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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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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]

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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.

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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.

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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.

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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.

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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”.

Categories
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.

Categories
Courses Exam Questions Harvard

Harvard. Advanced Economic Theory, Schumpeter, 1941-42

Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the list of “artifacts” from the history of economics I have already assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below.  There is also an opportunity to comment below….

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According to the Presidential Report of Harvard University, in 1941-42 nine graduate students were enrolled in Joseph Schumpeter’s full-year course, Economics 103, Advanced Economic Theory. Reading lists and exam questions are provided here for both semesters.

 ________________________________

[Course Announcements 1941-42]

For Undergraduates and Graduates

The Courses for Undergraduates and Graduates, unless otherwise stated, are open only to students who have passed in Course A [Principles of Economics]

[…]

*Economics 1. Economic Theory

Mon., Wed., and (at the pleasure of the instructors) Fri., at 11. Professor Chamberlin, Dr. O. H. Taylor, and Associate Professor Leontief.

This course will be conducted mainly by discussion. It is open only to candidates for the degree with honors.

[…]

*Economics 103. Advanced Economic Theory

Tu., Th., and (at the pleasure of the instructor) Sat., at 10. Professor Schumpeter.

Economics 1, or an equivalent training, is a prerequisite for this course. It may be taken as a half-course in either half-year.

Source: Official Register of Harvard University, Vol. 38, No. 11 (March 19, 1941). Provisional Announcement of the the Courses of Instruction offered by the Faculty of Arts and Sciences during 1941-42, pp. 56-59.

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ECONOMICS 103
Program of Course and Reading List
1941-42

This course is to serve the two purposes, first, of a critical survey of “traditional” (Marshall-Wicksell) theory as improved by later work on the same lines; second, of an introduction into modern “dynamics” and into the problems arising out of the necessity of fitting theory to time-series material. The first purpose will be dominating in the work of the first, the second in the work of the second semester.

First Semester

 

I. Preliminaries. The nature of economic variables and equilibria. Various meanings of Stability. Structural and confluent relations. Statics and Dynamics vs. stationary and evolutionary states. Comparative Statics. One to two weeks.

No reading assignments.

II. Monetary and “real” processes. Aggregative Models. One to two weeks.

Keynes, General Theory.

Lange, “The rate of interest and the optimum propensity to consume,” Economica, February 1938.

III. The (traditional) theory of the individual household and the individual firm.

Rest of semester.

The background of this theory is Marshallian. Marshall’s Principles and Wicksell’s Lectures, Vol. I, should be thoroughly familiar to, and frequently referred to, by every student. No specific references will hence be made to them in what follows. In addition, general reference is here made to:

J. R. Hicks, Value and Capital.
E. H. Chamberlin, The Theory of Monopolistic Competition.

A. Walras’ static equilibrium relations. One week.

No additional reading (but refer to Wicksell and Hicks).

B. Statics of the family budget. Indifference maps. Engels curves. Two weeks.

Hicks, first part.
Frisch, New Methods of Measuring Marginal Utility (1932).
Suggestion: Allen and Bowley, Family Expenditure, 1935.

C. Statics of the individual firm. Production functions and isoquants. Cost calculation. Depreciation. The Marshallian supply curves. Two weeks.

Kaldor, “The Equilibrium of the Firm,” Economic Journal, 1934.
Machlup, “The Common Sense of the Elasticity of Substitution,” Review of Economic Studies, 1935.
Sraffa, “The Laws of Return under Competitive Conditions,” Economic Journal, 1926.
Robinson, “Imperfect Competition and Falling Supply Price,” Economic Journal, 1932.
Robinson, “What Is Perfect Competition?,” Quarterly Journal of Economics, 1934.
Viner, “Cost and Supply Curves,” Zeitschrift für Nationalökonomie, 1931.
Kahn, “Some Notes on Ideal Output,” Economic Journal, 1935.

D. Problems of monopolistic and oligopolistic price policy. Oligopoly and bilateral monopoly. Discrimination. Two weeks.

Hicks, “The Theory of Monopoly,” Econometrica, 1935.
Lerner, “The Concept and Measurement of Monopoly Power,” Review of Economic Studies, 1934.
Robinson, Economics of Imperfect Competition, Books II, IV, V.
Leontief, “The Theory of Limited and Unlimited Discrimination,” Quarterly Journal of Economics, 1934.

E. Locational Problems. One week.

Hotelling, “Stability in Competition,” Economic Journal, 1929.
Hoover, Location Theory and the Shoe and Leather Industries, Harvard Economic Studies, No. LV.

Reading Period Suggestion:

A. C. Pigou, Employment and Equilibrium, 1941.

Source: Harvard University Archives. HUG(FP)—4.62. Joseph Schumpeter Papers, Box 12, Folder: “Ec 103, Fall 1942”

________________________________

1941-42
Harvard University
Economics 103

Three questions may be omitted. Arrange your answers in the order of the questions.

  1. Define the nature of economic equilibria. Give examples of the various types of them. Distinguish between equilibrium, determinateness, and stability.
  2. Explain the difference between Dynamics and Comparative Statics. In what respects do you consider the first approach to be superior to the second?
  3. Keynes’ General Theory, as thrown into a system of equations by Oscar Lange, purports to give a model of the economic process. So does the system of equations written by Walras. What are the principal differences between the two and what do you think of their relative merits a) in general, b) with respect to particular set of problems?
  4. We have replaced the old concept of marginal utility by the concept of marginal rate of substitution. What were the reasons for this and what have we gained thereby?
  5. Define the surface of consumption and discuss the three curves which are traced out by the sections of that surface by planes perpendicular to the three axes.
  6. What is meant by elasticity of substitution? And what are the principal uses for this concept?
  7. Explain the nature of a linear production function that is homogeneous of the first degree and state the reasons why many economists are so partial to it. Should we, or should we not, make that particular assumption about the form of our production functions?
  8. In what sense is it time to say that, in framing a rational price policy, firms should take no account of overhead but only of marginal cost?

Mid-Year, 1942.

Source: Harvard University Archives, HUG(FP)-4.62. Joseph Schumpeter Papers, Box 4, Folder “Ec 103, Sp & Fall 41-42”.

________________________________

Economics 103
Program of Course and Reading List
1941-42
Second Semester

I

The work of this semester is, first, to complete the critical survey of “traditional” (Marshall-Wicksell) theory begun in the first semester; and to deal with modern “dynamics” and some of the problems arising out of the fact that economic theory is under the necessity of using time-series material. The general background will be supplied, as it has been in the first semester, by the following treatises to which no further reference will be made in this Reading List:

Alfred Marshall, Principles.
Knut Wicksell, Lectures, Vol. I.
Edward H. Chamberlin, Theory of Monopolistic Competition.
J. R. Hicks, Value and Capital.
J. M. Keynes, General Theory of Employment, Interest and Money.

II

Not assigned, nor necessary in order to fulfill course requirements, but suggested are the following works (this suggestion also covering the usual Reading Period assignments):

A. C. Pigou, Employment and Equilibrium, 1941.
Erik Lundberg, Studies in the Theory of Economic expansion, Stockholm Economic Studies, 1936).
J. Tinbergen, Statistic Testing of Business-Cycle Theories, II, Business Cycles in the United States of America: 1919-1932, League of Nations, Geneva, 1939. (This work, which may seem to be far removed from the field of pure theory, nevertheless constitutes a most important contributions to it.)

III

(1) Distinction between Dynamics and the Theory of Economic Development. Disturbances, Transitional States, and the Long-Run Normal. Economic Hysteresis and Walras Reaction. Microdynamic and Macrodynamic Models.

No reading assignments.

(2) Lagged Reaction. The Hog-Cycle Case. (Cobweb). Buyers reacting to current price, sellers reacting to a previous price. The case of durable goods; the shipbuilding cycle.

(Tinbergen: Ein Schiffbauzyklus? Weltwirtschaftliches Archiv, July, 1931, not assigned.)

(3) Other “dynamising” factors: reaction to current rate of change of price; reaction to weighted average of past prices. Friction. The Theory of Expectations.

N. Kaldor, “Speculation and Economic Stability,” Review of Economic Studies, October, 1939.
L. M. Lachmann, “Uncertainty and Liquidity Preference, “ Economica, August, 1937.
F. A. von Hayek, “Economics and Knowledge,” Economica, February, 1937.
F. Lavington, “An Approach to the Theory of Business Risks,” Economic Journal, June, 1925.

(4) Statistical Demand and Cost Curves.

Henry Schultz, Statistical Laws of Demand and Supply, 1928. (This will stand instead of the much more significant, but also much more difficult work of the same author: Theory and Measurement of Demand, 1940.
Joel Dean, The Relations of Cost to Output (National Bureau of Economic Research, Technical Paper No. 2, 19).

(5) Problems of Price Policy.

(See First-Semester Reading List, III/D.)

(6) Some Aspects of the Theory of Capital and interest.

G. Mackenroth, “Period of Production, Durability and the Rate of Interest,” Journal of Political Economy, December, 1930.
F. H. Knight, “Capital, Time, and the Interest Rate,” Economica, August, 1934.
F. Machlup, “Professor Knight and the Period of Production,” Journal of Political Economy, October, 1935.
John B. Canning, The Economics of Accountancy, 1929. (Chapter on Depreciation.)
Irving Fisher, The Theory of Interest, 1916.

(7) Some Macrodynamic Models

F. R. Harrod, “An Essay in Dynamic Theory,” Economic Journal, March, 1939.
N. Kaldor, “A Model of the Trade Cycle,” Economic Journal, March 1940.
M. Kalecki, “A Theory of the Business Cycle,” Review of Economic Studies, February, 1937. (Reprinted in Essays on the Theory of Economic Fluctuations.)
(R. Frisch, “Impulses and Propagation Waves,” Essays in Honor of Gustaf Cassel; technically difficult.)

Source: Harvard University Archives. HUG(FP)—4.62. Joseph Schumpeter Papers, Box 12, Folder: “Ec 103, Fall 1942”

________________________________

1941-42
Harvard University
Economics 103

Three questions may be omitted. Arrange your answers in the order of the questions.

  1. Consider the micro-dynamic model which is usually referred to as the “cobweb” pattern. Explain the commonsense of the underlying theory. Discuss its value in interpreting reality.
  2. A dynamic model may yield damped, stationary or anti-damped (explosive) solutions. Should we exclude the anti-damped ones on the ground that they are unrealistic because as a matter of fact economic patterns do not explode?
  3. In what sense can it be said that increasing returns are incompatible with perfect (pure) competition?
  4. Assume that the only purpose of the Practice of Depreciation is to allocate the costs of durable instruments of production among the periods of account (“years”) covered by the service life of those instruments. Given that purpose, what is the correct principle of figuring out the amount of depreciation?
  5. State the classical (Marshallian) theory of the influence of commodity speculation (trade in futures) on the time-shape of values (fluctuations in prices and in quantities sold). How does modern theory differ from that picture? What is your own opinion about the influence of speculation?
  6. Let a statistical demand curve be derived by plotting the prices of a commodity, divided by a wholesale price index, against the corresponding amounts of its per capita consumption. What do you think of such a procedure and how would you judge such a demand curve?
  7. If a firm owns several plants, how will it distribute a given amount of output among them?
  8. Show that, in the absence of further information, price is indeterminate in the case of Bilateral Monopoly.

Final, 1942.

Source: Harvard University Archives, HUG(FP)-4.62. Joseph Schumpeter Papers, Box 4, Folder “Ec 103, sp & Fall 41-42”.

Categories
Bibliography Chicago Harvard

Laughlin’s List: Recommended Teacher’s Library of Economics, 1887.

 

 

While still an assistant professor of political economy at Harvard, J. Laurence Laughlin (who went on to become professor and first head of  the Chicago department of political economy) included the following bibliography of works that together would constitute “A Teacher’s Library”. I provide here links to almost every item on the Laughlin List. When I could not find the exact edition that Laughlin referenced, I have taken the liberty of substituting the closest edition I was able to find quickly.

_________________________________

A TEACHER’S LIBRARY,
SELECTED FROM ENGLISH, FRENCH, AND GERMAN AUTHORS.

[By J. Laurence Laughlin, 1887]

General Treatises.

John Stuart Mill’s “Principles of Political Economy.” Abridged, with critical, bibliographical, and explanatory notes, and a sketch of the History of Political Economy, by J. Laurence Laughlin. A textbook for colleges (1884).

Professor Fawcett’s “Manual of Political Economy” (London, sixth edition, 1883) is a brief statement of Mill’s book, with additional matter on the precious metals, slavery, trades-unions, co-operation, local taxation, etc.

Antoine-Élise Cherbuliez’s “Précis de la science économique” (Paris, 1862, [Vol. 1, Vol. 2]) follows the same arrangement as Mill, and is considered the best treatise on economic science in the French language. He is methodical, profound, and clear, and separates pure from applied political economy.

Other excellent books in French are: Courcelle-Seneuil’s “Traité théorique et pratique d’économie politique” (1858), (Paris, second edition, 1867, [Vol. 1, Vol. 2), and a compendium by Henri Baudrillart, “Manuel d’économie politique” (third edition, 1872).

Roscher’s “Principles of Political Economy” [Die Grundlagen der Nationalökonomie (1854 edition); (1897, 22nd edition)] is a good example of the German historical method: its notes are crowded with facts; but the English translation ([Vol. 1, Vol. 2] New York, 1878) is badly done. There is an excellent translation [Vol. 1, Vol. 2] of it into French by Wolowski.

A desirable elementary work, “The Economics of Industry” (London, 1879; second edition, 1881), was prepared by Mr. and Mrs. Marshall.

Professor Jevons wrote a “Primer of Political Economy” (1878), which is a simple, bird’s-eye view of the subject in a very narrow compass.

 

Important General Works.

Adam Smith’s “Wealth of Nations” (1776). The edition of McCulloch is, perhaps, more serviceable than that of J. E. T. Rogers [Vol. 1, Vol. 2].

Ricardo’s “Principles of Political Economy and Taxation” (1817).

J. S. Mill’s” Principles of Political Economy” (2 vols., 1848, sixth edition, 1865, [7th edition. W. J. Ashley, ed. (1909)]).

Schönberg’s “Handbuch der politischen Oekonomie” (1882) [3rd edition (1890)]. This is a large co-operative treatise by twenty-one writers from the historical school.

Cairnes’s “Leading Principles of Political Economy” (1874); “Logical Method ” (1875), lectures first delivered in Dublin in 1857.

Carey’s ” Social Science ” (1877), in three volumes [Vol. 1, Vol. 2, Vol. 3]. This has been abridged in one volume by Kate McLean.

F. A. Walker’s “Political Economy” (1883). This author differs from other economists, chiefly on wages and questions of distribution.

 

Treatises on Special Subjects.

W. T. Thornton’s “On Labor” (1869).

H. George’s “Progress and Poverty” (1879). In connection with this, read F. A. Walker’s “Land and Rent” (1883).

J. Caird’s “Landed Interest” (fourth edition, 1880), treating of English land and the food-supply.

MacLeod’s “Theory and Practice of Banking” (third edition, 1875-1876) [Vol. 1 (4ed, 1883), Vol. 2 (4ed, 1886)]

Goschen’s “Theory of Foreign Exchanges ” (eighth edition, 1875) [10ed, 1879].

A. T. Hadley’s “Railroad Transportation” (1885).

F. W. Taussig’s “History of the Present Tariff” (1886).

W. G. Sumner’s “History of Protection in the United States.” (1883)

Giles B. Stebbins’s “[The American] Protectionist’s Manual.” (1883).

Erastus B. Bigelow’s “The Tariff Question.” [1862]

W. G. Sumner’s “History of American Currency” (1874).

John Jay Knox’s “United States Notes” ([2ed] 1884).

Jevons’s “Money and the Mechanism of Exchange” (1875).

J. L. Laughlin’s “History of Bimetallism in the United States” (1885). [2ed (1888),  4ed (1898)]

Tooke and Newmarch’s “History of Prices” (1837-1856), in six volumes.
[Vol. 1, 1838; Vol. 2, 1838; Vol. 3, 1840; Vol. 4, 1848; Vol. 5, 1857; Vol. 6, 1857]

M. Block’s “Traité théorique et pratique de statistique” (1878). [2e, 1886]

Leroy-Beaulieu’s “Traité de la science des finances” (1883) [5ed (1891/2), Vol. 1, Vol. 2]. This is an extended work, in two volumes, on taxation and finance; “Essai sur la répartition des richesses ” (second edition, 1883).

F. A. Walker’s “The Wages Question ” (1876); “Money” (1878).

M. Louis Reybaud’s “Études sur les réformateurs, ou socialistes modernes ” (seventh edition, 1864). [Vol. 1; Vol. 2]

Rae’s “Contemporary Socialism” (1884) gives a compendious statement of the tenets of modern socialists. See, also, R. T. Ely’s “French and German Socialism” (1883).

D. A. Wells’s “Our Merchant Marine.” [1890]

Dictionaries.

McCulloch’s “Commercial Dictionary ” (new and enlarged edition, 1882).
[Published 1880 by Longmans in London, edited by Hugh G. Reid.]

Lalor’s “Cyclopaedia of Political Science” (1881-1884) is devoted to articles on political science, political economy, and American history. [Vol. 1 (Abdication—Duty), 1883; Vol. 2 (East India Company—Nullification), 1883; Vol. 3 (Oath—Zollverein), 1890]

Coquelin and Guillaumin’s “Dictionnaire de l’économie politique ” (1851-1853, third edition, 1864), in two large volumes. [Vol. 1 (1864); Vol. 2 (1864)]

 

Reports and Statistics.

The “Compendiums of the Census” for 1840, 1850, 1860, and 1870, are desirable. The volumes of the tenth census (1880) are of great value for all questions; as is also F. A. Walker’s “Statistical Atlas ” (1874); and Scribner’s ” Statistical Atlas of the United States,” based on the census of 1880.

The United States Bureau of Statistics issues quarterly statements; and annually a report on “Commerce and Navigation,” and another on the “Internal Commerce of the United States.” [e.g. 1877 report]

The “Statistical Abstract” is an annual publication, by the same department, compact and useful. It dates only from 1878.

The Director of the Mint issues an annual report dealing with the precious metals and the circulation. Its tables are important.

The Comptroller of the Currency (especially during the administration of J. J. Knox) has given important annual reports upon the banking systems of the United States.

The reports of the Secretary of the Treasury deal with the general finances of the United States. These, with the two last mentioned, are bound together in the volume of “Finance Reports,” but often shorn of their tables.

There are valuable special reports to Congress of commissioners on the tariff, shipping, and other subjects, published by the Government.

The report on the “International Monetary Conference of 1878” contains a vast quantity of material on monetary questions.

The British parliamentary documents contain several annual “Statistical Abstracts” of the greatest value, of which the one relating to other European states is peculiarly convenient and useful. These can always be purchased at given prices.

A. R. Spofford’s “American Almanac” is an annual of great usefulness. [e.g. (1887)]

J. H. Hickcox, Washington, publishes a very useful catalogue of the Government publications, entitled ” United States Publications.” [Vol. 1 (1885), Vol. 2 (1886), Vol. 3 (1887)]

_______________________

Source:  J. Laurence Laughlin (1887). The Elements of Political Economy with some Applications to Questions of the Day. New York: D. Appleton and Company.

An earlier version with essentially the same Teacher’s Library also found in: J. Laurence Laughlin (1885). The Study of Political Economy. Hints to Students and Teachers. New York: D. Appleton and Company.

 

Image Source: J. Laurence Laughlin in Plans of National Currency Reform. 78th meeting of the Sunset Club, December 6, 1894 held at the Grand Pacific Hotel in Chicago, p. 3. Found in the University of Chicago Archives, Papers of J. Laurence Laughlin, Box 1, Folder 17.

 

 

 

 

Categories
Courses Exam Questions Harvard

Harvard. Principles of Sociology Exam. First Semester, Carver 1922-23.

In the previous post we have a syllabus with links to the assigned readings for the full-year course Economics 8, Principles of Sociology, taught at Harvard by Professor Thomas Nixon Carver. This copy of the printed exam questions for the first term of the academic year 1922-23 was found in the papers of Vernon Orval Watts in the Hoover Institution archives.  The examination questions for the final examination for the second semester has been posted as well.

Watts’ own notes for the course are for following academic year. A brief c.v. for Watts and his obituary from the Los Angeles Times provide some biographic detail for Vernon Orval Watts. He was awarded a Ph.D. from Harvard in 1932 in economics for the dissertation “The development of the technological concept of production in Anglo-American Thought.” His autobiography Recollections of an Unplanned Life is available to read on-line at hathitrust.org.

From Watts’ course notes we can see the following major differences between the 1917-18 syllabus and what was taught in 1923-24.

  • More chapters in Lucius Moody Bristol’s Social Adaptation were discussed in the lectures (Watts’ papers included his notes on Chapters 1-13);
  • Added were the published Sigma Xi Lectures delivered at Yale University, 1921-22 (George Alfred Baitsell, ed., The Evolution of Man. New Haven, Yale University Press, 1922);
  • Added for the second term was the newly published textbook by Frederick A. Bushee, Principles of Sociology. New York: Henry Holt & Company, 1924.

Watts’ course notes also show that Carver still assigned the vast bulk of his book of readings in sociology (Sociology and Social Progress, 1905) as well as a collection of his essays published in 1915. Indeed it appears to me that reading the first 13 chapters of Bristol and these two Carver books would have been quite sufficient for a student to get a good grade in the course.

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1922-23
HARVARD UNIVERSITY
ECONOMICS 8

  1. Would you call sociology a branch of economics or economics a branch of sociology? Explain why.
  2. How would you determine whether a given social change is progressive or not?
  3. Do men work together in groups because they are socially minded, or do they become socially minded because it pays economically to work together in groups?
  4. What are the chief eugenic agencies now at work in this country? Defend your answer.
  5. What are the chief dysgenic agencies now at work in this country? Defend your answer.
  6. To which group of factors, the moral or the intellectual, does Buckle attach the greater importance in the promotion of civilization? Why?
  7. What are meant by “self-appraisal,” “consciousness of kind,” sympathy, and imitation, and how is each related to the process of socialization?
  8. How are “self-appraisal” and “consciousness of kind” related to what is known as the race problem?
  9. How does Ross dispose of the “economic interpretation of history”?
  10. Discuss the question: Are human instincts the primary social factors?

Mid-Year. 1923.

 

Source: Hoover Institution Archives. Papers of V. Orval Watts, Box No. 8. Folder: “Harvard Univ. 1922-23 Notes on readings”.

 

 

Categories
Courses Harvard Syllabus

Harvard. Sociology Syllabus. Carver, 1917-18


Economics 8, Principles of Sociology, was taught by Professor Thomas Nixon Carver in 1917-18. The course could be taken by both undergraduates and graduate students. 17 students were registered (7 Seniors, 8 Juniors, 2 other classifications). Links to all readings are provided!

Added later to Economics in the Rear-View Mirror: mid-year exam questions (from February 1923 for a later version of the course) and the final examination questions from June 1918.

 

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ECONOMICS 8
I
Introduction

1.  Various definitions of Sociology.

Spencer, Principles of Sociology. Part I, chaps. 1.
Carver, Sociology and Social Progress. Pages 1-14 and 65-70

2.  Sociology considered.

1) As the study of the development and progress of social groups, particularly the sovereign group called the state or the nation.
2) As a study of human adaptation as it is affected and modified by the social group.

Carver, Sociology and Social Progress. Pages 88-120.
Spencer, Principles of Sociology. Part II, chaps. 1-6.

3.  Adaptation.

(a) Passive.
(b) Active.

    The Environment.

(a) Physical.
(b) Social.

Bristol, Social Adaptation, Preface and Introduction.
Carver, Sociology and Social Progress. Pages 174-270.

4.  The method of trial and error, or of variation and selection in adaptation.

Carver, Sociology and Social Progress. Pages 276-391.

 

II
Physical Adaptation

5.  The Problem of race improvement.

Carver, Sociology and Social Progress. Pages 392-418, 631-715.

6.  Heredity and Environment as factors in the determination of individual character.

Bristol, Social Adaptation. Chaps. 4, 5, and 6.

7.  Tests of fitness for survival.—The validity of the economic and commercial as compared with the political tests.

Carver, Sociology and Social Progress. Pages 121-126, 419-471, and 522-576.
Carver, Essays in Social Justice. Chap. 7.

8.  The selective agencies at work in modern society.

Carver, Sociology and Social Progress. Pages 676-715.
Carver, Essays in Social Justice. Chap. 5.

 

III
Moral Adaptation

9.  The breeding up of a tame, domesticated, or socialized variety of the human species as opposed to a wild, unsocial or criminal variety.

Carver, Sociology and Social Progress. Pages 577-592.
Spencer, Principles of Sociology. Part III, chaps. 1-3, and 9-12.

10. Morality considered as the economizing and utilizing of human energy, and immorality as the wasting or dissipating of that energy.

Spencer, Principles of Sociology. Part IV, chaps. 1, 11, and 12.
Carver, Essays in Social Justice. 1 and 2.
Carver, Sociology and Social Progress. Pages 577-592.

11. The variation and selection of moral codes.

Sumner, Folkways. Sections 1-40; 159-165; 712-728.

12. Forms of conflict.

(a) Destructive.
(b) Deceptive.
(c) Persuasive.
(d) Productive

Carver, Essays in Social Justice. Chaps. 3, 4, and 5.
Carver, Sociology and Social Progress. Pages 133-173.

13. The earmarks of a good religion.

Carver, The Religion Worth Having.

14. Sympathy; Imitation; Consciousness of Kind.

Carver, Sociology and Social Progress. Pages 472-521.

15. Earmarks of a good man.

A. Knowledge of environment.

(a) physical.
(b) social.

B. Forethought.

(a) industry.
(b) thrift.

C. Dependability.

(a) honesty.
(b) sobriety.
(c) courage.
(d) fidelity.

Ross, Social Control. Pages 1-88; 432-442.
Bristol, Social Adaptation. Pages 301-304.

 

IV
Control of the Physical Environment

16. Scarcity; Economy; Wellbeing.

Spencer, Principles of Sociology. Part VI, chaps. 1, 2, 3, 21, 22, 23.

17.  Desire and repugnance; attainment of good and avoidance of harm.
Production and destruction.

Spencer [sic, “Carver” is correct], Sociology and Social Progress. Pages 127-132.
Spencer, Principles of Sociology. Part VI, chaps. 1, 15, 16

18. Proportionality.

(a) of consumers’ goods.
(b) of producers’ goods.

19.  Valuation.

Carver, Essays in Social Justice. Pages 85-202.

Cost.
Coördination of labor performed:

(a) at different places.
(b) at different times.

Carver, Essays in Social Justice. Pages 203-263.

20. The storing of social energy.
The standard of living.

Veblen, The Theory of Business Enterprise. Pages 1-82, 133-150.

21. The battle of the standards.
Economic competition.

Taussig, Principles of Economics. Vol. II, pages 443-478.

22. Poverty and the uneconomic distribution of human talent.
Summary—The earmarks of a good industrial system.

A. An ample product.
B. Distributed in proportion to merit.
(see Earmarks of a good man)
C.  Consumed rationally.

Carver, Essays in Social Justice. Pages 264-375.

 

V
Control of the Social Environment

23. Purpose of social control.

(a) release,
(b) direction,
(c) storing of social energy.

Right of the state to be.
Limits of state interference.

Carver, Essays in Social Justice. Pages 376-429.
Carver, Sociology and Social Progress. Pages 788-808.

24. Source of social control.

Is monarchy a more highly evolved form of government than democracy?
Republican and democratic theories.
Psychology of self-government.

Spencer, Principles of Sociology. Part V, chaps. 1, 2, 17, 18.

25. Voting a means of increasing governmental sensitiveness.
Can democracy select good men?

Spencer, Principles of Sociology. Part V, chap. 19.
Carver, Sociology and Social Progress. Pages 716-788.

26. Can democracy discipline itself?
The earmarks of a good government.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 1, Folder “1917-1918”.

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Columbia Economics’ Market Share in 1900

The School of Political Science at Columbia University was divided into three groups of subjects: History and Political Philosophy, Public Law and Comparative Jurisprudence, and Economics and Social Science.

Economics and Social Science comprised the two subject groups: Political Economy and Finance; Sociology and Statistics. 

Seligman figured that of the approximately 135 graduate students specializing in economics in 1899-1900 in the seven eastern departments (Columbia, Cornell, Harvard, Johns Hopkins, Pennsylvania, Princeton, and Yale), about 75 were at Columbia.

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SCHOOL OF POLITICAL SCIENCE

Department of Economics.—Since the recent reorganization of the work in economics, there has been a marked increase in the number, as well as in the quality of the students. Numbers, indeed, constitute no adequate test of the real work done by the various departments within a university; for the subject which attracts the fewest students may possess the highest scientific value and may be presided over by the ablest professors. But, when an institution is compared with others of about the same grade and size, the relative number of students in any one department affords a fair indication of the importance to be assigned to it. Hence, the following table is of much interest:

 

1900_ColumbiaEconomics

*By graduate student is meant a student holding a first degree.
1 Attending for three terms.
2 Including Economics and Public Law.
3 Including Economics, Politics and History.

The number of graduate students in economics and social science at Columbia is much greater than the number in any other American institution. If we compare Columbia with six Eastern universities,—Johns Hopkins, Harvard, Yale, Cornell, Pennsylvania and Princeton,—we find that Columbia has almost as many such students as all six, that is, 75 as against 89. And if it were possible to separate the students working primarily in economics at Johns Hopkins, Yale, and Cornell (where the figures include other students in political science as well), it is practically certain that Columbia would be found to possess more graduate students working primarily in economics and social science than the other six institutions together. Assuming that half of the students returned in Johns Hopkins, Yale and Cornell are working primarily in economics,—a very liberal assumption, —we should have a total of 60 in the six Eastern universities, as against 75 in Columbia. This is a remarkable showing.

In order that it may not be supposed that the basis of classification varies, it may be added that each of the students at Columbia is enrolled primarily under the Faculty of Political Science and is a candidate for the master’s or doctor’s degree, with the major subject in economics and social science. Every such student is required to attend a seminar. In addition to the seminar, 35 of the 75 students are taking 3 or more courses in economics or social science and 20 are taking 2 such courses. The remainder, who are taking one course in addition to the seminar, are chiefly students who have taken most of their lecture work in previous years.

The following figures, as to enrollment in economics and social science, will prove instructive:

Graduate students, primarily enrolled in political science, taking graduate courses (whether as a major or minor) 95
Graduate students (male) in the whole university taking graduate courses 123
Non-graduates (male), primarily registered in political science, doing chief work in economics 22
Students, graduates and non-graduates (male, but exclusive of seniors and other college students) in the whole university, taking graduate courses 149
Enrollment of students, as above (not deducting duplicates), in graduate courses in economics and social science 559
Enrollment of under-graduates in Columbia College 179
Enrollment of students of all kinds (male) pursuing these studies 738
Enrollment of Barnard students 140
Total enrollment in the University 878

The relative importance of the university work may also be seen by this comparison with Harvard:

Harvard Columbia
Total students primarily registered in non-professional (graduate) schools 341 331
Total graduates in non-professional (graduate) schools 323 292
Total graduates in political science 52 or 16% 114 or 39%
Total graduates primarily in economics and social science 8 or 2½% 17 or 26%

This showing is doubtless due in part to the system on which the work in economics and social science at Columbia is organized. The department has four full professors, one instructor and two lecturers. The work has been so apportioned that each professor devotes himself primarily to his own specialty—Professor Mayo-Smith to statistics and practical economics, Professor Clark to economic theory, Professor Giddings to social science, and Professor Seligman to economic history and finance. Another explanation of the large numbers is the facility afforded to students to combine with their studies in economics the courses in history, public law and general political science.

Among the recent graduates in economics of the School of Political Science, no less than 25 are now giving instruction in economics at other institutions, including Yale, Cornell, Amherst, Bryn Mawr, Smith, Syracuse, the Universities of Illinois, Indiana, and Colorado, and the Massachusetts Institute of Technology. A number of graduates have become editors of important daily or weekly papers, in New York, Buffalo, Omaha and other cities, and a large number occupy administrative positions in the service of the national and state governments. Among the latter may be mentioned one of the chief statistician in the census office, a number of expert agents and chief clerks in the departments of the treasury and of agriculture in Washington; and the deputy commissioner of labor statistics and the sociology librarian in the State Library at Albany.

E. R. A. S. [Edwin R. A. Seligman]

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Source: Columbia University Quarterly, Vol. 2, June, 1900, pp. 284-287.