
  4. Does the introduction of machinery, e.g., the linotype machine or the automatic glass bottle machine benefit or injure: the wage earner, the capitalist and the consuming public? Answer both as to the immediate and the “long run” effect, and analyze the long run process of adjustment.
  5. A certain national building trade’s union established the following rules:
    1. Apprenticeship shall not begin before the age of 16 years and shall be four years long. The ratio of apprentices shall be: “one to each shop irrespective of the number of journeymen employed, and one to every five members thereafter.”
    2. A generally understood standard for a day’s work is in effect, which union members are expected not to exceed. This is based upon the average output of the union members when working without restriction.
    3. The introduction of new machines and processes is not opposed. However, the union insists that its members be given preference on the new machines, and that full union wages be paid. The industry pays to journeymen a straight time wage of 85 cents per hour; runs open shop though the great majority of the workers are union men and has been largely reorganized because of the invention and introduction of labor saving machinery.
      * *  *  *  *  *  *  *  *  *  *  * * *  *  *  *  *  *  *  *  *  *  *
      Discuss these union practices from the standpoint of industrial efficiency and social welfare. If in your opinion some of them are unsound or unreasonable, what steps would you recommend with a view of having them modified?
  6. Discuss the general subject of compulsory arbitration. Has it been successful in operation? Does it eliminate strikes? Strengthen or weaken trade unionism? Mean an increase or decrease in governmental control of industry? To what extent would you think it desirable that such a policy be adopted by our federal and state governments?
  7. What conclusion do you draw from your study of trade unionism? Is the movement worthy of support on its past record? Would you suggest modification of its plans or purposes? Do alternative plans such as company unionism seem to you of greater promise?

Source: Harvard University Archives. Mid-year Examinations, 1852-1943 (HUC 7000.55). Box 11: Examination Papers Mid-Years 1929. Papers Printed for Mid-Year Examinations [in] History, New Testament, … , Economics, … , Military Science, Naval Science, January-February, 1929.

________________________________

1929-30

Enrollment, 1929-30

6a 2hf. Mr. Douglas Brown. — Trade Unionism and Allied Problems.

Total 25: 13 Seniors, 11 Juniors, 1 Other.

Source: Harvard University. Report of the President of Harvard College 1929-30, pp. 77-78.

 

ECONOMICS 6a2
Final examination, 1929-30

Answer the first question and any three of the others.

  1. (About one hour.) Write upon one of the following topics:
    1. Unemployment as a problem of industry;
    2. Causes of unemployment:
    3. Remedies for unemployment.
  2. “Viewing the situation from the point of view of the practical results, the conclusion is reached that the law to-day seriously restricts labor in its collective action, while it does not interfere with the parallel weapons of the employers.” Discuss.
  3. “An unmodified closed shop, with the conditions of membership in the control of the union, creates a distinct monopoly of labor, leaving the employer helpless in any wage dispute and enabling the union to enforce its every demand regardless of the competitive conditions of the labor-market for that class of services.” Discuss.
  4. “Arbitration in industrial disputes, whether by governments or by private agencies, is ineffectual in the absence of strong organizations on both sides; where such organizations exist, arbitration becomes either a hindrance or a dead letter.”
  5. Discuss briefly any two of the following:
    1. Parasitic trades;
    2. Minimum wage legislation;
    3. Knights of Labor;
    4. Jurisdictional disputes.

Final. 1930.

Source: Harvard University Archives. Examination Papers, Finals 1930 (HUC 7000.28, 72 of 284). Papers Printed for Final Examinations. History, New Testament,…, Economics,…, Military Science, Naval Science, June, 1930.

________________________________

1930-31

Enrollment, 1930-31

6a 1hf. Mr. D. V. Brown. — Trade Unionism and Allied Problems.

Total 41: 18 Seniors, 17 Juniors, 4 Sophomores, 2 Other.

Source: Harvard University. Report of the President of Harvard College 1930-31, pp. 76-7.

 

 

ECONOMICS 6a1
Final examination, 1930-31

  1. (Reading Period question. Allow about 45 minutes.)
    Discuss one of the following:”

    1. Influences affecting the development of the American Federation of Labor;
    2. Wage rates and unemployment;
    3. Insurance as a preventive of unemployment.
  2. “In so far as the machine displaces skill and reduces the craftsman to the level of the semi-skilled or unskilled, thereby lowering his bargaining power, the effect on wages is bound to be adverse.” Discuss.
  3. “Strikes do not benefit the laboring class.” Discuss.
  4. “The trade union is an outgrown form of labor organization. With the development of employee-representation plans and profit-sharing, labor finds that it can secure more through cooperation with the employer than through mere aggression.”
  5. To what extent would legislation with regard to hours of labor be held constitutional?

Final. 1931.

 

Source: Harvard University Archives. Examination Papers, Finals 1931 (HUC 7000.28, 73 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science, January-June, 1931.

________________________________

1931-32

Enrollment, 1931-32

6a 1hf. Mr. D. V. Brown. — Trade Unionism and Allied Problems.

Total 61: 34 Seniors, 22 Juniors, 3 Sophomores, 2 Others.

Source: Harvard University. Report of the President of Harvard College 1931-32, pp. 71-72.

 

ECONOMICS 6a1
Final examination, 1931-32

Answer the first question and four of the others

  1. (Reading period question. Allow about one hour.)
    Discuss one of the following:

    1. The application of the anti-trust laws to labor, and the validity of this application.
    2. “Technological change” and unemployment.
    3. Difficulties of unemployment insurance, with particular reference to British experience.
    4. The economic significance of “fatigue and unrest.”
  2. “Several solutions for jurisdictional disputes among trade unions have been attempted.” Discuss.
  3. “That the establishment of a minimum wage can increase the rate of pay per unit of work done is clear.” Discuss.
  4. “When we consider the American labor movement, we naturally think of craft unionism as dominant. We are too apt to neglect other programs of working-class advance which have been prominent in the past and still offer a challenge.” Discuss these “other programs.”
  5. “Employers sometimes detach workers from their unions by organizing their own company unions, which are strictly amenable to their wishes and constitute a supposed substitute for independent labor organizations.” Discuss.
  6. Discuss either (a) or (b).
    1. The measurement of unemployment.
    2. The advantages of workmen’s compensation.

Final. 1932.

 

Source: Harvard University Archives. Examination Papers, Finals 1932 (HUC 7000.28, 74 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science, January-June, 1932.

Image Source: Cigar box label from the collections of the Museum of the City of New York.

Categories
Exam Questions Harvard

Harvard. Final exam for Economic Aspects of War, Harris et al., 1940

 

I just noticed that I have a copy of the final examination for the course “Economic Aspects of War” that I can now pair with the course outline and reading assignments that have been transcribed and posted earlier.   Seymour Harris organized the course that featured lectures of many other members of the Harvard economics faculty. 

_________________

1939-1940
HARVARD UNIVERSITY

ECONOMICS 18b2

Answer Question 1 and four others.

  1. (One hour) Discuss war economics in its (1) real aspects on the one hand and (2) in its monetary and financial aspects on the other; and make clear the inter-relationships of (1) and (2). Illustrate briefly from World War I or II.
  2. On what principles does the State fix prices in war times? Be sure to state the objectives; and comment on experiences in World War I.
  3. Why have wars regularly produced price inflations? What monetary changes usually accompany such price movements? What monetary measures could be implemented to prevent price inflation under war conditions and what are their limitations?
  4. Exchange depreciation and exchange control with a view to maintaining exchanges above the “free” level are alternative policies in war times. Great Britain seems to have had recourse to the latter in World War I and to both depreciation and control in World War II. Explain the choice of policies. Criticise them.
  5. Taking account of the broad facts about the principal sources from which income is derived at various levels (consider not more than 3 or 4 levels) and the size distribution of income, indicate some of the probable effects of war upon the size distribution.
  6. Discuss what you consider a significant problem in the post-war economy, and attempt to show the relation of this problem to post-war economic conditions in general. It would be well to illustrate by reference to one of the following: Napoleonic War, World War I or (in anticipation) World War II.

Final. 1940.

Source: Harvard University Archives. Final Examinations, 1853-2001. (HUC7000.28), Box 5, Papers Printed for Final Examinations: History, History of Religions,…, Economics,…,Military Science, Naval Science. June, 1940.

Image Source: Seymour E. Harris from Harvard Class Album 1942.

Categories
Exam Questions Gender Harvard Radcliffe Socialism Suggested Reading

Harvard. Exams and reading period assignment for Programs of Social Reconstruction (Socialism). Mason, 1933.

 

In the collection of final examinations in the Harvard archives, I came across both the Radcliffe and Harvard final examinations for the identical course with the title “Programs of Social Reconstruction” taught by Edward S. Mason. This course was one of the undergraduate staples offered earlier by Thomas Nixon Carver that was handed off to Mason starting 1926/27. 

A few things I find interesting from the materials I was able to find for this year (Note: a course reading list for 1928 needs some work, will be posted later):

  • The final examination questions only cover Marxian socialist theory and movements except for the question  on the reading period assignment that is dedicated to contemporary U.S./U.K. reform. It is possible that earlier utopian socialist literature, Henry George, and anarchism were tested in a mid-term examination, or of course the course description had not been changed. The exact same course description was used by Mason for the 1928-29 academic year.
  • From the Harvard President’s report and the final exam (note the superscript “1” which means first term), it would appear that Mason taught the course in the first term of 1932-33 and not during the second term as announced earlier in the Harvard Register. So it does appear that he taught the course one semester to Harvard men and the following semester to Radcliffe women, so having different final examinations makes sense.
  • The Harvard exam as printed can be compared to the Radcliffe exam to see that there is an obvious type:  the first question only be allocated one hour and the remaining four questions would fill the rest of the examination time.

____________________

Radcliffe College Course Announcement

Economics 7c 2hf. Programs of Social Reconstruction

Half-course (second half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 9. Asst. Professor E. S. Mason.

 

Source: Radcliffe College. Courses of Instruction, 1932-33. Page 87.

____________________

Harvard Course Announcement with Course Description

Economics 7c 2hf. Programmes of Social Reconstruction

Half-course (second half-year). Mon., Wed., and (at the pleasure of the instructor) Fri., at 10. Associate Professor Mason.

A comparison of the various radical programmes, such as socialism, communism, anarchism and the single tax, the theories upon which they are based, and the grounds of their attack upon the present industrial system. An examination of the various criteria of distributive justice, and of the social utility of the institution of property. A comparison of the merits of liberalism and authoritarianism, of radicalism and conservatism. An analysis also of the present tendencies toward equality under liberalism in this country.

 

Source: Division of History, Government, and Economics, 1932-33 in Official Register of Harvard University, Vol. XXIX, No. 32 (June 27, 1932), p. 74.

____________________

Course Enrollment (Harvard)

[Economics] 7c 1hf. Associate Professor Mason.—Programs of Social Reconstruction.

Total 42: 26 Seniors, 10 Juniors, 2 Sophomores, 4 Others.

 

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

____________________

Reading Period Assignment

Economics 7c

Read one:

1. Norman Thomas, America’s Way Out.
2. Stuart Chase, A New Deal.
3. George Soule, A Planned Society.
4. Sidney and Beatrice Webb, A Constitution for the Socialist Commonwealth of Great Britain.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 2, Folder “Economics, 1932-1933”.

____________________

1932-33
RADCLIFFE COLLEGE

ECONOMICS 7c
Final Examination

I

Allow about one hour.

  1. Write a critical review of the book you read for the reading period.

II

Answer four of the following questions.

  1. What position does technological change occupy in Marx’s theory of the decline of capitalism?
  2. What importance has economic imperialism for the tactics of a socialist party according to Marxian theorists?
  3. How do you explain the collapse of the Second International in 1914.
  4. Discuss the validity of the labor-hour as a unit of cost in a socialist planned economy.
  5. Can Marx’s theory of value be reconciled with his explanation of the tendency toward an equal rate of profit in all industries? Discuss.

Final. 1933

 

Source: Harvard University Archives. Harvard University Examination Papers, Finals 1933 (HUC 700028, No. 75). Papers Printed for Final Examinations. History, History of Religions,…Economics,…Military Science, Naval Science. January—June, 1933.

____________________

1932-33
HARVARD UNIVERSITY

ECONOMICS 7c1
Final Examination

Allow about one hour.

  1. Write a review of the book you read for the reading period assignment.
  2. “The essence of the Marxian contribution to socialism was and is the discovery of the proletarian path to power.” Discuss.
  3. What does Lenin mean by economic imperialism?
  4. Consider the position in the history of socialist thought of one of the socialist leaders before Marx.
  5. “With his ‘socially necessary labor time’ Marx anticipated the Technocrats by three quarters of a century and proposed a technological measure of cost and value whose use would immediately put an end to all the stupid absurdities of the price system.” Discuss.

Final. 1933.

Source: Harvard University Archives. Harvard University Examination Papers, Finals 1933 (HUC 700028, No. 75). Papers Printed for Final Examinations. History, History of Religions,…Economics,…Military Science, Naval Science. January—June, 1933.

Image Source:  Edward S. Mason in Harvard Album 1934.

Categories
Cambridge Exam Questions

Cambridge. Economics Tripos Papers, 1931.

 

While Economics in the Rear-view Mirror’s ambition is to be the boutique blog of economics education  in the United States up through the 1960s, from time to time I’ll venture off the North American continent to explore English and German departments, seminars etc.  Earlier I have transcribed and posted the 1891 guide to the Cambridge Moral Tripos that preceded the Economics Tripos but did have a Political Economy component. Also I have transcribed and posted the exams from Oxford’s Philosophy, Politics, and Economics (PPE) program for 1931 that I found in Wesley Clair Mitchell’s papers. As serendipity would have it, my trip last year to the Library of Congress yielded several years’ worth of exams from the Cambridge Economics Tripos. Below you will find the examination papers for 1931 that conveniently coincide with the PPE papers from Oxford. 

I recently found that a copy of the 1931-1933 Cambridge Economics Tripos is available at hathitrust.org.

________________________

ECONOMICS TRIPOS
PART I.

GENERAL PRINCIPLES I.
(NEW REGULATIONS.)

MONDAY, JUNE 1, 1931. 9—12.

  1. Explain clearly the meaning of the term Marginal Utility and its relation to the conception of Consumer’s Surplus.
  2. How far can a theoretical distinction be drawn between the rent of a house and the rent of a field? Is the distinction in all cases valid?
  3. “There is no real connection between price and cost of production throughout an industry as a whole.” Discuss.
  4. In what conditions would competition be said to be perfect? How far and for what reasons is competition in practice often imperfect?
  5. Explain in what circumstances it is possible that a commodity will be produced under conditions of Diminishing Returns. Is it conceivable that the same commodity should be produced at one time under Diminishing, at another under Increasing Returns?
  6. “Russia can grow wheat more cheaply than England because all rents have been abolished in Russia, while rents must still be paid in England.” Examine the validity of this argument.
  7. In what sense can it be said that labour has (a) a demand price, (b) a supply price, (c) a cost of production?
  8. What is likely to be the influence upon the rate of interest of improvements of industrial technique?
  9. Explain, if possible with diagrams, what considerations will influence a monopolist in determining the price that he should charge for his product. In what circumstances will the price be considerably higher than the competitive price?
  10. How would you explain the differences (a) between the wages of coal miners and agricultural workers in this country, (b) between the wages of coal miners in this country and coal miners in Poland?

 

ECONOMIC STRUCTURE.
(NEW REGULATIONS.)

MONDAY, JUNE 1, 1931. 1.30—4.30.

  1. What are the advantages and disadvantages of limited liability?
  2. Explain the factors which determine the size of the productive unit in different industries, giving examples.
  3. What are the functions of a merchant, particularly in the export trades? When is it likely to be to the advantage of a British manufacturer to become his own merchant?
  4. “Left to himself, the consumer would never welcome mass production.” Comment.
  5. Classify the relative importance of the different industries in any neighbourhood with which you are acquainted, explaining how they came there and why they stay there.
  6. In what ways do the problems of management set a limit to the size of the unit of control in industry?
  7. Critically examine the argument for and against vertical combination.
  8. Outline proposals for the reorganization in this country of either shipbuilding or cotton manufacture.
  9. Describe the economic functions of the London Stock Exchange.
  10. Figures published by the Ministry of Labour suggest that industrial employment in Great Britain is moving south-eastwards. Can you account for this?
  11. Under what conditions is an industry likely to become a monopoly? Describe briefly methods for the State control of industrial monopoly.

 

GENERAL PRINCIPLES II.
(NEW REGULATIONS.)

TUESDAY, JUNE 2, 1931. 9—12.

A.

  1. “If an increase in cost of production causes the price of a commodity to rise, the resulting fall in demand will lower its price again and cause it to return eventually to its former level.” Point out the confusion involved in this statement, and illustrate your answer if possible by a diagram.
  2. Consider the nature and importance of the distinction between real wages and nominal wages, and between wage rates and total earnings.
  3. What is likely to be the effect of an increased demand for mutton on the prices of (a) mutton, (b) beef, (c) wool, (d) the wages of woolen workers? Give reasons in each case for your views.
  4. What are the chief characteristics of the English system of land tenure? What do you consider to be the main advantages and disadvantages of this form of tenure?
  5. What causes determine the normal rate of interest in England? What would be the effects of a fall in this rate of interest on the price of (a) War Loan, (b) land, (c) houses, (d) vintage port?
  6. Under what conditions will a check to the supply of a factor of production cause a large increase in its price?

B.

  1. Give a brief account of the modern English banking system, explaining the conditions under which the joint-stock banks can increase their funds in emergency.
  2. What do you understand by the purchasing power of money?
  3. What is meant by the balance of trade? Under what conditions is it possible for a country’s trade returns to show a continuous excess of exports over imports?
  4. What is the difference between a gold standard and a gold-exchange standard? Give examples.
  5. What determines the rate of exchange between the pound sterling and the American dollar?
  6. Is it possible for a country to be undersold all round by its competitors?

 

ESSAY.
(NEW REGULATIONS.)

TUESDAY, JUNE 2, 1931. 1.30—4.30.

Write an essay on one of the following subjects:

  1. “It is a kind of Proverb attending the Character of English Men, that they are better to improve than to invent” (Defoe).
  2. Soviet Farming.
  3. “That outpost of economic empire—the Argentine Republic.”
  4. The United States of Europe.
  5. “Ill fares the land, to hastening ills a prey, where wealth accumulates and men decay.”
  6. England’s Decline and Fall.

 

ENGLISH ECONOMIC HISTORY.
(NEW REGULATIONS.)

WEDNESDAY, JUNE 3, 1931. 9—12.

  1. Give some examples of the way in which economic events have left their impress on economic doctrine.
  2. Contrast the fiscal policy of Gladstone with that of Joseph Chamberlain.
  3. Examine the reasons which led to the localization of the major portion of the woolen industry in the West Riding of Yorkshire.
  4. Estimate the importance of the Chartered Companies for the expansion of England’s foreign trade after 1600.
  5. Illustrate the attitude of Parliament during the nineteenth century towards
    (a) Monopolies, (b) Joint-stock enterprise.
  6. Estimate the services rendered to England by Lord Shaftesbury.
  7. “The industrial revolution was the precursor of a commercial revolution, which was just as important.” Comment.
  8. Illustrate from English history the qualities required from a great inventor.
  9. “War always brings prosperity to agriculture, and Peace, when it comes, depression.” Comment.
  10. Account for the rise of the domestic system in England.
  11. “The repeal of the Corn Laws was the most important political event between the first and second Reform Bills.” Discuss.

 

SOCIAL PROBLEMS.
(NEW REGULATIONS.)

WEDNESDAY, JUNE 3, 1931. 1.30—4.30.

  1. Explain the difficulties involved in any attempt to measure exactly the National Dividend of Great Britain, and to compare it at two dates.
  2. Describe briefly the results of any one investigation into the extent and causes of poverty.
  3. Give some account of the changes in the level of real wages in this country since 1800, with particular attention to changes since 1914.
  4. Consider the importance of the following as causes of unemployment: (1) labour turnover, (2) the need for a reserve of labour, (3) immobility of labour. In what ways can their effects be diminished?
  5. Compare the efficacy of different methods of wage payment as incentives to increase output.
  6. In what conditions do your think it desirable that a government should intervene to fix minimum wages in a trade? What powers of intervention does the Minister of Labour at present possess?
  7. Examine briefly the following methods of dealing with the present unemployment problem: (1) public works, (2) emigration, (3) leaving it to private enterprise.
  8. What means have been suggested for making industry more democratic? How far have they been successful?
  9. Do you consider that the real incomes of workers can be increased more effectively by a rise of wages or by an increased expenditure upon social services?
  10. “The strength of Trade Unionism has been the greatest obstacle to improvements of industrial methods.”
    “The most powerful incentive to improvement has been the encroachment of wages upon the profits of employers.”
    Where does the truth lie?
  11. Give some account of the system of Unemployment Insurance in this country. Subject to what conditions may a man or woman draw benefit? What changes would you suggest in the present regulations?

 

PART II.

ECONOMIC PRINCIPLES.
(OLD AND NEW REGULATIONS.)

MONDAY, JUNE 1, 1931. 9—12.

  1. How far do you consider the theory of Economics still to depend upon the hypothesis of an economic man?
  2. “The theory of rent is nowadays not even of academic interest.” Discuss.
  3. “The mechanism of increasing returns is not to be discerned adequately by observing the effects of variations in the size of an individual firm or of a particular industry, for the progressive division and specialization of industries is an essential part of the process by which increasing returns are realized.” Discuss the truth and significance of this conclusion of Professor Allyn Young.
  4. If an employer finds it necessary to reduce output temporarily, what are the factors he should take into account when deciding whether
    1. to dismiss some of his employees,
    2. to maintain the working-force on short time?
  5. “The doctrine that the earnings of a worker tend to be equal to the net product of his work has by itself no real meaning; since in order to estimate net product we have to take for granted all the expenses of production of the commodity on which he works, other than his own wages.” Comment.
  6. Examine the argument that reductions in wage-rates, since they diminish the purchasing power of important bodies of consumers, can only aggravate a trade depression.
  7. “A wise national policy would seek to maintain an economic return on the vast capital invested in the English railways by attracting back to them a large part of the traffic which in recent years has been diverted to the roads.” Discuss this contention, making plain the economic principles involved.
  8. Examine the arguments for a monetary policy which permits the commodity price-level to fall in proportion to increases in general productivity.
  9. In a world in which no net annual addition is being made to the stock of capital, would you expect the rate of interest to fall to zero?
  10. “The emphasis laid in modern economic treatises on the theory of exchange value is misplaced. The true subject of economics is not the terms on which goods exchange for one another, but the forces which determine the magnitude of a country’s productive resources and the uses to which they are put.” Discuss.
  11. How much truth, if any, is there in the statement that “exports pay for imports”?

 

STRUCTURE AND PROBLEMS OF INDUSTRY.
(OLD REGULATIONS.)

MONDAY, JUNE 1, 1931. 1½ —4½.

  1. What are the main changes in the localisation of manufacturing industry in Great Britain since the War? To what influences do you attribute them?
  2. What difficulties would you meet in attempting to compare costs of production in the same industry in different countries?
  3. In the English cotton industry the typical firm is specialised either to spinning or to weaving; in other countries the typical firm combines spinning and weaving. How do you account for this difference? and do you expect it to persist?
  4. “Rationalisation is merely a new name for monopoly.” “Rationalisation is merely a euphemism for company-promoting.” Criticise these statements, and explain, with reference to some one industry, what you understand by Rationalisation.
  5. British exports to the East of tobacco, oil and fertilisers are distributed by subsidiaries of the producing companies; most other exports are sold by export merchants to merchants at the ports, who in turn leave the internal distribution to native dealers. What are the reasons for this difference of practice? Could the former method be applied with advantage to other exports?
  6. If you were engaged by an American investment trust to advise them on the investment of a portion of their funds in ordinary shares in this country, in what industries, and for what reasons, would you recommend investment?
  7. “Wage-rates in 1929 were approximately at the same level as in 1924, while the cost of living had fallen 5 per cent.; real wages had, therefore, risen about 5 per cent. But the Board of Trade index of industrial production showed an increase in 1929 of 11 per cent. over 1924; therefore there was a case for raising money wages.” Examine this argument.
  8. Explain the operation of either the Federal Farm Board or the Canadian Wheat Pool or the San Paulo Coffee Institute or the British Australian Wool Realisation Association. To what do you attribute its failure or success?
  9. Compare broadly the English and the German attitudes to Restraint of Trade… Explain the functions of the German Kartels Court, and discuss the suitability of such a Court to English conditions.
  10. In what sense, if at all, is there a Science of Management? Can Industrial Administration be taught?
  11. In England Local Authorities are obliged to arrange for the amortization within a definite period of all loans raised for the purpose of financing productive undertakings. Do you regard this as an undesirable handicap on public as compared with private enterprise?

 

STRUCTURE AND METHODS OF GOVERNMENT IN THE MODERN WORLD.
(OLD REGULATIONS.)

MONDAY, JUNE 1, 1931. 1½ —4½.

  1. Describe some of the methods by which central control of local government is provided for in modern States, and discuss their success.
  2. Discuss the view that the Referendum and the Initiative, whatever may be their merits under other systems, are incompatible with Cabinet government.
  3. Compare the means for securing that effective government shall be carried on in an emergency in the United Kingdom and the German Reich respectively.
  4. Compare the system of relationships between politicians and civil servants in England with that in France or any other country.
  5. Explain the unique strength of the United States Senate among contemporary Second Chambers, and discuss the part it plays in American government.
  6. Discuss whether the German Reich should more correctly be described as a federal or a unitary State.
  7. Compare the parts played by parties in the systems of government of the United Kingdom and the United States respectively.
  8. How far may Great Britain be said to fall behind continental countries in providing the individual with legal remedies against State action?
  9. “The constitutional position of the President in the post-war European republics follows the French rather than the American model.” How far is this true, and how do you account for what has occurred?
  10. Illustrate by reference to the respective constitutional positions of the Governor of a Crown Colony, the Viceroy of India, the Governor of an Indian Province, the Governor of an Australian State, and the Governor-General of a Dominion, the development in the office of the “royal governor.”
  11. Illustrate from the constitutions of the British Empire possible methods of safe-guarding the interests of racial or religious minorities (or majorities) where the population is not homogeneous.

 

MONEY, CREDIT AND PRICES.
(OLD REGULATIONS.)

TUESDAY, JUNE 2, 1931. 9—12.

  1. “I am never wary of preaching in the wilderness ‘the only very important thing to be said about currency is that it is not nearly as important as it looks.’” (Marshall.) Do you agree?
  2. Indicate the circumstances in which a Central Bank can most effectively enforce its policy by (a) changes in the bank-rate, (b) open-market operations, (c) rationing of credit.
  3. Has the recent growth of the hire-purchase system for consumption-goods either precipitated or aggravated the slump in the U.S.A.?
  4. “It is even conceivable that the cash-deposits may remain the same, the savings-deposits may remains the same, the volume of monetary transactions may remain the same, and the volume of output may remain the same; and yet the fundamental price-levels may change.” (Keynes.) Is this conceivable? And if so, does it mean that the traditional version of the quantity theory of money is not merely a truism but an error?
  5. In what circumstances would the successful stabilization of the purchasing power of money in terms of an index-number of prices tend to increase or to diminish the fluctuations in the prices of individual commodities?
  6. Factors affecting the general price-level have been distinguished as acting “on the side of money” and “on the side of goods.” Criticize this distinction, or define it so as to avoid ambiguities.
  7. “The belief that the elasticity of demand for currency can ever be different from unity is based on a misunderstanding of what elasticity of demand is.” Discuss.
  8. During 1930 the imports of gold into France have exceeded the world output of gold. What were the causes of this influx?
  9. If central banks fixed their buying and selling prices of gold wider apart, would the diffusion of trade fluctuations from country to country be checked?
  10. How would the internal price-level of this country be affected by a special tax on incomes from foreign investments?
  11. “The joint-stock banks have attracted to their custody a larger volume of the country’s savings than can be economically employed in short-term commercial credits. Some modification in the traditional practice of English deposit banking is therefore required.” Discuss.

 

INTERNATIONAL LAW.
(OLD REGULATIONS.)

TUESDAY, JUNE 2, 1931. 9—12.

  1. Estimate the present international status (if any) of
    1. Canada;
    2. Bavaria;
    3. the State of Virginia;
    4. the Vatican City;
    5. the Territory of the Saar Basin.
  2. Describe the present state of the movement for the codification of International Law (a) as to Peace, (b) as to War and Neutrality. What are in your opinion the chief obstacles in each case?
  3. You are private secretary to a member of Parliament who sits for a fishing constituency bordering on the Moray Firth and who is requested by his constituents to address them upon what they describe as “the invasion of our waters” by Dutch fishing trawlers. He asks you to coach him upon the law (apart from any statutes) relating to fishing by foreign trawlers (a) in territorial waters and (b) in bays, and also (c) upon a proposal to fix by international convention the breadth of all territorial waters at twelve miles. Advise him.
  4. Explain the expression occurring in Article 15 of the Covenant of the League: “a matter which by International Law is solely within the domestic jurisdiction” of one party to the dispute. Give some illustrations of such matters and refer to any judicial discussion of the expression. Is the category of such matters a fixed one?
  5. Discuss the assertion that “the mandate system adopted at the end of the Great War differs in name only from the old-fashioned system of annexation by the victor of the colonies of his defeated enemy.”
  6. Explain the operation of, and the difference between, “national treatment” and “most-favoured nation treatment” stipulated for in commercial treaties. What are the two principal interpretations of the usual “most-favoured-nation treatment” clause?
  7. Discuss the rules of International Law which are relevant to the growth of trading by Governments, including the rules governing the status of State-owned merchant ships in foreign ports.
  8. Describe, with illustrations, the different ways in which the Permanent Court of International Justice may acquire jurisdiction in respect of a dispute. What do you understand by “non-justiciable disputes”?
  9. Discuss the extent to which the conception of Contraband has changed since the beginning of the Great War, and the effect of that change upon the Declaration of Paris of 1856.
  10. A Government White paper published in 1929 concludes an argument with the sentence: “In other words, as between Members of the League, there can be no neutral rights because there can be no neutrals.” Discuss the accuracy of this statement, having regard both to the Covenant and to the Peace Pact of Paris.

 

SUBJECTS FOR AN ESSAY.
(OLD AND NEW REGULATIONS.)

TUESDAY, JUNE 2, 1931. 1½ —4½.

  1. Business Forecasting.
  2. The Decline and Fall of the British Empire.
  3. The Rights of Shareholders.
  4. “Buy British.”
  5. Republicanism.
  6. Arnold Bennett, the interpreter of industrialism.

 

POLITICAL THEORY.
(OLD REGULATIONS.)

WEDNESDAY, JUNE 3, 1931. 9—12.

  1. In what sense, and to what extent, do you regard it as the place of the State to allot their provinces to other associations?
  2. In what circumstances, if any, would you justify the refusal by the individual of a demand on the part of the State for his military service, and on what grounds?
  3. “La liberté est le droit de faire tout ce que les lois permettent.” Montesquieu.
    “By liberty I mean the assurance that every man shall be protected in doing what he believes his duty against the influence of authority and majorities, custom and opinion.” Acton.
    Discuss the adequacy of these definitions.
  4. Wherein do you consider the originality and importance of Rousseau as a political theorist to lie?
  5. Compare and contrast Mazzini’s doctrine of nationality with those of present-day Italian nationalists.
  6. “The citizen should be moulded to suit the form of government under which he lives.” To what extent do you accept this principle of Aristotle’s?
  7. Examine the implications and discuss the validity of the theory of a “right to work or maintenance.”
  8. What circumstances are required, in your opinion, to justify a demand for “national self-determination” on the part of a community?
  9. Consider the arguments for increased public control of the Press in England.
  10. How far, in your opinion, does (a) illiteracy, (b) failure to vote, (c) ecclesiastical influence justify the withholding or withdrawal of the political franchise?

 

DISTRIBUTION AND LABOUR.
(OLD REGULATIONS.)

WEDNESDAY, JUNE 3, 1931. 9—12.

  1. Examine critically the policy of reducing unemployment by settling new industries in districts where older industries appear to be permanently depressed.
  2. Contrast conventional and “scientific” methods of determining “fair” piece-rates. What are the reasons for varying the rate degressively or progressively according to the total output produced?
  3. Discuss the difficulties of demonstrating statistically that wages tend to equality in trades “which are of equal difficulty and disagreeableness, which require equal natural abilities and an equally expensive training.”
  4. “In the past he had often had occasion to speak of ‘insurance popularly miscalled the dole.’ To-day he was afraid that it might be truer to speak of ‘the dole officially miscalled insurance.’” Discuss this view of Sir William Beveridge expressed in his evidence before the Royal Commission on Unemployment Insurance.
  5. Show by reference to specific trades the reasons for which (a) Trade Boards, (b) Joint Industrial (“Whitley”) Councils have been established in some trades and not in others. Can you suggest possible extensions of either to any further trades?
  6. What effect would (a) the growth of trade unionism among women, (b) the repeal of legal restrictions upon women’s employment, be likely to have upon the wages and employment of men?
  7. What measures may any one employer take to reduce labour costs besides reducing wage-rates or substituting machines for men? Is there any statistical evidence of the exact effect of such measures?
  8. What considerations would you take into account in adjudicating on a claim for reduction of wages in an industry in which no return is being earned on ordinary capital and there is over 15 per cent. unemployment?
  9. How far do you consider the marginal theory of distribution a full and adequate explanation of the actual distribution of incomes among persons?
  10. Analyse the problem of regulating wages and hours in the coal-mining industry as illustrated by events since the war.

 

PUBLIC FINANCE.
(OLD AND NEW REGULATIONS.)

WEDNESDAY, JUNE 3, 1931. 1½ —4½.

  1. Examine the view that the budgetary problems of the creditor countries concerned would be lightened rather than aggravated by a general remission of reparations and war-debts.
  2. The Royal Commission on Transport, reporting at the end of 1930, proposed that the present proportion in which the cost of the roads is shared between Local Authorities and the users of mechanical transport should be reversed, the share of the latter being brought up to two-thirds by the payment into the Road fund of the then existing duty on petrol and of that part of the licence duties on motor vehicles which is at present diverted to the Exchequer. Discuss this proposal.
  3. If you were in charge of the finances of the U.S.S.R., on what part, if any, of the capital employed in the various nationalized industries would you require the payment of interest?
  4. Is there any ground for the opinion that taxation imposed for the purpose of paying interest on internal debt is less onerous to the nation than taxation imposed for the purpose of paying the salaries of Government officials?
  5. Examine the view that improvements in the means of transport, such as suburban Tube extensions, should be financed out of confiscatory taxes on the resultant increments in the site value of surrounding land.
  6. If, as Chancellor of the Exchequer, you had £10 millions a year to dispose of, what considerations would you take into account in deciding between the claims for a further subsidy to working-class housing and those of a subsidy to domestic wheat-growing?
  7. “The arguments again the taxation of imported food which were valid in the early years of the twentieth century have one and all ceased to be valid today.” Comment.
  8. “As soon as the services financed by Government come to exceed the minimum requirements of security and order, the whole notion of equity in taxation becomes unreal and meaningless.” Discuss.
  9. How should the maintenance of those unemployed persons who cannot be brought within the framework of a self-supporting insurance scheme be financed?
  10. “The annual repayment of a substantial block of the National Debt is a fetish to which successive Chancellors of the Exchequer pay lip service, but which no sensible person either expects or desires to see carried out.” Comment.
  11. Discuss broadly the special problems of Public Finance which arise in countries with a Federal form of Government, illustrating your answer by reference to any one of the following countries: The United States, Germany, Australia, India.

 

STATISTICS.
(OLD AND NEW REGULATIONS.)

THURSDAY, JUNE 4, 1931. 9—12.

  1. Define the terms median and quartiles, and discuss the uses, advantages and disadvantages of the median as an average and of the semi-interquartile range as a measure of dispersion.
    Find the medians and quartiles of the two series of index-numbers for prices of twenty foodstuffs below, and use the work to illustrate your comments.
1913 1929
1. 58 77
2. 65 91
3. 66 84
4. 70 91
5. 73 95
6. 73 112
7. 67 95
8. 82 143
9. 92 120
10. 98 132
11. 99 142
12. 102 151
13. 105 175
14. 104 157
15. 95 144
16. 40 42
17. 38 31
18. 88 140
19. 44 54
20. 52 93
  1. Sketch the forms of frequency distributions most commonly met with in practice, and name sources from which examples of each can be drawn.
    Find the mean and standare deviation of the distribution below. Earnings were given to a penny.
Earnings Hands with earnings between limits stated
20s. but less than 25s. 6
25s. but less than 30s. 107
30s. but less than 35s. 490
35s. but less than 40s. 228
40s. but less than 45s. 109
45s. but less than 50s. 33
50s. but less than 55s. 14
55s. but less than 60s. 6
60s. but less than 65s. 4
65s. but less than 70s. 2
70s. but less than 75s. 1
Total 1000

 

  1. State the formula for the correlation coefficient and deduce its principal properties.
    The correlation coefficient between the two series of index-numbers given in Question 1 was calculated, and the following figures obtained:
1913 1929
Arbitrary origins used 76 108
Sums of deviations from these origins -9 +9
Sums of squares of deviations from these origins 9131 30,055
Sum of products of deviations +15, 834

Find the coefficient, and the regression equations.

  1. Give any deduction you prefer of the normal curve of errors, and prove its principal properties. Describe the tables of functions of the normal curve that are available in such a volume as Tables for Statisticians and Biometricians, and their uses in solving problems in sampling.
  2. Show that if random samples of n observations are drawn from an indefinitely large record in which the proportion of A’s is p and of not-A’s is q, the standard deviation of the numbers of A’s in the samples is .
    You are given the following data:
    Father skilled worker:—36 boys: 24 classed as intelligent.
    Father unskilled: —64 boys: 32 classed as intelligent.
    Would you say that the difference was significant?
  3. Give a description and critical discussion of the methods available for investigating the relations between two quantities varying with the time.
  4. Argue the case for the use of the geometric mean in connection with index-numbers of wholesale prices, comparing the advantages and disadvantages against other methods. Name any existing index-number for which it is used, and describe the detailed method of construction.
  5. Indicate the difficulties that are met with in obtaining from Census and Registration data reasonably accurate measures of the mortalities of men engaged in different occupations, and describe the technical methods that are used for indicating relative mortalities.
  6. The following are the ages returned at the Census of 1921 by a sample of male Hindus in Madras. By some process of graduation, make an estimate of the true numbers at 30 and 31 years of age.
Age Numbers Age Numbers Age Numbers
20 8579 30 12294 40 10391
21 1077 31 652 41 460
22 3053 32 2058 42 1105
23 1156 33 672 43 436
24 1786 34 892 44 514
25 9291 35 7723 45 5352
26 1946 36 1437 46 957
27 1595 37 870 47 570
28 2709 38 1362 48 919
29 927 39 467 49 395

INDUSTRY.
(NEW REGULATIONS.)

MONDAY, JUNE 1, 1931. 1½ —4½.

  1. What difficulties would you meet in attempting to compare costs of production in the same industry in different countries?
  2. In the English cotton industry the typical firm is specialised either to spinning or to weaving; in other countries the typical firm combines spinning and weaving. How do you account for this difference? and do you expect it to persist?
  3. British exports to the East of tobacco, oil and fertilisers are distributed by subsidiaries of the producing companies; most other exports are sold by export merchants to merchants at the ports, who in turn leave the internal distribution to native dealers. What are the reasons for this difference of practice? Could the former method be applied with advantage to other exports?
  4. “Wage-rates in 1929 were approximately at the same level as in 1924, while the cost of living had fallen 5 per cent.; real wages had, therefore, risen about 5 per cent. But the Board of Trade index of industrial production showed an increase in 1929 of 11 per cent. over 1924; therefore there was a case for raising money wages.” Examine this argument.
  5. Explain the operation of either the Federal Farm Board or the Canadian Wheat Pool or the San Paulo Coffee Institute or the British Australian Wool Realisation Association. To what do you attribute its failure or success?
  6. Compare broadly the English and the German attitudes to Restraint of Trade. Explain the functions of the German Kartels Court, and discuss the suitability of such a Court to English conditions.
  7. In what sense, if at all, is there a Science of Management? Can Industrial Administration be taught?
  8. “The only trades which it seems possible for a joint-stock company to carry on successfully, without an exclusive privilege, are those, of which all the operations are capable of being reduced to what is called a routine, or to such a uniformity of method as admits of little or no variation” (Adam Smith).
    Examine this statement in the light of the subsequent development of the joint-stock company.
  9. What features has the present depression in British industry in common with those of the nineteenth century?
  10. In what directions, and with what results, did England export capital in the half-century before the War?
  11. In England Local Authorities are obliged to arrange for the amortization within a definite period of all loans raised for the purpose of financing productive undertakings. Do you regard this as an undesirable handicap on public as compared with private enterprise?

 

MONEY.
(NEW REGULATIONS.)

TUESDAY, JUNE 2, 1931. 9—12.

  1. “I am never wary of preaching in the wilderness ‘the only very important thing to be said about currency is that it is not nearly as important as it looks.’” (Marshall.) Do you agree?
  2. Indicate the circumstances in which a Central Bank can most effectively enforce its policy by (a) changes in the bank-rate, (b) open-market operations, (c) rationing of credit.
  3. “It is even conceivable that the cash-deposits may remain the same, the savings-deposits may remains the same, the volume of monetary transactions may remain the same, and the volume of output may remain the same; and yet the fundamental price-levels may change.” (Keynes.) Is this conceivable? And if so, does it mean that the traditional version of the quantity theory of money is not merely a truism but an error?
  4. Factors affecting the general price-level have been distinguished as acting “on the side of money” and “on the side of goods.” Criticize this distinction, or define it so as to avoid ambiguities.
  5. “The adoption of Ricardo’s currency plan in 1925, as well as its rejection a hundred years before, point to the same conclusion: the economic ideas of legislators are always a century out of date.” Comment.
  6. Describe the main fluctuations in the value of silver during the last sixty years, and state their causes.
  7. What are the chief changes in the organization of the London money market since the publication of Bagehot’s Lombard Street?
  8. During 1930 the imports of gold into France have exceeded the world output of gold. What were the causes of this influx?
  9. If central banks fixed their buying and selling prices of gold wider apart, would the diffusion of trade fluctuations from country to country be checked?
  10. How would the internal price-level of this country be affected by a special tax on incomes from foreign investments?
  11. “The joint-stock banks have attracted to their custody a larger volume of the country’s savings than can be economically employed in short-term commercial credits. Some modification in the traditional practice of English deposit banking is therefore required.” Discuss.

 

LABOUR.
(NEW REGULATIONS.)

WEDNESDAY, JUNE 3, 1931. 9—12.

  1. Examine critically the policy of reducing unemployment by settling new industries in districts where older industries appear to be permanently depressed.
  2. Contrast conventional and “scientific” methods of determining “fair” piece-rates. What are the reasons for varying the rate degressively or progressively according to the total output produced?
  3. What effect would (a) the growth of trade unionism among women, (b) the repeal of legal restrictions upon women’s employment, be likely to have upon the wages and employment of men?
  4. What measures may any one employer take to reduce labour costs besides reducing wage-rates or substituting machines for men? Is there any statistical evidence of the exact effect of such measures?
  5. What considerations would you take into account in adjudicating on a claim for reduction of wages in an industry in which no return is being earned on ordinary capital and there is over 15 per cent. unemployment?
  6. How far do you consider the marginal theory of distribution a full and adequate explanation of the actual distribution of incomes among persons?
  7. What is the statistical evidence as to changes in the real earnings of the wage-earning classes and their living conditions during the last hundred years? How far do you think this evidence conclusive?
  8. Compare the post-war attitude of governments and governing classes to the relief of poverty with the attitude prevailing in the Victorian era.
  9. Analyse the problem of regulating wages and hours in the coal-mining industry as illustrated by events since the war.
  10. Account for the fluctuations in the emphasis placed by Trade Unions upon the policies of mutual insurance, political action and the strike, respectively, during the last hundred years.

 

Source: Cambridge University. Economics Tripos Papers 1931-1933. Cambridge: 1933, pp. 5-27.

Image Source: King’s College dining hall, Cambridge, from Wikipedia Commons.

Categories
Bibliography Exam Questions Harvard Suggested Reading Syllabus

Harvard. Money And Banking. Readings and Exams. Williams and Hansen, 1947-48

 

The graduate course for Keynesian economics at Harvard in the 1940s was Principles of Money and Banking taught by Alvin H. Hansen and John H. Williams. Course materials for 1946-47 were transcribed and posted earlier [Fall term 1946; Spring term 1947; General course bibliography]. Almost all of the exam questions for 1947-48 are new. The Spring term of 1948 taught by John  Williams turns out to be unchanged from the previous year. The Fall term of 1947 taught by Alvin Hansen does show some minor rearrangements, and significant additions (e.g. Tobin on liquidity preference).

____________________________

Course Enrollment
1947-48

[Economics] 141a. Professors Williams and Hansen. — Principles of Money and Banking (F).

Total 81: 47 Graduates, 1 Senior, 20 Public Administration, 4 Business, 9 Radcliffe.

 

[Economics] 141b. Professors Williams and Hansen. — Principles of Money and Banking (Sp).

Total 70: 41 Graduates, 2 Juniors, 20 Public Administration, 2 Business, 5 Radcliffe.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1947-48, p. 91.

 

____________________________

ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

 

Economics 141a — First Semester, 1947-8 (Professor Hansen)

  1. Central Banking: Current Problems and Policies
  2. Theory of Money, Liquidity-Preference, Interest and Prices

 

Economics 141b — Second Semester, 1947-8 (Professor Williams)

  1. International Monetary Equilibrium
  2. Monetary and Fiscal Policy

 

READING LIST FOR ECONOMICS 141a
Principles of Money and Banking
1947-1948

 

Note: Pre-requisite reading (for those who are deficient in undergraduate preparation in Money and Banking:

  1. Banking Studies, Board of Governors, Federal Reserve System, (1941).
  2. Southard, F. A., Foreign Exchange Practice and Policy, (McGraw-Hill, 1940).
  3. Any one standard textbook in Money and Banking, such as: Thomas, Our Modern Banking and Monetary System, (Prentice-Hall, 1942); or Reed, Money, Currency and Banking, (McGraw-Hill, 1942).

 

  1. Central Banking: Current Problems and Policies.
    1. Minimum Reading List:
      1. Books and Pamphlets:
        1. International Currency Experience (League of Nations, 1944), Chapters I-IV, pp. 7-112.
        2. World Economic Survey, 1942-44 (League of Nations, 1945), Chapter IV “Finance and Banking” (pp. 173-213).
        3. Ellis, H. S., (in Harris: Economic Reconstruction, McGraw-Hill, 1945), Chapter 13, “Central and Commercial Banking in Postwar Finance” (pp. 237-252).
        4. Hansen, Alvin H., America’s Role in the World Economy (Norton, 1945), Chapter XVII, “Gold, Exports and Liquidity” (pp. 144-157).
        5. Harris, S. E., Inflation and the American Economy (McGraw-Hill, 1945), Chapter XXIV, “Money and Savings” (pp. 372-383).
        6. Hawtrey, R. G., The Art of Central Banking (Longmans, 1933) pp. 116-207.
        7. Keynes, J. M., Treatise on Money, Volume II, Chapters 25, 32, 33, (pp. 49-78; 225-278).
        8. Robertson, D. H., Essays in Monetary Theory (King, 1940), Chapter II, “Theories of Banking Policy” (pp. 39-59); Chapter XII, “British Monetary Policy” (pp. 154-167).
        9. Williams, John H., Postwar Monetary Plans (Knopf, second edition, 1945), Chapter 6, “The Banking Act of 1935” (pp. 112-129); Chapter 8, “The Crisis of the Gold Standard” (pp. 154-172); Chapter 9, “Monetary Stability and the Gold Standard” (pp. 172-190).
        10. Financing American Prosperity (Twentieth Century Fund, 1945):
          1. Ellis, H. S., “Monetary Controls and the Business of Banking” (pp. 140-153).
          2. Williams, John H., “Money and Banking” (pp. 381-5).
        11. Postwar Economic Studies, No. 3 (Board of Governors, Federal Reserve System, 1945): Wallich, H. C., “Public Debt and Income Flow” (pp. 84-100).
        12. Hansen, Alvin H., Economic Policy and Full Employment, Chapters 20 and 22 (pp. 233-247; 261-288).
      2. Reports and Articles:
        1. Treasury Bulletin, April, 1946, “Federal War-time Financing and Growth of Liquid Assets”, pp. A11-20.
        2. Federal Reserve Bulletins:
          1. July, 1947, “Debt Retirement” (pp. 775-87); “Consumer Incomes and Liquid Assets” (pp. 788-802); “International Monetary and Financial Problems” (pp. 836-850).
          2. April, 1947, “Economic Survey of the United Kingdom” (pp. 367-391); “Annual Report of the Bank of Canada” (pp. 392-97); “Monetization of Public Debt by Banks” (pp. 402-04).
          3. “Estimated Liquid Assets of Individuals and Business”, November, 1946, pp. 1236-37; June, 1947, pp. 689-91.
        3. Annual Reports of Board of Governors, Federal Reserve System:
          1. Thirty-second Report (for the year 1945) pp. 1-15.
          2. Thirty-third Report (for the year 1946) pp. 1-49.
        4. Bopp, K. R., “Central Banking at the Crossroads”, Supplement, American Economic Review, March 1944 (pp. 260-77).
        5. Samuelson, Paul, “The Effect of Interest Rate Increases on the Banking System”, American Economic Review, March 1945.
        6. Seligman, H. L., “The Problem of Excessive Commercial Bank Earnings”, Quarterly Journal of Economics, May 1946.
        7. Whittlesey, C. R., “Federal Reserve Policy in Transition”, Quarterly Journal of Economics, May 1946.
    2. Supplementary Reading List:
      1. Books
        1. Arndt, H. W., The Economic Lessons of the Nineteen Thirties, (Oxford, 1944).
        2. Coulborn, W, A. L., An Introduction to Money, (Longmans, 1938) Chapters 5, 13-14 (pp. 48-64, 209-241).
        3. Fisher, Irving, 100 Per Cent Money, (Adelphi, 1935; Third Edition City Printing Co., New Haven, 1945).
        4. Johnson, G. G., The Treasury and Monetary Policy, (Harvard 1939), Chapter I-V (pp. 3-160)
        5. Hawtrey, R. G., The Gold Standard in Theory and Practice (Longmans, Fourth Edition, 1939).
        6. Hawtrey, R. G., A Century of Bank Rate. (Longmans, 1938).
        7. Lewinski, J., Money, Credit and Prices, (King, 1929) Chapters IV-V (pp. 99-144).
        8. McCracken, Paul W., The Future of Northwest Bank Deposits, Federal Reserve Bank, Minneapolis, 1946.
        9. Mints, L. W., A History of Banking Theory (Chicago, 1945), Chapters VI and X (pp. 74-100; 178-197).
        10. Morgan, E. V., The Theory and Practice of Central Banking, (Macmillan, 1943).
        11. Niebyl, Karl H., Studies in the Classical Theories of Money, (Columbia, 1946).
        12. Sayers, R. S., Modern Banking, (Oxford, 1938), Chapters 4-5 (pp. 70-145).
        13. Viner, J. Studies in the Theory of International Trade, (Harper, 1937), Chapter V, “English Currency Controversies” (pp. 218-289).
        14. Wernette, P., Financing Full Employment, (Harvard, 1945), Chapter 3 (pp. 33-61).
        15. Macmillan Report, Royal Commission in Industry and Commerce, Cmd. 3897 (1931) pp. 2-45; 106-160.
      2. Articles
        1. Abbott, C. C. (Review articles on Financing Problems and Bank Liquidity), Review of Economic Statistics, February 1946 (pp. 48-51).
        2. Abbott, C. C., “Management of the Federal Debt”, Harvard Business Review, Autumn 1945.
        3. Goldenweiser, E. A., “Commercial Banking After the War”, Federal Reserve Bulletin, September 1944.
        4. Seltzer, Lawrence, “Is a Rise in Interest Rates Desirable or Inevitable?”, American Economic Review, December 1945.
        5. Treasury Bulletin, April 1946, “Federal War-time Financing and the Growth of Liquid Assets”.
        6. Keynes, J. M., “The Objective of International Price Stability”, Economic Journal, June-September 1943.
    3. General Reference Reading (see below).

 

  1. Theory of Money, Liquidity Preference, Interest and Prices.
    1. Minimum Reading List:
      1. Books:
        1. Fellner, William, Monetary Policies and Full Employment, Chapter 6, (pp. 174-209).
        2. Hansen, Alvin H.:
          1. Economic Policy and Full Employment, Chapters 12, 13, 18, 19 and 21, (pp. 145-160; 202-232; 248-260).
          2. Fiscal Policy and Business Cycles, (Norton, 1941), Chapters 1-5; 11-15; (pp. 13-105; 225-338).
          3. Full Recovery or Stagnation, (Norton, 1938), Chapter 3 (pp. 59-87); Appendix, pp. 331-343.
        3. Hayek, F. A., Prices and Production, (Routledge, 1935), Chapters 1 and 4 (pp. 1-31; 105-128).
        4. Keynes, J. M., Monetary Reform, (Harcourt, 1924), pp. 81-95; 152-191.
        5. Keynes, J. M., A Treatise on Money, (Harcourt, 1930), Chapters 9-13 and 30 (Volume I, pp. 123-220; Volume II, pp. 148-208).
        6. Keynes, J. M., General Theory of Employment, Interest and Money, (Harcourt, 1936), pp. 3-45; 61-65; 74-221; 245-271; 292-332; 372-384.
        7. Klein, Lawrence, The Keynesian Revolution, Chapters 1-3, (pp. 1-90).
        8. Marget, Arthur W., The Theory of Prices, Volume I, (Prentice-Hall, 1938), Chapters 12 and 15 (pp. 302-343, 414-459, and large type sections).
        9. Marget, Arthur W., The Theory of Prices, Volume II, (Prentice-Hall, 1942), Chapter 3 (pp. 89-133, large type sections).
        10. Marshall, A., Money, Credit and Commerce, (Book I, Chapter XX, pp. 38-50.
        11. Robertson, D. H., Essays in Monetary Theory, (King, 1940), Chapters 1, 6, 11 (pp. 1-38; 92-7; 113-153).
        12. Schumpeter, J. A., Business Cycles, (McGraw-Hill, 1939), Volume II, Chapter 8, (pp. 449-482).
        13. Wicksell, K., Interest and Prices, (Macmillan, 1936), Introduction by Bertil Ohlin; also author’s Preface; Chapters 5, 7-8, 11 (pp. 38-50; 81-121; 165-177).
        14. Wicksell, K., Money: Lectures on Political Economy, Volume II, (Macmillan, 1935), Chapter IV (pp. 127-228).
        15. Wright, David McC., The Creation of Purchasing Power, (Harvard, 1939), Chapters 4-6 (pp. 60-121).
        16. Macmillan Report, Royal Commission on Finance and Industry, Cmd. 3897 (1931), Part I, Chapter 11 (pp. 92-105).
      2. Articles:
        1. Clark, Colin, “Public Finances and Changes in the Value of Money”, Economic Journal, December 1945.
        2. Hicks, J. R., “Mr. Keynes and the Classics: A Suggested Interpretation”, Econometrica, April 1937.
        3. Hawtrey, R. G. and Hicks, J. R., “Interest and Bank Rate”, The Manchester School of Economic and Social Studies, October 1939.
        4. Harrod, Hansen, Haberler, and Schumpeter, “Keynes’ Contribution to Economics”, Review of Economic Statistics, November, 1946.
        5. Keynes, J. M., “Relative Movement of Real Wages and Output”, Economic Journal, March 1939.
        6. Lange, O., “The Rate of Interest and the Optimum Propensity to Consume”, Economica, February 1938.
        7. Lerner, A. P., “Interest Theory: Supply and Demand for Loans or Supply and Demand for Cash”, Review of Economic Statistics, May 1944.
        8. Mints, Hansen, Ellis, Lerner, Kalecki, “A Symposium on Fiscal and Monetary Policy”, Review of Economic Statistics, May 1946.
        9. Modigliani, F., “Liquidity Preferences and the Theory of Interest and Money”, Econometrica, January 1944.
        10. Simons, H. C., “Debt Policy and Banking Policy”, Review of Economic Statistics, May 1946.
        11. Tobin, James, “Liquidity Preference and Monetary Policy”, The Review of Economic Statistics, May 1947.
    2. Supplementary Reading List:
      1. Books:
        1. Adarkar, B. P., The Theory of Monetary Policy, (King, 1935), Chapter 1-8; 13-15 (pp. 3-52; 101-122).
        2. Chandler, L. V., An Introduction to Monetary Theory (Harper, 1940), pp. 1-205.
        3. Coulborn, W. A. L., An Introduction to Money, (Longmans, 1938), Chapters 6-8; 15-16 (pp. 65-116; 242-264).
        4. Haberler, G., Prosperity and Depression (1939) Chapters 8, 13 (pp. 168-254; 455-507).
        5. Hicks, J. R., Value and Capital, Chapters 12-13.
        6. Lindahl, Erik, Studies in the Theory of Money and Capital, (Allen and Unwin, 1939), Part II, Chapters 4-6, (pp. 199-268).
        7. Myrdal, Gunnar, Monetary Equilibrium, (Hodge, 1939), Chapters 1-3 (pp. 1-48).
        8. Polanyi, M. Full Employment and Free Trade, (Cambridge Univ. Press, 1945), Chapters 1, 4, (pp. 1-66; 87-103).
        9. Robertson, D. H., Money (Harcourt, 1929) Chapters 2-4; 7-8.
        10. Sayers, R. S., Modern Banking. (Oxford, 1938), Chapter 6 (pp. 146-164).
        11. Thomas, Brindley, Monetary Policy and Crises, (Routledge, 1936), Chapters 3-4 (pp. 62-156).
      2. Articles:
        1. Lange, O., “Economic Controls After the War,” Political Science Quarterly, March 1945.
        2. Lerner, A. P., “Alternative Formulations of the Theory of Interest”, Economic Journal, June 1938.
        3. Lerner, A. P., “Ex Ante Analysis and Wage Theory”, Economica, November 1939.
        4. Lerner, A. P., “Some Swedish Stepping Stones in Economic Theory”, Canadian Journal of Economics and Political Science, November 1940.
        5. Marschak, J., “Wicksell’s Two Interest Rates”, Social Research, November 1941.
        6. Simons, H. C., “On Debt Policy”, Journal of Political Economy, June 1945.
        7. Warburton, Clark, “The Volume of Money and the Price Level Between the World Wars”, Journal of Political Economy, June 1945.
        8. a. Warburton, Clark, “The Monetary Theory of Deficit Financing”, Review of Economic Statistics, May 1945.
          b. Arndt, H. W., “The Monetary Theory of Deficit Financing; A Comment”, Review of Economic Statistics, May 1946.
        9. Bean and others, “Five Views on the Consumption Function”, Review of Economic Statistics, November, 1946.
    3. General Reference Reading (see below).

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1947-48 (2 of 2)”.

____________________________

Mid-year Exam

1947-48
HARVARD UNIVERSITY
ECONOMICS 141a

Part A. Write on one question only.

  1. Write an essay on Federal war-time financing including a discussion of:
    1. The role played by (a) the Federal Reserve Banks, (b) the commercial banks.
    2. The impact on (a) the money supply, (b) the liquid assets, (c) member bank reserves, (d) currency in circulation, (e) the rate of interest.
  2. Discuss major problems currently confronting the Federal Reserve System including an appraisal of various proposals to deal with these problems.

Part B. Write on any three questions.

  1. Write an essay (historical and analytical) on the relation of the money supply to the national income. In this connection discuss: (a) the Quantity Theory (b) the Marshallian “k” and (c) the Keynesian liquidity preference functions.
  2. Using the diagrams and analysis of Hicks and Keynes, discuss the role of (a) the schedule of the marginal efficiency of capital (b) the consumption function (c) the liquidity preference function and (d) the quantity of money, as determinants of the rate of interest and of income.
  3. State precisely the conditions (in particular including the relevant functions and their interest-elasticities) under which Monetary Policy alone, or Fiscal Policy alone (without either being supplemented by the other) may be (a) fully effective, (b) wholly ineffective, in raising income.
  4. Write an essay on the “theory of prices” including a discussion of money, income, wage and cost functions; in particular make use of the Keynesian analysis contained in the General Theory, Book V. (Money, Wages, and Prices.)
  5. Write an essay on any one of the following:
    1. International Currency Experience (League of Nations).
    2. Hawtrey, The Art of Central Banking.
    3. Keynes: Treatise on Money.
    4. Robertson: Essays on Monetary Theory.
    5. Williams, Postwar Monetary Plans.
    6. Klein, The Keynesian Revolution.
    7. Wicksell: Interest and Prices.

Note: You will be expected to write on 4 questions (one from part A and three from Part B.

Final. January, 1948.

 

Source: Harvard University Archives. Harvard University Final Examinations 1853-2001. Box 15. Papers Printed for Final Examinations: History, History of Religions…, Economics, … , Military Science, Naval Science, January, 1948.

____________________________

 SECOND SEMESTER
ECONOMICS 141b: PRINCIPLES OF MONEY AND BANKING

  1. International Monetary Equilibrium:
    1. Cassel, G., The Downfall of the Gold Standard (1936).
    2. Copland, Douglas, Australia in the World Crisis (1934).
    3. Ellis, H. S., Exchange Control in Central Europe (1941).
    4. Graham and Whittlesey, Golden Avalanche (1939).
    5. Hall, M. F., The Exchange Equalization Account (1935).
    6. Hahn, George, International Monetary Cooperation (1945).
    7. Hansen, Alvin, H., America’s Role in the World Economy (1945).
    8. Hardy, C. O., Is There Enough Gold (1936).
    9. Harris, S. E., Exchange Depreciation (1936).
    10. Harris, S.E., Economic Problems of Latin America (1944).
    11. Iverson, Carl, International Capital Movements (1936).
    12. Kindelberger, C. P., International Short-term Capital Movements (1937).
    13. League of Nations, Final Report on Gold (1932).
    14. League of Nations, Economic Fluctuations in the United States and the United Kingdom, 1918-22 (1942).
    15. Nurkse, R., International Currency Experience (1944).
    16. Warren and Pearson, (a) Gold and Prices (1935);
      (b) World Prices and the Building Industry (1937).
    17. Williams, John H., Postwar Monetary Plans (Second Edition, 1945)
  2. Monetary and Fiscal Policy:
    1. Beveridge, Sir William, Full Employment in a Free Society (1945).
    2. British White Paper on “Employment Policy” (1944).
    3. de Chazeau, Hart, and Others, Jobs and Markets (1946).
    4. Economics of Full Employment. Six Oxford Economists (1945).
    5. Fellner, W., Monetary Policies and Full Employment (1946).
    6. Financing American Prosperity, Twentieth Century Fund (1945).
    7. Groves, H. M., (a) Production, Jobs and Taxes (1944).
      (b) Postwar Taxation and Economic Progress (1946).
    8. Hansen, Alvin, H., Economic Policy and Full Employment (1946).
    9. Harris, S. E., Postwar Economic Problems (1943).
    10. Harris, S. E., Economic Reconstruction (1945).
    11. Hayes, H. Gordon, Spending, Saving and Employment (1945).
    12. League of Nations: Anti-Depression Policy (1945).
    13. Langum, John K., Postwar Banking Problems (1946).
    14. Postwar Economic Studies No. 3, Public Finance and Full Employment (1945).
    15. Postwar Economic Studies No. 8, Federal Reserve Policy (1946).
    16. Ruml and Sonne, Fiscal and Monetary Policy (1944).
    17. Terborgh, George, The Bogey of Economic Maturity (1945).
    18. Williams, John H. Postwar Monetary Plans (Second Edition, 1945), Chapters 4, 5.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1947-48 (2 of 2)”.

____________________________

Year-end Exam

1947-48
HARVARD UNIVERSITY
ECONOMICS 141b
PRINCIPLES OF MONEY AND BANKING

(Three hours)

Discuss one question in each part.

I

  1. Your own appraisal of Keynes’ “General Theory.”
  2. The role of money in Keynes’ “General Theory”.

II

  1. Postwar Federal reserve policy.
  2. The secondary (government security) reserve proposal.

III

  1. International monetary and trade adjustment in the postwar world.
  2. Harrod’s “Are These Hardships Necessary?”
  3. The franc devaluation.

 

Final. May, 1948.

Source: Harvard University Archives. Harvard University Final Examinations 1853-2001. Box 14. Papers Printed for Final Examinations: History, History of Religions…, Economics, … , Military Science, Naval Science, May, 1947.

____________________________

 ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING
GENERAL REFERENCE READING
[13 pages!]

Has been transcribed and posted with the material for 1946-47.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1946-47 (2 of 2)”.

Image Source: Alvin H. Hansen and John H. Williams in Harvard Class Album 1942.

 

 

 

 

Categories
Exam Questions Johns Hopkins Suggested Reading Syllabus

Johns Hopkins. Income Distribution Theory, Readings and Exams. Machlup, 1950’s

 

 

The following reading list on the theory of income distribution taught by Fritz Machlup in the mid-1950s at Johns Hopkins University was found in a file in the Evsey Domar papers marked “Macroeconomics, Old Reading Lists”. I hadn’t realized until this post that Machlup’s papers are archived at the Hoover Institution, where 45 boxes alone are filled with the archival remains of his academic career. OK, next time.

I remember that my dissertation supervisor, the same Evsey Domar, did not particularly “like” Fritz Machlup. The two of them were at Johns Hopkins in the 1950s, Machlup being a dozen years Domar’s senior. It is not that Evsey Domar would have actually trash-talked Fritz Machlup in front of a student of his, but I do have a vague recollection of Domar judging Machlup’s approach to economics as having been excessively concerned with terminological issues over substantive economics. Also I sensed that Domar considered Machlup to have viewed matters of academic rank and relative status with excessive seriousness. But these memories fall closer to the legend end of the historical spectrum than to those frequencies reserved for documented anecdotes. 

____________________

JOHNS HOPKINS UNIVERSITY
THE THEORY OF RELATIVE INCOMES
18-603, Fall Term 1954-55
Prof. Fritz Machlup

READING LIST

Texts:

  1. American Economic Association, Readings in the Theory of Income Distribution. (Philadelphia: Blakiston, 1946)
  2. Any one of the books on the list below.

 

  1. General Background

Alfred Marshall, Principles of Economics (London: Macmillan, 8th ed. 1936) Books V and VI.

[Handwritten note, “theory of derived demand exp. Ch. 1-6”, apparently referring to Marshall, Book V (“derived demand” found in Chapter 6 of Book V)]

Eugen v. Böhm-Bawerk, Positive Theory of Capital (London: 1891; Reprinted New York, Stechert, 1940) Book III, Ch. X; Book IV, Ch. VII.

Philip H. Wicksteed, The Common Sense of Political Economy. London: Routledge, 1933) Vol. I, Book I, Chapter IX.

Frank H. Knight, Risk, Uncertainty and Profit (Boston: 1921, Repreinted London School of Economic) Part II.

John R. Hicks, Value and Capital (Oxford: Clarendon Press, 1939) Part II.

 

  1. General Equilibrium Theory

Gustav Cassel, A Theory of Social Economy (New York: Harcourt, Brace, 1924) Chapter IV.

Bertil Ohlin, Interregional and International Trade (Cambridge: Harvard Univ. Press, 1933) Appendix I.

George Stigler, Production and Distribution Theories (New York: Macmillan, 1941) Chapter IX and XII.

Joan Robinson, “Euler’s Theorem and the Problem of Distribution” Economic Journal, Vol. XLIV (1934).

 

  1. Marginal Productivity and Substitution

John Bates Clark, The Distribution of Wealth (New York: Macmillan, 1900) Chapter XII and XIII.

Joan Robinson, Economics of Imperfect Competition (London: Macmillan, 1934) Books VII, VIII, IX.

John R. Hicks, The Theory of Wages (London: Macmillan, 1935) Chapter I and VI.

Paul H. Douglas, The Theory of Wages (New York: Macmillan, 1934) Chapter III.

Paul H. Douglas, “Are There Laws of Production?” American Economic Review, Vol. XXXVIII (1948).

Fritz Machlup, “The Commonsense of the Elasticity of Substitution,” Review of Economic Studies, Vol. II (1935).

Richard A. Lester, “Shortcomings of Marginal Analysis for Wage-Employment Problems.” American Economic Review, Vol. XXXVI (1946)

Fritz Machlup, “Marginal Analysis and Empirical Research” American Economic Review, Vol. XXXVI (1946).

Articles by Cassels, Stigler, Chamberlin, Machlup, Robinson, Lange, and Kalecki in A.E.A. Readings.

 

  1. Wage

John R. Hicks, The Theory of Wages Chapters II, III, IV.

Paul H. Douglas, The Theory of Wages Chapter X.

Edwin Cannan, “The Demand for Labour”, Economic Journal, Vol. XLII. (1932)

Fritz Machlup, The Political Economy of Monopoly (Baltimore: Johns Hopkins, 1952) Chapters IX and X.

Articles by Robertson, Robbins, Bloom, Rolph, Reynolds, Lerner, Tarshis, and Dunlop in AEA Readings.

 

  1. Rent

David Ricardo, Principles of Political Economy and Taxation (1st ed. 1817) Chapter II.

Hubert D. Henderson, Supply and Demand (Cambridge: University Press, 1922, Revised, 1932) Chapter VI.

Joan Robinson, Economics of Imperfect Competition, Chapter VIII.

Gordon F. Bloom, “Technical Progress, Costs, and Rent”. Economica IX, New Series (1942)

Articles by Buchanan, and Boulding in AEA Readings.

 

  1. Interest

Eugen v. Böhm-Bawerk, The Positive Theory of Capital, Books II, V, VI, and VII.

Knut Wicksell, Lectures on Political Economy (New York: Macmillan, 1934) Vol. I, Part II, Ch. 2.

John Maynard Keynes, The General Theory of Employment, Interest and Money (London: Macmillan, 1936) Chapters 11, 12, 13 and 14.

Friedrich A. Hayek, The Pure theory of Capital (London: Macmillan, 1941) Chapters III, V, VI, VIII, XI-XIV.

Fritz Machlup, “Professor Knight and the ‘Period of Production’”, Journal of Political Economy, Vol. XLIII (1935).

____________ “The Rate of Interest as Cost Factor and as Capitalization Factor”, American Economic Review, Vol. XXV, (1935)

Articles by Hayek, Knight, Keynes, Robertson, Hicks, Somers, and Lutz, in Readings.

 

  1. Profit

Frank H. Knight, Risk, Uncertainty and Profit, Chapters IX-XII.

Joseph Schumpeter, The Theory of Economic Development (Cambridge: Harvard University Press, 1934) Chapter IV.

Robert Triffin, Monopolistic Competition and General Equilibrium Theory (Cambridge: Harvard University Press, 1940) Chapter V.

Fritz Machlup, The Economics of Sellers’ Competition (Baltimore: Johns Hopkins, 1952), Chapters VII and VIII.

Articles by Knight, Hart, Gordon, and Crum, in Readings.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Project, Papers of Evsey Domar, Box 15, Folder “Macroeconomics, Old Reading Lists”.

____________________

THE JOHNS HOPKINS UNIVERSITY
The Theory of Relative Incomes
18-603

January 21, 1953

Professor Fritz Machlup

Answer three questions, one from each group.

Write on loose sheets of paper; start a new sheet for each question.
Identify each sheet by the Question Number in the left corner and your Examination Number (which you draw before the examination) in the right corner; your name should appear nowhere.(I.

  1. Describe in words, without using any symbols, the Walrasian system of general equilibrium, stating the essential assumptions, the variables assumed to be given, and the unknowns to be derived.

II.

  1. Discuss the influence of different types of inventions on the marginal productivity of labor. Indicate also their probably effects on the total income of the labor class and on its relative share in the national income.
  2. Dennis H. Robertson divides the effects which “an artificial raising of the wages” is apt to have upon employment into “two analytically separable reactions”, first, “a movement along the existing [marginal productivity] curve,” and second, “a cumulative lowering of the curve”. Explain the two reactions and indicate what assumptions concerning other factors of production, especially capital, are involved.

III.

  1. State the three grounds on which Böhm-Bawerk bases his explanation of the existence of interest and discuss whether each or any of them constitutes a necessary and/or sufficient condition of the existence of interest. (You may avoid committing yourself to the arguments expressed by attributing them to “some writers”.)
  2. Without indicating your own opinions or inclinations, present both sides in the controversy between Frank H. Knight and the “Austrians” with respect to the following points:
    1. that all capital is conceptually perpetual or conceptually non-permanent;
    2. that economic progress may result in a “shortening” of the investment period;
    3. that an increase in the supply of capital need not change the original factors of the remote past.

Source: Johns Hopkins University. Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 6, Exams, 1956-62. Box 3/1, Folder “Graduate Exams, 1933-1965”.

____________________

THE JOHNS HOPKINS UNIVERSITY
THEORY OF RELATIVE INCOMES
18.603

January 1957

Professor Fritz Machlup

Answer four questions, one from each part.

Write on loose sheets of paper; start a new sheet for each question.
Identify each sheet by the Question Number in the left corner and your Examination Number (which you draw before the examination) in the right corner; your name should appear nowhere.
You are on your honor not to use notes or to give or accept advice.

PART I.

  1. A product, X, is made from three “ingredients” or factors of production, A, B, and C, all of which are necessary and can be used only in a fixed proportion. Total output of X is 1000 units per unit of time; the product sells at a price of $100 per unit. The factor costs per unit of product are $60 for A, $30 for B, and $10 for C. The supplies of A and B are perfectly elastic to the industry. The demand for X has an elasticity of -2. The industry is competitive both in its buying and selling.
    Assume that the quantity of C which is available to the industry is reduced by 20 per cent. Calculate the elasticity of the industry’s derived demand for C. Show your reasoning step by step.
  2.      a. Define or explain the concept of elasticity of substitution as it is used by Mrs. Robinson.
    1. Is it “technical” substitution or “total” substitution which is involved in Mrs. Robinson’s concept? What is the difference between the two substitutabilities?

PART II.

  1. Discuss various concepts of “bargaining power” in the labor market, commenting on the selection of criteria, the problem of measurability, and the uses to which the concepts are put.
  2. Ricardo says in the chapter “On Rent” of his Principles of Political Economy and Taxation: “If the high price of corn were the effect, and not the cause of rent, price would be proportionately influenced as rents were high or low, and rent would be a component part of price. But that corn which is produced by the greatest quantity of labor is the regulator of the price of corn; and rent does not and cannot enter in the least degree as a component part of its price.” Discuss. Take account of the possibility that land has other uses besides the production of corn.

PART III.

  1. Without indicating your own opinions or inclinations, present both sides in the controversy between Frank H. Knight and the “Austrians” with respect to the following points:
    1. that all capital is conceptually perpetual or conceptually non-permanent;
    2. that economic progress may result in a “shortening” of the investment period;
    3. that an increase in the supply of capital need not change the original factors of the remote past.
    4. that it is not possible to identify the contributions of the original factors of the remote past.
  2. On p. 208 of his Lectures, Vol. I, Wicksell quotes the following statement by Gustav Cassel: “A man who attaches the same importance to future needs as to present ones, if he expects to be able to provide for his needs in the future just as easily as he does now, has no reason for setting aside anything of his present income.” According to Wicksell, “Cassel is not quite correct” inasmuch as his “argument actually presupposes the absence of any rate of interest.” Explain.

PART IV.

  1. What, if anything, does general-equilibrium theory contribute to the understanding or development of income-distribution theory?
    In order to facilitate a thoughtful discussion of this question it is suggested that you treat it in three parts:

    1. The function of a theory of relative incomes. (What is it designed to do? What kind of general principles or conceptual schemes seem to be useful in developing a theory of income distribution?)
    2. The essentials of general-equilibrium theory. (What is it designed to do and how? What do we learn from it?)
    3. The contribution, or lack of it, of general-equilibrium systems to the theory of relative incomes.

 

Source: Johns Hopkins University. Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 6, Exams, 1956-62. Box 3/1, Folder “Graduate Exams, 1933-1965”.

Image Source:  Fritz Machlup page  at the website Austrian Economics Center.