Category: Harvard

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Economic History Exam Questions Harvard

Harvard. A.B. Correlation Exam for W. European Economic History since 1750. 1939

Today’s posting is a transcription of the “correlation examination” questions for the economic history of Western Europe since 1750 given at Harvard in May 1939.

Concentrators in Economics will have to pass in the spring their Junior year a general examination on the department of Economics, and in the spring of their Senior year an examination correlating Economics with either History or Government (this correlating exam may be abolished by 1942), and a third one on the student’s special field, which is chosen from a list of eleven, including economic theory, economic history, money and banking, industry, public utilities, public finance, labor problems, international economics, policies and agriculture.
Courses in allied fields, including Philosophy, Mathematics, History, Government, and Sociology, are suggested by the department for each of the special fields. In addition, Geography 1 is recommended in connection with international policies or agriculture.
[Source: Harvard Crimson, May 31, 1938]

A printed copy of questions for twelve A.B. examinations in economics at Harvard for the academic year 1938-39 can be found in the Lloyd A. Metzler papers at Duke’s Economists’ Papers Project. 

Economic Theory,
Economic History Since 1750,
Money and Finance,
Market Organization and Control,
Labor Economics and Social Reform.

  • Six Correlation Examinations given to Honors Candidates.

Economic History of Western Europe since 1750,
American Economic History,
History of Political and Economic Thought,
Public Administration and Finance,
Government Regulation of Industry,
Mathematical Economic Theory.

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

 

______________________________

DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS
CORRELATION EXAMINATION

Economic History of Western Europe since 1750
(Three hours)

 

Answer either FOUR or FIVE questions, including TWO from each group. If you answer FOUR questions, write about an hour on ONE of them and mark your answer “Essay.” This question will be given double weight.

A
Use a separate blue book for the questions in this part.

  1. Discuss the economic causes, or the economic effects, in France, of the French Revolution.
  2. Discuss the relationship between economic developments and changes in the English imperial policy during the late eighteenth and early nineteenth centuries.
  3. Outline the history and discuss the economic importance of canals in any major European country.
  4. The beginnings of agricultural science.
  5. “If, under the surface of frequent political disturbances, France retained her social equilibrium throughout the nineteenth century, that was due in no small degree to the peculiarities of her economic development.”
  6. Economic factors in the unification of Germany.
  7. “In the middle of the nineteenth century England occupied a paradoxical position: she was the center of a world economy, and yet she was entirely dependent on the rest of the world.”
  8. Outline and discuss the movement towards federation and amalgamation among trade unions in England, France or
  9. Discuss the principal stages in the development of the Soviet agrarian policy.

 

B
Use a separate blue book for the questions in this part.

  1. “The ‘industrial revolution’ means the change from production with hand tools to production with power-driven machinery. It was brought about, first, in the textile industries, by a series of inventions made in England around the end of the eighteenth century, and gradually introduced, later on, into other countries.”
  2. “The free trade policy of nineteenth century England sacrificed her permanent, national interests to the temporary interests of her manufacturers, disguised at the time in the imaginary, permanent principles of her economists and pacifists; the result is the present economic and military weakness of England.”
  3. Discuss the reasons why France has remained so largely an agricultural country, attaining high industrial rank in only a few particular industries.
  4. Discuss the economic policies of Gladstone and his party affiliations.
  5. What economic and political interests did England have in the Suez Canal? By what means did she secure control of it?
  6. “The German cartel was not, as many observers predicted, a step on the road to great trusts.”
  7. What considerations have dominated British policy in respect of petroleum and petroleum resources, since 1914?
  8. Discuss the development of protection for agricultural products in France or Germany during the latter part of the 19th
  9. “It is paradoxical that a labor party appeared later in England, than in European countries where industrial capitalism was relatively less advanced throughout the nineteenth century.”

 

May 12, 1939.

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Lloyd A. Metzler Papers, Box 7; [Harvard University], Division of History, Government and Economics, Division Examinations for the Degree of A.B., 1938-39.

 

 

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Courses Harvard Suggested Reading Syllabus

Harvard. Graduate Mathematical Economics. Goodwin, 1948

In the Fall term of 1948-49 assistant professor Richard M. Goodwin took over the graduate course in Mathematical Economics at Harvard from Wassily Leontief (who last taught the course during the academic year 1946-47).

Earlier postings at Economics in the Rear-View Mirror for Goodwin:

Reading list for a course on business cycles,
Letters from Burbank and Schumpeter on Goodwin’s behalf to Columbia,
and a 1951 Harvard Crimson feature written by the Edward Snowden precursor, Daniel Ellsberg (who leaked the Pentagon Papers in 1971).

Some might see “physics envy” in Goodwin’s selection of reference texts. But do remember, there was hardly a plethora of books on mathematical methods in economics to choose from at that time.

__________________________________

[Course Announcement]

Economics 204b (formerly Economics 104b). Mathematical Economics
Half-course (fall term). Tu., Th., 2:30-4. Assistant Professor Goodwin.

Properly qualified undergraduates will be admitted to this course.

 

Source: Harvard University. Final Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences for the Academic Year 1948-49, p. 77.

____________________________________

[Course enrollment]

[Economics] 204b (formerly 104b). Mathematical Economics (F). Assistant Professor Goodwin.

2 Graduates, 3 Seniors, 1 Junior, 1 Public Administration, 2 Radcliffe: Total 9

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1948-49, p. 77.

____________________________________

 

1948-49
Economics 204b

A
Partial Analysis

  1. The Role of Logical and of Empirical Elements in Economics
  2. Power Series and Linear Approximations
  3. Marshallian Static Market
  4. Dynamical Partial Equilibrium with examples of first and second order differential equations
  5. Durable Goods Markets, The Acceleration Principle and Simple Aggregative Mechanisms
  6. The Cob-web Theorem and the Multiplier
    First Order Difference Equations
  7. Inventory Cycles
    Second Order Difference Equations

Reading Assignments:

P. Frank, Foundations of Physics, Parts I, II and Section 14.
P. A. Samuelson, Foundations of Economic Analysis, Chs. I, II, IX, and X, pp. 302-307
Marshall, Principles of Economics, Book V, Ch. I, II, III
R. Frisch, “The Interrelation between Capital Production and Consumer Taking”, Journal of Political Economy, 1931.
M. Ezekiel, “The Cob-web Theorem,” in Readings in Business Cycle Theory
R. M. Goodwin, “The Multiplier,” in The New Economics, ed. S. E. Harris
L. A. Metzler, “The Nature and Stability of Inventory Cycles,” Review of Economic Statistics, 1941.
Ibid., “Factors Governing the Length of Inventory Cycles,” Review of economic Statistics, 1947.

 

B
General Interdependence

  1. The Leontief Matrix, Linear Systems
  2. The Multiplier as Matrix: Static Analysis, Inhomogeneous Systems
  3. The Multiplier as Matrix: Dynamic Analysis, Dynamical Difference Equation Systems
  4. Linear Dynamic Systems in Economics

Reading Assignments:

T. Haavelmo, “The Interdependence Between Agriculture and the National Economy, J.F.E. [Journal of Farm Economics], 1947.
W. Leontief, The Structure of the American Economy, pp. 1-42.
Ibid., “Output, Employment, Consumption, and Investment,” Q.J.E., 1944.
R. M. Goodwin, “Dynamical Coupling,” Econometrica, 1947.

Reading Period: (Read all of the following)

J. Tinbergen, “Econometric Business Cycle Research,” in Readings in Business Cycle Theory.
P. A. Samuelson, “Interactions between the Multiplier Analysis and the Principle of Acceleration,” in Readings.
Ibid., “Dynamic Process Analysis,” in A Survey of Contemporary Economics, ed. by H. S. Ellis.
Ibid., Foundations of Economic Analysis, Chs. XI and XII.

 

[Handwritten on back of library copy
of reading list by Richard M. Goodwin]

To be put on reserve for
Ec 204b

A. C. Aitken, Determinants and Matrices
F. L. Griffin, Introduction to Mathematical Analysis
R. Courant, Differential and Integral Calculus vol I and II
L. A. Pipes, Applied Mathematics for Engineers and Physicists
R. G. D. Allen, Mathematical Analysis for Economists
P. A. Samuelson, Foundations of Economic Analysis

____________________________________

 

[Handwritten note by Richard M. Goodwin]

 

Oct. 22, 1948

Reading Room
Widener Lib.

Dear Sirs:

I would like to have the following books put on reserve for Economics 204b.

A. C. Aitken, Determinants and Matrices
R. Courant, Differential and Integral Calculus vol I and II
L. A. Pipes, Applied Mathematics for Engineers
R. G. D. Allen, Mathematical Analysis for Economists
P. A. Samuelson, Foundations of Economic Analysis
P. Frank, Foundations of Physics
S. Harris, editor, The New Economics

Thanking you, I am

Sincerely

[signed]
Richard M. Goodwin

 

Source: Harvard University Archives. . Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 4, Folder “Economics 1948-1949 (2 of 2)”.

Image Source: Harvard Album, 1946.

 

Categories
Courses Harvard Suggested Reading Syllabus

Harvard. Advanced Economic Theory. William Fellner, 1950-51

As mentioned in the previous posting, William Fellner of the University of California was called in to fill for Wassily Leontief’s graduate course in Advanced Economic Theory during the academic year 1950-51 at Harvard. Another course taught by Fellner that year was history of economics for undergraduates. Still only available in libraries or from used-book dealers is the 1992 “Bio-Bibliography” of William J. Fellner by James N. Marshall. Of course “Bio” means “biography” here.

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

_____________________________________

[Course Announcement]

Economics 202 (formerly Economics 102a and 102b). Advanced Economic Theory
Full course. Tu., Th., and (at the pleasure of the instructor) Sat., at 11. Professor Fellner (University of California).

Economics 201 or an equivalent training is a prerequisite for this course. Other properly qualified students must obtain permission to register from the instructor.

 

Source:  Final Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences During 1950-51. Official Register of Harvard University, Vol. XLVII, No. 23 (September, 1950) , p. 83.

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1950-51
Economics 202
Fall Term

Value Theory (Costs of Production, Demand, Principles of Pricing under Various Market Structures, and the Bearing of These on Welfare Problems)

The list of readings is not final. It will be adjusted to the classroom discussion. Some readings will be assigned, others recommended.

 

  1. Difficulty of “placing” the economies of the Western world in terms of concepts such as capitalism, socialism, individualism, collectivism, etc. Problems arising for theory from the multiplicity of more or less rigidly (or loosely) organized groups.

 

  1. Costs of Production

Production functions, the law of variable proportions.

Cost functions of single-plant firms, of multiple-plant firms and of industries. Short and long-run analysis. Internal and external economies. Relationship between supply functions and cost functions. The particular expenses function. The demand for factors of production. Technological and organizational improvement.

Readings:

Cassels, The Law of Variable Proportions (in Explorations in economics, Essays in Honor of F. W. Taussig).
Hicks, Value and Capital, Chs. 6 and 7.
Viner, Cost Curves and Supply Curves (reprinted from Zeitschrift fuer Nationaloekonomie, 1931).
Harrod, Doctrines of Imperfect Competition (reprinted from Q.J.E.)
Stigler, Production and Distribution in the Short-run (Readings in the Theory of Income Distribution).
Chamberlin, Proportionality, Divisibility and Economies of Scale (Q.J.E., February 1948).
Patinkin, Multiple-Plant Firms, Cartels and Imperfect Competition, (Q.J.E., February 1947).
Joan Robinson, The Economics of Imperfect Competition, Ch. 10 and Ch. 20.
Marshall, Principles of Economics, Appendix H.
National Bureau of Economic Research, Cost Behavior and Price Policy, Ch. 5.

  1. Demand Functions

The assumption of rational consumer behavior. Marginal utility and the indifference curve approach. The measurability problem. Consumer surplus. Complementarity and the rival relationship. Marginal utility of money. The significance of price-elasticity and of income-elasticity. Inferiority and the Giffen Effect. How much validity is there in criticisms of the rationality assumption?

Readings:

Marshall, Principles of Economics, Book IV.
Hicks, Value and Capital, Part I.
Henderson, Consumer Surplus and the Compensating Variation, Review of Economic Studies, February 1941.
Friedman-Savage, Utility of Choices Involving Risk, J.P.E., August 1948.
V. Neumann-Morgenstern, The Theory of Games, pp. 15-20.
Veblen, Marginal Utility Economics (in The Place of Science in Modern Civilization).

 

  1. Market Structures (monopoly, competition, monopolistic competition in large and small groups)

The industry concept and various measures of relationships between firms. The relationship between the size of the market and the size of the firm. The dependence of this relationship on real economies of scale, on exploitative advantages of scale, and on product-differentiation. The bearing of these on welfare. The concept of profit-maximization in various market-structures. Limitations of profit-maximization. “Institutional” considerations.

Readings:

Chamberlin, The Theory of Monopolistic Competition.
Joan Robinson, Economics of Imperfect Competition, Book V.
Fellner, Competition Among the Few, Chs. 1 (incl. Appendix) and 4 through 9.
Sweezy, Demand under Conditions of Oligopoly, J.P.E., June 1939.
Lerner, The Concept of Monopoly and the Measurement of Monopoly Power, Review of Economic Studies, June 1934.
(Possibly also Rothschild, Economica, February 1942, and Bain, ibid, February 1943).
Buchanan, Advertising Expenditures: A Suggested Treatment, J.P.E., August 1942.
Marschak, Neumann and Morgenstern on Static Economics, Journal of Political Economy, April 1948 (reprinted in Cowles Commission Papers No. 13).
Ellis (ed.), Survey of Contemporary Economics, Ch. 1 (Haley).
National Bureau of Economic Research, Cost Behavior and Price Policy (Sections in Chs. 9-11).

 

  1. The Nature of the General Equilibrium Approach

The coexistence (for methodological reasons) of two types of General Equilibrium approach. Difficulties arising from this. Characterization of the general theory of allocation, given the level of aggregate activity; and of the theory of the determinants of aggregate activity. Brief discussion of the first (the second will presumably be left to the Spring Term).

Readings:

Stigler, Theories of Production and Distribution, Chapter on Walras.
Leontief, Output, Employment, Consumption and Investment, Q.J.E., February 1944.
(Probably also assignments in Phelps-Brown, The Framework of the Pricing System).

__________________________________________

Econ. 202B (Spring Term) [1950-51]

Employment Theory (including introduction to National Income Concepts) and the Theory of Distribution

The list of readings is not final. It will be adjusted to the classroom discussion. Some readings will be assigned, others recommended.

I

Introductory discussion of the changing content of concepts expressing the “net” yield of economic activity. References to Quesnay, Smith (W. of N. Book II Chs. 2 and 3), Ricardo (Principles Ch. 26), Marx, Fisher (Nat. of Cap. and Int. Ch. 7), Pigou (Ec. of Welfare, Book I Chs. 1-8).

 

II

Determinants of aggregate output and employment in terms of “savings-investment” concepts such as the Wicksellian, Robertsonian, Keynesian. Translation of the analysis into terms of contemporary national income concepts. The savings-investment approach and the velocity approach. The search for links between value theory and the aggregative approach.

Readings:

Keynes, General Theory of Employment, Interest and Money; and The Ex-ante Theory of the Rate of Interest, Economic Journal, December 1937.
Ellis, (ed.), Survey of Contemporary Economics, Ch. 2; Ch. 8
Lange, The Rate of Interest and the Optimum Propensity to Consume (Readings in Business Cycle Theory).
Robertson, Saving and Hoarding (Economic Journal, September 1933).
Survey of Current Business, July 1947 Supplement.
Angell, Investment and Business Cycles (Chs. 9 and 11 and appendix on income velocity.

 

III.

Bearing of national income concepts on welfare problems. How near can we get to a directly relevant welfare judgment by using “objective” data of this sort? The main qualifications (changes in tastes, distribution, working conditions, natural resources, difficulties inherent in “net” income concepts, etc.). Long-run trends.

Readings:

Pigou, The Economics of Welfare, Part I, Chs. 1-8.
Fisher, The Nature of Capital and Income, Ch. 7.
The Hicks-Kuznets discussion in Economica, May 1940; February, May and August 1948 (only specific sections will be covered)
Kuznets, National Product Since 1869 (sections relating to long-run trends in terms of “overlapping decades”).

 

IV

The statistically distinguished income shares (their short- and long-run behavior); the problem of the functional shares proper.

Readings:

Annual Report of the Council of Economic Advisers (sections in text and appendix relating to distribution in terms of compensation of employees, income of individual owners, corporate profits, etc.)
Fisher, The Theory of Interest, Chs. 5-11.
Boehm-Bawerk, The Positive Theory of Capital, Book V (mainly Chs. 3-5).
Robertson, Mr. Keynes and the Rate of Interest (Readings in the Theory of Income Distribution).
Hicks, Value and Capital, Ch. 12.
Hicks, The Theory of Wages, Ch. 5.
Fellner, Competition Among the Few, Ch. 10, and pp. 311-328).
Knight, Capital and Interest; and Monetary Policies and Full Employment, pp. 152-166 (Readings in the Theory of Income Distribution).
Knight, Risk, Uncertainty and Profit, Ch. 7.
Schumpeter, The Theory of Economic Development, Ch. 4.; and references to Business Cycles.

 

V

The meaning of the functional-distribution problem on the one hand and of distribution by size of income on the other.

Readings:

Selma F. Goldsmith, Statistical Information on the Distribution of Income by Size in the United States, A.E.R., May 1950, Papers and Proceedings
Annual Report of the Council of Economic Advisers

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 5, Folder “Economics 1950-1951 (2 of 2)”.

Image Source: AEA portrait of William Fellner, Number 71 of a series of photographs of past presidents of the Association, in American Economic Review, Vol. 60, No. 1 (1970).

Categories
Courses Harvard Syllabus

Harvard. First year Graduate Economic Theory. Haberler, 1950-51

The first theory course for economics graduate students around mid-20th century, Economics 201 (earlier 101), was taught most of the time by Edward Chamberlin. But in 1950-51 Chamberlin was on leave in France as a Fulbright Scholar and Gottfried Haberler taught the first year of theory instead. 

New addition: Here is the link to the two semester final exams.

Somewhat peculiar is Haberler’s written intention to include Keynesian Economics together with Marxian Economics as the last item of his Fall semester course. However one can see that by the time the second semester rolled around, Haberler had decided to throw Marxian economics under the bus and Keynesian Economics then became the sole final theory to be discussed in his course. Also worthy of note are references to the recommended textbook treatments in German and French.

I’ll note here that the second year of theory, Economics 202, was usually taught by Wassily Leontief who, like Chamberlin, was also not listed in the course announcements for 1950-51 (he had been award a John Simon Guggenheim Memorial Foundation Fellowship for the year). Instead the second year course was taught by William Fellner from Berkeley (the syllabus for his undergraduate History of Economics course has been posted earlier). I’ll post the Fellner reading list for Economics 202 soon. Thus we see that Austro-Hungarian hands were rocking the cradle of baby economists at Harvard at the exact midpoint of the twentieth century.

The last time I saw my undergraduate mentor William Fellner was when he took me to lunch at the Mayflower Hotel in Washington, DC. in 1976 or 1977. He was accompanied by his American Enterprise Institute colleague Gottfried Haberler, who was William Fellner’s regular AEI lunch buddy. Only with this posting did I realize that the two of them overlapped 1950-51 at Harvard.

_____________________________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

_____________________________________

[Course Description]

Economics 201 (formerly Economics 101a and 101b). Economic Theory
Full course. Tu., Th., and (at the pleasure of the instructor) Sat. at 10. Professor Haberler.

This course is normally taken by graduate students in their first year of residence.

 

Source: Harvard University. Official Register of Harvard University, Vol. XLVII, No. 23 (September 1950). Final Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences During 1950-51, p. 83.

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Fall Term, 1950
Economics 201 – Economic Theory

I.       Introduction

“Scope and Method”
Types of Economic Theory
Historical Sketch

II.      General Survey of The Economic Process

The Institutional Setting
Income Flows
System of Markets

III.    Demand and Supply Analysis

Cost vs. Utility Theory of Value
Stability of Equilibrium
Some Formal Relationships
Demand and Supply Curves
Elasticity of Demand and Supply
Marginal, Average, Total Revenue
Marginal, Average, Total Cost

IV.     Theory of the Household and Consumption

Utility Theory
Indifference Line Analysis
Complementarity and Substitution
Income Effects, Substitution Effects, Price Effects
Application of Indifference Line Analysis to Theory of Exchange
Measurability of Utility
Interpersonal Comparisons
Joint Demand

V.      Theory of the Firm and Production

Cost Curves
Production Function
Marginal Productivity
Joint Supply

VI.     Theory of Distribution

A.      General
B.      Theory of Wages
C.      Theory of Rent
D.      Theory of Interest and Capital: The Time Factor
E.      Theory of Profits: Uncertainty

VII.   Theory of Market Structures

Competition
Monopoly
Discriminating Monopoly
Monopolistic Competition and Imperfect Competition
Duopoly and Oligopoly
Bilateral Monopoly
Theory of Games

VIII.  Welfare Economics

IX.     Keynesian Economics, Marxian Economics

 

Bibliography and Reading Assignments

The literature on the subjects covered by this course is enormous and is growing rapidly, textbook literature as well as monographs and articles on special topics. No hard and fast assignment will be made but rather suggestions from which students should choose according to their individual needs and preparation.

General

The general texts coming nearest to covering the topics which are treated in the present course are:

Boulding, Economic Analysis (1st or 2nd edition)
Stigler, Theory of Price

In German:
Erich Schneider: Einführung in die Wirtschaftstheorie (Vol. I and II, Vol. III to appear later)
H. v. Stackelberg: Grundlagen der theoretischen Volkswirtschaftslehre

In French:
Jean Marchal: Cours d’Économie Politique (Vol. I) or (shorter and better) Le Mécanisme des Prix [et la Structure de l’Économie] (2nd ed.)

A. Marshall’s Principles is still indispensable

See also:

Survey of Contemporary Economics (Especially Ch. 1)
Readings in Economic Analysis (Ed., R. V. Clemence, 2 vols.)
Readings in the Theory of Income Distribution (Blakiston)

I.      Introduction

Literature on “Scope and Method” is on the whole arid. Many texts have introductory chapters on those subjects (e.g., Stigler’s Theory of Price). Some reading on that subject along with, rather than prior to, the study of substantive problems is advisable.

Suggestions:

Readings Volume I, by Clemence, First two chapters
L. Robbins: Nature and Significance of Economic Science
J. N. (not M) Keynes: Scope and Method of Political Economy
O. Lange: “The Scope and Method of Economics,” in Review of Economic Studies, Vol. XIII(1), 1945-46
L. Robbins: “Live and Dead Issues in the Methodology of Economics,” Economica, New Series, Vol. V, 1938
L. Robbins: “The Economist in the 20th Century,” Economica, New Series, Vol. XVI, 1949.
F. Machlup: “Why Bother With Methodology?” Economica, New Series, Vol. III, 1936.
M. Friedman, “Lange on Price Flexibility and Employment: A Methodological Criticism,” A.E.R., Vol. 36, 1946.
T. C. Koopmans: “Measurement Without Theory,” R.E.Statistics, Volume 29, 1947.
(Review of Economic Statistics, Vol. 31, 1949, Criticism by Vining and reply by Koopmans)
Numerous writings by F. H. Knight deal with methodological questions. Most of them are collected in The Ethics of Competition and Freedom and Reform
T. W. Hutchison: Significance and Basic Postulates of Economic Theory (Positivistic)
Of older writers, Cairnes (Logical Method of Political Economy), N. W. Senior (Outline), and W. Bagehot (Postulates of English Political Economy) may be mentioned.

II.      General Survey of Economic Process

Modern literature on National Income frequently presents graphic pictures of economic process as a whole. See Schneider, op.cit., Vol. I.

III.    Demand and Supply Analysis

Henderson: Supply and Demand, Ch. 2
Marshall, Principles, Book V, Chs. 1, 2, 3, 4, 5, 8, 9, Appendix I
Mill, Principles, Book III, Chs. 1-4
Stigler, Chapter 4
Boulding, Parti I (See especially Appendix on Elasticity, p. 137)
J. Robinson: The Economics of Imperfect Competition, Ch. 2

IV.     Theory of Household and Consumption

Hicks: Value and Capital, Part I
Boulding: 2nd ed., Chs. 29, 33
Stigler: Chapters 5 and 6
Relevant chapters in Marshall
Relevant chapters in Stackelberg and Schneider
Leontief, “The Pure Theory of the Guaranteed Annual Wage Contract,” J.P.E., February, 1946

V.      Theory of the Firm and of Production

Hicks: Value and Capital, Chs. 6 and 7
Viner: “Cost Curves and Supply Curves,” reprinted in Readings in Economic Analysis, Vol. II
Boulding: Economic Analysis, new edition, Chs. 20, 21, 22, 23, 24, 31
Readings in the Theory of Income Distribution, Chs. 6, 5
Knight, Risk Uncertainty, and Profits, Ch. 4
Marshall, Principles, Book V, Ch. VI, “Joint and Composite Demand and Supply”
Lerner: The Economics of Control, Chs. 10-18

______________________________________

Economics 201
Economic Theory — G. Haberler
Spring Term, 1951

I.       Theory of Distribution

A.      General
B.      Wages
C.      Rent
D.      Interest
E.      Profits

II.      Welfare Economics

III.    Theory of Market Structures

Perfect, pure, workable competition
Monopoly
Duopoly and Oligopoly
Bilateral Monopoly

IV.     Keynesian Economics

 

Literature

I.       Theory of Distribution

1.      General

Boulding, Economic Analysis, Ch. 11
J. M. Clark, Distribution in Encyclopedia of The Social Sciences and Readings in Income Distribution.
Douglas, Theory of Wages, Part I
Marshall, Principoles, Book V., Ch. VI, “Joint Demand”

Further Suggested Reading:

Stigler, Production and Distribution Theories
J. B. Clark, The Distribution of Wealth
Douglas, “Are There Laws of Production?” A.E.R., Vol. 38, 1948

2.      Wages

Hicks, Theory of Wages, Chs. 1-4
Readings in the Theory of Income Distribution, Ch. 12 (Robertson)
Lester-Machlup, Discussion on Marginal Analysis (A.E.R., 1946-47 and Readings in Economic Analysis, Vol. 2
Stigler, “The Economics of Minimum Wage Legislation,” A.E.R., 1949 and in Readings in Labor Economics
Keynes, General Theory, Chs. 1,2

Further Suggested Reading:

Douglas, Theory of Wages
Readings in Income Distribution, Chs. 14, 16, 17, 18, 19
Readings in Labor Economics

3.      Rent

Robinson, Economics of Imperfect Competition, Ch. 8
Readings in Income Distribution, Chs. 31, 32.

4.      Capital and Interest

Böhm-Bawerk, Positive Theory of Capital, Book I, Ch. II; Book II; Book V.
Wicksell, Lectures, Vol. I, pp. 144-218
Fisher, Part I, II, III, Chs. X, XI
Schumpeter, Theory of Economic Development, Chs. IV, VI
Readings in Income Distribution, Chs. 20, 21

Further Suggested Reading:

Metzler, “The Rate of Interest and the Marginal Product of Capital,” J.P.E., August 1950
Knight, “Interest,” in The Ethics of Competition and Encycloopaedia of the Social Sciences
Readings, Chs. 22, 23, 26
Hayek, The Pure Theory of Capital

5.      Profits

Beddy James, Profits, Ch. X
Readings in Income Distribution, Chs. 27, 29.
Schumpeter, Theory of Economic Development

Further Suggested Reading:

Readings, Ch. 30
Knight, Risk, Uncertainty and Profits, Part III.

 

II.      Welfare Economics

Hicks, “The Foundations of Welfare Economics,” Economic Journal, Vol. 49, 1939
Samuelson, Foundations of Economic Analysis, Ch. VIII

Further Suggested Reading:

A. Burk (Bergson), “A Reformulation of Certain aspects of Welfare Economics”, Q.J.E., February 1938, and Readings in Economic Analysis, Vol. I
Pigou, Economics of Welfare, Parts I and II
Lerner, Economics of Control
Reder, Studies in the Theory of Welfare Economics
Myint, Theories of Welfare Economics
Little, Critique of Welfare Economics
Samuelson, Evaluation of Real National Income
Ruggles, Nancy, “Marginal Cost Pricing,” two articles, Review of Economic Studies, Vol. 17, 1949-50.

 

III.    Market Structures

Chamberlin, Monopolistic Competition
Fellner, Competition Among the Few
Hayek, “The Meaning of Competition,” in Individualism and Economic Order
J. M. Clark, “Workable Competition,” A.E.R., and Readings in the Control of Industry, 1940
F. Machlup, “Competition, Pliopoly and Profit,” Economica, February, May, 1942
Rothschild, “Price Theory and Oligopoly,” Economic Journal, Sept., 1947

Further Suggested Reading:

Cost Behavior and Price Policy, National Bureau of Economic Research, 1943
Hall and Hitch, Price Theory and Business Behavior
Harrod, “Price and Cost in Entrepreneurs’ Policy,” Oxford Economic Papers, No. 2, May 1939
Pigou, Economics of Welfare, Chs. on “Discriminating Monopoly,” and “The Special Problem of Railway Rates”
Joan Robinson, Economics of Imperfect Competition, Book V

 

IV.     Keynesian Economics

Hicks, “Keynes and the Classics,” in Readings in Income Distribution, Ch. 23
J. H. Williams, An Appraisal of Keynesian Economics
Tarshis, An Exposition of Keynesian Economics
Lawrence Klein, “Theories of Effective Demand,” in Readings in Economic Analysis, Vol. I.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 5, Folder “Economics 1950-1951 (2 of 2)”.

Copy also found in Hoover Institution Archives. Milton Friedman Papers, Box 80, Folder 8 “University of Chicago [sic] Syllabi by others”.

Image Source: Harvard Album, 1950.

 

Categories
Chicago Economists Harvard

Harvard. T.N. Carver’s link to US publicist of Protocols of the Elders of Zion, 1921

Today’s posting assembles a few items from the garden of internet archival delights that I stumbled across last night.  

I’ll share in the actual sequence of “discoveries” just as one damn thing led to another. I’ll also lightly annotate with an indication of what I was thinking at each step of the way.

(1) The evening began, as it often does, with a refreshing dive into the Hathitrust.org digital archive, this time in search of artifacts related to the reception of/reaction to Marxian economics in American colleges and universities.

The first artifact that caught my eye (i.e. one that had either not come up before or I overlooked in previous searches) had the title “Making Socialists Out of College Students” by one Woodworth Clum, Western Reserve University (Class of 1900). The pamphlet had no explicit date but can be safely dated ca. 1921. The cover-art (posted above) from the San Francisco Bulletin by Ralph O. Yardley was simply irresistible. The purpose of the pamphlet was to name names of “pink” professors, i.e. socialist fellow-travelers and warn of their bad influence on their young students. Clum wrote: “…when I find a slow poison being secretly and successfully injected into our body politic through the class rooms, I do worry—and so should you.”

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

_____________________________________

 

[Woodward Clum identifies professors “valiantly fighting the socialist trend”. ]

            You must not get the impression that the teaching of socialism dominates in the sociological departments [“social science departments” is more likely Clum’s meaning] of our American universities,—but its teaching is going on apace. The fact that so many professors have been discharged from leading universities for their unsound economic theories is evidence itself that the presidents and boards of trustees of those universities are keenly alive to the developments. It is the duty of all real Americans to strengthen the hands of those professors who are valiantly fighting the socialist trend. Hunt them up in your own community—and help them defend America.

Among such thorough American professors who are doing a heroic work at this time are Professor T. N. Carver of the Department of Economics, Harvard University, and Professor Laurence Laughlin, Emeritus Professor of Economics at the University of Chicago. Professor Carver has written a very clear preface to Brasol’s “Socialism versus Civilization,” published by Scribners and which should be included in every’: American library. Professor Laughlin has recently published ten pamphlets, exposing not only the fallacy of socialism but also presenting some very excellent suggestions concerning . present industrial difficulties.

When we say that parents of boys and girls attending: school in America should ascertain what sort of economics their children are being taught, it is in the hope that support and encouragement will be given to those educators who are endeavoring to develop sound American economics—just as much as to expose the teaching of economic fallacy.

 

Source: Woodward Clum, Making Socialists Out of College Students. Los Angeles: 1921.

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(2) Clum’s pamphlet reminds me of the first book of the young William Buckley, God and Man at Yale, that warned the world in general and Yale alumni in particular of the corrupting influences of atheist and/or Keynesian professors. Since both Thomas Nixon Carver (Harvard) and J. Laurence Laughlin (Chicago) have appeared multiple times in Economics in the Rear-View Mirror, my next step was to run down the books cited by Clum.

Boris L. Brasol. Socialism vs. Civilization with an Introduction by T. N. Carver, Professor of Political Economy at Harvard University. New York: Charles Scribner’s Sons, 1920.

J. Laurence Laughlin. Tracts for the Times: Labor and Wages. New York: Scribner’s Magazine for March, 1920.

I The Solution of the Labor Problem
II Management
III The Hope for Labor Unions
IV Monopoly of Labor
V Is Labor a Commodity?
VI Socialism a Philosophy of Failure
VII Wages and Prices
VIII The British Industrial Crisis
IX British and American Labor Problems
X Extravagance

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(3) It is patently obvious from the slightest familiarity with the writings of Carver and Laughlin that both were highly critical of socialist doctrine so that the new questions were (a) who was this anti-socialist, Boris Brasol, for whom Thomas N. Carver wrote an introduction, and (b) what was the nature of their professional relationship? From the tone of the introduction there is really no indication of a particularly close relationship between the Carver and Brasol. Carver merely provided anti-socialist boiler-plate, presumably intended as a favor for a good cause. 

And so who was Boris Brasol?  Archive.org provides two documents identified as having been obtained under the Freedom of Information Act from the U. S. Federal Bureau of Investigation (FBI):

Freedom of Information Act Documents.

Brasol, Boris-HQ-1 ; Brasol, Boris-HQ-2

Only one plot-spoiler from these FOIA documents now. What struck my eye was that Boris Brasol was clearly identified by a reliable source as having played a role in the propagation of the English translation of the anti-semitic, forged “Protocols of the Elders of Zion” in the United States.

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(4) Not just taking the FBI’s word for it, I found that the Anti-Defamation League (http://www.adl.org) identifies Boris Brasol as the publicist behind the publication of the Protocols:

American Debut

The Protocols were publicized in America by Boris Brasol, a former Czarist prosecutor. Auto magnate Henry Ford was one of those who responded to Brasol’s conspiratorial fantasies. “The Dearborn Independent,” owned by Ford, published an American version of the Protocols between May and September of 1920 in a series called ‘The International Jew: the World’s Foremost Problem.” The articles were later republished in book form with half a million copies in circulation in the United States, and were translated into several foreign languages.

By 1927 Ford had repudiated the “International Jew,” but hundreds of thousands of people around the world had been encouraged by his initial endorsement to accept the Protocols as genuine.

 

Source: Anti-Defamation League website.

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At the end of the day I have to admit that I am not sure how much one should fault the economist Thomas Nixon Carver for having had any dealings with someone like Boris Brasol. At the least we can count this as a case of a failure of intellectual due diligence on Carver’s part.  Maybe Socialism vs. Civilization is not a bad book, but seeing where it has come from, I’ll leave reading it for now to historical experts mining the lunatic fringe of the American political right.

 

 

 

Categories
Economists Harvard

Joseph Schumpeter on Methodological Individualism, 1908

Thanks to V. L. Elliot, a member of the faculty of the National Intelligence University in Washington, D.C., Economics in the Rear-View Mirror has been provided the following English translation of Joseph Schumpeter’s chapter on methodological individualism from his 1908 book Das Wesen und Hauptinhalt der theoretischen Nationalökonomie.

1908_Schumpeter_Ch6_MethodologicalIndividualism_1980EngTranslation

Ellliot writes:

[The chapter] was published in 1980 with the permission of E. B. Schumpeter, the author’s widow by an Institute in Belgium that subsequently ceased operations.  The publishing run appears to have been a short one.  Thanks to the great determination and professionalism of a wonderful librarian, Ms. Denise Campbell, I was able to acquire the PDF after a ten year search that began when I read Professor Klein’s contribution to a series of volumes on the work of Hayek (Hayek wrote the introduction to the pamphlet).

Professor Peter Klein described the book and pamphlet that is contained in the PDF file on his web site in 2009:

“The book made quite a splash in the German-speaking world and Schumpeter received many requests for an English translation, but he wouldn’t allow it, or to have the book reprinted in German. In 1980 a single chapter, “Methodological Individualism,” was translated and published in pamphlet form, with a short introduction by Hayek…. The pamphlet has been very difficult to get until now.”

In the meantime an English translation of the entire book by Bruce A. McDaniel has been published as The Nature and Essence of Economic Theory by Transaction Publishers in 2010.

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

_____________________________________

Categories
Courses Harvard Socialism Syllabus

Harvard. Economics of Socialism. Overton Taylor et al., 1950

Joseph Schumpeter died January 8, 1950. His Harvard course “Economics of Socialism” scheduled to begin February 9th was taken over by Overton Taylor. In addition to lectures by Taylor, lectures were also given by Wassily Leontief, Walter Galenson, and Alexander Gerschenkron.

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_____________________________________

[Original Course Announcement for Economics 111 in September 1949]

Economics 111 (formerly Economics 11b). Economics of Socialism

Half-course (spring term). Mon., Wed., and (at the pleasure of the instructor) Fri., at 10. Professor Schumpeter.

A brief survey of the development of socialist groups and parties; pure theory of centralist socialism; the economis of Marxism; applied problems.

 

Source: Harvard University. Final Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1949-50. Official Register of Harvard University, Vol. XLVI, No. 24, September, 1949, p. 79.

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[Course Enrollment, Economics 111, 1950 (Sp)]

[Economics] 111 (formerly 11b). Economics of Socialism. (Sp) Professor Schumpeter, Dr. O. H. Taylor and other Members of the Department.

6 Graduates, 13 Seniors, 6 Juniors, 3 Sophomores, 2 Public Administration, 2 Special: Total 32.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1949-1950, p. 72.

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1949-50
Economics 111
Socialism

I.   February 9 – March 14. Socialism and Marxism, Doctrine.

1.  February 9 – 14. Introduction; background of history of modern socialism; before Marx.

Reading due February 14: G. H. Sabine, History of Political Theory, Chs. 28, 29, 30, 32.

Th., Sat., February 9, 11. Lectures
Tu., Feb. 14. Section meeting. Discuss Sabine reading.

2. February 14 – 21. Hegel and Marx, and Marx’s sociology (theory of history).

Reading due February 21: Schumpeter, Capitalism, Socialism, and Democracy, Part I, and Ch. 24; Communist Manifesto; Marx, Preface to a Contribution to the Critique of Political Economy, p. 370; Marx-Engels, German Ideology, p. 209 (in Handbook of Marxism).

Th., Sat., February 16, 18. Lectures
Tu., February 21, Section. Discuss reading.

3. February 21-28. Ricardo and Marx, and Marx’s Economics I. Theory of Value and Surplus Value.

Reading due February 28: Sweezy, Theory of Capitalist Development, Part I.

Th., Sat., February 23, 25. Lectures.
Tu., February 28, Section, Discussion.

4. February 28 – March 7. Marx’s Economics II. Accumulation and Evolution of Capitalism

Reading due March 7: Sweezy, Chs. 5, 6, 8, 9, 10, 12.

Th., Sat., March 2, 4. Lectures, Taylor, Leontief.
Tu., March 7. Section, discussion.

5. March 7 – 14. Capitalism, Evolution, and Decline; Another View (Schumpeter).

Reading due March 14: Schumpeter, Capitalism, Socialism, and Democracy, Part II.

Th., Sat., March 9, 11, Lectures.
Tu., March 14, Section, discussion.

II.  March 16 – April 1. Socialist Parties, Ideas, and Policies –Theory and Practice – in Central Europe, Scandinavia, and England. Lecturers; Gerschenkron and Galenson.

6.  March 16 – 21. German and Austrian Developments after Marx and between the Two ‘World’ Wars. Gerschenkron.

Reading due March 21: Schumpeter, Capitalism, Socialism and Democracy, Part V, plus additional material to be announced.

Th., Sat., March 16, 18, Lectures.
Tu., March 21, Section, Discussion.

7. March 21 – 28. Scandinavian Socialism, Theory and Practice. Galenson.

Reading due March 28: to be announced.

Th., Sat., March 23, 25, Lectures.
Tu., March 28, Discussion.

8. March 28 – April 1. British Socialism, Theory and Practice. Galenson

Reading: Max Beer, History of British Socialism, Chs. to be announced.

 

April 2 – 9, inclusive, Spring Vacation

 

III. April 11 –29. Soviet Russia; Economic Planning in Centralist Socialism, Theory; and Russian Practice. Lecturers, Gerschenkron and Leontief.

9. April 11 – 15. Russia, Boshevism, Marx-Lenin-Stalin Theory, and Soviet Policies.

Reading due April 15: (1) Lange, Working Principles of Soviet Economy. (2) M. Dobb, Russian Economic Development, Chs. 13, 14..

Tu., Th., April 11, 13. Lectures, Gerschenkron.
Sat., April 15, Section, discussion.

10.   April 18 – 22. Centralist Socialism, Planning Theory.

Reading due April 22: (1) Lange-Taylor, On the Economic Theory of Socialism; (2) Bergson, Survey of Contemporary Economics, Edited by Ellis, Ch. 12.

Tu., Th., April 18, 20, Lectures, Leontief.
Sat., April 22, Section, Discussion.

11. April 25 – 29. Russian Practice; and the Modern Marxist Theory of ‘Monopoly Capitalism and Imperialism’ (Not related topics).

Tu., April 25, Lecture by Leontief; Economics of Planning and Russian Practice.
Th., Sat., April 27, 29. Taylor, Lectures: ‘Monopoly, Capitalism and Imperialism,’ Marx-Lenin Theory.

Reading. Sweezy, Part IV.

12. May 2 — 6. ‘Imperialism’ Theory, Cont’d.

Reading. Sweezy, Part IV, and Schumpeter, Chapters to be announced.

 

[handwritten additions]

40 students

Perlman – Theory of Labor [Movement].

Gulick Vienna Taxes since 1918, Political Science Quarterly. December, 1938

Charles A. Gulick Jr. How Fascism came to Austria. University Toronto Quarterly Jan 1939

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 4, Folder “Economics, 1949-1950 (1 of 3)”.

Categories
Courses Harvard Syllabus

Harvard. Economic Theory II. Leontief, 1947-48

The second graduate course in economic theory, Economics 202a and 202b, at Harvard in 1948-49 taught by Leontief were renumbered versions of the courses taught by Leontief in 1947-48 that are posted below. I was struck by the significant reorganization of the course content between the two versions so I thought it would be useful to make both syllabi available at Economics in the Rear-View Mirror.

Being someone who almost never manages to get an entire syllabus decided by the start of the semester for a new course, I was reassured to see that Leontief appears also to have engaged in some just-in-time delivery of his semester reading assignments.

Also interesting to see chapters from John Rae’s 1834 book as assigned reading.

The first graduate course in economic theory was taught by Chamberlin in 1947-48.

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_____________________________

[Course Enrollments, Economics 102a and 102b, 1947-48]

 

[Economics] 102a. Professor Leontief. Economic Theory, II (F).

41 Graduates, 1 Senior, 1 Sophomore, 20 Public Administration, 7 Radcliffe: Total 84.

[Economics] 102b. Professor Leontief. Economic Theory, II (Sp).

28 Graduates, 11 Public Administration, 5 Radcliffe, 1 Other: Total 45.

 

Source: Harvard University. Report of the President of Harvard College and Reports of the Departments for 1947-48, p. 90.

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Economics 102a
Economic Theory
Fall Term, 1947-48

Readings until November 10

Theory of Production

Douglas, Paul: Theory of Wages, Chs. I – IX

Fisher, I. : A Three-Dimensional Representation of the Factors of Production and Their Remuneration Marginally and Residually, Econometrica, Oct., 1939

Cassel, J.: Law of Variable Proportions [in] Readings in the Theory of Income Distribution

Durand, D.: Some Thoughts on Marginal Productivity, Journal of Political Economy, Dec., 1937.

Reder, M. W.: An Alternative Interpretation of the Cob-Douglas Function, Econometrica, July-Oct., 1943.

Bronfenbrenner, M.: Production Functions: Cobb-Douglas, Interfirm, Intra-firm, Econometrica, Jan., 1944.

Kalecki, M.: The Distribution of National Income [in] Readings in the Theory of Income Distribution.

Lange, O.: Note on Innovations, Review of Economic Statistics, Feb., 1943. [in] Readings in the Theory of Income Distribution

Hicks, J.: Distribution and Economic Progress, Review of Economic Studies, Oct., 1936.

Bloom, G.: Technical Progress, Cost and Rent, Economica, Feb., 1942.

For General Reference

Hicks, J. R.: Theory of Wages

Lerner, A. P.: Economics of Control

Boulding: Economic Analysis

Selected Problems in the Analysis of Demand

Marshall, A.: Principles, Book II, Ch. 2.

Knight, F.: Ethics and the Economic Interpretation in Ethics of Competition

N.R.C.: Consumption Expenditure in U.S., Appendix C

Stone, J. R.: The Marginal Propensity to Consume: A Statistical Investigation, Review of Economic Studies, Oct., 1938.

Centers and Cantril, Income Satisfaction and Income Aspirations, Journal of Abnormal and Social Psychology, Vol. XLI, No. 1.

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Economics 102[a]
Fall Term, 1947-48

Reading, November 10 – January 4

 

  1. Samuelson, Welfare Economics, Chapter VIII [in Foundations of Economic Analysis]
  2. De Scitovszky, “Note on Welfare Propositions in Economics,” Review of Economic Studies, November 1941.
  3. Hicks, “Foundations of Welfare Economics, Economic Journal, 1939.
  4. P. Lerner, The Economics of Control, Chs. 9, 15 and 16.
  5. Meade and Fleming, “Price and Output Policy of State Enterprise,” Economic Journal, 1944.
  6. Coase, “The Marginal Cost Controversy,” Economica, August, 1946.
  7. Troxel, “Incremental Cost Determination of Public Utility Prices,” Journal of Land and Public Utilities Economics, November, 1942.
  8. Troxel, “Limitations of Incremental Cost Patterns of Pricing,” Journal of Land and Public Utilities Economics, February, 1943.
  9. Troxel, “Incremental Cost Control under Public Ownership,” Journal of Land and Public Utilities Economics, August, 1943.
  10. H. Phelps Brown, Framework of the Pricing System.

Reading Period Assignment

Oscar Lange, Price Flexibility and Employment

or (for those who know some calculus)

Paul Samuelson, Foundations of Economic Analysis, Chs. IV. and V.

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Economics 102b
Spring Term, 1948
Capital, Interest, and Economic Development

Part I: Capital and Income:

National wealth: Stock and flow concepts. Dollar measures and physical measures. Capital and income. Capital in production. Depreciation and obsolescence. Period of production and the speed of turnover. The time shape of production and consumption process.

Reading:

Simon Kuznets, “On Measurement of National Wealth,” Studies in Income and Wealth, Vol. 2 National Bureau of Economic Research, New York, 1938, pp. 3-61.

Simon Kuznets, “National Product since 1869,” Reproducible Wealth—Its Growth and Industrial Distribution, Part IV, National Bureau of Economic Research, New York, 1946, pp. 185-234.

John Rae, New Principles of Political Economy, 1834, Chs. I-V.

Irving Fisher, Nature of Capital and Income, Chs. I, IV, V, XIV, XVII, Macmillan, New York, 1906.

Nicolas Kaldor, “Annual Survey of Economic Theory, “The Recent Controversy on the Theory of Capital, Econometrica, July, 1937, pp. 201-233.

 

Part II: Theory of Interest:

Productivity of Capital. Expectations, risk, and uncertainty. Inventory speculation. Interest as cost and the demand for capital. Saving and the supply of capital. Monetary theory of interest. Theory of assets.

Reading: Will be assigned later.

 

Part III: Economic Development and Accumulation of Capital:

Statics and Dynamics. The general problem of economic growth. Saving, investment, and the growth of income. Acceleration principle. Technical change. Accumulation and employment.

Reading: Will be assigned later.

_____________________________

 

Economics 102b
Spring Term, 1948
Capital, Interest, and Economic Development

Part II: Theory of Interest:

Productivity of Capital. Expectations, risk, and uncertainty. Inventory speculation. Interest as cost and the demand for capital. Saving and the supply of capital. Monetary theory of interest. Theory of assets.

Reading:

Irving Fisher, The Theory of Interest, chapters. VII, VIII, IX, X, XI, XVI, XVII, and XVIII. 1930.

Readings in Theory of Income Distribution, Blakiston, Philadelphia, 1946.

Frank Knight, “Capital and Interest,” pp. 384-417.

John M. Keynes, “The Theory of the Rate of Interest,” pp. 418-424.

D. H. Robertson, “Mr. Keynes and the Rate of Interest”, pp. 425-460.

 

Part III: Economic Development and Accumulation of Capital:

Statics and Dynamics. The general problem of economic growth. Saving, investment, and the growth of income. Acceleration principle. Technical change. Accumulation and employment.

Reading:

Bresciani-Turoni, “The Theory of Saving”, Economica, Part I, February 1936, pp. 1-23; Part II, May 1936, pp. 162-181.

Domar, “Expansion and Employment”, American Economic Review, March 1947, pp. 34-55.

Schelling, “Capital Growth and Equilibrium”, American Economic Review, December 1947, pp. 864-876.

Harrod, “An Essay in Dynamic Theory”, Economic Journal, March 1939, pp. 14-33.

Pigou, “Economic Progress in a Stable Economy”, Economica, August 1947, pp. 180-188.

Stern, “Capital Requirements in Progressive Economies”, Economica, August 1945, pp. 163-171.

A. Sweezy, “Secular Stagnation?” In Harris, Postwar Economic Problems, McGraw-Hill, New York, 1943, pp. 67-82.

Hansen, “Economic Progress and Declining Population Growth”, American Economic Review, March 1939, pp. 1-15.

de Scitovsky, “Capital Accumulation, Employment, and Price Rigidity”, Review of Economic Studies, February 1941, pp. 69-88.

Reading: Schumpeter, Theory of Economic Development, Harvard University Press, Cambridge, 1936.,

 

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1947-1948 (2 of 2)”.

 

 

 

Categories
Courses Curriculum Harvard

Harvard. Mathematical Economics, 1933-37

In the Spring of 1933 Joseph Schumpeter got the ball rolling for a project to introduce an introductory course in mathematical economics at Harvard. I include here first a memo from statistics professor W. L. Crum to the economics department chair, Professor H. H. Burbank. This is followed by the subsequent proposal signed by six professors (Burbank, Chamberlin, Crum, Mason, Schumpeter and Taussig), presumably sent to some university level curriculum approval committee. From the enrollment records included below we see that 23 people attended that class in the first term of 1933-34. Starting the following academic year the course was taught by Leontief and a new course “primarily for Graduates”, “Mathematical Economics”, was introduced by Professor E. B. Wilson. Course descriptions and enrollments through 1936-37 are included in this posting. Here is an interesting 1936 letter from E. B. Wilson to Columbia’s W. C. Mitchell about what Schumpeter has wrought with economics in the curriculum.

An update with additional material for this course has been included in a later post.

__________________________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

__________________________________

 

Memorandum for Professor Burbank

4 April 1933

  1. I discussed, at his request, the mathematical economics project with Professor Schumpeter last Friday. I will give further consideration to his suggestions, and to the conversations I have had with you on the same subject; and then I will write out, for discussion with you, an outline of my thoughts on the matter.
  1. In the meantime, I am making a specific suggestion with reference to one of the points you raised earlier. You indicated that it might be desirable for those officers interested in mathematical economics to get together as a group and discuss prospects. As things are developing rapidly it seems to me that such a committee (perhaps informal) could well be set up promptly. I hope you will feel that you can meet with the group and act as its chairman. If you cannot, I suggest Professor Schumpeter be asked to head the group. I suggest that its members include also: Professor Black (I think it very desirable that he be brought in early), Professor Wilson, and me. I think it well that this original group be empowered to add shortly the following: Professor Frickey, Dr. Leontief, and Professor Chamberlin (or one of the other interested younger men).

[Signed]
WLC

 

Source: Harvard University Archives. Department of Economics, Correspondence & Papers, 1902-1950. (UAV.349.10) Box 23, Folder “Course Administration: 1932-37-40”.

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Tentative Proposals for a Course on the Elements of Mathematical Economics to be Given during the Winter Term

The advanced student who is interested in the mathematical aspects of our subject has had in most cases some mathematical training and can be taken care of individually. But something should be done to acquaint a wider circle of less advanced students, or even of beginners, with those fundamental concepts of mathematics which are necessary to understand, say, Marshall’s Appendix and the more important and more accessible parts of the literature of mathematical economics, such as the works of Cournot, Walras, Edgeworth, and a few others. Since the necessary minimum of mathematics can be procured with little expenditure of time and energy, the experiment is proposed of importing this modicum of information to such graduate and undergraduate students as may wish to have it–subject to the approval of tutors in the case of undergraduates.

A half-course two hours a week would meet the case. Since any teaching of mathematics must work with examples if it is to convey any meaning, these examples will be drawn from economic problems. The course, therefore, should not be simply one on “mathematics for economists” but rather on “mathematical theory of economics.” Discussion will cover a number of simple and fundamental problems of economic theory, the mathematical concepts being explained as they present themselves. In the first term the whole venture will be frankly experimental. Coöperation and critique from all members of the economic staff is cordially invited. The final shape of this addition to our offering should, through common effort, be evolved during the next term. The following list is suggested of mathematics subjects with which it is proposed to deal in which seem to be both necessary and sufficient. The economic problems from which, and in connection with which, these mathematical topics are to be developed are merely the time-honored problems of marginal analysis.

(1) The fundamental concepts of analytic geometry, coordinates, transformations, equations of straight-line and curves, tangents, and so forth.

(2) Some fundamental notions of algebra, the theory of equations, forms, matrices, determinants, vectors, and vectorial operations.

(3) The concept of the integral and some of its applications, definite integrals, multiple integrals, and multiple integrals in polar coordinates.

(4) Functions and limits, differential coefficients, the elementary differential operations, maxima and minima, partial differentiations, developments, Taylor series.

(5) Simplest elements of the theory of differential equations. Functional equations and here and there some simple and useful tools from other mathematical fields as occasions may arise.

The course should be open to all who are interested, and participation of those wishing to follow it as auditors will be welcomed. It is highly desirable that as many tutors as possible should be present at the sessions of the first experimental term in order to contribute their advice, so that in the future the course may embody those topics and methods of present presentation which are found to be useful.

 

April 1933

H. H. Burbank
E. H. Chamberlin
W. L. Crum
E. S. Mason
J. A. Schumpeter
F. W. Taussig

Source: Harvard University Archives. Department of Economics, Correspondence & Papers, 1902-1950. (UAV.349.10) Box 23, Folder “Course offerings 1926-1937”.

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1933-1934

[Courses offered]

Economics 8a 1hf. Introduction to the Mathematical Treatment of Economic Theory

Half-course (first half-year). Mon. 4 to 6, and a third hour at the pleasure of the instructor. Professor Schumpeter, and other members of the Department.

Economics 8a is open to those who have passed Economics A and Mathematics A, or its equivalent. The aim of this course is to acquaint such students as may wish it with the elements of the mathematical technique necessary to understand the simpler contributions to the mathematical theory of Economics.

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1933-34, 2n ed., p. 126.

 

[Course Enrollment]

[Economics] 8a 1hf. Professor Schumpeter and other members of the Department. — Introduction to the Mathematical Treatment of Economic Theory.

15 Graduates, 3 Seniors, 5 Instructors. Total 23.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1933-1934, p. 85.

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1934-35

[Courses offered]

Economics 8a 1hf. Introduction to the Mathematical Treatment of Economic Theory

Half-course (first half-year). Mon. 4 to 6, and a third hour at the pleasure of the instructor. Professor Schumpeter.

Economics A and Mathematics A, or their equivalents, are prerequisites for this course.

Economics 13b 2hf. Mathematical Economics

Half-course (second half-year). Tu., Th., 3 to 4.30. Professor E. B. Wilson.

Arrangements for admission should be made with the Chairman of the Department
Omitted in 1935-36.

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1934-35, 2n ed., p. 126-7.

 

[Course Enrollments]

[Economics] 8a 1hf. Professor Schumpeter. — Introduction to the Mathematical Treatment of Economic Theory.

2 Seniors, 1 Junior, 1 Sophomore. Total 4.

[Economics] 13b 2hf. Professor E. B. Wilson. — Mathematical Economics.

2 Graduates, 1 Junior, Total 3.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1934-1935, p. 81.

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1935-1936

[Course offered]

Economics 8a 2hf. Introduction to the Mathematical Treatment of Economic Theory

Half-course (second half-year). Mon. 4 to 6. Assistant Professor Leontief.

Economics A and Mathematics A, or their equivalents, are prerequisites for this course.

 

[Economics 13b 2hf. Mathematical Economics]

Half-course (second half-year). Tu., Th., at 2. Professor E. B. Wilson.

Arrangements for admission should be made with the Chairman of the Department
Omitted in 1935-36.

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1935-36, 2nd ed., p. 138-9.

 

[Course Enrollment]

[Economics] 8a 2hf. Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

4 Juniors, 2 Sophomores. Total 6.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1935-1936, p. 82.

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1936-1937

[Courses offered]

Economics 4a 2hf. (formerly 8a) Introduction to the Mathematical Treatment of Economic Theory

Half-course (second half-year). Mon. 4 to 6. Assistant Professor Leontief.

Economics A and Mathematics A, or their equivalents, are prerequisites for this course.

Economics 104b 2hf. (formerly 13b). Mathematical Economics

Half-course (second half-year). Tu., Th., at 2. Professor E. B. Wilson.

Arrangements for admission should be made with the Chairman of the Department

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1936-7, 2nd ed., p. 140, 142.

 

[Course Enrollments]

[Economics] 4a 2hf. Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

1 Graduate, 2 Seniors, 3 Juniors, 2 Sophomores, 1 Other. Total 9.

[Economics] 104b 2hf. (formerly 13b) Professor E. B. Wilson. — Mathematical Economics.

2 Graduates. Total 2.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1936-1937, pp. 92,93.

Image Source: Schumpeter, Leontief, Wilson from Harvard Album, 1934, 1939.

 

 

Categories
Harvard

Harvard. James Ackley Maxwell, Ph.D., 1926

Earlier in Economics in the Rear-View Mirror I posted the Ph.D. examination announcements  for Lauchlin Currie and Harry Dexter White that took place in April 1927 at Harvard. The information in these printed announcements includes the academic history of the Ph.D. examinees as well as the listing of their subjects of examination, the members of their examination and thesis committees as well as the Ph.D. thesis title and principal advisor. This posting includes a transcription of the Ph.D. examination announcement for James A. Maxwell.

Tracking down the subsequent careers of alumni is sometimes surprisingly easy as it was for the following case of this public finance economist, a Clark University professor, who also turns out to have been a Canadian war hero and the father of a Hollywood actor according to a short article published in a New Glasgow (Nova Scotia) newspaper in 2014.

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James Ackley Maxwell.

Special Examination in Economics, Monday, October 25, 1926.

General Examination passed October 30, 1923.

Academic History: Dalhousie University, 1919-21; Harvard College, 1921-23; Harvard Graduate School, 1923-27. B.A., Dalhousie, 1921; A.M., Harvard, 1923. Assistant Professor of Economics, Clark University, 1925-.

General Subjects: 1. Money and Banking. 2. Economic Theory and its History. 3. Economic History to 1750. 4 Statistics. 5. History of Political Theory. 6. Public Finance.

Special Subject: Public Finance.

Committee: Professors Bullock (chairman), Burbank, A. H. Cole and Usher.

Thesis Subject: A Financial History of Nova Scotia, 1848-99. (With Professor Bullock.)

Committee on Thesis: Professors Bullock, Burbank, and Usher.

 

Source: Harvard University Archives, Harvard University Examinations for the Ph.D. (HUC 7000.70), Folder “Examinations for the Ph.D., 1926-1927”. Division of History, Government and Economics. Examinations for the Degree of Ph.D. 1926-1927, pp. 1-2.

__________________________________

 

James Ackley Maxwell was born to parents William and Anna (Marshall) Maxwell on March 7, 1897. James’s early life began on Drummond Road in Westville [Nova Scotia], a stone’s throw from the Intercolonial Coal Mine, where his father worked as the general manager….

… In 1915, the 18-year-old Westville bank clerk signed up for the Great War. He was assigned to the 85th Infantry Battalion, Nova Scotia Highlanders. …James A. Maxwell …moved up the ranks very quickly and became a Lieutenant at the age of 21. Officer Maxwell would also earn the Distinguished Conduct Medal for an “extremely high act of bravery” at the Battle of Amiens. …

…After World War One he enrolled at Dalhousie University and graduated with honours in history, philosophy and economics. In 1921, James was accepted at Harvard University in Cambridge, Mass., where he excelled at economics and graduated with a Ph.D. in 1927. James Maxwell was hired immediately by Clark University of Worcester, Mass., where he would spend the next 43 years teaching economics. He held several posts at this prestigious campus and in 1964, Dr. Maxwell was chosen “Clark Man of the Year” and awarded an honorary “doctorate of humane letters,” and also titled “Emeritus Professor of Economics at Clarke University.”

…He specialized in “Public Finance and Fiscal Policy.” In 1935 he served as adviser to the Royal Commission on Provincial Financial Relations in Ottawa. He was appointed to serve on the United States Office of Price Administration and the U.S. Senate Appropriations Committee. Dr. Maxwell was also asked to prepare a study of “Federal Grants and Business Cycles” for the National Bureau of Economic Research and the President of United States Council of Economic Advisers. He was also involved with the U.S. Treasury Department, the U.S. Advisory Committee on International Relations and the U.S. Bureau of Management and Budget. In 1962, Dr. Maxwell was invited to participate in the International Institute of Public Finance in Istanbul, Turkey.

Dr. Maxwell was also a visiting lecturer at Melbourne University and the National University, both in Australia and the Brookings Institute in Washington D.C. He was also a Fulbright professor and was awarded a “Social Science Research Fellowship and a Guggenheim Research Fellowship.

Dr. Maxwell’s publications and books  [include] … Tax Credits and Intergovernmental Fiscal Relations, … Financing State and Local Governments, Tax Credits and Intergovernmental Fiscal Relations, The Fiscal Impact on Federalism in the United States and Commonwealth State Financial Relations in Australia….

…[His son] James Ackley Maxwell Jr. became a famous American actor, theater director and writer. James Jr. acted and directed many live theatre plays well as in television and big screen movies such as; Dr. Who, The Avengers, The Saint, Far From the Madding Crowd and One Day in the Life of Ivan Denisovich….

…Dr. James A. Maxwell retired in 1966 and lived out his life at Worcester, Mass., where he passed away in 1975.

Source: John Ashton, Past Times: Westville’s war hero economist in The News (New Glasgow, Nova Scotia, Canada), August 24, 2014.

Image Source:  Cropped selection from ibid.