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Economic History Exam Questions Harvard

Harvard. Twenty years of graduate economic history exams. Gay and Usher, 1930-1949

 

This has turned into a post that is over fifty pages long when printed as a normal text document. It began with materials in a folder found in Alexander Gerschenkron’s papers at the Harvard archives that contained a test-bank of two of his predecessors in economic history at Harvard, Edwin F. Gay and Abbott Payson Usher, starting with the 1929-30 academic year. I thought this was a convenient collection to transcribe but soon found myself going through other archival material I have collected to fill in the inevitable “missing observations”. There are still a few gaps I am sorry to report, but not enough to stop me from posting this incredible collection of the exams for graduate courses in economic history at Harvard spanning twenty years during the first half of the 20th century.

Harvard’s catalogues of courses long distinguished between those “primarily for undergraduates”, “for undergraduates and graduates” and “primarily for graduates”. The exams transcribed below are from courses “primarily for graduates”.

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Previous posts
(for 1921-1941)

Biographical info for Edwin F. Gay and Abbott Payson Usher.

Readings for undergraduate european economic history (Economics 2a). Usher, 1921.

Final Exam Questions for undergraduate European Economic History (Economics 2a). Usher, 1922.

Readings and final exam for undergraduate/graduate History of Commerce to 1750 (Economics 10a). Usher, 1929-30.

Readings and Exam for undergraduate European Economic History since the Industrial Revolution (Economics 2a) Gay, 1934.

Course outline, readings, and exam for undergraduate/graduate Development of Industrial Society (Economics 10b).  Usher, 1934.

Readings for Recent Economic History (Economics 23). Gay, 1934-35.

Readings and paper topics for Economic History to 1450 (Economics 21)  Usher, 1934-35.

Topics/readings for Modern Economic History Seminar (Economics 136). Usher, 1937-41.

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1929-30

From Course Announcements

II
ECONOMIC HISTORY

Economics 23 1hf. Economic History to 1450

Half-course (first half-year). Two hours a week, to be arranged. Associate Professor Usher.

[Economics 24. Topics in Modern Economic History]

Two consecutive hours a week, to be arranged. Professor Gay.

Omitted in 1929-30.

 Economics 25. Recent Economic History

Tu., Th., at 4. Professor Gay.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXVI (September 19, 1929), No. 44, Announcement of the Courses of Instruction, 1929-1930 (Second Edition), p. 124.

Enrollment

II

Economics 23 1hf. Associate Professor Usher. — Economic History to 1450.

Total 1: 1 Graduate.

Economics 25 Professor Gay. — Recent Economic History.

Total 47: 40 Graduates, 7 Radcliffe

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

1929-30.
Harvard University.
Economics 231.
[Mid-year Exam, 1930]

Answer five questions.

  1. What distinction may be drawn between the process of invention and the process of achievement? Give illustrations.
  2. What reasons may be advanced for considering the beginning of the Christian Era a line of demarcation of primary importance?
  3. Comment on the individual terms and the general doctrine of the following passage:
    For centuries the Roman adhered to his “two-field system” of agriculture, and rectangular fields, and the Germans preserved the ancestral “strip system” of fields of their village communities. Even the reduction of these free villages to manorial villages and the fiscal pressure of the manorial regime failed completely to fuse or even much to modify these immemorial farming practices.
  4. Discuss the meanings of the terms “civitas”, “oppidum”, “portus” and their relation to the problem of the origin of the medieval towns.
  5. What distinctions may be drawn between the “free” craft and the “worn” craft? What were the functions of the wardens of a craft guild?
  6. Describe the general features of a radiate market system, and explain the broader characteristics of its price structure in normal times.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1929-30
Harvard University.
Economics 25
[Mid-year Exam, 1930]

PART I

(An hour to an hour and a half)
Write an essay on one of the following topics.

  1. The practical triumphs of the Ricardian economies before 1850.
  2. The “movement of liberation,” or “laissez-faire,” as applied to the condition of the industrial workers.
  3. An outline history of any decade between 1790 and 1860. In Europe and the United States, emphasizing the economic factors, and giving reasons for the choice of decade.

PART II

Write on three of the following questions.

  1. Comment on the following statement:
    [As compared with England] “the postponement of personal freedom gave the continental serfs one signal advantage. Emancipation was accomplished without the sacrifice of their rights in the soil.”
  2. Give a definition or a concise description of the “putting-out” system; justify your inclusions and exclusions.
  3. Describe briefly the relations between the agricultural development of the United States and Europe before 1860.
  4. Outline the attitude of the government to railroads in England, the United States, and France, before 1860.
  5. On two occasions in his life — 1819 and 1844 — Sir Robert Peel thought that he had placed the English monetary system on a sure foundation. Why?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 12, Bound volume Examination Papers, Mid-Years 1929-30.

 1929-30
Harvard University.
Economics 25
[Year-end Exam, 1930]

Adequate and appropriate historical evidence must be presented in support of any opinions and generalizations.

Answer four of the following questions.

  1. Discuss the following statement, especially emphasizing the relations between banking and agriculture in American economic history:
    “It is hardly too much to say that the political as well as economic history of America has been dominated by real estate speculation and by the cheap money controversy, largely an offshoot from the former.”
    F. H. KNIGHT, Risk, Uncertainty and Profit (1921), p. 17.
  2. Explain and illustrate the following passage from Alfred Marshall, Industry and Trade (1919), p. 746:
    “[The English classical economists] overlooked the fact that many of those indirect effects of Protection which aggravated then, and would aggravate now, its direct evils in England, worked in the opposite direction in America. For the more America exported her raw produce in return for manufacture, the less the benefit she got from the Law of Increasing Return….”
  3. Compare and criticize the two theories of the development of the Industrial Revolution implied in the two following quotations:
    “La préponderance économique du commerce, trait dominant de la phase économique qui s’étend du commencement du XVIe siècle à la fin du XVIIIe, va decroître relativement à l’industrie naissante.”
    B. Nogaro and W. Oualid, L’Évolution du Commerce, du Crédit et des Transports (1914), p. 9.
    “…it was this slow process of finding out the opaque matters of fact that make up the material of technological science that occupied several generations of the British before the Germans took over any appreciable portion of it. The first acquisition of this material knowledge is necessarily a slow work of trial and error, but it can be held and transmitted in definite and unequivocal shape, and the acquisition of it by such transfer is no laborious or uncertain matter.”
    T. Veblen, Imperial Germany and the Industrial Revolution (1915), p. 185.
  4. Discuss the tendency toward aggregation and control in industry in the United States, Germany, and England, with comment on the following statements:
    1. “Our people cannot live and thrive under the regime of bureaucracy that threatens unless industry solves its own problems. It was the abuses attendant upon an unregulated national industrial impulse that brought upon our country that legislative monstrosity known as the Sherman anti-trust law…. It is industry’s own neglect … that gives us a growing number of boards, commissions and tribunals to add their weight to the burden of industry.” American Federation of Labor (1924)
      “The state is not capable of preventing the development of the natural concentration of industry.”
      S. Gompers, Presidential Address to the American Federation of Labor, 1899.
      “Our big business has not justified the fears of our people.” Owen D. Young.
    2. As contrasted with the growth of industrial combination in other countries, a French writer thinks that “trusts” have arisen in the United States because the government has “done too little or too much” — i.e. too little intelligent and effective regulation (including the regulations of railroads) and too much protection by tariffs.
  5. What have the successive booms and crises, the upward and downward swings of business cycles, during the last century taught the banker, the manufacturer, and the wage-earner?
  6. Comment on the accompanying statistical table:

Net tonnage of leading mercantile fleets, 1850-1920
(in thousand tons)

1850 1870 1890 1910 1920
United Kingdom sail 3,397 4,578 2,936 1,114 625
steam 168 1,113 5,043 10,443 12,026
United States (in foreign trade) sail 1,541 2,449 749 235 937
steam 45 97 198 557 8,626
German Empire sail 900 710 507 342
steam 82 724 2,397 221
France sail 674 918 444 636 267
steam 14 154 500 816 1,746
Norway sail 298 1,009 1,503 628 225
steam 14 203 897 1,149
Japan sail 48 413 203
steam 94 1,234 1,900

Note: The figures for the year 1920 have been obtained from another source, and are not reliably comparable with the figures for the earlier years. There is particular suspicion of error in the figures for United States shipping in that year.

Source: Harvard University Archives. Papers Printed for Final Examinations [in] History, New Testament, …, Economics, …, Military Science, Naval Science (January-June 1930) in Vol. 72 Examination Papers, Finals 1930.

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1930-1931

From Course Announcements

II
ECONOMIC HISTORY

Economics 23 1hf. Economic History to 1450

Half-course (first half-year). Two hours a week, to be arranged. Associate Professor Usher.

[Economics 24. Topics in Modern Economic History]

Two consecutive hours a week, to be arranged. Professor Gay.

Omitted in 1930-31.

Economics 25. Recent Economic History

Wed., Fri., at 3. Professor Gay.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXVII (September 17, 1930), No. 42, Announcement of the Courses of Instruction, 1930-1931 (Second Edition), p. 125.

Enrollment

II

Economics 23 1hf. Associate Professor Usher. — Economic History to 1450.

Total 2: 1 Graduate, 1 Senior.

Economics 25 Professor Gay. — Recent Economic History.

Total 50: 41 Graduates, 9 Radcliffe

Source: Harvard University. Report of the President of Harvard College 1930-31, p. 77.

1930-31
Harvard University
Economics 23.
[Mid-year Exam 1931]

Answer five questions.

  1. What distinctions may be drawn between the process of invention and the process of achievement? Give illustrations.
  2. What reasons may be advanced for considering the beginning of the Christian Era a line of demarcation of primary importance to economic history?
  3. Sketch the history of the “colonus” in Roman Gaul and in the Frankish kingdoms.
  4. Discuss the meanings of the terms “civitas”, “oppidum”, “portus” and their relation to the problem of the origins of the medieval towns.
  5. What distinctions may be drawn between the “free” craft and the “sworn” craft? What were the functions of the wardens of a craft gild?
  6. Describe the general features of a radiate market system, and explain the broader characteristics of its price structure.
  7. Write briefly on any one of the following topics:

shipping partnerships and sea-loans,
towns and trade routes of the Mohammedan world,
Venice, Genoa, and the crusades.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1930-31
Harvard University
Economics 25
[Mid-Year Exam, 1931]

Write an essay on one of the topics in Part I, and answer briefly two questions in Part II.

I

  1. The relation between the development of economic theory and the experiences of the period of the Industrial Revolution in England.
  2. English Liberalism: its component elements as a body of doctrine, and its expression in political action before 1865, with especial emphasis upon its attitude toward economic policy.

Il

  1. Summarize in parallel columns the outstanding events in the economic history of England and the United States between 1840 and 1850.
  2. Do the same for England and France between 1850 and 1870.
  3. How closely is the history of transportation in England before 1870 related to the long and the short fluctuations in general business activity?
  4. Outline the chief points you would treat in a chapter on Money and Banking for an Economic History of the Nineteenth Century to 1865.

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 12, Bound volume Examination Papers, Mid-Years 1930-31.

 1930-31
Harvard University
Economics 25
[Year-end Exam, 1931]

I
Write an essay on one of the following statements:

  1. “The machine, the child of laissez faire, has slain its parent.”
  2. “You shall not crucify mankind upon a cross of gold.”
  3. “The one-crop system has been the bane of American agriculture.”
  4. “In England the Reform Act initiated and the Corn Law decreed the conquest of town over country, factory over farm; in the United States a similar revolution is in process.”
  5. “The Sherman Act, like Canute’s throne, was set to stem the advancing tide. Now the question is, shall it be submerged or dragged back to higher land.”

II
Write concisely on two of the following questions:

  1. What are four outstanding developments of banking from about 1790 to the present time? Compare and contrast these movements in Western Europe and the United States.
  2. In what successful ways did Western Europe meet the invasion of American agricultural products after 1870?
  3. Place in their order of industrial and commercial importance, at 1750, 1880 and 1930, the following countries: Holland, Germany, France, England and the United States. Give your reasons.
  4. Trace the connection, if any, between (a) the swings of business cycles and secular trends and (b) the development of the combination movement and trade unionism.

Source: Harvard University Archives. Papers Printed for Final Examinations [in] History, New Testament, …, Economics, …, Military Science, Naval Science (January-June 1931) in Vol. 73 Examination Papers, Finals 1930.

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1931-1932

From Course Announcements

II
ECONOMIC HISTORY

Economics 23 1hf. Economic History to 1450

Half-course (first half-year). Two hours a week, to be arranged. Associate Professor Usher.

[Economics 24. Topics in Modern Economic History]

Two consecutive hours a week, to be arranged. Professor Gay.

Omitted in 1931-32.

Economics 25. Recent Economic History

Wed., Fri., at 4. Professor Gay.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXVIII (September 24, 1931), No. 45, Announcement of the Courses of Instruction, 1931-1932 (Second Edition), p. 127.

Enrollment

II

Economics 23 1hf. Associate Professor Usher. — Economic History to 1450.

Total 1: 1 Graduate.

Economics 25. Professor Gay. — Recent Economic History.

Total 65: 54 Graduates, 11 Radcliffe

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

1931-32
Harvard University
Economics 23
[Final Exam 1932]

Answer five questions.

  1. Write briefly on any one of the following topics:

the development of the mechanical clock,
the development of the sailing vessel, 1200-1450,
the application of power to milling, 100B.C.-1300 A.D.

  1. May any of the industrial establishments of ancient Greece or Rome be properly classified as factories? Why, or why not?
    What was the significance of the types of establishment whose classification is involved in such doubts?
  2. Describe the general features of the organization of the craft gilds.
    In what respect do we find differences in the various regions of Europe?
  3. Describe the legal and economic features of villein tenure in France and England in the middle ages.
  4. How may we explain the development of towns in Italy and Northern Europe after the ninth century?
    What were the distinctive privileges of a town?
  5. Describe the operations of banks of deposit in the fourteenth and fifteenth centuries, and discus their significance in the development of credit.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1931-32
Harvard University
Economics 25
[Mid-Year Exam, 1932]

Write an essay on one of the topics in Part I, and answer briefly three questions in Part II.

I

  1. “The changes of the Industrial Revolution in England were interrelated both serially and laterally, i.e., as between commerce, industry and agriculture.”
  2. “The policy of Free Trade has dislocated the whole structure of English society.”
  3. Peasant proprietorship in Western Europe.

II

  1. Estimate the significance of Peel’s administration (1842-46) in the economic history of England.
  2. Discuss the “home-market” argument in United States tariff history.
  3. Comment on the statement: “Between 1830 and 1840 the issue between individualists and collectivists was fairly joined.”
  4. “The introduction of railways marks a stage in the Industrial Revolution in England, not as in some countries its beginning.” Give illustrations for three countries of this statement.

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 12, Bound volume Examination Papers, Mid-Years 1931-32.

 

1931-32
Harvard University
Economics 25
[Year-End Exam, 1932]

Write an essay (not more than half your time) on any one of the following questions, and answer more briefly two other questions.

  1. Compare the governmental railroad policies of the United States, England and Germany since 1870.
  2. Explain the movement toward a protective tariff policy since 1860, with illustrations drawn from the economic history of two countries which led in the movement.
  3. Does historical experience support the arguments of the advocates of ship subsidies for the United States?
  4. Discuss the following statements:
    “Virtual monopoly is an incident of our industrial development.” Senator Aldrich.
    “The trust movement was and is a direct response to certain forces inherent in modern industry, and if it ought to be controlled, it must be controlled with those forces in mind.” Professor Jenks.
  5. It is said that the labor movement in the United States is a generation behind that of England. Give your reasons for or against this statement.

Source: Harvard University Archives. Vol. 74 (HUC 7000.28) Examination Papers, Finals 1932.

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1932-1933

From Course Announcements

II
ECONOMIC HISTORY

Economics 23 1hf. Economic History to 1450

Half-course (first half-year). Two hours a week, to be arranged. Associate Professor Usher.

[Economics 24. Topics in Modern Economic History]

Two consecutive hours a week, to be arranged, Professor Gay.

Omitted in 1932-33.

Economics 25 1hf. Recent Economic History

Half-course (first half-year). Wed., Fri. at 4. Professor Gay.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXIX (September 19, 1932), No. 41, Announcement of the Courses of Instruction, 1932-1933 (Second Edition), p. 126.

 

Enrollment

II

Economics 23 1hf. Associate Professor Usher. — Economic History to 1450.

Total 4: 4 Graduates.

Economics 25 1hf. Professor Gay. — Recent Economic History.

Total 51: 39 Graduates, 12 Radcliffe

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

Note: Have found no copy of the Economics 231 exam as of yet for 1932-33.

1932-33
Harvard University
Economics 251
[Mid-year Final Exam, 1933]

Write an essay (not more than half your time) on any one of the following questions, and answer concisely three other questions.

  1. Compare governmental regulation of railroads, as developed in the United States, with governmental ownership as in Germany, emphasizing the merits and defects of the two methods of control. Do these historical experiences throw any light upon the present railroad problem in the United States?
  2. Is free trade responsible for the relative decline of the British iron and steel industry as compared with that of the United States and Germany? Enumerate and weigh the chief factors accounting for the development of the industry in these countries.
  3. (a) Trace the successive steps in banking reform in England and the United States. Is there any parallelism?
    (b) How do you explain the differences between the two countries in regard to the movements of banking concentration and industrial combination?
  4. Outline a series of chapters in a book on the agricultural “world invasion” of European markets.
  5. “Among the agencies which labor has chosen to defend its interests are the trade union, the cooperative society, and political action.” What has been the relative importance of these agencies at three stages of the British labor movement?
  6. Discuss critically Dice’s views concerning “collectivism” and its causes.

Source: Harvard University Archives. Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Military Science, Naval Science (January-June 1933) in Vol. 75, Examination Papers, Finals 1933.

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1933-1934

From Course Announcements

II
ECONOMIC HISTORY AND STRUCTURE

Economics 21 2hf. (formerly Economics 23) Economic History to 1450

Half-course (second half-year). Two hours a week, to be arranged. Associate Professor Usher.

[Economics 22. (formerly Economics 24) Topics in Modern Economic History]

Two consecutive hours a week, to be arranged. Professor Gay.

Omitted in 1933-34; to be offered in 1934-35.

Economics 23 2hf. (formerly Economics 25) Recent Economic History

Half-course (second half-year). Wed., Fri., at 4. Professor Gay.

[Economics 24. Topics in American Economic History]

Hours to be arranged. Professor A. H. Cole.

            Omitted in 1933-34.

[Economics 25. (formerly Economics 30). Economic Problems of Latin America]

Tu., Th., at 3.

Omitted in 1933-34.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXX (September 20, 1933), No. 39, Announcement of the Courses of Instruction, 1933-1934 (Second Edition), pp. 127-128.

Enrollment

II

Economics 21 2hf. (formerly Economics 23). Associate Professor Usher. — Economic History to 1450.

Total 3: 2 Graduates, 1 Seniors.

Economics 23 2hf. (formerly Economics 25). Professor Gay. — Recent Economic History.

Total 18: 13 Graduates, 5 Radcliffe

Source: Harvard University. Report of the President of Harvard College 1933-34, p. 85.

Note: Have not found exam for Economics 21 2hf. (formerly Economics 23) Economic History to 1450

1933-34
Havard University
Economics 232
[Final Exam 1934]

Write an essay (not more than half your time) on any one of the first six questions, and answer concisely three other questions (including question 7).

  1. Discuss the following statements:
    “The present agricultural depression differs in its origin and character in many respects from the general depression of the period 1873-96, but in the conditions which brought about the depression of 1873-96 there are important points of similarity with the post-war situation.”
    “The European attitude toward agriculture is entirely different from that of the great exporting countries beyond the seas.”
  2. “The choice (in railway management) is between rationalization and nationalization.” (Sir Eric Geddes.)
    “The trend, in all forms of transport and over a long period, is inevitably toward amalgamation. As between private monopoly and public ownership the choice is clear; the only question is as to the form which public ownership shall take.”
    Comment on these views. In what respects does the experience of the United States differ from that of England and Germany?
  3. The Webs say that there was a time at the middle of the nineteenth century when capitalism “could claim that it had produced a surprising advance in material civilization for greatly increased populations. But from that moment to the present it has been receding from defeat to defeat, beaten ever more and more hopelessly by the social problems created by the very civilization it has built up.”
    A critic of the present governmental policies has recently declared that, with the various restrictions on output, wage and price regulations, and codes of business practice, the United States is returning to the Age of Diocletian or to the medieval gild-system, and thereby imperiling the chief gains of the great technological and economic progress since the Industrial Revolution.
    Comment on the two points of view, and give reasons for your own view as to the present direction of economic and social development.
  4. Compare the history of banking reforms since 1815 in England and the United States with reference to the successive business cycles.
  5. What part, according to the Macmillan Report, has the United States played in the post-war economic situation; and in the proposals for monetary and banking reform, made in this Report, what is practicable for the United States?
  6. “The Cooperative movement is one of the constituent elements in the socialist state.”
    “No social group, on the Continent of Europe, is more important, and none more intensely individualistic, than the peasant landholders.”
    Which of these assertions is more nearly true? Can they be reconciled?
  7. Which among the books you have read in this course do you regard as the best? State your reasons and discuss that book critically.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

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1934-1935

From Course Announcements

II
ECONOMIC HISTORY AND STRUCTURE

Economics 21 1hf. Economic History to 1450

Half-course (first half-year). Two hours a week, to be arranged. Associate Professor Usher.

Economics 22. Seminar. Topics in Modern Economic History

Two consecutive hours a week, to be arranged. Professor Gay

Economics 23 Recent Economic History

Tu., Th., at 4. Professor Gay.

[Economics 24. Topics in American Economic History]

Hours to be arranged. Professor A. H. Cole.

            Omitted in 1934-35

[Economics 25. Economic Problems of Latin America]

Tu., Th., at 3.

Omitted in 1934-35. 

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXXI (September 20, 1934), No. 38, Announcement of the Courses of Instruction, 1934-1935 (Second Edition), p. 128.

Enrollment

II

Economics 21 1hf. Associate Professor Usher. — Economic History to 1450.

Total 4: 2 Graduates, 2 Seniors.

Economics 23. Professor Gay. — Recent Economic History.

Total 22: 16 Graduates, 1 Senior, 4 Radcliffe, 1 Other.

Source: Harvard University. Report of the President of Harvard College 1934-35, p. 82.

Economics 21. Economic History to 1450.
Readings and paper topics, Usher. 1934

1934-35
Harvard University
Economics 21
[Final Exam. Jan 18, 1935]

I
(About one hour)

  1. Write an essay upon some topic selected from the reading period assignments, or upon one of the following topics:
    1. a multilinear concept of historical process,
    2. systems of agriculture in the open field villages of England and Europe.

II
Answer three questions

  1. Describe the rights and obligations of the peasant cultivator in two types of the perpetual leases of Roman and medieval law.
  2. Describe the primary features of an organized market, and the simple and radiate forms of market systems.
  3. Discuss the nature and importance of capitalistic control of industry in medieval Europe.
  4. Describe the characteristic functions and features of religious gilds in England.
  5. Sketch the early history of deposit banking in medieval Europe.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1934-35
Harvard University
Economic 23
[Mid-year Exam 1935]

Write an essay (not more than half your time) on any one of the following questions and answer concisely three other questions.

  1. Discuss critically the following statements:
    1. In England, up to the middle of the eighteenth century, “production was regulated by local consumption…After an apprenticeship of greater or less length everyone became a master; the State guaranteed the guilds a monopoly of production and secured the interests of the consumer by requiring all products to pass certain standard tests. But this patriarchal state of things suddenly gave way before a movement which has been justly called the Industrial Revolution. To these gigantic changes (machinery, steam, factories, wide markets, chain of middle-men) the guild system soon showed itself inadequate.” (Guido de Ruggiero, History of European Liberalism.)
    2. For about fifty years before the middle of the eighteenth century in England, “trade had been freed from the oppression of the dying guilds, but machinery had not yet come to the aid of capitalism to enable it to overturn and destroy the whole social fabric and especially the livelihood of the poor.” (R. W. Postgate.)
  2. “Metallurgy and the metal workers have an absolute primacy in the history of modern manufacturing industry.” (Clapham.)
    Illustrate this statement for England.
    Is it equally true for all countries?
  3. “It is questionable if all the mechanical inventions yet made have lightened the day’s toil of any human being.”
    Was this true when John Stuart Mill wrote it in 1848? If so, why?
  4. Outline a chapter (or a book) on the Agrarian Revolution in England.
  5. Describe the development of the Zollverein, distinguishing the economic and the political factors.
  6. The significance of the decade of the forties in European economic history.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1934-35
Harvard University
Economics 23
[Year-end Exam, 1935]

Write an essay not more than half your time) discussing one of the quotations or topics in this paper, and comment concisely on three others.

  1. “It is believed that, had it not been for the free-trade policy of Great Britain, the manufacturing system of America would at the present time have been much more extensive than it is.” (Ellison, 1858.)
    “There is some truth in the view of the cynical British exporter who thanked God for the American tariff, but for which American manufacturers would have driven him out of the world markets.’ (London “Economist,” 1912.)
    “In my belief, both Free Trade of the laissez-faire type and Protection of the predatory type are policies of Empire, and both make for War.” (H. J. Mackinder, 1919.)
    Do you find any confirmation for these views in your reading of American tariff history? Illustrate from the cotton or iron industry.
  2. “On voit apparaître chaque jour davantage tout ce que l’Angleterre, depuis cent ans, devait à des circonstances que les contemporains avaient cru permanantes et qui n’etaient que passagères.
    L’hégémonie économique anglaise coincide dans l’histoire avec le règne de la machine à vapeur; la période victorienne, apogée de prosperité et de puissance, évolue tout entière sous le signe du charbon….C’est ainsi qu’a pu s’édifier, sur al base étroite d’un territoire plus que médiocre, cette paradoxale superstructure manufacturière, et parallèlement s’épanouir cette population aujourd’hui trop dense, si dangereusement dépendante, pour sa subsistance, des produits importés….
    Dans ces conditions, le jeu parfaitement agencé de la doctrine libre-échangiste paraissait avoir été concu tout exprès pour l’Angleterre, par les soins d’une Providence attentive et partiale.” (Siegfried, 1931.)
  3. The National Banking system is “not only a perfectly safe system of banking, but it is one that is eminently adapted to our political institutions.” (Hugh McCulloch, 1863.)
    “American banking has not yet distinguished between solvency after an interval, and readiness to meet demands at once and without question… At present the characteristics of the American business man seem to fit him to do most things better than banking.” (Hartley Withers, 1909.)
    “Everybody will agree to-day that it would be difficult to imagine a banking system more cruel and inefficient than that prevailing in the United States at the beginning of the twentieth century — a system which, instead of scientifically regulating the flow of credit and money so as to secure the greatest possible stability, was designed automatically to produce instability.” (Paul Warburg, 1930.)
  4. “The technological revolution of the last hundred years furnishes the ultimate explanation of agricultural progress and of agrarian discontent both in Europe and America.” (ca. 1925)
    “Though the mechanization of industrial processes is almost universal, the great majority of farmers throughout the world are content with the simple instruments used by their forefathers.” (“World Agriculture,” 1932.)
    “The significant fact is that the periods of prosperity and the great depressions in agriculture have coincided with periods of monetary expansion and monetary contraction. Though other factors must not be ignored, the agricultural history of the last hundred years shows that favorable monetary conditions are essential to recovery.” (“World Agriculture,” 1932.)
  5. “The Merchant Marine of the United States is not a burden upon the tax-payer’s back, but an economy of the first water, keeping millions in the country, giving employment to thousands of persons, aiding in the development of foreign markets and backing up the nation’s forces in any contingency that may arise.” (Senator Royal S. Copeland, 1934.)
    “Our own vessels carry only about 40 per cent of our foreign trade. We are dependent on our competitors to carry 60 per cent of our trade to market. Of course, the result is that they help themselves and hamper us. Parity in merchant ships is only less important than parity in warships. We ought to make the necessary sacrifices to secure it.” (Calvin Coolidge, 1930.)
  6. D. H. Robertson, writing in 1923, concerning the American Railroad Act of 1920 and the increased powers of the Interstate Commerce Commission, says:
    “The home of free enterprise has furnished us with experiments in positive State control on a scale which finds no parallel outside Communist Russia.”
    Louis D. Brandeis in 1912 wrote: “The success of the Interstate Commerce Commission has been invoked as an argument in favor of licensing and regulating monopoly.” This argument, he held, was not valid. Do you agree? Why or why not?
  7. In a period when traditional standards have broken down and when the legal system is supported by laissez-faire theory, the movement toward industrial combination is “a remorseless sort of profit-seeking.” (M. W. Watkins, 1928.)
    “The only argument that has been seriously advanced in favor of private monopoly is that competition involves waste, while the monopoly prevents waste and leads to efficiency. This argument is essentially unsound. The wastes of competition are negligible. The economies of monopoly are superficial and delusive. The efficiency of monopoly is at the best temporary.” (L. D. Brandeis, in Harper’s Weekly, 1913.)
    “Our evidence goes to show that most of the Trusts and Cartels have been, in their origin at any rate, defensive movements.” (D. H. MacGregor, 1912.)
    Industrial combinations must be recognized as “steps in the greater efficiency, the increased economy, and the better organization of industry.” (Minority Report of the Parliamentary Committee on Trusts, 1918.)
  8. Write on the topic which, in your reading for this course, has most interested you.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

__________________________________

1935-1936

From Course Announcements

II
ECONOMIC HISTORY AND STRUCTURE

[Economics 21 1hf. Economic History to 1450]

Half-course (first half-year). Two hours a week, to be arranged. Associate Professor Usher.

Omitted in 1935-36.

Economics 22. Seminar. Topics in Modern Economic History

Two consecutive hours a week, to be arranged. Professor Gay

Economics 23 Recent Economic History

Wed., Fri., at 4. Professor Gay.

Economics 24. Seminar. Topics in American Economic History

Hours to be arranged. Professor A. H. Cole.

[Economics 25. Economic Problems of Latin America]

Tu., Th., at 3.

Omitted in 1935-36.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXXII (September 18, 1935), No. 42, Announcement of the Courses of Instruction, 1935-1936 (Second Edition), p. 140.

Enrollment

II

Economics 23. Professor Gay. — Recent Economic History.

Total 31: 24 Graduates, 7 Radcliffe.

Source: Harvard University. Report of the President of Harvard College 1935-36, p. 83.

1935-36
Harvard University
Economics 23
[Mid-year Exam, 1936]

Write an essay (not more than half your time) discussing one of the quotations or topics in this paper, and comment concisely on three others.

  1. (a) “The essence of the Industrial Revolution is the substitution of competition for the medieval regulations which had previously controlled the production and distribution of wealth.”
    (b) The use of machinery “began by being the resultant of these two phenomena (the extension of the exchange of commodities and the increase in the division of labor), at one of the decisive moments in their evolution. This crisis, distinguished by the appearance of machinery, best defines the industrial revolution.”
  2. The relations between the industrial and agrarian revolutions in England.
  3. (a) The chief measures of factory legislation in England.
    (b) To what extent and why, on the continent of Europe, did factory legislation lag behind that of England?
  4. (a) In 1850 Porter wrote: “The laissez faire system has been pregnant with great loss and inconvenience to the country in carrying forward the railway system.” Heaton has recently remarked: “Considering the novelty of the car and the strangeness of the route, parliament could retort to Porter that it had been a fairly competent back-seat driver.”
    (b) A French writer in 1883 explained the contrast between private enterprise in English railway management and public control or ownership in France and Germany as resulting mainly from the more advanced state of English economic development.
  5. “The safest lesson to draw from the experience of Germany is the simple fact that changes in tariff policy were only one, and commonly not the most important, amongst the many causes of her economic progress.”

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1935-36
Harvard University
Economics 23
[Year-end Exam, 1936]

Write an essay (not more than half your time) discussing one of the questions in this paper, and comment concisely on three others.

  1. Taussig finds that the development of trusts under protection does not “confirm the doctrine that the tariff matures monopolies permanently. … The industrial influence of the protective tariff tends to become less and less.” Illustrate with any two of his three cases — steel rails, tin plate and sugar refining. What is the basic historical relationship between the movements toward industrial combination and toward protectionism in Europe and America?
  2. “The significant fact is that the periods of prosperity and the great depressions in agriculture have coincided with periods of monetary expansion and monetary contraction. Though other factors must not be ignored, the agricultural history of the last hundred years shows that favorable monetary conditions are essential to recovery.” (“World Agriculture,” 1932.) Give your reasons for agreement or criticism. What weight do you give to the “other factors”?
  3. “A general view of the monetary history of the entire period of our national existence shows that each generation had to learn for itself and at its own expense the evils of unsound money and of defective banking.” Is the assertion also true of modern Europe? In outlining and comparing the experience of both America and Europe, distinguish between inherent unsoundness and lags of development.
  4. “It remains clear that the Industrial Revolution is not a closed episode; we are living in the midst of it, and the economic problems of to-day are largely problems of its making.” (W. C. Mitchell, 1929.)
    “Unregulated capitalism is being superseded by a regulated, organized and controlled capitalism.” (Hansen, 1932.)
    “In the United States the profit motive . . . worked to the end of blind self-destruction.” (Childs, 1936.)
    How far are these statements true and consistent with each other? In what respects are they questionable?
  5. Clapham quotes a competent German observer of the English working classes, writing in the 80’s, as finding “an improvement . .. beyond the boldest hopes of even those who, a generation ago, devoted all their energies to the work.”
    A recent writer, declaring that we must choose between security and progress, asks: “Have we reached a sufficiently high standard of per capita productivity to warrant stabilization at the present standard of living?”
    Does Clapham agree that the German estimate was justified? What connections do you see between the two quotations?
  6. “For all the exaggeration in the statements that English unionism has sounded the death-knell to English industrial leadership, it remains true that the absence of firmly entrenched unions in the cotton and iron manufactures has facilitated the march of improvement in the United States.”
    “The English, by labor organization and social legislation, have built a platform over the abyss.”

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

Summer School of Harvard University
August 15, 1936
Economics S20 (Economics 23)

Write an essay (not more than half your time) discussing one of the questions in this paper, and comment concisely on three others.

  1. (a) “The Napoleonic wars exercised the same influence upon subsequent commercial policy in France (though for different reasons) as the Civil War in the United States.” (Percy Ashley)
    (b) “The British protective system up to 1846 had been maintained chiefly for the sake of agriculture; the German protective system from 1848 to 1860 had been dictated by the interests of manufacturers; now (in 1879) an effort was to be made to harmonize these two and to give a fair measure of protection to all.” (Percy Ashley)
  2. “It remains clear that the Industrial Revolution is not a closed episode; we are living in the midst of it.” (W. C. Mitchell, 1929)
  3. “Two contrasting theories of banking were put forward at the beginning of the nineteenth century and subsequently they controlled the banking development of the different countries.”
    State precisely the two theories and their historical effects.
  4. (a) “The one-crop system has been the bane of American agriculture.”
    (b) In what ways did Western Europe meet the invasion of American agricultural products after 1870?
  5. Trace the connection, if any, between (a) the fluctuations of business cycles and secular price trends, and (b) the development of the railroad network and railroad governmental policies in England and the United States since 1830.
  6. “Among the agencies which labor has chosen to defend its interests are the trade union, the cooperative society, and political action.” (Webb) What has been the relative importance of these agencies at three stages of the British Labor movement? Compare and explain the differing development of American labor history.
  7. “The wastes of competition are negligible. The economies of monopoly are superficial and delusive. The efficiency of monopoly is at the best temporary… Excesses of competition lead to monopoly, as excesses of liberty lead to absolutism.” (L. D. Brandeis, 1912)
    “We are persuaded by our study of the combination movement at home and abroad that it is essentially a movement making for economy, efficiency, and better relations in business.” (Seager and Gulick, 1932)
    What is your view, supported by what evidence?
  8. Select the ten-year period in English and American economic history of the nineteenth century which you believe to be the most important, giving your reasons, and then summarize in parallel columns the outstanding events of that decade for both countries.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

__________________________________

1936-1937

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

[Economics 131 1hf. (formerly 21). Economic History to 1450]

Half-course (first half-year). Two hours a week, to be arranged.  Professor Usher.

Omitted in 1936-37.

Economics 133 (formerly 23). Recent Economic History

Mon., Wed., and (at the pleasure of the instructor) Fri., at 4. Professor Usher.

[Economics 136 (formerly 22). Seminar. Topics in Modern Economic History]

Two consecutive hours a week, to be arranged. Professor —

Omitted in 1936-37.

Economics 137 2hf. (formerly 24). Seminar. Topics in American Economic History

Half-course (second half-year). Hours to be arranged. Professor A. H. Cole.

[Economics 138 (formerly 25). Economic Problems of Latin America]

Tu., Th., at 3.

Omitted in 1936-37.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXXIII (September 23, 1936), No. 42, Announcement of the Courses of Instruction, 1936-1937 (Second Edition), p. 146.

Enrollment

III

Economics 133 (formerly 23). Professor Usher. — Recent Economic History.

Total 36: 31 Graduates, 5 Radcliffe.

Source: Harvard University. Report of the President of Harvard College 1936-37, p. 93.

[NOTE: the final exams volume for 1936-37 binds January-June, 1937 together so for full courses it appears only the June exam were included.]

1936-37
Harvard University
Economics 133
[Year-end Examination, 1937]

I
(About one hour)

  1. Write an essay on a topic covered by the work of the reading period, or on one of the following topics: the historical significance of the theory of monopolistic competition; the concept of interregional equilibrium.

II
(About two hours)
[Handwritten addition: Answer three questions]

  1. Answer (a) or (b).
    1. In what respects did the Ricardian group misjudge the structure of the London money market of their day?
    2. Sketch the development of contacts between the United States Treasury and the New York money market in the period, 1869-1914.
  2. Answer (a) or (b).
    1. Sketch the history of the petroleum industry in the United States during the decade 1870-1879.
    2. Discuss the development and the significance of any single cartel in Great Britain or Germany.
  3. Describe briefly the position of British agriculture during the period 1878-1895, and discuss the relative significance of the factors primarily involved.
  4. Answer (a), (b), or (c)
    1. Discuss the relations between sugar growing in Hawaii and the position of Hawaiian products in the markets of the United States.
    2. Is tariff protection likely to afford Great Britain an adequate solution to the problem of foreign dumping?
    3. Discuss the relative importance of political and economic factors in the tariff policies of France or Germany since 1871.
  5. Answer (a), (b), or (c).
    1. Discuss the significance of recent tendencies toward centralized control of power production in Great Britain and continental Europe.
    2. Sketch the development of the Royal Dutch-Shell Petroleum Company and discuss the significance of its position in the world market.
    3. Discuss the relative importance of birth rates and death rates in the history of population in England in the eighteenth and nineteenth centuries.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

__________________________________

1937-1938

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

Economics 133 (formerly 23). Recent Economic History, 1820-1914

Mon., Wed., and (at the pleasure of the instructor) Fri., at 4. Professor Usher.

Economics 136 (formerly 22). Seminar. Topics in Modern Economic History

Two consecutive hours a week, to be arranged. Professor Usher.

[Economics 137 2hf. (formerly 24). Seminar. Topics in American Economic History]

Half-course (second half-year). Hours to be arranged. Professor —.

Omitted in 1937-38.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXXIV (October 1, 1937), No. 44, Announcement of the Courses of Instruction, 1937-1938 (Second Edition), p. 153.

Enrollment

III

Economics 133 (formerly 23). Professor Usher. — Recent Economic History, 1820-1914.

Total 33: 25 Graduates, 2 Business School, 1 Public Administration, 4 Radcliffe, 1 Other.

Economics 136 (formerly 22). Professor Usher. — Seminar. Topics in Modern Economic History.

Total 7: 7 Graduates.

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

1937-38
Harvard University
Economics 133
[Mid-year Exam, 1938]

I
(About one hour)

  1. Write an essay on a topic based upon the work of the reading period, or on one of the following topics: the concept of social evolution as a multilinear process; the development of free trade in Great Britain.

II
(About two hours)

Answer three questions:

  1. What were the more important factors underlying the differences in the rates of growth of the cotton and the woollen industries in the period, 1750-1850?
  2. Answer a, b, c, or d.
    1. Describe and discuss the characteristic features of railway rates in Trunk line territory before 1887.
    2. Discuss the general features and the significance of the consolidation of railways in Great Britain in 1921.
    3. Sketch the history of the French railway network through 1883.
    4. Discuss the significance of water competition for the railways of Germany.
  3. Describe the primary factors in the location and development of London, Paris, or New York city.
  4. Discuss the problems presented by the proposal to include Austria in the German Customs Union, 1848-1863.
  5. Answer a, b, or c.
    1. Discuss the place of the small holding in Great Britain, with special reference to its development since the agricultural depression (1878-1895).
    2. Describe the factors affecting the development of small peasant holdings in France.
    3. Describe the organization and routine on some of the large slave plantations of the old south.

Source: Harvard University Archives. Harvard University Mid-Year Examinations, 1852-1943. Box 13. Papers Printed for Mid-Year Examinations [in] History, History of Religions, … , Economics, … , Military Science, Naval Science (January-Febrary 1938) included in bound volume Mid-Year Examinations 1938.

1937-38
Harvard University
Economics 133
[Year-end Exam, 1938]

I
(About one hour)

  1. Write an essay on a topic covered by the work of the reading period or on one of the following topics: planning in free societies; modern tendencies toward autarchy.

II
Answer THREE questions.

  1. Answer (a) or (b).
    1. Discuss the policies used by the Bank of England between 1825 and 1910 in establishing its rate of discount.
    2. What considerations seem to have led Biddle to apply in January 1832 for an extension of the charter of the Second Bank of the United States?
  2. Discuss the characteristic practices of pools and cartels in the United States up to 1899.
  3. Discuss: “The Corn Law of 1815 like the Agriculture Act of 1920 attempted to stabilize returns to the British wheat grower, but the machinery of the act of 1920 was even less adapted to its purpose than the machinery established in 1815.”
  4. Answer (a), (b), (c), or (d).
    1. Does the history of the silk manufacture in the United States afford decisive evidence of the significance of protection to young industries? Why, or why not?
    2. Discuss the argument that protection will make it possible for Britain to maintain her “standard of life.”
    3. Discuss: “In France, protection has been the parent as well as the child of fear. It has strengthened the force, which in conjunction with ignorance, gave it birth.”
    4. What principles and purposes dominated the fiscal policy of Bismarck?

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. Box 4. Papers Printed for Final Examinations [in] History, History of Religions, … , Economics, … , Military Science, Naval Science (June 1938).

__________________________________

1938-1939

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

[Note change in course numbering]

Economics 133. Recent Economic History, 1820-1914.

Mon., Wed., Fri., at 4. Professor Usher.

Economics 136. Seminar. Topics in Modern Economic History

Two consecutive hours a week, to be arranged. Professor Usher.

[Economics 137 2hf. Seminar. Topics in American Economic History]

Half-course (second half-year). Hours to be arranged. Professor —.

Omitted in 1938-39.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXXV (September 23, 1939), No. 42, Announcement of the Courses of Instruction, 1938-1939 (Second Edition), p. 150.

Enrollment

III

Economics 133. Professor Usher. — Recent Economic History, 1820-1914.

Total 46: 40 Graduates, 2 Public Administration, 2 Radcliffe, 2 Others.

Economics 136. Professor Usher. — Seminar. Topics in Modern Economic History.

Total 10: 9 Graduates, 1 Senior.

Source: Harvard University. Report of the President of Harvard College 1938-39, p. 99.

1938-39
Harvard University
Economics 133
[Mid-year Exam, 1939]

I
(About one hour)

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: feudal tenures as a basis for land utilization; the significance of the quantitative method in economic history.

II
Answer THREE questions

  1. Sketch the history of the application of machinery in the textile industries of Great Britain, France, Germany, or the United States for any period of 100 years between 1700 and 1900.
  2. Describe the salient features of the railway network in any one country, and discuss the merits of public policy in respect of railway construction in that country.
  3. Within what limits of accuracy may we compute the quantitative significance of the following inventions: Darby’s process for smelting iron with coke, Fourneyron’s turbine, the Jacquard loom action?
  4. Sketch the development of the fiscal policy embodied in Peel’s budget of 1842, and discuss its significance.
  5. Answer (a) or (b).
    1. Discuss: “The long succession of preemption acts were but premonitions of a free land policy, a policy destined to come, but hindered by sectional interests and differences for many years.”
    2. Discuss the economic and the political significance of the major compromises embodied in the ordinances creating the national domain in the United States.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1938-39
Harvard University
Economics 133
[Year-end Exam, 1939]

I
(About one hour)

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: the bullionists and the Bullion Report; the anti-monopoly policy in the United States.

II
Answer three questions

  1. Answer (a) or (b).
    1. What were the lessons of the crisis of 1847? In what ways did this crisis affect the policies of the Bank of England?
    2. What were the merits and the defects of the organization of the call loan market in New York prior to 1914?
  2. Answer (a), (b), or (c).
    1. Discuss the attempts to establish international control of the sugar trade between 1926 and 1932.
    2. Sketch the development of trusts and cartels in Great Britain after 1914.
    3. Describe the characteristic types of “concern” in post-war Germany.
  3. Answer (a), (b), (c), or (d).
    1. Has the United States gained enough from the development of the Beet Sugar culture to justify the costs?
    2. Can policy of tariff preferences between Great Britain and her dominions be defended on economic grounds?
    3. Discuss the theories which served as the basis for the development of protection in France after 1889.
    4. Sketch the development of agrarian influences upon German tariff policy after 18790 and discuss briefly the merits of the basic demands.
  4. Discuss the influence of the development of hydro-electric power sites upon the industrial future of Italy.
  5. What changes in the Malthusian theory of population are necessary to bring its broader elements into conformity with the historical record of the eighteenth and nineteenth centuries?

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

__________________________________

1939-1940

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

Economics 133. Recent Economic History, 1820-1914

Mon., Wed., Fri. at 3. Professor Usher.

[Economics 136. Seminar. Topics in Modern Economic History]

Two consecutive hours a week, to be arranged. Professor Usher.

Omitted in 1939-40; to be given in 1940-41.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXXVI (September 22, 1939), No. 42, Announcement of the Courses of Instruction, 1939-1940 (Second Edition), p. 158.

Enrollment

III

Economics 133. Professor Usher. — Recent Economic History, 1820-1914.

Total 50: 41 Graduates, 1 Senior, 1 Public Administration, 4 Radcliffe, 3 Others.

Source: Harvard University. Report of the President of Harvard College 1939-40, p. 100.

1939-40
HARVARD UNIVERSITY
ECONOMICS 133
[Mid-Year Exam, 1940]

I
(About one hour)

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: the concept of nodality, the effective sphere of pure competition in the industrial societies of the nineteenth century.

II
Answer three questions

  1. Answer a, b, c, d, or e.
    1. How many of the basic forms of industrial organization were to be found in the textile industries of the United States between 1790 and 1830? What was their relative importance?
    2. Describe the distinctive features in the organization, equipment, and management of the Boston Manufacturing Company in Waltham in its early years.
    3. Discuss: “Those who draw all their illustrative material from the textile industries fall into serious errors in their judgment of the effect of machinery upon labour.”
    4. Describe the position of organized labor in Germany towards the close of the nineteenth century.
    5. Sketch the development in the use of iron and its products in England between 1800 and 1890.
  2. In what ways and to what extent do geographic factors affect the rate structure of a given railway network?
  3. Answer a, or b.
    1. What considerations led the various groups of German states to accept the leadership of Prussia in the Customs Union?
    2. Sketch the activities of M. Chevalier in the negotiation of the Anglo-French Treaty of Commerce of 1860.
  4. Answer a, b, or c.
    1. What elements of ambiguity made it difficult to interpret and enforce the resolutions of the French National Assembly of August 4 and 11, 1789? What interpretation was finally established by the legislation of 1792 and 1793?
    2. Does the experience of France and Germany in the late nineteenth century warrant the belief that the number of small holdings can be now increased or even maintained without tariff protection or financial aid?
    3. Discuss: “Although southerners have persistently asserted that the interstate slave trade was of no substantial significance, the structure of slave prices provides decisive evidence that the trade was vital to the perpetuation of slavery as a system.”
  5. Discuss: “Southern systems of settlement were based on a policy of free land, and the actual introduction of such modes of settlement on the Public Domain was largely due to southern influence, but formal recognition of the policy was long and successfully opposed by southern members of Congress.”

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1939-1940
HARVARD UNIVERSITY
ECONOMICS 133
[Year-End Exam, 1940]

I
(About one hour)

  1. Write an essay on a topic covered by the work of the reading period, or on one of the following topics: Malthus and the theory of population; technological factors underlying tendencies towards integration in the production and distribution of electricity.

II
Answer THREE questions

  1. Answer (a) or (b).
    1. “In actual operation, the Bank Act of 1844, instead of tying the currency more closely to gold, injected an additional amount of credit into the reserves of the English banking system.” Discuss.
    2. Sketch the development of the Suffok banking system and discuss its significance.
  2. Describe the conditions in the American iron industry that led to the formation of the United States Steel Corporation. What may we presume to have been the effect of this achievement upon competition in the industry?
  3. Answer (a) or (b).
    1. Discuss the effectiveness of the British Wheat Act of 1932.
    2. Describe the organization of the Russian collective farms and their influence upon productivity.
  4. Answer (a), (b), (c), or (d).
    1. Discuss the relation of the changes in the duties on wool and woolens in the U. S. tariff act of 1913 to the general concept of a competitive tariff.
    2. Does Beveridge offer a satisfactory defense for a continuance of a free trade policy in Great Britain? Why, or why not?
    3. Discuss the concepts of tariff policy held by Protectionists and Liberals in France, with special reference to the precise points of difference between them.
    4. Describe and discuss Bismarck’s theories of taxation and fiscal policy.
  5. Does the development of hydro-electric power significantly affect either the immediate or the ultimate location of economic activity in Europe and the United States?

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

__________________________________

1940-1941

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

Economics 133. Recent Economic History, 1820-1914

Mon., Wed., Fri., at 3. Professor Usher.

Economics 136. Seminar. Topics in Modern Economic History

Two consecutive hours a week, to be arranged. Professor Usher.

[Previous post for the Economics 136 Seminar]

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXXVII (March 4, 1940), No. 7, Announcement of the Courses of Instruction, 1940-1941 (Provisional Announcement), p. 161.

Enrollment

III

Economics 133. Professor Usher. — Recent Economic History, 1820-1914.

Total 41: 31 Graduates, 4 Public Administration, 6 Radcliffe.

Economics 136. Professor Usher. — Seminar. Topics in Modern Economic History.

Total 10: 9 Graduates, 1 Senior.

Source: Harvard University. Report of the President of Harvard College 1940-41, p. 59.

1940-41
Harvard University
Economics 133
[Mid-year Exam, 1941]

I
(About one hour)

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: typical deviations from a “normal” distance principle in railway rate structures; elements of a concept of social evolution implicit in the work of Bentham and Malthus.

II
Answer THREE questions

  1. What were the primary changes in the processes of producing malleable iron in the late eighteenth century? In what fields did these changes extend the use of iron products?
  2. Describe the changes in ocean shipping services that resulted in the organized attempt to control rates through shipping conferences. Do you feel that these rate agreements imposed undesirable restrictions upon free competition?
  3. Under what circumstances is labor “externally conditioned”? Do such phenomena make the location of economic activity indeterminate?
  4. Answer (a) or (b).
    1. What were the objectives of the Middle German Commercial Union? What were the basic factors in its failure?
    2. Describe the protectionist groups in Germany between 1833 and 1865, and point out the reasons for the ineffectiveness of their activities.
  5. Describe the broader features of the concentration of ownership of land in England, France, and Prussia in the late nineteenth century. Have we reason to believe that the degree of concentration was affected by the agrarian reforms of the period 1750-1850?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 14, Papers Printed for Mid-Year Examinations [in] History of Religions, … , Economics, … , Military Science, Naval Science in a bound volume, Mid-Year Examinations—1941.

1940-41
Harvard University
Economics 133
[Year-end Exam, 1941]

I
(About one hour)

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: the significance of locational theory for the restatement of the theory of international trade; the fallacies and dangers in the concept of a closed economy.

II
Answer THREE questions

  1. Answer (a) or (b).
    1. Sketch the development of the Bank of England as a central bank.
    2. Describe the nature and the extent of the concentration of bank reserves in New York city under the old National Banking system. Was this a desirable or adequate means of achieving centralization of reserves? Why, or why not?
  2. What were Adam Smith’s views on the use of the corporate form in private business, both as to public policy and private administration?
    Does the history of private business corporations in the United States belie the wisdom of Smith’s judgment? Why, or why not?
  3. Answer (a) or (b).
    1. Discuss the place of wheat growing in British farming, and the effect upon agriculture in general of policies affecting wheat culture.
    2. Were the countries of South Eastern Europe suffering from over-population in 1930? Why, or why not?
  4. Answer (a), (b), (c), (d), or (e).
    1. What circumstances led to the revision of the United States tariff in 1909? In what measure were the objectives of revision actually achieved?
    2. Have we grounds for presuming that the development of the iron and steel industry of the United States was significantly influenced by the protection given it? Why, or why not?
    3. What changes have taken place since 1880 in the position of Great Britain in the export markets of the world?
    4. Discuss: “The agrarian interests in France made a fatal mistake in the decade of the eighties by seeking to share in protection instead of seeking reductions in the duties on manufactures.”
    5. Discuss the program of the agrarian party in Germany towards the close of the last century.
  5. Do changes in the expectation of life afford a significant measure of material well-being? Why, or why not?

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. Box 5. Papers Printed for Final Examinations [in] History, History of Religions, … , Economics, … , Military Science, Naval Science (June 1941).

__________________________________

1941-1942

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

Economics 133. Recent Economic History, 1820-1914

Mon., Wed., Fri., at 3. Professor Usher.

[Economics 136. Seminar. Topics in Modern Economic History]

Two consecutive hours a week, to be arranged. Professor Usher

Omitted in 1941-42.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXXVIII (September 18, 1941), No. 54, Announcement of the Courses of Instruction, 1941-1942, p. 61.

Enrollment

III

Economics 133. Professor Usher. — Recent Economic History, 1820-1914.

Total 34: 26 Graduates, 4 Public Administration, 4 Radcliffe.

Source: Harvard University. Report of the President of Harvard College 1941-42, p. 64.

1941-42
Harvard University
Economics 133
[Mid-year Exam, 1942]

I
(About one hour)

  1. Write an essay on a topic based upon the work of the reading period, or on one of the following topics: the postulates of liberalism; the influence of improvements in transport upon the importance of primary nodes.

II
Answer THREE questions

  1. Sketch the broader features of the process of achievement, and indicate explicitly its relation to the process of invention.
  2. Discuss: “The Marxian concept of the labor problem was largely implicit in the Marxian concept of the factory. Careful analysis of the conditions of employment in factories affords a basis for a significant restatement of the problems of labor.”
  3. Answer (a), (b), (c), or (d).
    1. Sketch the development of railroad rebates in the United States and discuss the elements of danger to shippers and to the public.
    2. Describe the procedure of railway amalgamation in Great Britain in 1921, and discuss briefly the treatment of basic problems.
    3. Describe the reorganization of French railways in 1921, and discuss the advantages of the plan.
    4. Does the sketch of German railway policy in Barker actually support the conclusions he draws in respect of the advantages of state ownership?
  4. In what respects does the history of the iron industry show the importance of a dominant material on the location and the structure of an industry? Draw illustrative material from the history of the industry in Great Britain, France, Germany, or the United States.
  5. Answer (a), (b), or (c).
    1. In what ways and in what degree did crop rotations lead to improvements in productivity and to more adequate differentiation of land use?
    2. Sketch the development of the procedures and the policy of making grants of public lands to further internal improvements.
    3. In what ways did the defects of the Harrison Act of 1800 lead to a demand for the revision of the general principles of public land policy?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 15, Papers Printed for Mid-Year Examinations [in] History, History of Religions,…Economics,…, Military Science, Naval Science. January-February, 1942 in bound volume Mid-year Examinations—1942.

1941-42
Harvard University
Economics 133
[Year-end Exam, 1942]

I
(About one hour)

  1. Write an essay on a topic covered by the work of the reading period, or on one of the following topics: concepts and measures of material well-being, the gold standard in the nineteenth century.

II
Answer THREE questions.

  1. Answer (a) or (b).
    1. What were the essential features of the credit policy proposed by the Banking School, 1820-1840? In what respects was it unsound?
    2. Sketch the development of the Free Banking system in the United States. Discuss its advantages and disadvantages.
  2. Discuss the issues of fact raised by the prosecution of the United States Steel Corporation. Do you feel that the position taken by the Court was sound? Why, or why not?
  3. Discuss the policy of Great Britain towards agriculture during and since the great depression. Do you feel that agriculture was sacrificed to misguided loyalty to a free trade policy?
  4. Describe the effects of technical development upon units of management in the production and distribution of electricity since 1890.
  5. Answer any one of the following:
    1. Discuss the relative merits of proration and unit operation as solutions of the problem of regulating the production of petroleum.
    2. Sketch the history of the reservation of oil lands by the government of the United States, and the development of their exploitation.
    3. Sketch the development of oil production and trade in eastern Europe and the Dutch East Indies from 1900 to 1924.
    4. Sketch the development of British oil policies, 1900-1924.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1942
Harvard University
Economics S133

I
(About one hour)

  1. Write an essay on the selected topic.

II.
Answer three questions: exclusive of the general topic of the essay.

  1. Answer a or b:
    1. Sketch the development of the factory system from its origins to a position of clear dominance in Great Britain, or in Germany
    2. Sketch the development of the factory system in the United States to 1880.
  2. Answer a, b, c, or d:
    1. Describe and discuss the characteristic features of railway rates in Trunk line territory before 1887.
    2. Discuss the general features and the significance of the consolidation of railways in Great Britain in 1921.
    3. Sketch the history of the French railway network through 1883.
    4. Discuss the significance of water competition for the railways of Germany.
  3. Under what circumstances is labor “externally conditioned”? Do such phenomena make the location of economic activity indeterminate?
  4. Answer a or b:
    1. Discuss the contributions of Peel and Cobden to the establishment of Free Trade in Great Britain.
    2. Sketch the progress of negotiations leading to the German Customs Union during the years 1828 to 1834.
  5. Answer a or b:
    1. Sketch the development of the Bank of England as a central bank.
    2. Sketch the development of contacts between the United States Treasury and the New York money market in the period, 1869-1914
  6. Answer a or b:
    1. Sketch the history of the petroleum Industry in the United States from 1859-1879.
    2. Discuss the development and the significance of any single cartel in Great Britain or Germany.
  7. Answer a, b, c, d, or e:
    1. What was the purpose of the compensating duties in the woollen and worsted schedules of the United States tariff of 1867, 1883, and 1890? Did the duties as levied achieve this purpose?
    2. Describe the different forms of dumping. How did the forms prevalent in the United States before 1914 affect the development of our domestic industries? Was dumping disadvantageous to the consumers of similar goods in the United States?
    3. Does imperial preference meet the essential needs of ether Great Britain or her dominions? Why, or why not?
    4. Discuss: “The history of protection in France shows clearly the impossibility of securing trustworthy objective evidence of its effect, but the record of the nineteenth century affords no presumption that the benefits of protection offset the palpable increases in the cost of living due to the tariffs.”
    5. Has the experience of Germany thrown new light upon the effects of protection to agriculture? Why, or why not?
  8. Answer a or b:
  9. In what ways and to what extent have technological changes, since 1900, affected the regional balance of primary resources in Europe and the world at large?
  10. What changes in the Malthusian theory of population are necessary to bring its broader elements into conformity with the historical record of the eighteenth and nineteenth centuries?

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

__________________________________

1942-1943

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

Economics 133. Recent Economic History, 1820-1914

Mon., Wed., Fri., at 3. Professor Usher.

Economics 136. Seminar. Topics in Modern Economic History]

Two consecutive hours a week, to be arranged. Professor Usher.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XXXIX (September 23, 1942), No. 53, Announcement of the Courses of Instruction, 1942-1943, p. 56.

Enrollment

III

Economics 133. Professor Usher. — Recent Economic History.

Total 15: 10 Graduates, 3 Public Administration, 2 Radcliffe.

Source: Harvard University. Report of the President of Harvard College 1942-43 p. 48.

1942-43
Harvard University
Economics 133
[Mid-year Exam, 1943]

I
(About one hour)

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: the shortcomings of Victorian liberalism, out-standing definitions of the factory and their significance.

II
Answer THREE questions.

  1. Answer (a) or (b).
    1. Discuss the changing conditions of competition among the various textile products from 1750 to 1851.
    2. Describe the out-standing technical improvements in the iron industry in England in the late eighteenth century.
  2. Answer one of the following:
    1. Describe the devices employed by railroads in the United States to make personal discriminations in favor of particular shippers. What success has been achieved in the suppression of these practices?
    2. Describe and discuss the primary features of the British Railway Act of 1921.
    3. Discuss the relative significance of the benefits to the railroads and the new liabilities involved in the Conventions of 1883 between the great railroad companies and the French government.
    4. Describe the inland waterways of Germany and discuss their place in the transport system.
  3. What are the more important weight-losing materials? What is their relative significance for the localization of economic activity at the present time?
  4. In what ways and to what extent did purely fiscal motives enter into the reform of the British tariff in the first half of the nineteenth century?
  5. Answer (a), (b), or (c).
    1. In what ways did new problems of land use affect the character of agrarian reforms in England and in Europe in the eighteenth and nineteenth centuries?
    2. What compromises were involved in the adjustments of the claims to western lands?
    3. Sketch the development of the political agitation for free land through the passage of the Homestead Act.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1942-43
Harvard University
Economics 133
[Year-end Exam, 1943]

I
(About one hour)

  1. Write an essay on a topic covered by the work of the reading period, or on one of the following topics: modern formulations of autarky as an objective of economic policy; Victorian Liberalism — its prestige as a gospel, its deficiencies as a social philosophy.

II
Answer three questions.

  1. Answer (a) or (b).
    1. Describe the primary features of the London money market in the early nineteenth century, indicating essential specialization of function.
    2. Describe the various elements in the Democratic party that were hostile to the Second Bank of the United States. In what ways, and to what extent did they influence Jackson?
  2. Was the Sherman Law an appropriate and well designed instrument to prevent the kinds of abuse of economic power that were emerging in the United States about 1890? Why, or why not?
  3. Answer (a) or (b).
    1. Discuss British policy towards wheat growing before and after World War I.
    2. Does German trade under exchange controls offer an adequate solution to the problems of the agricultural areas of south eastern Europe? Why, or why not?
  4. Sketch the development of centralized power production in Great Britain and Germany.
  5. In what respects does the record of population growth in Great Britain reveal the presence of factors unsuspected by Malthus?

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

__________________________________

1943-1944

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

Economics 133a. Economic History, 1750-1860

Half-course (summer term; to be repeated in spring term). Mon., Wed., Fri., at 3. Professor Usher.

Students will attend classes in Economics 33a and do supplementary work for [graduate] credit in this course.

Economics 133b. Economic History, 1860-1914

Half-course (winter term). Mon., Wed., Fri., at 3. Professor Usher.

Students will attend classes in Economics 33b and do supplementary work for [graduate] credit in this course.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XL (March 29, 1943), No. 4, Announcement of the Courses of Instruction, 1943-1944, p. 40.

 

Enrollment

III

Economics 133a. (winter term) Professor Usher. — Economic History, 1750-1860.

Total 16: 12 Graduates, 2 Public Administration, 2 Radcliffe.

Economics 133b. (winter term) Professor Usher. — Economic History, 1860-1914.

Total 23: 16 Graduates, 2 Public Administration, 4 Radcliffe, 1 Other

Source: Harvard University. Report of the President of Harvard College 1943-44 p. 57.

1943-44
Harvard University
Economics 33a, 133a
[Final Examination, June 1944]

I

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: Bentham’s contribution to the content of liberalism: the theory of invention.

II
(About two hours)
Answer THREE questions.

  1. Answer (a) or (b).
    1. What were the characteristic features of the agrarian reforms in France, 1750-1815?
    2. Have we reason to presume that the plantation would have developed significantly in southern United States if slave labor had not become available? Did slave labor make the plantation more profitable than farming with free labor? Why, or why not?
  2. Why has it been misleading to develop a concept of an “Industrial Revolution” that is to be identified with the period 1760-1800?
  3. The generalization of the factory system created new problems in labor relations which were very imperfectly covered by the methods of collective bargaining even at their best.
  4. In what ways did the development of steam navigation create new problems in merchant service and in national policy?
  5. What is the significance of water and water power for the location of economic activity?

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1943-44
Harvard University
Economics 33b, 133b
[Final Exam, February 1944]

I
(About one hour)

  1. Write an essay on a topic covered by the work of the reading period, or on one
    of the following topics: planning in a free society, the significance of monopolistic competition theory for the formulation of policies for the control of business.

II
Answer THREE questions.

  1. Answer (a) or (b):
    1. Describe the structure of the Bank of England under the Bank Act of 1844. What was the significance of the distinctive features of the new structure?
    2. Sketch the development of the Suffolk Bank system.
  2. Answer (a) or (b):
    1. In what ways does the topography of a region exert an influence on the pattern of the railway network? What typical patterns of networks may be distinguished?
    2. Describe the broader features of the Interstate Commerce Act of 1887. Do you feel that the courts were at fault for the disappointments experienced by the advocates of strict control?
  3. Answer (a), (b), or (c):
    1. What factors enabled the Standard Oil group to secure transport differentials from the railroads and from the pipe line companies?
    2. What factors have controlled the development of integration of industry in Great Britain since 1870?
    3. What changes have taken place in the structure of big business in Germany since 1919? How may we explain this development?
  4. Describe the place of water power in the power system of the United States. Discuss the problems of policy involved in the full and effective utilization of these water powers.
  5. What modifications of the Malthusian theory of population are necessary to bring its broader features into conformity with the historical record of the eighteenth and nineteenth centuries?

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

__________________________________

1944-1945

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

Economics 133a. Economic History, 1750-1860

Half-course (winter term). Tu., Th., and (at the pleasure of the instructor) Sat., at 12. Professor Usher.

Students will attend classes in Economics 33a and do supplementary work for [graduate] credit in this course.

Economics 133b. Economic History, 1860-1914

Half-course (winter term; to be repeated in spring term). Mon., Wed., and (at the pleasure of the instructor) Fri., at 2. Professor Usher.

Students will attend classes in Economics 33b and do supplementary work for [graduate] credit in this course.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XLI (September 15, 1944), No. 19, Announcement of the Courses of Instruction, 1944-1945, pp. 36-37.

Enrollment

III

Economics 133a. (winter term) Professor Usher. — Economic History, 1750-1860.

Total 20: 14 Graduates, 3 Public Administration, 3 Radcliffe.

Economics 133b. (winter term) Professor Usher. — Economic History, 1860-1914.

Total 17: 15 Graduates, 4 Public Administration, 7 Radcliffe [sic]

Source: Harvard University. Report of the President of Harvard College 1944-45 p. 64.

1944-45
Harvard University
Economics 33a, 133a
[Final Exam, February 1945]

I
(About one hour)

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: liberalism; the structure and objectives of a free society.

II
Answer three questions

  1. Answer a, b, or c.
    1. In what ways did the rights enjoyed by English “landlords” of the eighteenth century fall short of being rights of unqualified ownership?
    2. Discuss: “Homestead settlement had its essential roots in the practices of southern United States, but the formal adoption of the policy was persistently opposed by southern members in Congress.”
    3. Sketch the various types of labor management used on southern plantations.
  2. What are the essential features of the system of quantity production? Was the date of its significant introduction determined primarily by economic or by technological conditions?
  3. Answer a or b.
    1. Discuss the critical problems involved in the definition of a factory.
    2. Describe the more conspicuous abuses in the administration of the old poor laws. Comment on the reform accomplished in 1834.
  4. What conditions stood in the way of an early development of the operation of ocean going steamships by American builders and owners?
  5. Why did the application of power to industry and transport alter the significance of surplus food supplies for the location of economic activity?

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. Box 10. Papers Printed for Final Examinations Winter Term [in] History, History of Religions, … , Economics, … , Military Science, Naval Science (February 1945).

1944-45
Harvard University
Economics 33b, 133b
[Final Exam. June 1945]

I
(About one hour)

  1. Write an essay on a topic covered by the work of the reading period, or on one of the following topics: revisions and restatements of the theory of population; the future of the liberal concept of economic statesmanship.

II
Answer three questions

  1. Answer (a) or (b).
    1. What were the primary contentions of the Bullionist writers? In what respects would their positions now be criticized?
    2. What tendencies towards centralization of banking appeared in the United States in the early nineteenth century?
  2. Answer (a) or (b).
    1. Under what circumstances does value of the transport service modify the rate structure of a railway network? Are discriminations of this nature “reasonable”?
    2. In what ways did the Hepburn Act (1906) extend the authority of the Interstate Commerce Commission? Were the new powers adequate?
  3. Answer (a) or (b).
    1. Describe the position of the United States Steel Corporation in the industry about the time of the decision of the Supreme Court. Do you feel that the Court was justified in finding that “full and free competition” existed in the industry?
    2. Does the experience of Germany indicate that the “cartel” is a satisfactory and permanent means of organizing big business enterprises? Why, or why not?
  4. What is, at present, the relative significance of coal, oil, and water power as sources of mechanical energy? Are there grounds for believing that the future development of water power will significantly alter the pattern of industrialization in the world?
  5. Describe recent tendencies toward centralization of power production in Great Britain and continental Europe. Discuss the economic and social consequences of these changes.

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. Box 10. Papers Printed for Final Examinations [in] History, History of Religions, … , Economics, … , Military Science, Naval Science (June 1945).

__________________________________

1945-1946

From Course Announcements

III
ECONOMIC HISTORY AND STRUCTURE

Economics 133a. Economic History, 1750-1860

Half-course (fall term). Tu., Th., and (at the pleasure of the instructor) Sat., at 11. Professor Usher.

Economics 133b. Economic History, 1860-1914

Half-course (spring term). Tu., Th., and (at the pleasure of the instructor) Sat., at 11. Professor Usher.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XLII (March 31, 1945), No. 8, Announcement of the Courses of Instruction, 1945-1946, p. 40.

Enrollment

III

Economics 133a. (fall term) Professor Usher. — Economic History, 1750-1860.

Total 54: 34 Graduates, 1 Junior, 1 Freshman, 4 Public Administration, 14 Radcliffe.

Economics 133b. (spring term) Professor Usher. — Economic History, 1860-1914.

Total 79: 58 Graduates, 1 Sophomore, 9 Public Administration, 11 Radcliffe

Source: Harvard University. Report of the President of Harvard College 1945-46, p. 59.

 

1945-1946
Harvard University
Economic 133a
[Final Exam, August 1946]

Answer all questions. Question 1 is given double weight. Please write clearly and in ink.

  1. Write an essay of one hour on the factors which appear to have controlled the timing and rate of industrial development of areas, using illustrative material from the industrial history of England, France, Germany, and the United States. What recommendations respecting policy would you make to a government of a backward nation anxious to achieve, not only parity in industrial development and technology, but also a position of leadership in these fields?
  2. Compare the major features of the structures of land ownership and use, and of agricultural organization during the first half of the nineteenth century in two of the following regions: Great Britain, France, the southern United States, the American West. Discuss fully the economics of each of the two systems considered and criticize in the light of this discussion the public and private policies involved in each.
  3. Explain how the Industrial Revolution and the factory system in Great Britain altered the position of the workers in the economic system, and discuss in the light of the prevailing concepts of economic and political organization the problems of government labor policy which arose.
  4. Analyze the remarkable boom in the American shipping and ship-building industries between 1830 and 1856, and the subsequent collapse. In this connection, what features of American and British merchant marine policy appear to have been important, and which of these policies might be criticized as being undesirable or ill-conceived from the American point of view?
  5. Discuss the evolution of the structure of the British money market and banking system between the late eighteenth century and the mid-nineteenth century, showing the major changes which occurred, and analyzing the primary problems which arose.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1945-1946
Harvard University
Economics 133b
[Final Exam, August 1946]

Answer all questions. Please write clearly and in ink.

  1. Compare the primary features since 1860 of railway organization and public railway policy in two of the following countries: the United States, Germany, France, Great Britain. Analyze the points of strength and weakness which you find in each of the two cases.
  2. Analyze the reasons for the continued failure of American foreign-trade shipping to make progress between 1860 and 1914. In particular, what problems were encountered in the use of ship subsidies, and what conclusions do you draw from this experience, and that of other countries, regarding the essentials of a good subsidy policy?
  3. Analyze the reasons for the development of industrial integration in the United States, and explain the timing of the movement. In this connection compare and criticize the integration movements and associated public policies in the United States and in Germany or Britain.
  4. What major problems have arisen in connection with the control and exploitations of major sources of energy for capitalistic economies? How has the energy problem conditioned the economic development and basic policies of western nations?
  5. Analyze the factors responsible for the agricultural maladjustments of the period 1914-1939. In what respects does this period differ from that from 1870 to 1914?
  6. Write an essay discussing those features of the economic history of the nineteenth and twentieth centuries which seem to you evidences of progress, and those which seem the reverse. What concept and test of progress, or of the lack of it, do you consider valid.

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

__________________________________

1946-1947

From Course Announcements

III

[NOTE: the announcement of courses of instruction no longer distinguishes “Economic history” courses from others in group III…cf: Group I Theory/Group II Statistics]

Economics 133a. Economic History, 1750-1860

Half-course (fall term). Tu., Th., and (at the pleasure of the instructor) Sat., at 11. Professor Usher.

Economics 133b. Economic History, 1860-1914

Half-course (spring term). Tu., Th., and (at the pleasure of the instructor) Sat., at 11. Professor Usher.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XLIII (September 3, 1946), No. 21, Announcement of the Courses of Instruction, 1946-1947, p. 45.

Enrollment

III

Economics 133a. Professor Usher. — Economic History, 1750-1860 (F).

Total 68: 46 Graduates, 3 Seniors, 1 Junior, 10 Public Administration, 8 Radcliffe.

Economics 133b. Professor Usher. — Economic History, 1860-1914 (Sp).

Total 73: 50 Graduates, 1 Senior, 1 Junior, 12 Public Administration, 9 Radcliffe

Source: Harvard University. Report of the President of Harvard College 1946-47, p. 71.

1946-47
Harvard University
Economics 133a
[Final Exam, January 1947]

I
About one hour

  1. Write an essay based on the work of the reading period or on one of the following topics: the Marxian concept of the factory and its problems: British and American shipping subsidies.

II
Answer three questions.

  1. What were the essential features of the rotation systems developed in Great Britain and in Europe? In what ways and to what extent did the introduction of the rotations require reform of tenure and of village organization?
  2. Discuss: “Recent developments of science and of scientific methods have made invention a laboratory process; it has become a group activity independent of particular individual endowments.”
  3. What are the characteristic features of craft industry? Describe and define the different kinds of relationships to be found in the craft industries.
  4. Is Weber’s treatment of transportation costs as uniform ton-mile rates a satisfactory basis for the theoretical analysis of the location of economic activity? Why, or why not?
  5. Answer a or b.
    1. What political and economic circumstances led to the success and significance of the German Customs Union?
    2. In what respects was the liberal philosophy of the nineteenth century unsound or incomplete?

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1946-47
Harvard University
Economics 133b
[Final Exam, May 1947]

I
About one hour

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: the legal concept of “free competition” in U. S. statutes and case decisions; the significance of the value of transport in railroad rate structures.

II
Answer THREE questions

  1. Answer (a) or (b).
    1. What were the merits and defects of the defense of the policies of the Bank of England made by the officers of the Bank, in the period 1820-1840?
    2. Describe the tendencies toward centralization of banking activity in the state banking systems of the United States prior to 1860.
  2. Answer (a), (b), or (c).
    1. Sketch the development of British policy towards railroad construction and regulation, 1830-1914.
    2. In what ways did the government of France give financial aid to the construction and operation of railroads prior to World War I?
    3. What were the characteristic features of the rate structure in the southern United States prior to World War I?
  3. In what ways did the development of the Bessemer Converter and the Open Hearth process affect the structure and organization of the iron and steel industry?
  4. Discuss the social and economic problems embodied in the doctrine of “capture” as developed in the United States in respect of property rights in petroleum.
  5. Discuss: “The Malthusian principles of population were not essentially incorrect, though the formulation by Malthus was infelicitous and incomplete, and later discussion has commonly exaggerated the defects of the original presentation.”

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

__________________________________

1947-1948

From Course Announcements

III

Economics 133a. Economic History, 1750-1860

Half-course (fall term). Tu., Th., and (at the pleasure of the instructor) Sat., at 11. Professor Usher and Assistant Professor Rostow.

Economics 133b. Economic History, 1860-1914

Half-course (spring term). Tu., Th., and (at the pleasure of the instructor) Sat., at 11. Professor Usher and Assistant Professor Rostow.

Economics 136a. Seminar. Topics in Modern Economic History

Half-course (spring term). Hours to be arranged. Professor Usher and Assistant Professor Rostow.

Economics 136b. Seminar. Topics in Modern Economic History

Half-course (spring term). Hours to be arranged. Professor Usher and Assistant Professor Rostow.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XLIV (September 9, 1947), No. 25, Announcement of the Courses of Instruction, 1947-1948, p. 74.

 

Enrollment

III

Economics 133a. Professor Usher. — Economic History, 1750-1860 (F).

Total 77: 59 Graduates, 11 Public Administration, 7 Radcliffe.

Economics 133b. Professor Usher. — Economic History, 1860-1914 (Sp).

Total 65: 50 Graduates, 8 Public Administration, 6 Radcliffe, 1 Other 

Economics 136a. Professor Usher. — Seminar. Topics in Modern Economic History (F).

(F) Total 7: 5 Graduates, 1 Junior, 1 Radcliffe

Economics 136b. Professor Usher. — Seminar. Topics in Modern Economic History (Sp).

(Sp) Total 5: 5 Graduates

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

 

1947-48
Harvard University
Economics 133a
[Final Exam, January 1948]

I.
About one hour

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: the place of energy resources in the economy of a region, the concept of the factory.

II.
Answer three questions

  1. Answer a, b, or c.
    1. How did copyhold tenures arise in England? In what respects, and on what grounds, were the relations of the copyholder to his lord modified by judicial interpretation?
    2. Discuss: “The National Assembly destroys entirely the feudal régime, and decrees the abolition without compensation of all feudal dues.” Resolution of Aug. 11, 1789.
    3. Discuss the political and economic issues involved in granting rights of preemption to squatters on the Public Domain.
  2. Answer a, or b.
    1. What were the more important stages in the development and application of the hydraulic and steam turbines?
    2. Describe the official and unofficial procedures for establishing wage rates in England in the eighteenth century.
  3. Describe the various types of improved inland waterways, and discuss the effectiveness of competition between waterways and railroads.
  4. What types of industries can be most advantageously located at wholesale market sites? why?
  5. Discuss: “The function of state coercion is to override individual coercion; and, of course, coercion exercised by any association of individuals within the state.”

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

1947-48
Harvard University
Economics 133b
[Final Exam, May 1948]

I
(About one hour)

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: “malefactors of great wealth,” the judicial concept of competition.

II
Answer THREE questions.

  1. Answer (a) or (b):
    1. “The Bank Act of 1844 is an outstanding illustration of erroneous policy: the act failed to achieve any of its essential purposes; it remained on the statute books because it secured incidental conveniences that were really without importance.” Discuss.
    2. Describe the relations between the United States Treasury and the National Banks, 1865-1913.
  2. Answer (a), (b) or (c):
    1. What are the obstacles to the adoption of cost of service as a test of the “reasonableness” of railroad rates?
    2. In what ways, and to what extent did the British government encourage competition among railroads in the nineteenth century?
    3. Did the Interstate Commerce Act of 1887 provide adequate remedies for the abuses against which it was directed? Why, or why not?
  3. Describe the technical factors affecting the size of the enterprise in the iron and steel industry, or the electric power industry.
  4. Discuss the competitive position of coal as a source of energy since 1900.
  5. In what ways and to what extent do vital statistics throw light upon the relative well-being of different populations?

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

__________________________________

1948-1949

From Course Announcements

Note: Usher’s last year, Gerschenkron’s first year.

III

Economics 233a (formerly 133a). Economic History, 1750-1860

Half-course (fall term). Tu., Th., and (at the pleasure of the instructor) Sat., at 11. Professor Usher and Associate Professor Gerschenkron.

Economics 233b (formerly 133b). Economic History, 1860-1914

Half-course (spring term). Tu., Th., and (at the pleasure of the instructor) Sat., at 11. Professor Usher and Associate Professor Gerschenkron.

Economics 236 (formerly 136a and 136b). Seminar. Topics in Modern Economic History

Full-course. Wed., 4-6. Professor Usher and Associate Professor Gerschenkron.

Source: Harvard University, Faculty of Arts and Sciences. Official Register of Harvard University. Vol. XLV (September 15, 1948), No. 24, Announcement of the Courses of Instruction, 1948-1949, p. 78.

Enrollment

III

Economics 233a (formerly 133a). Economic History, 1750-1860 (F). Professor Usher and Associate Professor Gerschenkron.

Total 43: 38 Graduates, 1 Senior, 2 Public Administration, 5 Radcliffe. [sic]

Economics 233b (formerly 133b). Economic History, 1860-1914 (Sp). Professor Usher and Associate Professor Gerschenkron.

Total 42: 38 Graduates, 2 Public Administration, 2 Radcliffe

Economics 236 (formerly 136a and 136b). Seminar. Topics in Modern Economic History (Full Co.) Professor Usher and Associate Professor Gerschenkron.

(F) Total 2: 2 Graduates
(Sp) Total 4: 2 Graduates, 1 Senior, 1 Public Administration

Source: Harvard University. Report of the President of Harvard College 1948-49, p. 78.

 

1948-49
Harvard University
Economics 233a
[Final Exam, January 1949]

I
About one Hour

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: the process of invention, the copyhold tenure.

II
Answer three questions

  1. Answer a, b, or c.
    1. Describe the primary features of the métayage tenures in France. Discuss the advantages and disadvantages of the tenure.
    2. In what ways did the defects of the Harrison Act of 1800 lead to a demand for the revision of the general principles of public land policy?
    3. Discuss the problems of determining the effective costs of slave labor on the plantations of the southern United States.
  2. In what ways and to what extent did the development of the factory system modify the position of the capitalist or entrepreneur?
  3. In what way did the development of steam navigation affect the character of competition and the organization of oceanic shipping in the second half of the nineteenth century?
  4. Answer a or b.
    1. What factors must be considered in computing the capacity of a railroad? What are the more conspicuous kinds of unused capacity?
    2. Describe the primary features of the patterns of procurement and distribution costs in a material oriented industry.
  5. Answer a or b.
    1. Discuss the relative significance of Peel’s budget of 1842 and the repeal of the Corn Laws as the date line for the establishment of the Free Trade principle.
    2. What were the distinctive contributions of Bentham to the development of liberalism?

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. Box 16. Papers Printed for Final Examinations [in] History, History of Religions, … , Economics, … , Military Science, Naval Science (February 1949) in the bound volume Final Examinations Social Sciences, Feb. 1949.

1948-49
Harvard University
Economics 233b
[Final Exam, June 1949]

I
(About one hour)

  1. Write an essay on a topic based on the work of the reading period, or on one of the following topics: the legal concept of competition in the United States; the measurement of material well-being.

II
Answer three questions.

  1. Answer (a) or (b).
    1. Describe the policies and functions of the Bank of England 1790-1819. Were the policies of the Bank essentially sound?
    2. What problems were presented in the choice of a monetary standard in the United States? What were the defects of the Mint Act of 1792?
  2. Answer (a) or (b).
    1. What are the advantages and disadvantages of organizing a railway network under a principle of regulated regional monopoly?
    2. Describe the Trunk Line’ Rate system in the United States. Discuss its significance for theoretical analysis of railroad rate structures.
  3. Answer (a) or (b).
    1. Describe the tensions and difficulties in the steel industry of the United States in the decade 1890-1900. Did the formation of the United States Steel Corporation provide a sound and satisfactory solution for these problems?
    2. In what ways and to what extent did the development of industrial consolidation in Germany after 1919 lead to the formation of more fully integrated enterprises than the older cartels?
  4. Discuss the purposes and primary features of the British Electricity Supply Acts of 1919 and 1926.
  5. How may we explain the changes in the birth rates and death rates in England in the eighteenth and nineteenth centuries?

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Examinations 233a & b [1929/30-1967/68].

Image Source: Edwin F. Gay (left) and Abbott P. Usher (right) from Harvard Class Album 1934.

Categories
Bibliography Harvard

Harvard. Short Bibliography on Thrift Institutions for “Serious-minded Students”, Sprague, 1910

In 1910 Harvard published 43 short bibliographies covering “Social Ethics and Allied Subjects”, about half of which were dedicated to particular topics in economics and economic sociology. The project was apparently coordinated by Plummer Professor of Christian Morals, Francis G. Peabody.

This post provides the ninth such short bibliography, this one on “Thrift Institutions” prepared by O. M. W. Sprague. Links have been provided to eleven of the thirteen items in Sprague’s bibliography.

________________

Previously posted short bibliographies

I.1. Harvard. Short Bibliography of Economic Theory for “Serious-minded Students”, Taussig, 1910

I.7. Harvard. Short Bibliography on Social Statistics for “Serious-minded Students”, Ripley, 1910

II.3. Harvard. Short Bibliography of Taxation for “Serious-minded Students”, Bullock, 1910

IV.5 Harvard. Short Bibliography of the Economics of Socialism for “Serious-minded Students”, Carver, 1910

IV.6 Harvard. Short Bibliography on Socialism and Family/Christian Ethics for “Serious-minded Students”, McConnell, 1910

IV.7. Harvard. Short Bibliography of Trade Unionism for “Serious-minded Students”, Ripley, 1910

IV.8. Harvard. Short Bibliography of Strikes and Boycotts for “Serious-minded Students”, Ripley, 1910

IV.13. Harvard. Short Bibliography of Social Insurance for “Serious-minded Students”, Foerster, 1910

________________

IV.12. THRIFT INSTITUTIONS

OLIVER M. W. SPRAGUE

Building and loan associations. Ninth report of the United States Commissioner of Labor. Washington: Government Printing Office, 1893, pp. 719.

In addition to statistical data, the report contains the laws of all of the states, and much useful matter regarding organization, premium policy and the distribution of profits.

DEXTER, SEYMOUR. A treatise on coöperative savings and loan associations. New York: D. Appleton & Co., 1889, pp. viii, 299.

The classical work on building and loan associations. The analysis of the principles involved is admirable. The appendices contain examples of accounting methods, the laws of some of the states and forms of organization.

HAMILTON, JAMES H. Savings and savings institutions. New York: The Macmillan Company, 1902, pp. 436.

The most comprehensive work on the subject. More than one third of the book is given to postal savings banks.

HANGER, G. W. W. Building and loan associations in the United States. Bulletin of the United States Department of Labor. Washington: Government Printing Office (November), 1904, pp. 1491-1572.

The most recent comprehensive account. Full of well-arranged information.

HENDERSON, CHARLES R. Industrial insurance in the United States. Chicago: University of Chicago Press, 1909, pp. 429.

A comprehensive survey of the many varieties of workman’s insurance. A good working bibliography will be found in the appendix.

Proceedings of the United States league of local building and loan associations, 1893-1909, Cincinnati: Press of the American Building Association News, 1893-1909.

An invaluable repository of information and of useful papers upon every aspect of this successful method of social betterment.

WELLDON, SAMUEL A. Digest of state banking statutes. National Monetary Commission publications. Washington: Government Printing Office, 1910, pp. 745.

A work which greatly diminishes the labor of the student of legal aspects of the savings bank problem.

WILKINSON, J. FROME. Mutual thrift. New York: Charles Scribner’s Sons, 1891, pp. xii, 324.

An historical account of friendly societies in Great Britain, together with an analysis of their actuarial and financial experience.

WILLOUGHBY, WILLIAM F. Workingmen’s insurance. New York: T. Y. Crowell & Co., 1898, pp. 386.

A general survey of the entire field of both voluntary and compulsory insurance. The discussion of the principles involved is excellent.

WOLFF, HENRY W. Coöperative banking; its principles and its practice, with a chapter on coöperative mortgage credit. London: P. S. King & Son, 1907, pp. 317.

WOLFF, HENRY W. People’s banks: a record of social and economic success. Third edition. London: P. S. King & Son, 1910, pp. 587.

Taken together, these books give a sympathetic, enthusiastic and authoritative treatment of a group of institutions which are designed to encourage thrift and also “make the workman his own capitalist. “

Workmen’s insurance and benefit funds in the United States. Twenty-third report of the United States commissioner of labor. Washington: Government Printing Office, 1908, pp. 810.

This report covers the entire field indicated by its title, except the industrial insurance departments of the regular companies.

ZARTMAN, LESTER W. Yale readings in insurance. Vol. I, Life insurance. New Haven: Yale University Press, 1909, pp. viii, 405.

Twenty-six chapters selected from a variety of sources. About one half the book is devoted to the technique of the subject; history, and economic and public aspects are the concern of the other half.

Source: Teachers in Harvard University, A Guide to Reading in Social Ethics and Allied Subjects, Lists of Books and Articles Selected and Described for the Use of General Readers. Cambridge, Mass.: Harvard University, 1910, pp. 200-202.

Categories
Courses Exam Questions Harvard

Harvard. Economics Course Descriptions, Enrollments, and Exams. 1897-98

 

For the academic year 1897-1898 we are blessed with ample records for the economics courses offered (and bracketed) at Harvard. Detailed course descriptions, enrollment figures, semester-end exams are available and have been transcribed below for almost every course.

_______________________

ECONOMICS.
GENERAL STATEMENT.

Course 1 is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It is usually taken with most profit by undergraduates in the second or third year of their college career. It may be taken with advantage in the second year by those who are attracted to political and social subjects. A knowledge of general history (such as is given in Course 1 in History) is a useful preparation.

The advanced courses divide themselves into two groups. The first group contains Courses 2, 3, 13, 14, 15, which are concerned chiefly with economic and social theory. Courses 2 and 15 follow the development of economic theory from its beginnings to the present time, with critical examination of the conclusions reached by economists of the past and the present. Course 13, on scope and method in economic investigation, continues the same subjects; it is taken to best advantage after either 2 or 15. Course 3 considers the wider aspects of economic and social study, and reviews the progress of sociological inquiry. Course 14 takes up the history and literature of socialistic and communistic proposals, and leads to a discussion of the foundations of existing institutions.

The second group contains the remaining courses, which are of a more descriptive and historical character. In all of them, however, attention is given to principles as well as to facts, and some acquaintance with the outlines of economic theory is called for.

Before taking any of the advanced courses, students are strongly advised to consult with the instructors. Courses 2, 3, 4, 7, 10, 12, 13, 14, 15, 16 may not be taken without the previous consent of the instructors. It is advised that Course 1 be taken in all cases as a preparation for the advanced courses; and such students only as have passed satisfactorily in Course 1 will be admitted to Courses 2, 3, 4, 12, 13, 14, 15, 16. But Courses 5, 7, and 9, may also be taken by Juniors and Seniors of good rank who are taking Course 1 at the same time; Course 6 is open to students who have taken or are taking cither History 13 or Economies 1; and Courses 10 and 11 are open to students who have passed satisfactorily either in History 1 or in Economics 1.

The Seminary in Economics is intended primarily for Graduate Students; but Seniors in Harvard College, who have had adequate training in the subject, may be admitted to it.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98,  pp. 30-31.

_______________________

Outlines of Economics
Economics 1

I. Outlines of Economics. —Principles of Political Economy.— Lectures on Social Questions and Monetary Legislation. Mon., Wed., Fri., at 9. Professor  [Frank William] Taussig, Asst. Professor Edward Cummings, Dr. John Cummings, assisted by Messrs. [Charles Sumner] Griffin, [Edward Henry] Warren, and ——.

Course 1 gives a general introduction to economic study, and a general view of Economics sufficient for those who have not further time to give to the subject. It begins with a consideration of the principles of production, distribution, exchange, money, and international trade, which is continued through the first half-year. In the second half-year, some of the applications of economic principles and some wider aspects of economic study are taken up. Social questions and the relations of labor and capital, the theory and practice of banking, and the recent currency legislation of the United States, will be successively treated in outline.

Course 1 will be conducted mainly by lectures. A course of reading will be laid down, and weekly written exercises will test the work of students in following systematically and continuously the lectures and the prescribed reading. Large parts of Mill’s Principles of Political Economy will be read, as well as parts of other general books; while detailed references will be given for the reading on the application and illustration of economic principles.

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

Economics 1: Enrollment

[Economics] 1. Professor [Frank William] Taussig, Asst. Professor [Edward] Cummings, Dr. [John] Cummings, and Messrs. [Charles Sumner] Griffin, [Charles Whitney] Mixter and [Edward Henry] Warren. — Outlines of Economics. — Principles of Political Economy.— Social Questions, and Financial Legislation.  3 hours.

Total 381: 32 Seniors, 99 Juniors, 199 Sophomores, 14 Freshmen, 37 Others.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1897-98, p. 77.

1897-98
Economics 1.
[Mid-year Examination]

  1. Is a shop building, situated on a busy city street, capital? is the land on which it stands capital? Is a dwelling on a fashionable city street capital? the land on which it stands?
  2. Does the rent of a piece of land determine its price, and if so, how? or does its price determine the rent, and if so, how?
  3. Do you believe that differences in wages in different occupations would cease if, by gratuitous education and support, access to each occupation were made equally easy for all?
  4. Mention a case in which the income received by a person doing no manual labor is to be regarded as wages; one in which it is to be regarded as profits; one in which it is to be regarded as interest; and one in which the classification would be regarded as doubtful.
  5. Explain what is meant by the effective desire of accumulation; and consider whether, in a country like England, the minimum return on capital fixed by it has been reached.
  6. “The quantity demanded [of any commodity] is not a fixed quantity, even at the same time and place; it varies according to the value; if the thing is cheap, there is usually a demand for more of it than when it is dear. The demand, therefore, depends partly on the value. But it was laid down before that value depends on the demand. From this contradiction, how shall we extricate ourselves? How solve the paradox, of two things, each depending on the other?”
    What answer did Mill give to the question thus put by him?
  7. Does the proposition that value is determined by cost of production hold true of gold?
  8. Is it advantageous to a country to substitute paper money completely for specie?
  9. Trace the consequences of an issue of inconvertible paper, greater in amount than the specie previously in circulation, on prices, on the foreign exchanges, and on the relations of debtor and creditor.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.

1897-98.
Economics 1.
[Final Examination]

Arrange your answers strictly in the order of the questions.

  1. In what sense does Mill use the terms “value” and “price”? Professor Hadley? What do you conceive to be meant by the “socialistic theory” of value?
  2. “Many people regard the luxury of the rich as being on the whole a means of preventing harm to the poor. They regard free expenditure of the capitalists’ money as a gain to laborers, and its saving as a loss.” Is this view sound?
  3. What services are rendered to society by commercial speculation? by industrial speculation?
  4. Patent-laws, protection by customs duties, private ownership of land, — wherein analogous, in Professor Hadley’s view? in your own view?
  5. Does Mill regard the rent of land as an “unearned increment”? Does Professor Hadley? On what grounds do they reach their conclusions?
  6. “By far the most important form of consumers’ coöperation is exemplified in government management of industrial enterprises.” Why, or why not, is government management to be regarded as a form of consumers’ coöperation? What other forms of such coöperation have had wide development?
  7. The peculiarities of labor considered as a commodity; and the grounds on which it is concluded that “the members of trade unions are in a condition entirely like that of the sellers of other commodities.”
  8. Consider how, according to Mill, successive issues of paper-money will affect the supply of specie in a country; and explain how far this theoretical conclusion was or was not verified by the mode in which the silver currency (dollars and certificates) issued under the act of 1878 affected the supply of gold in the United States.
  9. On what ground does Mill object to the issue of inconvertible paper? On what ground does Professor Dunbar object to the legal tender paper now issued by the United States? Wherein are the objections similar, wherein different?
  10. “If we try to make things for which we have only moderate advantages, and in so doing divert labor and capital from those where we have extraordinary ones, we do not, in general, make money; we lose more than we gain.” — HADLEY. Point out wherein this statement is akin to the analysis of international trade by Mill, and explain precisely what is here meant by making or losing money.

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 40-41.

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Mediaeval Economic History of Europe
Economics 10
[Omitted in 1897-98.]

[*10. The Mediaeval Economic History of EuropeTu., Th., (and at the pleasure of the instructor) Sat., at 12. Professor [William James] Ashley.]

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

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

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

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

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

_______________________

Modern Economic History of Europe and America
(from 1500)
Economics 11

11. The Modern Economic History of Europe and America (from 1500)Tu., Th., (and at the pleasure of the instructor) Sat., at 12. Professor [William James] Ashley.

This course, — which will usually alternate with Course 10 in successive years, — while intended to form a sequel to Course 10, will nevertheless be independent, and may usefully be taken by those who have not followed the history of the earlier period. The main thread of connection will be found in the history of trade; but the outlines of the history of agriculture and industry will also be set forth, and the forms of social organization dependent upon them. England, as the first home of the “great industry,” will demand a large share of attention; but the parallel or divergent economic history of the United States, and of the great countries of western Europe, will be considered side by side with it.

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

 Economics 11: Enrollment
1897-98

[Economics] 11. Professor Ashley— The Modern Economic History of Europe and America (from 1500). 2 or 3 hours.

Total 16: 9 Graduates, 5 Seniors, 1 Junior, 1 Sophomore.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1897-98, p. 77.

1897-98.
Economics 11.
[Mid-year Examination]

N.B.—Not more than eight questions should be attempted.

  1. “Locutus sum de breviori via ad loca aromatum per maritimam navigationem quam sit ea quam facitis per Guineam.” Translate and comment upon this.
  2. Give some account of the Fairs of Champagne.
  3. What light does Jones’ account of agricultural conditions in Europe in his own time cast upon the agrarian history of England in the 15th and 16th centuries? Be as definite as possible in your answer.
  4. What do you suppose happened to the “craft-gilds” of England during the reign of Edward VI?
  5. Discuss the purpose and effect of the statute 5 Eliz. c. 4, in the matter of the Assessment of Wages.
  6. What were the essential characteristics of the “Domestic System” of Industry?
  7. Give some account of the industrial legislation of France in the 16th century.
  8. “The policy of Europe occasions a very important inequality in the whole of the advantages and disadvantages of the different employments of labour and stock.” What had the writer of this passage in mind?
  9. Give some account of any four of the following: Albuquerque, Veramuyden, Jacob Fugger, John Hales, Jacques Cartier, Bartholomew Diaz, Barthelemy Laffemas.
  10. Give a critical account of any really important work, not prescribed, of which you have read any considerable portion in connection with this course.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.

1897-98.
Economics 11.
[Year-end Examination]

N.B.- Not more than eight questions should be attempted.

  1. “Publicae mendicationis licentiam posse civium legibus cohiberi ad liquidum ostendit ille absolutus Theologus, loannes Major.” Translate; and shew the significance of the position thus maintained.
  2. Illustrate from the history of Hamburg the change in the position of the Hanseatic League during the 16th century.
  3. Distinguish between the various races of immigrants into England since 1500, and state shortly the several respects in which the trade and industry of England were influenced by each.
  4. “Perhaps the wisest of all the commercial regulations of England.” Give a brief account of the enactment of which Adam Smith thus speaks; distinguish between the various aspects in which it may be regarded; and give your own opinion as to the justice of Adam Smith’s observation.
  5. Explain the position of “les Six Corps” at Paris. Does London furnish any analogous institutions?
  6. “Hitherto,” i.e. up to 1750, “industry had been chiefly carried on in England by numbers of smaller capitalists who were also manual workmen.” Criticise this as a bit of exposition.
  7. The position of Arthur Young in economic history.
  8. The commercial policy of the younger Pitt.
  9. Mention, with the briefest possible comment, some of the more important features in which the agricultural, industrial and commercial life of the England of to-day differs from that of the England of 1750.
  10. What were the principal defects in the administration of the English Poor Laws prior to 1834, and how was it sought to remedy them?
  11. Explain the need for the English Factory Acts, and give some account of their history.
  12. Give a critical estimate of any really important book, not prescribed, of which you have read any considerable proportion in connection with this course during the second half-year.

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 50-51.

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The Economic History of the United States
Economics 6

6. The Economic History of the United StatesTu., Th., at 2.30, and a third hour at the pleasure of the instructors. Mr. [Guy Stevens] Callender.

Course 6 gives a general survey of the economic history of the United States from the formation of the Union to the present time, and considers also the mode in which economic principles are illustrated by the experience so surveyed. A review is made of the financial history of the United States, including Hamilton’s financial system, the second Bank of the United States and the banking systems of the period preceding the Civil War, coinage history, the finances of the Civil War, and the banking and currency history of the period since the Civil War. The history of manufacturing industries is taken up in connection with the course of international trade and of tariff legislation, the successive tariffs being followed and their economic effects considered. The land policy of the United States is examined partly in its relation to the growth of population and the inflow of immigrants, and partly in its relation to the history of transportation, including the movement for internal improvements, the beginnings of the railway system, the land grants and subsidies, and the successive bursts of activity in railway building. Comparison will be made from time to time with the contemporary economic history of European countries.

Written work will be required of all students, and a course of reading will be prescribed, and tested by examination. The course is taken advantageously with or after History 13. While an acquaintance with economic principles is not indispensable, students are strongly advised to take the course after having taken Economics 1, or, if this be not easy to arrange, at the same time with that course.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, pp. 32-33.

Economics 6: Enrollment

[Economics] 6. Dr. Callender. — The Economic History of the United States. 3 hours.

Total 94: 4 Graduates, 38 Seniors, 41 Juniors, 8 Sophomores, 1 Sophomore, 2 Others.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1897-98, p. 78.

1897-98.
Economics 6.
[Mid-year Examination]

[Omit one question from each group]

I.

  1. “The effect of England’s policy was, through a restriction of the market, to render the production of those staple commodities (i.e. of agriculture, and the fisheries) less profitable. Thus New England, and later the middle colonies, not being allowed to exchange their normal products for England’s manufactures, were forced to begin manufacturing for themselves.”—
    “Briefly describe the measures designed to prevent the rise of manufactures in the colonies; and state whether in your opinion the growth of manufactures in the northern colonies was stopped chiefly by this legislation or by other causes.
  2. The American colonies during the Revolution were in much the same economic position as the South during the Rebellion. The chief resource of the latter was the value of its cotton crop to the world; that of the former was the supposed value of their trade to the nations of Europe. Describe the various ways in which the Revolutionary statesmen made use of this resource.
  3. Judging from the opinions of statesmen as well as from acts of legislation what would you say were the leading objects of American Commercial policy from 1783 to 1789?
  4. State briefly the exact circumstances which permitted the growth of American commerce during the years from 1793 to 1806. How did this temporary commercial prosperity affect the subsequent growth of manufactures?

II.

  1. Compare the conditions which gave rise to manufactures in the northern colonies before 1760 with those which prevailed during the years immediately following 1783 and 1815; and indicate what conclusions you would draw from such a comparison, as to the necessity or expediency of protective legislation to secure the development of manufactures in a new country.
  2. Discuss the effect of the duties on Cotton and Iron during the period from 1816 to 1833.
  3. Compare the treatment of wages in Hamilton’s Report on Manufactures with that which appeared in the debate on the Tariff Act of 1846. How do you explain the change?
  4. Mention several industries which were created or greatly promoted by inventions between 1840 and 1860.

III.

  1. Henry Clay declared in 1832 that the seven years preceding 1824 “exhibited a scene of the most widespread dismay and desolation,” while the seven years following 1824 exhibited the “greatest prosperity which this people, bare enjoyed since the establishment of the present constitution.” How do you explain this change?
  2. In what ways have the people of the United States made use of the Federal and State governments to provide transportation facilities? How do you explain this tendency to State interference in industrial affairs at so early a date in America?
  3. Describe the abuses in Railroad management which the Interstate Commerce Act was intended to correct.
  4. Explain why competition proves less effective in regulating freight rates than in regulating the price of most commodities.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.

1897-98.
Economics 6.
[Year-end Examination]

Answer at least eight questions.

  1. Give your reasons for agreeing to, or dissenting from, the following proposition: Until the wars of the French Revolution temporarily suspended the colonial policy of Continental Europe, the United States was in a more unfavorable economic position than they had been in prior to the Revolution
  2. Why was the adoption of a liberal tariff policy by the U.S. in 1846 more justifiable than in 1816?
  3. “The provisions of the constitution were universally considered as affording a complete security against the danger of paper money. The introduction of the banking system met with a strenuous opposition on various grounds; but it was not apprehended that bank notes, convertible at will into specie, and which no person could be legally compelled to take in payment, would degenerate into pure paper money, no longer paid at sight in specie… It was the catastrophe of 1814 which first disclosed not only the insecurity of the American banking system, as it then existed, but also that when a paper currency, driving away, and suspending the use of gold and silver, has insinuated itself through every channel of circulation, and become the only medium of exchange, every individual finds himself, in fact compelled to receive such currency, even when depreciated more than twenty per cent. in the same manner as if it had been a legal tender.” — GALLATIN.
    Prior to the adoption of the national banking system in 1863, how did the federal government attempt to prevent the evil here described. and with what success?
  4. How far do the conditions, which render competition ineffective as a regulator of transportation charges, prevail in any of the industries in which Trusts have been formed? — or to ask the same thing in another way, how far is it possible to justify Trusts on the same grounds as Railroad Pools?
  5. What reasons would you assign for the change in the relative value of gold and silver which occurred after 1873?
  6. What difficulty did the Treasury department encounter in administering the silver act of 1878, and what means were used to overcome it?
  7. Compare the effect of the protective duties on wool and woollens since 1867 with the effect of those on silk and steel during the same time.
  8. “In the division of employments which has taken place in America, the far preferable share, truly, has fallen to the Northern States…The states, therefore, which forbid slavery, having reaped the economical benefits of slavery, without incurring the chief of its moral evils, seem to be even more indebted to it than the slave states.” — WAKEFIELD.
    How would you explain this statement?
  9. According to Mr. Cairnes, what constituted the economic basis of Negro slavery in the Southern States and enabled it to successfully resist the competition of free white labor? Do you consider this economic basis of slavery to have been permanent?
  10. Describe the most important change in Southern agrarian conditions which has resulted from emancipation.
  11. What influences can you mention that have contributed to the fall in the prices of the staple products of Northern agriculture during the last ten years?
  12. Why has this fall in the price of agricultural products caused greater hardship to the farmers than the corresponding fall in the price of manufactured products has caused among manufacturers?

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 45-47.

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History and Literature of Economics to the Close of the 18th Century
Economics 15

*15. The History and Literature of Economics to the Close of the Eighteenth CenturyMon., Wed., (and at the pleasure of the instructor) Fri., at 12.     Professor[William James] Ashley.

The course of economic speculation will here be followed, in its relation alike to the general movement of contemporary thought and to contemporary social conditions. The lectures will consider the economic theories of Plato and Aristotle; the economic ideas underlying Roman law; the mediaeval church and the canonist doctrine; mercantilism in its diverse forms; “political arithmetic;” the origin of the belief in natural rights and its influence on economic thought; the physiocratic doctrine; the work and influence of Adam Smith; the doctrine of population as presented by Malthus; Say and the Erench school; and the beginnings of academic instruction in economics.

The lectures will be interrupted from time to time for the examination of selected portions of particular authors; and careful study will be given to portions of Plato’s Republic and Aristotle’s Politics (in translation) to Mun’s England’s Treasure, Locke’s Considerations of the Consequences of the Lowering of Interest, certain Essays of Hume, Turgot’s Réflexions, and specified chapters of Adam Smith’s Wealth of Nations, and Malthus’ Essay. Students taking the course are expected to procure the texts of the chief authors considered, and to consult the following critical works:

Ingram, History of Political Economy; Cossa, Introduction to the Study of Political Economy; Cannan, History of the Theories of Production and Distribution; Bonar, Philosophy and Political Economy; Böhm-Bawerk, Capital and Interest; Taussig, Wages and Capital.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, pp. 33-34.

Economics 15: Enrollment
1897-98

[Economics] 15. Professor Ashley. — The History and Literature of Economics to the Middle of the Nineteenth Century. 2 or 3 hours.

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

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1897-98, p. 77.

1897-98.
Economics 15.
[Mid-year Examination]

N.B.—Not more than eight questions should be attempted.

  1. Compare the Republic of Plato with the Politics of Aristotle, as to purpose and temper.
  2. Expound Aristotle’s teaching with regard to Slavery.
  3. “He is supposed to have given a striking proof of his wisdom, but his device for getting money is of universal application.” Comment, and explain the context.
  4. What parts of Aristotle’s criticism of Communism seem to you pertinent to modern Socialism. Explain what particular kind of Socialism you have in mind.
  5. Set forth, and criticise, Maine’s account of the influence in modern times of the conception of a Law of Nature.
  6. Were the early Christians communists?
  7. How did “Inter-est [sic],” in its original meaning, differ from “Usury.”
  8. The position in economic literature of Nicholas Oresme.
  9. What principles, if any, of the canonist teaching seem to you to have any bearing on modern economic problems.
  10. What were “the particular ways and means to encrease our exportations and diminish our importations,” according to Mun?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.

1897-98.
Economics 15.
[Year-end Examination]

  1. Criticise the current conception of “Mercantilism” in the light of your own study of the later English mercantilist writers.
  2. The place of Locke in English economic thought.
  3. “Tout ce qu’il y a de vrai dans ce volume estimable, mais pénible à lire, en deux gros volumes in-4°, se trouve dans les Réflexions de Turgot; tout ce qu’Adam Smith y a ajouté manque d’exactitude et même de fondement.”
    Translate, and then criticise this remark of Du Pont’s.
  4. Trace the various elements which went to make up the idea of Nature in Adam Smith’s mind, and then explain Smith’s application of it to any particular subject.

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, p. 53.

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Economic Theory
in the 19th Century
Economics 2

*2. Economic Theory in the Nineteenth CenturyMon., Wed., Fri., at 2.30. Professor [Frank William] Taussig.

Course 2 is designed to acquaint the student with the history of economic thought during the nineteenth century, and to give him at the same time training in the critical consideration of economic principles. The exercises are accordingly conducted mainly by the discussion of selected passages from the important writers; and in this discussion students are expected to take an active part. Lectures are given at intervals, tracing the general movement of economic thought and describing its literature. Special attention will be given to the theory of distribution.

The course opens with an examination of Ricardo’s doctrines, selections from Ricardo’s writings being read and discussed. These will then be compared with the appropriate chapters in Mill’s Principles of Political Economy, and further with passages in Cairnes’ Leading Principles. The theory of wages, and the related theory of business profits, will then be followed in the writings of F. A. Walker, Sidgwick, and Marshall, and a general survey made of the present stage of economic theory in England and the United States. The development on the continent of Europe will be traced chiefly in lectures; but toward the close of the year a critical examination will be made of the doctrines of the modern Austrian school.

Course 2 is taken with advantage in the next year after Course 1; but Course 15 may also be taken with advantage after Course 1, and then followed by Course 2, or taken contemporaneously with it.

Source:  Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, p. 34.

 Economics 2: Enrollment
1897-98

[Economics] 2. Professor Taussig. — Economic Theory in the Nineteenth Century. 3 hours.

Total 32: 9 Graduates, 9 Seniors, 11 Juniors, 3 Sophomores.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1897-98, p. 77.

1897-98.
Economics 2.
[Mid-year. 1898.]

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

  1. According to Ricardo, what is the effect, if any, of a rise in the price of food on wages? on profits? on the prices of commodities?
  2. “Ricardo expresses himself as if the quantity of labor which it costs to produce a commodity and bring it to the market, were the only thing on which its value depended. But since the cost of production to the capitalist is not labor but wages, and since wages may be greater or less, the quantity of labor being the same; it would seem that the value of the product cannot be determined solely by the quantity of labor, but by the quantity together with the remuneration; and that values must depend on wages.” — Mill.
    What do you conceive Ricardo would have said to this?
  3. “We have therefore remarked that the difficulty of passing from one class of employments to a class greatly superior, has hitherto caused the wages of all those classes of laborers who are separated from one another by any very marked barrier, to depend more than might be supposed upon the increase of population of each class, considered separately; and that the inequalities in the remuneration of labor are much greater than could exist if the competition of the laboring people generally could be brought practically to bear on each particular employment. It follows from this that wages in each particular employment do not rise or fall simultaneously, but are, for short and sometimes even for long periods, nearly independent of each other. All such disparities evidently alter the relative costs of production of different commodities, and will therefore be completely represented in the natural or average value.” — Mill.
    What has Cairnes added to this?
  4. “He [Mr. Longe] puts the case of a capitalist who, by taking advantage of the necessities of his workmen, effects a reduction in their wages; and asks how is this sum, thus withdrawn, to be restored to the fund? . . . The answer to the case put by Mr. Longe is easy on his own principles; and I am disposed to flatter myself that the reader who has gone with me in the foregoing discussion will not have much difficulty in replying to it on mine.” — Cairnes.
    Give the reply.
  5. “Fixity or definiteness is the very essence of the supposed wages-fund. No one denies that some amount or other must within a given period be disbursed in the form of wages. The only question is whether that amount be determinate or indeterminate.” — Thornton.
    What is Cairnes’s answer to the question put in this passage?
  6. What would you expect the relation of imports to exports to be in a country whose inhabitants had for a long time been borrowing, and were still borrowing, from the inhabitants of other countries?
  7. Are general high wages an obstacle to a country’s exporting?
  8. “Granted a certain store of provisions, of tools, and of materials for production, sufficient, say, for 1000 laborers, those who hold the wage-fund theory assert that the same rate of wages (meaning thereby the actual amount of necessaries, comforts, and luxuries received by the laborer) would prevail whether these laborers be Englishmen or East Indians. . . . On the contrary, it is not true that the present economical quality of the laborers, as a whole, is an element in ascertaining the aggregate amount that can now be paid in wages; that as wages are paid out of the product, and as the product will be greater or smaller by reason of the workman’s sobriety, industry, and intelligence, or his want of these qualities, so wages may and should be higher or lower accordingly?”
    Give your opinion.
  9. What do you conceive to be the “no profits class of employers” in President Walker’s theory of distribution?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.

1897-98.
Economics 2.
[Final Examination]

The answer to one question may be omitted.

  1. The analysis of capital in its relation to labor and wages at the hands of Ricardo and of Böhm-Bawerk, — wherein the same? wherein different?
  2. The contributions of permanent worth for economic theory by Cairnes? by F.A. Walker? [Consider one.]
  3. The position of Carey and Bastiat in the development of economic theory.
  4. “If the efficiency of labor could be suddenly doubled, whilst the capital of the country remained stationary, there would be a great and immediate rise in real wages. The supplies of capital already in existence would be distributed among the laborers more rapidly than would otherwise be the case, and the increased efficiency of labor would soon make good the diminished supplies. The fact is that an increase in the efficiency of labor would bring about an increase in the supply of capital.” — Marshall. Why? or why not?
  5. “The capital of the employer is by no means the real source of the wages even of the workmen employed by him. It is only the intermediate reservoir from which wages are paid out, until the purchasers of the commodities produced by that labor make good the advance and thereby encourage the undertaker to purchase additional labor.” W. Roscher.
    What do you say to this?
  6. “If the rate of profit falls, the laborer gets more nearly the whole amount of the product. But if the rate of wages falls, we have a corresponding fall in prices and little change in the relative shares of labor and capital.” Hadley.
    Why, or why not, in either case?
  7. “In the present condition of industry, most sales are made by men who are producers or merchants by profession, and who hold an amount of commodities entirely beyond any needs of their own. Consequently, for them the subjective use-value of their own wares is, for the most part, very nearly nil; and the figure which they put on their own valuation almost sinks to zero.” Explain the bearing of this remark on the theory of value as developed by Böhm-Bawerk.
  8. What, according to Böhm-Bawerk, is the explanation of interest derived from “durable consumption goods”? And what is your own view?
  9. How far do you conceive that there is a “productivity” of capital, serving to explain the existence of interest, and the rate?

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 41-42.

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Scope and Method in Economic Theory and Investigation
Economics 132

*132 hf. Scope and Method in Economic Theory and Investigation. Half-course (second half-year). Mon., Wed., Fri., at 11. Professor [William James] Ashley.

Course 13 will examine the methods by which the important writers, from Adam Smith to the present time, have approached economic questions, and the range which they have given their inquiries; and will consider the advantage of different methods, and the expediency of a wider or narrower scope of investigation. Mill’s essay on the Definition of Political Economy; Cairnes’ Logical Method of Political Economy; Keynes’ Scope and Method of Political Economy; certain sections of Wagner’s Grundlegung and Schmoller’s essay on Volkswirthschaft will be carefully examined. The conscious consideration of method by the later writers of the classic school and by their successors in England; the rise of the historical school and its influence; the mode in which contemporary writers approach the subject, — will he successively followed.

Course 13 is open to students who take or have taken Course 2 or Course 15. A fair reading knowledge of German as well as of French will be expected of students, and the opportunity will be taken to assist them to acquire facility in reading scientific German. Subjects will be assigned for investigation and report, and the results of such investigations will be presented for discussion.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, pp. 34-35.

Economics 132: Enrollment
1897-98

[Economics] 132. Professor Ashley. — Scope and Method in Economic Theory and Investigation. 3 hours.

Total 5: 3 Graduates, 1Senior, 1 Sophomore.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1897-98, p. 77.

1897-98.
Economics 132.
[Year-end Examination]

  1. “Ganz unabhängig von der deutschen historischen National-Ökonomie haben Sociologen wie A. Comte ähnliche, freilich auch zu weit gehende Bedenken gegen Deduction und Abstraction der britischen Oekonomik erhoben.”
    Translate this; and then (1) state Comte’s position with regard to economic method, (2) criticise it.
  2. “Die besondere Leistung des wissenschaftlichen Socialismus ist der Nachweis des beherrschenden Einflusses der Privateigenthums ordnung, speciell des Privateigenthums‚ an den sachlichen Productionsmitteln’, auf die Gestaltung der Production und der Vertheilung des Productionsertrag, zumal bei Wegfall aller Beschränkungen der Verfügungsbefugnisse des Privateigenthümers im System der freien Concurrenz…Durch den Socialismus ist aber auch das andere grosse Hauptproblem, dasjenige der Freiheit und ihrer Rechtsordnung, in ein neues Stadium getreten. Hier begeht der Socialismus nun jedoch trotz seiner scharfen Kritik der wirthschaftlichen Freiheit im System der ökonomischen Individualismus und Liberalismus principiell denselben Fehler, wie letzterer: auch er fasst die Freiheit als Axiom, statt als Problem auf, ein schwerstes Problem gerade jeder socialistischen Rechts- und Wirtschaftsordnung.”
    (1) Translate, (2) explain, and (3) comment on this.
  3. Discuss the questions raised by the application to Economies of the distinction between a Science and an Art.
  4. What did J. S. Mill mean by the Historical Method? Consider (1) the source of the idea, (2) its characterization by Mill, and (3) the bearing of his utterances with regard to it upon the question of economic method.
  5. Examine either (1) the Malthusian doctrine of Population or (2) the Ricardian doctrine of Rent as a specimen of an economic “law.”

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 52-53.

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Principles of Sociology
Economics 3

*3. The Principles of Sociology. Mon., Wed., and (at the pleasure of the instructor) Fri., at 1.30. Asst. Professor Edward Cummings.

Course 3 begins with a general survey of the structure and development of society; showing the changing elements of which a progressive society is composed, the forces which manifest themselves at different stages in the transition from primitive conditions to complex phases of civilized life, and the structural outlines upon which successive phases of social, political, and industrial organization proceed. Following this, is an examination of the historical aspects which this evolution has actually assumed: Primitive man, elementary forms of association, the various forms of family organization, and the contributions which family, clan and tribe have made to the constitution of more comprehensive ethnical and political groups ; the functions of the State, the circumstances which determine types of political association, the corresponding expansion of social consciousness, and the relative importance of military, economic, and ethical ideas at successive stages of civilization. Special attention is given to the attempts to formulate physical and psychological laws of social growth; to the relative importance of natural and of artificial selection in social development; the law of social survival; the dangers which threaten civilization; and the bearing of such general consideration upon the practical problems of vice, crime, poverty, pauperism, and upon mooted methods of social reform.

The student is thus acquainted with the main schools of sociological thought, and opportunity is given for a critical comparison of earlier phases of sociological theory with more recent contributions in Europe and the United States. Regular and systematic reading is essential. Topics are assigned for special investigation in connection with practical or theoretical aspects of the course.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, p. 35.

 Economics 3: Enrollment
1897-98

[Economics] 3 Asst. Professor E. Cummings. — The Principles of Sociology. — Development of the Modern State, and of its Social Functions. 2 or 3 hours.

Total 59: 4 Graduates, 30 Seniors, 13 Juniors, 6 Sophomores, 6 Others.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1897-98, p. 77.

1897-98.
Economics 3.
[Mid-year examination]

[Answer the questions in the order in which they stand. Give one hour to each group.]

I.

Discuss the merits and defects of the following conceptions of society:

A) Society as an organism.
B) Society as a physio-psychic organism.
C) Society as an organization.
D) Society as an “organisme contractuel.”

What in your opinion are the essential differences between an ant hill and a human society?

II.

Give a critical summary and comparison of the views of Spencer, Giddings, Ritchie in regard to (a) the origin, (b) the development and forms, and (c) the functions of political organization.
Contrast the ancient, medieval and modern views of the relations of the State to Society and to the Individual.

III.

Discuss the views of Spencer, Westermarck, Giddings and others on the causes and the effects of the successive phases of family organization.
What claims has the family to be regarded as the “social unit”?
Discuss the significance of existing tendencies.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.

1897-98.
Economics 3.
[Final Examination]

I.

The nature, the causes, and the criteria of progress, according to (a) Spencer, (b) Kidd, (c) La Pouge, (d) Haycraft, (e) Giddings, (f) Tarde? State and illustrate by historical examples your own views in regard to the “curve of progress.”

II.

“The special feature of the final adjustment secured by our occidental civilizations, contrary to what has been seen on the earth before them, will therefore have been the subordination of the social to the individual. This singularly daring enterprise is the true novelty of modern times. It is well worth living to second it or to participate in it.”— TARDE.
“There seems no avoiding the conclusion that these conspiring causes must presently bring about that lapse of self-ownership into ownership by the community, which is partially implied by collectivism and completely by communism.” — SPENCER.
Discuss carefully the merits of these opinions, and the evidence on which they rest.

III.

What do you conceive to be some of the dangerous tendencies of our civilization? And what are the remedies?

IV.

State the subject of your final report and the reading you have done in connection with it.

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, p. 42.

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Socialism and Communism
Economics 14

*14. Socialism and Communism. — History and Literature. Tu., Th., and at the pleasure of the instructor) Sat., at 9. Asst. Professor Edward Cummings.

Course 14 is primarily an historical and critical study of socialism and communism. It traces the history and significance of schemes for social reconstruction from the earliest times to the present day. It discusses the historical evidences of primitive communism, the forms assumed by private ownership at different stages of civilization, the bearing of these considerations upon the claims of modern socialism, and the outcome of experimental communities in which socialism and communism have actually been tried. Special attention, however, is devoted to the recent history of socialism, — the precursors and the followers of Marx and Lassalle, the economic and political programmes of socialistic parties in Germany, France, and other countries.

The primary object is in every case to trace the relation of historical evolution to these programmes; to discover how far they have modified history or found expression in the policy of parties or statesmen; how far they must be regarded simply as protests against existing phases of social evolution; and how far they may be said to embody a sane philosophy of social and political organization.

The criticism and analysis of these schemes gives opportunity for discussing from different points of view the ethical and historical value of social and political institutions, the relation of the State to the individual, the political and economic bearing of current socialistic theories.

The work is especially adapted to students who have had some introductory training in Ethics as well as in Economics. A systematic course of reading covers the authors discussed; and special topics for investigation may be assigned in connection with this reading.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, pp. 35-36.

Economics 14: Enrollment

[Economics] 14. Asst. Professor E. Cummings. — Communism and Socialism. — History and Literature. 2 or 3 hours.

Total 12: 3 Graduates, 5 Seniors, 2 Juniors, 2 Sophomores.

Source: Harvard University. Report of the President of Harvard College, 1897-98, p. 78.

1897-98.
Economics 14.
[Mid-year Examination]

Outline briefly the characteristics of socialistic theory and practice in ancient, medieval and modern times, — devoting about an hour to each epoch, and showing —

(a) so far as possible the continuity of such speculations; the characteristic resemblances and differences;
(b) the influence of peculiar historical conditions;
(c) the corresponding changes in economic theory and practice.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.

No Year-end Examination for 1898 found.

_______________________

Labor Question
in Europe and the U.S.
Economics 9.

9. The Labor Question in Europe and the United States. — The Social and Economic Condition of Workingmen. Tu., Th., Sat., at 10. Asst. Professor Edward Cummings and Dr. John Cummings.

Course 9 is a comparative study of the condition and environments of workingmen in the United States and European countries. It is chiefly concerned with problems growing out of the relations of labor and capital. There is careful study of the voluntarily organizations of labor, — trade unions, friendly societies, and the various forms of cooperation; of profit-sharing, sliding scales, and joint standing committees for the settlement of disputes; of factory legislation, employers’ liability, the legal status of laborers and labor organizations, state courts of arbitration, and compulsory government insurance against the exigencies of sickness, accident, and old age. All these expedients, together with the phenomena of international migration, the questions of a shorter working day and convict labor, are discussed in the light of experience and of economic theory, with a view to determining the merits, defects, and possibilities of existing movements.

The descriptive and theoretical aspects of the course are supplemented by statistical evidence in regard to wages, prices, standards of living, and the social condition of labor in different countries.

Topics will be assigned for special investigation, and students will be expected to participate in the discussion of selections from authors recommended for a systematic course of reading.

The course is open not only for students who have taken Course 1, but to Juniors and Seniors of good rank who are taking Course 1.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, pp. 36-37.

Economics 9: Enrollment

[Economics] 9. Asst. Professor E. Cummings and Dr. J. Cummings. — The Labor Question in Europe and the United States. — The Social and Economic Condition of Workingmen. 3 hours.

Total 108: 1 Graduate, 39 Seniors, 51 Juniors, 12 Sophomores, 5 Others.

Source: Harvard University. Report of the President of Harvard College, 1897-98, p. 78.

No Mid-year Examination found.

1897-98.
Economics 9.
[Year-End Examination]

I.
WORKINGMEN’S INSURANCE.

“After a preliminary examination of the various kinds of working-men’s insurance, and the chief methods by which its provision can be accomplished, we have considered the history and present condition of the problem in each of the great countries of Europe and in the United States. It now remains to pass in review the whole field, to contrast, in a measure, the various policies that have been pursued, and to indicate some of the ways in which this rich experience can be of assistance in any attempt that may be made in this country to further similar movements.”
Devote one hour (a) to analyzing the present condition in each country; (b) to indicating the ways in which this rich experience can be of assistance.

II.

a) Give the name, the size, the characteristics of the important labor organizations in the United States.

b) Compare the development and present condition of labor organizations in the United States, with the movement in England.

c) How do you account for the differences in success attending trade union and coöperative enterprises in the two countries?

III.

a) What agencies, public and private, are available for settling disputes between employers and employed in the United States?

b) To what important legal questions have these disputes given rise? What has been the attitude of the judiciary and what are the merits of the present controversy in regard to injunctions?

c) What has been the general character and value of labor legislation during the last decade?

IV.

Indicate approximately the husband’s earnings, the family income and the standard of living among laborers in coal, iron, steel, textile or other industries,

1) in the United States.
2) in European countries.
3) Compare the native with the foreign-born American in these respects.
4) What conclusions do you draw from the evidence?

V.

What is the subject of your special report? State briefly (a) the method of your research, (b) the conclusions reached.

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 49-50.

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Statistics
Economics 4

*4. Statistics. — Applications to Social and Economic Problems. — Studies in Movements of Population. — Theory and Method. Mon., Wed., Fri., at 11. Dr. John Cummings.

This course deals with statistical methods used in the observation and analysis of social conditions, with the purpose of showing the relation of statistical studies to Economics and Sociology, and the scope of statistical inductions. It undertakes an examination of the views entertained by various writers regarding the theory and use of statistics, and an historical and descriptive examination of the practical methods of carrying out statistical investigations. The application of statistical methods is illustrated by studies in political, fiscal, and vital statistics, in the increase and migration of population, the growth of cities, the care of criminals and paupers, the accumulation of capital, and the production and distribution of wealth.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, p. 37.

Economics 4: Enrollment
1897-98

[Economics] 4. Dr. J. Cummings. — Statistics. — Applications to Economic and Social Questions. — Studies in the Movement of Population. — Theory and Method. 3 hours.

Total 18: 7 Seniors, 7 Juniors, 3 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1897-1898, p. 78.

1897-98.
Economics 4.
[Mid-year Examination]

[Divide your time equally between A. and B.]

A.

[Take two.]

  1. In what sense do you understand Quetelet’s assertion that “the budget of crime is an annual taxation paid with more preciseness than any other”?
    Comment upon the “element of fixity in criminal sociology.”
    What are the “three factors of crime”?
    Can you account for the “steadiness of the graver forms of crime”? for the increase or decrease of other crimes?
    Define “penal substitutes.”
    What determines the rate of criminality?
    Comment upon the tables relating to crime in the last federal census, and explain how far they enable one to estimate the amount of crime committed and the increase or decrease in that amount.
  2. Comment upon the movement of population in the U. S. as indicated in the census rates of mortality and immigration. Upon the movement of population in France and in other European countries during this century. Can you account for the decline in the rates of mortality which characterize these populations?
    Give an account of the growth of some of the large European cities and of the migratory movements of their populations.
    Give an account for the depopulation of rural districts which has taken place during this century?
  3. Give some account of the Descriptive School of Statisticians and of the School of Political Arithmetic.
    Of the organization and work of statistical bureaus in European countries during this century.
    Of the census bureau in the United States.

B.

[Take four.]

  1. What are some of the “positive” statistical evidences of vitality in a population? “negative”?
  2. Define “index of mortality.”
  3. Comment upon the density and distribution of population in the United States.
  4. What do you understand by “normal distribution of a population according to sex and age”? Define “movement of population.”
  5. Explain the various methods of estimating a population during intercensal years.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.

1897-98.
Economics 4.
[Final Examination]

A.

I.

“The wealth of a nation is a matter of estimate only. Certain of its elements are susceptible of being approximated more closely than others; but few of them can be given with greater certainty or accuracy than is expressed in the word ‘estimated.’” Why? State the several methods used for determining the wealth of a nation. Give some account of the increase and of the present distribution of wealth in the United States.

II.

What statistical data indicate the movement of real wages during this century? What facts have to be taken into account in determining statistically the condition of wage earners? State the several methods of calculating index numbers of wages and prices, and explain the merits of each method. Explain the use of weighted averages as indexes, and the considerations determining the weights. What has been the movement of wages and prices in the United States since 1860?

III.

Statistical data establishing a hierarchy of European races, the fundamental “laws of anthropo-sociology,” and the selective influences of migratory movements and the growth of cities.

B.

Take six.

  1. “I have striven with the help of biology, statistics and political economy to formulate what I consider to be the true law of population.” (Nitti.) What is this law? Is it the true law? Why?
  2. Upon what facts rests the assertion that “the fulcrum of the world’s balance of power has shifted from the West to the East, from the Mediterranean to the Pacific”?
  3. What factors determine the rate of suicide? Consider the effect upon the rate of suicide of the sex and age distribution of the population, of the social and physical environment, and of heredity.
  4. Statistical determination of labor efficiency, and the increase of such efficiency during this century.
  5. How far are statistics concerning the number of criminal offenders indicative of the amount of criminality? Statistics of prison populations? Of crimes? What variables enter in to determine the “rate of criminality”? What significance do you attach to such rates?
  6. The statistical method.
  7. Graphics as means of presenting statistical data.

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 43-44.

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Railways and other Public Works
Economics 52

52 hf. Railways and other Public Works, under Government and Corporate management. Half-course (second half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 1.30. Mr. [Hugo Richard] Meyer.

In this course it is proposed to review the history and working of different modes of dealing with railway transportation, and to deal summarily with other similar industries, such as the telegraph, street railways, water and gas supply. Consideration will be given to the economic characteristics of these industries, the theory and history of railway rates, the effects of railway service and railway charges on other industries, the causes and consequences of monopoly conditions. The history of legislation in the more important European countries will be followed, as well as the different modes in which they have undertaken the regulation and control of private corporations, or have assumed direct ownership, with or without management and operation. Some attention will be given also to the experience of the British colonies, and more especially of those in Australia. In the United States, there will be consideration of the growth of the great systems, the course of legislation by the federal government, the working of the Interstate Commerce Act, and the modes of regulation, through legislation and through Commissions, at the hands of the several States. So far as time permits, other industries, analogous to railways, will be discussed in a similar manner.

Written work, in the preparation of papers on assigned topics, will be expected of all students in the course.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, pp. 37-38.

Economics 52: Enrollment
1897-98

[Economics] 52. Mr. Meyer. — Public Works, Railways, Postal and Telegraph Service, and Monopolized Industries, under Corporate and Public Management. Hf. 3 hours. 2d half year.

Total 65: 31 Seniors, 16 Juniors, 8 Sophomores, 10 Others.

Source: Harvard University. Report of the President of Harvard College, 1897-1898, p. 78.

1897-1898.
Economics 52.
[Final Examination]

  1. “The principle [of railway rates] commonly advocated by the antagonists of the railways, as well as by the would-be reformers, is that of cost of service. Charges should be regulated in accordance with the cost of the particular transaction to the company. This is certainly not the actual method. Is it the correct method?”
    Give your reasons for accepting or rejecting the “cost of service” principle.
  2. What were the causes of the so-called granger agitation of 1871-74; of the reappearance of this agitation in 1886-88?
  3. What were the principal reasons for the instability of railway pools in the United States?
  4. By what means did the Trunk Line Associations which succeeded the Trunk Line Pool seek to limit competition and attain the effects of pooling?
  5. Discuss the working of the Interstate Commerce Act under the following headings:—
    The prohibition of undue or unreasonable preference or advantage and the prohibition of pooling.
    The construction by the United States Courts of the clause that the findings of the Commission shall be prima facie evidence in judicial proceedings.
    Legal embarrassments and other obstacles encountered by the Commission in obtaining testimony in penal cases.
    The attitude of the railways to the Act.
  6. The history of the application of the long and short haul clause to competitive rates made by railways not subject to competition from railways which are beyond the jurisdiction of the Interstate Commerce Commission; and to rates on imported commodities. Discuss under the following heading:—
    “The construction put upon the long and short haul clause by the Interstate Commerce Commission; by the United States Supreme Court.
  7. Discuss the working of the German legislation prescribing for distances over 100 km a uniform rate per ton per kilometer.
    Should you expect the practice of equal mileage charges to work with more friction or with less in the United States than in Germany?
    Alternative:
    The important points of difference between the management of the Prussian State Railways and the management of the Australian State Railways; between the management of the English Railways and the management of the American Railways.
  8. The reasons for the failure of the De Freycinet (1879) railway construction schemes; and the effect upon the French Budget of the “agreements” negotiated in 1883 between the French Government and the Six Companies.
    Alternative:
    The effect upon the Italian Budget of the “conventions” made in 1885 between the Italian Government and the Three Companies. The effect upon the Italian Exchequer of the railway construction carried out under the act of 1879 and the supplementary acts of 1881, 1882, and 1885.

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 44-45.

_______________________

Theory and Methods of Taxation
Economics 71

*71 hf. The Theory and Methods of Taxation, with special reference to local taxation in the United States. Half-course (first half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 1.30. Professor [Frank William] Taussig.

Course 71 undertakes an examination of the theory of taxation, based upon the comparative study of methods as practised in different countries and in different States of the American Union. This examination necessarily includes some discussion of leading questions in revenue legislation, such as the taxation of incomes and personal property, the single tax, progressive taxation, and indirect taxes.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, p. 38.

Economics 71: Enrollment

[Economics ] 71. Professor Taussig.—The Theory and Methods of Taxation, with special reference to Local Taxation in the United States. 2 or 3 hours. 1st half year.

Total 42: 5 Graduates, 27 Seniors, 9 Juniors, 1 Sophomore.

Source: Annual Reports of the President and the Treasurer of Harvard College 1897-98, (Cambridge, Massachusetts, 1899), p. 78.

Economics 71.
Readings

Seligman—Essays in Taxation.
Bastable—Public Finance.
Leroy-Beaulieu—Science des Finances, Vol. I.
Say—Dictionnaire des Finances.
Quarterly Journal of Economics, cited as Q. J. E.
Dowell—History of Taxation in England.

PRELIMINARY QUESTIONS: CLASSIFICATION.

Seligman, Ch. IX.
Bastable, Bk. II, Ch. I; Bk. III, Ch. 1

TAXES ON LAND.

{Leroy-Beaulieu. Bk. II, Ch. VI;
Say, article “Foncière (Contribution).” 233-241.}
Bastable, Bk. IV, Ch. I.
Dictionary of Political Economy, article “Land Tax.”

HABITATION TAXES.

{Leroy-Beaulieu, Bk. II, Ch. VII.
Say, article “Personelle-Mobilière,” 850-857.}
Dowell, Vol. III, 186-192.

INCOME TAXES.

Leroy-Beaulieu, Bk. II, Ch. X.
Bastable, Bk. IV, Ch. IV.
{Dowell, Vol. III, 99-122;
Article “Income Tax in the United Kingdom,” in Dictionary of Political Economy, Vol. II.}
J. A. Hill, The Prussian Income Tax, Q. J. E., January, 1892.
Seligman, Ch. X, iii, iv.

BUSINESS TAXES.

{Say,  article “Patentes,” pp. 743-752;
Leroy-Beaulieu, Bk. II, Ch. VIII.}
J. A. Hill—The Prussian Business Tax, Q. J. E., October, 1893.

SUCCESSION TAXES.

Seligman, Ch. V; Ch. IX, i.
Bastable, Bk. III, Ch. III.

PROGRESSION.

{Leroy-Beaulieu, Bk. II, Ch. II;
Bastable, Bk. III, Ch. III.}
Seligman, Progressive Taxation, pp. 190-200; pp. 39-53 (Switzerland).

DIRECT TAXES BY THE UNITED STATES.

C. F. Dunbar,The Direct Tax of 1861, Q. J. E., July, 1889; Vol. III, pp. 436-446.
J. A. Hill,The Civil War Income Tax, Q. J. E., July, 1894.
C. F. Dunbar, The New Income Tax, Q. J. E., October, 1894.

LOCAL TAXES IN ENGLAND.

Blunden, Local Taxation and Finance, Ch. III, IV, V.

LOCAL TAXATION IN THE UNITED STATES.

Seligman, Ch. II, IV, VI, XI.
Ely, Taxation in American States, part III, Ch. VII.
Plehn, The General Property in California, (Economic Studies, Vol. II, No. 3), Part II, 151-178.
Angell, The Tax Inquisitor System in Ohio, in Yale Review, February, 1897.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 1, folder “1897-1898”.

1897-98.
Economics 71.
[Mid-year Examination]

[Arrange your answers strictly in the order of the questions. Give and answer, however brief, to each question]

  1. Consider which of the following combinations, if any, bring about “double taxation”: (1) the impôt sur la propriété batie and the personelle-mobilière, in France; (2) local rates and schedule A of the income tax, in Great Britain; (3) the taxation of mortgaged property and of mortgages, as commonly provided for in American States.
  2. It has been said that the taxation of merchants’ stock in trade in Massachusetts, by assessors’ estimate, if effect proceeds in a somewhat similar fashion to that of the French impôt des patentes and of the Prussian business tax. Why? or why not?
  3. Are there good reasons for taxing funded incomes at a higher rate than unfunded?
  4. It has recently been proposed in Great Britain to impose a general tax on property, based on the income tax returns, and levied at the rate of (say) five per cent. on the income derived from the property; reducing at the same time the income tax to one-half its present rate. Point out what important changes in the British tax system would result; consider what examples in other countries may have suggested the proposal: and give an opinion as to its expediency.
  5. What do you conceive to be the “compensatory theory” in regard to progressive taxation?
  6. What reasoning pertinent in regard to the principle of progression in taxation is also pertinent in regard to taxes on successions? in regard to the single tax?
  7. As between owner and occupier of real estate who is responsible for local rates in England? for local taxes in the United States? Do you believe that the differences have important consequences in the incidence of these taxes?
  8. Consider points of resemblance, points of difference, in the modes in which the States of Massachusetts and Pennsylvania tax (1) domestic corporations (2) the securities issued by foreign corporations.
  9. What grounds are there in favor, what against, the imposition of income taxes by the several States?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.

Also: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 47-48.

Also: Harvard University Archives. Examination papers in economics 1882-1935, Prof. F. W. Taussig. Scrapbook. (HUC 7882), p. 61.

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Financial Administration and Public Debts
Economics 72

*72 hf. Financial Administration and Public Debts. Half-course (second half-year). Tu., Th., Sat., at 11. Professor [Charles Franklin] Dunbar.

Course 72 is devoted to an examination of the budget systems of leading countries, and their methods of controlling expenditure, the methods of borrowing and of extinguishing debts practised by modern states, the form and obligation of the securities issued, and the general management of public credit.

Topics will be assigned for investigation by the students, and a list of topics, references, and required reading will be used.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, p. 38.

Enrollment data not published for 1897-98.

1897-98.
Economics 72
[Final Examination]

  1. What are the comparative advantages of (a) an Independent Treasury like that of the United States, and (b) the use of a bank or banks by the government, as practised in England or Germany?
  2. What changes (if any) of constitution, law or practice would be required, in order to establish a thorough-going budget system in the United States?
  3. Compare the French budget procedure with the English, and point out their respective advantages or disadvantages.
  4. Suppose a fiscal year to have ended before financial measures for the new year have been agreed upon. How would current expenditure be provided for in the United States? In England? In France? In Germany?
  5. What is the practice of those four countries respectively as regards the control of revenue by means of annual grants?
  6. Suppose the case of a country having a depreciated paper currency, but expecting the ultimate resumption of specie payments, and compelled to borrow on a large scale. Which method of borrowing upon bonds (principal and interest payable in gold) would be the best,—
    (a), To sell the bonds for par in gold and make the rate of interest high enough to attract buyers;
    (b) To sell the bonds for gold at such discount as might be necessary, their interest being fixed, say, at six per cent;
    (c) To sell the bonds for their nominal par in depreciated paper. Give the reasons for and against each method.
  7. State the probable effect on the selling value of bonds when their terms provide for, —
    (a) Annual drawings by lot for payment;
    (b) Reserved right to pay at pleasure after some fixed date;
    (c) Obligation to pay at some fixed date;
    (d) “Limited option” like that of the “five-twenties.”
  8. Examine the reasoning involved in the following expression of opinion:—
    “There is one essential difference between the anticipation of interest. payments, and the anticipation of the payment of the principal of a debt by purchases on the market. This latter procedure…requires a larger sum of money to extinguish a given debt than will be required after the debt comes to be redeemable; but no such result follows the anticipation of interest-payments. These are determined by the terms of the contract, and may be calculated with accuracy. The interest does not, like the market value of a debt, fall as the bonds approach the period of their redemption, and it is but the application of sound business rules to use any surplus money on hand in making advanced payments of interest.”
  9. Describe the existing arrangements for the reduction of the English debt.
  10. State, with reasons, your own conclusion as to the real advantage (if any) derived from the system of terminable annuities.

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 48-49.

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Banking and the History of the leading Banking Systems
Economics 122

*121 hf. Banking and the History of the leading Banking Systems. Half -course (first half-year). Tu., Th., Sat., at 11. Professor [Charles Franklin] Dunbar.]

[Note: originally announced as omitted for 1897-98.]

In Course 12[1] the modern system of banking by deposit and discount is examined, and its development in various countries is studied. The different systems of note-issue are then reviewed and compared, and the relations of banks to financial crises carefully analyzed. Practical banking does not come within the scope of this course. The study is historical and comparative in its methods, requiring some examination of important legislation in different countries, practice in the interpretation of banking movements, and investigation of the general effects of banking. The course, therefore, naturally leads to an examination of the questions now raised as to bank issues in the United States.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, pp. 38-39.

Economics 12: Enrollment

[Economics ] 121. Professor Dunbar.—Banking and the History of the leading Banking Systems. Hf. 3 hours. 1st half year.

Total 12: 5 Graduates, 4 Seniors, 2 Juniors, 1 Other.

Source: Annual Reports of the President and the Treasurer of Harvard College 1897-98, (Cambridge, Massachusetts, 1899), p. 78.

1897-98.
Economics 121.
[Mid-year Examination]

A.

Give ONE THIRD of your time to these two questions.

  1. Suppose that, in the period 1848-70, India had had a banking system as extensively used and as efficient as that of England or the United States, and that in the East prices had depended upon competition as much as they did in the Western nations? How would these altered conditions have affected the drain of silver to India, and the value of the precious metals in America and Europe?
  2. What do you say to the general proposition, that England, “being a debtor nation,” can draw gold at pleasure from any part of the world?

B.

  1. A few years ago an American writer said:—
    “We will be able to resume specie payments when we cease to rank among the debtor nations, when our national debt is owed to our own people, and when our industry is adequate to the supply of the nation’s need of manufactured goods.”
    To what extent should you regard the circumstances of the resumption in 1879 as a verification of the reasoning implied in this statement?
  2. In what way did the payment of the French Indemnity, 1871-73, tend to stimulate affairs in England, Austria, and the United States?
  3. What economic conditions or events tended to make the year 1890 a turning point, both in domestic and in international finance? Give a clear statement of such as you recall.
  4. How do the banking and currency systems of England, France and the United States differ, as regards their ability respectively to resist export movements of gold?
  5. What temporary changes in the general level of prices in this country should you expect to see, as the result of a large permanent withdrawal of foreign capital? What ultimate change of prices should you expect?
  6. State the general conditions which determine the movement of gold as it issues from the mining countries and is distributes over the world?
  7. Cairnes discusses some of the conditions which determine the relative quickness with which countries raise their general scale of prices when a rapid depreciation of gold is in progress. Consider how far the effect upon a given country would be influenced by the fact that its exports were

(a) chiefly manufactured articles;
(b) chiefly articles of food.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 4. Bound Volume: Examination Papers, Mid-Years 1897-98.
Also: Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 51-52.

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International Payments and the Flow of the Precious Metals
Economics 121

[Was not offered first nor second term, instead see above]

[* 121 hf. International Payments and the Flow of the Precious Metals. Half-course (first half-year). Tu., Th., Sat., at 11. Professor [Charles Franklin] Dunbar and Mr. [Hugo Richard] Meyer.

Course 121 is taken up with the discussion of the movements of goods, securities, and money, in the exchanges between nations and in the settlement of international demands. After a preliminary study of the general doctrine of international trade and of the use and significance of bills of exchange, it is proposed to make a close examination of some cases of payments on a great scale, and to trace the adjustments of imports and exports under temporary or abnormal financial conditions. Such examples as the payment of the indemnity by France to Germany after the war of 1870-71, the distribution of gold by the mining countries, and the movements of the foreign trade of the United States since 1879, will be investigated and used for the illustration of the general principles regulating exchanges and the distribution of money between nations.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, pp. 38-39.]

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Selected Topics in the Financial Legislation of the United States
Economics 162

*162 hf. Selected Topics in the Financial Legislation of the United States. Half-course (second half-year). Tu., Th., at 2.30. Professor [Charles Franklin] Dunbar.

The topics for study in this course for 1897-98 will be: (1) The Legal Tender Issues of the Civil War; (2) Development of the National Banking System. Subjects will be assigned and reports called for, requiring thorough investigation in the debates of Congress and other contemporary sources of information, for the purpose of tracing the history and significance of the legislative acts to be discussed, and a close study of such financial and commercial statistics as may throw light upon the operation of the acts.

Arrangements will be made by which graduate students and candidates for Final Honors in Political Science may take this course in connection with the Seminary in Economics as a full course running through the year.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, p. 39.

Economics 162: Enrollment

[Economics ] 162. Professor Dunbar.—Selected Topics in the Financial History of the United States. Hf. 2 hours. 1st half year.

Total 8: 3 Graduates, 3 Seniors, 2 Juniors.

Source: Annual Reports of the President and the Treasurer of Harvard College 1897-98, (Cambridge, Massachusetts, 1899), p. 78.

1897-98.
Economics 162
[Year-end Examination]

A.

Give one-half of the time allowed for this examination to the discussion of any two of the questions stated under B.

B.

Answer, with such fulness as the remaining time allows, those of the following questions which you have not selected for discussion under A.

  1. Rhodes (History of the United States since 1850, iii., 567) states as “the conclusion which it seems to me a careful consideration of all the facts must bring us to,” that “The Legal Tender act was neither necessary nor economical.”
    Discuss this conclusion.
  2. In December, 1868, Senator Morton introduced a bill providing that specie payments should be resumed, by the government July 1, 1871, and by the banks January 1, 1872, greenbacks ceasing to be a legal tender at the latter date; gold to be provided in the Treasury by the accumulation of surpluses and by the sale of bonds, but no greenbacks to be redeemed until the date fixed for resumption by the United States.
    What would have been the probable operation of such a measure?
  3. Sherman said in January, 1874,—
    “The plan, which in my judgment presents the easiest and best mode of attaining specie payments, is to choose some bond of the United States which in ordinary times, by current quotations, is known to be worth par in gold in the money markets of the world, where specie is alone the standard of value, and authorize the conversion of notes into it.”
    Discuss the probable working of such a plan, having in view also Mr. Sherman’s strong objection to a contraction of the currency
  4. Suppose an Issue department of the Treasury, completely separated from all other business, provided with an ample reserve and strictly limited to the exchange of coin for notes and notes for coin as required by the public; what would you say would then be the nature and the force of the objections, if any, to the permanent maintenance of our legal tender issues?
  5. The greenbacks having been regarded originally as the temporary element in our paper currency and the bank notes as the permanent element, what were the one or two great turning points in the development which reversed this relation?
  6. If the issue of bank-notes were made equally available for all parts of the country, so far as the requirements of the system are concerned, would the South and South West find themselves more amply provided with paper currency than at present?
  7. What in your judgment is the most important function discharged by banks in this country, and what is your estimate of the importance and practicability of national supervision of their discharge of that function?
  8. The act just passed by Congress to provide ways and means for the expenditures occasioned by the war, contains the following section:—
    “That the Secretary of the Treasury is hereby authorized and directed to coin into standard silver dollars as rapidly as the public interests may require, to an amount, however, of not less than one and one-half millions of dollars in each month, all of the silver bullion now in the Treasury purchased in accordance with the provisions of the act approved July 14, 1890, entitled “An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes, and said dollars, when so coined, shall be used and applied in the manner and for the purposes named in said act.”
    State carefully the use and application of the dollars thus required by the act of 1890.

Harvard University Archives. Examination Papers, 1873-1915. Box 5, Examination Papers 1898-99, Bound Volume, pp. 554-55.

_______________________

Economics Seminary
Economics 20

20. Seminary in EconomicsMon., at 4.30. Professors [Charles Franklin] Dunbar, [Frank William] Taussig, and [William James] Ashley, and Asst. Professor Edward Cummings.

In the Seminary the instructors receive Graduate Students, and Seniors of high rank and adequate preparation, for training in investigation and discussion. No endeavor is made to limit the work of the Seminary to any one set of subjects. Subjects are assigned to students according to their needs and opportunities, and may be selected from any of the larger fields covered by the courses in which stated instruction is given. They may accordingly be in economic theory, in economic history, in applied economics, in sociology, or in statistics. It will usually be advisible for members of the Seminary to undertake their special investigation in a subject with whose general outlines they are already acquainted; but it may sometimes be advantageous to combine general work in one of the systematic courses with special investigation of a part of the field.

The general meetings of the Seminary are held on the first and third Mondays of each month. The members of the Seminary confer individually, at stated times arranged after consultation, with the instructors under whose special guidance they are conducting their researches.

At the regular meetings, the results of the investigations of members are presented and discussed. The instructors also at times present the results of their own work, and give accounts of the specialized literature of Economics. At intervals, other persons are invited to address the Seminary on subjects of theoretic or practical interest, giving opportunity for contact and discussion with the non-academic world. Among those who thus contributed to the Seminary in 1895-97 were President Francis A. Walker, Dr. Frederick H. Wines, Mr. S. N. D. North, Mr. A. T. Lyman, Mr. E. W. Hooper, and Mr. F. C. Lowell.

In 1896-97 the Seminary had fifteen members, of whom twelve were Graduate Students, two were Seniors in Harvard College, and one was a Law Student. Among the subjects under investigation in that year were: The Woollen Industry in England during the 17th and 18th centuries; Over-production and Over-accumulation in Economic Theory; The Taxation of Sugar in the United States and in Foreign Countries; The National Banking System with regard to its operation in the West and South; The Financial History of the Pennsylvania Railway; The Financial History of the Union Pacific Railway; The History of Immigration into the United States.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1897-98, pp. 39-40.

Economics 20: Enrollment

[Economics ] 20. Professors Dunbar, Taussig and Ashley, and Asst. Professor Edward Cummings.—Investigation of topics assigned after consultation.

Total 12: 11 Graduates, 1Senior.

Source: Annual Reports of the President and the Treasurer of Harvard College 1897-98, (Cambridge, Massachusetts, 1899), p. 78.

Members of the Harvard Economics Seminary, 1897-1898

https://www.irwincollier.com/harvard-members-of-the-economics-seminary-1897-1898/

Image Source: Harvard Hall (1906). From the Center for the History of Medicine (Francis A. Countway Library of Medicine).

Categories
Economics Programs Economists Harvard Teaching Undergraduate

Harvard. Promotion for Harold H. Burbank, Job Offer for Allyn Young 1919

This provides some back-story to the rise of Harold Hitchings Burbank in the Harvard economics department. Coincidentally, some light is cast on the salary negotiations involved in the hire of Allyn Young, as well as the hopes the department of economics held in the prospect of Young joining the economics department.

Chairman Bullock’s characterization of Burbank “He does everything willingly, but we are already in danger of driving the willing horse to death” is not exactly the language a chairman today would use today to justify a promotion for an assistant professorship…I hope.

___________________________

Harvard University
Department of Economics

F.W. Taussig
T.N. Carver
W.Z. Ripley
C.J. Bullock
E.F. Gay
W.M. Cole
O.M.W. Sprague
E.E. Day
B.M. Anderson, Jr.
J.S. Davis
H.H. Burbank
E.E. Lincoln

Cambridge, Massachusetts
12 o’clock. January 28, 1919.

Dear Mr. Lovell:

I have failed thus far to get in touch with Dr. Burbank, but will leave word at his house, and he will doubtless come to see you tomorrow.

I wish to express the hope that you will not propose any arrangement to him by which he will have to do any more work or make any more labor-consuming adjustment in connection with his work this year. He does everything willingly, but we are already in danger of driving the willing horse to death. Your suggestion that recent graduates now studying in the Law School be put in to do section work in Economics A. involves, even tho these new men are placed in charge of sections which began work in September, an amount of labor, responsibility, and worry on Burbank’s part which I feel strongly It would be unfair to ask of him.

I have not myself been one of the real sufferers from the war, so far as University work is concerned. Such extra work as I have had to do for the men in Washington has been comparatively limited in amount, and some of my ordinary work has been decreased so that I have not suffered greatly. But the younger men who have stood by us have had a bad time, and I feel so keenly that it is unjust not to give them relief as soon as we can do it that I hate to think of Burbank’s being asked to make any further readjustments in Economics A.

You will recall, if you will review the last two years, that I have not found difficulties in the way of doing the things which it was necessary to ask the Department to do, and have been ready to disorganize, or readjust and adapt, to any necessary extent. I have further found the ways of doing this; and only last fall, in spite of the fact that I felt it was hardly right for Day to be taken from us, I went to a deal of trouble to fix up an arrangement under which he might be released. If I saw any arrangement now, I would surely make it, as I have done in the past. If Burbank can think of any arrangement that I have not been able to think of, I shall be glad to have it put into effect; but I wish to represent to you that it will not only be bad for the course, but very unfair for Burbank to ask him to take young and inexperienced instructors whose heart is in the Law School work anyway, and fit them into section work in Economics A at this time. Moreover, this arrangement involves delay of at least ten days or a fortnight, and our men need relief at the earliest moment. There are certainly no suitable men in the Law School now; and if any register next week, it will take time to find them out, to make arrangement, and to have them get up their work so that they are fit to take charge of a section. should think that under this plan it would be more rather than less than a fortnight before our men would get any relief. If you could know from actual contact with conditions what I have been compelled to know about the work of our young men during the war, I believe you would feel as strongly as I do that what they need now is immediate relief and not a plan by which they will have to spend the next month breaking in green, and possibly inefficient, substitutes. By the time that Burbank gets Economics A running smoothly again, if, indeed, that can be done at all, the term will be most over and the acute need of relief will be almost at an end.

Sincerely yours,
[Signed] Charles J. Bullock

President A. Lawrence Lowell

___________________________

Harvard University
Department of Economics

F.W. Taussig
T.N. Carver
C.J. Bullock
E.F. Gay
W.M. Cole
O.M.W. Sprague
E.E. Day
J.S. Davis
H.H. Burbank
E.E. Lincoln

Cambridge, Massachusetts
March 8, 1919.

My dear Mr. Lovell:

Dr Burbank informs me that he has received from Dartmouth College the offer of a full professorship, and this makes it necessary for the Corporation to consider whether it desires to retain him at Harvard. You will recall that two years ago the Department of Economics recommended that Burbank be advanced to an assistant professorship. This was at the time when he received from Chicago University the offer of an assistant professorship with full charge of their instruction in Public Finance. A year ago I brought the matter to your attention, but you desired to postpone action until Burbank’s book had been published. Last June I asked whether you would be willing to waive the question of publication of Burbank’s book, which was nearly, but not quite, completed. in order that he might accept employment from a committee of the American Economic Association, which would both be remunerative and give him an unusual opportunity to investigate a subject in which he is greatly interested, namely, the practical operation of the Federal income and excess profits taxes. You sent me word through Mr. Pierce that you would waive the requirement, and that you would be glad to have Mr. Burbank accept this employment.

Mr. Burbank made a distinct success of his work for the Economic Association, and such success as the Committee achieved was largely due to him. This year he has been conducting Economics A, and has demonstrated his ability to handle that course in a satisfactory manner. It seems to me that he is an invaluable man for the Department, and I hope that the Corporation will be able nor to advance him to an assistant professorship.

You also asked me this morning to write you concerning Allyn A. Young, whom we have had under consideration for a number of years.

In the winter of 1916-17 the full professors of the Department of Economics, after carefully looking over the field, recommended to you that Mr. Young be called to a full professorship at Harvard University.

You authorized me to write to Young and inquire whether he could be secured, and if so, at what salary; and I was able to report to you that Young would come to Harvard if he were offered a full professorship at a salary of $4500. At this juncture the United States entered the war, and the matter was necessarily dropped.

Last December Professors Gay and Haskins called my attention to the fact that Young was likely to receive an offer from Columbia University, and I held a hurried conference with them, and they later conferred with you. Action was postponed, inasmuch as Mr. Young was going to the Peace Conference as exert on economic resources; and it appeared probable that, if we could offer him a professorship at $5000, we could secure him for Harvard, even tho another offer developed elsewhere.

I hope that the Corporation will feel able to extend a call to Professor Young at this time. Since I talked with you this morning, I have met Professors Carver and Ripley, and they both concur in the recommendation which I make. Professor Gay gave you his opinion in December; and since that time I have heard from Taussig, who still is of the opinion that we ought to call Young.

I have no further knowledge as to the amount of salary that it would be necessary to offer. I assume that we should have to offer at least $4500, which was the figure that would have been necessary in 1916; and in view of Young’s increased experience and enhanced reputation, I should think that a salary of $5000 would be justified.

It is, I believe, important for the Department to secure Young at this time. We had in 1917 a Department of Economics which was recognized as one of the strongest in the country; but we needed Young at that time, and shall need him still more now in order to develop our work during the next decade. With him, I believe we should have a department that would be recognized as very clearly the strongest department in the country.

There is one further consideration to be taken into account in connection with extending a call to Young. If our economic research enterprise proves permanent, Young would be absolutely the best man in the country to coöperate with Professor Persons in carrying through the work we have undertaken. With Young and Persons in the economic research undertaking, we should have almost a monopoly of high class statistical brains. Young’s appointment was recommended by the Department in the winter of 1916-17, before the Committee on Economic Research was established, and without any reference to the development of that Committee’s work. The Department recommended him because they thought he was the one man whom the Department needed. The point I am now making is that Young is the one man whom our economic research undertaking needs, so that it seems upon every account desirable to add him to our staff next fall. Under the arrangement that I have in mind, if our economic research enterprise proves permanent, Professor Persons could give two-thirds of his time to the Committee on Economic Research and one-third to teaching, and Professor Young could give two-thirds of his time to teaching and one-third to the Committee on Economic Research. By this arrangement the Department of Economics would gain two teachers of the very highest reputation at an expense amounting only to the salary of one full professor, while the Committee on Economic Research would secure the services of the two minds in the country which are best adapted for the immediate work it has in hand.

Sincerely yours,
[signed] Charles J. Bullock

President A. Lawrence Lowell

___________________________

Carbon Copy of Letter from President Lowell to Professor Bullock

March 8, 1919

Dear Mr Bullock:

I understand that Mr Burbank is feeling uneasy about his promotion, and has been made valuable offers from elsewhere. Mr Pierce, at my request, wrote you last May that the completion of his book was not essential to his promotion to an assistant professorship. He is as near as possible the soul of the body of tutors; and I think it is important that we should make it clear that good work as a tutor will receive as much recognition as an equally good conduct of lecture courses. Would it not be well, therefore, if Mr Burbank were appointed an assistant professor now? There is a Corporation meeting on Monday, and I should be very glad if you could communicate with me before it takes place, if you come home in time.

Very truly yours,
[stamp] A. Lawrence Lowell

Professor Charles J. Bullock
6 Channing Street
Cambridge, Mass.

Source: Harvard University Archives. President Lowell’s Papers 1917-1919. Box 124. Folder 1689.

Categories
Economics Programs Harvard Undergraduate

Harvard. Economics Department Committee Assignments, 1972-73

 

“The Division of Administration is limited by the Extent of the Department” might have been a chapter title in a history of economics written by Adam Smith were he to have lived two centuries after the publication of the Wealth of Nations. I transcribed and now post the following list of administrative committees/tasks and the names of members of the Harvard economics department belonging to each during the 1972-73 academic year.  The list comes from the economic historian Alexander Gerschenkron’s papers at the Harvard Archives. I have paired this artifact with the printed list of economics faculty teaching economics courses in 1972-73 from the annual Harvard course catalogue.

_____________________________

Committee Assignments for 1972-73

  1. Undergraduate Instruction

Otto Eckstein, Chairman
Elisabeth Allison
Abram Bergson
James Duesenberry
Jerry Green
William Raduchel
Martin Spechler
Francois Wilkinson

  1. Examing Committee

Benjamin Friedman, Chairman
Richard Caves
Abram Bergson
Robert Dorfman
Jerry Greene
Martin Spechler

Graduate Instruction

Robert Dorfman, Chairman
Truman Bewley
Hendrik Houthakker
Gregory Ingram
Richard Musgrave
Thomas Schelling
Gail Pierson

Mathematics Examination

Truman Bewley
David Starrett

Theory Examination

Arthur Smithies, Chairman
Zvi Griliches
Glenn Jenkins
John Lintner
Stephen Marglin
Janet Yellen
Tsuneo Ishikawa (Spring)

Quantitative Methods Examination

Lance Taylor, Chairman
Edward Leamer
William Raduchel
Howard Raiffa
T. N. Tideman
Thomas Horst (Spring)

Economic History Examination

Alexander Gerschenkron
Paul David

Ph.D. in Business Economics

John Lintner

Fellowships and Admissions

Zvi Griliches, Chairman
Elisabeth Allison
Hendrik Houthakker
T. N. Tidema
Marcelo Selowsky

Less Developed Countries Recruitment

Richard Mallon

Recruitment of Black Students

T. N. Tideman

  1. Non-Tenure Personnel

John Kain, Chairman
Richard Caves
James Duesenberry
Harvey Leibenstein
Marc Roberts
David Starrett
Janet Yellen

Placement Officer

Dwight Perkins

  1. Publications

Harvard Economic Studies

Richard Caves, Chairman
Edward Leamer

Quarterly Journal of Economics

Richard Musgrave, Editor

Review of Economics & Statistics

Hendrik Houthakker, Editor

  1. Wells Prize

Harvey Leibenstein, Chair
Alexander Geschenkron
Jerry Green

  1. Political Economy Lectures

Wassily Leontief, Chairman
Stephen Marglin

  1. Schumpeter Prize

Arthur Smithies, Chairman
Wassily Leontief

  1. Goldsmith Prize

Gregory Ingram, Chairman
Richard Musgrave

  1. Department Minutes

Martin Spechler

  1. Harvard Computing Center

William Raduchel

  1. Universities-National Bureau Committee

John Lintner

  1. Administrative Committee, Harvard Institute for Economic Research

William Raduchel, Acting Chairman
James Duesenberry
John T. Dunlop
Zvi Griliches
Dale Jorgenson (fall)
Dwight Perkins

Source: Harvard University Archives. Papers of Alexander Gerschenkron, Box 3, Folder “Economics (General) 1973/74, 1 of 2”.

_____________________________

1972-73
Faculty of the Department of Economics

James S. Duesenberry, William Joseph Maier Professor of Money and Banking (Chairman)

Elisabeth S. Allison, Assistant Professor of Economics

Kenneth J. Arrow, Professor of Economics (on leave 1972-73)

Abram Bergson, George F. Baker Professor of Economics

Truman F. Bewley, Assistant Professor of Economics and of Mathematics

Samuel S. Bowles, Associate Professor of Economics (on leave 1972-73)

Richard E. Caves, Professor of Economics

Hollis B. Chenery, Lecturer on Economics

David C. Cole, Lecturer on Economics

Paul A. David, Visiting Professor of Economics (Stanford University)

Kenneth M. Deitch, Assistant Professor of Economics (on leave 1972-73)

Robert Dorfman, David A. Wells Professor of Economics

John T. Dunlop, Lamont University Professor, Dean of the Faculty of Arts and Sciences

Otto Eckstein, Professor of Economics

Martin S. Feldstein, Professor of Economics (on leave 1972-73)

Benjamin M. Friedman, Assistant Professor of Economics

John Kenneth Galbraith, Paul M. Warburg Professor of Economics (on leave spring term)

James D. Gavan, Lecturer on Population Sciences (Public Health) Lecturer on Economics (spring term only)

Alexander Gerschenkron, Walter S. Barker Professor of Economics

Richard T. Gill, Lecturer on Economics

Carl H. Gotsch, Lecturer on Economics

Jerry Green, Assistant Professor of Economics

Zvi Griliches, Professor of Economics

Albert O. Hirschman, Lucius N. Littauer Professor of Political Economy (on leave 1972-73)

Thomas Horst, Assistant Professor of Economics (on leave fall term)

Hendrik S. Houthakker, Professor of Economics

Gregory Ingram, Assistant Professor of Economics

Dale W. Jorgenson, Professor of Economics (on leave spring term)

John F. Kain, Professor of Economics

Leonard Kopelman, Lecturer on Economics

Edward Leamer, Assistant Professor of Economics

Harvey Leibenstein, Andelot Professor of Economics and Population

Wassily W. Leontief, Henry Lee Professor of Economics

John Lintner, George Gund Professor of Economics and Business Administration (Business)

Arthur MacEwan, Assistant Professor of Economics (on leave 1972-73)

George F. Mair, Visiting Professor of Population Economics (Smith College)

Richard D. Mallon, Lecturer on Economics

Stephen A. Marglin, Professor of Economics

Albert J. Meyer, Professor of Middle Eastern Studies, Lecturer on Economics

Richard A. Musgrave, Harold Hitchings Burbank Professor of Political Economy; Professor of Economics (Law)

Gustav Papanek, Lecturer on Economics (on leave 1972-73)

Dwight H. Perkins, Professor of Modern China Studies and of Economics

Gail Pierson, Assistant Professor of Economics

William J. Raduchel, Assistant Professor of Economics

Howard Raiffa, Frank Plumpton Ramsey Professor of Managerial Economics (Business)

Marc J. Roberts, Associate Professor of Economics

Sherwin Rosen, Visiting Professor of Economics (University of Rochester)

Henry Rosovsky, Frank W. Taussig Research Professor of Economics

Michael Rothschild, Assistant Professor of Economics (on leave 1972-73)

Thomas C. Schelling, Professor of Economics

Marcelo Selowsky, Assistant Professor of Economics

Arthur Smithies, Nathaniel Ropes Professor of Political Economy

Martin C. Spechler, Lecturer on Economics and Social Studies

David A. Starrett, Associate Professor of Economics

Joseph J. Stern, Lecturer on Economics

Carl M. Stevens, Visiting Professor of Economics (Reed College)

Lance Taylor, Assistant Professor of Economics

T. Nicolaus Tideman, Assistant Professor of Economics (on leave fall term)

Thomas A. Wilson, Visiting Professor of Canadian Studies (University of Toronto)

Janet Yellen, Assistant Professor of Economics

Other Faculty Offering Instruction in the Department of Economics

Francis M. Bator, Professor of Political Economy (Kennedy School) (Public Policy, West European Studies)

Ralph E. Berry, Jr., Associate Professor of Economics (Public Health)

William M. Capron, Lecturer on Political Economy (Kennedy School) (Political Economy and Government)

Peter B. Doeringer, Associate Professor of Political Economy (Kennedy School)

Rashi Fein, Professor of Economics of Medicine at the Center for Community Health and Medical Care (Medicine)

Sherwood Frey, Assistant Professor of Business Administration (Business)

Herbert M. Gintis, Lecturer on Education (Education)

Joseph J. Harrington, Associate Professor of Environmental Health Engineering (Public Health)

Henry D. Jacoby, Associate Professor of Political Economy (Kennedy School)

James R. Kurth, Associate Professor of Government (Government)

Walter J. McCann, Jr., Associate Professor of Education (Education)

Harold A. Thomas, Jr., Gordon McKay Professor of Civil and Sanitary Engineering (Engineering and Applied Physics)

Richard J. Zeckhauser, Professor of Political Economy (Kennedy School)

Source: Harvard University, Faculty of Arts and Sciences. Courses of Instruction for Harvard & Radcliffe, 1972-73, pp. 183-185.

Image Source: Littauer Center (July 1970). Harvard University Archives.

Categories
Economics Programs Harvard

Harvard. Visiting Committee Reports. 1895, 1901, 1903, 1906, 1908, 1914

Around the turn of the 20th century visiting committees to the Harvard economic department were supposed to submit reports to the Board of Overseers of Harvard College at least once every three years. When I first saw that at archive.org there were six items listed dealing with Harvard’s visiting committees I was excited, hoping to find a rich mine of material as extensive as Arthur F. Brimmer’s 1974 Report of Economics Department Visiting Committee. As you can see from below, quite the opposite is the case. The early Visiting Committees submitted the nano-reports transcribed and posted below.

Perhaps one indication of the purely formal nature of the reporting system is that the “department of political economy” was renamed the “department of economics” in 1892 but the visiting committee was still referred to the visiting committee “on political economy” as late as 1912-1913.

__________________________________

LII.

REPORT OF THE COMMITTEE TO VISIT THE DEPARTMENT OF POLITICAL ECONOMY.
May 22, 1895

To the Board of Overseers of Harvard College:

ln the department of Political Economy the Professors feel the pressure of increased numbers of students, the lack of satisfactory space for lecture rooms, and the lack of time for independent work and research.

The difficulty is most serious in Economics 1. The lecture room available is ill-fitted for speaking or hearing, and the great number of students make it impossible, with the present corps of instructors, to divide them into sections small enough for adequate teaching and discussion. The difficulty has been met, as far as practicable, by strenuous and continuous work on the part of the Professors and instructors. This department, like others, feels the want of more books for reference, and of more library space for books and reading.

ARTHUR T. LYMAN, Chairman

Source: Harvard University. Reports of the Visiting Committees of the Board of Overseers of Harvard College from February 6, 1890 to January 8, 1902. (Cambridge, Massachusetts, 1902), p. 299.

__________________________________

XCIX.

REPORT OF THE COMMITTEE ON POLITICAL ECONOMY.
June 5, 1901.

To the Board of Overseers of Harvard College:––

The Committee on Political Economy has had this year and last year long conferences with the Professors in the Department, and members of the Committee have also corresponded with the head of the Department.

A very large proportion of the students take Political Economy, and many take the more advanced courses. The courses seem to be satisfactorily conducted and the lecture system is supplemented by conferences and teaching in sections.

A course in Accounting has been taken by a considerable number of students, and next year an excellent programme is proposed for a course in business law. It is intended that such special courses should be confined to graduates or to seniors, and it seems best that they should not interfere with the general and broader courses of instruction in this or any other department.

The great loss to the University and to the Department of Political Economy from the death of Professor Charles F. Dunbar has been referred to by the President in his report.

For the Committee,

ARTHUR T. LYMAN,
Chairman

Source: Harvard University. Reports of the Visiting Committees of the Board of Overseers of Harvard College from February 6, 1890 to January 8, 1902. (Cambridge, Massachusetts, 1902), p. 621.

__________________________________

CXXXIV.

REPORT OF THE COMMITTEE ON POLITICAL ECONOMY.
September 30, 1903.

To the Board of Overseers of Harvard College:—

The Committee on Political Economy met the professors and instructors.

Professor Taussig, who has been absent for a long time on account of illness, will resume a part of his work in October.

There continues to be a very large attendance in the courses of Economics — 519 in Economics 1, which deals with the general outlines of the subject, and one hundred or more in four other courses on banking, economic history of the United States, problems of labor and industrial organization, and currency legislation with recent experience and theory. These large classes involve the usual difficulties in giving interesting and adequate instruction, but they are gratifying evidences of the interest in this important subject. They make necessary many instructors for proper division of large classes, and consequently large expense.

The list of courses in the Catalogue shows the wide range of the instruction.

The Quarterly Journal of Economics, published by the Department, is well worthy of your attention. In recent numbers Professor Taussig has given an interesting and instructive history of the iron industry in this country, and the sugar problem has been fully treated.

Many other articles on important practical and theoretical questions have appeared in this Journal, which, like all publications of this class, needs the increased subscriptions and financial support to which its merits fully entitle it.

For the Committee,

ARTHUR T. LYMAN,
Chairman

Source: Harvard University. Reports of the Visiting Committees of the Board of Overseers of Harvard College from January 8, 1902 to July 30, 1909. (Cambridge, Massachusetts, 1909), p. 741.

Visiting Committee Members (1903):

Arthur T. Lyman, Charles S. Fairchild, Horace E. Deming, John E. Thayer, John F. Moors.

Source: Harvard University. Reports of the Visiting Committees of the Board of Overseers of Harvard College from January 8, 1902 to July 30, 1909. (Cambridge, Massachusetts, 1909),  following p. 708.

__________________________________

CLXXVIII.

REPORT OF THE COMMITTEE ON POLITICAL ECONOMY.
May 9, 1906.

To the Board of Overseers of Harvard College:—

The Committee on Political Economy met the Professors in the Department at a long conference. They are able, accomplished, and interesting, and there is, as usual, a very large attendance on their various courses of instruction. These courses deal not only with economic theory, but with transportation, finance, taxation, currency legislation, and banking, economic history, the distribution of wealth, labor, socialism, commercial law, and accounting.

The course on the principles of accounting is taken chiefly by Graduates and Seniors, and it is the purpose of the Department not to sacrifice to it the general and fundamental courses, but to confine it mainly to Seniors or Graduates rather than to follow the plan of some of the Western State Universities in which courses are given throughout the college terms treating in an elaborate way the practical details of business in various branches.

The large attendance in several of the courses in Economics requires subdivisions and conferences, and instructors for such divisions. There is naturally considerable difficulty in securing the desired or desirable instructors, owing to the small salaries that can be afforded and the consequent lack of permanency of employment, and it is much desired that the needed competency and permanency should, if possible, be secured by the assignment of some fellowships to the best of the instructors in the subdivisions and conferences. Much of the time of the Professors might be saved by the addition of various apparatus needed. Some help in this matter has been given by members of the Committee and others.

For the Committee,

ARTHUR T. LYMAN,
Chairman

Source: Harvard University. Reports of the Visiting Committees of the Board of Overseers of Harvard College from January 8, 1902 to July 30, 1909. (Cambridge, Massachusetts, 1909), p. 925.

Visiting Committee Members (1906):

Arthur T. Lyman, Charles S. Fairchild, Horace E. Deming, John F. Moors, J. Wells Farley.

Source: Harvard University. Reports of the Visiting Committees of the Board of Overseers of Harvard College from January 8, 1902 to July 30, 1909. (Cambridge, Massachusetts, 1909), after p. 843.

__________________________________

CCVIII.

REPORT OF THE COMMITTEE ON POLITICAL ECONOMY.
April 8, 1908.

To the Board of Overseers of Harvard College:—

The Committee on Political Economy met the Professors of the Department, and considers that the conditions are satisfactory.

There seems to be nothing new to report, except that arrangements have become possible through the generosity of various persons for carrying on for five years advanced business courses, such as have been under consideration for several years past.

More space is needed for conferences and books, and some plans are under consideration for relief in these matters.

For the Committee,

ARTHUR T. LYMAN,
Chairman

Source: Harvard University. Reports of the Visiting Committees of the Board of Overseers of Harvard College from January 8, 1902 to July 30, 1909. (Cambridge, Massachusetts, 1909), p. 1128.

Visiting Committee Members (1908):

Arthur T. Lyman, Frederic A. Delano, John F. Moors, Charles S. Fairchild, William Endicott, Jr., J. Wells Farley, Charles G. Washburn.

Source: Harvard University. Reports of the Visiting Committees of the Board of Overseers of Harvard College from January 8, 1902 to July 30, 1909. (Cambridge, Massachusetts, 1909), after p. 1118.

__________________________________

EXECUTIVE COMMITTEE.
REPORT OF THE SECRETARY FOR THE ACADEMIC YEAR 1913-14.
April 13, 1914.

5. Economics. — The enrolment of students in Economics for the first, half of the academic year shows a falling off from 1634 to 1520 students, the most significant loss taking place in the course on Banking. The amount of instruction offered at Harvard in Economics exceeds that offered at any other University except Michigan, while in the amount of money expended Harvard is far in the lead. The Committee notes the continuing eminence and prosperity of the Quarterly Journal of Economics, published by the Department since 1886, which maintains its place as one of the foremost periodicals in the subject in the English Language, and perhaps the foremost. It has the largest circulation of any periodical published by the University, except the Law Review, and there is no more certain way of making a reputation as a writer on Economic subjects than to publish an article in this journal. The most important need of the Department is a fund for the endowment of Economic Research, which will make possible the scientific investigation of pressing economic questions. A very interesting supplemental report is made by Mr. John Wells Morss, one of the members of the Committee, representing the views and experience of a man of business, rather than of a student of education. It should be read as a whole, as it is difficult to give a satisfactory impression of its interest and value by quotations or a summary.

Source: Appended to: Harvard University. Reports of the Visiting Committees of the Board of Overseers of Harvard College for the Academic Year, 1914-15. (Cambridge, Massachusetts, 1915), three pages after page 260.

Image Source: John Harvard statue, ca. 1904. U.S. Library of Congress Prints and Photographs Division.

Categories
Economics Programs Exam Questions Harvard

Harvard. Mid-year and Year-End Final Exams in Economics and Social Ethics, 1896-1897

 

The collection of transcribed Harvard semester examinations here at Economics in the Rear-view Mirror is growing slowly. This post adds the exam questions from 1896-1897 for all the economics courses and for Francis Peabody’s philosophy course “The Ethics of the Social Questions”. 

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From the Preface to the Announcements
for 1896-97

The courses primarily for Undergraduates are open (and in some cases recommended) to Graduate Students, but are not ordinarily counted towards any of the higher degrees. The courses for Graduates and Undergraduates are, under certain limitations, open to any properly qualified student. To the courses primarily for Graduates Undergraduates are admitted only on the recommendation of the Instructor.

No starred (*) course and no course of research can be taken without the previous consent of the Instructor….

By recent action of the Governing Boards, the requirement of two years of residence at this University of a candidate for the degree of Doctor of Philosophy or Doctor of Science has been rescinded. The minimum requirement of residence in now one year, this period being fixed for all degrees by the Statutes. It is not the purpose of the change thus made to lower the standards for these two degrees; but only to reduce the amount of compulsory residence at this University. (April, 1896).

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, pp. iii-iv.

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Philosophy 5.
The Ethics of the Social Questions.
1896-1897

Course Announcement

[Philosophy] 5. The Ethics of the Social Questions. — The problems of Poor-Relief, the Family, Temperance, and various phases of the Labor Question in the light of ethical theory. — Lectures, special researches, and required reading. Tu., Th., Sat., at 10. Professor Peabody.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 26.

Course Enrollment

[Philosophy] 5. Professor Peabody. — The Ethics of the Social Questions. — The problems of Poor-Relief, the Family, Temperance, and various phases of the Labor Question in the light of ethical theory. — Lectures, special researches, and required reading. 3 hours.

Total 56: 1 Graduate, 31 Seniors, 10 Juniors, 3 Sophomores, 11 Others.

Source: Harvard University. Report of the President of Harvard College 1896-1897, p. 66.

*  *  *  *  *
[Mid-year examination,
still to be added]

*  *  *  *  *

Philosophy 5.
THE ETHICS OF THE SOCIAL QUESTIONS.
Year-End Examination,
1896-97

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

  1. Indicate, briefly, the place in the history of the modern Labor Question of:
    Chalmers;
    Von Ketteler;
    Lassalle;
    The Rochdale Pioneers;
    Carlyle;
  2. Ruskin as an Economist.
  3. The anarchist’s criticism of the socialist; the socialist’s criticism of the anarchist, and the communist as he is criticised by both.
  4. What do you understand to be the “quintessence” of socialism, as expounded by Schäffle; and what criticisms on this whole social programme appear to you most serious?
  5. Arbitration and conciliation — their differences, varieties, advantages, and limitations.
  6. The history of co-operation in Great Britain, its fortunes in the United States, and the conditions of its success.
  7. Various types of industrial partnership, — their special advantages and limitations.
  8. The Scandinavian Licensing System compared with the present Massachusetts Liquor Law. (Fanshawe, 187-229.)
  9. Sum up, briefly, the general doctrine of social duty which our study of various social questions is intended to illustrate.

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 4. Bound volume: Examination Papers 1896-97. Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College, June 1897, p. 7.

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ECONOMICS.
Primarily for Undergraduates.

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Economics 1.
Outlines of Economics,
1896-97

Course Announcement

[Economics] 1. Outlines of Economics. — Principles of Political Economy. — Lectures on Economic Development, Social Questions, and Financial Legislation. Mon., Wed., Fri., at 9. Professors Taussig and Ashley, Asst. Professor Edward Cummings, and Dr. John Cummings.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 33.

Course Enrollment

[Economics] 1. Professors Taussig and Ashley, Asst. Professor Edward Cummings, and Dr. John Cummings. Outlines of Economics. — Principles of Political Economy. — Lectures on Economic Development, Social Questions, and Financial Legislation. 3 hours.

Total 464: 1 Graduate, 40 Seniors, 131 Juniors, 235 Sophomores, 12 Freshmen, 45 Others.

Source: Harvard University. Report of the President of Harvard College 1896-1897, p. 65.

Economics 1.
Mid-year Examination,
1896-97

  1. “Productive labor is that which produces utilities fixed and
  2. embodied in material objects. All other labor, however useful, is classed as unproductive.” Why? or why not?
  3. Capital is the result of saving: capital is produced by labor; all capital is consumed. Can you reconcile these propositions?
  4. “Those circumstances of a country, in which population can with impunity increase at its utmost rate, are rare and transitory.” What are they? and why rare? What is the utmost rate?
  5. Give examples of (a) differences in wages arising from different degrees of attractiveness in different employments; (b) differences arising from natural monopolies.
  6. Suppose a tax were imposed on land precisely equal to the economic rent paid for its use; could the owner of the land shift the tax to his tenant by charging a higher rent than before?
  7. What is meant when it is said that rent does not enter into the cost of production?
  8. It is said to be immaterial whether a community has a large or a small stock of money; and it is said to be harmful for a community to resort to inconvertible paper. Can both of these propositions be sound?
  9. “With enormous shortsightedness, the people of the United States send abroad every year over one hundred millions of dollars, with which to pay for sugar which might have been produced at home.” Why, or why not, is there shortsightedness in this operation?
  10. Wherein does a country gain, if other countries demand more of its exports?
  11. In the stationary state. as described by Mill, what determines the rate of interest? the rate of wages?

Source: Harvard University Archives. [Examinations] Scrapbook of F. W. Taussig, p. 58.

Economics 1.
Year-end Examination,
1896-97

[Answer nine questions, selecting at least one from each of the four groups. Arrange your answers strictly in the order of the questions selected. Give your reasons in all cases.]

I.

  1. Mention a case in which the income received for the use of a piece of real estate is to be regarded as rent; one in which it is to be regarded as interest; and one in which the classification would be doubtful.
  2. Mention a commodity whose value is permanently governed by cost of production; one whose value is permanently governed by the equation of demand and supply; and one whose value is permanently affected by both causes.
  3. Does the gain from foreign trade arise from the sale of exports? from the purchase of imports?

II.

  1. Is the law of Rent stated by Mill applicable either to the German peasant of the early part of the century or to the American farmer of to-day? Give your reasons.
  2. What are the functions of the entrepreneur? Give some account of the origin of the entrepreneur
  3. Illustrate the influence of the feeling of nationality as an economic factor.

III.

  1. How far have English trade unions tried to control (a) the wages of labor? (b) the supply of labor? In what respects have they been most useful?
  2. What do you understand by the rise of the modern factory system? In what sense is this system responsible for what is known as the labor problem?
  3. If all the productive and distributive business of a community were in the hands of cooperative societies would the labor question cease to exist?

IV.

  1. Point out wherein the deposits of a bank resemble its notes, and wherein they differ from its notes; and consider why one or the other should be regarded as part of the circulating medium of the community.
  2. What was the amount outstanding (in round numbers) of legal-tender notes in 1867? in 1877? in 1897? What were the laws under which the notes outstanding at those several dates had been issued, and what was the state of the legislation then in force for their redemption?
  3. Wherein does the Reichsbank of Germany, as to its management of notes and deposits, resemble the Bank of France? Wherein the Bank of England?

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 4. Bound volume: Examination Papers 1896-97. Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College, June 1897, pp. 37-38.

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ECONOMICS
For Graduates and Undergraduates.

The Courses for Graduates and Undergraduates are open to students who have passed satisfactorily in Course 1. Courses 5, 6, 7, 8, and 9 are also open to Juniors and Seniors of good rank who take Course 1 at the same time; and Course 11 is open to students who have taken either Economics 1 or History 1.

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Economics 10.
The Mediaeval Economic History of Europe

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

Omitted in 1896-97. Courses 10 and 11 are usually given in alternate years.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 33.

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Economics 11.
The Modern Economic History of Europe and America (from 1600),
1896-97

Course Announcement

[Economics] 11. The Modern Economic History of Europe and America (from 1600). Tu., Th., (and at the pleasure of the instructor) Sat., at 12. Professor Ashley.

Courses 10 and 11 are usually given in alternate years.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 33.

Course Enrollment

[Economics] 11. Professor Ashley. The Modern Economic History of Europe and America (from 1600). 2 hours.

Total 29: 16 Graduates, 6 Seniors, 1 Junior, 1 Sophomore, 5 Others.

Source: Harvard University. Report of the President of Harvard College 1896-1897, p. 65.

Economics 11.
Mid-Year Examination,
1896-97

N. B. — Not more than eight questions must be attempted.

  1. Give some account of Asiatic commerce in the middle ages.
  2. Enumerate very briefly some of the reasons for which Genoa deserves attention in economic history.
  3. “The mooste part of the lordes have enclosed their demeyn lands and meadows and kept them in severalties.” (Fitzherbert, c. 1530). Explain the nature and effects of the action here described.
  4. What features, if any, were common to the Peasant Risings in the different countries of Western Europe in the fourteenth, fifteenth, and sixteenth centuries?
  5. Compare the action of the English government in relation to industry in the sixteenth century with that of the French government.
  6. “Our merchants may do well to provide for the Russians such wares as the Dutch nation doth serve them of.” Explain and comment.
  7. Describe the industrial condition of Norfolk in the time of Defoe.
  8. Explain, with illustrations, what is meant by the “territorial” period in German economic development.
  9. What impressions do you derive from Defoe’s Essay upon Projects as to the constitution, temper and interests of the business circles of London in his time?
  10. Explain the following terms Droit de vaine pâture, Société en commandite, Niederlegung von Hufen, Hausindustrie, Fondaco.
  11. Give a critical account of any really important work (not on the printed list) of which you have read any considerable portion in connection with this course.

Source: Harvard University Archives. Harvard University Mid-Year Examination, 1852-1943. Box 4. Bound volume: Examination Papers, Mid-Years 1896-97.

Economics 11.
Year-end Examination,
1896-97

N.B. – Not more than eight questions must be attempted.

  1. “The fifteenth century was the golden age of the English labourer.” What is the evidence for that contention? How is that evidence to be interpreted?
  2. Explain the part played by Hamburg in the economic history of the sixteenth and seventeenth centuries.
  3. Give some account of the history, since the massacre of Amboyna, of the Dutch East Indian Empire.
  4. Indicate very briefly the chief points in Schmoller’s account of mercantilist policy. In what directions does it seem open to criticism?
  5. State the causes and criticize the alleged consequences of the drain of specie from the English colonies in the eighteenth century.
    [Not to be taken by those who have written theses on the Navigation Act.]
  6. “English industries could not have advanced so rapidly without protection.” Examine this statement.
  7. Describe the main features of English industrial life in the early part of the eighteenth century.
  8. What changes did the French Revolution make in the position of the rural population of France.
  9. Discuss the application of the Infant Industries argument to the United States during the early decades of the present century.
  10. Give some account of the competition between railroads and canals as means of transportation.
  11. What exactly were the English “Corn Laws,” repealed in 1846? Have the anticipations of Cobden been realized?
  12. “You made me look rather a fool, Arminius,” I began, “by what you primed me with in Germany last year about Stein settling your land question.” “I dare say you looked a fool,” says my Prussian boor, “but what did I tell you?” “Why,” says I, “you told me Stein had settled a land question like the Irish land question, and I said so in the Cornhill Magazine, and now the matter has come up again by Mr. Bright talking at Dublin of what Stein did, and it turns out he settled nothing like the Irish land question at all, but only a sort of title-commutation affair.” “Who says that?” asked Arminius. “A very able writer in the Times,” I replied. — May we have your opinion?

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 4. Bound volume: Examination Papers 1896-97. Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College, June 1897, p. 46.

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Economics 15.
The History and Literature of Economics to the Middle of the Nineteenth Century,
1896-97

Course Announcement

[Economics] *15. The History and Literature of Economics to the Middle of the Nineteenth Century. Mon., Wed., (and at the pleasure of the instructor) Fri., at 12. Professor Ashley.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

Course Enrollment

[Economics] 15. Professor Ashley. — The History and Literature of Economics to the Middle of the Nineteenth Century. 2 hours.

Total 14: 10 Graduates, 2 Seniors, 2 Juniors.

Source: Harvard University. Report of the President of Harvard College 1896-1897, p. 65.

Economics 15.
Mid-Year Examination,
1896-97

N.B. — Not more than eight questions must be attempted.

  1. Explain the influence of the Greek conception of the State upon the economic speculation of Greek philosophers.
  2. “The sacredness of property is a notion far more fixed in modern than in ancient times.” Comment upon this remark
  3. Explain and illustrate the influence of the example of Sparta on Greek social thought.
  4. In what sense is it true that Plato anticipated Adam Smith’s teaching concerning division of labour?
  5. In what sense is it true that Aristotle anticipated the modern distinction between Value in Use and Value in Exchange.
  6. Set forth briefly Aristotle’s doctrine as to Chrematistic.
  7. Discuss the question as to whether Christianity destroyed slavery.
  8. What sanction, if any, has Socialism or Communism in the teaching of the Christian Fathers?
  9. Trace the early history of the doctrine of “interest” in the original sense of that word.
  10. Distinguish between the various senses attached to the term Mercantilism. Which do you think most convenient?
  11. What ideas prominent in modern Protectionist argument are absent from Mercantilism as represented by Mun?

Source: Harvard University Archives. Harvard University Mid-Year Examination, 1852-1943. Box 4. Bound volume: Examination Papers, Mid-Years 1896-97.

Economics 15.
Year-End Examination,
1896-97

N.B. — Not more than eight questions must be attempted.

  1. Mention some of the practical questions which called forth economic pamphlets in the period 1650-1700, and give some illustrations.
  2. Illustrate and criticize the attitude of the mercantilist writers towards the regulation of internal industry.
  3. Explain the relation of Locke’s doctrine of price to the immediate purpose of his Considerations.
  4. Describe, as definitely as possible, the relation of the Physiocrats to the other reforming or revolutionary movements of their time.
  5. Criticize Adam Smith’s criticism of Physiocratic doctrine.
  6. What elements in his teaching do you conceive Adam Smith to have derived from Hume?
  7. What does Smith mean by “the component parts of the price of commodities”?
  8. Compare Smith’s definition of capital with that of John Stuart Mill.
  9. What does Smith mean by “the natural rates of wages”?
  10. What bearing has the teaching of Malthus on “Socialism.” Explain in your answer what sort of “Socialism” you have in mind, and mention the sources whence you have derived your impression of it.

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 4. Bound volume: Examination Papers 1896-97. Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College, June 1897, pp. 50-51.

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Economics 2.
Economic Theory from the Middle of the Nineteenth Century to the Present Time,
1896-97

Course Announcement

[Economics] *2. Economic Theory from the Middle of the Nineteenth Century to the Present Time. — English Writers. — The Austrian School. Mon., Wed., Fri., at 2.30. Professor Taussig.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

Course Enrollment

[Economics] 2. Professor Taussig. — Economic Theory from the Middle of the Nineteenth Century to the Present Time. — English Writers. — The Austrian School. 3 hours.

Total 42: 12 Graduates, 12 Seniors, 13 Juniors, 2 Sophomores, 3 Other.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 65.

Economics 2.
Mid-Year Examination,
1896-97

  1. “According to Ricardo, the exchange value of commodities contains neither return to capital nor rent, but simply labor.” Why? or why not?
  2. Sketch concisely the development of the general theory of value at the hands of Ricardo, Mill, Cairnes.
  3. “Skill, as skill, produces no effect on value; in other words, commodities do not under any circumstances exchange for each other in proportion to the degree of skill bestowed on them. Skill, though in itself inoperative on value, nevertheless affects it indirectly in two distinct ways; first, where competition is effective among producers, through the cost which must be undergone in acquiring the skill; . . . and secondly, in the absence of competition, through the principle of monopoly.” — Cairnes.
    Explain and illustrate.
  4. “If there really was a national fund the whole of which must necessarily be applied to the payment of wages, that fund could be no other than an aggregate of smaller similar funds possessed by the several individuals who compose the employing part of the nation. Does, then, any individual employer, possess any such fund? Is there any specific portion of any individual’s capital which the owner must necessarily expend upon labour? . . . May he not spend more or less on his family and himself, according to his fancy, — in the one case having more, in the other less, left for the conduct of his business? And of what is left, does he or can he determine beforehand how much shall be laid out on buildings, how much on materials, how much on labour? . . . Be it observed, fixity of definiteness is the very essence of the supposed wages-fund. No one denies that some amount or other must within any given period be disbursed in the form of wages. The only question is, whether that amount be determinate or indeterminate.” — Thornton, On Labour.
    State carefully, and consider critically, the answers Cairnes made to these questions.
  5. Would you accede to the statement that “President Walker’s theory is, in reality, not a theory of manager’s earnings at all, but a theory of differences in manager’s earnings”?
  6. “For an understanding of the machinery by which distribution is accomplished, the classification of sources of income should thus be different from that to be adopted for an explanation of the fundamental causes.” — Taussig.
    Wherein different?
  7. Explain what is meant by Consumer’s Rent; and consider how its significance is affected by inequalities in wealth.
  8. “As a rule, the poorer soils rise in value relatively to the richer, as the pressure of population increases.” — Marshall. Why?

Source: Harvard University Archives. Harvard University Mid-Year Examination, 1852-1943. Box 4. Bound volume: Examination Papers, Mid-Years 1896-97.

Economics 2.
Year-end Examination,
1896-97

  1. Do you believe that a permanent gain for the theory of wages has been made by Walker’s discussion of that subject? If so, wherein? if not, why not?
  2. Does Marshall’s analysis of the different grades of labor, and of the barriers between them, differ in essentials from Cairnes’s? from Mill’s?
  3. Explain what “quasi-rent” is, wherein it differs from true rent, wherein resembles true rent; and state whether the conception seems to you a helpful one, deserving to be permanently embodied in economic theory.
  4. What do you conceive the difference to be between what Walker calls “current product,” Marshall “the national dividend,” and the instructor in the course “real income”?
  5. On what grounds does Marshall maintain that “the extra income earned by natural abilities may be regarded as a rent, when we are considering the sources of the income of individuals, but not with reference to the normal earnings of a trade”? What is your own opinion?
  6. “The attribute of normal value implies systematic and continuous production.” Cairnes. Would Böhm-Bawerk accede to this proposition? Why, or why not? Give your own opinion.
  7. Explain what Böhm-Bawerk means by (subjective) “value”; and consider his analysis of the relation between value and cost.
  8. Enumerate the grounds on which Böhm-Bawerk maintains that “present goods have greater value than future goods of like kind and quantity”; consider to which of these grounds he gives most attention; and give your opinion as to the justice of this emphasis.

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 4. Bound volume: Examination Papers 1896-97. Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College, June 1897, p. 38. Previously transcribed: https://www.irwincollier.com/harvard-history-of-economic-theory-final-exam-questions-taussig-1897-1900/

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Economics 13.
Scope and Method in Economic Theory and Investigation

[*13 hf. Scope and Method in Economic Theory and Investigation. Half-course. Professor Taussig.]

Omitted in 1896-97; to be given in 1897-98.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

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Economics 3.
The Principles of Sociology.
1896-97

Course Announcement

[Economics] *3. The Principles of Sociology. —Development of the Modern State, and of its Social Functions. Mon., Wed., (and at the pleasure of the instructor) Fri., at 1.30. Asst. Professor Edward Cummings.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

Course Enrollment

[Economics] 3. Asst. Professor Edward Cummings. — The Principles of Sociology. — Development of the Modern State, and of its Social Functions. 2 hours.

Total 47: 6 Graduates, 23 Seniors, 13 Juniors, 2 Sophomores, 3 Other.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 65.

Economics 3.
Mid-Year Examination,
1896-97

(It is the purpose of the following questions to elicit first, an intelligent statement of the gist of what has been read or discussed; second, a free statement of an intelligent opinions you may be forming for yourselves.
Arrange your answers in the order in which the questions stand. Limit the discussion of each question to about an hour.)

I.

A critical comparison of Mr. Giddings’ treatise on the principles of Sociology with that of Mr. Spencer:—
(a) In regard to method, arrangement, and terminology :
(b) In regard to fundamental resemblances in the theories presented:
(c) In regard to supposed differences

II.

“Next in order come the problems of the social consciousness, or social mind, including its content of common memories and ideas, its aspirations and its volition.” What explanation of the phenomena in question is offered by (a) Giddings; (b) Spencer; (c) Durkheim; (d) Tarde? What is your opinion of the relative merits and the practical bearing of the several explanations?

IlI.

The significance and the function of the family (a) in the earlier and (b) in the later phases of social evolution.
(c) If you still have time, give some account of the successive theories and of the present state and significance of the controversy in regard to early forms of marriage.

Source: Harvard University Archives. Harvard University Mid-Year Examination, 1852-1943. Box 4. Bound volume: Examination Papers, Mid-Years 1896-97.

Economics 3.
Year-end Examination,
1896-97]

[Answer the questions in the order in which they stand. Give an hour to each group.]

I.

Discuss the conceptions of progress found in the following authors: Spencer, Comte, Giddings, Kidd, Kelly. Bluntschli. Indicate in each case (a) the nature of progress, (b) the criteria, (c) the chief causes.

What do you mean by progress?

What evidence of progress do you find in the historical sequence of the various forms of political organization which have lead to the modern state? Illustrate carefully.

Name and classify the principal types of political organization. Indicate briefly the social and industrial characteristics of each type.

II.

Give a critical summary of the views of Haycraft in Darwinism and Race Progress.

By what other writers, ancient or modern, have similar views been urged?

What importance do you attach to this school of thought?

What is the practical bearing of such views upon (a) the problems of scientific philanthropy and the treatment of defective and criminal classes? (b Upon socialism?

III.

State and criticise Bluntschli’s theory as to the nature and functions of the State, — the relation of the State to society and to the individual.

Compare Bluntschli’s theory with that of other writers, — Pollock, Spencer, Ritchie, Giddings.

What in your opinion are the merits and the defects of Bluntschli’s treatise?

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 4. Bound volume: Examination Papers 1896-97. Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College, June 1897, p. 39.

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Economics 14.
Socialism and Communism.

Course Announcement

[Economics] *14. Socialism and Communism. — History and Literature. Tu., Th., (and at the pleasure of the instructor) Sat., at 9. Asst. Professor Edward Cummings.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

Course Enrollment

[Economics] 14. Asst. Professor Edward Cummings.—Communism and Socialism.—History and Literature. 2 hours.

Total 13: 10 Seniors, 2 Juniors, 1 Sophomore.

Source: Harvard University. Report of the President of Harvard College, 1896-97, p. 65.

Economics 14.
Mid-Year Examination,
1896-97

(Arrange your answers in the order of the questions. Omit one.)

  1. The different senses in which the word Socialism is used. Where do you intend to draw the line between Socialism proper, and familiar forms of government interference and control – such as factory legislation, municipal water works, and government postal, telegraph or railroad services? Why?
  2. “National communism has been confused with the common ownership of the family; tenure in common has been confused with ownership in common; agrarian communism with village commons.” Discuss the evidence.
  3. “Just as Plato had his Republic, Campanella his City of the Sun, and Sir Thomas More his Utopia, St. Simon his Industrial System, and Fourier his ideal Phalanstery…. But the common criticism of Socialism has not yet noted the change, and continues to deal with the obsolete Utopias of the pre—evolutionary age.” What do you conceive to be the character of the change referred to? How far did earlier Utopias anticipate the ideals of the modern social democracy?
  4. What indication of Socialistic tendencies are to be found in the discipline of the Christian church? Explain the triple contract and its bearing on the doctrine of the usury.
  5. The contributions of Greek writers to the development of economic thought.
  6. To what extent are the theories of Karl Marx indebted to earlier writers in the 19th-century?
  7. How far are the economic series of (a) Lasalle, (b) Marx related to the theories of the so-called orthodox Economists? Explain critically.
  8. How far do you trace the influence of historical conditions in the social philosophies of Plato, More, Bacon, Rousseau, St. Simon, Karl Marx?

Source: Harvard University Archives. Harvard University Mid-Year Examination, 1852-1943. Box 4. Bound volume: Examination Papers, Mid-Years 1896-97.
Previously transcribed: https://www.irwincollier.com/harvard-exams-and-enrollment-for-economics-of-socialism-and-communism-edward-cummings-1893-1900/

Economics 14.
Year-end Examination,
1896-97

I.

  1. “The figures of Cardinal Manning and Monsignor Bagshawe in England, of De Mun in France, of Decurtins in Switzerland, of Abbé Hitz in Germany, and of Von Vogelsang in Austria, will ever stand apart as State Socialists who, while looking to the Church for moral reform, expected and wished all economic reforms to come from the State alone.”
    Give some account of the leaders mentioned, and discuss the peculiarities of so-called Catholic Socialism in each country.
  2. How far does the programme of “Catholic Socialism” in different countries harmonize with the programme of the German Social Democratic party.
  3. State carefully what has been the attitude of the Vatican towards Socialism? What are the personal views of Leo XIll?

II.

  1. Describe the origin, development, fortunes and present strength of the Social Democratic party in Germany, — with special reference to the Eisenach, Gotha and Erfurt programmes.
  2. State and criticise Marx’s Theory of Surplus Value. Explain carefully the formula

\left( S=P_{n}\times \frac{s\ l\  t}{n\  l\  t} \right)

  1. What are Schäffle’s chief criticisms of the Socialistic State?

III.

[Take one question.]

  1. “Though social conflicts are as old as civilization itself, Socialism as we now understand it is of scientific origin, and essentially modern.” State carefully your reasons for agreeing or disagreeing.
  2. What are the characteristics of modern Utopian ideals, as contrasted with the ideals embodied in earlier literature of the kind? Contrast Bellamy, Hertzka, Morris.
  3. Trace in a general way the influence of socialistic doctrines in the establishment of socialistic and communistic societies in the United States. What light has experiment thrown upon socialistic and communistic ideals?
  4. State accurately the reading you have done in this course during the second half-year. Give a careful summary of the views of the author you recently selected for your special reading.

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 4. Bound volume: Examination Papers 1896-97. Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College, June 1897, p. 49-50.

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Economics 9.
The Labor Question in Europe and the United States

Course Announcement

[Economics] 9. The Labor Question in Europe and the United States. — The Social and Economic Condition of Workingmen. Tu., Th., Sat., at 10. Asst. Professor Edward Cummings and Dr. John Cummings.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

Course Enrollment

[Economics] 9. Asst. Professor Edward Cummings and Dr. John Cummings. — The Labor Question in Europe and the United States. — The Social and Economic Condition of Workingmen. 3 hours.

Total 50: 5 Graduates, 9 Seniors, 27 Juniors, 7 Sophomores, 2 Others.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 65.

Economics 9.
Mid-Year Examination,
1896-97

Divide your time equally between A and B.

A.

  1. The labor problem and the unity of the labor movement as manifested in trade unionism, co-operation, and socialism.
  2. How, if at all, has the introduction of machinery directly modified methods of industrial remuneration?
    What are the several bases for determining remuneration?
    Explain the unpopularity, (a) with employers and (b) with employees, of certain methods of industrial remuneration, and, if you can, offer some general principle justifying the adoption of one method rather than another.
    Tell in what way, if at all, the amount of remuneration is affected by the method of remuneration.

B.

Take six.

  1. The “Old” and the “New” Trade-Unionism. Give an account of growth of the English Trade Unions.
  2. What social and economic motives have contributed to the growth of modern cities? Explain so far as you are able the migratory movements which have led to the aggregation of population within certain industrial centres.
  3. Define: “nibbling”; “lump system “; “pay-as-you-please” piece work; the “lump of labor” theory; “chasing”; “collective gain-sharing”; the “plus” system; “butty-gangs”; “tut-work”; “working in pocket”; “garret master”: “product-sharing”; “bribe participation.”
  4. How far are the various forms of profit-sharing “sops to Cerberus”? What is the essential difference between a profit-sharing firm and a co-operative association? How far does industrial co-operation enable workmen to become their own employers?
  5. To what extent is the development of modern machine industry dependent upon the location of the world’s coal fields?
  6. What are the economic and social conditions of industrial depressions?
  7. Are the evils of sweating due to underpay, to overwork, or to the method of remuneration? Are they peculiar to some particular method of remuneration?
  8. The methods of estimating the annual revenue of Great Britain and its distribution.
  9. Has the introduction of machinery lessened the demand for labor?

Source: Harvard University Archives. Harvard University Mid-Year Examination, 1852-1943. Box 4. Bound volume: Examination Papers, Mid-Years 1896-97.

Economics 9.
Year-end Examination,
1896-97

I.

  1. State the subject of your special research during the second half-year. How far were you successful in getting material from (a) newspapers, (b) magazines, (c) books, (d) other sources? What general results did you reach?
  2. Explain the essential difference between a socialistic policy and what Schäffle calls a “positive social policy.” What, according to Schäffle, are legitimate objects of protective legislation? Give some recount of German protective legislation, and the “factory labor” to which this legislation applies.
  3. What according to Mallock, determines the minimum wage in any occupation? How far is this minimum rate subject to legislative or other control? Has the introduction of machinery tended to raise or lower this rate? To increase or to lessen the proportion of wages to product?
  4. What do you understand by the statement that “today the labor contract is perfectly free”? Discuss the legality of (a) strikes; (b) boycots; (c) intimidation; (d) “molesting.”
  5. Describe accurately the German compulsory system of old-age insurance. State the precise arguments which are urged for and against the adoption of some such system in England. How far may the German system be said to be the product of peculiar local conditions?

II.

[Omit two questions.]

  1. Describe some of the chief agencies and methods devised for dealing with the unemployed. How far have they been successful?
  2. Describe the strength, composition and programme of the labor party in Belgium, and its relation to trade-unions, cooperation and socialism. Contrast the situation in Belgium with that in Germany.
  3. Show in what respects the general policy of France towards Associations of workingmen during the present century has differed from that of England. Indicate briefly the effects of this policy upon trade-unions, coöperation, etc.
  4. Discuss, the growth, character, programme and strength of existing labor organizations in the United States, — contrasting the situation in this country with the situation in England and explaining differences.
  5. By what peculiar local conditions in each case do you account for the success or the failure of the coöperative movements in (a) England, (b) France, (c) the United States? What do you predict for the future of coöperation?

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 4. Bound volume: Examination Papers 1896-97. Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College, June 1897, pp. 44-45.

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Economics 4.
Theory and Methods of Statistics,
1896-97

Course Announcement

[Economics] *4, Theory and Methods of Statistics. — Applications to Economic and Social Questions. —  Studies in the Movement of Population. Mon., Wed., Fri., at 11. Dr. John Cummings.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

_____________________

Course Enrollment

[Economics] 4. Dr. John Cummings. — Theory and Methods of Statistics. — Applications to Economic and Social Questions. — Studies in the Movement of Population. 3 hours.

Total 15: 8 Seniors, 7 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1896-1897, p. 65.

Economics 4.
Mid-Year Examination,
1896-97

[Divide your time equally between A. and B.]

A.

  1. The development of scientific statistics and the statistical method as employed in the social sciences.
  2. Social and economic causes of the migratory movements which have taken place in the populations of Europe and America during this century, and the laws in accordance with which those migrations have taken place where you can formulate any.

B.

(Take five.)

  1. Rural depopulation and the growth of cities in the United States.
  2. Define: “mean after life,” “expectation of life,” “mean duration of life,” “mean age at death.” What relation does the mean age of those living bear to the mean age at death? To the mean duration of life?
  3. Anthropological tests of race vitality as applied to the American negro?
  4. Explain how the economic value of a population is effected by its age and sex distribution.
  5. The United States census: either (1) an historical account of it, or (2) an account of the work now undertaken by the Census Bureau.
  6. Explain the various methods of calculating the birth rate of a population.
  7. How far are social conditions in a community revealed in the birth rate, the death rate, the marriage rate? Of what are fluctuations in these rates evidence in each case?
  8. What do you understand by the “index of mortality”?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4. Bound volume: Examination Papers, Mid-Years. 1896-97.

Economics 4.
Year-End Examination,
1896-97

I.

  1. Give an historical account of the United States census, and a general statement of the ground covered in the census of 1890; also show how the census taking is supplemented by work done in the Department of Labor and in the statistical bureaus established in connection with the several administrative departments.
  2. Define Körösi’s “rate of natality,” and state any statistical evidence you know that the rate is affected by the standard of living.
  3. “It must, at all times, be a matter of great interest and utility to ascertain the means by which any community has attained to eminence among nations. To inquire into the progress of circumstances which have given pre-eminence to one’s own country would almost seem to be a duty….The task here pointed out has usually been left to be executed by the historian.” Porter: “The Progress of the Nation.”
    What contribution has statistics to make in the execution of this task? What do you understand to be the nature of the statistical method, and what are the legitimate objects of statistical inquiry?

II.

[Take two.]

  1. What light does statistics throw upon the “natural history of the criminal man”?
    Give Ferri’s classification of the “natural causes” of crime, and comment upon that classification. Of criminals.
    What do you understand by “rate of criminality”? By “criminal saturation”?
  2. To what extent in your opinion is suicide an evidence of degeneration in the family stock?
    Discuss the influence upon the rate of suicide of education, religious creed, race, climate and other facts of physical, political and social environment.
  3. Comment critically upon the tables relating to crime in the last five federal censuses taken in the United States.
  4. What difficulties beset a comparative study of criminality in different countries?
  5. How far is it possible to give a quantitative statement to moral and social facts?

III.

[Take one.]

  1. What are some of the more salient facts concerning the movement of population and wealth in the United States, England, and France during the present century, so far as those facts are evidenced in the production, consumption and distribution of wealth?
  2. Discuss the movement of wages and prices in the United States since 1890.
  3. What do you understand by “index figures,” “average wages,” “average prices,” and “weighted averages”?

IV.

[Take one.]

  1. How do you account for the increase in the proportion of urban to rural population during this century? What statistical evidence is there that the increased density of a population affects the mean duration of life? What importance to you attach to this evidence?
    Explain the effect of migratory movements upon the distribution of a population according to age, sex and conjugal condition, and upon the birth rate, death rate and marriage rate.
  2. Define and distinguish: “mean age at death”; “mean duration of life”; “mean age of those living”; “expectation of life.”
  3. The “law of population” as formulated by Malthus and by subsequent writers.

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 4, Bound volume: Examination Papers 1896-97. Papers set for Final Examinations in History, Government, Economics, Philosophy, Fine Arts, Architecture, and Music in Harvard College. June 1897, pp. 39-41.
Previously transcribed: https://www.irwincollier.com/harvard-semester-exams-for-statistics-john-cummings-1896-1900/

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Economics 51.
Railway Transportation
1896-97

Course Announcement

[Economics] 51 hf. Railway Transportation. — Lectures and written work. Half-course. Tu., Th., Sat., at 1.30 (first half-year). Professor Taussig.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

Course Enrollment

[Economics] 51. Mr. Virtue. — Railway Transportation. 3 hours.

Total 62: 2 Graduates, 33 Seniors, 20 Juniors, 5 Sophomores, 2 Others.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 65.

Economics 51.
Final Examination,
1896-97

[Omit one.]

  1. Sketch the railway history of Italy.
  2. What light does the internal improvement movement in the United States throw upon the question of the public management of the railway industry?
  3. What is the present position of the courts with regard to the power of State legislatures to fix railway rates? On what ground does the public claim the right to interfere in the fixing of such rates.
  4. Discuss the attempt made by any one of the State governments to control railways by means of a commission.
  5. Describe the Hungarian system of passenger tariffs and its effects.
  6. As a basis of rate making, what is the relative importance of the principle of “charging what the traffic will bear,” and that of charging according to the “cost of service”?
  7. It is said of the railway business that “where combination is possible, competition is impossible.” Why is this true? Is it peculiarly true in the railway business? Give your reasons fully.
  8. Discuss the rate policy set forth in the following passages:
    “In the proposed reform of our transportation taxes it will probably be found advisable, at the beginning, to follow the example of Sir Rowland Hill in his reform of the old English postal system, and adopt, as the uniform rate for each class of service for all distances, the lowest rate now charged for the shortest distance for that class of service.”… “If distances of hundreds of miles, can be safely disregarded in the local transportation of milk and potatoes and grain, then surely there is every reason to believe that a general grouping of all the railway stations in the country with a uniform rate will prove to be the best possible system that can be devised for the common good of all.”
  9. A railroad company subject to the “Interstate Commerce Law” charges a much lower rate from New Orleans to San Francisco, for goods which have been imported than for like goods of domestic manufacture. What is the decision of the courts as to the legality of such a charge? What is the economic justification for the decision?
  10. What do you regard as the greatest defects of the “Interstate Commerce Law,” as at present interpreted, and what legislation should you suggest to remedy such defects?
  11. What is the “railway problem”?

Sources: Harvard University Archives. Harvard University Mid-Year Examination, 1852-1943. Box 4. Bound volume: Examination Papers, Mid-Years 1896-97. Copy also in Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 4, Bound volume: Examination Papers 1896-97. Papers set for Final Examinations in History, Government, Economics, Philosophy, Fine Arts, Architecture, and Music in Harvard College. June 1897, pp. 41-42.

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Economics 61
History of Tariff Legislation in the United States,
1896-97

Course Announcement

[Economics] 62 [sic] hf. History of Tariff Legislation in the United States. Half-course. Tu., Th., at 2.30, and a third hour at the pleasure of the instructor (second [sic] half-year). Professor Taussig.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

Course Enrollment

[Economics] 61. Professor Taussig. — History of Tariff Legislation in the United States. Hf. 2 hours. 1st half-year.

Total 74: 7 Graduates, 39 Seniors, 20 Juniors, 3 Sophomores, 5 Others.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 66.

Economics 61.
Final Examination,
1896-97

[Arrange your answers strictly in the order of the questions. Answer all the questions.]

  1. How was the course of commercial history between 1789 and 1810 connected with customs legislation and with the state of opinion on the tariff during the same period?
  2. What were the “abominations” of the tariff act of 1828? What became of them?
  3. Was there similarity between the stages in tariff policy reached by England and by the United States in 1846?
  4. “The ultimate reduction of the price of American to that of the British rolled iron can only, and ultimately will, be accomplished in that western region, which abounds with ore, and in which is found the most extensive formation of bituminous coal that has yet been discovered in any part of the globe.” — Gallatin, in 1832.
    What were the conditions as to the production of iron in the United States when Gallatin wrote? When and how was his prediction fulfilled?
  5. When did the argument appear that protective duties serve to maintain a high rate of wages in the United States? Why at that time? How far do you think it sound?
  6. Why is no carpet wool raised in the United States? Why is no flax cultivated for fibre? Are high wages an obstacle to the production of such commodities?
  7. Was Webster a consistent advocate of free trade in 1824? Gallatin in 1832? Secretary Walker in 1846?
  8. Sketch the main features in the history of duties on wool and woollens from 1846 to 1896.
  9. Wool, pig iron, sugar, — on which would you now remit duties first, and on which last? Why? What are the present duties?

Source: Harvard University Archives. Harvard University Mid-Year Examination, 1852-1943. Box 4. Bound volume: Examination Papers, Mid-Years 1896-97.

Copy also in Harvard University, Examination papers, 1873-1915. Box 4, Bound volume: Examination Papers 1896-97. Papers set for Final Examinations in History, Government, Economics, Philosophy, Fine Arts, Architecture, and Music in Harvard College. June 1897, pp. 42-43.

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ECONOMICS 81.
History of Financial Legislation in the United States

[81 hf. History of Financial Legislation in the United States. Half-course. Tu., Th., at 2.30, and a third hour at the pleasure of the instructor (first half-year). Professor Dunbar.]

Omitted in 1896-97.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

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ECONOMICS 162.
Selected Topics in the Financial History of the United States,
1896-97

Course Announcement

[Economics] *161 [sic] hf. Selected Topics in the Financial History of the United States. Half-course. Tu., Th., at 2.30(first half-year [sic]). Professor Dunbar.
Course 16 may be taken as a full course by Graduate Students and by candidates for Honors in Political Science.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 34.

Course Enrollment

[Economics] 62. Professor Dunbar. — Selected Topics in the Financial History of the United States. Hf. 2 hours. 2dhalf-year.

Total 21: 11 Graduates, 6 Seniors, 4 Juniors.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 66.

Economics 162.
Final Examination,
1896-97

  1. Under the present arrangement of our financial system how far is the original theory of the Independent Treasury Act of 1846 preserved?
  2. What are the considerations for and against the use of banks as government depositaries?
  3. Trace the steps by which the idea that redeemed notes might be reissued became familiar and was finally embodied in the existing law.
  4. How far was the successful resumption in 1879 the result of fortunate circumstances, not to be foreseen in 1875?
  5. What is the legal authority for receiving United States notes in payment of duties on imports?
  6. What would be the probable effect on the Treasury, if Congress were now to adopt a tariff producing ample revenue, without making any change in the currency legislation?
  7. In Secretary Sherman’s Report for 1879 “it is respectfully recommended that by law the resumption-fund be specially defined and set apart for the redemption of United States notes, and that the notes redeemed shall only be issued in exchange for or purchase of coin or bullion.”
    Trace the effect of such a provision in case of large exports of gold. How far would it have served to prevent the difficulties which have actually occurred since 1893?
  8. In his Report for 1889, Secretary Windom recommended the following measure: —
    “Issue Treasury notes against deposits of silver bullion at the market price of silver when deposited, payable on demand in such quantities of silver bullion as will equal in value, at the date of presentation, the number of dollars expressed on the face of the notes at the market price of silver, or in gold, at the option of the Government; or in silver dollars at the option of the holder. Repeal the compulsory feature of the present coinage act.”
    What was this measure expected to accomplish? How would its operation probably have differed from that of the Silver Purchase Act of 1890?

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 4. Bound volume: Examination Papers 1896-97. Papers Set for Final Examinations in Philosophy, History, Government, Economics, Fine Arts, Architecture, and Music in Harvard College, June 1897, pp. 51-52.

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Economics 72.
The Theory and Methods of Taxation,
1896-97

Course Announcement

[Economics] *72 hf. The Theory and Methods of Taxation, with special reference to Local Taxation in the United States. Half-course. Mon., Wed., Fri., at 9 (second half-year). Mr. ——.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 35.

Course Enrollment

[Economics] 72. Professor Taussig. — The Theory and Methods of Taxation, with special reference to Local Taxation in the United States. Hf. 3 hours. 2d half-year.

Total 51: 6 Graduates, 17 Seniors, 18 Juniors, 5 Sophomores, 5 Others.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 66.

Economics 72.
Final Examination,
1896-97

[Arrange your answers strictly in the order of the questions.]

  1. Which among the following would you call a “tax,” and why,—
    (a) an assessment for betterment (e.g. for a sidewalk) on real estate;
    (b) a liquor license;
    (c) the charge for a postage stamp;
    (d) the charge for tobacco in France;
    (e) the charge for a ticket on a Prussian railway.
  1. How far is there separation of local taxes on real estate from state taxes on real estate in France? in Prussia? in England? In American states? Which adjustment seems to you the best, and why?
  2. State the points of resemblance and the points of difference between the system of local taxation in England and the usual method of local taxation in the United States.
  3. Is a tax like the French personelle-mobilière adapted for use in American states? one like the Prussian Business Tax?
  4. Do you think progressive taxation to be sound in principle? Why? or why not?
  5. Point out similarities and differences between the methods of taxing the holders of securities in England and in Pennsylvania.
  6. What do you conceive to be the methods and effects of the taxation of mortgage debts in Massachusetts? in California?
  7. On what grounds would you approve or disapprove of taxes on inheritances and successions, levied by the several American states? of income taxes, similarly levied?
  8. “The statute in Massachusetts, which taxes corporations on their capital stock less the value of real estate and machinery, is indefensible. According to the Massachusetts law, corporations are taxable locally only on their real estate and machinery, while they are taxable for commonwealth purposes only on the value of their capital stock deducting the value of the machinery and the real estate, they are therefore taxed only once on their total property. Individuals, on the other hand, pay not only a general tax for state purposes, but also another general property tax for local purposes. Corporations thus are treated more leniently than individuals.” — Seligman.
    Is this an accurate statement of the legislation in Massachusetts? and are corporations more leniently dealt with than individuals?

One of the following questions may be substituted for any one of the preceding.

  1. What distinctions are made, in the process of assessment under the Prussian income tax, between incomes under 3000 marks and those above?
  2. How are state and local control combined in the assessment of income taxes in Prussia? in England?

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 4, Bound volume: Examination Papers 1896-97. Papers set for Final Examinations in History, Government, Economics, Philosophy, Fine Arts, Architecture, and Music in Harvard College. June 1897, pp. 43-44.

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Economics 71.
Financial Administration and Public Debts

[[Economics] *71 hf. Financial Administration and Public Debts. Half-course. Tu., Th., Sat., at 11 (first half-year). Professor Dunbar.]

Omitted in 1896-97. Courses 71 and 72 are usually given in alternation with Courses 121 and 122.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 35.

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Economics 121.
Banking and the History of the Leading Banking Systems

Course Announcement

[Economics] *121 hf. Banking and the History of the leading Banking Systems. Half-course. Tu., Th., Sat., at 11 (first half-year). Professor Dunbar.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 35.

Course Enrollment

[Economics] 121. Professor Dunbar. — Banking and the History of the leading Banking Systems. Hf. 3 hours. 1st half-year.

Total 47: 1 Graduate, 18 Seniors, 24 Juniors, 4 Others.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 66.

Economics 121
Final Examination,
1896-97

  1. If, as McLeod says, all modern banks are banks of issue, how is it that discussions and legislation about banking are chiefly taken up with questions as to bank notes?
  2. When can a note currency be said to be elastic, and what is necessary to give it that quality? Illustrate by actual cases.
  3. Name as many banking systems as you can, which
    (a) protect creditors by a stockholders’ liability of any sort; or
    (b) protect notes by a prior lien on assets.
  4. What advantages are derived from the system of branch banks, and where is it used?
  5. Which of the great banks, — the Bank of England, the Bank of France, the Reichsbank, —  appears to have the best title to be called a government bank?
  6. Suppose that, in a country having well developed banks, a large issue of inconvertible legal tender notes should be made; in what way should you expect its inflating effect upon prices and credits to be produced?
  7. How is the unequal distribution of national banks in the United States, during the years when banking under the national act was most profitable, to be explained?
  8. The following items being given, viz. :
Public Deposits £7.7 Other Securities £30.0
Other Deposits £48.0 Notes in circulation £28.1
Government Securities £20.7 Coin and Bullion £40.4
Government Debts £11.0

construct a Bank of England account, with its separate Departments of Issue and Banking.

  1. Why is it that a comparison of the English country bank circulation with the Scotch shows that one is gaining while the other is dying out?
  2. Under the German bank act what are the two requirements as to holding cash? What is counted as cash under these requirements respectively? Under what conditions does a bank find one or the other of these requirements practically inoperative?
  3. The account of the Bank of France may be simplified as follows:—
Cash, Surplus, and Profits fr. 225. Loans and Investments fr. 1.141.
Sundries fr. 72. Government Securities fr. 353.
Deposits fr. 822. Sundries fr. 75.
Notes fr. 3.612 Cash fr. 3.162.
fr. 4.731. fr. 4.731.

How much of its circulation could the bank pay off and yet earn its present profit? State the account as it would appear if such a change were made?

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 4, Bound volume: Examination Papers 1896-97. Papers set for Final Examinations in History, Government, Economics, Philosophy, Fine Arts, Architecture, and Music in Harvard College. June 1897, pp. 47-48.

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Economics 122.
International Payments and the Flow of the Precious Metals,
1896-97

Course Announcement

[Economics] *122 hf. International Payments and the Flow of the Precious Metals. Half-course. Tu., Th., Sat., at 11(second half-year). Professor Dunbar and Mr. Meyer.
Courses 121 and 122 are usually given in alternation with Courses 71 and 72.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 35.

Course Enrollment

[Economics] 122. Professor Dunbar and Mr. Meyer. — International Payments and the Flow of the Precious Metals. Hf. 3 hours. 2d half-year.

Total 20: 9  Graduates, 2 Seniors, 6 Juniors, 3 Others.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 66.

Economics 122.
Final Examination,
1896-97

It is expected that one-half of the time of this examination will be required for the questions in division A of this paper.

A.

  1. It is often said that the resumption of specie payments by France and by the United States and the adoption of the gold standard by Germany made nearly simultaneous demands upon the world’s stock of gold. Discuss this statement at length.
  2. The transfer of international securities,
    (a) during the funding operations of the United States, 1872-79;
    (b) as a consequence of the French Indemnity payments.
    Take one of these two cases.
  3. The conditions which led to the flow of gold to the United States,
    (a) in 1896;
    (b) in the fiscal years 1880 and 1881.
    Take one of these two cases.

B.

  1. What were the contributions of Ricardo, Mill and Cairnes, respectively, to the discussion of the laws determining the exchange of commodities between nations?
  2. To what extent are the principles involved in exchanges of goods and services between nations also applicable in domestic exchanges?
  3. Describe the” triangular” operation in exchange between three countries, whereby an export of specie may take place from one of them before the price of exchange has fallen to the shipping point. Illustrate by an actual case.
  4. Explain the difference in rates for long exchange as compared with short, and show the conditions under which an unusual divergence of rates may exist. Illustrate by an actual case.
  5. Why is it that in the dealings between England and other countries bills of exchange are chiefly drawn upon England and few are drawn by her upon others? How are the transactions between England and the United States adjusted, when the bills are for the most part drawn by us upon England?

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 4, Bound volume: Examination Papers 1896-97. Papers set for Final Examinations in History, Government, Economics, Philosophy, Fine Arts, Architecture, and Music in Harvard College. June 1897, pp. 48-49.

_____________________

 

Primarily for Graduates.

Economics Seminary Announcement

[Economics] 20. Seminary in Economics. Mon., at 4.30.
Professors Dunbar, Taussig, and Ashley and Asst. Professor Edward Cummings will guide competent students in research on topics assigned after consultation. The Seminary will hold weekly meetings; and in addition each student will confer once a week, with the instructor under whose guidance he carries on his investigations.

Source: Harvard University. Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1896-1897, p. 35.

Economics Seminary Enrollment

[Economics] 20. Professors Dunbar, Taussig, and Ashley and Asst. Professor Edward Cummings. — Seminary in Economics.

Total 20: 17 Graduates, 2 Seniors, 1 Other.

Source:   Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1896-97, p. 66.

Image Source: Memorial Hall, Harvard University. From Library of Congress Prints and Photographs Division Washington, D.C.

 

 

 

 

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Economics of population growth. Syllabus and examination. Kuznets, 1963

Simon Kuznets was born in Pinsk (Russian Empire, now Belarus) April 30, 1901. He went to secondary school in Rovno and in Kharkov. In 1918–1921 he attended Kharkov Commercial Institute, after which he worked 1921–1922 in the Department of Labor Statistics of South Bureau of Council of Trade Unions. His family emigrated to the United States in 1922.

The Kharkiv National University of Economics in Ukraine was named after Simon Kuznets in 2013.

Previously transcribed and posted here at Economics in the Rear-view Mirror: materials from Simon Kuznets’ 1960-61 Harvard course, Economics 203 “Economic Growth and Comparative Economic Structures”.

____________________________

Course Announcement

Economics 286. Economics of Population Growth
Half course (spring term). Tu., 2-3:30. Professor Kuznets.

A review of long-term trends in growth and structure of population and of their economic implications.

Source: Harvard University. Faculty of Arts and Sciences. Courses of Instruction for Harvard and Radcliffe, 1962-1963. Official Register of Harvard University, Vol. LIX, No. 17 (August 20, 1962), p. 108.

____________________________

HARVARD UNIVERSITY
Department of Economics
Economics 286
Professor Kuznets

Spring Term, 1963

List of Readings (preliminary)

The Malthusian Theory

  1. T. R. Malthus, An Essay on the Principle of Population, 1st edition 1798, reprinted by Macmillan 1929 (or other reprints)
  2. James Bonar, Malthus and His Work, London 1885, reprinted in 1924, (particularly Book I, pp. 1-207)

(For Browsing)

  1. Kenneth Smith, The Malthusian Controversy, London 1951
  2. Harold A. Boner, Hungry Generations, New York 1955

The Low-level Equilibrium Trap

  1. R. R. Nelson, A Theory of the Low-Level Equilibrium Trap, American Economic Review, December 1956, pp. 894-908
  2. Harvey Leibenstein, Economic Backwardness and Economic Growth, New York 1957, Chapter 10, pp. 117-173

Historical Background

  1. United Nations, The Determinants and Consequences of Population Trends, New York 1953, Chapter II, pp. 5-20

Mortality

  1. United Nations, volume listed under (7), Chapter IV, pp. 47-70
  2. George J. Stolnitz, A Century of International Mortality Trends, Population Studies, vol, IX, no. 1, July 1955, pp. 24-55 and vol. X no. 1, July 1956, pp. 17-42

(For Browsing)

  1. Thomas McKeown and R. S. Record, two papers on causes of decline in mortality in England in the 18th and in the 19th centuries, Population Studies, vol. IX, 1955, pp. 119-41 and vol. XVI, 1962, pp. 94-122

Fertility

  1. United Nations, volume listed under (7), Chapter V, pp. 71-97
  2. Frank Lorimer, Culture and Human Fertility, UNESCO 1954, pp. 15-251
  3. Kingsley Davis and Judith Blake, Social Structure and Fertility: An Analytic Framework, Economic Development and Cultural Change, vol. IV, no. 3, April 1956, pp. 211-35
  4. Gary S. Becker, An Economic Analysis of Fertility, Demographic and Economic Change in Developed Countries, Universities-NBER Committee volume, Princeton 1960, pp. 209-240
  5. E. E. Hagen, Population and Economic Growth, American Economic Review June 1959, pp. 310-327

Migration

  1. United Nations, volume listed under (7), Chapter VI, pp. 98-134

Economic Implications

  1. United Nations, volume listed under (7), Chapter XIII, pp. 220-38
  2. Simon Kuznets, Population Change and Aggregate Output, in the volume listed under (6), pp. 324-351
  3. Ansley J. Coale and Edgar M. Hoover, Population Growth and Economic Development in Low Income Countries, Princeton 1958, Part Five, pp. 295-335

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Folder “Economics, 1962-1963 (2 of 2)”.

____________________________

HARVARD UNIVERSITY
Economics 286
Examination, May 23, 1963

Please answer six and no more than eight questions, choosing at least one question in each of the four Roman numeral groups.

A detailed outline of an answer is a good substitute for writing out the answer in full,

Please write legibly.

I

  1. What are the connections in the Malthusian theory of population growth among the rate of natural increase of population, the “Iron” law of wages, and the law of diminishing returns? In answering consider birth and death rates separately.
  2. What assumptions are made in the low-level equilibrium trap theories concerning the connection between death rates and per capita income? Concerning the connection between birth rates and per capita income? Discuss the validity of these assumptions.

II

  1. What factors made for significant declines in mortality in the period since the late 18th century? In outlining the groups of factors involved, suggest why the declines were delayed for long periods in the 19th century in many developed countries.
  2. Indicate the differences in magnitudes of decline in mortality among (a) age groups; (b) sex groups; (c) urban and rural population. Select any two of these for a discussion of the factors that may have been responsible for the differences in magnitude of mortality decline.

III

  1. Outline the major trends in the birth rates since late 18th century in: (a) older developed countries of Europe; (b) younger offshoots of Europe overseas; (c) underdeveloped countries. In answering the questions, indicate, in case trends are significant, whether they apply to crude rates alone or also to rates per woman of child-bearing age and per married woman of child-bearing age.
  2. What groups of factors have been suggested to account for the downward trends in birth rates in the developed countries? In outlining these, and the relevant theories, mention also the cross-section differentials in birth rates that provide the empirical base for such theories.
  3. What do the current differences in crude birth rates between developed and underdeveloped countries reflect in the way of different marriage rates, different ages of women at marriage, differential fertility by age of mother and age of father, total number of children in a completed family? Suggest some economic implications of these differences.

IV

  1. What relationship between population trends and economic trend account for much of internal and external migration observed since the late 18th century in and among developed countries? In answering, try to specify as closely as possible the economic and the population trends involved.
  2. What effects on the efficiency of labor can be ascribed to internal (and external) migration in developed countries? Indicate briefly the various types of effect that might be usefully distinguished.
  3. What effects on the pattern of life and consumption of the population can be ascribed to internal (and external) migration in developed countries? Indicate briefly the various type of effect that might be usefully distinguished.

Source: Harvard University. Faculty of Arts and Sciences. Papers Printed for Final Examinations [in] History, History of Religions, … , Economics, …Naval Science, Air Science. June 1963. In bound volume: Social Sciences, Final Examinations, June 1963 (HUC 7000.28, Vol. 147 of 284).

Image Source: Simon Kuznets portrait from 1971 in Wikipedia Commons.

Categories
Economics Programs Harvard Undergraduate

Harvard. President of Harvard responding to Economics Dept Visiting Committee Report, 1952

In can hardly be surprising that the relationship between a visiting committe dominated by business people and an academic department of economics might suffer from incompatible visions of what constitutes “good” economic research, teaching and policy.

The Harvard’s visiting committee in 1950 thought the secret sauce missing from a proper economics department was a professorial advocate of business enterprise to counterbalance an alleged dominance of Keynesian and socialist positions. This was the principal criticism of the committee. Other shortcomings claimed were inadequate planning/coordination between graduate and undergraduate programs, too few professorial heavyweights teaching in the undergraduate program, and a tendency for professors’ policy consulting activities to crowd out their expected instructional and research duties.

The chairman of the economics department’s visiting committee at mid-century was the Chicago businessman, Clarence B. Randall (Harvard A.B., 1912).

Harvard President’s James B. Conant’s conclusion in his 1952 response:

Over the last fifteen years the Department of Economics has been at fault in not attempting to meet the Visiting Committee in a spirit of wholehearted cooperation. The Board of Overseers has been at fault, I venture to suggest, by not widening the membership of the Visiting Committee to include more professional economists and more businessmen who have been working closely with university economists.

___________________________

For private circulation NOT for publication

CONFIDENTIAL REPORT OF THE PRESIDENT OF THE UNIVERSITY TO THE TWO GOVERNING BOARDS ON THE DEPARTMENT OF ECONOMICS OF THE FACULTY OF ARTS AND SCIENCES

(Accepted by President and Fellows of Harvard College on January 7, 1952, and by the Board of Overseers on January 14, 1952)

TO THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE:
TO THE BOARD OF OVERSEERS OF HARVARD COLLEGE:

On November 27, 1950, the Chairman of the Committee to Visit the Department of Economics reported in writing to the Board of Overseers. The report, which is attached, raises serious questions about future appointments to the permanent staff. As the President of Harvard is responsible for presenting to the two Governing Boards the names of those who he is persuaded should be the future professors, such questions concern him directly. I have, therefore, felt obliged to examine personally the validity of the “most pressing criticism” in the report of November 27, 1950. My findings and recommendations are contained in this confidential report which I hope may be accepted by formal vote of each of the Governing Boards in January.

For a number of months now I have been studying the teaching of economics at the university level. In so doing, I have talked with academic economists on three continents, with those employed by business and by government, and with members of the business community. I am convinced that the Harvard Department of Economics is a distinguished department. As far as the types of economic theory and analysis presented to the students are concerned, it is typical of departments of economics in the leading universities of the English-speaking world. The educational problems discussed in the first seven paragraphs of the Visiting Committee’s report are likewise typical. Indeed, they are not confined to teachers of economics. Difficulties in reconciling the needs of the undergraduate and the graduate student with the scholarly pursuits of a professor and calls for expert services are to be found in the majority of the departments of the Faculty of Arts and Sciences. It is the constant aim of the administration to hold the balance even between the various types of teaching and research. To this end, the informed criticisms of visiting committees are helpful. But important as these questions are, they do not warrant a special written report from the President of the University. Therefore, I shall state here only that I am satisfied that the department is taking steps to improve the teaching of undergraduates and will take further steps in this direction, particularly as regards the introductory course.

My examination of the status of economics in American universities today has revealed the fact that in at least fourteen major universities questions are being raised by persons who are not economists about the teaching of economics. It is a curious fact that at the same period of history in which there is a certain degree of national unrest about academic economists, one group of businessmen (the Committee for Economic Development) is closely associated with professors of economics in a series of investigations of vital problems. It seems a pity that the confidence that part of the business community has in at least some university economists does not receive as much publicity as do the attacks by others who claim our schools and colleges are teaching “collectivism.” Not that any such charge is made by the Overseers Committee here at Harvard. What is criticized is only “that the Department as presently constituted lacks balance with respect to the viewpoint of its members.” This is a reasonable criticism and warrants a careful investigation. The Visiting Committees of the Board of Overseers are both special pleaders for and critics of the departments or faculties which they visit. That doubts and questions should be raised by them from time to time on any or all matters is obviously of great advantage to the University.

At the outset of my inquiry the difficulties of formulating criteria for cataloguing the viewpoints of economists became evident. I tried the test of Keynesian and anti-Keynesian but soon discovered I was using a totally inadequate analytic tool; I became convinced that Keynes himself was an anti-Keynesian before he died. The Overseers report states categorically that there are “one or more socialists” in the Department. With this statement I must respectfully but firmly disagree and in so doing point out both the difficulties and the necessity of defining terms in the social sciences. The term “socialist” as used in countries where socialism is a live political issue means one who advocates by democratic political action “the nationalization of the means of exchange, production and distribution.” It might be a good thing to have a socialist on the staff of a department of economics, but as a matter of fact there are no socialist professors of economics at Harvard today.

One could classify economists, at least theoretically, in terms of their political beliefs, but except for communists and socialists this is a very difficult matter in the present flux of political opinion. Furthermore, people’s political convictions, like their religious beliefs, are often subject to violent change. Everyone speaks of the dangers of introducing political criteria into the consideration of academic appointments. If analyzed, I believe these dangers stem largely from the fact that political views do not represent a bias relevant to an academic intellectual discipline as does a philosopher’s adherence to a philosophic doctrine such as idealism or logical empiricism. Political opinions are temporary, emotional, and subject to change under social duress; it is to avoid such duress that politics and religion are considered “out of bounds” in judging persons for academic posts in the United States in the mid-twentieth century.

The Chairman of the Visiting Committee in his report speaks of a “social spectrum.” I have attempted to use this concept to classify present-day economists as radical or conservative without getting into the political quagmire to which I have just referred. I have had little success except that in a vague sort of way a number of informed observers have expressed the view that the leading universities of the nation were about equally radical or conservative as regards their departments of economics. But if the President is to direct a department or an ad hoc committee as to future appointments, he must have some more definite criteria as to a man’s position in the social spectrum, and these I have failed to find. For example, I find it difficult to decide whether advocacy of strengthening the Sherman Anti-Trust Act is radical or conservative. I ask myself was the Harvard Department a generation ago radical or conservative? In retrospect it seems conservative to many; forty years ago it was considered radical, as the free-trade point of view predominated. When I first took office, some discussion in the Board of Overseers indicated that there were those who used a man’s attitude towards organized labor as the touchstone of his radical or conservative outlook. This is no longer so. As a consultant to the Government, an economist may take a strong position as to need for immediate drastic action to offset a depression or control an inflation. In recent years such rather technical economic opinions have bulked large in some people’s minds in classifying economists as being to the left or right. For example, if you confine your attention to fiscal policy in the immediate past, you could find two professors in the Harvard Department today to place in opposition to one another. But I have become convinced that no criteria of lasting value in terms of a social spectrum can be devised for the guidance of any body charged with responsibility for nominating candidates for appointment in a department of economies.

Balance in a department of economics today, I have concluded. should be first, balance between special fields, and second, balance between types of methods employed by the professors. As to fields such as labor, agriculture, money and banking, the Committee has raised no issue; there is no problem special to economics here. The question arises in chemistry, in history, in biology, to name but three instances. As far as I can, I insist that for the permanent appointments a balance of fields be a secondary consideration since an adequate coverage of all subjects can be taken care of through appointing assistant professors. Rigid insistence on having each field represented by a permanent appointment limits the number of candidates and tends to encourage the appointment of “good” rather than “excellent” men. The same is true as regards methods. Yet, as in the case of special fields, I must admit that there should be some effort made to achieve a balance among the permanent members of the staff, provided that in so doing there is no sacrifice of the quality of the appointments.

From my studies I have concluded that a layman may well classify economists in three groups according to the methods they employ: (1) theorists using models and the logical deductive approach; (2) investigators concerned with statistical aggregate analysis; (3) an empirical approach to specific problems as illustrated by the ad hoc case study of business problems. I have the impression that, in general, college departments of economies are relatively weak as regards the third of these methodological classes. In contrast, the Harvard School of Business Administration is strong here and until recently has been less concerned with the other two methodological approaches. The Harvard Department of Economies, if I understand the Chairman correctly, has felt for some time that this relative methodological weakness needed correction. Two professors of the Business School faculty are now giving a course in the Department. Further, in a letter replying to the criticism of the Visiting Committee, the Chairman, speaking for the Department, writes:

“As a result of your letter and our discussions with you, we have carefully considered the question of balance of fields of interest in the Department. While we are not prepared to concede that we are more unbalanced than other departments of economics, we agree that our balance could be improved. In particular, our Department, like most others, could be improved if we had at least one member whose major interest was what we might call the economics of enterprise. We believe that this is a field of growing importance, but it is one that has not been widely cultivated in economics departments. An additional member of the Department who could give an undergraduate course in the Economics of Enterprise and a graduate seminar on the same lines would contribute to a better balance of the Department. We suggest that the Corporation consider allocating an additional permanent position to the Department at the full professor level.”

To follow this suggestion would lead to no end of difficulties in the Faculty of Arts and Sciences; other departments would be quick to press for an increase in their quota of permanent places. But I am glad to report that much the same end can be accomplished because the Dean of the Business School has expressed his interest in a joint appointment. With his consent and with the concurrence of the Provost I therefore recommend that the Corporation agree to appoint one full professor of economics over and above the quota allowed by the schedule of appointments for the Faculty of Arts and Sciences established a decade or so ago. I further recommend that this professor hold an appointment in three faculties, namely, the Faculty of Arts and Sciences, the School of Business Administration, and the School of Public Administration, and that his salary be charged to the three faculties in such amounts as the President shall determine. Further, that the nomination for the new chair be made by the permanent members of the Department of Economics of the Faculty of Arts and Sciences and six members of the Faculty of the School of Business Administration appointed by the President after consultation with the Dean, the two groups to sit together as a nominating committee, and the name or names thus nominated to be passed on by an ad hoccommittee as is usual in the Faculty of Arts and Sciences.

The directive to the nominating committee would be as follows: to submit one or more names of men of character, high scholarly distinction and first-rate teaching ability who have an understanding of business as it is actually operated. To that end, the man in question should have had contact as a scholarly investigator or consultant with the operations of industry and commerce; he should have an awareness of the positive role of business enterprise in a changing and developing economy. His teaching would be directed towards presenting to Harvard College students a realistic view of business management and its relation to the total economy. If this report is accepted by the two Governing Boards, I shall proceed with this appointment.

The last paragraph of the report of the Visiting Committee requires special comment. It is stated that “This problem of balance within the Department will not be solved by the ad hoc committees. There only the qualifications of the particular man are under consideration. It is not the function of such a committee to determine whether the man’s appointment will restore balance or add to lack of balance.” I must beg leave to take exception to this exposition of the role of the ad hoc committees, and in so doing call the attention of the new members of the Board of Overseers to the Report of the Special Committee to Review the Operation of the “Ad Hoc” Committees in the Faculty of Arts and Sciences. The ad hoc committees determine nothing definitely, that is true. But they advise the President and through him the two Governing Boards as to whether or not the appointment suggested by the department is the best possible appointment that can be made all things considered; and among the considerations are the needs of the department for teachers and scholars in this or that subdivision of the field and with this or that scholarly technique at their disposal.

An ad hoc committee does far more than pass on “the qualifications of the particular man under consideration”; an ad hoc committee often recommends that someone other than the candidate nominated by the department should be considered. And such recommendations have more than once resulted in the appointment of a person who had not even been on the list considered by the department. As presiding officer of these ad hoc committees, I can certify from experience as to their effectiveness; I can assure the members of the two Governing Boards that in the field of economies, as elsewhere, I shall endeavor to see to it that the names I present are in my opinion the names of the best people to appoint. For the temporary appointments at the assistant professor and instructor level, the Dean of the Faculty performs the same function as the ad hoc committee.

The acceptance of this report by the two Governing Boards will mean that they agree with me that the issue of an individual’s radicalism or conservatism or a man’s political attitude is inadmissible in connection with his appointment. (I have made it clear elsewhere that I would not be a party to the appointment of a member of the Communist Party, for reasons I need not here repeat.) Balance between special fields and different methodological approaches in economics we shall strive for, and I recognize that it is a proper function of the Governing Boards from time to time to see that this is done, though not with respect to a particular appointment. There will be no directives to the nominating group or the ad hoc committee in terms of a man’s political views or his position on what has been referred to as a social spectrum. Since that will be the case in economics as in other fields, only the validity of the evidence I present as to a man’s character and competence as a scholar and teacher will be relevant to the decision about an individual in either the Corporation or the Board of Overseers. Once the ground rules are determined by the two Boards, the responsible officials must be trusted to operate within them. On no other basis, in my opinion, can this University function satisfactorily.

In conclusion I wish to express my deep appreciation for the spirit in which the report of the Visiting Committee is written. The Chairman states that it is not his intention “to initiate controversy or to suggest that we view with extreme alarm any phase of the Department’s work.” And later in the report he states, “No friend of academic freedom need fear the purpose which underlies our comment on this matter. . . We would be the first to insist that a professor must teach that which he honestly believes and we know that the fact that this differs from viewpoints which we may hold as individuals is altogether immaterial.”

I feel sure that the Chairman speaks not only for his Committee but for the whole Board of Overseers when he makes these statements, which are by no means universally accepted today in the United States. I need hardly state that even questions concerning the criteria to be employed in judging candidates for appointment in controversial areas — questions that touch sensitive nerve centers in a university today — are quite within the province of the visiting committees. Indeed, no one can have the slightest objection to the critical discussion of these matters in a university, provided, as in this case, the discussion is initiated by duly constituted committees within a constitutional framework.

Unfortunately, the public criticisms of professors in these days do not all conform to the restrained pattern set by this report. Rather the demands for “firing” or “muzzling” professors or censoring textbooks have increased in number and intensity in the last few years. I suppose all members of the two Boards are familiar with such irresponsible attacks as those of Zoll in his “Reducators” and the rather violent statements about the teaching of economics emanating from more reputable sources. I mention these matters for they have a certain relation to the problem that a president of a university faces today when he must recommend action in a controversial area such as economics. The analogy with his distant predecessors’ problems in theology comes to mind.

The existence of hostile critics and extremists makes it imperative for fair-minded men concerned with the future of education to thrash out their differences of opinion around a table. Over the last fifteen years the Department of Economics has been at fault in not attempting to meet the Visiting Committee in a spirit of wholehearted cooperation. The Board of Overseers has been at fault, I venture to suggest, by not widening the membership of the Visiting Committee to include more professional economists and more businessmen who have been working closely with university economists. But the situation is better in both respects than it was a few years past; in my opinion it can be still further improved.

In these critical days when economic decisions play so vital a part in determining national and international policies, it is unfortunate that an atmosphere of hostility exists to some degree throughout the country between the management of industry and academic economists. Whatever can be done here at Harvard to increase the understanding between men of good will within and without the University cannot fail to be of service to the nation.

Respectfully submitted,
JAMES B. CONANT

January 3, 1952

___________________________

No. 2 REPORT OF THE COMMITTEE TO VISIT THE DEPARTMENT OF ECONOMICS

TO THE BOARD OF OVERSEERS OF HARVARD COLLEGE:

Some three years have elapsed since a written report has been submitted to the Board of Overseers on behalf of the Committee to Visit the Department of Economics.

Once each year since that last report the Committee has met socially at dinner with the members of the Department, has met privately with the Provost to discuss the problems of the Department, and then has met in executive session. In addition to these annual meetings, the individual members of the Committee have endeavored conscientiously to inform themselves privately about the organization of the Department and the program of instruction.

It is not our purpose in making a report at this time to initiate controversy or to suggest that we view with extreme alarm any phase of the Department’s work. We do have apprehensions, but our viewpoints have been fully expressed to the President and the Provost, both of whom have encouraged us at all times to be frank in such criticisms as we have had to present.

The particular points which we have to make may be rather briefly stated.

It will be recalled that in the last previous report attention was drawn to the fact that the Department seems to lack over-all planning. We still think that a sound criticism. The Department contains brilliant individuals who are passionately devoted to their particular approach to the subject matter. But it could hardly be fairly said that their efforts are coordinated into a comprehensive plan, whether it be furnishing undergraduates a well-rounded training in economies or carrying on research at the graduate level.

Another criticism which has been made by others is that the members of the Department seem to emphasize the importance of their work with graduate students to the prejudice of undergraduate instruction. Few, if any, of the distinguished members of the Department are ever seen or heard by undergraduates, and we think this a great loss. We believe it to be important that Harvard give her best to those undergraduates who for the first time in their lives are approaching this highly significant subject, in order that their minds may be stimulated and broadened by the inspiration of great teaching.

Another criticism which has been made is that too many members of the Department absent themselves for extensive periods from their University duties. We recognize the demands that Government properly makes upon the University for the loan of Harvard economists. We also believe that a Harvard professor can benefit through working on projects for business managements or labor organizations. There must, however, be reasonable balance between such occasional outside employment and the first duty of the professor to the University. We believe there is ground for this criticism of the Economics Department and that the matter warrants careful study by the Provost and the Department Chairman.

The most pressing criticism, however, which we have to offer is that the Department as presently constituted lacks balance with respect to the viewpoints of its members. It is particularly the trend toward lack of balance which disturbs us.

No friend of academic freedom need fear the purpose which underlies our comment on this matter. We would be the first to insist that a professor must teach that which he honestly believes and we know that the fact that this differs from viewpoints which we may hold as individuals is altogether immaterial. This is too obviously right to need discussion.

But that is a totally different question from that of believing that all viewpoints should be ably represented within the Department. The most determined champion of academic freedom would join us we believe in urging the importance of balance in a controversial field. This is an old and familiar problem at universities; for example, in the departments of philosophy. There we believe that sound university administration always seeks such balance. We suggest that comparable balance is not presently to be found within the Department.

We have in the Department, for example, one or more Socialists, some zealous followers of British economist, John Maynard Keynes, and some who advocate the extension of economic controls by Government. Some of these men are nationally known for their views and are both active and zealous in promoting Them. But on the other side of the social spectrum, the Department seems to lack men of equal ability and zeal who hold opposing views and are prepared to teach them.

This problem of balance within the Department will not be solved by the ad hoc committees. There only the qualifications of the particular man are under consideration. It is not the function of such a committee to determine whether the man’s appointment will restore balance or add to the lack of balance. That delicate question can be solved only through leadership by the President, the Provost, and the Chairman. We have confidence that they share our concern and we hope that this statement of our apprehensions will be helpful to them.

CLARENCE B. RANDALL

November 27, 1950

Source: Harvard University Archives. Confidential Report of the President of the University to the Two Governing Boards of the Department of Economics of The Faculty of Arts and Sciences, 1952 January 3 (Archives Stacks UAI.20.962.5)

___________________________

Members of Visiting Committee,
Department of Economics
1950-1952

Chairman:

Clarence B. Randall
President, Inland Steel Company

Vice-Chairman:

David Rockefeller
Foreign Department, Chase National Bank

Members:

Henry W. Clark
Maritime Associates

Jack I. Straus (1951-52)
President, H. H. Macy Company

Sinclair Weeks
United Carr Fasteners Corp., Reed and Barton Corp.

Frederick C. Crawford
President, Thompson Products, Inc.

David F. Edwards
President, Saco-Lowell Shops

Devereux C. Josephs
Carnegie Corporation

Walter Lichtenstein
First National Bank of Chicago

Thomas S. Lamont (1950-51)
New York

David E. Lilienthal
formerly Head of Atomic Energy Commission

Edward R. Mitton (1951-52)
Jordan Marsh Company

Gilbert H. Montague
New York Lawyer

Edwin G. Nourse
formerly with Council of Economic Advisers

Ralph Robey
National Association of Manufacturers

Charles F. Rowley
Peabody, Brown, Rowley and Storey

Hermon Dunlop Smith
Marsh and McLennon, Insurance, Chicago

George Terborgh
Allied Machinery

Leo Wolman
Professor, Columbia University

Source: Harvard University Archives. Department of Economics, Correspondence and papers (UAV 349.11), Box 25, Folder “Visiting Committee, 1950-52”.

Images Sources:

(Left)  James B. Conant PageAtomic Heritage Foundation website.
(Right) Portrait of Trustee of the University of Chicago, Clarence B. Randall, from the University of Chicago Photographic Archive, apf1-03000-082, Hanna Holborn Gray Special Collections Research Center, University of Chicago Library.

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Economics Programs Economists Harvard

Harvard. The Data Resources Inc. connection. Galbraith asks Eckstein, Feldstein, Jorgenson. 1972

 

“As Ed Mason tactfully hints, I’ve had enough lost causes for one year.”–Galbraith

In the following exchange of letters initiated by John Kenneth Galbraith in December 1972 we find multiple instances of seething rage barely concealed under veneers of formal academic politeness. Critical hiring and firing decisions regarding the subtraction of radical voices from the economics department faculty went overwhelmingly for the consolidation of mainstream economics earlier that month and Galbraith appears to have sought a vulnerability of this counterrevolution in its potential for conflicts of interest as he imagined coming from Otto Eckstein’s start-up, Data Resources, Inc. Eckstein’s response provides us with some interesting backstory to DRI. Feldstein and Jorgenson offered their witness testimony regarding this early episode in what would ultimately result in the so-called empirical turn in economics

But even after suffering this tactical defeat, Galbraith’s strategic point was to be confirmed by history:

“I do have one final thought. In accordance with the well-known tendencies of free enterprise at this level, one day one of these corporations is going to go down with a ghastly smash. It will then be found, in its days of desperation or before, to have engaged in some very greasy legal operations. The Department and the University will be held by the papers to have a contingent liability. It will be hard to preserve reticence then. It would have been better to have taken preventative action now.”

The conflict of interest cases brought by the U.S. Department of Justice in 2000 against economics professor Andrei Shleifer and the Harvard Institute for International Development resulted in a settlement that required Harvard to pay $26.5 million to the U.S. government.

_____________________________

On behalf of the Department,
Galbraith wants to know more about DRI

JOHN KENNETH GALBRAITH
HARVARD UNIVERSITY
CAMBRIDGE. MASSACHUSETTS

December 20, 1972

Professor Otto Eckstein
Littauer Center

Professor Martin S. Feldstein
1737 Cambridge Street

Professor Dale W. Jorgenson
1737 Cambridge Street

Dear Otto, Marty and Dale:

It will hardly be news that I have been deeply concerned over the several recent actions of the Department of Economics on appointments as well as the academically less consequential problem of the less than gracious response to those of us who have expressed alarm.

There is an impression, of which you will undoubtedly be sensitive, that the positions of some of those favoring the recent action could reflect, however subjectively and innocently, their corporate involvement in conflict with their academic responsibilities. I do not wish in any way to prejudge this matter or even to be a source of embarrassment. The problem does seem to me sufficiently somber so that in the interest of everyone you no less than the rest of us the circumstances should be clearly known. In this spirit I raise the following questions:

  1. Could you indicate the nature of Data Resources, Inc? I have reference to assets, sales, employees, services rendered, identity of corporate clients and charges.
  2. I believe it can fairly be assumed from general knowledge that the Corporation owes part of its prestige and esteem to association with members of the Harvard Department of Economics. The foregoing being so and reputation being a common property of the Department and Harvard University, could I ask as to your ownership or other interest or other participation of whatever sort and return?
  3. Has the Corporation employed students and nontenured members of the Department of Economics and would you indicate the names?
  4. Could I ask if you have participated in the past in the consideration of Harvard promotion of any such employees, consultants or people otherwise associated with the Corporation and in what cases?
  5. Could past service or inferior service or present or potential utility to the Corporation or extraneous judgment based on business as distinct from academic performance create, again perhaps subjectively, the possibility of a conflict of interest in your passing on Harvard promotions? How have you handled this conflict in the cases in which people with an association, past or present, with the Corporation have been up for Harvard promotion, always assuming that there have been such cases?
  6. In the recruiting of clients for the Corporation, what of the danger that they will be affected by the close relation between the Corporation and the Department? Specifically could there be effort, however subjective, to quell their fears? The radical economists come obviously to mind. But, as you are perhaps aware, even I am not a totally reassuring figure to many businessmen department with too many people of my viewpoint might also evoke alarm. Does safety here suggest that one with major corporate interest disqualify himself on all appointments?
  7. Is there a possibility — I by no means press the point that the kind of economics that serves corporate interest will take on an exaggerated importance when some of our ablest faculty members, and students are working on such problems?

Let me repeat that I ask these questions only for a clarification in which we share a common interest. I do not of course raise the more general question of outside activity. This would come with very poor grace from me — it is indeed the reason why I have sought not to be a charge on university resources,

Yours faithfully,

John Kenneth Galbraith

CC: Professor James S. Duesenberry

Dean John T. Dunlop

JKG:mih

_____________________________

Eckstein provides his answers to Galbraith’s “interesting questions”

Otto Eckstein
24 Barberry Road
Lexington, Mass. 02173
January 8, 1973

Professor J. Kenneth Galbraith
Department of Economics
Harvard University
207 Littauer Center
Cambridge, Mass. 02138

Dear Ken:

Pursuing the habits of a lifetime, you raise interesting questions in your letter of December 20th. Let me answer them by giving you an account of the origins and development of Data Resources, Inc., and of its relations to Harvard. I believe this will respond to all of your questions.

(1) Origins of DRI

As you know, my professional career has largely been devoted to the application of the techniques of economics to actual problems of the U.S. economy. After my most recent period of full -time government service in 1966, my views on the economy were sought by business and financial organizations. I quickly discovered that they made little use of macro economics or econometrics. The gap between macro and micro was unbridged. They typically ignored the overall situation. Econometrics, which always looked to me to be a very practical way to establish quantitative relationships, received little use and remained an academic plaything. I had already discovered in the government that even macro-decisions were made on the basis of very crude quantitative work, without the benefit of the thirty years of methodological development of econometrics.

In mid-1967, I had the idea that the technology of the time-sharing computer provided the missing link that would make it possible to use the modern techniques to improve private and public planning on a day-to-day basis. The time-sharing technology had the potential of overcoming the mechanical hurdles of programming, data punching, batch runs, etc. which had made econometrics a slow process open only to economists of exceptional mechanical aptitude. The time-sharing technology had the potential of bringing high quality data bases to researchers of providing them with the programs that would allow them to develop individual equations and to combine these equations into simulation models, and to evaluate their “satellite” models for historical analysis, contingency analysis and micro-forecasting. Such satellite models might encompass revenues and costs of their own industries or products, the detailed composition of unemployment, regional incomes, and the tax collections of governments.

These satellite models are constructed by users, at their own remote locations, combining their own data with the national data banks on the central computers. The programs allow the construction of the models and their on-line linkage to the centrally managed national models. Once the models are built, the particular company or government can quantitatively assess its own demand, costs, production, etc., assuming a particular macro-situation. It can see its own revenue and cost outlook assuming the central forecast, or alternatively what would happen if the economy should do better or worse. The micro-implications of changes in fiscal or monetary policy are also made apparent.

Besides making the tools that are our main stock-in-trade widely useable in the actual economy, the existence of such a system could accomplish these goals:

(1) There would be a rationally decentralized structure of information flows. The national data banks would be large and accessible, but local private information would remain where it belonged — in the confidential hands of the local analysts best equipped to use it.

(2) Analysis itself would be rationally decentralized. National forecasting could be done centrally with the use of lots of resources and with the benefit of an enormous data base and model collection. Micro forecasting would be done by the user organization itself.

(3) Micro-analysis would consider macro-environments as quantitative inputs. If the macro-forecasts are better than the crude assumptions previously made, the errors in micro-decisions should be reduced.

(4) As a result, the stability of the economy should be enhanced. There should be fewer and smaller mistakes in private and public economic decisions. Some of the benefits of indicative planning are realized without the political risks.

Once the basic ideas were clear, how was it to be done? The obvious possibilities were (1) a foundation financed project at Harvard; (2) persuade the government to undertake this work; (3) go to a large company  such as a computer manufacturer or bank; or (4) organize a new, small private enterprise. After some reflection, I decided that the new, small private enterprise form was the only suitable one. A Harvard project was ruled out immediately because of the poor experience with the Harvard Economic Barometers of the late 1920’s, an episode with which I was familiar from reading the archives of The Review of Economics and Statistics. Also, the system would require considerable operating staff for the computers, data banking, service and marketing. A university is not a good employer for such a staff nor a good working environment for these functions. I knew from my government experience that such a project was beyond the capacities of public agencies, at least in the United States, and budget stringency would have made federal funding unlikely, The large company would have posed difficult personal and political questions. Further, I felt that if the scheme were successful — and I had a good deal of faith in it — it could grow and reach its full potential by generating its own revenues. Finally, the idea of ultimately supporting my family from my main activities rather than “moonlighting” was attractive.

In 1968, Mitchell, Hutchins and Company, an investment firm with whom I was consulting, found the venture capital, an amount in seven figures. Donald Marron, its President, and I then co-founded DRI. The largest fraction of the capital was provided by First Security Corporation, an asset management group under the leadership of Mr. Robert Denison, a summa graduate of Harvard College and the Business School. The Board of Directors of the company are Mr. Marron, Mr. Denison, myself, and Mr. Stanton Armour, the Chairman of the Operating Committee of Mitchell, Hutchins.

The project required managers, econometricians, programmers, and computer experts. Mitchell, Hutchins managed the organization of the company, provided the initial business background and management, recruited personnel, etc. Dr. Charles Warden, previously special assistant to several chairmen of the CEA joined the company and took on many of its managerial burdens. Later on the company was organized into three divisions, each headed by a Vice-President.

Given the complexity and ambition of the scheme, I recognized that I needed the collaboration of the very best econometricians in terms of ideas, review and quality control. Mr. Marron and I, therefore, put together a founding consulting group, consisting of Jorgenson, Nerlove, Fromm, Feldstein, Hall and Thurow. This group made major contributions in the design stage. Today, the academic consultants mainly direct policy studies that DRI has been asked to undertake by government agencies and foundations. At all stages, the largest part of the work of developing and operating the DRI system and forecast was done by full-time professional employees of the company.

To help assure the widest application of the new techniques and to be able to offer alternative model forecasts, DRI entered into an agreement with the Wharton model group directed by Lawrence Klein. We continue to collaborate with them, and the Wharton model and its forecasts are maintained on the DRI computers. Subsequently, we have entered into arrangements with the model building group at the University of Toronto and with Nikkei, the sponsors of the Japan Economic Research Center.

As for the distribution of ownership, about half of the equity is in the hands of the institutions who provided the capital. Professional employees have ownership or options on another substantial fraction of shares, and my children and I own about a fifth of the shares. The academic consulting group has about 5% of the shares, received at the time of the founding of the company. All of the stock is restricted; it is not registered with the SEC and hence not saleable. The academic consultants are paid on a per diem basis as they actually spend time. In order to give the company a better start, I did not take any pay in the first three years; last year I began to receive a modest compensation.

(2) The Status of DRI Today

On the whole, my hopes and aspirations for DRI have been realized The economic data bases are the most comprehensive in existence and their accuracy is unquestioned. The econometric models have advanced that art in certain respects. The forecasts have been good and are now followed and reported quite widely. The people — management, research economists, service consultants, data processing and programming experts, and marketing — are capable and the organization is strong. While it inevitably takes time for new concepts and techniques to gain acceptance and be widely adopted, more than half of the fifty largest industrial companies and a large fraction of the financial institutions utilize the DRI system. Every major government agency involved in macro economic policy as well as every major data producing government agency is a user of the DRI system. The research environment created by the DRI data banks, software, models and computers has proved so attractive that even organizations with considerable internal facilities find it useful to have access. DRI as an organization has no political views, though individuals associated with the company can take any position they wish.

Our system has also been used by ten universities and colleges and we have just begun to develop special services for the state governments. As DRI is becoming better known and our communications network to our computers spreads to cover a far greater number of communities, we expect that more colleges and universities will find it possible to take advantage of these research facilities.

The company reached the break-even point in the twentieth month of operation after expending the larger part of the venture capital to create the initial version of the DRI system. It is now moderately profitable and earnings are advancing rapidly. Thus far, the capitalists have earned no return of dividends or interest. They have been extraordinarily forbearing in not pressing for quick returns, preferring to let the company use all of the resources in these early years to bring the DRI concept to full fruition. The probabilities are good that the investors will be handsomely rewarded over the next few years. Having taken the risk and waited, they will have earned their return.

(3) The Relation of DRI to Harvard University

Recognizing the sensitivity of this issue from the beginning, I have made sure that Data Resources produced a flow of benefits to Harvard and that Harvard would not provide resources to DRI. The Board of Directors, heavy with Harvard alumni, formally instructed me early in our development to provide free use of the DRI system to Harvard students. Quite a few have done so, including students on my small NSF project on prices and wages. This Fall, for the first time, I have a graduate working seminar in econometric model building. Each of the seven students enrolled is building his own model, simulating it, and writing a paper. The projects include the first econometric model of Ghana, a small scale two-country model of Canada and the United States, an exercise in policy optimization using the DRI model, a study to use macro models to estimate the changing distribution of income, a study of tax incidence using translog production functions, and a model of Venezuela. If this experimental seminar is successful, a lot more can be done, of course.

In terms of relations with professors, Feldstein and Jorgenson were members of the original academic consulting group, along with professors at MIT, Chicago, Brookings and Wharton. I direct and take responsibility for the DRI forecasts, working with full -time employees. The others have focussed on policy studies, including three major studies for the Joint Economic Committee which received considerable attention. They have also done studies for the U.S. Treasury, the Ford Foundation, etc. These studies have not been a significant source of profit to the company, but they surely help to build Data Resources as an authoritative source of economic analysis and serve the public interest.

DRI has had very limited relations with the non-tenured faculty in the Harvard Economics Department. We cooperated with the Department in January 1969 to make it possible for Barry Bosworth to assume his appointment a semester early when he wished to leave the Council of Economic Advisers. He did some useful research that spring and summer, most of which reached fruition in his subsequent papers at The Brookings Institution. His half-time support was transferred to a project at Harvard after one semester. Mel Fuss collaborated in the early stages of our analysis of automobile demand sponsored by General Motors. Bill Raduchel has done some consulting in the programming area with us, but this was always was a very minor part of his activities. While it would be improper to recount the precise role of myself or Feldstein and Jorgenson in the promotion considerations of these three men, it is perfectly obvious and easily documented that there is no substantive historical issue of DRI considerations entering into Harvard appointments. Bosworth went to Brookings before his appointment came up; Fuss and Raduchel were not promoted.

Perhaps this is the point to digress on my philosophy on Harvard promotions. I believe that assistant professors should be selected on the basis of professional promise, their potential contribution to the undergraduate teaching program and whatever publication record they already possess. Promotion to associate professor should mainly be based on research accomplishments as well as teaching performance, with both prerequisites. I have always strongly felt that collaboration in the research projects of senior professors should be given no weight in non-tenured appointments because of the considerable risk that the Harvard appointment thereby becomes a recruiting device for the personnel of these projects. In my years at Harvard, I have never asked the Department to appoint anyone whose presence would be useful to me, and I never will make such a request. To the best of my knowledge, Feldstein and Jorgenson have pursued the same policy. I recommend adoption of procedures that would assure that all of us avoid such appointments.

There are more intangible relations between DRI and Harvard which are hard to assess and easy to exaggerate. If I did not possess a professional reputation which has been enhanced by my professorship here my career would have been different, and I might not have received my extraordinary opportunities of public service. As far as the development of DRI is concerned, my greatest institutional indebtedness is to the Council of Economic Advisers. It was this experience which made me appreciate the importance of accurate and quick information and of the tremendous potential of using econometrics to bridge the gap between macro- and micro-economics. As far as the relations with our private and public clients are concerned, a sophisticated group containing numerous Harvard graduates, they understand perfectly well the tremendous diversity of people and ideas present at Harvard. They know that Harvard has no institutional position on political questions or on the merits or demerits of the existing social, political or economic system. It is also clear to them that Data Resources is a totally distinct entity. I am not responsible for your views and you will not be tainted by mine.

Your final question, whether “the kind of economics that serves corporate interest will take on an exaggerated importance when some of our ablest faculty members and students are working on such problems” is a deep philosophical one which I can only attempt to answer in this way. The Harvard Economics Department has always contained individuals with widely varying concepts of their role in life and preferences in their professional activities. Compared to its historical position, the Department at this time is exceptionally heavy in abstract theory and methodology, and in social philosophy and criticism of the existing order. I represent a different point of view that has always been common in our department. It is my aim to apply economics to the country’s problems in the belief that the existing system can be made to meet the needs of the good society. The development of Data Resources is my current personal expression of this philosophy.

Sincerely yours
[signed] Otto
Otto Eckstein

OE/gc

_____________________________

Feldstein reports being a satisfied user of DRI services

HARVARD UNIVERSITY

MARTIN S. FELDSTEIN
Professor of Economics

1737 CAMBRIDGE STREET, 617
CAMBRIDGE, MASSACHUSETTS 02128

January 9, 1973

Professor J. K. Galbraith
Department of Economics
Harvard University
Littauer 207

Dear Ken:

Although I was surprised by your letter, I am happy to describe my relations with Data Resources. I have been an “economic consultant” to DRI since it was organized. I would describe both the amount of work that I have done and my financial interest as very limited. Last year, my only DRI work was a study of the problem of unemployment that I did for the Congressional Joint Economic Committee. The Committee contracted with DRI for the study. DRI provided the use of the DRI model and data bank and the special computing facilities. Professor Robert Hall of MIT, another DRI consultant, worked on the study for a few days. The study, Lowering the Permanent Rate of Unemployment, was used as the background for hearings in October and will be published by the Committee this year. I am enclosing a copy for your interest. I might also note that although the work on this for DRI is now complete, I am planning to continue on my own to do research on some of the problems that I examined in this study. A graduate student who helped me during the summer became so interested in some of the questions of labor force participation that he is considering doing his thesis on that subject.

Before last year I worked on developing the financial sector of the Data Resources model. The basic work here was building a bridge between the usual Keynesian analysis and the Fisherian theory with its emphasis on the expected rate of inflation. My work here started as direct collaboration with Otto Eckstein; we published a joint paper, “The Fundamental Determinants of the Interest Rate,” in the 1970 Review of Economics and Statistics. This research led me to consider the importance of expected inflation in all studies of the impact of interest rates; I described my work on this in “Inflation, Specification Bias, and the Impact of Interest Rates” (Journal of Political Economy, 1970). Although further work on the financial sector is now done primarily by members of the DRI full-time staff, I did some work in 1971 on extending the analysis of expectations and testing alternative econometric models of expectations. This work is described in a recent paper, “Multimarket Expectations and the Rate of Interest” with Gary Chamberlain, that has been submitted for publication.

I have described my DRI studies in such detail to give you a sense of both the substance and nature of the work. It has been scientific research on substantively and technically interesting questions of macroeconomics and macroeconomic policy. I have also found the access to the DRI facilities, particularly the macroeconomic model system and data bank, to be useful in my other research and teaching.

I cannot believe that my association with DRI could create any of the problems that you indicate in your questions 5, 6 and 7. I believe that Otto is writing to you about the specific points that you raised about DRI in your questions 1 through 4. I hope that all of this material reassures you about the relations between DRI and members of our department.

Please call me if you have any further questions,

Sincerely,
[signed] Marty
Martin S. Feldstein

MSF:JT

Enclosure

_____________________________

Galbraith to Feldstein: You did not address my concern about “problems of conflict of interest”

January 19, 1973

Professor Martin S. Feldstein
Room 617
1737 Cambridge Street

Dear Marty:

Many thanks for your detailed — and good-humored — response. I’m grateful also for the JEC Study of which Otto spoke and which I am taking to Europe for my own reading. I have taken the liberty of giving a copy of your letter to Ed Mason who, as you perhaps know, is making a study of this whole problem.

As you can guess, I am untroubled by work done directly or through DRI for the government. I am concerned about the problems of conflict of interest that seem to me to arise when a corporation which owes its esteem to members of our Department markets profit-making services to other corporations. But this is something on which I should like to reserve comment until Ed Mason has come up with his conclusions.

Yours faithfully,

John Kenneth Galbraith

JKG:mjh

_____________________________

Jorgenson: I think you are barking up the wrong tree

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

January 22, 1973

DALE W. JORGENSON
Professor of Economics

1737 CAMBRIDGE STREET, ROOM 510
CAMBRIDGE, MASSACHUSETTS 02138
(617) 495-4661

Temporary Address until 6/30/73:
Department of Economics
Stanford University
Stanford, California 94305

Professor John Kenneth Galbraith
Littauer 207
Harvard University
Cambridge, Massachusetts 02138

Dear Ken:

Many thanks for your letter of December 20 and your note of December 21. Let me take this occasion to thank you for the copy of your AEA Presidential Address you sent to members of the Department. It was a masterpiece of the genre and will be long remembered by its readers. I am very sorry that I was unable to attend your oral presentation at Toronto.

I share your deep concern over recent actions of the Department of Economics on non-tenure personnel, even though our views on these matters do not always coincide. In view of the strong feelings involved I found the discussion to be remarkably free of personal considerations. I hope that I have not been a party to what you describe as a less than gracious response to vour own views. If I have, I hope that you will accept my apologies.

Since your letter is addressed to Otto Eckstein, Martin Feldstein and myself, I will limit this response to my own role in DRI. I am a stockholder and consultant to DRI and have been for almost four years. In my work for DRI, I have acted as a consultant to several U.S. government agencies and to the Ford Foundation. I have had only one corporate client for my services. My main current activity for DRI is a study of energy policy for the Ford Foundation.

DRI provides a unique environment for certain types of research in applied econometrics. My current work on energy policy would be infeasible without the DRI system. The computer software, computerized data bank, and econometric forecasting system have been indispensable in modeling the energy sector and in studying the effects of economic policies related to energy. The facilities available at DRI have reduced the burden of data processing and computation for econometric model-building by several orders of magnitude.

To my mind the two most important features of the DRI system are its high quality from the scientific point of view and its ability to assimilate the results of research and to make them available for routine application. The data bank is unparalleled in scope and reliability and is constantly expanding as new sources of data are made available. The computer software package is highly sophisticated and is under continuous development as new econometric methods are designed. The forecasting system is the core of DRI’s operations and has undergone a process of improvement and extension that has continued up to the present.

The performance of the DRI system is the main source of attraction for DRI’s clients. This is certainly the case for my study of energy policy. You raise a general question about the concerns of DRI’s clients and the views of members of Harvard’s Department of Economics. In my experience there is no connection, either positive or negative. The clients of DRI are buying the services of DRI. As I have already indicated, this is a rather unusual product, unavailable at any university economics department, including Harvard’s.

On the issue of non-tenured members of the Department of Economics who are also employee-consultants of DRI, I have not employed any non-tenured members of the Department in my work for DRI, as I indicated in our telephone conversation. I find it difficult to envision circumstances in which any conflict of interest related to junior appointments could arise from my DRI association. There have been no such circumstances in the past.

I hope that these observations help to clarify the issues you raise

Yours sincerely,
[signed] Dale
Dale W. Jorgenson

DWJ: cg

cc: E. Mason, J. Dunlop, H. Rosovsky, R. Caves, J. Duesenberry, O. Eckstein, M. Feldstein

_____________________________

Galbraith back to Jorgenson: we need to avoid even the appearance of a  “conflict of interest”

Gstaad. Switzerland
February 13, 1973

Professor Dale W. Jorgenson
Department of Economies
Stanford University
Stanford, California 94305

Dear Dale:

Many thanks for your letter and for your nice comments. I hope life goes well for you at Stanford. I am writing this from Switzerland where I am on the final pages of what I intend shall be my last major effort on economics. When I get tired I propel myself across the snow and think how good the mountains in the winter would be in a world where one did not feel obliged to take exercise.

I must say that my attention after writing was shifted to yet another of our corporations of which, to my annoyance, I was unaware. It functions currently, I gather, as a subsidiary of the antitrust problems of IBM.

I do feel that there are serious problems here. Participation in the management of the Department, especially in the selection and recruitment of personnel, and in the management of a profit-making enterprise are bound to involve if not the reality of conflict of interest then the appearance of conflict. Appointments, it will be held, are influenced by what influences corporate customers or needs. This must be avoided. It is especially clear if the corporation sells such services as antitrust defense. But it is also the case if the corporation becomes large and successful —, as I would judge, DRI is certain and deservedly to be.

The proper course, as I have suggested to Ed Mason and informally to Otto, is not to deny any professor the right to participation in a profit-making enterprise. Rather it is to separate the two management roles. A man should be free to have an active ownership role in a corporation or an active position in Department management. He should not do both. This would obviate problems of conflict or seeming conflict and protect the positions of all concerned. Needless to say, I would have the same rule apply to all.

Yours faithfully,

John Kenneth Galbraith

JKG:mjh

cc: E. Mason, J. Duesenberry, O. Eckstein, M. Feldstein, R. Caves, H. Rosovsky, F. Ford

_____________________________

“Economics Dept. Reports On Faculty’s Outside Ties”
by Fran R. Schumer. Harvard Crimson, March 20, 1973

A committee in the Economics Department reported yesterday that business connections between Economics professors and outside corporations do not interfere with hiring decisions and teaching practices.

James S. Duesenberry, chairman of the three-man committee, said yesterday that business ties do not impose a conservative bias on the Department’s hiring practices and do not limit the faculty’s teaching time.

Complaints

The committee’s investigation was prompted by complaints raised last term by John Kenneth Galbraith, Warburg Professor of Economics.

Galbraith attributed the Department’s “conservative hiring practices” to faculty members’ ties with business firms. “The fact that the Department sells its services to American business firms biases its administrative decisions,” Galbraith said.

Despite the committee’s negative findings, Otto Eckstein, professor of Economics and president of Data Resources Inc., a consulting firm, has requested to go on half-time status at Harvard, effective September 1.

Eckstein said yesterday that his decision resulted from Galbraith’s complaints and a new rule prohibiting professors from spending more than one day a week consulting. The rule, previously implicit, was formally written into University law this year.

Galbraith voiced objections to faculty members’ business ties several weeks after the Department’s decision last December not to rehire two radical economists.

At that time, Galbraith told Duesenberry that “business ties necessarily impair the faculty’s ability to impartially judge economists, especially radical economists.”

Galbraith also complained that the Department’s decision last December not to promote William J. Raduchel, assistant professor of Economics, was based on the quality of Raduchel’s work for an outside Resources had little influence on the consulting firm and not on his research and teaching abilities in the Department.

Raduchel is a consultant for Data Resources Inc. and is also a sectionman for Galbraith’s course, Social Science 134, “The Modern Society.”

The committee, composed of Duesenberry, Arthur Smithies, Ropes Professor of Political Economy, and Richard E. Caves, Stone Professor of International Trade, reported last January that Raduchel’s work for Data Resources had no influence on the Department’s decision.

The committee also reported that outside ties do not prejudice the Department’s hiring decisions and do not interfere with normal administrative functioning.

The committee reported its findings only to Duesenberry, the chairman of the Economics Department. Committee members refused to comment on how they investigated the problem.

Duesenberry attributed Galbraith’s objections to the Department’s decision not to promote Raduchel. “Galbraith is annoyed because his boy didn’t get promoted,” he said.

Raduchel told The Crimson last month that he was satisfied with the Department’s decision not to promote him. He said that the decision had “nothing to do with my connection to Data Resources, and was based on my academic work.”

Eckstein agreed with Duesenberry’s conclusion that Raduchel’s work at Data Resources had little influence on the Department’s decision.

Explaining his own position at Data Resources Inc. Eckstein said that his case is no different than that of other faculty members who do consulting work.

Currently, at least three senior faculty members and one junior faculty members do consulting work at Data Resources.

Eckstein described consulting work an inevitable product of Harvard’s hiring policies. “Harvard naturally attracts people who get involved in the outside world,” he explained.

He said that he has a “clear conscience” about the work he is doing at Harvard.

_____________________________

Galbraith to Chairman Duesenberry:

Gstaad, Switzerland
March 27, 1973

Professor James S. Duesenberry
Littauer M-8

Dear Jim:

Herewith some good-humored thoughts on our final talk the other day about our corporate affiliates. As you request, I will now leave the problem to the President, Steiner and whomever.

  1. Although both you and Henry Rosovsky had earlier expressed discomfort about our corporation and some action now seems in prospect, you say I’m severely viewed for raising the issue. Isn’t this a little hard? The important thing, I suggest, is to get things right. However, although given my sensitive soul it has been difficult, I have steeled myself over the years to the idea of not being universally loved.
  2. You say that the bias from combining business entrepreneurship with professorial activities in the eye of some of our colleagues is not greater than that deriving from my (or Marc Roberts’) support of George McGovern. I somehow doubt that the faculty would agree. There is indication of difference, I think, in the way one reacts. I do not find myself shrinking especially from identification even with anything now so widely condemned as the McGovern campaign. I detect a certain desire to avoid public discussion of our corporations.
  3. In keeping with the desire for reticence, I told Ed Mason I wouldn’t talk with the press. The Crimson tells me that you have explained that I raised the issue only out of pique over the non-promotion of Raduchel. Isn’t this a bit one-sided? However, beyond denying any such deeply unworthy motive, I’ll stick to my agreement, always reserving the right of self-defense.
  4. As to my motives, so far as I can judge them, I did feel that Raduchel got judged on his corporate work, while — as Smithies and I both complained — there was no consultation with those who best knew about his teaching. His teaching has been very good. I suggest that we are always in favor of improving undergraduate teaching in principle but not in practice. Also I do not agree that he was unpromotable. He has a lively, resourceful mind and has worked hard for the University and the students. I think him far, far better than the dull technicians we do carry to the top of our nontenured ranks, possibly even beyond.
  5. But, as I probe my soul for the purest available motive, it was not Raduchel. I simply think that, when a professor speaks or acts on a promotion, we should know that he is doing it as a professor and not as a businessman.
  6. I had thought that the separation of our business arrangements from the Department management might be a solution, with the proposed withdrawal of voting rights from the aged as a precedent. This, I gather, will not wash, so I subside. As Ed Mason tactfully hints, I’ve had enough lost causes for one year.

I do have one final thought. In accordance with the well-known tendencies of free enterprise at this level, one day one of these corporations is going to go down with a ghastly smash. It will then be found, in its days of desperation or before, to have engaged in some very greasy legal operations. The Department and the University will be held by the papers to have a contingent liability. It will be hard to preserve reticence then. It would have been better to have taken preventative action now.

Conforming to your wish that I restrict communications on this subject, I’m not circulating this letter. But would it trouble you If I added it discreetly to the file in the President’s office? Do let me know.

Yours faithfully,

John Kenneth Galbraith

JKG:mjh

Source: John F. Kennedy Presidential Library. John Kenneth Galbraith Personal Papers. Series 5 Harvard University File, 1949-1990. Box 526. Folder “Harvard Dept. of Economics. Discussion of appointments, outside interests and reorganization, 1972-1973 (1 of 2)”.

Image Sources: John Kenneth Galbraith (1978), Harvard University Archives; Otto Eckstein (April 1969), Harvard University Archives; Martin Feldstein (ca. 1974), Newton Free Library, Digital Commonwealth, Massachusetts Collections Online; Dale Jorgenson. (1968). John Simon Guggenheim Memorial Foundation.