Category: Johns Hopkins

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Economics Departments and University Rankings by Chairmen. Hughes (1925) and Keniston (1957)

 

The rankings of universities and departments of economics for 1920 and 1957 that are found below were based on the pooling of contemporary expert opinions. Because the ultimate question for both the Hughes and Keniston studies was the relative aggregate university standing with respect to graduate education, “The list did not include technical schools, like the Massachusetts Institute of Technology and the California Institute of Technology, nor state colleges, like Iowa State, Michigan State or Penn State, since the purpose was to compare institutions which offered the doctorate in a wide variety of fields.” Hence, historians of economics will be frustrated by the conspicuous absence of M.I.T. and Carnegie Tech in the 1957 column except for the understated footnote “According to some of the chairmen there are strong departments at Carnegie Tech. and M.I.T.; also at Vanderbilt”.

The average perceived rank of a particular economics department relative to that of its university might be of use in assessing the negotiating position of department chairs with their respective university administrations. The observed movement within the perception league tables over the course of roughly a human generation might suggest other questions worth pursuing. 

Anyhow without further apology…

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About the Image: There is no face associated with rankings so I have chosen the legendary comedians Bud Abbott and Lou Costello for their “Who’s on First?” sketch.  YouTube TV version; Radio version: Who’s on First? starts at 22:15

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From Keniston’s Appendix (1959)

Standing of
American Graduate Departments
in the Arts and Sciences

The present study was undertaken as part of a survey of the Graduate School of the University of Pennsylvania in an effort to discover the present reputation of the various departments which offer programs leading to the doctorate.

A letter was addressed to the chairmen of departments in each of twenty-five leading universities of the country. The list was compiled on the basis of (1) membership in the Association of American Universities, (2) number of Ph.D.’s awarded in recent years, (3) geographical distribution. The list did not include technical schools, like the Massachusetts Institute of Technology and the California Institute of Technology, nor state colleges, like Iowa State, Michigan State or Penn State, since the purpose was to compare institutions which offered the doctorate in a wide variety of fields.

Each chairman was asked to rate, on an accompanying sheet, the strongest departments in his field, arranged roughly as the first five, the second five and, if possible, the third five, on the basis of the quality of their Ph.D. work and the quality of the faculty as scholars. About 80% of the chairmen returned a rating. Since many of them reported the composite judgment of their staff, the total number of ratings is well over 500.

On each rating sheet, the individual institutions were given a score. If they were rated in order of rank, they were assigned numbers from 15 (Rank 1) to 1 (Rank 15). If they were rated in groups of five, each group alphabetically arranged, those in the top five were given a score of 13, in the second five a score of 8, and in the third five a score of 3. When all the ratings sheets were returned, the scores of each institution were tabulated and compiled and the institutions arranged in order, in accordance with the total score for each department.

To determine areas of strength or weakness, the departmental scores were combined to determine [four] divisional scores. [Divisions (Departments): Biological Sciences (2), Humanities (11), Physical Sciences (6), Social Sciences (5)]….

… Finally, the scores of each institution given in the divisional rankings were combined to provide an over-all rating of the graduate standing of the major universities.

From a similar poll of opinion, made by R. M. Hughes, A Study of the Graduate Schools of America, and published in 1925, [See the excerpt posted here at Economics in the Rear-view Mirror] it was possible to compile the scores for each of eighteen departments as they were ranked at that time and also to secure divisional and over-all rankings. These are presented here for the purpose of showing what changes have taken place in the course of a generation.

The limitations of such a study are obvious; the ranks reported do not reveal the actual merit of the individual departments. They depend on highly subjective impressions; they reflect old and new loyalties; they are subject to lag, and the halo of past prestige. But they do report the judgment of the men whose opinion is most likely to have weight. For chairmen, by virtue of their office, are the men who must know what is going on at other institutions. They are called upon to recommend schools where students in their field may profitably study; they must seek new appointments from the staff and graduates of other schools; their own graduates tum to them for advice in choosing between alternative possibilities for appointment. The sum of their opinions is, therefore, a fairly close approximation to what informed people think about the standing of the departments in each of the fields.

 

OVER-ALL STANDING
(Total Scores)

1925

1957

1.

 Chicago

1543

1.

 Harvard

5403

2.

 Harvard

1535

2.

 California

4750

3.

 Columbia 1316 3. Columbia 4183
4. Wisconsin 886 4. Yale

4094

5.

 Yale 885 5. Michigan 3603
6. Princeton 805 5. Chicago

3495

7.

 Johns Hopkins 746 7. Princeton 2770
8. Michigan 720 8. Wisconsin

2453

9.

 California 712 9. Cornell 2239
10. Cornell 694 10. Illinois

1934

11.

 Illinois 561 11. Pennsylvania 1784
12. Pennsylvania 459 12. Minnesota

1442

13.

 Minnesota 430 13. Stanford 1439
14. Stanford 365 14. U.C.L.A.

1366

15.

 Ohio State 294 15. Indiana 1329
16. Iowa 215 16. Johns Hopkins

1249

17.

 Northwestern 143 17. Northwestern 934
18. North Carolina 57 18. Ohio State

874

19.

 Indiana 45 19. N.Y.U. 801
20. Washington

759

 

ECONOMICS

1925

1957
1. Harvard 92 1. Harvard

298

2.

 Columbia 75 2. Chicago 262
3. Chicago 65 3. Yale

241

4.

 Wisconsin 63 4. Columbia 210
5. Yale 42 5. California

196

6.

 Johns Hopkins 39 5. Stanford 196
7. Michigan 31 7. Princeton

184

8.

 Pennsylvania 29 8. Johns Hopkins 178
9. Illinois 27 9. Michigan

174

10.

 Cornell 25 10. Minnesota 96
11. Princeton 23 11. Northwestern

70

12.

 California 22 12. Duke 69
13. Minnesota 20 13. Wisconsin

66

14.

 Northwestern 18 14. Pennsylvania 45
15. Stanford 17 15. Cornell

32

16.

 Ohio State 15 16. U.C.L.A.

31

According to some of the chairmen there are strong departments at Carnegie Tech. and M.I.T.; also at Vanderbilt.

 

Source:  Hayward Keniston. Graduate Study and Research in the Arts and Sciences at the University of Pennsylvania (January 1959), pp. 115-119,129.

 

 

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Exam Questions Johns Hopkins Swarthmore Undergraduate

Swarthmore. Honors Examinations. Economic Theory and Social Economics, 1934.

 

It is not quite clear whether the following exams that had been prepared for Swarthmore College’s honors economics degree were simply misfiled with Johns Hopkins’ political economy department exams or whether those exams had been been recycled expressly for examining Johns Hopkins’ economics majors. In any event we can add Broadus Mitchell’s two exams for Swarthmore here to those of later external examiners  Paul Samuelson (1943), Wolfgang Stolper (1944), and Richard Musgrave (1946).   The Swarthmore department exam for 1931 was also posted earlier.

A 90 page transcript of an oral history interview with Broadus Mitchell from August 14 and 15, 1977 can be found in the Southern Oral History Program Collection at the website Documenting the American South at the University of North Carolina at Chapel Hill. Selections from that oral history will be added later.

____________________

Abstract from the Oral History Interview with Broadus Mitchell
August 14 and 15, 1977

John Broadus Mitchell was born in Georgetown, Kentucky, in 1892 into a family with roots in religion and education. Mitchell describes his upbringing and the strong influence of both his parents. Mitchell discusses his father’s education and career as a professor of history, his parents’ liberal political leanings, and their community involvement. Mitchell also describes his perceptions of race while growing up in Kentucky, Virginia, and South Carolina. Mitchell became an economic historian; he describes in detail how the textile industry shifted its base of power from New England to the southern states in the late nineteenth century, and he talks at length about the impact of industrialization on southern communities. Mitchell became particularly interested in the politics of labor and race. He explains the purposes of labor education programs—notably the Summer School for Women Workers at Bryn Mawr College in Pennsylvania and the Southern Summer School for Women Workers in North Carolina—and his participation in those endeavors. In the 1920s, Mitchell moved to Baltimore to teach at Johns Hopkins University. In the 1930s, he came under the administration’s scrutiny when he publicly spoke out about a lynching in Salisbury, Maryland, advocated for the admittance of an African American graduate student to the university, and began to embrace socialist politics. He resigned in 1939. During the years of World War II, he worked briefly at Occidental College and New York University before finding a tenured position in the economics department at Rutgers University. Mitchell continued to be involved in leftist politics during the 1940s, and in the 1950s he participated in a movement at Rutgers to combat McCarthyism in academia. Throughout this interview, Mitchell emphasizes the influence of his upbringing on his political beliefs, and he relates his own experiences to those of his siblings who also were engaged in activism related to labor and race. Towards the end of the interview, Mitchell’s wife, Louise, joins the interview and discusses her career in teaching, her own community involvement, and her efforts to balance the demands of work and family.

____________________

Swarthmore College
DIVISION OF THE SOCIAL SCIENCES
HONORS EXAMINATION: ECONOMIC THEORY
May 17, 1934 at 8:30

Examiner: Professor Broadus Mitchell, Johns Hopkins

Please answer any five.

  1. What are the relative importances today of production, exchange, distribution, and consumption of wealth?
  2. “The business cycle is inherent in the capitalist economic system.” Discuss this statement.
  3. How do “pure profits” arise? Under what circumstances did the enterpriser, as a distinct functionary, enter economic life? What are some of the means of avoiding economic risk?
  4. Under what economic circumstances was the differential or Ricardian theory of rent announced? Explain the use made of this theory by Henry George.
  5. Discuss as many theories of interest as you can, indicating which seems to you to be the most reasonable.
  6. Explain (with the use of schedules and diagrams if you choose) how market price is determined under conditions of perfect competition. Discuss briefly monopoly price and class price.
  7. What was the Wage Fund Theory and why was it abandoned?
  8. Discuss the relationship between the Malthusian theory of population and socialism.
  9. Give your definition of money.
  10. What are the main arguments for and against fiat money inflation?
  11. How would you provide a cure for “technological unemployment”?
  12. What are some of the limitations upon conscious economic planning within the capitalist system as these have appeared during the present depression?

 

Swarthmore College
DIVISION OF THE SOCIAL SCIENCES
HONORS EXAMINATION: SOCIAL ECONOMICS
May 18, 1934

Examiner: Professor Broadus Mitchell, Johns Hopkins

Answer the questions marked with an asterisk and any four (4) others.

  1. *What do you consider to be the chief economic desire of the mass of the people of the United States? Explain.
  2. What would you say is the major thesis of the majority of text books in the principles of political economy? Is it accurate to say that these books are practically invalidated by the events of the past four or five years?
  3. Make an argument for the continuance of capitalism.
  4. Indicate the chief wastes of the competitive system.
  5. What is R.H. Tawney’s criticism of an acquisitive society?
  6. From the standpoint of probable future change, what have been the principal economic and political tendencies in the United States?
  7. *Discuss the effect of the present business depression upon the problem of economic reform in the United States.
  8. Give your judgment of the sufficiency of the single tax as a scheme of social reform.
  9. *Distinguish between “utopian” and “scientific” socialism.
  10. What are some of the relative advantages in compulsory unemployment insurance of the “company reserve” plan and the “pooled fund” plan?
  11. In your opinion, is widespread organization of labor indispensable to radical social reorganization in this country?
  12. If you consider that there is a theory of social reform running through the recovery measures of the present Administration, give your critical appraisal of it.
  13. *What would you recommend as next steps in the “New Deal”.
  14. In what respects can the experiment of Soviet Russia be taken as a guide for the United States? In what respects is it not a guide for us?
  15. *What book in the College library, no matter what the character or subject, has interested you most? Why?

Source:  Johns Hopkins University.  The Ferdinand Hamburger, Jr. Archives. Department of Political Economy Records.Series 6, Curricular Materials and Exams, Box 2, Folder “Exams, 1930-35”.

Image Source:  Broadus Mitchell in his office, ca. 1938. From the Johns Hopkins university graphic and pictorial collection.

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Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Comprehensive Exams on Reading List for Economics Majors, 1933-40

 

 

The exam questions transcribed below come from two folders of economics examinations at Johns Hopkins University from the 1930s in the Ferdinand Hamburger, Jr. Archives at the university. The folders are mostly filled with individual course final examinations at mid-year (Jan/Feb) and end-year (May), but the following exams are not associated with any particular course and, considering the breadth of the topics addressed,  we may presume that these exams had the function of serving as comprehensive tests (see the May 11, 1935 exam below).

__________________

EXAMINATION ON READING LIST FOR A.B. MAJORS IN BUSINESS ECONOMICS
May 24, 1933

  1. Discuss the more important abuses in corporation management in recent years.
  2. Indicate some of the more important departures from the laissez-faire doctrine in recent years in the United States.
  3. What were the ideas of Adam Smith as to the desirability of state interference in economic activity and as to the proper sphere of state activity.
  4. Distinguish between Socialism and philosophical Anarchism.
  5. What is meant by a planned economic system? Discuss its feasibility.
  6. Distinguish between the statistical method, the historical method, and the theoretical method in the study of business cycles.
  7. What has been the policy of the United States as regards the protection of American investments abroad?

[Examination on the reading list in political economy (May 1934) was not in folder]

COMPREHENSIVE EXAMINATION FOR MAJORS IN POLITICAL ECONOMY IN THE COLLEGE OF ARTS AND SCIENCES
May 11, 1935

  1. Contrast, as to structure and methods, the Knights of Labor and the American Federation of Labor.
  2. Contrast “Utopian” and “Scientific” Socialism.
  3. How would G. D. H. Cole make the transition from Capitalist to Cooperative Society?
  4. Describe in brief outline the mechanics of setting up a “code of fair competition”.
  5. Contrast the position of the journeyman under the Guild System and the average American wage-earner today.
  6. What does Mr. George Soule mean by saying that we are now passing through an economic and social revolution?
  7. “Economic behavior” constitutes an attempt to work out an institutional approach to the study of economics. Discuss this statement.
  8. What are the effects of the corporate system on fundamental economic concepts?
  9. Who were the leading members of the Austrian School of economists? What in general was the contribution of this group?
  10. What has been the contribution of the statistical method upon the study of business cycles?
  11. What is meant by the open door as an international economic policy? What has been the policy of the United States in this respect?

 

EXAMINATION FOR MR. HOWELL ON READING FOR MAJOR IN POLITICAL ECONOMY
October 5, 1935

  1. What have been the main policies of the American Federation of Labor?
  2. What where the chief contentions of Karl Marx?
  3. How would Mr. G. D. H. Cole use social control of credit to bring about a cooperative commonwealth?
  4. Describe the organization of rural life in England in, say, the 12th and 13th centuries.
  5. What are the economic consequences of “the Power Age”?
  6. What is an institution? Illustrate. What is the institutional approach to economics?
  7. What is Ricardo’s place in the history of Economic thought?
  8. Discuss the dispersion of stock ownership.
  9. Professor Wesley Mitchell says: “We do not say that a business economy has developed in any community until most of its economic activities have taken on the form of making and spending money.” What is the meaning of this statement? What is its significance in the theory of business cycles?
  10. What is the meaning and purpose of the “most favored nation” clause in commercial treaties? What has been the history of the American interpretation of this clause?

Source:  Johns Hopkins University. Ferdinand Hamburger, Jr. Archives. Department of Political Economy Records, Series 6. Curricular Materials; Exams, 1924-29; Exams, 1951-55. Box 2, Folder “Exams, 1930-1935”.

__________________

[Examination on the reading list in political economy (May 1936) was not in folder]

EXAMINATION ON THE READING LIST IN POLITICAL ECONOMY
May 17, 1937

  1. What can you say of the relationship between trade restrictions in the world depression?
  2. What where the similarities of the Statute of Apprentices, 1563, and the NRA?
  3. Contrast the general character of the economic doctrine of John Stuart Mill with that of Karl Marx.
  4. Characterize briefly the factory acts movement, Chartist, cooperative, labor union, and Socialist movements of 19th century England.
  5. Discuss administrative prices.
  6. What is meant by quasi-rent?
  7. Discuss Lutz’s requisites for a sound tax system.
  8. What is the “most-favored-nation clause”? What are its consequences? What has been the American policy with respect to this clause?
  9. Give an explanation of what seems to you the most reasonable theory of business cycles.
  10. What does Veblen mean by Business Enterprise? What economic consequences does he ascribe to a system of business enterprise?

 

EXAMINATION ON THE READING LIST IN POLITICAL ECONOMY
May 2, 1938

  1. What does G. D. H. Cole say as to the causes and consequences of present-day protectionism in the world?
  2. Give some account of the Factory Acts Movement in England in the 19th century.
  3. “Modern industry has produced a set of conditions radically different from those in which laissez-faire principles apply. It has introduced new types of industrial and business organization whose operations impede or distort the process of automatic adjustment.” Discuss.
  4. Should tax-exempt securities be abolished in the United States?
  5. Comment upon the various methods of commercial diplomacy that have been employed by the United States in order to promote the export business of the country.
  6. Discuss the theory that the explanation of the business cycle is to be found in the capitalistic process of production.
  7. What are Veblen’s ideas concerning the causes of the business cycle? His suggested remedies?
  8. What does Marshall mean by the phrase “the representative firm”? How does he employ the concept?
  9. Contrast the doctrines of Friedrich List and Adam Smith.
  10. Given the following figures concerning the cost and the demand for the output of a single firm operating under the conditions of “Imperfect” competition, determine the price. Explain and discuss briefly your answer. Construct the demand schedule for the product of this firm under the condition of “perfect” competition, using as one figure in the schedule a price of 19 for an output of 11. What would be the price under “perfect” competition and how many articles would be sold? (Remember that the demand schedule for the product of a single firm is different from the general demand schedule for all firms operating under perfect competition.”

Output

 Total cost at given output Demand price for given output
9 183

21

10

 188 20
11 195

19

12

 205 18
13 220

17

14

 239 16
15 263

15

 

[Examination on the reading list in political economy (May 1939) was not in folder]

 

EXAMINATION ON THE READING LIST IN POLITICAL ECONOMY
May 10, 1940

  1. To what extent does the present Federal corporation income tax conform to the requisites of a sound tax system set forth by Lutz?
  2. What lines of government policy seem to you most likely to succeed in reducing unemployment? Explain why.
  3. What are the principal methods used by producers to stabilize the prices of their products? Discuss the probable economic consequences of private price fixing.
  4. Explain clearly and fully Professor Marshall’s concept of the “representative firm”. What place does this concept have in Marshall’s exposition of the process of price-determination? Do you think that the concept is useful as an instrument in the elaboration of value-theory under modern conditions of industrial organization? Why or why not?
  5. Explain the relationship between money and the business cycle. In what ways can monetary control affect the business cycle?
  6. What is meant by the “open-door” and the “closed-door” in international economic relations? Explain the policies which the United States has pursued as respects these doctrines.
  7. In respect to the theory of economic development, compare David Ricardo and Karl Marx. In your answer take note of (a) theory of value, (b) theory of distribution, (c) relation of state to industry, (d) method of analysis, (e) degree of realism of each (give your opinion as to the validity of their doctrines).
  8. Contrast the English reform movement before 1860 with that after 1860. (In your answer indicate the motives that prompted the reforms; mention also what in your opinion were the two most important reforms in each period.)

Source:  Johns Hopkins University. Ferdinand Hamburger, Jr. Archives. Department of Political Economy Records, Series 6. Curricular Materials; Exams, 1924-29; Exams, 1951-55. Box 2, Folder “Exams, 1936-1940”.

 

Source: Gilman Hall, Johns Hopkins University. Hullabaloo 1924.

Categories
Economists Johns Hopkins

Johns Hopkins. Portrait of undergraduate Abram Bergson (Burk), ca. 1930

 

Virtually thumbing through old Johns Hopkins yearbooks (the Hullabaloo) that have been digitized by the Johns Hopkins archives, I was hoping to find a college yearbook photo of the economist Abram Bergson, but I could not find him in the Hullabaloo for the class of 1933 or earlier.

While at Johns Hopkins and then in grad school at Harvard, Bergson was still going by the American version of his father’s name, “Burk”.  This was the name he used for the original publication of his justly famous Quarterly Journal of Economics article that introduced the “social welfare function” into the economist’s box of tools : “A Reformulation of Certain Aspects of Welfare Economics“, QJE, Vol. 42, No. 2 (Feb. 1938), pp. 310-334.  

Abram Bergson was born April 21, 1914 and graduated from Johns Hopkins in June 1933…you can do the math. Fortunately I searched other Johns Hopkins archival websites and struck gold.  According to the Johns Hopkins archive data for this photo, the portrait below was taken approximately in 1930. It is certainly the face of a teenager. I have taken the liberty of cropping the photo and cleaning some of the dust and scratches. Here is a link to the original, it is, alas, just as unfocused as what you see here. Visitors to Economics in the Rear-View Mirror can compare and contrast the young and old faces to confirm for themselves.

Portrait of the teenage Abram Burk: Johns Hopkins graphic and pictorial collection.

Portrait of Professor Abram Bergson. See Paul A. Samuelson, “Abram Bergson, 1914-2003: A Biographical Memoir”, in National Academy of Sciences, Biographical Memoirs, Volume 84 (Washington, D.C.: 2004).

Categories
Johns Hopkins Seminar Speakers

Johns Hopkins. Economic Seminary, presenters and topics. 1925-26

 

 

The graduate economic seminary at Johns Hopkins University kept good records of the weekly sessions so that we know the names of all the presenters and their topics. I have added the academic backgrounds from the published Johns Hopkins Circular for all the graduate students either attending or presenting.

The economic seminary schedule for the following years have also been posted:

1903-1904
1904-1905

1922-1923
1923-1924
1924-1925
1925-1926
1926-1927

_____________

POLITICAL ECONOMY

…The Economic Seminary

“The students following Political Economy as a principal subject for the degree of Doctor of Philosophy met weekly under the direction of Professors Hollander and Barnett. The work of the year centered in the investigation of representative forms of industrial development in the United States, and in the analysis of significant activities of American labor organizations…”

 

Source: The Johns Hopkins University Circular, Annual Report of the President of the Johns Hopkins University 1925-1926, (October 1926, Vol. 45, No. 375), pp. 106.

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MEMBERS OF THE ECONOMIC SEMINARY
1925-1926

Students and visitors

[G = Graduate School of Arts and Sciences; SE = Social Economics; T = Teachers College. The small “s” following a capital letter indicates a special student. Roman numeral indicates year of residence.]

Fonaroff, Frank Israel. (Gs) I. S.B. Eng. Johns Hopkins University 1918; M.B.A. Harvard University 1924. Political Economy.

[Froehlich, Wolfgang. (G) I. Graduate, St. Elisabeth Real-Gymnasium, Breslau 1924. Political Economy.]

Fulton, Maria Kent.  (SE) (G) II. A.B. Hollins College 1924. Political Economy.

Hart, William Sebastian. (Gs) II. A.B. Johns Hopkins University 1924. Political Economy.

Helbing, Albert Theodore.(G) II. Ph.B. Denison University 1923. Political Economy.

Hilberg, Mildred Edith.(SE) (G) II. A.B. Goucher College 1923. Political Economy.

Hoops, Walther Dietrich. (G) I. Ph.D. Heidelberg University 1923. Political Economy.

Howard, Charles Harold. (G) II. S.B. Gettysburg College 1923. Political Economy.

Mitchell, Elizabeth W. (SE) (G) II. A.B. Goucher College 1924. Political Economy.

Mitchell, George Sinclair. (G) III. A.B. University of Richmond 1922. Political Economy.

Newman, Andrew J. (G) II. A.B. Washington University 1910. A.M. University of Missouri 1911. Political Economy.

Northcutt, Elizabeth. (SE) (G) I. S.B. in Education, University of Missouri 1924. S.B. in Business and Public Administration 1925. Political Economy.

Powlison, Keith Eon. (G) II. A.B. Columbia College 1922. Political Economy.

Rea, Leonard Owens. (G) II. A.B. Johns Hopkins University 1924. Political Economy.

Richardson, Ellen L. (SE) (G) II. A.B. Wellesley College 1919. Political Economy.

Richardson, Hayes Ayres. (Ts) (G) I. A. B. Randolph-Macon College 1922. Political Economy.

Robinson, Carolyn A. (G) I. A.B. Wellesley College 1924. Political Economy.

Schneider, David M. (G) II. E.E. University of Kieff [sic, Kyiv?] 1921. Political Economy.

Townsend, Clarissa L. (SE) (Gs) III. A.B. Goucher College 1923. Political Economy.

 

Faculty

Professor Jacob H. Hollander, Professor of Political Economy

Professor George E. Barnett, Professor of Statistics

Dr. William O. Weyforth, Associate Professor of Political Economy

Dr. Broadus Mitchell, Associate in Political Economy

Miss Theo Jacobs, Associate in Social Economics

Dr. George Heberton Evans, Jr., Instructor in Political Economy

_____________

Seminar Presentations 1925-26

October 7, 1925

The session’s opening meeting of the Seminary was held in the Seminary Room, 315 Gilman Hall, at 2 o’clock. Accounts were given of summer experiences. The list of the members of the Seminary is given on another page [see above].

October 14, 1925

Professor Hollander read a paper on “The History of the Manuscript of Ricardo’s ‘Notes on Malthus’.”

October 21, 1925

Professor Barnett read a paper on “The Introduction of Machinery and the Displacement of Skill”.

October 28, 1925

Dr. Weyforth read a paper on “The ‘Current Rate of Wages’ in Baltimore”.

November 4, 1925

Dr. Mitchell read a paper on “Simon Newcomb and Simon N. Patten”.

November 11, 1925

Mr. Mitchell read a paper on “The Progress of the Unions in the Southern Textile Industry. (1900-1925).”

November 18, 1925

Mr. Powlinson read a paper on “Historical Sketch of the Hours of Labor Movement.”

November 25, 1925

Mr. Rea read a paper on “The Development of Uniform Municipal Accounting.”

December 2, 1925

Mr. Newman read a paper on “Definition of Income.”

December 9, 1925

Mr. Schneider read a paper on “The Workers’ Party in the Machinists’ Union”.

December 16, 1925

Mr. Helbing read a paper on “Structure and Function of the Building Trades Department of the A. F. of L.

Christmas Recess.

January 6, 1926

Mr. Howard read a paper on “Promotion and Tenure in the Brotherhood of Railroad Trainmen.”

January 13, 1926

Professor Hollander read a paper on “Introduction to Ricardo’s Notes on Malthus”.

January 20, 1926

Professor Barnett read a paper on “The Introduction of Machinery and Trade Union Policy”.

January 27, 1926

Dr. Mitchell read a paper on “The Economic Opinions of William Gregg and J. H. Hammond”.

February 3, 1926

Miss Townsend read a paper on “Sight-Saving Classes in Baltimore”.

February 10, 1926

Miss Jacobs read a paper on “The Attitude of Trade Unions toward Social Work.”.

February 17, 1926

Mr. Mitchell read a paper on “Trade Unions in the Southern Textile Field”.

February 24, 1926

Miss Richardson read a paper on “The Shriners’ Hospitals for Crippled Children”.

March 3, 1926

Mr. Schneider read a paper on “Union Cooperative Management Plans”.

March 10, 1926

Dr. Hoops read a paper on “The German Iron Industry.

March 17, 1926

Mr. McDaniel read a paper on “The Leather Workers”.

March 24, 1926

Mr. Froehlich read a paper on “The Reconstruction of German Finances”.

March 31, 1926

Miss Mitchell read a paper on “The Intake of the Henry Watson Children’s Aid Society”.

April 14, 1926

Professor Barnett read a paper on “Family Endowments”.

April 21, 1926

Professor Hollander read a paper on “Differences between Ricardo and Malthus as to Rent”.

April 28, 1926

Miss Hilberg read a paper on “Public Welfare in Maryland”.

May 5, 1926

Miss Northcutt read a paper on “The Housing of Common Laborers in Baltimore”.

May 12, 1926

Mr. Richardson read a paper on “Treasury Certificates of Indebtedness”.

May 19, 1926

Mr. Newman read a paper on “The Distinction between Capital and Income as Revealed by the Income Tax”. This was the last meeting of the seminary for the session 1925-26.

 

 

Sources:   

Johns Hopkins University. Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 1. Minutes of the Economic Seminary, 1892-1951. Folder “1922-1940”.

The Johns Hopkins University Circular, University Register, 1925-26, (November 1925, Vol. 44, No. 365).

The Johns Hopkins University Circular, Annual Report of the President of the Johns Hopkins University 1925-1926, (October 1926, Vol. 45, No. 375), pp. 106-107. Also lists names and topics for seminar speakers.

 

Image Source: Gilman Hall, Johns Hopkins University from the Johns Hopkins’ yearbook Hullabaloo (1924) .

 

Categories
Johns Hopkins Seminar Speakers

Johns Hopkins. Economic Seminary. Speakers and Topics, 1904-1905

 

 

The  notes of date, place, speaker, topic, seminary participants and occasional visitors of the Johns Hopkins’ economic seminary in 1904-05 were recorded as seminary minutes by James M. Motley. From these handwritten notes we learn that  on a roughly alternating basis the seminary would meet at the home of Professor Hollander (2011 Eutaw Place, Baltimore) and Room 21 McCoy Hall on campus. These minutes have been compared to printed report of the seminar published in the University Circular.

A visitor noted in the October 26, 1904 minutes of the Seminary was Professor Weber from Heidelberg. As can be seen from the letter appended to this post, this was indeed Max Weber who was travelling through the United States at the time.

Source:  The Johns Hopkins University, Eisenhower Library, The Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 1, Minutes of the Economic Seminary, 1892-1951. Box 1, 2ndvolume of minutes, Folder “Minutes of the Economic Seminar, 1897-1908”, pp. 148-156.

The printed reports  of seminary participants and the schedule of speakers and their topics have been transcribed for this post.

The economic seminary schedule for the following years have also been posted:

1903-1904
1904-1905

1922-1923
1923-1924
1924-1925
1925-1926
1926-1927

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POLITICAL ECONOMY
Classes meet in McCoy Hall

Economic Seminary: Professor Hollander and Dr. Barnett. Alternately, Wednesday, 8 p. m., Tuesday, 11 a.m. (12)

Bagge, G. A. Glocker, T. W. Kirk, W. Sakolski, A. M.
Blum, S. Hilbert, F. W. Motley, J. M. Taliaferro, T. H.
Buckler, W. H. Kennedy, J. B. Rosebro, F. B. Willis, L. M. R.

Source:  The Johns Hopkins University Circular. New Series, 1905, No. 3 (March, 1905), p. 20.

 

_________________

THE ECONOMIC SEMINARY, 1904-1905,
EDITED BY
PROFESSOR J. H. HOLLANDER and DR. G. E. BARNETT.

The Economic Seminary has continued its investigation into the history, activities and influence of labor organizations in the United States during the current academic year. Its membership has been narrowly limited to advanced students preparing for a scientific career in economic study, and its primary design has been the development of sound method in economic research. The regular fortnightly evening sessions have been supplemented by briefer morning sessions in alternate weeks. The material resources necessary for the inquiry have been supplied by the continued generosity of the citizen of Baltimore, whose original gift made its inception possible.

Appreciable progress has also been made by individual members of the Seminary in the study of specific aspects of the several questions assigned for investigation. During the summer, field work was carried on in various carefully selected localities, and the data thus collected have since been supplemented and corrected by documentary study and personal interview. Certain preliminary studies were completed and published in dignified form, and two senior members of the Seminary submitted monographic studies of the particular subjects on which they have been engaged, in part fulfillment of the requirements for the doctor of philosophy degree. These will appear in the twenty-third series of the Johns Hopkins Studies in Historical and Political Science. Early in the next academic year a cooperative volume of ”Essays in American Trade Unionism” will also be issued by the Seminary, embodying the preliminary results of the various investigations now in progress and ultimately designed for monographic publication.

The record of the proceedings of the Seminary, and abstracts of certain papers there presented, are appended:

October 5. Report of the summer’s field work, by Professor Hollander, Dr. Barnett, Messrs. Kirk, Motley, Hilbert, Glocker, Kennedy, and Blum.
October 11. “Trade Union Agreements in the Iron Holders’ Union,” by F. W. Hilbert.
October 17. Report on the summer’s field work, by W. H. Buckler.
October 26. “Functions of the Knights of Labor and the American Federation of Labor,” by Wm. Kirk.
November 2. “Finances of the Iron Molders’ Union,” by A. M. Sakolski.
November 8. “Collective Bargaining in the International Typographical Union,” by Dr. George E. Barnett.
November 16. “The Apprentice in the Building Trades,” by J. M. Motley.
November 22. “Shop Rules in the Building Trades,” by S. Blum.
November 29. “School Taxation in the Indian Territory,” by Professor Hollander.
December 7. “Shop Rules in the Building Trades,” by S. Blum.
December 13. “Recent Court Decisions Affecting Labor Unions,” by L. M. R. Willis.
December 21. “The Open Shop,” by Dr. George E. Barnett.
January 11. “The Structure of the Iron Holders’ Union,” by T. W. Glocker.
January 17. “The Maryland Workmen’s Compensation Act,” by Dr. George E. Barnett.
January 25. “The Meeting of the Economic Association at Chicago,” by Professor Hollander.
“The Beneficiary Features of the Railway Unions,” by J. B. Kennedy.
January 31. “Reform Movements in Baltimore,” by S. Blum.
February 8. “The Functions of the Allied Trades Council,” by Wm. Kirk.
February 14. “A Sketch of David Ricardo,” by Professor Hollander.

[Dr. Barnett also gave a notice of Adams and Sumner’s “Labor Problems”]
February 24. “The Development of Apprentice Laws in American Labor Unions,” by J. M. Motley.
February 28. “The Origin of the Constitution of the International Typographical Union,” by Dr. George E. Barnett.
March 8. “The Standard Wage in the Machinists’ Union,” by W. H. Buckler.
March 22. “Beneficiary Expenditures of American Trade Unions,” by A. M. Sakolskl
March 29. “Statistical Methods,” by Hon. Charles P. Neill, U. S. Commissioner of Labor.
April 4. “The Government of General Federations of Labor,” by Wm. Kirk.
April 11. “The Union Stamp of the Boot and Shoe Workers’ Union,” by G. A. Bagge.
“Cunnynghame’s Geometrical Political Economy,” by Dr. T. H. Taliaferro.
April 18. “The Administration of Trade Union Finances,” by A. M. Sakolski.
May 2 “The Rise of the National Union,” by T. W. Glocker.
“The Baltimore Municipal Loans,” by S. Blum.
“The Recent Nine Hour Decision of the Supreme Court,” by F. W. Hilbert.
May 9. “The Trade Union Agreements in the Building Trades,” by F. W. Hilbert.
May 16. “Trade Union Rules for Maintaining the Standard Rate,” by S. Blum.
May 23. “Beneficiary Features of the Iron Holders’ Union,” by J. B. Kennedy.

Source: The Johns Hopkins University Circular. New Series, 1905, No. 6 (June, 1905), pp. 1-3.

_________________

Excerpt from letter to Jacob Hollander from Max Weber
November 3, 1904

Dear Professor Hollander—

Allow me to express, again, how much I enjoyed my visit in your seminary, the acquaintance I made of your students and of your assistant fellow-teacher. I was deeply impressed by the intensity of the work done in your department and, before all, learned with pleasure, that—at least in your university—the ambition to get the largest numberof students, so dangerous even now to almost all our German universities—is not allowed to lower the high standard of scientific investigation. In Germany we suffer much more than you are able to imagine from that illness resulting out of our system of paying the teacher by taxes paid by the students for each lecture.—When I come again after some years—as I hope to do—[I] think my English will be improved so that I will be more able to express myself. —
…
Do you think I should be able to get some recent reports of the Johns Hopkins University and, if possible, the rules for taking the Ph.D. degree, by simply applying to the Secretary of the President? or are the[y] sold by the bookseller? I should be much obliged for any information about that and am sorry having forgotten to ask you in Baltimore.

Yours very respectfully Max Weber (Young’s Hotel, Boston or: Holland House, New York) …

Source: Max Weber to Jacob Hollander 3 November 1904 Young’s Hotel, Boston handwritten Hollander Papers, series I, box 11; Eisenhower Library, the Johns Hopkins University transcribed in Lawrence A. Scaff, Max Weber in America (Princeton, 2011). pp. 260-261.

Categories
Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Undergraduate economics course exams, 1923

 

The archival collection of examinations in economics at Johns Hopkins University is extensive, if not complete. This post provides transcriptions for all the available copies of undergraduate examinations (along with course descriptions and staffing information) for the 1922-23 academic year. The Elements of Economics course was taught in three sections, the first of which (a) was designated as “academic” and the second (b?) was designated as “engineering”. It is not clear what the third section was except that it was taught by the lowest on the totem pole, the graduate student Robert C. Gillies, for whom a memorial from his Princeton Class of 1918 has been inserted into this post.

___________________

From the Princeton Alumni Weekly

ROBERT CARYLE GILLIES ‘18

In 1917, Bob Gillies left Princeton for war service. He rose to the rank of captain and served overseas with the 8th F.A. in WW I. Returning to the U.S. and Princeton, he graduated in 1920 and later earned a Ph.D. at Johns Hopkins. Bob became a research man in economics. He worked for the Assoc. of Railroad Executives and the Bell System.

About his subsequent life, during which we seldom saw or heard from him, we quote from a recent letter from his son Robert Gillies ’48:

“I am writing to tell you that my father died in West Berlin, Germany, on April 8. He was 86 years old. He moved to Washington in 1932 and worked for the government. In 1946 he went to Austria and Germany as an economist for the office of U.S. Military Government. He married while in Salzburg and had a daughter in 1950. His wife died in 1968. Shortly after this he retired and lived in West Berlin until his death.

“He returned to this country only once—when my wife and I were married in the University Chapel in 1947. However, his letters frequently referred to Princeton and his 1918 classmates.”

Source: Princeton Alumni Weekly, Volume 78 (September 26, 1977, p. 20).

___________________

Faculty and assistants providing undergraduate economics instruction in 1922-23

George Ernest Barnett, Ph.D., Professor of Statistics.
A. B., Randolph Macon College, 1891; Fellow, Johns Hopkins University, 1899-1900, and Ph.D., 1901.

William Oswald Weyforth, Ph.D., Associate Professor in Political Economy.
A.B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17.

Broadus Mitchell, Ph.D., Associate in Political Economy.
A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph.D., 1918.

Miss Theo Jacobs, Associate in Social Economics
A.B., Goucher College, 1901; Federated Charities of Baltimore (District Assistant, 1905-07, District Secretary, 1907-10, Assistant General Secretary, 1910-17, Acting General Secretary, 1917-1919.

Robert Carlyle Gillies, Graduate Student in Economics
A. B., Princeton University, 1920.

___________________

UNDERGRADUATE COURSES ANNOUNCED FOR 1922-23
(ex ante)

  1. Elements of Economics. Particular attention is given to the theory of distribution and its application to leading economic problems.
    Three hours weekly through the year. Associate Professor Weyforth and Dr. Mitchell.
  2. (a) Statistical Methods. After a preliminary study of the value and place of statistics as an instrument of investigation, attention is directed to the chief methods used in statistical inquiry.
    Three hours weekly, first half-year. Professor Barnett.
    (b) Money and Banking. The principles of monetary science are taught with reference to practical conditions in modern systems of currency, banking, and credit.
    Three hours weekly, second half-year. Associate Professor Weyforth.
  3. (a) Labor Legislation. The theory and practice of labor legislation are studied, with attention given to legal, economic and social considerations.Three hours weekly, first half-year. Dr. Mitchell.(b) Investments.Includes historical and analytical description of the more important forms of investments and theories of valuation and amortization.
    Three hours weekly, second half-year. Professor Barnett.
  4. (a) Labor Problems. The problems growing out of modern industrial employment will be studied. Three hours weekly, first half-year. Dr. Mitchell. (b) Corporation Finance. The theory and practice of corporation finance are considered, with particular reference to the problems presented in the United States.
    Three hours weekly, second half-year. Professor Barnett.[Course 4 will not be given in 1922-23.]
  5. (a) Foreign Trade and Exchange. The economic principles of international commerce, the methods of conducting foreign trade, and the theory and practice of foreign exchange will be studied.
    Three hours weekly, first half-year. Associate Professor Weyforth.
    (b) Economic History of the United States. This course deals with the economic development of the country and with the way in which the economic motive has influenced our history.Three hours weekly, second half-year. Dr. Mitchell.
  6. (a) Applied Statistics. The applications of statistics to business and economic problems, such as price levels, cost of living, wage adjustments, business cycles, and business forecasting, are considered.
    Three hours weekly, first half-year. Associate Professor Weyforth.
    (b) Public Finance. The theory and practice of finance are considered, with particular reference to the problems of taxation presented in the experience of the United States.
    Three hours weekly, second half-year. Dr. Mitchell.[Course 6 will not be given in 1922-23.]
    Note—Course 2 is open only to such students as have completed or are pursuing Course 1; Courses 3, 4, 5 and 6 only to students who have completed 1 and 2.

Source: The Johns Hopkins University Circular 1922 (Volume XLI, Whole Nos. 335-341), pp. 344-345.

___________________

UNDERGRADUATE COURSES REPORTED FOR 1922-23
IN ANNUAL JHU PRESIDENT’S REPORT
(ex post)

Professor Barnett, Associate Professor Weyforth, Miss Jacobs, Dr. Mitchell, and Mr. Gillies conducted the following undergraduate courses:

Political Economy I. Three hours weekly, through the year. Particular attention was given to the theory of distribution and its application to leading economic problems. (Associate Professor Weyforth, Dr. Mitchell, Mr. Gillies.)

Political Economy II. Three hours weekly, through the year. In the first half-year a preliminary study of the value and place of statistics as an instrument of investigation was made; attention was directed to the chief methods used in statistical inquiry. In the second half-year the principles of monetary science were taught with reference .to ·practical conditions in modern systems of currency, banking and credit. (Mr. Gillies and Associate Professor Weyforth.)

Political Economy III. Three hours weekly, through the year. In the first half-year, the theory and practice of labor legislation were studied. In the second half-year, attention was given to the theory of investments. (Professor Barnett.)

Political Economy V. Three hours, weekly, through the year. In the first half-year, the economic principles of international commerce, the methods of conducting foreign trade, and the theory and practice of foreign exchange were studied. In the second half-year, the course was designed not only to show the structure of typical business entities, but their methods of formation and expansion. Common forms of securities were examined. Operation and administration of business units were studied in detail. (Associate Professor Weyforth and Mr. Gillies.)

Political Economy VII. Two hours weekly, through the year. The history and development of charitable and social agencies were traced. Causes and treatment of cases of dependency and delinquency were discussed. (Miss Jacobs.)

Political Economy VIII. Three hours weekly, through the year. The course was designed to furnish a background for the study of economic principles and special phases of economic activity. The particular purpose of the course was to show the relationship between economic fact and economic and political theory and practice. (Dr. Mitchell.)

Source: Johns Hopkins University. Annual Report of the President, 1922-1923. In The Johns Hopkins University Circular, New Series, 1923, No. 7 (November 1923), pp. 57-58.

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I A
Friday, Feb. 2, 1923 – 2-4 p.m.

  1. Describe the main features of the manorial system and the guild system in England.
  2. Explain the following terms: goods, face goods, economic goods, capital utility, diminishing utility, marginal utility, value, price, supply, demand, elasticity of demand.
  3. What is meant by the division of labor? Explain its advantages. What is the roundabout or capitalistic method of production? What are the requirements for the formation of capital?
  4. What are the more important types of business organization? Explain their respective advantages and disadvantages.
  5. What is meant by the gold standard? By the bimetallic standard? What factors led to the demand for the bimetallic standard in the United States between 1875 and 1896?
  6. Explain how changes in the quantity of money and in bank deposits may cause changes in the general level of prices.
  7. Explain the principal functions and the importance of commercial banks in our economic system.
  8. Outline the organization of the Federal Reserve System. How does it remedy some of the principal defects of the old national banking system.

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I A (ACADEMIC)
May 28, 2-4 p.m.

  1. (a) What are the outstanding defects of the competitive system?
    (b) What did Marx say would result from competition?
  2. (a) What are the varieties of Socialism?
    (b) What is the difference between State Socialism and Guild Socialism?
  3. (a) Give reasons for the advance of labor unionism.
    (b) Why are unions justifiable?
    (c) Distinguish between craft and industrial unions, and comment upon the advantages of each.
  4. Should railroads in the Unites States be publicly owned? Give full reasons for your answer.
  5. What are the cardinal principles of taxation as stated by Adam Smith?
  6. What is the justification for the progressive income tax?

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I B
Friday, Feb. 2, 1923 – 2-5 p.m.

  1. If you chose to pursue graduate work in political economy as a major subject, and were asked why you did not select history, political science, or psychology instead, what reasons would you give?
  2. What are the large divisions of the subject of political economy? Under which of the heads does the theory of rent fall?
  3. What is meant by the division of labor, when did it become a characteristic feature of our economic life, and what have been its chief consequences to workers? In what ways does the division of labor increase product?
  4. What do you think of the statement: “Value depends upon utility”? Explain fully.
  5. Arthur Young found the farmers in a part of England following inefficient methods of cultivation, and advised that the best remedy lay in a raising of the rents by landlords. hat do you think of his plan?
  6. What is the argument for the Single Tax?
  7. Were the Southern slaves capital?
  8. Name some items which are wealth in the individual sense but not in the social sense.
  9. Name some respects in which our present economic system is not competitive.
  10. Construct supply and demand schedules so as to show how a market price is determined.

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I (Engineering)
May 28, 1923.

  1. What is credit? Explain its importance in business operations. Distinguish between commercial and investment credit. Define and illustrate a promissory note and a bill of exchange.
  2. Explain the theory that each factor in production tends to receive a share of the product corresponding to its marginal productivity.
  3. What is the principle that determines what goods a country imports and what goods it exports? Why is a high tariff in the United States detrimental to the exporting interest in this country?
  4. What is capital? How does it come into existence? What principles determine the return received by it?
  5. What are some of the outstanding economic characteristics of railroad transportation? Explain their bearing upon the following: (a) practice of charging what the traffic will bear; (b) large variations in net earnings with small variations in traffic; (c) cut-throat nature of the competition that has at times developed.
  6. Explain the theory of rent.
  7. Describe the various types of labor organizations. What are the arguments for and against the boycott, and the closed shop?
  8. What is socialism, anarchism, syndicalism? Give briefly the arguments for and against socialism.

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I C
Friday, Feb. 2, 1923 – 2 p.m.

  1. (a) Which do you consider most important in the study of economic science: credit toward a college degree; training for business; culture; or preparation for citizenship? Just how do you think your study will contribute toward that end?
    (b) Discuss the proposition: Good ethics, good art, or good politics on the part of the masses is well nigh impossible without sound economics.
  2. Robinson Crusoe on his island was able to work out an efficient personal economy because he knew what he needed most and what to do next. Are the American people at a disadvantage in this respect? Are strikes and depressions partly a manifestation of that disadvantage? If so, how would you as a practical economist seek to remedy this situation? Defend your remedy.
  3. A small savage tribe gradually develops into a great nation. What would be the accompanying evolution in economic practice?
  4. Discuss the following statement: “In 1770 Arthur Young reckoned the income of England to be £120,000,000; in 1901 the income may be roughly set down at £1,600,000,000. Making correct allowances for population and for prices, this growth of income would signify a large increase of commodities per head; but would it tell us that we are working and living better than our ancestors?”
  5. It is said that the spender is a greater asset to economic society than the saver, because he puts his money back into circulation. Discuss.
  6. (a) A new labor-saving device is put into operation, throwing a large class of skilled workmen out of employment. To what extent is this a hardship to labor, a benefit, or both? Explain.
    (b) Criticize the cost of production theory of value.
  7. Name a large industry in which there holds a condition of increasing expenses. How does introduction at successive intervals of labor-saving machinery and more scientific technique affect this condition? Draw what you consider a unit expense curve for this industry over several such intervals. Are monopolies likely to occur in a field of increasing expenses? Would the ratio of fixed to total expenses of the typical business unit be high or low in such a field?
  8. What is the fallacy of bi-metallism? Of fiat money? Connect the value of an elastic currency (from the standpoint of the nation’s business) with the quantity theory of money.

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EXAMINATION IN POLITICAL ECONOMY I C. MR. GILLIES
May 28, 1923

  1. (a) A small increase in the supply of a certain article results in a heavy decrease in price. Does this signify an elastic or an inelastic demand?
    (b) A reduction in price of an article from 12¢ to 10¢ results in increased sales of 10 per cent. What is the numerical measure of the elasticity of demand?
    (c) What is the difference in the usual methods of weighting commodity price index numbers and cost of living index numbers?
  2. Define (a) bill of exchange (b) long bill (c) purchasing power parity (d) doctrine of comparative costs.
    How are exchange rates kept approximately normal?
    Draw up a “balance sheet” for a year’s transactions between the United States and Europe, including the principal invisible exchanges.
  3. What is your view point concerning protection? Support and defend your position.
  4. How is the apportionment of the total product among the various factors of production determined?
  5. Why do we distinguish between the “intensive” and the “extensive” margins? To which factors of production do they apply? Are they usually found in conjunction? Give reasons.
    What are some of the conditions affecting the supply of labor? How is it affected by legislation enacted already? What is the philosophy of workmen’s compensation laws?
  6. What determines the rate of interest? What is meant by a “free production good”? Is the accumulation of capital a help or a menace to labor? Are waste, loss, destruction of property by fire, etc., a benefit to labor in the long run? In the short run? Explain.
  7. Why do we call the railway industry one of increasing returns? Of joint costs? Is the proportion of fixed capital high or low? What have these facts to do with rates?
    Roughly, how are railway revenues divided up among the four factors of production? Do you think physical valuation should determine railway profits? If so, would you take original cost or present value? Why?
  8. What has been the tendency of public expenditures in the last century as to (a) purposes (b) proportion of national income absorbed? Does an increase in this proportion indicate inefficiency or extravagance? Are there any dangers in such an increase? Explain.
    What policy do you favor for the disposal of our remaining public land?
    If a tax policy were founded upon the more nearly equal distribution of wealth, would it meet with your approval? Why? What forms of taxes do you think would be emphasized under this policy? Why?CAUTION. This examination will be used Friday, June 1, 1923 also. Do not, therefore, discuss or divulge its contents in any way.

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THE JOHNS HOPKINS UNIVERSITY
EXAMINATION IN STATISTICS (POL. ECON. II)
Feb. 1, 1923, 9 a.m. – 12 m.

  1. (a) Under what circumstances is it best for the statistician to carry out his own primary investigations? Are there any disadvantages in this method?
    (b) You have an appropriation of $100,000 with which to investigate the degree of education attained by adults in a community. You decide to employ enumerators. Salaries and expenses of enumerators is estimated at $40,000 and printing the report of your inquiry will cost $10,000. Each question asked by the enumerators will cost $10,000 to tabulate. Draft a form for them to use, with such questions as you think suitable.

20 minutes

ARRAY OF LEAF-LENGTHS
(in millimetres)

Item

 Item Item Item Item Item Item Total
15 19 21 21 23 26 29

154

16

 19 21 21 23 26 29 155
16 19 21 21 23 26 29

155

16

 19 21 21 23 26 29 155
17 19 21 22 23 26 30

158

17

 20 21 22 24 26 30

160

17

 20 21 22 24 27 30 161
18 20 21 22 24 27 31

163

18

 20 21 22 24 27 31 163
18 20 21 22 24 27 32

164

18

 20 21 22 24 27 32 164
18 20 21 22 25 27 32

165

19

 20 21 22 25 28 33 168
19 20 21 23 25 28 33

169

19

 20 21 23 25 28 35

171

2425

a = 23.5

  1. The above is a tabular representation of an array of leaf lengths. Work up this information as a frequency table, both simple and cumulative, in seven classes.
    a. Cross check the given table and find if the value of a shown is correct. (This work may be done on the question paper, which should then be submitted at close of examination. Or, describe what you did on answer paper).
    b. The items in the given table are correct to the nearest millimeter. How many decimals would be justified as accurate in a? (Probable error equals possible error divided by the square root of n).
    30 minutes
  2. Plot the data in your frequency table as a histogram. Smooth and estimate the mode. How would you convert your data to plot as a percentage histogram? Plot as an ogive and smooth. Locate the median and quartiles.
    20 minutes
  3. What method would you use to locate the model class when poorly defined? What is the easiest way to locate the mode within a given class? Give formula.
    Find the coefficient of dispersion, using the average deviation from the mode. How would you modify procedure if using the median or the arithmetic average? Calculate the quartile coefficient of dispersion.
    20 minutes
  4. Compute the standard coefficient of dispersion. Give formula for the coefficient of skewness based upon this coefficient. Calculate the coefficient of skewness based upon the average deviation from the mode, also that based upon the quartiles.
    30 minutes
  5. Draw a grid to scale for a logarithmic historigram. How do you plot points for this historigram? Find the weighted index number of prices for the following group of commodities, using 1913 as a base:

COMMODITY PRICES

Article

 Production Unit 1913 1914 1915 1916 1917 1918 1919 1920
Wheat 100 bushel $1.04 $1.09 $1.29 $1.47 $2.35 $2.31 $2.34

$2.65

Corn

 300 bushel .71 .79 .84 .93 1.78 1.84 1.77 1.67
Cotton 1.2 bale 64.00 55.50 50.50 72.00 117.50 158.50 161.50

173.00

Pig Iron

 3.2 tons 15.00 13.40 13.60 18.70 40.00 36.50 32.00 44.00
Copper 130 pounds .15 .13 .17 .27 .27 .25 .19

.17

Note: Production used is that for year 1919 (approximate) and is in tens of millions.
Plot the weighted index and apply Marshall’s method comparing the proportional rates of increase from 1913 to 1915 and from 1916 to 1920.

30 minutes

 

7. Compute Karl Pearson’s coefficient of short time correlation between supply and price in following table:

INDICES OF SUPPLY AND PRICE

Date

 Supply Price Date Supply Price
1880 80 146 1890 91

103

1881

 82 140 1891 94 94
1882 86 130 1892 100

75

1883

 91 117 1893 105 66
1884 83 133 1894 102

75

1885

 85 127 1895 96 91
1886 89 115 1896 98

87

1887

 96 95 1897 106 81
1888 93 100 1898 114

76

1889

 90 106 1899 112

82

Probable error = ?

Indicate your procedure in case concurrent deviations are used. Formula?
Show how you would find the ratio of variation for long time changes in this data by the Galton graph. Does the Galton graph apply wholly to historical variables ? Why is it necessary for this graph that both variables be reduced to index numbers?

30 minutes

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JOHNS HOPKINS UNIVERSITY
[POLITICAL ECONOMY 2B]
MONEY AND BANKING
TUESDAY, MAY 29, 1923, 9-12 AM.

  1. What is standard money? State the requisites of:
    (a) A gold standard
    (b) A bimetallic standard
    (c) A paper standard.
    State the advantages and disadvantages of each.
  2. Outline the principal legislation in the monetary history of the United States.
  3. Explain the importance of credit in our present economic system. How does a bank judge of the credit standing of a borrower?
  4. Classify and describe the different kinds of loans made by commercial banks. What is the general type of loan that is most suitable for a commercial bank?
  5. Describe the operations of a commercial paper house. Explain the advantages and disadvantages of this method of financing.
  6. Explain the need for elasticity in currency and elasticity in credit. How did the Federal Reserve System remedy the defects of the old National Banking System in these respects?
  7. Describe the organization of the Federal Reserve System.
  8. What is the need for control of bank credit. How may this control be effected under the Federal Reserve System?

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY 3 [A. Labor Legislation]
Thursday – February 1, 1923

  1. What provisions in the Federal Constitution are important with respect to labor legislation, state and national?
  2. On what grounds were the two Federal child labor laws declared unconstitutional?
  3. How far may the states go in regulating hours of labor? Trace the constitutional history of such legislation.
  4. Discuss the economic arguments for and against immigration.
  5. When is a strike illegal?
  6. Distinguish the trade union “minimum” wage and the legal “minimum” wage.
  7. Discuss the economic considerations relating to a reduction of hours of adult laborers from nine to eight in a particular trade.
  8. Describe the Liverpool Dock Scheme. What economic result is effected? How fare is the scheme applicable to other industries?

*  *  *  *  *  *  *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY 3 [B. Investments]
May 29th, 1923. 9—12 A.M.

  1. Distinguish capital, capital stock and capitalization.
  2. How much (roughly) is $1000 in 1930 worth now? How much is $1000 in 1940 worth now? Explain.
  3. Under what circumstances is a city justified in incurring a debt? Is the City of Baltimore justified in borrowing money to pay for school houses?
  4. Distinguish speculation from investment.
  5. What are the elements in an investment which the purchaser buys? Why are there no “absolutely” good investments?
  6. Appraise a savings bank deposit as an investment by breaking it up into its elements. A bond of the State of Maryland.
  7. To what extent are the obligations of the State of Maryland enforceable?
  8. Discuss the tests of “ability to pay” applicable respectively to states and private corporations.

*  *  *  *  *  *  *

Dr. Weyforth.
POLITICAL ECONOMY V
FOREIGN TRADE AND EXCHANGE
Monday – January 29, 1923 – 9 a.m.

  1. How do you account for England’s unfavorable balance of trade prior to the war and the favorable balance of the United States? What is likely to be the future of the balance of trade of the United States?
  2. What selling policies are open to a manufacturer contemplating foreign business? Explain their respective advantages and disadvantages.
  3. In quoting terms of sale the seller may require any of the following: (a) advance payment by importer; (b) payment by importer upon delivery of goods; (c) deferred payment by importer. What methods of international payment can be used for carrying out these various terms?
  4. Describe the operation of an import credit on New York from the beginning to the end of the transaction.
  5. What are the factors determining the actual rates of exchange between a gold standard country and a paper standard country?
  6. Explain the operations involved in drawing a sterling draft on South America.
  7. What factors contributed to the preeminence of sterling exchange as an international medium of exchange?
  8. What is the importance of a wide discount market in maintaining and extending the use of dollar exchange?

*  *  *  *  *  *  *

POLITICAL ECONOMY 5.
Business Organization
June 1, 1923

  1. Have you completed the assigned reading including the supplementary forms in Stockder? If not, indicate the extent of completion.
  2. Define (a) business establishment, (b) entrepreneur, (c) circulating capital, (d) securitization, (e) common law, (f) treasury stock, (g) municipal corporation, (h) voting trust, (i) court of equity, (j) underwriter, (k) scientific management.
  3. Compare the individual proprietorship, the partnership, the joint stock company and the corporation as to
    (a) place in the development of the capital concept;
    (b) extent of present day use;
    (c) suitability for various types of business;
    (d) legal status and requirements;
    (e) control, and liability of the component members.
  4. (a) What is the participation association and how did it originate?
    (b) What types of partners may bind the firm? Which types have limited liability?
    (c) and (d) Describe the operating structure of the corporation.
  5. (a) Describe the characteristics of the business trust that distinguish it from the forms of business organization already mentioned.
    (b) Distinguish associations from federations and illustrate by examples.
  6. (a) How do control companies control their subsidiaries? Does this form of business organization lend itself more readily to vertical or to horizontal combination? What purposes do finance and assumption companies serve?
    (b) Name some abuses of “big business” and show how the law has attempted to curb them.
  7.  -8. You are the organizer, and, later, the general administrator of a large manufacturing plant, employment both men and women. (a) Whom would you bring in to assist the promotion? (b) How would you determine the location of your plant? (c) How would you lay it out? (d) How would your buildings be designed? What type of construction would you use, and how would you give your contracts for them? (e) How would you organize the shop forces? (f) What plans of wage payments would you use in the various departments? (g) What welfare work would you institute? (h) How would you organize your selling department? (i) What accounting systems would you use?

Re-examination in Business Organization
A. L. Tuvin

  1. Discuss the joint stock company. Point out the similarities between it and the partnership; and also between it and the corporation.
  2. Discuss the conditions which are conducive to successful combination.
  3. What is meant by fair competition? Give an illustration of unfair competition.
  4. Describe the agencies in the U. S. which are designed to secure fair competition.
  5. What is a holding Company? Give its advantages and disadvantages. Discuss briefly the various forms.

*  *  *  *  *  *  *

THE JOHNS HOPKINS UNIVERSITY
January 29, 1923, 9 A.M.—12 M.
[POLITICAL ECONOMY (12?)]
Economic History

  1. What is the importance of economic history, and why do we place more emphasis upon English than upon American economic history?
  2. What was the significance of Doomsday Book? What were the differences that distinguished the problems of the Norman kings from those of the Saxon kings?
  3. How did serfdom originate and how did it disappear in England? Give a full answer.
  4. How did the economic practices of the gilds differ from those of industry nowadays? Distinguish briefly between the domestic system, the factor system, and the factory system.
  5. What were the results of inflation following the Black Death?
  6. What is the fallacy of mercantilism? What economic writer gave chief opposition to the mercantilist philosophy?
  7.  Name as many books as you can, that you have read, which, although not in the field of economic history proper, yet contain information of interest to the student of this subject? The books may concern either English or American conditions.

Source: Johns Hopkins University. The Ferdinand Hamburger, Jr. Archives, Eisenhower Library. Department of Political Economy, Series 5/6. Box: 6/1. Folder: Department of Political Economy, Exams, 1907-1924.

Image Source: Webpage “Gilman Hall circa 1920” in the Hopkins Perspective, 1876-Today collection.

Categories
Economists Johns Hopkins

Johns Hopkins. Economics Faculty, ca. 1950-ca.2008

 

Every so often I stumble upon a convenient chronology or list that is a useful reference tool for the history of a particular economics department. Rather than selfishly leave a copy on my hard disk, it is just as easy to provide the information here. Another service for you from Economics in the Rear-view Mirror!

_______________________

Faculty and Visitors at JHU Economics

The following list of permanent and visiting faculty was compiled in the Fall of 1996 by Christine Barbey and Robert Moffitt, with the assistance of Carl Christ. The list contains the names of all faculty who were in the department from 1950 to the present. Information was taken from the files of the Department of Economics, from archived files at Milton S. Eisenhower library, and from the personal records of Professor Carl Christ, and has been periodically updated by Joe Harrington. Particularly for the early years, there may be inaccuracies and areas of incompleteness. Anyone with information to add or correct to this list should contact Robert Moffitt in the Department.
Name Position Dates
Adelman, Irma Assoc. Prof. 1962-1966
An, Mark Visitor 2002
Anderson, Gary Visitor 2006
Anderson, Robert M. Visitor 1993
Arroyo, Cristino Visitor 2002
Ascheim, Joseph Asst. Prof. 1960-1963
Axtell, Robert Visitor 2000
Balassa, Bela Prof. 1966-1991
Ball, Laurence M. Prof. 1994-Present
Barbera, Rob Visitor 2004 – Present
Barnett, William Visitor 1980-1981
Barnow, Burt Joint Appointment 1993-Present
Bates, Charles Asst. Prof. 1984-1991
Bell, Clive Visitor 1985-1986
Bennett, Elaine Visitor 1990-1991
Berkowitz, Jeremy Visitor 2000
Bertrand, Trent J. Asst., Assoc., Prof. 1969-1978
Besley, Tim Richard Ely Visiting Professor 2008 Spring
Binmore, Kenneth Richard Ely Visiting Professor Fall 1998
Bishai, David Joint Appointment 2005 – Present
Bizer, David Asst. Prof. 1988-1991
Blackman, James Russian Project ca 1949-1955
Blough, Steven R. Asst. Prof. 1987-1993
Blundell, Richard Richard Ely Visiting Professor 2003 Fall
Boggess, Scott Visitor 2000 – Present
Burnside, Craig Visitor 2000
Carrington, William Asst. Prof. 1989-1997
Carroll, Christopher Asst., Assoc. Prof. 1994-Present
Chakrabarti, Subir K. Visitor 1992-1993
Chakravarty, Sukhamoy Visitor ca 1960
Chan, Jimmy Asst. Prof. 1998-2005
Chander, Parkash Visitor 1998
Chang, Myong-Hun Visitor 1995-1996
Chen, Yongjun Fulbright Scholar 2004-2005
Chew, Soo Hong Asst. Prof. 1984-1990
Christ, Carl F. Asst., Assoc., Prof. 1950-1955; 1961-2005
Copeland, Adam Visitor 2006
Cross, Philip Visitor 2002
Croushore, Dean Visitor 1994
Davidson, Sidney Asst., Assoc., Prof. 1949-1958
de Lima, Pedro Asst., Assoc. Prof. 1992-1999
Devereux, Michael Hinckley Visiting Professor 2003
De Vries, Barend A. Part-time, Visitor 1965-1967
Detragiache, Enrica Asst. Prof. 1988-1995
Devaney, Barbara Asst. Prof. 1977-1980
Dey Matthew Visitor 2005
Diebold, Francis X. Visitor 1995-1996
Domar, Evsey Asst., Assoc., Prof. 1948-1958
Driscoll, John Visitor 2004 – Present
Dynan, Karen Visitor 1998
Eason, Warren Russian Project, Lecturer, Research Assoc. ca. 1949-1955
Epstein, Larry Hinckley Visiting Professor 1988-1989
Erceg, Christopher Visitor 2000-2003
Evans, George H. Asst., Assoc., Prof. 1924-1970
Faust, Jon Prof. 2006 – Present
Flinn, Christopher Visitor 2003, 2004
Fohlin, Caroline Joint Appointment 2003 – Present
Fratantoni, Michael Visitor 2001
Gaddy, Clifford Visitor 2000, 2002
Gaynor, Martin Joint Appointment 1991-1995
Gersovitz, Mark Prof. 1994-Present
Ghezzi, Piero Asst. Prof. 1997-Fall, 1998
Gillmore, Curry W. Instructor ca. 1950-1953
Goldware, Faye Russian Project ca 1949-1955
Goodman, Allen Part-time 1978-1985
Gordon, Lincoln Prof. 1967
Gorman, W.M. (Terence) Hinckley Visiting Professor 1977-1978
Graham, Carol Visitor 2002
Graham, Edward Visitor 2006
Grant, Simon Visitor 2000
Haltiwanger, John Assoc. Prof. 1986-1987
Hamilton, Bruce W. Asst., Assoc., Prof. 1973-2001
Hanke, Steve H. Joint Appointment 1971-Present
Harberger, Arnold Asst., Assoc. 1949-1953
Harrington, Joseph Asst., Assoc., Prof. 1984-Present
Hatta, Tatsuo Asst., Assoc., Prof. 1978-1985
Heckman, James Richard Ely Visiting Professor 2005 Spring
Herk, Leonard Visitor 1990-1992
Hulten, Charles R. Asst. Prof. 1971-1978
Iversen, Carl Visitor ca. 1952-1953
Jaszi, George Visitor, Part-time 1961-1962
Karni, Edi Prof. 1979-Present
Kasdan, Saul Russian Project ca 1949-1955
Kawai, Masahiro Asst. Prof. 1978-1986
Khan, M.Ali Asst. Prof., Prof. 1973-1984, 1988-Present
Kindahl, James Asst. Prof. 1958-1963
Kirman, Alan Asst. Prof. 1965-1972
Klarman, Herbert E. Joint Appointment 1961-1969
Klemens, Ben Visitor 2004,2005
Knapp, J. Barkley Visitor 2004 – Present
Kotowitz, Yehuda Asst. Prof. 1961-1963
Krasnokutskaya, Elena Asst. Prof. 2003
Krause, Michael Visitor 2003
Krishna, Pravin Joint Appointment 2005- Present
Kuh, Edwin Lecturer 1953-1955
Kuperberg, Mark Visitor 2000
Kuznets, Simon Prof. 1954-1960
Kyle, Albert “Pete” Richard Ely Visiting Professor 2007 Spring
Lagunoff, Roger Visitor 2003
Laibson, David Richard Ely Visiting Professor 2006 Spring
Lancaster, Kelvin J. Prof. 1962-1966
LeBaron, Blake Richard Ely Visiting Professor 2001/2002
Lenstra, Andries Visitor Fall 1998
Levin, Dan Visitor 1992-2004
Levine, Ross Visitor 1995-1996
Levy, Robert Lecturer 1991-Present
Long, Clarence D. Prof. 1947-1965
Lord, William Visitor 1995-1996
Lubik, Thomas Asst. Prof. 1999-Present
Lyall, Katherine C. Joint Appointment 1973-1984
Lysy, Frank J. Asst. Prof. 1979-1984
Maccini, Louis J. Asst., Assoc.,Prof. 1969-Present
Machlup, Fritz Prof. 1948-1960
Mallar, Charles Asst. Prof. 1974-1981
Marris, Robin Visitor 1975-1976
Matthew, Shum Asst., Assoc., Prof. 2000-2008
McClelland, Rob Visitor 2002 – 2005
Meiselman, David Visitor 1963-1966
Miller, Charles L., Jr. Asst. Prof. 1980-1983
Miller, Frederick H., Jr. Asst. Prof. 1980-1984
Mills, Edwin S. Asst., Assoc., Prof. 1957-1969
Minhas, Bagicha S. Visitor 1977-1978
Mishan, Ezra Visitor 1971
Moffitt, Robert Prof. 1995-Present
Mohring, Herbert Visitor 1974
Mongin, Phillipe Richard Ely Visiting Professor 2002
Morgan, Barbara Adjunct Asst. Prof. 2003, 2004
Mueser, Peter R. Asst. Prof. 1983-1985
Mukhopadhyay, Badal Asst. Prof. 1970-1972
Musgrave, Richard Prof. 1959-1963
Nagy, Andras Visitor 1968
Newman, Peter Prof. 1966-1990
Ng, Serena Assoc. Prof. 2001-2003
Niehans, Jurg Prof. 1966-1977
Oakland, William Asst., Assoc., Prof. 1964-1975
Orphanides, Athanasios Visitor 1995-1996,2002
Owen, John M. Asst. Prof. 1963-1968
Pagan, Adrian Hinckley Visiting Prof. (1996), Ely Visiting Prof. (2000) 1996, 2000
Pakes, Ariel Richard Ely Visiting Professor 2001
Palander, Tord Russian Project ca 1950
Patinkin, Don Visitor 1965
Penrose, Edith Lecturer 1953-1961
Perlman, Mark Asst., Assoc. Prof. 1955-1962
Pomfret, Richard Visiting Scholar 1987-1988
Poole, William Asst. Prof. 1963-1969
Postan, Michael Visitor 1960-1961
Potter, Simon Visitor 2001, 2002
Pritsker, Matthew Visitor 2006
Reid, David J. Visitor 1968-1970
Ridder, Geert Visitor
Professor		 Fall 1997
1998 – 2000
Rodin, Nicholas Russian Project ca 1949-1955
Rogers, John Visitor 2001, 2002
Rose, Hugh Prof. 1970-1986
Safra, Zvi Visitor 1985-1986, 1995-1996
Salkever, David S. Joint Appointment 1972-Present
Schmeidler, David Visitor 1987
Shore, Stephen Asst. Prof. 2007-
Shum, Matthew Asst., Assoc., Prof. 2000-2008
Sirageldin, Ismail Joint Appointment 1967-1995
Smith, Julie Visitor 2004
Smyth, David J. Visitor 1972-1974
Sommer, Martin Visitor 2006
Sparrow, Frederick, T. Asst. Prof. 1962-1980
Srinivasan, T. N. Visitor 1977-1979
Stettler, H. Louis III Asst. Prof. 1963-1964
Stevens, John Visitor 2005
Stone, J. Richard N. Visitor 1953-1954
Thomas, Brinley Visitor 1967-1969
Thorbecke, Erik Visitor 1967
To, Theodore Visitor 2006
Triest, Robert Asst. Prof. 1987-1988
Turner, Mark Joint Appointment 2001-2004
Turvey, Ralph Visitor ca. 1952-1953
Uselding, Paul Asst. Prof. 1970-1972
Velde, Francois R. Asst. Prof. 1992-1997
Vishwanath, Tara Visitor 1993-1994
Walters, Alan A. Prof. 1973-1991
Weiss, Frank Visitor 1998-Present
Weymark, John A. Hinckley Visiting Professor 1992
Williams, Elliot Visitor 2006
Wright, Jonathan Prof. 2007-
Woutersen, Tiemen Asst. Prof. 2004 – Present
Wymer, Clifford Visitor 1980-1981
Yaari, Menahem E. Visitor 1988
Young, Eric Visitor 2006
Young, H. Peyton Prof. 1994-2007
Zadrozni, Peter Visitor 2001
Zaman, Asad Visitor 1991-1993
Zame, William R. Prof. 1990-1993
Zamir, Shmuel Visitor 2006
Zilcha, Itzhak Visitor 1983-1985

 

Source: Johns Hopkins webpage listing permanent economics faculty and visitors found at the Internet archive Wayback Machine‘s snapshop from August 15, 2011.

Image Source: Seal of Johns Hopkins clipped from the yearbook, Hullabaloo 1951.

 

Categories
Exam Questions Fields Johns Hopkins

Johns Hopkins. Ten comprehensive economics PhD exams, 1965

 

 

This is what a full set (more-or-less) of written comprehensive examinations from a Ph.D. program in economics looks like as of 1965. The archival records from Johns Hopkins University are in pretty good shape for their graduate program. Earlier exams will be transcribed and posted down the road on the installment plan.

Six exams from 1961 are posted here.

____________________

[Handwritten Note:   Christ. FULL SET EXCEPT: 1) Hist of Theory: oral 2) Ops Res: Courses.]

Ph.D. Written Comprehensive Examination in MICROECONOMICS

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 19, 1965

Candidates should answer each question; all questions are assigned equal weight.

  1. “If a price system did not exist, it would be necessary to create one.” Discuss in some detail recent developments in general equilibrium theory (i.e. in the last fifteen years) that have increased and deepened our understanding of the meaning and limitations of this aphorism.
  2. Suppose that a firm, faced with a downward sloping demand curve for its single product, is maximizing its income from sales at an output where total average cost is rising. The firm is then sold on a competitive market to the highest bidder, who—it is assumed—will also maximize his income when he operates the firm.
    1. What considerations will determine the price paid for the firm?
    2. What will be the income of the new owner from operating the firm?
    3. How will the new output compare with the old?
    4. How will the slope of the total average cost curve in its new situation differ from that in the old?
  3. In a letter to Edgeworth, Marshall once wrote: “You know I never apply curves or mathematics to market values. For I don’t think they help much. And market values are, I think, either absolutely abstract or terribly concrete and full of ever-varying (though individually vital) side-issues. Also Ox for market values measures a stock and not a ‘flow’; and I found that if I once got people to use Demand and Supply curves which discussed stocks along this axis of x, they could not easily be kept from introducing the notion of a stock when flow was essential.”
    Discuss the following: (a) the relation of the ideas expressed in this quotation to Marshall’s period analysis of the firm and industry; (b) the Walrasian treatment of the same issues; (c) the current treatments of these issues, as exemplified in good textbooks on price theory; (d) your own opinion of the validity, relevance and usefulness of the distinction which Marshall is making here.
  4. The cost of providing service on a road bridge at a certain crossing of the Chapaqua River is C = dX + e. The consumer demand for the services of the bridge may be expressed as T = f – gX, ignoring differences in types of traffic. The time spent crossing the bridge by the average user is H = a + bX + cX2, and it is assumed that the opportunity cost of the average user is valued at 80 cents per hour.
    What toll should be set on this bridge?
    (C = cost, in dollars; H = time spent on bridge, in hours; T = toll per vehicle, in dollars; X = number of vehicles using bridge; a, b, c, d, e, f, g are constants in the problem.)
  5. “The real content of the equilibrium concept is to be found not so much in the state itself as in the laws of change which it implies.” (John Chipman).
    Would you agree with this characterization? If so, why? If not, why not? Analyse the concepts which are currently used in order to derive laws of change from consideration of equilibrium states.

____________________

Ph.D. Written Comprehensive Examination in MACROECONOMICS

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 20, 1965

[There are 180 points on the exam – allocate your time carefully.]

  1. Choose 4 from the following set of 5 questions. [Each is worth 25 points.]
    1. Suppose you were the Chairman of the Council of Economic Advisers. Outline and defend your policy program for the next year, paying particular attention to the problems of full employment, growth, stability and the balance of payments.
    2. An extremely general form of an investment function may be written as:
      I = f(y, r, k-1, I-1)
      where I = investment, y = income, r = interest rate, k = capital stock.
      Relate this to

      1. the acceleration principle
      2. the Keynes-Hansen stagnation thesis
      3. the Goodwin model of the business cycle
      4. empirical studies of investment behavior
    3. Discuss the present state of empirical knowledge concerning the nature and properties of the consumption function.
    4. Here are two statements by prominent economists:
      1. “That Keynes’ theory of under-employment equilibrium depends on the assumption of rigid wages should be clear to everybody.” G. Haberler, QJE, Nov. 1949, p. 570.
      2. “The numerous remarks throughout the literature that Keynes relied on wage inflexibilities to obtain his results are entirely unsubstantiated.”
        R. Klein, The Keynesian Revolution, 1947, p. 90.

        1. Using a macro model of your choice, present the details of this classical argument.
        2. Either (1) attempt to reconcile these opposing views,
          or (2) pick one side and defend it.
  1. Give two analyses of macroeconomic behavior, (a) for full employment and (b) for unemployment, using the equation MV = Py (or M = kPy) in each case, where M = money stock, V = 1/k = velocity of money, P = price level, y = real income.
  1. Answer all of the following 5 questions (Each is worth 16 points).
    1. “In growth models of the Harrod-Domar type, behavioral shifts toward more saving have a stimulating effect on GNP, yet in a simple Keynesian model, the opposite is true.” Is this contradiction apparent or real?
    2. Attack or defend the following proposition: “Microeconomics and macroeconomics are not two distinct fields, but are one and students should not be asked to study them separately and be examined in them separately.
    3. Briefly summarize the several empirical and theoretical arguments which support the hypothesis that the stock of money willingly held should be a function of the interest rate.
    4. Discuss briefly the “Patinkin controversy” concerning Say’s law and the quantity theory of money.
    5. “Compensatory fiscal policy must have a weaker effect in the short run if consumption depends on ‘permanent income’ than if consumption depends on current income, other things the same.” Discuss.

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Ph.D. Written Comprehensive Examination in AMERICAN ECONOMIC HISTORY

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 22, 1965

Do both questions in Section I and three out of six in Section II.

  1. a. The attached table presents information on an American industry. Discuss the technological change evident in the data. Is the pattern typical of other nineteenth century industries? Does the pattern tend to substantiate Habakkuk’s position?
    1. Choose any open question in American economic history. Discuss the current thought about this problem and propose some feasible approach to the problem which might dispel much of the uncertainty now obvious in the literature.
  2. a. The nineteenth century immigrant was attracted to the United States by the high American standard of living. Discuss.
    1. What were the principle sources of capital for industry and transportation in the pre-Civil War era?
    2. What role did the foreign sector play in American development during the nineteenth century?
    3. Except for short 3-6 year fluctuations, the rate of growth of the United States has remained relatively stable. Discuss.
    4. Discuss and evaluate one development policy followed by the government in the nineteenth century orthe governmental development policies in one area during that period.
    5. A recent proposal suggests that the growth process can be considered in three stages – each characterized by the principle constraint to growth. During the first stage growth is constrained by the insufficiency of skill, during the second by a lack of domestic capital, and during the final stage by considerations of foreign imbalance. Discuss the application of such a theory to the American experience.

Table

Year U.S. Mass. Large Firms
OUTPUT
(Physical Units)
1820 3,053 468
1831 23,046 7,923 1,264
1837 12,632 3,545
1845 17,568 4,843
1849 76,368 29,875 7,221
1855 31,500 9,165
1859 114,825 41,529 10,560
CAPITAL
(Machine Sets)
1820 215 20
1831 1,246 340 52
1837 565 136
1845 817 174
1849 3,527 1,288 254
1855 1,520 331
1859 5,235 1,673 362
EMPLOYEES
1820 153
1831 621 133 12
1837 198 28
1845 207 33
1849 980 287 45
1855 348 54
1859 1,220 385 53

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Ph.D. Written Comprehensive Examination in INTERNATIONAL ECONOMICS

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 23, 1965

3 hours, maximum points 180.

PART I (10 points each). Answer all.

  1. Explain the principle of comparative advantage, and illustrate with a diagram.
  2. Derive the expression giving the equilibrium relationship between the spot exchange rate and the 90-day forward rate in a two country model with interest rates assumed fixed in both countries.
  3. The official U.S. measure of a balance-of-payments surplus or deficit is the “overall balance.” Define the “overall balance” and indicate the principal shortcomings of this measure.
  4. Define “terms of trade” and indicate the significance of the concept.
  5. What is the “transfer problem”?
  6. Derive the expression for the change in national income resulting from an autonomous increase in exports.

PART II Answer 3 out of 5 (40 points each).

  1. Utopia is a small, highly developed country with capital (K) as its only factor of production. Utopia consumes two goods, x1and x2, and its community utility function is given by U=x1x2. Its production function for x1 is x1= a1K, and its production function for x2 is x2= a2Kb. (a1, a2, b are all greater than zero). Its endowment of capital is K. Since Utopia is a small country, it takes the world prices of x1and x2 as given.
    1. For what values of b is it certain that Utopia will produce either all x1 and no x2 or all x2 and no x1?
    2. If b = 1/2, at what world price of x2 in terms of x1 will Utopia produce only x2?
    3. If b = 1/2, at what world price of x2 in terms of x1 will Utopia produce only x1?
  2. It has been argued that a fixed exchange rate system works better the greater the interest elasticity of international capital flows, and that a flexible rate system works better the smaller the interest elasticity. Being careful to define “works better”, discuss the assumptions that might underlie this contention.
  3. “In a purely static analysis it is clear that a country, far from being annoyed, should be delighted when foreign countries “dump” their exports on world markets at low prices. But dumping invariably gives rise to cries of dismay in the country importing the dumped goods, and rightly so. A consideration of the dynamic effects of dumping leads to the conclusion that a protective tariff is justified in this case.” Discuss.
  4. “In a sense, practically all arguments for tariffs are second-best arguments. If it is desired to alter the internal distribution of income, then the “first-best” policy would be to do so by direct taxes and subsidies. If this is not possible (i.e. there is a constraint in tax policy), it may be done by tariff protection. But while this will achieve the aim it will also have side effects which are adverse, and the welfare attained with the tax constraint will not be as high as without it; indeed, welfare could fall. (Corden)
    Discuss the above contention with respect to any possible aim or aims of tariff policy other than income redistribution.
  5. “The verdict, so far, on the various attempts to test the Heckscher-Ohlin trade theory is, quite simply, ‘inconclusive’.” Discuss this with respect to the predictions of the theory and one or more of the tests to which these have been subjected.

____________________

Ph.D. Written Comprehensive Examination in LABOR

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 23, 1965

PART I. (2 hours, 15 minutes)

  1. Why do people travel faster today than they used to?
  2. Some people believe that there has been no technological change in the education “industry”. Others believe that there has been the same rate of technical change in this area as in the rest of the economy. What implication does this have for the question of whether the rate of return on education has changed over time?
  3. G. Lewis maintains that unions have not raised wages in the U.S. by very much. Do you think this is an accurate statement? Are there any circumstances under which unions might have a substantial effect on real wages?
  4. Do you think that there are any circumstances under which the introduction of featherbedding into a collective bargaining agreement would yield a better allocation of resources?

PART II. (45 minutes)

  1. Define, and comment briefly on each of the following terms:
    1. equalizing difference
    2. secondary boycott
    3. structural unemployment
    4. productivity
    5. wage-push inflation
  2. Most Keynesian macro models include the assumption that the supply of labor is infinitely elastic, at least up to full employment, at the existing money wage. Can this macro rigid money wage assumption be reconciled with the micro assumption that only relative prices matter?

____________________

Ph.D. Written Comprehensive Examination in LOCATION

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 24, 1965

Do all three sections.

  1. Choose an unsettled problem in location theory. Discuss and criticize the current state of the literature. How would you proceed in extending the present knowledge concerning this problem?
  2. a. How would you proceed in analyzing the factors influencing the location of a single industry?
    1. Apply your method to some industry.
  3. a. Discuss the effect of external economies on some industry. (You may not use the industry of section II, part (b).)
    or

    1. Discuss and criticize the technique used in measuring the geographical concentration of industry and regional specialization.

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Ph.D. Written Comprehensive Examination in MATHEMATICAL ECONOMICS

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 23, 1965

Answer 4 questions.

  1. The following are well-known equations summarising certain aspects of the behavior of an individual consumer
    \frac{\partial {{x}_{s}}}{\partial {{p}_{r}}}=-{{x}_{r}}\frac{\partial {{x}_{s}}}{\partial M}+{{x}_{rs}}\,\,\,\,\,\,\,\,\left( r,s=1,2,\ldots ,n \right)
    where xj, pjrepresent quantity and prices of the jthcommodity, M represents money income, and  {{x}_{rs}}=\lambda \frac{{{U}_{rs}}}{U}, where U is the consumer’s utility function.

    1. Derive the equations from a standard model of consumer behavior.
    2. Discuss the sign of the term xrr
    3. Give an interpretation of \lambda .
    4. Outline the effects on the equations of replacing U by f(U), where f´(U) > 0 for all U.
  2. Choosing any suitable general equilibrium model which involves both production and consumption, define an equilibrium for the model, set out postulates which are sufficient to guarantee the existence of the equilibrium, and sketch out the role played by each postulate in giving the guarantee of existence.
    What, in your opinion, is the function of proofs of the existence of an equilibrium?
  3. In a linear production model, there are two activities which use three resources in quantities (2, 1, 1) and (1, 3, 1), respectively, per unit activity level. The resources are available in quantities (10, 10, 5.5) at most. Receipts from unit levels of the two activities are (4,3).
    1. Set up the problem of maximizing total receipts in linear programming form.
    2. Write down the dual problem.
    3. The solution is included among activity vectors (4,2), (4.5,1), (3.25, 2.25) and dual vectors (1,0,2) (0,3,1). Identify the infeasible activity vector and the optimal activity vector, giving reasons.
    4. State the maximum prices the firm would be willing to pay for its resources.
    5. Discuss the relationship between dual variables in linear programming theory and prices in economic theory.
  4. Set out the leading properties of square non-negative matrices. Show how these properties are used in economic theory in relation to
    (a) input-out models of Leontief type, and
    (b) stability analysis of multi-market equilibrium.
  5. Carefully describe the Von Neumann growth model, interpreting its chief results and relating them to other, not necessarily linear, multisector growth models.

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Ph.D. Written Comprehensive Examination in MONEY

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 23, 1965

PART I (60 points). Indicate whether each of the following statements is true, false, or uncertain, and explain your answer.

  1. If the quantity theory holds, the level of real output and the price level are independent of the supply and/or mix of non-money financial assets.
  2. At full employment the equation of exchange goes from an irrefutable identity to a useful price-level empirical relationship.
  3. The rate of interest is purely a real phenomenon if money is neutral.
  4. The Treasury should lengthen the average maturity of the public debt when long-term interest rates are low.
  5. The demand for money is a function of the real rate of interest rather than the money rate of interest.
  6. If a commercial bank raises new capital by a common stock issue, its reserves will rise permitting a multiple expansion in the money supply.

PART II (60 points). Listed below are four proposals for new legislation. For each proposal, discuss the probable economic effects were the proposal to be enacted and indicate your views on the desirability of the proposal. (Consider each proposal separately; i.e., as you discuss one proposal assume that none of the others has been enacted.)

  1. Require the Federal Reserve to support the prices of Government securities whenever their yields reach 4 ¼ percent.
  2. Allow commercial banks to pay any interest they deem proper on demand and time deposits.
  3. Require the Federal Reserve to produce a money supply which is as close as is practicable to a 3 percent annual rate growth path.
  4. Provide that members of the Board of Governors of the Federal Reserve System may be appointed to, or removed from, office at any time by the President of the United States.

 

PART III. (60 points). Answer two.

[Handwritten note: THIS PAGE WAS NOT GIVEN. (i.e. Part III)]

  1. “Economists are frequently skeptical about the effects of price flexibility in goods markets because they feel that price declines will lead to expectations of further price declines resulting in a reduction in consumption. If expectations as to future prices of long-term bonds are determined in a similar way, the liquidity trap will not exist and, in fact, the economy will be very sensitive to changes in monetary policy.” Discuss.
  2. Today, monetary policy is generally considered to be useful for dealing with economy-wide stabilization problems but not with regional stabilization problems; overheated regions and depressed regions must be treated with different medicines. But the Federal Reserve System consists of twelve regional banks and its founders thought a regional monetary policy was possible. What economic conditions would have to prevail before a regional monetary policy would be possible?
  3. Outline the major aspects of the Gurley-Shaw hypothesis, and discuss its merits. What empirical observations would lead you to accept or reject the hypothesis? (Is the fact relevant that in recent months the rate of growth of money supply plus time deposits has remained unchanged while the rate of growth of money supply alone has declined substantially?)

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Ph.D. Written Comprehensive Examination in PUBLIC FINANCE

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 24, 1965

PART I (40 min.)

For each of the following indicate whether the statement is true, false, or uncertain, and then explain your reasoning. (Statements in parentheses may be taken as correct.)

  1. (In a suburban Los Angeles owner-occupied housing development in a recent year, real estate tax payment as a fraction of annual family income was higher for lower-income families than for higher-income families.) The foregoing fact shows that the residential real estate tax is a regressive tax.
  2. There is no advantage or disadvantage to the investor in holding tax-exempt municipal bonds because market demands will have adjusted so as to equate the after-tax yields on the two.
  3. (Available empirical evidence indicates that the after-tax rate of return on equity in the corporate sector has changed very little since the late 1920’s despite the fact that the corporate income tax rate has increased from 11% to over 50%.) From this evidence one can conclude that the effect of the tax has been to raise corporate product prices or to lower the prices of corporate-hired factors of production, or some combination of these two, so that the tax has been simply shifted away from corporate profits with no change in resource allocation.
  4. Marginal cost pricing should be employed for all public utility undertakings.

 

PART II (70 min.) Answer any 2 of the following:

  1. Discuss briefly the issues raised by the proposal of Mr. Heller (former chairman of the Council of Economic Advisers) to transfer certain Federal tax receipts to the states.
  2. Discuss briefly the consequences of Representative Patman’s proposal to finance the Great Society by a loan of $25 billion from the Federal Reserve to the Treasury at an interest rate of ¼ of 1% per year.
  3. Discuss the likely impact of the current proposal to reduce excise taxes upon
    1. The level of aggregate demand
    2. The degree of automatic stabilization of the economy
    3. The distribution of income if taxes on luxury items are eliminated.
  4. Compare, contrast, and evaluate the effects and merits of the following programs to stimulate investment:
    1. Militant easy money programs
    2. Tax inducements such as
      1. Accelerated depreciation
      2. Investment tax credits
      3. Shifts to consumption-expenditure taxation away from income taxation.

 

PART III (70 min.) Answer any 2 of the following:

  1. Indicate the role of government in promoting economic growth in the following models:
    1. Neo-classical models of economic growth à la Solow.
    2. Fixed-proportions models à la Domar.
    3. An economy where government stabilization policy is required to maintain full employment.
  2. Define a public good; a social want. What special problems do they pose to a government which is interested in both resource allocation and optimal income distribution?
  3. Two countries decide to join in an economic union. They wish to have free trade and optimal resource allocation within the union.
    1. One country has a tax system relying solely on a value-added tax and the other one has a proportional income tax. Would an adjustment to exporters or importers be necessary for these taxes?
    2. Suppose the taxes were a value-added tax and a proportional tax on consumption. Would your answer be the same?
  4. How could the government use fiscal measures to improve resource use in transportation?

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Ph.D. Written Comprehensive Examination in ECONOMETRICS

DEPARTMENT OF POLITICAL ECONOMY
THE JOHNS HOPKINS UNIVERSITY
April 24, 1965

Part I

Define or explain briefly:

  1. multicollinearity
  2. consistent estimator
  3. asymptotically efficient estimator
  4. asymptotic variance of an estimator
  5. asymptotically normally distributed estimator
  6. best linear unbiased estimator
  7. Monte Carlo study
  8. specification bias
  9. specification error
  10. autoregressive disturbances

 

Part II (answer two out of three)

  1. Write an essay on the identification problem in which you indicate (a) the definition of “identification”, (b) why the problem arose in the economic literature rather than in the broader statistical literature, (c) the relation of identification to estimation, and (d) some of the important theoretical results concerning identification criteria. In (d), be careful to state carefully the assumptions on which the results rest.
  2. Describe the two-stage least squares estimator in words. Then write down a mathematical expression for it, defining your symbols.
  3. Discuss some of the principal difficulties in estimation that are sometimes encountered when disturbances are serially dependent, and indicate under what circumstances each arises or does not arise. Indicate also what techniques (if any) are available to deal with each difficulty, and how they deal with the difficulty.

 

Part III (answer two out of four)

  1. Suppose that current consumption ct were a linear function of current expected income yet, with an additive disturbance ut that is serially independent with mean zero and constant variance. Suppose also that current expected income is a weighted average of current actual income yt and lagged expected income ye,t-1, with constant weights and with an additive disturbance vt that is independent of ut and serially independent with mean zero and constant variance. Suppose also that income is exogenous. What problems would be encountered in the attempt to obtain consistent and asymptotically efficient estimators of the slope and intercept of the consumption function described? What information and techniques would enable you to solve them? Explain.
  2. Discuss the effects of multicollinearity upon the estimation of parameters by ordinary least squares. In your discussion assume that the distribution of disturbances is spherical and that the regressor observation matrix X is fixed in repeated samples.
  3. Specify the necessary conditions under which the method of instrumental variables provides consistent estimators in circumstances where ordinary least squares fails to do so.
  4. If a regressor is correlated with the disturbance then classical least squares estimation will result in a biased estimator of the influence of variations in the regressor on variations in the regressand. What can you say about the direction and extent of this bias?

 

Source:  Johns Hopkins University, Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 6, Box 1, Folder “Comprehensive Exams for Ph.D. in Political Economy 1947-1965”.

Image Source: From the Johns Hopkins University seal on the cover of the 1966 yearbook Hullabaloo.

Categories
Johns Hopkins Suggested Reading

Johns Hopkins. Reading List for Macroeconomic Theory course. Carl Christ, 1963

Carl Christ

 

The life and career of Carl Christ has been honored at Economics in the Rear-view Mirror in an earlier post. His syllabus for an econometrics course he taught in 1957 at the University of Chicago has been posted as well. Today we have a new-economics themed macroeconomics course, perhaps inspired by the first year of the legendary Council of Economic Advisers under President John F. Kennedy.

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Political Economy 302:
Economic Theory (Macroeconomics)

Spring 1963
Johns Hopkins University

Dr. Christ

Reading List

  1. Texts

Bailey, Martin J., National Income and the Price Level, Appendix on Income and Chs. 1, 2, 6,8, 3.

U.S. President, Economic Report, January 1963, as assigned after publication.

  1. Other Readings

Ackley, Gardner, Macroeconomic Theory, pp. 3-120, Ch. XV, pp. 505-42 and pp. 549-53 (see next item)

Ruggles, Richard and Nancy, National Income Accounts and Income Analysis, 2d ed., pp. 1-143 (an alternative to Ackley, pp. 3-101).

Keynes, J. M., The General Theory of Employment, Interest and Money.

Chs. 1,3; Ch. 6, Sec II; Ch. 7, Sec V; Chs. 8-11; Ch. 12, Secs I-II and p. 164; Chs 13-15; Ch 17, Secs I-IV; Chs 18, 2; Ch 20, Sec [II? or III?].

Samuelson, P.A., “The Simple Mathematics of Income Determination,” in L. Metzler et al, Income Employment and Public Policy

Samuelson, P.A., “Interactions Between the Multiplier Analysis and the Principle of Acceleration,” Rev. Econ. Stat., Vol. 21, No. 2 (May, 1939), pp. 75-78; also in Readings in Monetary Theory.

Patinkin, Don, “Price Flexibility and Full Employment,” in Readings in Monetary Theory.

Mitchell, W. C., “Business Cycles”, in Readings in Business Cycle Theory.

Abramovitz, Moses, “Resource and Output Trends in the U.S. since 1870; Am. Econ. Rev. Vol 36, No. 2 (May, 1956), pp. 5-23; reprinted as N.B.E.R. Occasional Paper No. 52.

Harris, S. E., P. A. Samuelson, G. Haberler, A. H. Hansen, H. C. Wallich, C. L. Schultze, O. Eckstein, and W. L. Smith, “Economic Policy for 1962: A Symposium”, Rev. Econ. Stat.Vol. 44, No. 1 (Feb., 1962), pp. 1-24.

Friedman, Milton, “A Monetary and Fiscal Framework for Economic Stability,” Amer. Econ. Rev. Vol. 38, No. 1 (June, 1948), also in Readings in Monetary Theory, also in Friedman’s Essays in Positive Economics.

 

Source:  Johns Hopkins University. Milton S. Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy. Series 6, Box 1, Folder 3 “Department of Political Economy, Course Outlines and Reading Lists. C. 1900, c. 1950, 1963-68.”

Image Source: Clipped from the Johns Hopkins University yearbook, Hullabaloo 1964, p. 42.