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Harvard. Economics Dept. votes down course on Russian Revolution, 1919

An undergraduate student approached Frank W. Taussig to gain the latter’s support for a semester course in the second term of 1919-20 on “various phases” of the Russian Revolution before the latter left for the U. S. Tariff Commission in Washington, D.C. It appears that Taussig’s initial response was at least mildly encouraging and much activity to organize the course followed as reported in the undergraduate’s letter. The undergraduate went on to have a distinguished career as an economic historian and established the Committee on Social Thought at the University of Chicago in 1941 that today bears his name, the John U. Nef Committee on Social Thought.

In Taussig’s absence the Harvard economics department voted not to participate in such a course.

_________________________________

 

[Taussig to Day forwarding Nef letter]

United States Tariff Commission
Washington

December 6, 1919.

Dear Ezra:

The enclosed letter in the main explains itself. I’m willing to assume the responsibility provided that the department approves of the general scheme and of my participation in it. Bring this before the members individually or at a meeting; and I suggest that then you communicate direct with Neff [sic].

My first impression is that we secure for the lectures: (1) Foerster [Robert Franz, Ph.D. 1909] or Meriam [Richard Stockton, Ph.D. 1921], (2) Ohsol [Johann Gottfried, Ph.D. 1914]. I suggest that one of the first two give introductory lectures on Marx, Marxism, the International and post Marxian socialist developments. Then let Ohsol take up the development of thought in Russia and say something about the doctrinal position and the communistic scheme. I believe Ohsol would do the thing with full information and in a temperate spirit. By way of ascertaining possibilities, I shall find out whether Ohsol is still with the Federal Trade Commission and whether he is likely to remain in reach through next spring.

As between Foerster and Meriam, I am inclined, on the whole, to let Meriam have a try. Foerster has plenty of other work to do and Meriam’s recent residence abroad has probably put him in touch with the Continental situation.

[…]

Always sincerely yours,

[signed] F. W. T Taussig

Prof. E. E. Day,
Department of Economics,
Cambridge, Mass

_________________________________

[Nef’s Letter to Taussig: requests course on Russian Revolution]

19 Holworthy Hall,
Cambridge, Mass.
December 4, 1919.

Prof. F. W. Taussig,
c/o U. S. Tariff Commission,
Washington, D. C.

My dear Professor Taussig:

The Friday before you left for Washington, you will remember I consulted you as to the possibilities of offering a course on various phases of the Russian Revolution, during the second semester of the present academic year. Since that time considerable progress has been made. Prof. A. C. Coolidge is enthusiastic over the plan which he believes will work in well with the collection of all available documents and data on the Revolution for the Library. For this part of the work, he proposes, provided the funds can be raised and the demands warrant it, to employ a secretary who will have full charge of collecting the materials. He further plans to set aside a room in Widener Library, which will contain the most important books and documents to be consulted by students taking the course.

Professor Lord has expressed his willingness to take charge of the first part of the course, which would deal with the background of the problem and the narrative history up to the beginning of the Bolshevik regime. The second and third part would deal with the economic and political theories involved, and with the actual workings of the Soviet form of government so far as they can be ascertained. Fifield Workum and I went today to see Professor Ferguson, who thought the scheme feasible and proposes to bring it up before the history department for approval at a meeting on Friday, December 12th. First, however, he wishes to know whether you will be willing to take charge of the second part of the course. This would not mean that you would actually deliver the lectures, although we all hope very much you will be able to give some of them, but simply, as I understand it, that you will see that this part of the course is given.

The third part, Professor Coolidge proposes to arrange with Professor Ferguson. After hearing from you, Professor Ferguson will bring the plan before the history department.

We feel that undergraduate interest in the course justifies its being offered. Professor Ferguson thought it might be given at 2.30 o’clock on Tuesdays and Thursdays during the second term. This would enable a number of men who are now taking History A to take it. All the undergraduates to whom I have mentioned the possibility have immediately expressed a desire to enroll. Professors Ferguson and Coolidge feel that it will make the course both possible and successful if you could stand behind the second part of it.

Very sincerely yours,

[John U. Nef]

_________________________________

[Day’s Reply to Taussig: Time not yet ripe]

December 12, 1919

Dear Mr. Taussig:

At a meeting of the Department yesterday afternoon I brought up for discussion your letter presenting the proposal of J. U. Nef and other undergraduates for a course the second half-year on various phases of the Russian Revolution. The matter was discussed at length, with the result that a number of different grounds for opposing the plan were brought up. I need not go over these at length, as you can readily imagine most of them. Professor Ripley’s objection lay altogether against the method in which the course was to be administered; Bullock’s against the proposed subject matter of the course. The outcome was a unanimous vote that in the opinion of the members of the Department it is inexpedient for the Department to participate in the offering of the proposed course. If you wish further details regarding the opinions expressed, I shall be glad to send them to you. I may add that I should have voted with the other members had I been called upon to do so, as it does not seem to me that the time is yet ripe for academic instruction on the subject of the revolution.

[…]

Sincerely yours,

[Day]

Prof. F. W. Taussig

_________________________________

[Taussig’s Reply to Department Decision: Should have met students half way]

United States Tariff Commission
Washington

December 15, 1919.

Dear Ezra:

I have yours of December 12th. I confess it is a matter of surprise that the Department should have voted as it did. My own strong inclination was to meet the under graduates half way, and to have joined in giving a course, not “on the Revolution,” but upon Russian history and Russian conditions, as leading up to the Revolution. I am sorry not to have been on hand.

[…]

  Very sincerely yours,

  (signed) F. W. Taussig

Professor E. E. Day,
Department of Economics,
Harvard University,
Cambridge, Massachusetts.

_________________________________

Source: Harvard University Archives. UAV.349.10 Department of Economics, Correspondence & Papers 1902-1950, Box 23.   Folder: “Course Offerings 1913-1925”.

Image Source: Harvard Album, 1920.

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Bibliography Courses Harvard Socialism Syllabus

Harvard. Economics of Socialism, Anarchism and the Single Tax. Carver, 1920

For almost the entire first quarter of the twentieth century, Thomas Nixon Carver taught the material of this course. According to the Harvard Annual President’s Report for 1919-20 (p. 90), the course, which covered utopias, varieties of socialism and anarchism, and Henry George’s Single Land Tax, was attended by 10 graduate students; 13 seniors, 29 juniors, 11 Sophomores, 1 Freshman; 14 students from other departments/divisions.

Course final examination questions are available here.

A short-annotated bibliography for the economics of socialism was prepared by Carver and published in 1910 in A guide to reading in social ethics and allied subjects; lists of books and articles selected and described for the use of general readers.

____________________________________

Course Description

In the Official Register of Harvard University (Vol. XVI, October 30, 1919, No. 45) Division of History, Government, and Economics, 1919-20 (Second Edition, p. 64): The course title for Economics 7 given in the second term of 1919-20 was “The Single Tax, Socialism, Anarchism” and met Mondays, Wednesdays, Fridays at 10 a.m.

“A critical study of the theories which underlie some of the more radical programmes of social reform. An examination also of the social utility of private property in its various forms; also some attention to the concept of justice in economic relations; the concept of progress; the significance of conservatism and radicalism.”

 

____________________________________

ECONOMICS 7b
SOCIALISM

Starred references are required

GENERAL WORKS, HISTORICAL

1. *R. T. Ely. French and German Socialism.

2.   Bertrand Russell. German Social Democracy.

3.   John Rae. Contemporary Socialism.

4.   Thomas Kirkup. A History of Socialism.

5.   William Graham. Socialism, New and Old.

6.   Jessica B. Peixotto. The French Revolution and Modern French Socialism.

7.   Wm. B. Guthrie. Socialism Before the French Revolution.

8.   M. Hillquit. History of Socialism in the United States.

9.   Jessie W. Hughan. American Socialism of the Present Day.

 

GENERAL WORKS, EXPOSITORY AND CRITICAL

1.   *O. D. Skelton. Socialism, A Critical Analysis.

2.   J. E. Le Rossignol. Orthodox Socialism.

3.   Albert Schaeffle. The Quintessence of Socialism.

4.   Albert Schaeffle. The Impossibility of Social Democracy.

5.   R. T. Ely. Socialism: an Examination of its Nature, Strength and Weakness.

6.   James Mackaye. The Economy of Happiness.

7.   Henry M. Hyndman. The Economics of Socialism.

8.   Gustave Simonson. A Plain Examination of Socialism.

9.   Werner Sombart. Socialism and the Social Movement in the Nineteenth Century.

10. Émile Vandervelde. Collectivism.

11. R. Flint. Socialism.

12. W. D. P. Bliss. A Handbook of Socialism.

13. Jessie W. Hughan. The Facts of Socialism.

14. E. de Laveleye. The Socialism of Today.

15. E. Böhm-Bawerk. Karl Marx—The End of his System.

16. W. E. Walling. The Larger Aspects of Socialism.

17. S. P. Orth. Socialism and Democracy in Europe.

18. John Spargo. Socialism.

 

TYPES OF SOCIALISTIC PROPAGANDA

I. IDEALISTIC. The appeal is made to all classes on the ground of piety, a sense of justice, or of sympathy for the laboring classes.

A. Religious. The religious motive is invoked in behalf of human brotherhood.

1. Lamennais. Les Paroles d’un Croyant.

2. Washington Gladden. Tools and the Man.

3. Josiah Strong. Our Country.

4. Josiah Strong. The New Era.

B. Fulminations. A thundering discontent with things as they are, with no very definite program for improvement.

1. William Morris, Poet, Artist, Socialist. Edited by Francis Watts Lee. A collection of the socialistic writings of Morris.

2. John Ruskin, the Communism of John Ruskin. Edited by W. D. P. Bliss. Selected chapters from Unto this Last, The Crown of Wild Olive, and Fors Clavigera.

3. Thomas Carlyle, The Socialism and Unsocialism of Thomas Carlyle. Edited by W. 4. D. P. Bliss. Selected chapters from Carlyle’s Various Works.

Socialism and everything resembling it were even more abhorrent to Carlyle than the present system.

C. Utopian. Pictures of ideal Commonwealths.

1. Plato’s Republic.

2. Sir Thomas More. Utopia.

3. Francis Bacon. New Atlantis.

4. Tommaso Campanella. The City of the Sun. (Numbers 2, 3, and 4 may be found in convenient form in Morley’s Ideal Commonwealth.)

5. Etienne Cabot. Voyage en Icarie.

6. William Morris. News from Nowhere.

7. Edward Bellamy. Looking Backward.

8. Laurence Gronlund. The Cooperative Commonwealth.

9. H. G. Wells. A Modern Utopia.

D. Experimental.

There were men and women who had so much confidence in socialism as to believe that it was only necessary to start it to insure its success. They believed that if the world could be given an example of socialism in operation, it would be led to adopt it.

1. Charles Nordhoff. The Communistic Societies of the United States.

2. Karl Kautsky. Communism in Central Europe in the Time of the Reformation.

3. *W. A. Hinds. American Communities.

4. J. H. Noyes. History of American Socialisms.

5. J. T. Codman. Brook Farm Memoirs.

6. Albert Shaw. Icaria.

7. G. B. Landis. The Separatists of Zoar.

8. E. O. Randall. History of the Zoar Society.

E. Opportunist.

1. *Bernard Shaw and others. The Fabian Essays in Socialism.

2. The Fabian Tracts.

3.   Edward Bernstein. Ferdinand Lassalle.

4.   Sidney and Beatrice Web. Problems of Modern Industry.

5.   E. C. K. Gonner. The Socialist Philosophy of Rodbertus.

6.   E. C. K. Gonner. The Socialist State.

7.   Vladimir G. Simkhovitch. Marxism versus Socialism.

8.   J. Ramsay Macdonald. Socialism.

9.   Sidney A. Reeve. The Cost of Competition.

10. Edward Bernstein. Evolutionary Socialism.

11. H. G. Wells. New Worlds for Old.

II. MARXIAN. Believing that every man will work for his own material interests, and that in any capitalistic society, the laboring classes must sooner or later outnumber all others, the appeal is made, not to idealistic sentiments, but to the conscious self interest of the laboring classes. In their own interest they are to overthrow the present economic system and so up a socialistic system.

A. Theoretical

1. Karl Marx. Capital.

2. Frederic Engels. Socialism, Utopian and Scientific.

3. A. Labriola. Essays on the Materialistic Conception of History.

B. Propagandist

(a) Political. Reliance is placed upon the voting power of the masses.

1. Karl Marx and Frederic Engels. The Manifest of the Communist Party.

2. Karl Kautsky. The Social Revolution.

(b) Militant. Reliance is placed upon the physical power of the masses. Ignore the state! The ballot is too slow!

(1) Bolshevist.

1. Austin Lewis. The Militant Proletariat.

2. Beatty, B. Red heart of Russia. Century, 1918.

3. Bryant, L. Six red monthsin Russia. Doran, 1918.

4. Petrunkevich, A. I. et al. Russian Revolution. Harvard University Press, 1918,

5. Radzwill, C. Rasputin and the Russian revolution. Lane, 1918.

6. Russell, C. E. Unchained Russia. Appleton, 1918.

7. Sack, A. J. Birth of the Russian Democracy. Russian Information Bureau, 233 Broadway, N. Y.

8. Trotzky, Leon (Bronshtein, L. D.). The Bolsheviki and World Peace, N. Y., 1918.

9. Trotzky, Leon (Bronshtein, L. D.). Our Revolution; Essays on Working Class and International Revolution, N.Y., 1918.

(2) Syndicalist.

1.   Challange, Felicien. Syndicalisme revolutionaire et Syndicalisme reformiste. Paris. F. Alcan. 1909. 156 pp.

2.   Delivet, Emile. Les employées et leurs corporations. Paris. River. 1909.

3.   Dufor, ——-—-. Le syndicalisme et la prochaine revolution. Paris. M. Rivier. 1913.

4.   Estey, J. Revolutionary syndicalism; an exposition and a criticism. London. P. S. King. 1913.

5.   Garriguet, L. L’Évolution actuelle de socialisme en France. Paris. 1912.

6.   Harley, John H. Syndicalism. London & N. Y. Dodge Pub. 1912. 94pp.

7.   Kirkaldy, Adam W. Economics and syndicalism. University Press. Cambridge. 1914. 140 pp.

8.   MacDonald, James R. Syndicalism, a critical examination. 1913. Chicago. Open Court Pub. 74 pp.

9.   Pataud, Emile. Syndicalism and the cooperating commonwealth. Preface by Kropotkin. Oxford. 1913. 240 pp.

10. Snowden, Philip. Socialism and Syndicalism. London. 1913. 262 pp.

11. Spargo, John. Syndicalism, industrial unionism and socialism. N. Y. Huebsch. 1913. 243 pp.

12. Ware, Fabian. The worker and his country. London. 1912. 288 pp.

(3) The I. W. W.

1.   Brissenden, Paul F. The launching of the Industrial Workers of the World. University of California Press. 1913. 82 pp. contains bibliography.

2. *Brooks, John G. American syndicalism. N. Y. Macmillan. 1913. 264 pp.

3.   De Leon, Daniel. Preamble of the I. W. W. address at Union Temple, Minneapolis. July 10, 1905. N. Y. Labor News Co. 48 pp.

4.   Trautman, William E. Direct. action and sabotage. Pittsburg Socialist News Co. 1912. 43 pp.

 

ANARCHISM

I. PHILOSOPHICAL. A more or less reasoned belief that the abolition of government, especially of government by force, would remove most of the ills of society. Clear in its perception that all government rests upon force; unclear in its reasoning to the conclusion that the use of force is wrong; divided in opinion as to the results of abolishing government.

A. Anarchist Communism. Seeing that property rights are the creation of government, it is concluded that the abolition of government would automatically abolish property and restore communism, and that the masses would pounce upon and destroy anyone who thereafter dared to call anything his own.

1. P. J. Proudhon. What is Property?

2. William Godwin. Political Justice.

3. Peter Kropotkin. Memoirs of a. Revolutionist.

4.   Peter Kropotkin. The Scientific Basis of Anarchy. Nineteenth Century, 21: 218.

5. Elisée Reclus. Evolution et revolution.

6. William M. Salter. Anarchy or goveminent? An inquiry in fundamental government.

7. W. H. Van Ornum. Why Government at all?

8. Ernst V. Zenker. Anarchism; a criticism and history of the anarchist theory.

9. Paul Boilley – Les Trois Socialismes; Anarchisme, Collectivism. Reformisme.

10. Peter Kropotkin. La Science moderne et L’Anarchie.

11. Peter Kropotkin. The Anarchy. Nineteenth Century, 22: 149.

12. *Leo Tolstoi. The Slavery of Our Times.

13. Elissee Reclus. Anarchy. Contemporary Review. 14: 627.

14. Josiah Warren. Equitable Commerce.

15. Josiah Warren. True Civilization as Immediate Necessity.

B. Exaggerated Individualism. There should be no restraint either moral or legal, upon the strong whose “right” to govern and exploit the weak is the only natural or divine right there is. Nature abhors weakness and it is the mission of the strong to exterminate the weak, to the end that weakness may cease to exist and that strength alone may survive. Moral and legal codes are the inventions of the weak to protect themselves from the strong in order that weakness may fill the world with its own spawn.

1. *Max Stirner (pseudonym for Kaskar Schmidt). Der Einzige und sein Eigenthum.

2.   Friederich Nietzsche. Also sprach Zarathustra.

3.   Friederich Nietzsche. Jenseits von Gut and Böse.

4.   James G. Huneker. Egoists: A Book of Supermen.

II. EMOTIONAL. A mere explosive protest against all forms of authority, particularly against the police power and other visible manifestations of authority.

1. Mikhail Bakunin. Dieu et l’Etat.

2. Emma Goldman. Anarchism and other Essays.

3. Paul Eltzbacher. Anarchism.

4. R. Hunter and R. Wiles. Violence and the Labor Movement.

5. H. Krouse. The Anarchist Constitution.

6. John H. Mackay. The Anarchists; a picture of civilization at the close of the 19th century.

7. A. R. Parsons. Anarchism; its philosophy and scientific basis as defined by some of its apostles.

8. B. R. Tucker. Anarchism; the attitude of anarchism toward industrial combinations.

9. United States Department of Justice. Transmission through the Mails of Anarchistic publications. Message from the President. Washington. 1908.

 

THE SINGLE TAX

All public revenues shall be raised from a single tax on land values.

1. *Henry George. Progress and Poverty.

2.   Henry George. Our Land and Land Policy.

3.   Alfred Russell Wallace. Land Nationalization.

4.   Thomas G. Shearman. Natural Taxation.

5.   Louis F. Post. The Single Tax.

6.   C. B. Fillebrown. A Single Tax Catechism.

_______________________

Source: Harvard University Archives. HUC 8522.2.1. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1. Folder: 1919-1920.

Image Source: Harvard Album 1915.

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Economists Harvard Transcript

Harvard. Graduate Course Record. Thomas Schelling, 1946-49

Included in the materials from the 1949-50 hiring search for someone to teach in Columbia College was a mimeographed fact-sheet/transcript for 28 year old Thomas Schelling together with a departmental statement provided by the Chairman of the Harvard Department of Economics, Harold Burbank. I think we can be pretty sure that both items were attached to a letter Burbank sent to Angell dated December 14, 1949 in which Tobin and Schelling were discussed with supporting data (cf. Appendix C in the Hiring Committee’s Report of January 9, 1950 that clearly provides information on Tobin from the same letter).

Interesting to note perhaps is (i) the future Nobel laureate did not get short-listed by the search committee and (ii) “his interest is mainly in the national income, fiscal policy approach” might have been a contemporary euphemism or dog-whistle for “Keynesian economist”.

In any event, I am delighted whenever I find the complete graduate course records of Ph.D.’s. I have filled in the names of the instructors for the respective courses based on the Harvard President’s Reports.

____________________

Thomas Crombie Schelling

Address: Program Division, ECA-OSR [Economic Cooperation Administration, Office of the Special Representative (Administration of the Marshall Plan)], 2 Rue Saint Florentin, Paris, France

Born: April 14, 1921, U.S.

Married: Yes

Degrees:

A.B., 1944, University of California (Highest honors)

A.M., 1948, Harvard University

Experience:

1941-43         American Embassy, Santiago, Chile

1945-46         U. S. Bureau of Budget, Fiscal Division

1946-48         Teaching Fellow, Harvard

1948               Elected to Society of Fellows, resigned September, 1949

1948-              ECA, Copenhagen Paris

 

Courses:

Summer 1946

Ec. 201 (Reading)                 Satis.

Fall 1946-47

Ec. 103a (Adv. theory [Schumpeter])         A+

Ec. 104b (Math. Ec. [Leontief])                    A+

Ec. 148a (Int. Tr. Sem. [sic, 148a was Fiscal Policy Seminar with Williams and Hansen])        A-

Spring 1946-47

Ec. 103b (Adv. Theory [Schumpeter]))      A+

Ec. 121b (Statistics [Frickey]))                     A-

Ec 148b (Int. Tr. Sem. [sic, 148a was Fiscal Policy Seminar with Williams and Hansen]))       A-

Summer 1947

Ec. 201 (Reading)     Satis.

Fall 1947-48

Ec. 102a (Adv. Theory [Leontief])   A+

Ec. 133a (History [Usher])               A-

Ec. 161a (Ind. Org. [Alexander and Crum])           A+

Spring 1947-48

Ec. 102b (Adv. Theory [Leontief])   Exc.

Ec. 133b (Ec. History[Usher])          A

Ec. 162b (Ind. Org. [Mason])           Exc.

Fields of study: Economic Theory, Industrial Organization, Money and Banking, Statistics, write-off, Economic History; special field, Business Cycles

Generals: Passed April 7, 1948 with a grade of Excellent Minus

____________________

[Supporting Statement
by Chairman of the Harvard Economics Department,
14 Dec. 1949(?)]

Schelling came to us immediately after the war with a quite extraordinary record in his undergraduate work at Berkeley and an outstanding war accomplishment in the Bureau of the Budget. His intellectual work with us was of the highest order, so high indeed that he was recommended for the Society of Fellows and accepted by them. However, Schelling saw fit to accept a position with the E.C.A. and at the end of the first year elected to stay with that organization even at the expense of resigning his fellowship. I have not heard from him directly but I understand that he intends to take his degree this spring and will be available.

The members of the staff most familiar with Schelling’s work—Hansen, Harris, and Smithies—regard him as one of the very top students we have had at least in the last ten years. I believe those mentioned will recommend him without qualification. It is true that his interest is mainly in the national income, fiscal policy approach, which I believe is one of the areas in which you are least interested, but he certainly is capable of working in theory and perhaps in other areas as well.

Very sincerely,

[signed]

H. H. Burbank

 

Professor James W. Angell
Columbia University
New York 27, New York

____________________

Source: Department of Economics Collection, Columbia University Archive. Box 6, Folder: “Columbia College”.

Image Source: Harvard Kennedy School Magazine, Summer 2012.

Categories
Bibliography Courses Exam Questions Harvard Syllabus

Harvard. Economic Theory II, Econ 202. Leontief, 1948-49

In a previous posting I provided the reading lists for the two term graduate course “Economic Theory I” , Economics 201, taught by Edward Chamberlin in 1947-48. “Economic Theory II”, Economics 202a and 202b, was taught by Wassily Leontief. Presuming a student who took both courses would have done this in consecutive years, I provide the course outlines, reading lists and the exam questions (only for Economics 202a) for the year 1948-49.

Leontief apparently did not get around to covering Part IV of Economics 202a in the Fall Term, since the entire section can be seen repeated for the first topic of the Spring term.

Besides Chamberlin’s course Economics 201 just mentioned. It is interesting to compare Leontief’s course with  that of Lloyd Metzler  and that of Milton Friedman at Chicago also in the same year.

__________________________

Economics 202a
Fall Term 1948-49

Economics 202a will cover the Theory of a Firm, the Theory of Individual Demand, Theory of Market Relationships, and introduce the basic concepts of the General Equilibrium Theory. 202b, as given in the Spring Term, will cover the Theory of Distribution (wages, capital and interest), profits), the Theory of General Equilibrium (Keynes), and introduce the basic concept of Welfare Economics and Economic Dynamics.

I.     Theory of a Firm

Costs; total, average, marginal.
Theory of the multiple plant firm.
Revenue; total, average, marginal.
Long and short run analysis
Supply under competitive and monopolistic conditions.
Production function, marginal productivity, increasing and decreasing returns.
Joint products.
Demand for factors of production.
Discontinuous relationships and non-marginal analysis.
Internal and external economies.
New invention and technological change.

Reading assignments:

Oscar Lange, “The Scope and Method of Economics,” Review of Economic Studies, Vol. XIII, (i), 1945-46, pp. 19-32.

E. A. G. Robinson, Structure of Competitive Industry, Chs. II, VII, VIII, pp. 14-35, 107-133.

Boulding, Economic Analysis, Part II, Chs. 18-26, pp. 375-595 (New edition: Chs. 20-26, pp. 419-552; Chs. 31, 32, pp. 669-733).

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

George Stigler, “Production and Distribution in the Short Run,” Journal of Political Economy, 1939, pp. 305-327. Reprinted in Readings in the Theory of Income Distribution, pp. 119-142.

Joe S. Bain, The Economics of the Pacific Coast Petroleum Industry, Part I, Ch. V, pp. 84-114.

Lerner, Economics of Control, Chs. 15, 16, 17, pp. 174-211.

Chamberlin, “Proportionality, Divisibility, and Economies of Scale,” Quarterly Journal of Economics, February, 1948, pp. 229-262.

National Bureau of Economic Research, Cost Behavior and Price Policy, Ch. VII, pp. 142-169; Appendix C, pp. 321-329.

 

II.    Theory of the Household:

Theory of utility and indifference lines analysis.
Individual demand, prices and income.
Dependent and independent, competing and complementary, superior and inferior goods.
Measurability of utility.
“Marginal utility of money.”
Consumer surplus.
Interpersonal interdependence in consumers’ behavior.
Economic theory of index numbers.

Reading assignments:

Hicks, Value and Capital, Part I, Chs. I-III, pp. 1-54.

Boulding, Economic Analysis, Chs. 29, 30; pp. 636-685. (New edition, Chs. 33, 34; pp. 734-759).

 

III. Theory of Market Relationships:

Pure competition; individual and market supply and demand curves.
Stability of market equilibrium, statics and dynamics.
Monopoly and price discrimination.
Monopolistic competition.
Duopoly, oligopoly, bilateral monopoly, etc.
“Theory of games.”

Reading assignments:

Marshall, Principles of Political Economy [sic], Book V, Chs. III, V.

Chamberlin, The Theory of Monopolistic Competition, Chs. II, III, IV, and V.

Joan Robinson, The Economics of Imperfect Competition, Chs. 15 and 16.

Robert Triffin, Monopolistic Competition and the General Equilibrium Theory, Chs. I and II.

W. H. Nicholls, Imperfect Competition within Agricultural Industries, Ch. 18.

One of the following three articles:

Leonid Hurwicz, “The Theory of Economic Behavior,” American Economic Review, December, 1945, pp. 909-925.

Carl Kaysen, “A Revolution in Economic Theory?” The Review of Economic Studies, Vol. XIV (I), 1946-47, p. 1-15.

Jakob Marschak, “Theory of Games,” Journal of Political Economy, April, 1946, pp. 97-115.

 

IV.  Basic concepts of a general equilibrium theory:

Data and variables.
Price system and general interdependence.
Linear model of a general equilibrium system.

Reading assignments:

Lange, The Economic Theory of Socialism, pp. 65-72.

Cassel, The Theory of Social Economy, Vol. I, Ch. IV, pp. 134-155.

E. H. Phelps Brown, Framework of the Pricing System, in particular chapters dealing with general equilibrium theory.

___________________________

DEPARTMENT OF ECONOMICS
Reading Period Assignments
January 3—January 19, 1949

[…]

Economics 202: Howard S. Ellis, Editor, A Survey of Contemporary Economics, 1948, Ch. 1, Value and Distribution, by Bernard F. Haley; and Frank H. Knight, Risk, Uncertainty and Profit, Ch. III to X, incl.

[…]

___________________________

 

1948-49

HARVARD UNIVERSITY
ECONOMICS 202a
[Final Exam, first term]

Please write legibly

Answer four questions:

  1. Taking into account considerations suggested by Stigler in his article on “Production and Distribution in the Short Run,” describe the determination of the optimum investment in fixed equipment for a plant faced with a regular seasonal variation in output.
    Give an illustrative example.
  2. Given information about (a) changing factor prices, and (b) changing factor combinations used by an individual enterprise (operating under competitive conditions) over a certain period of time—
    explain under what conditions this information might definitely indicate the presence of genuine technological change as contrasted with passive adjustment to variable market conditions.
  3. Under what conditions could one measure the utility of alternative combinations of commodities consumed by an individual household?
    Describe in detail the process of measurement in the case where these conditions are satisfied.
  4. “A market characterized by duopolistic indeterminism can be stabilized through establishment of an official price ceiling enforced by some outside authority.” Comment.
  5. State what significant difference do you see between the theory of an individual firm as presented in Knight’s “Risk, Uncertainty and Profits” and the treatment of the same subject in the most recent literature as presented in Haley’s article on value and distribution in the “Survey of Contemporary Economics.”

Final. January, 1949.

___________________________

Economics 202b
Spring Term, 1949

Part I: General Equilibrium Theory and the Economics of Welfare

a.   Basic Concepts of a General Equilibrium Theory:

Data and variables. Price System and general interdependence. Linear model of a general equilibrium system.

Reading:

Lange, The Economic Theory of Socialism, pp. 65-72.

Cassel, The Theory of Social Economy, Vol. I, Ch. IV, pp. 134-155.

E. H. Phelps Brown, Framework of the Pricing System, in particular chapters dealing with general equilibrium theory.

Schultz, T. W.: Agriculture in an Unstable Economy, Ch. I, pp. 24-43, Ch. IV, pp. 134-153.

 

b. Economics of Welfare

Individual maximum and social welfare. Efficiency and distributive justice. Efficiency of the purely competitive system. Monopoly and economic welfare. External economies. Pricing and allocation for public enterprise.

Reading:

Hicks, J. R. : “The Foundation of Welfare Economics,” Economic Journal, December 1939, pp. 696-712.

Meade and Hitch: An Introduction to Economic Analysis and Policy, Part II, Chs. VI-VII, pp. 159-220.

Meade, J. E., and Fleming, J. M.: Price and Output Policy of State Enterprise,” Economic Journal, Vol. LIV, December 1944, pp. 321-339.

Coase, R. H.: “Note on Price and Output Policy,” Economic Journal, Vol. LV, April 1945, pp. 112-113.

 

Part II: The Theory of Distribution

 

[a. The Theory of Wages. Omitted this year.]

Demands for labor and methods of remuneration. Short run supply of labor, money and real wages. Theory of noncompetitive labor markets. Technological unemployment. Long run supply of labor and the theory of optimum population.

Reading:

Douglas, P. M.: The Theory of Wages, Ch. I, pp. 3-17; Ch. III, pp. 68-96.

Robinson, G. B. H.: Economic Fragments, “Wage Grumbles,” pp. 42-57, also reprinted in Readings in the Theory of Income Distribution.

Marx, Karl: Capital, Vol. I, Part IV, Ch. XV, pp. 405-422, 466-488.

Robbins, L.: “On the Elasticity of Demand for Income in Terms of Effort,” Economica, Vol. X, 1930, pp. 123-129.

 

b. 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, Chs. VII, VIII, IX, X, XI, XVI, XVII, and XVIII. 1930.

Readings in the Theory of Income Distribution (Blakiston, 1946)

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

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

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

 

[c. Theory of Profits and of Rent. Omitted this year.]

Theory of residual income. Entrepreneurial function. “Normal Profits.”

Reading:

Beddy, James: Profits, Ch. X, “An Explanation of Profits,” pp. 216-266.

Crum, W. L: “Corporate Earnings on Invested Capital,” Harvard Business Review, XVI, 1938, pp. 336-350.

Kaldor, N.: “The Equilibrium of the Firm,” The Economic Journal, March 1934, pp. 60-76.

Robinson, Joan: Economics of Imperfect Competition, Ch. 8.

 

Part III: Capital and Economic Development

a. 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:

Kuznets: “On Measurement of National Wealth,” Studies in Income and Wealth, Vol. 2, National Bureau of Economic Research, 1936, pp. 3-61.

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

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

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

 

b. 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.

 

Part IV: Keynesian Theory and Problems

a. Over-all outlines of the General Theory. Wage and price “stickiness.” Demand for money. Saving and “oversaving.” Multiplier principle.

Reading:

Lerner, A. P.: The Economics of Control, Chs. 21, 22, and 25.

Keynes, J. M.: General Theory of Employment, Interest and Money, Chs. 1, 2, 8, and 18.

Haberler, G.: Prosperity and Depression, Ch. 8.

 

Reading Period:

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

OR

Harrod, R. F.: Towards a Dynamic Economics, Macmillan, 1948.

___________________________

Sources:

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

Wassily Leontief Papers, Harvard University Archives. HUG 4517.45, Box 2, Folder “Fall to Winter—202a ‘48-‘49”.

Image Source:  Harvard Album, 1949.

Categories
Courses Harvard

Harvard. Economic Theory I. Chamberlin, 1947-48

The 1947 requirements for Ph.D. students are vague with respect to the precise courses that would adequately prepare candidates for their core theory examinations. At that time Economic Theory I (course number changed from 101 to 201 in 1948) was taught by Edward Chamberlin and Economic Theory II (course number changed from 102 to 202 in 1948) by Wassily Leontief. While I suppose there would have been graduate students with sufficient preparation who could have taken both the MW(F) course by Chamberlin and the TTh(S) course offered by Leontief (both at noon) simultaneously, I could easily imagine these courses would have been taken in sequence over two years by typical students. Thus this posting gives the reading list for Economics 101 with Chamberlin for 1947-48 and the next posting will be for Economics 202 with Leontief for 1948-49.

A comparison with Chamberlin’s reading list from a decade earlier reveals a modest streamlining of his course with the only major change being the addition of Welfare Economics to the end of the second semester.

From the Harvard archives’ collection of final examination papers, I was able to transcribe the questions from the final examinations in both Economics 101a and 101b for the 1947-48 academic year.

Bibliographic note: I have added the explicit titles of readings only identified by number in Chamberlin’s reading list from a published collection of reprinted essays and papers edited by Frank E. Norton. The title Explorations in economics refers to Explorations in economics: Notes and essays contributed in honor of F. W. Taussig published by McGraw-Hill in 1936.

__________________________

Economics 101a
Fall, 1947

 

I.  Brief Survey of Markets; Demand and Supply

Boulding, Economic Analysis, Chapters 1-5; pp. 177-9.

Marshall, Principles, Book V, chapters 1, 2.

Chamberlin, Monopolistic Competition, Chapter 2.

Mill, Principles, Book III, Chapter 2.

 

II. Cost vs. Utility, and the Marshallian Synthesis

Mill, Principles, Book III, Chapters 3, 5.

Boehm-Bawerk, Positive Theory of Capital, Books III, IV.

Marshall, Principles, Appendix I; Book V, chapters 3-5; Book IV, Chapter 13; Book V, Chapters 8, 9, Appendix H.

Boulding, Economic Analysis, Chapter 7.

Suggested:

Ricardo, Political Economy, Chapter 1.

Mill, Book III, Chapters 1, 4, 6.

Jevons, Theory of Political Economy, Chapters 3, 4.

Marshall, Book III and remainder of Book V

Keynes – “Alfred Marshall,” Economic Journal, September 1924. (Also in Keynes, Essays in Biography.)

 

III.  Further Analysis of the Production and Consumption Functions; Indifference Curves

Boulding, Chapters 22, 23, 29, 30 (omit pp. 669-676).

Monopolistic Competition, Appendix B.

Suggested:

Hicks, Value and Capital, Chapters 1-3.

 

IV.  Monopoly and Monopolistic Competition

Robinson, Economics of Imperfect Competition, Chapter 2.

Chamberlin, Monopolistic Competition, Chapters 1-7 (to page 149); Appendix C.

Alsberg, C. L., “Economic Aspects of Adulteration and Imitation,” Quarterly Journal of Economics, 1931.

Robinson, Imperfect Competition, Chapter 15, Sections 1-4.

Suggested:

Monopolistic Competition, Chapter 9.

Burns, A.R., The Decline of Competition, Chapter 8, “Non-Price Competition”.

Robinson, Imperfect Competition, balance of chapters 15, 16.

Pigou, Economics of Welfare, Chapters on “Price Discrimination” and “The Special Problem of Railway Rates.”

__________________________

Economics 101b
Spring Term, 1947-48
Economic Theory — Professor Chamberlin

I.   Selling Costs; Discrimination:

Monopolistic Competition, Chs. 6, 7 (to page 149)

Robinson, Economics of Imperfect Competition, Chapters 15, Sections 1-4.

Suggested:

1.  Monopolistic Competition, balance of Ch. 7.

2.  Robinson, Imperfect Competition, balance of 15, 16.

3.  Pigou, Economics of Welfare, Chs. on “Discriminating Monopoly,” and “The Special Problem of Railway Rates.”

 

II.  Distribution — General; Wages

Boulding, Economic Analysis, Ch. 11; Review 22, 23.

Marshall, Principles, Book VI, Chapters 1-2.

Hicks, Theory of Wages, Chs. 1-4.

Readings in the Theory of Income Distribution, 8, 12.

[Norton, Frank E. (ed.). Readings in the Theory of Income Distribution. Philadelphia and Toronto: Blakiston Company, 1946.   8. Machlup, Fritz (1936). “On the meaning of the marginal product” in Explorations in Economics. 9. Robertson, Dennis H. (1931). “Wage-grumbles” in Economic Fragments.]

Monopolistic Competition, Ch. 8; pp. 215-18 (5th ed.).

Hicks, Chs. 6, 5.

Marshall, Book VI, Chs. 3-5.

Taussig, Principles, 4th ed., Ch. 52 (or 3rd revised ed., Ch. 47).

Mill, Principles, Book V, Ch. 10, Section 5.

Taussig, 4th ed., Vol. II, Ch. 59, Sections 1, 2, 7.

Hicks, Ch. 7, pp. 179-185.

Readings, 19

[19. Dunlop, John T. (1942). “Wage policies of trade unions,” American Economic Review.

Suggested:

1. Readings, 1-5.

[1. Kuznets, Simon S. (1933), “National income,” in Encyclopaedia of the Social Sciences.
2. Gilbert, Milton and Jaszi, George (1944). “National product and income statistics as an aid in economic problems,” Dun’s Review.
3. Clark, John Maurice (1931). “Distribution” in Encyclopaedia of the Social Sciences.
4. Bowman, Mary Jean (1945). “A graphical analysis of personal income distribution in the United States,” American Economic Review.
5. Cassels, John M. (1936). “On the law of variable proportions” in Explorations in Economics.]

2. Douglas, Theory of Wages, Chs. 1-3.

3. J. B. Clark, Distribution of Wealth, Chs. 7, 8.

4. Simonds, “Some Reflections on Syndicalism,” J.P.E., 1944.]

 

III. Interest:

Böhm–Bawerk, Positive Theory, Book I, Ch. 2; Book II, Book V.

Marshall, Principles, Book IV, Ch. 7; Book VI, Ch. 6.

Wicksell, Lectures, Vol. I, pp. 144-171,185-195, 207-218.

Clark, J. B., Distribution of Wealth, Chs. 9, 20.

Recommended: Fisher, I., Theory of Interest, Chs. 5, 6.
Readings, 20, 21

[20. Hayek, Friedrich A. von (1935-36). “The mythology of capital,” Quarterly Journal of Economics.
21. Knight, Frank H. (1946). “Capital and interest” in Encyclopaedia Brittanica.]

 

IV. Rent:

Ricardo, Ch. 2.

Marshall, Book V, Chs. 8-11.

Robinson, J., Economics of Imperfect Competition, Ch. 8.

 

V. Profits:

Marshall, Book VI, Ch. 5, Section 7; Chs. 7, 8.

Taussig, Principles, (4th ed.), Vol. II, chapter 49, section 1 (3rd revised ed., Ch. 50, Section 1)

Henderson, Supply & Demand, Ch. 7.

Readings, 29.

[29. Gordon, Robert A. (1936). “Enterprise, profits and the modern corporation” in Explorations in Economics.]

Monopolistic Competition, Ch. 5, Sec. 6; Ch. 7, Sec. 6; Appendices D, E.

Schumpeter, Theory of Economic Development, Chs. 1-4.

Suggested:

Readings, 27.

[27. Knight, Frank H. (1934). “Profit” in Encyclopaedia of the Social Sciences.]

 

VI. Welfare Economics:

Pigou, Economics of Welfare, Part I, Ch. 1.

Lerner, Economics of Control, Chs. 1-7, 9.

Meade and Hitch (or Meade), Economic Analysis and Policy, Part II, Ch. 6.

Robbins, L., “Interpersonal Comparisons of Utility: A Comment,” Economic Journal, December, 1938.

Hicks, “The Foundations of Welfare Economics,” Economic Journal, December, 1939.

Schumpeter, Capitalism, Socialism and Democracy, Chs. 16, 17.

Suggested:

1. Lerner, Economics of Control, further chapters.

2. Pigou, Economics of Welfare, Part I; Part II, Chs. 1-11.

3. Lange, O., “The Scope and Method of Economics,” Review of Economic Studies, Vol. XIII (1).

4. de Scitovsky, T. “A Note on Welfare Propositions in Economics,” Review of Economic Studies, Vol. IX (1).

 5. Baumol, W. J., “Community Indifference,” Review of Economic Studies, Vol. XIV (1).

6. Schelling, T. C., “On the Formulation of Welfare Propositions,” (Manuscript at desk in Littauer Library).

__________________________

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

Image Source: Harvard Album, 1946.

 

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Bibliography Courses Harvard

Harvard. Public Finance. Economics 5, Bullock. 1915

This list of suggested readings in Public Finance come from two of seven pages carbon copy, (stapled together, ordered by course number from Economics 1b through Economics 6. The pages are undated and no instructor is given. Nonetheless, based on the course catalogues and indications from several of the courses that the following annotated list was prepared for the use of the Tutors in Harvard College.

We can be reasonably certain of the date since the only year Dr. J. S. Davis taught an accounting course with the number 1b was 1915-16. Charles Jesse Bullock refers to his own book of readings in public finance so it is certain that he composed the list.

Later addition to Economics in the Rear-View Mirror include:  the final examination questions for Economics 5 (June 1916). 

—————————–

Books Used in Economics 5.
Selected Readings in Public Finance.

[Charles Jesse Bullock, 1915-1916]

Bastable, Public Finance. (In these books the assignments cover everything relating to revenue and expenditures. They also have included all that Bastable has to say on public debts and financial administration, but have usually in recent years not included the material in the Selected Readings upon those subjects)

Adams, Public Finance. (In this book they have usually read the chapters dealing with public expenditures and revenue from domain. They used to read what he says about the United States budget, but in recent years I have been going light upon this subject, leaving out not only what Adams says but also the passages in my Selected Readings.)

Seligman, Essays in Taxation. (They have always read the chapters on classification, special assessment, the general property tax, and on the single tax; some times also the first chapter on the historical development of taxation and the chapters on the taxation of corporations and double taxation. Occasionally they have read the chapter on the inheritance tax.)

Daniels, Public Finance. (I have sometimes assigned Daniels’s chapters on revenues from industries and his chapters on customs and excise taxes, but not often in recent years.) [here a Course Syllabus of Daniels]

 

Ely, Evolution of Industrial Society. (I usually assign the chapter on the evolution of public expenditures, frequently the chapter on municipal ownership, and occasionally the chapter on inheritances and bequests.)

Ely, Taxation in American States and Cities. (Sometimes I assign the chapters upon the political and industrial effects of taxation,–I don’t remember the exact title at the moment,–and the chapter upon license taxes, but in recent years I have seldom assigned anything but the latter chapter.)

Shearman, Natural Taxation. (I almost always assign Chapter 9 and another chapter, I think No. 13 or 14, in which Sherman considers objections to the single tax, and in particular replies to Seligman’s Essay.

Bullock, Pamphlets on the Property Tax. (I have had bound together a number of my pamphlets relating to state and local taxation and taxation in Switzerland, and keep duplicate copies in Harvard Hall. The men are expected to read all of these pamphlets.)

The reading in the course is not exactly the same from year to year, and I am thinking of dropping Bastable because the book is getting too old. It was never very satisfactory in its discussion of difficult questions of principle, and its account of European legislation, etc., is now considerably out of date. I believe that next year I shall provide duplicate copies in Harvard Hall and not require the men to buy it unless a new edition is to come out.

I have sometimes thought of using David McG. Means’s book entitled Methods of Taxation, and think that if the tutors want to get the men to do supplementary reading, this might be a good book for them to use, unless meanwhile I decide to use it in the class. If any men read German, it would be very well to refer them to Eheberg, or if they read French, to get them to read chapters in the first volume of Leroy-Beaulieu. [2nd vol of Leroy-Beaulieu]

 

Source. Harvard University Archives. Department of Economics, Correspondence & Papers, 1902-1950. UAV 349.10, Box 25, Folder “Suggested Readings.”

Image Source. Harvard Album 1915.

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Chicago Columbia Cornell Harvard Michigan Pennsylvania Research Tip Salaries

Professors’ and Instructors’ Salaries, ca. 1907

Some 103 colleges and universities in the United States and Canada provided useable answers to a survey of higher educational institutions having annual instructional salary budgets of over $45,000 (note assistant professors at the time cost about $2,000 per year) conducted by the Carnegie Foundation for the Advancement of Teaching. Results were published in 1908 (the Preface is dated April 1908), so we can reasonably presume the information reported is either from budgetary data for the academic year 1907-08 or for the academic year 1906-07. The 101 page Bulletin even went on to present data for professorial incomes in Germany!

As the entire Carnegie Foundation Bulletin can be downloaded, this posting is more of a research tip/teaser. I present below an excerpt for the top ten universities (out of 103), ranked by their annual appropriations for the salaries of instructional staff.

Plucking two sentences in lieu of an executive summary, I offer the following quotes from the Bulletin:

“Good, plodding men, who attend diligently to their profession [law, medicine and engineering are meant here] but who are without unusual ability, often obtain in middle life an income considerably higher tthan a man of the greatest genius can receive in an American professor’s chair.” [p. 25]

“A German who possesses such ability that he may expect in due time to become a full professor and who prepares himself for university teaching must expect to study until the age of thirty with no financial return, to study and teach as a docent till nearly thirty-six with an annual remuneration of less than $200, and to teach from thirty-six to forty-one with an annual remuneration of from $600 to $2,000, by which time he may become a full professor and will continue to receive his salary until his death [my emphasis]…If he succeeds… he may hope for a much larger reward and be assured of security in old age.” [p. vii]

____________________________

Average Salaries for Ranks, Age at Start of Rank, Student-Instructor Ratios

Columbia Harvard Chicago Michigan Yale
Total annual income
(thousands of dollars)		 1.675 1.828 1.304 1.078 1.089
Annual Appropriation for Salaries of Instructing Staff
(thousands of dollars)		 1.145 .842 .699 .536 .525
Average Salary of Professor $4,289 4,413 $3,600 $2,763 $3,500
Average Age at Entrance to Grade of Professor 37.5 39 … … 35
Average Salary of Associate Professor … $3,600 $2,800 $2,009 …
Average Age at Entrance to Grade of Associate Professor … … … … …
Average Salary of Assistant Professor $2,201 $2,719 $2,200 $1,624 $2,000
Average Age at Entrance to Grade of Assistant Professor 32 33 … … 29
Average Salary of Instructor $1,800 $1,048 $1,450 $1,114 $1,400
Average Age at Entrance to Grade of Instructor 29 28 … … 24
Average Salary of Assistant $500 $347 $666 … …
Average Age at Entrance to Grade of Assistant 24 26 … … 23
Total Number of Students in University 4,087 4,012 5,070 4,282 3,306
Total Instructing Staff in University 559 573 291 285 365
Ratio 7.3 7 17.4 15 9
Total Number of Students in Undergraduate Colleges and Non-professional Graduate Schools 2,545 2,836 3,902 2,899 2,620
Total Instructing Staff in Undergraduate Colleges and Non-professional Graduate Schools 253 322 211 198 236
Ratio 10 8.8 18.4 14.6 11.1

 

Average Salaries for Ranks, Age at Start of Rank, Student-Instructor Ratios

Cornell Illinois Wisconsin Pennsyl-vania UC Berkeley
Total annual income
(thousands of dollars)		 1.083 1.200 .999 .589 .844
Annual Appropriation for Salaries of Instructing Staff
(thousands of dollars)		 .511 .492 .490 .433 .408
Average Salary of Professor $3,135 $2,851 $2,772 $3,500 $3,300
Average Age at Entrance to Grade of Professor … … 32.8 … …
Average Salary of Associate Professor … $2,168 $2,081 … $2,200
Average Age at Entrance to Grade of Associate Professor … … 29.6 … …
Average Salary of Assistant Professor $1,715 $1,851 $1,636 $1,850 $1,620
Average Age at Entrance to Grade of Assistant Professor … … 28.6 … …
Average Salary of Instructor $924 $1,091 $1,065 $1,000 $1,100
Average Age at Entrance to Grade of Instructor … … 27.5 … …
Average Salary of Assistant  … $660 $542 $650 $850
Average Age at Entrance to Grade of Assistant … … 24.5 … …
Total Number of Students in University 3,635 3,605 3,116 3,700 2,987
Total Instructing Staff in University 507 414 297 375 350
Ratio 7.1 8.7 10.4 9.8 8.5
Total Number of Students in Undergraduate Colleges and Non-professional Graduate Schools 2,917 2,281 2,558 2,618 2,451
Total Instructing Staff in Undergraduate Colleges and Non-professional Graduate Schools 283 190 231 166 218
Ratio 10.3 12 11 15.7 11.2

 

[From the table notes:]

“The grade of associate professor is only given when there is also the distinct grade of assistant professor in the same institution; otherwise the associate professor is classed throughout this discussion as an assistant professor.

Professors who are heads of departments received on an average $5,800 at the University of Chicago.

Figures for Cornell do not include the medical school.

 

Source: Table II in The Financial Status of the Professor in America and in Germany. The Carnegie Foundation for the Advancement of Teaching, Bulletin Number Two. New York City, 1908, pp. 10-11.

Image Source: Website of the Carnegie Foundation.

P.S. A list of all Carnegie Foundation Publications.

Categories
Courses Harvard Syllabus

Harvard. Money. Economics 8. A. Piatt Andrew, 1901-1902

Abram Piatt Andrew 600

Because A. Piatt Andrew is listed for the Fall semester course on money in 1900-1901 and 1902-1903, and the first semester’s required reading is identical for all three academic years (including 1901-02), I have assumed that the more complete listing from 1901-02 (that includes three pages of bibliography) is A. Piatt Andrew’s work. Not only was he to go on to play an important role in Senator Aldrich’s national monetary commission, he was a founder of the American Field Service during the First World War and won election to the U.S. Congress seven times. But for our purposes, his role as critical staffer in the work that would lead to the establishment of the U.S. Federal Reserve System is what makes him most interesting.

The exam questions for the course were transcribed and included in a later post.

__________________________

ANDREW, Abram Piatt, Jr., economist, was born at La Porte, Ind., Feb. 12, 1873, son of Abram Piatt and Helen (Merrill) Andrew, and grandson of Abram Piatt Andrew, a pioneer surveyor and turnpike builder of Hamilton Co., who settled in northern Indiana in 1831. He was educated at the Lawrenceville (N.J.) School, at Princeton University (1893) and Harvard University (1895-97), receiving the degree of Ph.D. from the last in 1900. He also studied at the universities of Halle, Berlin and Paris in 1898-99. In 1900 he became instructor in the department of economics at Harvard University and during 1903-09 was assistant professor of economics and assistant editor of the “Quarterly Journal of Economics.” In 1908 Sen. Aldrich organized the national monetary commission to devise a plan of permanent relief from such financial depressions as overcame the United States in 1907. Mr. Andrew was employed to assist the commission in its researches, and obtaining two years’ leave of absence from his university, he visited London, Berlin, Paris and other financial centers of Europe to study their methods of conducting business and to get information regarding the national and other laws governing banks and stock transactions. Upon his return to this country he had charge of editing the commission’s report, which comprised twenty large volumes and constituted the most comprehensive and valuable publication dealing with the world’s banking and financial interest ever published. His duties at Washington included arranging for the contribution of special articles by men of the highest standing in their particular lines. In August, 1909, Pres. Taft appointed him director of the mint. The statistical presentations made by that office are the most celebrated of their kind in the world. Numerous articles, many of which have since been republished as pamphlets have been contributed by Prof. Andrew to leading publications. Among those which have attracted wide attention was “The Treasury and the Banks under Secretary Shaw,” an arraignment of the latter’s policies, issued at the time of his retirement as secretary of the treasury in 1907. He has published several articles on currency questions as they concern Oriental countries, notably one on the adoption of the gold standard in India. He also wrote “The End of the Mexican Dollar,” “The Influence of the Crops upon Business,” “Hoarding in the Panic of 1907,” and “Substitutes for Cash in the Crisis of 1907,” in which he describes more than 200 substitutes used for money at that time. Prof. Andrew predicted the panic of 1907 in an article published in the New York “Journal of Commerce” on Jan. 1, 1907, and also predicted a rapid recovery in an interview published in the “Boston Daily Advertiser.” Nov. 2, 1907. For several years he was Harvard faculty representative of the “Cèrcle Francais,” and in that capacity entertained most of the distinguished Frenchmen who came to America in that period. In 1906 the French government conferred upon him the title of “Officier d’Académie.” He is unmarried.

Source: The National Cyclopaedia of American Biography, Vol. XIV, Supplement I, New York: James T. White & Company, 1910, pp.430-431.

__________________________

From the Course Catalogue, 1901-1902

[Economics] 8. Money, Banking and International Payments. Tu., Th., Sat., at 11. Drs. Andrew and Sprague, and Mr. Meyer.

Source: Harvard University. Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1901-02 (2nd edition), June 25, 1901.

__________________________

Course Enrollment

For Undergraduates and Graduates:—

[Economics] 8. Drs. Andrew and Sprague, and Mr. Meyer. — Money. Banking and International Payments.

Total 78: 5 Graduates, 35 Seniors, 30 Juniors, 4 Sophomores, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 78.

__________________________

Course Description

  1. Money, Banking, and International Payments.
    Tu., Th., Sat., at 11. Drs. Andrew and Sprague, and Mr. Meyer.

The first part of the year will be devoted to a general survey of currency legislation, experience, and theory. The course will begin with a history of the precious metals, which will be connected, in so far as possible, with the history of prices, and with the historical development of theories as to the causes underlying the value of money. The course of monetary legislation in the principal countries will be followed, with especial attention to its relation to the bimetallic controversy; but the experiences of various countries with paper money will also be reviewed, and the influence of such issues upon wages, prices, and trade examined. Some attention, moreover, will be given in this connection to the non-monetary means of payment and to the large questions of monetary theory arising from their use.

The second part of the course will begin with an historical account of the development of banking. Existing legislation and practice in various countries will be analyzed and compared. The course of the money markets of New York, London, Paris, and Berlin will be followed during a series of months, and the various factors, such as stock exchange operations and foreign exchange payments, which bring about fluctuations in the demand for loans and the rate of discount upon them, will be considered. The relations of banks to commercial crises will also be analyzed, the crises of 1857 and 1893 being taken for detailed study.

The course will conclude with a discussion of the movement 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, 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 used for the illustration of the general principles regulating exchanges and the distribution of money between nations.

Course 8 is open to students who have passed satisfactorily in Course 1. With the consent of the instructors, it may be taken by Seniors and Graduates as a half-course in either half-year.

Source: Harvard University Archives. Official Register of Harvard University 1901-1902, Box 1. Bound volume: Univ. Pub. N.S. 16. History, etc. Faculty of Arts and Sciences, Division of History and Political Science comprising the Departments of History and Government and Economics (June 21, 1901), pp. 42-43.

__________________________

ECONOMICS 8
FIRST HALF-YEAR
[1901-02, Dr. A. Piatt Andrew]

BOOKS TO BE PROCURED

Francis A. Walker: International Bimetallism.

J. Laurence Laughlin: History of Bimetallism in the United States.

Leon[ard] Darwin: Bimetallism.

REQUIRED READING

October

Walker: 1-84.

Macaulay: History of England, ch. XXI. (Passages concerning the currency and its reform.) [vol. 4].

Macleod: Theory of Credit, 738-760, 551-573 [(2nd ed.) Vol I; Vol II—Part I; Vol II—Part II]; or Theory of Banking, I, 516-539, II, 1-95: or Sumner, American Currency, 231-310.

The Bullion Report in Sumner, History of American Currency, Appendix: or in Sound Currency pamphlet, Vol. II, No. 14.

Laughlin: 109-206.

Walker: 85-110, 118-183.

November

Laughlin: 1-105, 209-280.

Walker: 110-117, 183-9, 217-224.

Darwin: 1-154.

December

Taussig: Recent Investigations on Prices in the United States, in the Yale Review for November, 1893.

Walker: 190-288.

Darwin: 157-280.

Taussig: The International Silver Situation in the Quarterly Journal of Economics for October 1896.

January

(To be assigned later.)

The most complete bibliography of monetary questions is Ad. Soetbeer’s Litteraturnachweis über Geld und Münzwesen, Berlin , 1892. This work is chronologically arranged, covers the period from the year 1500 to 1892, and includes books in all languages. A short annotated list of the more important writings on money will be found in the [Palgrave’s] Dictionary of Political Economy. London, 1896. Vol. II, pp. 795-6. [Vol. I (A-E);  Vol. II (F-M);  Vol. III (N-Z)]For a record of more recent and currently appearing works upon the same subject consult Division VIII of the classified bibliography in the Quarterly Journal of Economics. The titles in this list are briefly annotated and refer to articles in periodicals as well as to books.

The following list includes, with a few exceptions, only books of contemporary issue, and only such as will be reserved in the library, and members of the course are recommended to familiarize themselves with as many of them as possible.

Bimetallic League Publications. Manchester, 1888-1900.

[The Proceedings of the Bimetallic Conference held at Manchester, 4th and 5th April, 1888. The Bimetallic League, 1888.
The bimetallic question: deputation to the Prime Minister and to the Chancellor of the Exchequer, May 30th, 1889
Bimetallism, speech by Henry Chaplin, M.P., in the House of Commons, June 4th, 1889  ]

Bourguin (M.). La Mesure de la Valeur et la Monnaie. Paris, 1896. pp. 276.

Cairnes (J.E.). Essays in Political Economy. London, 1873. pp. 371.

Carlile (W.W.). The Evolution of Modern Money. London, 1901. pp. 373.

Chalmers (R.). A history of currency in the British Colonies. London, 1893. pp. 496.

Chevalier (M.). La Monnaie. Paris, 1866 (2d ed.). pp. 779.

Darwin (L.B.) Bimetallism. London, 1898. pp. 341.

Davis (A. McF.). Currency and Banking in the province of Massachusetts Bay. Part I, Currency. [Part II, Banking] New York, 1901. pp. 473.

Farrer (Lord). Studies in Currency. London, 1898. pp. 405.

Fisher (I.). Appreciation and Interest. New York, 1896. pp. 98.

Giffen (R.). The Case against Bimetallism. London, 1896. pp. 254.

Giffen (R.). Essays in Finance. London, 1880. pp. 347.

Giffen (R.). Essays in Finance. Second Series. London, 1887. pp. 474.

Report of the Monetary Commission of the Indianapolis Convention. Chicago, 1898. pp. 608.

Ruding (R.). Annals of the Coinage of Great Britain. 4 vols. London (3d ed.) 1840. [Vol. I; Vol. II; Vol. III; Vol. IV].

Russell (H.B.). International monetary conferences. New York, 1898. pp. 477.

Senior (N. W.). The Cost of Obtaining Money. London, 1830. pp. 103.

Senior (N.W.). The Value of Money. London, 1840. pp. 84.

Shaw (W.A.). A History of Currency, 1252-1894. London, 1895. pp. 437.

Shaw (W.A.). Writers on English Monetary History, 1626-1730. London, 1896. pp. 244.

Soetbeer (A.). Materials for the illustration and criticism of the currency question. Berlin, 1886.

Sound Currency pamphlets. New York, 1894 to 1901.

Sumner (W. G.). History of American Currency. New York, 1874. pp. 391.

Taussig (F.W.). The Silver Situation in the United States. New York (3d. ed.) 1896. pp. 157.

Walker (F.A.). International Bimetallism. New York, 1896. pp. 297.

Walker (F.A.). Money. New York, 1878, pp. 550.

Walker (F.A.). Money in its relation to Trade and Industry. New York, 1880. pp. 339.

White (H.). Money and Banking. Boston, 1896. pp. 488. [2nd edition, 1902]

Wicksell (K.). Geldzins und Güterpreise. Jena, 1898. pp. 189. [Kahn Translation]

Willis (H.P.). A History of the Latin Monetary Union. Chicago, 1901. pp. 332.

Wolowski (M.). L’or et l’argent. Paris, 1870. pp. 440 + 125.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, HUC 8522.2.1, Box 1, Folder “1901-1902”.

Image source: http://www.federalreservehistory.org/People/DetailView/253

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Courses Exam Questions Harvard Syllabus

Harvard. Intro to Mathematical Economics. Schumpeter, Leontief 1935-42

Graduate classes in Mathematical Economics (Econ 13b in 1934-35, Econ 104b in later years) were taught every second year by Edwin Biddle Wilson (1934-35, 1936-37, 1938-39, 1940-41, 1942-43). An introduction for undergraduates and graduates was offered by Joseph Schumpeter in 1934-35 (Econ 8a), but the course was taken over and offered for nearly a decade by Wassily Leontief (new course number beginning 1936-37, Econ 4a). In this posting you will find different scraps from the Schumpeter/Leontief course over the years.

 

____________________________

[Schumpeter’s exam questions (1934-35)]

[Note these exam questions are in the Ec11 Folder. Instructor: Schumpeter according to course catalogue]
[Introduction to the Mathematical Treatment of Economic Theory, 1934/35 academic year]

 

Ec 8a
Midyear Exam Febr 4th 1935

Answer at least three of the following questions:

  1. Define elasticity of demand, and deduce that demand function, which corresponds to a constant coefficient of elasticity.
  2. Let D be quantity demanded, p price, and D = a – bp the demand function. Assume there are no costs of production. Then the price p0 which will maximize monopoly-revenue is equal to one half of that price p1, at which D would vanish. Prove.
  3. A product P is being produced by two factors of production L and C. The production-function is P = bLkC1-k , b and k being constants. Calculate the marginal degrees of productivity of L and C, and show that remuneration of factors according to the marginal productivity principle will in this case just exhaust the product.
  4. In perfect competition equilibrium price is equal to marginal costs. Prove this proposition and work it out for the special case of the total cost function
    y = a + bx, y being total cost, x quantity produced, and a and b
  5. If y be the satisfaction which a person derives from an income x, and if we assume (following Bernoulli) that the increase of satisfaction which he derives from an addition of one per cent to his income, is the same whatever the amount of the income, we have dy/dx = constant/x.
    Find y. Should an income tax be proportional to income, or progressive or regressive, if Bernoulli’s hypothesis is assumed to be correct, and if the tax is to inflict equal sacrifice on everyone?

[Following derivation added in pencil]
{{p}_{1}}=\frac{a}{b}

\frac{dp}{dD}=-\frac{1}{b}

\frac{d\,\,Dp}{dp}=D+p\frac{dD}{dp}=

=a-bp-bp=a-2bp

\therefore p=\frac{a}{2b}

Source: Harvard University Archives. Joseph Schumpeter Lecture Notes HUC(FP)–4.62, Box 9, Folder: “Ec 11 Fall 1935”.

 

Transcription of Schumpeter’s official typed version of the Economic 8a, 1934-35.

____________________________

[1935-36]

*Economics 8a 2hf. Introduction to the Mathematical Treatment of Economics
Half-course (second half-year). Mon. 4 to 6. Assistant Professor Leontief. [Course may be taken by either undergraduates or graduates for credit.]

Economics A [Principles of Economics] and Mathematics A, or their equivalents, are prerequisites for this course.

 

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences for the Academic Year 1935-36 (2nd edition), p. 138.

____________________________

[Excerpt from undated lecture notes, in Folder “Introduction mathematical economics 1937”]

Intr. to Math. Ec.

Introduction

Math. Ec. Economics & Mathematics

I. The subject of m.e. and Economic Theory is the same.

MathEconVennDiagram

  1. Parts of Economics – non-quantitative in character.
  2. Parts of Economics—quantitative but can be handled without math symbols. (marg. cost [unclear word].
  3. Quantitative—of such complexity that it hardly can be handled without math. symbols (f. ex. general equilibrium distribution etc.)

Fundamental difference only in the method of handling.

Non-math economists “are mathematicians without knowing it”

 

II. Two application of math. in economics.

a) theory b) statistics

Difference in application of math to economic theory and f.ex. to physics: More general type of argument Instead of definite interrelation we have knowledge only of some characteristics.

Math economics is not imitation of physics.

 

III. Fundamental problem of math. ec.:

Translation of economic problems into mathematical terms and back. Math. economist must know economics and mathematics.

In math. econ. To formulate a problem means to solve it.

IV. The aim of this course is to

  1. teach you to apply math. to the analysis of theor. ec. problem.

Mostly we will dwell in “region 2” although some time we will advance into the “region 3”.

Main subjects.

Theory of value.

Theory of production.

  1. Procedure:

a) lecture on fundamental problem

b) Discussion of special applications

c) Solution of problems out of class.

3. Knowledge of math:

a) elementary algebra

b) elementary calculus

c) partial derivatives

Knowledge of ec.

Ec A [Principles of Economics].

4. Graphic analysis vs. calculus.

Graphic analysis is a summary which helps us to talk of.

 

V.  Literature

  1. Antoine A. Cournot (1801-1877).
    “Researches into the mathematical principles of the theory of wealth” (1838)

Léon Walras (1834-1910).
“Elements of pure political economy” (1874-1877)

Vilfredo Pareto (1848-1923)
“Cours d’Economie Politique” (1896)
“Manuale d’economiea politica” (1906)

  1. Irving Fisher
    “Mathematical Investigations in the Theory of value and prices” (1892)
    F. Y. Edgeworth (1845-1926)
    Alfred Marshall (1842-1924)  “Appendix to the Principles”

Italian School
“Econometrica”
“Review of Economic Studies”
etc.

  1. No good textbook

A. L. Bowley
“The Mathematical Groundwork of Economics”, 1924.

Evans
“Introduction into mathematical economics”.

Source: Harvard University Archives. Wassily Leontief Papers. HUG 4517.30, Box 5, Folder “Introduction to Mathematical Economics (notes)”.

____________________________

[Reading Period assignment: 1936, Leontief ]

Economics 8a: Evans, G. C., Mathematical Introduction to Economics, Chs. I and II.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folder “1935-1936”.

____________________________

[Course Final Exam 1936, Leontief]

[carbon copy]

1935-36

HARVARD UNIVERSITY
ECONOMICS 8a2

 

Answer THE FIRST and at least THREE of the subsequent questions:

  1. Discuss the relation between the cost function and the production function of a single enterprise.
  2. Prove that in the point where the average unit costs are the smallest, they are equal to the marginal costs.
  3. Given a total revenue curve, R = Aq –Bq2, and a total cost curve, C= K + Lq, find the monopoly output, the monopoly price and the net revenue of monopolist. (A, B, K, and L are constants.)
  4. Discuss Cournot’s analysis of competition between two monopolies (duopoly).
  5. Given the production function Z = x½ y½ find out whether the two factors x and y are complementary or competing.
  6. Derive the relation between factor prices and marginal productivities under conditions of free competition (fixed prices).

Final   1936

 

Source: Harvard University Archives. Wassily Leontief Papers. Box 5, Folder “(notes Introduction to Mathematical Economics”

____________________________

[Reading Period assignment: 1937, Leontief ]

 Economics 4a:

A. Cournot, Researches into Mathematical Economics.

Ch. IV, pp. 44-55;
Ch. V, pp. 56-61.
Ch. IX, pp. 99-107.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folder “1936-1937”.

____________________________

[Reading Period assignment: 1938, 1939, 1940, Leontief]

Economics 4a: Read the following

  1. Cournot, Researches into Mathematical Economics. Chs. IV, V, VII, VIII, IX.
  2. Evans, Mathematical Introduction to Economics, Ch. II.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folders “1937-1938”, “1938-39”, “1939-40”.

____________________________

[Course Outline, Leontief]

Economics 4a
1939-40
Introduction to the Mathematical Treatment of Economic Theory

 

Introductory remarks. The profit function and the profit tax. The cost function; total, fixed, variable, marginal and average costs. Minimum average total and minimum average variable costs. General properties and the cost function. Aggregate cost function of a multiple plant enterprise.

The revenue function, the demand function and the price. Marginal revenue and elasticity concept. Principle of dimensional transformation. Conditions for the existence of an individual supply function.

Introduction into the theory of the markets. Necessary and sufficient conditions for the existence of market supply and market supply functions. Competition and monopoly. Theory of discrimination.

Introduction into the study of the production function. Marginal productivity, increasing and diminishing returns. Complementary and competing factors. Principle of minimum costs. Cost function and production function.

Introduction into the theory of consumers behavior: Concept of the indifference varieties.

Introduction into the analysis of dynamic economies. The cobweb problem and basic equilibrium concepts.

Introduction into the theory of general interdependence. Data and variables, basic equations and unknowns.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folder “1939-1940”.

____________________________

[Course Outline, Leontief]

Economics 4a
1941-42 [also for 1942-43]

 

  1. Introductory remarks.
    The profit function.
    Maximizing profits.
  2. The cost functions: Total costs, fixed costs, variable costs, average costs, marginal costs, increasing and decreasing marginal costs.
    Minimizing average total and average variable costs.
  3. The revenue function.
    Price and marginal revenue.
    Demand function
    Elasticity and flexibility.
  4. Maximizing the net revenue (profits).
    Monopolistic maximum.
    Competitive maximum.
    Supply function.
  5. Joint costs and accounting methods of cost imputation.
    Multiple plants.
    Price discrimination.
  6. Production function.
    Marginal productivity.
    Increasing and decreasing productivity.
    Homogeneous and non-homogeneous production functions.
  7. Maximizing net revenue, second method.
    Minimizing costs for a fixed output.
    Marginal costs and marginal productivity.
  8. Introduction into the theory of consumers’ behavior.
    Indifference curves and the utility function.
  9. Introduction to the theory of the market.
    Concept of market equilibrium.
    Duopoly, bilateral monopoly.
    Pure competition.
  10. Cobweb problem.
  11. Introduction into the theory of general equilibrium.

 

Reading: R. G. D. Allen, Mathematical Analysis for Economists.

Evans, Introduction into Mathematical Economics.

Antoine Cournot, Researches into the Mathematical Principles of the Theory of Wealth.

Weekly problems.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 3, Folders “1941-1942”. “1942-1943 (1 of 2)”.

____________________________

[Reading Period assignment: 1942, Leontief]

 

Evans, Introduction into Mathematical Economics. Ch’s I, II, III

Antoine Cournot, Researches into the Mathematical Principles of the Theory of Wealth. pp. 44-55, 56-66, 99-107.

Econ. 4.[a]

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 3, Folder “1941-1942”.

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Chicago Columbia Cornell Harvard Wisconsin

Chicago Economics’ Subjective Self-Ranking in 1913

The Dean of the University of Chicago’s College of Commerce and Administration, L. C. Marshall, submitted a proposal October 30, 1913 to President Harry Pratt Judson of the University of Chicago that outlined immediate steps for a transition from temporary arrangements for the College of Commerce and Administration to a permanent policy to go into effect 1914-15. Part of Marshall’s proposal addressed the issue of “the preparation of a student constituency” which besides outreach to entering freshmen and advanced undergraduates included the item “attracting graduate students”. The appendix transcribed for this posting presents a subjective ranking of the factors involved in drawing economics graduate students to the University of Chicago.

The overall ranking was determined by adding the ranks for seven factors with two of those factors given a double-weight.

According to L. C. Marshall, the scholarly reputation of Chicago in economics in 1913 put it in fifth place behind Columbia, Harvard, Cornell and Wisconsin.

_____________________________

Appendix I

AN ESTIMATE OF THE RANKING OF SIX INSTITUTIONS IN ABILITY TO DRAW GRADUATE STUDENTS IN ECONOMICS

Notes:

  1. This is an attempt to estimate how the institutions are regarded by prospective graduate students and not an attempt to estimate real merit.
  2. The estimate is based on the ranking according to the seven main items which are likely to draw students: I. Geographical location; II. Reputation for discipline given; III. General reputation of social science departments; IV. Scholarly reputation of economics department; V. Reputation for placing men; VI. Opportunities for self-support; and VII. Influence of Teachers out.
  3. Two items are weighted, viz; VI. Opportunities for self-support, and VII. Influence of teachers out.

I.

II.

Geographical Location

Reputation for Discipline given
1  Chicago
2  Columbia
3  Harvard
4  Wisconsin
5  Cornell
6  Illinois		 1  Harvard
2  Chicago
3  Columbia
4  Wisconsin
5  Cornell
6  Illinois

III.

IV.

General Reputation of Social Science Departments

Scholarly Reputation of Economics Department
1  Columbia
2  Harvard
3  Wisconsin
4  Chicago
5  Cornell
6  Illinois		 1  Columbia
2  Harvard
3  Cornell
4  Wisconsin
5  Chicago
6  Illinois

V.

VI.

Reputation for Placing Men

Opportunities for Self-support
(weighted by 2)
1  Columbia
2  Harvard
3  Wisconsin
4  Chicago
5  Cornell
6  Illinois		 1  Harvard
2  Wisconsin
3  Columbia
4  Illinois
5  Chicago
6  Cornell

VII.

VIII.

Influence of Teachers out
(weighted by 2)

Final Ranking and Points
1  Harvard
2  Columbia
3  Wisconsin
4  Cornell
5  Chicago
6  Illinois		 1  Harvard              14
2  Columbia           18
3  Wisconsin          28
4  Chicago              36
5  Cornell               43
6  Illinois                50

Comments:

No. I is eminently satisfactory

No. II will see Chicago at the head of the list when III, IV, and VII have been remedied

No. III and IV require (a) on the administrative side, carrying through the plans of the College of Commerce and Administration; (b) the earning of scholarly reputation by the members of the department

No. V will care for itself. Chicago will be at the top of this list in five years if we remedy III, IV, VI, and VII.

No. VI is a very serious matter, and requires consideration too detailed to be attempted here

No. VII will not be overcome for ten years.

 

Source: University of Chicago Archives. Department of Economics Records, Box 14, Folder 13

Image Source:  Picture of Dean Leon C. Marshall from University of Chicago Photographic Archive, apf1-04113, Special Collections Research Center, University of Chicago Library.