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Northwestern. Reading List and Exams for International Trade and Finance. Harwitz, 1962

Post author By Irwin Collier
Post date 2025-03-03
No Comments on Northwestern. Reading List and Exams for International Trade and Finance. Harwitz, 1962

The following course materials were found in Robert Clower’s papers at Duke University’s Economists’ Papers Archive. Clower collaborated with Mitchell Harwitz (MIT Ph.D., 1959) on a few papers and kept some of Harwitz’s course materials from their years together at Northwestern.

The course offers us some insight into International Economics à la Charles Kindleberger as taught by one of his former M.I.T. doctoral students.

____________________________

AEA Members Listing 1991

HARWITZ, MITCHELL, SUNY Buffalo, Dept. Econ, Buffalo, NY 14260.
Birth Yr: 1934.
Degrees: B.A., Brandeis U. 1954; Ph.D. M.I.T., 1959
Prin. Cur. Position: Assoc. Prof., SUNY at Buffalo, 1964
Concurrent/Past Positions: Asst. Prof., Northwestern U., 1958-64
Research: Temporal-spatial choice theory, labor coops with complex contracts.

Source: AEA Biographical Listing, 1993, p. 205

____________________________

Economics Ph.D., M.I.T. 1959

Dissertation: On Some Problems in the Dynamic Theories of International Trade and Economic Growth

Advisor: Charles Poor Kindleberger

Source: Mathematics Genealogy Project.

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LECTURE AND READING LIST

NORTHWESTERN UNIVERSITY
DEPARTMENT OF ECONOMICS

Economics B-60
International Trade and Finance

Winter, 1962
Mr. Harwitz

There are a total of 36 class hours, of which two are devoted to mid-term examinations and three remain for reviews. The mid-term grades will constitute about 40% of the final grade.

The text is C. P. Kindleberger, International Economics, hereafter called K.

There will be a homework exercise on balance of payments accounting handed out after the January 11 lecture.

Date of Lecture	Topic				Reading
1/8	Introduction and review				K, Ch. 1 Optional: Samuelson, Economics, Ch. 31, Ch. 32 and Appendix
	I. Balance of Payments and FX Markets
1/9,10		A. Balance of Payments
			1. Relation of B of P to National Income Accounts		K, Ch. 2
			2. Relation of items of B of P to FX markets
		B. FX Markets			K, Ch. 3
1/11			1. Equilibrium in FX markets		K, Ch. 24
1/15-17			2. Dynamics of FX market adjustment		K, Ch. 4
				a. Fixed exchange rates
				b. Fluctuating exchange rates
				c. Exchange control
	II. Current Account: Trade Theory
1/18,22		A. Supply			K, Ch. 5. – handout
1/23-4		B. Demand			K, Ch. 6
1/25		C. Trends in Supply and Demand			K, Ch. 7
1/29-30		D. Comparative Statics of FX equilibria			K, Ch. 9
1/31-2/1		E. Comparative statics of income equilibria			K, Ch. 10
2/5	[FIRST] EXAMINATION
	III. Current Account: Commercial Policy
2/6,7		A. Tariffs			K. 12
2/8		B. Selected alternative devices			Handout
	IV. Capital Account
2/12		A. Short-term capital movements			K, Ch. 17
2/13-14		B. Private and public lending			K, Ch. 19
2/15,19		C. Direct investment			K, Ch. 20
2/20		D. Capital accounts in the course of development			K, Ch. 21
	V. Transfers and government assistance
2/21-2					K, Ch. 23
2/25	[SECOND] EXAMINATION
	VI. Disequilibria and adjustment mechanisms
2/27		A. Reprise on equilibrium			K, Ch. 24
2/28, 3/1,5		B. Types of disequilibria and related adjustment			K, Ch. 28
3/12	FINAL EXAMINATION, 8-10 A.M.

____________________________

Exercise in Balance of Payments Accounting

Economics B-60
DUE: JANUARY 18

Winter, 1962
January 11, 1962

From the information that follows, construct a balance of payments statement for the U.S. for the month of January, 1962, during all these transactions take place. Write out the statement showing both debits and credits, as well as the net figures, classified in the format used in Table 2.2 of the text. In addition, provide a memorandum note justifying each of your entries.

Transactions

An American clothing manufacturer buys $5000 worth of English tweed for suiting, paying with a ninety-day draft on the sterling account of his own American commercial bank.
An American automobile dealer buys $10,000 worth of English Ford carss from a distributor in New York, paying to the distributor’s bank in New York.
An individual American buys a Rolls-Royce for delivery in England, paying in advance with a check in dollars to the English dealer, in the amount of $6,000.
An American electric power producer contracts to purchase an electric generator costing $100,000 from an English engineering firm, with delivery to be made in June. A down payment of $100,000 is made in dollars to the New York account of the British firm.
An English appliance dealer buys American refrigerators worth $25,000, paying with dollars purchased fron its English bank.
An English film distributer rents a Hollywood film for £10,000, paying the sterling into the English account of the Holywood producer.
An American sugar broker sells a ninety day future on Cuban sugar to a British importer for $15,000, taking payment in dollars from the New York account of the importer.
An English steel making consortium pays its current share, $100,000, into a dollar account to help defray the expenses of a new mining venture. $50,000 is provided out of the group’s own dollar holdings, and the rest is purchased from the dollar holdings of British banks.
An American investor buys 90-day British treasury bills on the London market with £5,000 bought in New York banks and £10,000 bought from London banks.
The British Exchequer makes a special repayment of lend-lease debt of $100,000 by turning over earmarked gold in New York.
An American bank decreases its hedged working balances in London by $50,000.
An Englishman receives, in England, interest coupons worth $1,000, showing accumulated interest on part of his holding of U.S, railroad bonds. He discounts them with his bank.

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NOTES ON THE
BALANCE OF PAYMENTS PROBLEM

Economics B-60

January 24, 1962
Mr. Harwitz

Apparently standard errors

Impors and exports are recorded as they clear ports. Thus, the Rolls-Royce represents an increase in assets owned abroad by Americans, not an import. A similar remark holds for the signing of the generator contract. Such timing errors should not throw the Balance of Payments out of balance, but they should affect the accuracy of your division between the current and the capital accounts.
There was a very clear correlation between working out a careful debit and credit account for each transaction and getting a consistent set of accounts. The resulting accounts might, of course, differ from mine on grounds of interpretation or timing. But they would balance.
Misuse of “errors and omissions” account. This account is non-zero only because reporting in the real world does not cover both ends of every transaction. Since both ends of every transaction were given to you, it should have been clear that no balancing account was necessary.

The Balance of Payments Exercise

I shall indicate how each of the transactions should be handled, and then draw up the resulting accounts. There are no errors and omissions, so there will be no such entry in the accounts. (-) means debit and (+) means credit.

The purchase of tweed is an import, and therefore a debit, and the matching credit is an increase in U.S. obligations abroad, a capital inflow. The inflow would be cancelled, and replaced by a credit arising from a decrease in U.S. assets abroad, when the draft is actually cashed at the importer’s bank.

Import: – $5000
Increase in s/t liabilities to abroad: + $5000

There are two alternative ways to treat this transaction. The first is to assume that the distributor is an American firm, in which case the transaction is purely internal to the U.S. if the cars have already been brought into New York by the distributor. The second is to assume that the distributor is British, and that the American buyer is taking delivery in New York, or, equivalently, that the American buyer is placing an order that actually required an import by the distributor doing business in New York. In my own accounts, I shall use the first (lazy man’s) interpretation, but the second, if used, would lead to:

Import: -$10,000
Increase in s/t liabilities to abroad: + $10,000

Since the Rolls has not crossed the border of the U.S., the appropriate debit entry is an increase in U.S. assets abroad. The matching credit entry is an increase in s/t liabilities to abroad (the increase in British holdings of U.S. dollars).

Increase in s/t assets abroad: – $6000
Increase in s/t liabilities to abroad: + $6,000

There was an error in my original typescript, and the total cost of the machinery should have read $1,000,000, not $100,000 as it did. I don’t think this affects the balance of payments very seriously, however. I would be inclined to treat this transaction as made up of an increase in a l/t assets abroad (consisting of the paid-up portion of the contract) and a matching credit arising from an increase in British holdings of U.S. dollars. Thus

Increase in l/t assete abroad: – $100,000
Increase in s/t liabilities to abroad: + $100,000

One could argue, however, that with the correct cost figure the entry should be an increase in l/t assets abroad of $1,000,000, with a matching credit entry of $1,000,000, arising 10% from an increase in British holdings of dollars and 90% from the contractual promise to pay the remaining $900,000.

This transaction is perfectly simple. The export is a credit, and the matching debit is a decrease in s/t liabilities to abroad, which arises from the “repatriation” of U.S. dollars.

Export: +25,000
Decrease in s/t liabilities to abroad: -$25,000

The export of sevices is a credit, and the matching debit is an increase in U.S. assets abroad (in this case an increase in American ownership of English pounds), that is, a capital outflow.

Export of services: +$28,000
Increase in s/t assets abroad: – $28,000

Here, as elsewhere in the exercise, I convert figures in pounds sterling into dollars at the official rate of $2.80/£.

Here, a short-tern foreign asset of the U.S. (a claim for future delivery of non-U.S. sugar) is sold, giving rise to a credit. The matching debit is the decrease in foreign-owned U.S. government liabilities.

Decrease in s/t U.S. assets abroad: + $15,000
Decrease in s/t liabilities to abroad: – $15,000

There are two alternatives here. The first is to assume that the dollar account of the consortium or joint venture is held in the U.S. In this case, the debit entry is a decrease in dollar holdings abroad ($50,000 held by banks, $50,000 held in private banking accounts by members of the consortium), matching a $100,000 increase in U.S. liabilities to abroad. The liabilities are short-term if the joint venture is a U.S. corporation giving shares for the $100,000 payment. I take this alternative, with the second interpretation. The second alternative is to assume that the dollar account is actually held in London. The transaction then washes out of the U.S. Balance of Payments, being only a transfer of continuing U.S. obligations between foreign owners. On my interpretation, the transaction is recorded thus:

Increase in l/t liabilities to abroad: + $100,000
Decrease in s/t liabilities to abroad: – $100,000

The increase ih assets abroad (a capital inflow) is a debit, valued at $42,000 at the official exchange rate. The matching credits are the decrease in U.S. holdings of pounds sterling ($14,000) and an increase in U.S. obligations to abroad ($28,000 in dollars acquried by British banks).

Increase in s/t assets abroad: – $42,000
Decrease in s/t assets abroad: + $14,000
Increase in s/t Iiabilities to abroad: +28,000

The debit entry is clear: an inflow of monetary gold to the U.S. The matching credit entry is perhaps a little artificial, but the standard procedure would, I think, be a decrease in foreign l/t liabilities (Lend-Lease debts) to the U.S.

Decrease in l/t assets abroad: + $100,000
Import of Monetary Gold: – $100,000

This transaction washes out, since it involves a spot sale of pounds worth $50,000, a sale that would be used to fulfill the futures contract for delivery of pounds. That is the meaning of a “decrease in hedged balances”. I chose not to record it, but if it were recorded it would give rise to a credit from the acquisition of dollars and a debit from the fulfillment of the futures contract.
The interest payment is itself a debit, and enters the current account. The matching credit is the increase in dollar obligations owned abroad (in this instance by the British bank).

Interest payment_ – $1,000
Increase in s/t liabilities to abroad: +$1,000

* * * * * * * * * * * * *

THE U.S. BALANCE OF PAYMENTS (Cf. K, Table 2.2)

				Transaction Number
A. Goods and services			+ $47,000
	1,2.	Merchandise exports	+ $53,000	5,6
		Merchandise imports	– $ 5,000	1
	6.	Investment income: debits	– $ 1,000	12
C. Capital and Monetary Gold			– $47,000
	11,15.	Long-term liabilities	+ $100,000
		(Other	+ $100,000)	8
	12, 16.	Short-term liabilities	-0-	1,3,4,5,7,8,9,12
	13, 17.	Long-term assets	-0-
		(U.S. Govt loans repaid	+ $100,000)	10
		(Other Private and banks	– $100,000)	4
	14, 18.	Short-term assets	– $47,000
		(Private and banks)	– $47,000)	3,6,7,9
	19.	Monetary Gold	– $100,000	10
		Net errors and omissions	-0-

Notes to the Balance of Payments Table

The lines in parenthesis are subtotals, and should not be counted in checking to see that the addition and subtraction are correct. A simple check on the accuracy of the presentation (one that will not work all the time) is to note that each transaction number appears exactly twice. In general, the transaction numbers would appear at least twice, and in any case never only once.

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FIRST HOUR EXAMINATION

NORTHWESTERN UNIVERSITY
DEPARTMENT OF ECONOMICS

Economics B-60
International Trade

February 7, 1962
Mr. Harwitz

Directions, notes, and hints. Please write on every other page of your blue books, to make marking the examinations easier for me. The total time allowed is 50 minutes, and the set of True-False questions should take twelve minutes. The point count of the questions is the suggested number of minutes. Answer all the true-false questions and two of the remaining four; that is, answer five questions in all. If you answer more than two of the last four questions, I shall choose two of the answers arbitrarily and mark you on them.

If I ask you to comment In detail, I mean that you should set out an explicit theoretical model on which to base your answer. The point of the question, obviously, is to test whether you can handle the theory. In answering the true-false questions, your explanation can be kept to a couple of sentences at most. Be very careful in reading these questions!

True-False. Mark true or false, and explain your choice briefly. (12 minutes)
1. Multiple exchange rates are prevented by arbitrage because arbitrageurs take long positions in foreign currencies.
2. Interest arbitrage between two countries (say, the U.S. and Great Britain) serves to keep short-term interest rates in New York and London from diverging.
3. The very large size of the hedged balances of foreign exchange held by banks as working balances introduces a possible element of instability in the foreign exchange market.
Answer two of the following four questions. They all weigh equally.
1. “One trouble with the theory of international trade is that it puts too much emphasis on one blade of the Marshallian scissors — the supply side — by trying to determine the direction of trade solely in terms of comparative costs.” Comment in detail.
2. “The idea that trade will take place between two countries because trading will benefit the countries as a whole is clearly wrong, since trade really takes place between individual firms, regardless of whether or not the countries of which the firns are residents benefit from the individual trading.” Comment in detail, using the concept of the production-possibility locus.
3. An underdevloped country that trades on an international gold standard undertakes a development project (say, a road-building program) with the aid of an IBRD loan covering the direct foreign exchange requirements of the program. Show what is likely to happen to the balance of trade on current account and to the gold reserves of the country. (Certain assumptions have to be made. Make then explicitly!)
4. The Phillipines have just gone on a freely-fluctuating exchange rate. Suppose a direct competitor in sales of tropical food crops to the United States (say, Panama) produces a bumper crop, which the competitor cannot store and must try to sell immediately. What happens to the balance of trade and the foreign exchange rates of the Phillipines? (Hints: you can make things easier for you and for me if you restrict your attention to the Phillipines and the United States. Again, certain assumptions need to be made explicitly.

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SECOND HOUR EXAMINATION

NORTHWESTERN UNIVERSITY
DEPARTMENT OF ECONOMICS

Economics B-60
International Trade

February 28, 1962
Mr. Harwitz

Directions. Please write on every other page of the blue books.

Short answer questions. Answer 6 of the following 8 questions. Each question is worth four points.
1. Show that an import of goods on current account, taken by itself, will in fact reduce the domestic money supply of the importing country. (HINT: examine the effect of payment for the transaction on the balance sheet of the domestic banking system.)
2. Show that an increase in the forward exchange rate between dollars and pounds, with the short-term interest rates in the U.S. and Great Britain fixed, will cause a rise in the current spot rate.
3. “The fact that Nigeria had a large export surplus vis-a-vis Great Britain during World War II, and that the sterling proceeds of the surplus were blocked in British banks, meant that Nigeria did less domestic investing during that period than she might otherwise have done.” True or false, and why?
4. Why would a “successful” protective tariff be a poor revenue tariff? (Please draw a picture illustrating the point.)
5. Under what circumstances may one country in a 2-country world increase its share of the gains from trade by the imposition of an import tariff?
6. Back in the dear dead days of the “dollar shortage” (the late 1940’s), it was suggested that Europe was justified in imposing tariffs or quotas against American goods because the United States had an advantage in every line of production as a result of the War. What’s wrong with the suggestion?
7. Define a “beggar-thy-neighbor” tariff policy, and show the effects of such a policy on the country imposing the tariff.
8. “The protective effect of a tariff is independent of the elasticity of domestic demand in the country imposing the tariff.” True or false, and why?

Medium-long answers. Answer 2 of the following 3 questions. Each question is worth 13 points.
1. It is not unreasonable to argue that any effect achievable by means of a tariff could equally well be achieved by means of a subsidy for import-competing industries. (a) Is this always true? (b) What in fact is the basis of the argument if and when it is true?
2. Suppose that in 1946 the U.S. decided to lend Great Britain $50,000,000 to help the British recover from the destruction of its capital stock consequent upon World War II. What criteria should be applied for deciding whether the loan should be in the form of capital goods or in the form of dollars that could be used to finance imports of either capital goods or consumer goods? (Assume in this case a 2-country world.) What application does this kind of argument have in evaluating the usefulness of our present policy of embargoing trade in strategic materials with the Communist bloc, while allowing free trade in “non-strategic materials”?
3. Compare the advantages and disadvantages of direct investment versus long-term lending from the point of view of the receiving country.

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FINAL EXAMINATION

NORTHWESTERN UNIVERSITY
DEPARTMENT OF ECONOMICS

Economics B-60
International Trade

March 12, 1962
Mr. Harwitz

Instructions. Please write on every other page of your blue books, as usual. The point count on the questions is equal to the suggested time you should take to answer them, As before, I shall choose the appropriate number of answers and grade you on them in sections where you answer more questions than I ask you to.

I. Definitions. Answer 10 of the following 15. (3 minutes each)
Note an example or draw a picture if it seems helpful.

1. Foreign trade multipliers.
2. Elasticity optimism and pessimism.
3. Hedging function of the foreign exchange market.
4. Exchange control system.
5. Errors and omissiors in the balance of payments accounts.
6. Bill of exchange.
7. Gold sterilization.
8. Protective effect of a tariff.
9. Revenue effect of tariff.
10. Redistibutive effect of a tariff.
11. Balance of trade.
12. Multilateral exchange clearing.
13. Interest arbitrage.
14. Multiple cross rates.
15. Purchasing power parity.

II. Answer one of the following two. (10 minutes.)

1. (a) Show that the excess demand for foreign currency is exactly equal to the excess of imports over exports when there are no autonomous movements in capital or gold.
  (b) Define the excess demand for foreign currency when there may be autonomous movements on capital account. What is the effect on the domestic money supply of positive excess demand for foreign currency?
2. In current terminology, the United States Balance of Payments is said to be in deficit condition if there are compensating outflows of gold or inflows of capital. Show that this can happen even if the balance of trade is in surplus condition on the usual definition. Relate this to the U.S. experience in the last decade.

III. Answer one of the following two. (15 minutes)

1. F. P. Graham has argued that reciprocal demand has no influence on the relative prices of internationally traded commodities. In the context of a 2-country, 2-good, constant-opportunity-cost model, he is right in the special circumstance that one country is exceedingly large relative to the other. Show why, and show why this may be considered a rather special case.
2. One can characterize naive comparative cost doctrine as saying that factor endowments determine the goods that a country will import and those it will export. Sophisticated doctrine, like mine, says that a country will export goods the prices of which are relatively lower before trade (in isolation) in the potential exporting country than they are in the potential importer.

IV. Answer one of the following two. (15 minutes)

1. It has been argued that an examination of the historical evidence indicates that the 19th century adjustment mechanism under the gold standard was not the classical price-specie-flow mechanism. Indicate another mechanism under which the draining-off of gold in a deficit country and the build-up of gold reserves in a surplus country would give rise to an equilibrating counter-flow of capital items[?] in the balance of payments and/or a shift in the determinants of the balance of trade in the equilibrating direction.
2. (a) Define the term “gold points” (or the equivalent “gold-import and gold-export points”).
  (b) What is the effect on the U.S. gold points if the Treasury imposes a charge for the conversion of goid into currency and vice-versa?
  (c) Keynes proposed, in the Treatise on Money (Vol. II, Ch. 34, Sec. iii), that it would be useful for a country that wished to isolate its domestic money market as much as possible from the repercussions of international situations to introduce a wide spread between the gold points. Precisely what do you think he meant, and in what way do you think the proposal would accomplish its purpose? What combination of adjustment mechanisms did he apparently have in mind?

V. Answer one of the following two, (15 minutes)

1. Quote from Mr. Louis d’Or, president of the Mercantile Bank of Upper Lower: “The United States would be much healthier economically if, like Germany, she competed hard in international markets, kept inflation down, and built up a healthy surplus in the balance of trade. Right now, the country is in bad shape as an international competitor because of the spend-thrift policies of the current” Is Louis right about Germany being healthy or about the desirability of the U.S. getting like Germany (economically, that is)? Comment in detail on the logic, the definitions, the facts.
2. Quote from T. Tock, president of the Worthless Watch Company, Waltham, Massachusetts: “I don’t approve of this Unamerican (spelling?) scheme of direct subsidies to business. All we watchmakers want and need is a chance to compete on even terms with the cheap foreign labor. A small, scientific tariff will do for us. That’s the best way.” Is it? Yes or no, why, and from who’s point of view?

VI. Answer one of the following two.
(15 minutes)

1. A not entirely accurate description of the English international trade position of the early 1920’s would suggest that she had structural unemployment in one of her most important export industries, shipbuilding. At that time, Mr. Churchill re-established the gold standard at the pre-war par, which was in effect an appreciation of the pound relative to other currencies. Evaluate the decision in terms of the remedies appropriate to structural disequilibrium in the export industries. Justify the remedies you say are appropriate, of course.
2. Consider a case in which there are 2 goods, 2 factors, and 2 countries. One of the countries is relatively well endowed with capital, the other relatively well endowed with labor. Furthermore, the capital-rich country is running a continuing trade surplus with the other country, which is underdeveloped (of course), and is lending to the underdeveloped country on a regular basis. Classical theory then leads to the conclusion that, eventually, trade between the two countries must cease, as the endowment of capital in the underdeveloped country is sufficiently increased. Comment in detail.

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. Robert W. Clower Papers, Box 4, Folder “B-60. International Trade Exams, 1962.”

Image Source: Pierre S. DuPont High School senior portrait of Mitchell Harwitz in the yearbook Pierrian 1950.

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Exam Questions Harvard Industrial Organization Problem Sets

Harvard. Economics of Corporations. Report assignments and final exam. Ripley, 1906-1907

Post author By Irwin Collier
Post date 2024-04-19

This version of William Ripley’s course on corporations was the fourth time of what would become a standard offering. He was an institutionalist-style economist who wallowed in the utter variety of economic organisations, be they on the side of labor or corporate capital. These did not fit neatly into the perfectly competitive theory of markets. He was interested in larger molecules and not so much in the atoms of economic life.

__________________________

Other Corporations/Industrial Organization Related Posts
for William Z. Ripley

Problems of Labor and Industrial Organization, 1902-1903.

Economics of Corporations, 1903-1904.

Economics of Corporations, 1904-05 (with Vanderveer Custis)

Economics of Corporations, 1914-1915.

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Course Readings

Cases for the course are most certainly found in Trusts, Pools and Corporations (1905), edited with an introduction by William Z. Ripley. From the series of Volumes Selections and Documents in Economics, edited by William Z. Ripley published by Ginn and Company, Boston.

________________________

Course Enrollment
1906-07

Economics 9b ²hf. Professor Ripley, assisted by Dr. [Stuart] Daggett. — Economics of Corporations.

Total 236: 11 Graduates, 70 Seniors, 103 Juniors, 40 Sophomores, 1 Freshman, 11 Others.

Source: Harvard University. Report of the President of Harvard College, 1906-1907, p. 71.

________________________

HARVARD UNIVERSITY

1907
ECONOMICS 9²

ASSIGNMENT OF REPORTS.

Exact references by title, volume, and page must be given in foot-notes for all facts cited! This condition is absolutely imperative. Failure to comply with it will vitiate the entire report.

GROUP A

Students will report upon the organization and present character of one industrial combination in the United States. This will be indicated by a number, placed against the student’s name on the enrolment slip, which number refers to the industrial combination similarly numbered on this sheet. See directions on last page.

GROUP B

Students will compare the character and extent of industrial control in two different industries in the United States. These are indicated by numbers given below, which are posted against the student’s name on the enrolment slip. The aim should be to point out and explain any discoverable differences in the nature or extent of the industrial monopoly attained in the two industries concerned. Mere description of conditions in either case will not suffice; actual comparison is demanded. The parallel column method is suggested. See directions on last page.

GROUP C

Students will compare industrial combinations in different countries of Europe with one another, or with corresponding ones in the United States. The assignment of industries will be made by numbers, referring to the list below, these numbers being posted against the student’s name on the enrolment slip. Mere description will not be accepted; the student will be judged by the degree of critical comparison offered. Parallel columns may be used to advantage. See directions on last page.

* * * * * * * * * * * * * *

The letters preceding the assignment number against the student’s name refer to the group in which the report is to be made. Thus, for example: “31 A” on the enrolment slip indicates that the student is to report upon the American Cotton Oil Co.; “2 & 64 B,” that a comparison of the American Bridge Co. and the United States Leather Co. in the United States is expected; while “59 & 158 C” calls for an international comparison of industrial organizations in thread manufacture as described under Group C.

INDUSTRIAL COMBINATIONS
IN THE UNITED STATES

A star indicates that data will be found in Industrial Commission Reports, Vol. I or XIII.

American Axe and Tool Co., 1889.
American Bridge Co., 1900. (See No. 123.)
American Iron and Steel Mfg. Co., 1899.
American Steel Foundries Co., 1902.
*American Radiator Co., 1899.
*American Sheet Steel Co., 1900. (See No. 123.)
*American Steel and Wire Co. of New Jersey, 1899, (See No. 123.)
American Steel Casting Co., 1894.
*American Steel Hoop Co., 1899. (See No. 128.)
*American Tin Plate Co., 1898. (See No. 123.)
*Federal Steel Co., 1898. (See No. 123.)
International Steam Pump Co., 1899.
*National Shear Co., 1898.
*National Steel Co., 1899. (See No. 123.)
National Tube Co., 1899. (See No. 123.)
*Otis Elevator Co., 1898.
Republic Iron and Steel Co., 1899.
United Shoe Machinery Co., 1899.
United States Cast Iron Pipe and Foundry Co., 1899.
American Beet Sugar Co., 1899.
*American Chicle Co., 1899.
Corn Products Co., 1902.
*American Sugar Refining Co., 1891.
*Glucose Sugar Refining Co., 1897.
*National Biscuit Co., 1898.
National Sugar Refining Co., 1900.
*Royal Baking Powder Co., 1899.
United States Flour Milling Co., 1899.
*American Fisheries Co., 1899.
American Agricultural Chemical Co., 1899.
*American Cotton Oil Co., 1889.
American Linseed Co., 1898.
*Fisheries Co., The, 1900.
*General Chemical Co., 1899.
*National Salt Co., 1899.
*National Starch Manufacturing Co., 1890.
*Standard Oil Co., 1882.
Virginia-Carolina Chemical Co., 1895.
American Shot and Lead Co., 1890.
American Smelting and Refining Co., 1899.
American Type Founders Co., 1892.
*International Silver Co., 1898.
National Lead Co., 1891.
American Malting Co., 1897.
American Spirits Manufacturing Co., 1895.
Kentucky Distilleries and Warehouse Co., 1899.
Pittsburgh Brewing Co., 1899.
St. Louis Brewing Association, 1889.
Standard Distilling and Distributing Co., 1898.
*American Bicycle Co., 1899. (Now Pope Bicyele Co.)
American Car and Foundry Co., 1899.
*Pressed Steel Car Co., 1899.
Pullman Co., The, 1899.
American Snuff Co., 1900.
*American Tobacco Co., 1890.
*Continental Tobacco Co., 1898.
*National Cordage Co., 1887. (See No. 62.)
American Felt Co., 1899.
*American Thread Co., 1898.
American Woolen Co., 1899.
New England Cotton Yarn Co., 1899.
*Standard Rope and Twine Co., 1895. (See No. 57.)
American Hide and Leather Co., 1899.
*United States Leather Co., 1893-1905.
American Straw Board Co., 1889.
American Writing Paper Co., 1899.
International Paper Co., 1898.
*National Wall Paper Co., 1892-1905.
Union Bag and Paper Co., 1899.
United States Envelope Co., 1898.
American Clay Manufacturing Co., 1900.
American Window Glass Co., 1899.
International Pulp Co., 1893.
National Fire Proofing Co., 1899.
*National Glass Co., 1899,
*Pittsburgh Plate Glass Co., 1895.
United States Glass Co., 1891.
American School Furniture Co., 1899.
Diamond Match Co., 1889,
National Casket Co., 1890
United States Bobbin and Shuttle Co., 1899,
American Glue Co., 1894.
American Ice Co., 1899.
American Shipbuilding Co., 1899.
American Soda Fountain Co., 1891,
*General Aristo Co. (Photography), 1899.
Rubber Goods Manufacturing Co., 1899.
United States Rubber Co., 1892.
Allis-Chalmers Co., 1901.
American Cigar Co., 1901.
American Grass Twine Co., 1899.
American Light and Traction Co., 1901.
American Locomotive Co., 1901.
American Machine and Ordnance Co., 1902.
American Packing Co., 1902.
American Plow Co., 1901.
American Sewer Pipe Co., 1900.
American Steel Foundries Co., 1902.
Associated Merchants Co., 1901.
Chicago Pneumatic Tool Co., 1902.
Consolidated Railway Lighting and Refrig. Co., 1901.
Consolidated Tobacco Co., 1901.
Corn Products Co., 1902.
Crucible Steel Co., of America, 1900.
Eastman Kodak Co., 1901.
International Harvester Co., 1902.
International Salt Co., 1901. (Also National Salt Co.)
*Jones & Laughlin Steel Co., 1902.
*National Asphalt Co., 1900.
New England Consolidated Ice Co., 1902.
New York Dock Co., 1901.
Pacific Hardware and Steel Co., 1902.
Pennsylvania Steel Co., 1901,
Railway Steel Spring Co., 1902.
International Mercantile Marine Co., 1902.
Northern Securities Co., 1901. (See Library Catalogue.)
United Box, Board and Paper Co., 1902.
United Copper Co., 1902.
United States Cotton Duck Corporation, 1901.
United States Realty and Construction Co., 1902.
United States Reduction and Refining Co., 1901.
United States Shipbuilding Co., 1902.
American Tobacco Co., 1903.
Central Leather Co.
American Ice Securities Co.
Amalgamated Copper Co.
General Electric Co.
United Shoe Machinery Co.
American Telephone and Telegraph Co.
United Gas Improvement Co.
Interborough-Metropolitan Co.
Mass. Electric Companies.
Mass. Gas Companies.
Philadelphia Rapid Transit Co.
Brooklyn Rapid Transit Co.
N. Y. Consolidated Gas Co.
American Express Co.
Adams Express Co.
United States Steel Corporation; Promotion.
United States Steel Corporation; Financial Development.
United States Steel Corporation; Bond Conversion.
United States Steel Corporation; Relations to Employees.
United States Steel Corporation; Earnings, Quotations and Business.

INDUSTRIAL COMBINATIONS IN EUROPE.

[Consult: Industrial Commission, Vol. XVIII; U.S. Special Consular Reports, Vol. XXI, Part III; and London Economist on England since 1895; Griffin’s Library of Congress List of Books on Trusts, 1902, p. 35; and for the respective countries, Stock Exchange Official Intelligence (Lib 5230.7), Salling’s Börsenpapiere (Lib. 5234.5.2), and Annuaire Général des Sociétés françaises par Action (5232.5), On Germany consult also Kontradictorische Verhandlungen über deutsche Kartelle (Lib., Econ. 3871.1).]

Canadian Iron Founders’ Association. (See Canadian Commission on Trusts, 1888.)
*Bleachers’ Association, England.
*Iron Combination, France.
*Iron Combination, Germany. (Stahlwerkverband.)
*Rhenish-Westphalian Coal Syndicate.
*Spirits Combination, Germany.
*United Pencil Factories’ Company, Germany.
*Portland Cement Manufacturers’ Association, England.
*Bradford Dyers’ Association, England.
*Brass Bedstead Association, England.
*British Cotton and Wool Dyers’ Association.
*British Oil and Cake Mills.
*Calico Printers’ Association, England.
*Wall Paper Manufacturers’ Association, England.
*English Sewing Cotton Co.
*Petroleum Combination, Germany.
*Petroleum Combination, France.
*Sugar Combination, Germany.
*Sugar Combination, Austria.
German Salt Combination.
German Potash Combination.
International Sulphur Trust.

DIRECTIONS.

All books here referred to are reserved in Gore Hall.

First.—Secure if possible by correspondence, enclosing ten cents postage, the last or recent annual reports of the company. Unless they are “listed” on the stock exchanges, no reports will be furnished. P. O. addresses for American corporations will be found in the latest Moody’s Manual of Corporation Securities; in 12th U. S. Census, 1900, Manufactures, Part I, p. lxxxvi; in the latest Investors’ Supplement, N. Y. Commercial and Financial Chronicle; or in the Manual of Statistics.

Second.—In all cases where possible (starred on list) consult Vols. I, XIII, or XVIII, U. S. Industrial Commission Reports. Read appropriate testimony in full, consulting lists of witnesses, Vol. I, p. 1263, and Vol. XIII, p. 979; and also using the index and digests freely. Always follow up all cross references in foot-notes in the digests. Duplicate sets of these Reports are in Gore and Harvard Halls.

Third.—For companies organized prior to 1900 look through the bibliography and index in Halle or Jenks for references; and also in Griffin’s Library of Congress List.

Fourth.—Work back carefully through the files of Moody’s Manual of Corporations and of the Investors’ Supplement, N. Y. Commercial and Financial Chronicle. These Supplements, prior to 1902, are bound in with the regular issues of the Chronicle, one number in each volume. Since 1901 they are separately bound for each year. The Investors’ Supplement will be recognized by its gray paper cover, and must be carefully distinguished from the other supplements of the Chronicle. Market prices of securities are given in a distinct Bank and Quotation Supplement, also bound up with the Chronicle. Having found the company in the Investors’ Supplement, follow up all references to articles in the Commercial and Financial Chronicle as given by volume and page. Also use the general index of the latter, separately, for each year since the company was organized.

The files of Bradstreets should also be used, noting carefully that the index in each volume is in three separate divisions, “Editorials” being the most important. The course of prices is summarized at the end of each year in January Bradstreets, and also in Bulletin U. S. Dept. of Labor, No. 29.

Fifth.—The files of trade publications should also be consulted. Among these are Bulletin of the National Wool Manufacturers’ Association, The Iron Age, Dry Goods Economist, etc. (Boston Public Library.)

Sixth.—Read carefully in the U.S. Census the special reports on industries; and compile all data possible as to the growth and development of the industry in general, by means of statistics of production, exports and imports, number of employees and capital invested.

The course of prices of securities in detail for many companies is given in Industrial Commission Reports, Vol. XIII, p. 918, et seq.

As for the form of the reports all pertinent matter may be introduced, proper references to authorities being given. Particular attention is directed to the extent of control, nature and value of physical plant, mode of selling products and fixing prices, amount and character of capitalization, with the purpose for which it was issued, relative market prices of different securities as well as of dividends paid through a series of years, degree of publicity in reports, etc. Mere history is of minor importance, unless it be used to explain some features of the existing situation.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1, Folder “Economics, 1906-1907”.

________________________

ECONOMICS 9b
Year-end Examination, 1906-07

Why was the Sherman Act passed when it was? Describe the general situation.
Show how the competition of a large producer — an industrial combination, for example — located at a distance may operate to restrict the market of a smaller independent concern. Can you suggest any remedy; or is it inevitable?
Invent two cases, typical of the most frequent form of controversies at common law, raising the issue of restraint of trade. Develope (sic) the reasoning involved.
What was “an immunity bath”? How was the matter dealt with by Congress?
Meade gives five reasons for the inferior investment value of industrial, as compared with railway bonds. What are they, succinctly stated?
“The principal point is this: in England the promoters’ and middlemens’ profit is added to the nominal capital of a company, whilst in Germany it is added to the price of the shares.” Show the possible effects of this difference upon each party concerned.
What remedies proposed by Attorney General Knox in 1903 (Trusts, Pools, and Corporations, pp. 262-288) have since been enacted into law? Have new solutions been proposed?
Upon which of the three possible theories for the issuance of corporate capital are the laws of the following states based; viz.: (a) Massachusetts; (b) New Jersey; (c) England.
Outline the experience of the American Window Glass Co. in dealing with labor organizations.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1906-07 (HUC 7000.25), p. 33.

Image Source: Share of the Standard Oil Company, issued 1. May 1878. FromWikimedia Commons.

Tags Daggett, Ripley

Exam Questions Harvard Problem Sets Transportation

Harvard. Report assignment and final exam for transportation economics. Ripley, Daggett and McLaren, 1906-1907

Post author By Irwin Collier
Post date 2024-03-06

With the railroad industry posing so many interesting questions in the organization and regulation of industry, corporate finance, and economic geography it comes as no wonder that William Zebina Ripley taught one of the more popular advanced courses offered by the Harvard economics department early in the 20th century.

Worth noting is that the instructions for course reports transcribed below was only very slightly changed from an earlier version (1903-04).

__________________________

Earlier exams etc. for Economics 5

1900-01 (Hugo Richard Meyer alone)
1901-02 (Ripley with Hugo Richard Meyer)
1903-04 (Ripley alone)
1904-05 (Ripley with Stuart Daggett)
1905-06 (Ripley with Stuart Daggett)

__________________________

Course Enrollment
1906-07

Economics 5 ¹hf. Professor [William Zebina] Ripley, assisted by Mr. [Stuart] Daggett and Mr. W. W. [Walter Wallace] McLaren. — Economics of Transportation.

Total 205: 7 Graduates, 59 Seniors, 100 Juniors, 31 Sophomores, 2 Freshmen, 6 Others.

Source: Harvard University. Report of the President of Harvard College, 1906-1907, p. 71.

__________________________

HARVARD UNIVERSITY

ECONOMICS 5
ASSIGNMENT OF REPORTS

⇒ Exact references by title, volume, and page must be given in footnotes for all facts cited. This condition is absolutely imperative. Failure to comply with it will vitiate the entire report.

GROUP A

Students will report upon the organization and present condition of one railway company in the United States. This will be indicated by a number, placed against each student’s name on the enrolment slip, which number refers to the railroad similarly numbered on this sheet. See Directions on last page.

The information to be procured is as follows, and should be numbered in correspondence with this list. Note all changes during the year; and compare the results with those for the railway group in which the company lies, as given in U. S. Statistics of Railways. (1) Miles of line. (2) Passengers transported. (3) Tons of freight carried: gross and per mile of line. (4) Tons carried one mile, with revenue per ton mile. (5) Revenue per train mile. (6) Average train load and changes therein. (7) Classification of freight and changes therein. (8) Gross earnings from operation. (9) Operating expenses: gross and per mile of line. (10) Net income from operation. (11) Stock and bonds. (12) Stock and bonds per mile of line. (13) Dividends paid. (14) Surplus. (15) Present prices and movements of prices of the various securities listed.

With this data as a basis prepare as full a general description of the property as possible.

GROUP B

Students will compare the volume of business (1) in gross and (2) by ton and (3) passenger mileage; and the (4) gross income, (5) operating expenses. (6) net income per mile of line, and (7) market prices of securities; for two different railways. These are indicated by numbers posted against the student’s name on the enrolment slip. The aim should be not only to discover differences, but, as far as possible, to explain them. Mere description of conditions is not desired; actual comparison is demanded. The use of parallel columns is suggested. See Directions on last page

With this data as a basis prepare as full a general description of the property as possible.

GROUP C

Students will compare the volume of business (1) in gross and (2) by ton and (3) passenger miles; together with the (4) gross income, (5) operating expenses, (6) net income per mile of line, and (7) prices of securities; for a given railway through a series of years, since 1890, if possible. Note carefully, however, all changes or additions to the line from year to year. The railway assigned is indicated by a number placed against the student’s name on the printed class lists. The analysis of annual reports in financial journals must be carefully followed year by year. Results may be plotted on cross section paper where possible. See Directions on last page.

With this data as a basis prepare as full a general description of the property as possible.

⇒The letters preceding the assignment number against the student’s name refer to the group in which the report is to be made. Thus, for example: “26 A” on the enrolment slip indicates that the student is to report upon the New York Central R.R.; “16 & 37 B,” that a comparison of the Erie and the Wabash Railroads is expected, etc.

RAILWAY COMPANIES IN THE UNITED STATES

Atchison, Topeka, and Sante Fé.
Baltimore and Ohio.
Canada Southern.
Central of New Jersey.
Chesapeake and Ohio.
Chicago and Alton.
Chicago Great Western.
Chicago, Indiana, and Louisville.
Chicago, Milwaukee, and St. Paul.
Chicago and Northwestern.
Chicago, Rock Island, and Pacific.
Cincinnati, Cleveland, Chicago, and St. Louis. (Big Four.)
Delaware and Hudson.
Delaware, Lackawanna, and Western.
Denver and Rio Grande.
Erie.
Great Northern.
Hocking Valley.
Illinois Central.
Iowa Central.
Lake Erie and Western.
Louisville and Nashville.
Mexican Central.
Missouri, Kansas, and Texas.
Missouri Pacific.
New York Central.
New York, Ontario, and Western.
Norfolk and Western.
Pennsylvania.
Philadelphia and Reading.
St. Louis and San Francisco.
St. Louis Southwestern.
Southern Pacific.
Southern Railway.
Texas and Pacific.
Union Pacific.
Wabash.
Wheeling and Lake Erie.
Wisconsin Central.
Ann Arbor.
Atlantic Coast Line.
Boston and Maine.
Boston and Albany. (See New York Central.)
Buffalo, Rochester, and Pittsburgh.
Central Vermont.
Central Railroad of New Jersey.
Cincinnati, Hamilton, and Dayton.
Chicago, St. Paul, Minneapolis, and Omaha. (See Chicago and Northwestern.)
Chicago and Eastern Illinois.
Pittsburgh, Evansville, and Terre Haute.
Lehigh Valley.
Long Island.
New York, New Haven, and Hartford.
New York, Chicago, and St. Louis.
Lake Shore and Michigan Southern. (See New York Central.)
Maine Central.
Pittsburgh, Bessemer, and Lake Erie.
Western Maryland.
Rio Grande Western.
St. Paul and Duluth.
Northern Pacific. (See Northern Securities Co.)
Burlington, Cedar Rapids, and Northern.
St. Joseph and Grand Island.
Kansas City, Fort Scott, and Memphis.
International and Great Northern.
Nashville, Chattanooga, and St. Louis.
Mobile and Ohio.
Yazoo and Mississippi Valley. (See Illinois Central.)
Plant System.
Georgia Railroad and Banking Company.
Central of Georgia.
Pere Marquette.
Columbus, Sandusky, and Hocking.
Cleveland, Lorain, and Wheeling.
Mexican Central.
Grand Trunk.
Canadian Pacific.
Chicago, Burlington, and Quiney. (See Northern Securities Co.)
Choctaw, Oklahoma, and Gulf.
Rutland.
Seaboard Air Line.
Northern Securities Co.
The Rock Island Co.

DIRECTIONS

First — Read over the latest annual reports of the company. These are usually republished in Bradstreets; the N.Y. Commercial and Financial Chronicle [Gore Hall]; or the N. Y. Journal of Commerce and Wall Street Journal. [Daily files of last two in 24 University Hall.] Statistical abstracts of these are also in Poor’s Manual of Railroads; the Investors’ Supplement, N. Y. Commercial and Financial Chronicle; or bankers’ Handbooks, Manuals of Statistics, etc.

Second. — Before compiling any returns for ton or passenger mileage, revenue per train mile, etc., read carefully T. L. Greene, Corporation Finance, pp. 79-130 [better buy it, for use in Economics 9b]; Ripley, Transportation (in Vol. XIX, U. S. Industrial Commission Report, 1900), pp. 274-280 and 293-95; [James Shirley] Eaton, Railway Operations, pp. 190-201; or Woodlock, Anatomy of a Railroad Report, pp. 101-111. (Copies in Harvard Hall.)

Third. — Work back carefully through the file of the Investors’ Supplement, N. Y. Commercial and Financial Chronicle. These Supplements, prior to 1902, are bound in with the regular issues of the Chronicle, one number in each volume. Since 1901 they are separately bound for each year. The Investors’ Supplement will be recognized by its gray paper cover, and must be carefully distinguished from the other supplements of the Chronicle. Market prices of securities are given in a distinct Bank and Quotation Supplement, also bound up with the Chronicle. Having found the company in the Investors’ Supplement, follow up all references to articles in the Commercial and Financial Chronicle as given by volume and page. Also use the general index of the latter, separately, for each year since the company was organized.

The files of Poor’s Manual, the Railway Age, the Railway World, the Wall Street Journal, and other technical papers may of course also be consulted.

Fourth. — Analyze carefully by means of its indexes the returns in the official Statistics of Railways in the United States, published by the Interstate Commerce Commission. Note the statistical division into groups shown on the map at the head of each volume. Note also that for each railway lying in two or more groups, a Summary for the road as a whole is given as a Supplement to each table.

The Annual Statistical Abstract of the United States contains convenient general tables for certain purposes.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 1, Folder: “Economics 1906-07”.

ECONOMICS 5
Mid-year Examination, 1906-07

State and explain three leading reasons for the issue of preferred stock by a railroad.
What peculiarities of the anthracite coal industry have led to overproduction and irregularity of prices, in absence of monopolistic agreements?
The following statistics are drawn from the 1906 reports of two leading railroads. Complete the tables approximately, and state the main conclusions deducible from the statement of facts :—

	Road A.	Road B
Mileage operated	2062.	4423.
Tons rev. freight	20,259,000	25,641,000
Passenger mileage	1,255,625,000	511,391,000
Ton mileage	1,888,605,000	6,230,593,000
Average haul one ton (miles)	93	243
Loaded car mileage, one direction	86,381,000	353,282,000
Loaded car mileage, other direction	59,362,000	353,282,000
Average tons freight per train	236	410
Gross revenue from freight	$27,247,000	$34,637,000
Freight train mileage	7,778,000	17,209,000
Earnings from operation	$52,984,000	$51,636,000
Operating expenses	$35,222,000	$34,302,000
Freight traffic density	(compute it.)	(compute it.)
Revenue per ton mile	(compute it.)	(compute it.)
Freight earnings per train mile	(compute it.)	(compute it.)
Operating ratio	(compute it.)	(compute it.)

What is the method of valuation of franchises in Wisconsin? Criticise it.
What, in your judgment, are the three most important provisions of the Hepburn Act of 1906?
What is the Doctrine of Judicial Review? Criticise it.
Is railroad rate regulation in England more or less strict than in the United States? Describe the situation as regards the rate. making power.
What are the various economic considerations involved in the making of a freight classification? Illustrate by taking a few typical commodities.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1906-07 (HUC 7000.25), pp. 28-29.

Image Source: American Railroad Scene: Lightning Express Trains Leaving the Junction. Currier & Ives (1874). Published in: Viewpoints; a selection from the pictorial collections of the Library of Congress …. Washington : Library of Congress …, 1975, no. 39.

Tags Daggett, McLarenW, Ripley

Business Cycles Exam Questions Harvard Problem Sets

Harvard. Report guidelines and exam for commercial crises and trade cycles. Andrew, 1905-1906

Post author By Irwin Collier
Post date 2024-01-29

While the exam questions for A. Piatt Andrew’s course on commercial crises and trade cycles for 1905-06 have been transcribed and posted earlier, this post adds his “Suggestions with regard to first report and accompanying chart.” This artifact provides a taste of an actual course assignment.

__________________________

Previously posted

All of Andrew’s exams from his commercial crises and trade cycles course at Harvard for the academic years 1902-03 through 1907-08.

__________________________

Commercial Crises
and Cycles of Trade
Economics 12b
1905-06

* * * * * * * * * * * * * * * * * * *

Course Enrollment
Commercial Crises
and Cycles of Trade
1905-06

[Economics] 12b ¹hf. Ass’t. Professor Andrew. Commercial Crises and Cycles of Trade.

Total 55: 9 Graduates, 20 Seniors, 20 Juniors, 5 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1905-190 6, p. 72.

* * * * * * * * * * * * * * * * * * *

ECONOMICS 12b
SUGGESTIONS WITH REGARD TO FIRST REPORT AND ACCOMPANYING CHART

I. Concerning the Chart

Neatness is desirable; accuracy essential.
Before beginning the chart note the highest and the lowest figures, and devise a scale so that both may be included on the paper, but upon the largest possible plan.
When several sets of figures are to be included upon the same chart, if possible, draw the various lines upon the same scale. If, by so doing, however, variations in one of the lines will be too small to be easily discerned, increase the scale for this line.
Note the decimal division of the profile paper. Do not start with other than a decimal number as a basis. If you have a period covering 20 or 30 years a good plan is to let one of the large squares represent two years.
When two or more decades are included mark the decennial years clearly with a heavier line than the other years.
Bring the figures in every case as nearly to date as possible.
Note on bottom of chart in small letters the source of your statistics, volume and page.
Note also on chart whether the statistics are for the fiscal, calendar, or crop year, — or the year ending at what date.
Place title and your own name somewhere on the chart.

II. Concerning the Report

Give your figures in tabular form, naming all of the sources.
Discuss the sources of your statistics, their authority, and their comprehensiveness.
Trace the trade cycles as shown on your chart, showing the relation between the line movements and periods of prosperity or depression.
Explain the reasons for the larger movements, paying particular attention to the maximal and minimal years. Show to what extent they may be caused by, or may be the cause of industrial fluctuations.
When several countries are concerned note the resemblances and differences in their respective movements, explaining any important dissimilarities.
Name all references employed in the preparation of the report. The references given by the instructor are only preliminary suggestions, and not meant to be sufficient for the completion of the report.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 1, Folder “Economics, 1905-1906”.

* * * * * * * * * * * * * * * * * * *

ECONOMICS 12b
Mid-year Examination, 1904-05

Omit one question

Compare as regards recent cycles of trade,—
1. the number and liabilities of failed firms.
2. banking and commercial failures.
3. railway and commercial failures.
To what extent have changes in the clearings of the New York banks registered changes in general business?
Explain Juglar’s theory as to the movements of bank loans and reserves, and state how far it is confirmed by American experience.
Explain what was done by the Bank of England to relieve apprehension in 1825, 1847, 1857, 1866, 1890.
Explain and discuss Rodbertus’ theory of crises.
Upon what occasions within the past thirty-five years and by what means, have the American Secretaries of the Treasury helped to relieve a stringency in the financial centres?
In what ways is business affected by the condition of the crops? Within what limitations? In the case of which crops is the connection closest?
What part does “credit” play in the explanation of crises,—
1. according to Laughlin,
2. according to Chevalier,
3. in your own opinion?
In what ways and to what extent are trade conditions apt to be affected,—
1. by the increasing gold supply,
2. by the trust movement,
3. by increasing armies and navies,
4. by the present agricultural situation?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 7, Bound Volume: Examination Papers, Mid-Years 1905-06. Also a copy in Harvard University, Examination Papers 1873-1915. Box 8, Bound volume: Examination Papers, 1906-07; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1906), p. 37.

Image Source: 1911 portrait of Abram Piatt Andrew, Jr. by Anders Born at Boston’s Isabella Stewart Gardner Museum. Wikimedia Commons.

Tags AndrewAP

Exam Questions Harvard Industrial Organization Problem Sets

Harvard. Economics of Corporations. Case assignment and final exam. Ripley, 1903-1904

Post author By Irwin Collier
Post date 2023-07-12

The course “Economics of Corporations” at Harvard taught by William Zebina Ripley would have been better described as “The Economics of Trusts“. The course number “9” was split between the first semester dedicated to the labor market institution of trade unions and the second semester dedicated to corporations and combinations of firms into trusts. What both courses had in common was the theme of market power, important exceptions to the case of perfect competition in factor and product markets.

_________________________

Course Enrollment
1903-1904

Economics 9b ²hf. Professor Ripley. — Economics of Corporations.

Total 170: 10 Graduates, 49 Seniors, 74 Juniors, 24 Sophomores, 13 Others.

Source: Harvard University. Report of the President of Harvard College, 1903-1904, p. 66.

_________________________

ECONOMICS 9²1903
[sic, the second semester began in 1904]

ECONOMICS 9²ASSIGNMENT OF REPORTS

→ Exact references by title, volume, and page must be given in foot-notes for all facts cited. This condition is absolutely imperative. Failure to comply with it will vitiate the entire report.

GROUP A

Students will report upon the organization and present character of one industrial combination in the United States. This will be indicated by a number, placed against each student’s name on the enrolment slip, which number refers to the industrial combination similarly numbered on this sheet. See Directions on last page.

GROUP B

GROUP C

→ The letters preceding the assignment number against the student’s name refer to the group in which the report is to be made. Thus, for example: “31 A” on the enrolment slip indicates that the student is to report upon the American Cotton Oil Co.; “2 & 64 B,” that a comparison of the American Bridge Co. and the United States Leather Co. in the United States is expected; while “59 & 138 C” calls for an international comparison of industrial organizations in thread manufacture as described under Group C.

INDUSTRIAL COMBINATIONS IN THE UNITED STATES

A star indicates that data will be found in Industrial Commission Reports, Volume I [Hearings on Trusts and Industrial Combinations] or Volume XIII [Trusts and Industrial Combinations].

American Axe and Tool Co., 1889.
American Bridge Co., 1900. (See No. 123.)
American Iron and Steel Mfg. Co., 1899.
American Steel Foundries Co., 1902.
*American Radiator Co., 1899.
*American Sheet Steel Co., 1900. (See No. 123.)
*American Steel and Wire Co. of New Jersey, 1899. (See No. 123.)
American Steel Casting Co., 1894.
*American Steel Hoop Co., 1899. (See No. 123.)
*American Tin Plate Co., 1898. (See No. 123.)
*Federal Steel Co., 1898. (See No. 123.)
International Steam Pump Co., 1899.
*National Shear Co., 1898.
*National Steel Co., 1899. (See No. 123.)
National Tube Co., 1899. (See No. 123.)
*Otis Elevator Co., 1898.
Republic Iron and Steel Co., 1899.
United Shoe Machinery Co., 1899.
United States Cast Iron Pipe and Foundry Co., 1899.
American Beet Sugar Co., 1899.
*American Chicle Co., 1899.
Corn Products Co., 1902.
*American Sugar Refining Co., 1891.
*Glucose Sugar Refining Co., 1897.
*National Biscuit Co., 1898.
National Sugar Refining Co., 1900.
*Royal Baking Powder Co., 1899.
United States Flour Milling Co., 1899.
*American Fisheries Co., 1899.
American Agricultural Chemical Co., 1899.
*American Cotton Oil Co., 1889.
American Linseed Co., 1898.
*Fisheries Co., The, 1900.
*General Chemical Co., 1899.
*National Salt Co., 1899.
*National Starch Manufacturing Co., 1890.
*Standard Oil Co., 1882.
Virginia-Carolina Chemical Co., 1895.
American Shot and Lead Co., 1890.
American Smelting and Refining Co., 1899.
American Type Founders Co., 1892.
*International Silver Co., 1898.
National Lea Co., 1891.
American Malting Co., 1897.
American Spirits Manufacturing Co., 1895.
Kentucky Distilleries and Warehouse Co., 1899.
Pittsburg Brewing Co., 1899.
St. Louis Brewing Association, 1889.
Standard Distilling and Distributing Co., 1898.
*American Bicycle Co., 1899.
American Car and Foundry Co., 1899.
*Pressed Steel Car Co., 1899.
Pullman Co., The, 1899.
American Snuff Co., 1900.
*American Tobacco Co., 1890.
*Continental Tobacco Co., 1898.
* National Cordage Co., 1887. (See No. 62.)
American Felt Co., 1899.
*American Thread Co., 1898.
American Woolen Co., 1899.
New England Cotton Yarn Co., 1899.
*Standard Rope and Twine Co., 1895. (See No. 57.)
American Hide and Leather Co., 1899.
* United States Leather Co., 1893.
American Straw Board Co., 1889.
American Writing Paper Co., 1899.
* International Paper Co., 1898.
* National Wall Paper Co., 1892.
Union Bag and Paper Co., 1899.
United States Envelope Co., 1898.
American Clay Manufacturing Co., 1900.
American Window Glass Co., 1899.
International Pulp Co., 1893.
National Fire Proofing Co., 1899.
*National Glass Co., 1899.
*Pittsburg Plate Glass Co. 1895.
United States Glass Co., 1891.
American School Furniture Co., 1899.
Diamond Match Co., 1889.
National Casket Co., 1890.
United States Bobbin and Shuttle Co., 1899.
American Glue Co., 1894.
American Ice Co., 1899.
American Shipbuilding Co., 1899.
American Soda Fountain Co. 1891.
*General Aristo Co. (Photography), 1899.
Rubber Goods Manufacturing Co., 1899.
United States Rubber Co., 1892.
Allis-Chalmers Co., 1901.
American Cigar Co., 1901.
American Grass Twine Co., 1899.
American Light and Traction Co., 1901.
American Locomotive Co., 1901.
American Machine and Ordnance Co., 1902.
American Packing Co., 1902.
American Plow Co., 1901.
American Sewer Pipe Co., 1900.
American Steel Foundries Co., 1902.
Associated Merchants Co., 1901.
Chicago Pneumatic Tool Co., 1902.
Consolidated Railway Lighting and Refrig. Co., 1901.
Consolidated Tobacco Co., 1901.
Corn Products Co., 1902.
Crucible Steel Co. of America, 1900.
Eastman Kodak Co., 1901.
International Harvester Co., 1902.
International Salt Co., 1901.
Jones & Laughlin Steel Co., 1902.
* National Asphalt Co., 1900.
New England Consolidated Ice Co., 1902.
New York Dock Co., 1901.
Pacific Hardware and Steel Co., 1902.
Pennsylvania Steel Co. 1901.
Railway Steel Spring Co., 1902.
International Mercantile Marine Co., 1902.
Northern Securities Co., 1901. (See Library Catalogue.)
United Box, Board and Paper Co., 1902.
United Copper Co., 1902.
United States Cotton Duck Corporation, 1901.
United States Realty and Construction Co., 1902
United States Reduction and Refining Co., 1901
United States Shipbuilding Co., 1902
*U.S. Steel Corporation, 1901. (See Wilgus, in Library.)

INDUSTRIAL COMBINATIONS IN EUROPE

[Consult: Industrial Commission, Vol. XVIII [Industrial Combinations in Europe]; U.S. Special Consular Reports, Vol. XXI, Part III; and London Economist on England since 1895.]

Canadian Iron Founders’ Association. (See Canadian Commission on Trusts, 1888.)
*Bleachers’ Association, England.
*Iron Combination, France.
*Iron Combination, Germany.
*Rhenish-Westphalian Coal Syndicate.
*Spirits Combination, Germany.
*United Pencil Factories Company, Germany.
*Portland Cement Manufacturers’ Association, England.
*Bradford Dyers’ Association, England.
*Brass Bedstead Association, England.
*British Cotton and Wool Dyers’ Association.
*British Oil and Cake Mills.
*Calico Printers’ Association, England.
*Wall Paper Manufacturers’ Association, England.
*English Sewing Cotton Co.
*Petroleum Combination, Germany.
*Petroleum Combination, France.
*Sugar Combination, Germany.
*Sugar Combination, Austria.

DIRECTIONS

All books here referred to are reserved in Gore Hall.

First. —Secure if possible by correspondence, enclosing ten cents postage, the last or recent annual reports of the company. Unless they are “listed” on the stock exchanges, no reports will be furnished. P.O. addresses for American corporations will be found in the latest Moody’s Manual of Corporation Securities [1903; 1904]; in 12th U. S. Census, 1900, Manufactures, Part I, p. lxxxvi; in the latest Investors’ Supplement, N. Y. Commercial and Financial Chronicle [e.g., Supplement from July 28, 1900]; or in the Manual of Statistics.

Second. —In all cases where possible (starred on list) consult Vols. I, XIII, or XVIII. U.S. Industrial Commission Reports. Read appropriate testimony in full, consulting lists of witnesses, Vol. I, p. 1263, and Vol. XIII, p. 979; and also using the index and digests freely. Always follow up all cross references in foot-notes in the digests. Duplicate sets of these Reports are in Gore and Harvard Halls.

Third. —For companies organized prior to 1900 look through the bibliography and index in Halle or Jenks for references; and also in Griffin’s Library of Congress List [Relating to Trusts].

Fourth. —Work back carefully through the file of the Investors’ Supplement, N. Y. Commercial and Financial Chronicle [e.g., Supplement from July 28, 1900]. These Supplements, prior to 1902, are bound in with the regular issues of the Chronicle, one number in each volume. Since 1901 they are separately bound for each year. The Investors’ Supplement will be recognized by its gray paper cover, and must be carefully distinguished from other supplements of the Chronicle. Market prices of securities are given in a distinct Bank and Quotation Supplement [e.g. for 1903], also bound up with the Chronicle. Having found the company in the Investors’ Supplement, follow up all references to articles in the Commercial and Financial Chronicle as given by volume and page. Also use the general index of the latter, separately, for each year since the company was organized [e.g., Index for Jan-June 1903 and for July-December 1903].

The files of Bradstreet’s should also be used, noting carefully that the index in each volume is in three separate divisions, “Editorials” being the most important. The course of prices is summarized at the end of each year in January Bradstreet’s, and also in Bulletin U.S. Dept. of Labor, No. 29.

Fifth. —The files of trade publications may also be profitably used. Among these are Bulletin of the National Wool Manufacturers’ Association, The Iron Age, Dry Goods Economist, etc.

The course of prices of securities in detail for many companies is given in Industrial Commission Reports, Vol. XIII, p. 918, et seq.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 1, Folder: “Economics 1903-04”.

_________________________

ECONOMICS 9b
Year-End Examination. 1903-04

Questions should be arranged in regular order as numbered.

In what three ways may legislation attempt to minimize the speculative management of corporations?
Outline the nature, purpose, and results of the U. S. Steel Bond Conversion operation.
What is the attitude of “Trusts” toward labor? What experiments in financial participation have been tried?
What was the gist of the testimony of Messrs. Schwab or Gates [according as you read one or the other] before the U.S. Industrial Commission on the subject of “Trusts”?
Are the decisions under English common law in harmony or not with the statutory enactments of most of our American states on the subject of monopoly?
Outline the nature of the recent changes in Massachusetts Corporation Law, especially with reference to stock watering.
What are three main characteristics of the so-called “Smith Combination Movement” in England?
What is the main issue involved in recent attempts to amend English Company law? Illustrate fully.
What remedy (if any) do you consider most effective for future control of monopoly in the United States? Discuss it with reference to its financial, constitutional, and moral aspects.

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05; Papers Set for Final Examinations in History, Government, Economics, … in Harvard College, p. 33.

Image Source: Harvard University Archives. William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized by Economics in the Rear-view Mirror.

Tags Ripley

Exam Questions Harvard Labor Problem Sets

Harvard. Problems of Labor. Assignment of Reports and Final Exam. Ripley, 1903-1904

Post author By Irwin Collier
Post date 2023-07-11

The course “Problems of Labor” at Harvard taught by William Zebina Ripley would have been better described as “Problems of Organized Labor”. The course number “9” was split between the first semester dedicated to the labor market institution of trade unions and the second semester dedicated to corporations and combinations of firms into trusts.

_____________________

Course Enrollment
First Semester, 1903-04

Economics 9a ¹hf. Professor Ripley. — Problems of Labor.

Total 97: 8 Graduates, 33 Seniors, 34 Juniors, 14 Sophomores, 8 Others.

Source: Harvard University. Report of the President of Harvard College, 1903-1904, p. 66.

_____________________

ECONOMICS 9
ASSIGNMENT OF REPORTS

GROUP A

Students will report upon the comparative conditions respecting Trade Union organization, functions, and efficiency in corresponding industries in the United States and Great Britain. The particular, industry assigned to each man is indicated by a number on the enrolment slip, which refers to the Trade Union number on the appended list of National Labor Organizations.

GROUP B

Students will report upon the comparative efficiency of Trade Union organization in two distinct lines of industry in the United States. Numbers against the names on the enrolment slip refer to the numbered Trade Union list, appended hereto.

GROUP C

Students will report upon the nature of Trade Union organization in two distinct lines of industry in Great Britain. Names on the enrolment slip as numbered refer to the industries concerned in the appended list of Trade Unions.

→ The letters preceding the assignment number against the student’s name refer to the group in which the report is to be made. Thus, for example: “8A” on the enrolment slip indicates that the student is to report upon the Cotton Spinners’ Unions in the United States and Great Britain; “1 & 8B,” that a comparison of the Spinners’ and of the Boot and Shoe Workers’ Organizations in the United States is expected: while “1 & 8C” calls for the same comparison for the two industries in Great Britain.

NATIONAL LABOR ORGANIZATIONS IN THE UNITED STATES

A star indicates that the Trade Union journal is in the Library. [Loeb Fund.]

*The Knights of Labor
*The American Federation of Labor

Boot and Shoe Workers’ Union.
The United Hatters of North America.
The United Garment Workers of America.
*The Journeymen Tailors’ Union of America.
Custom Clothing Makers’ Union of America.
International Ladies’ Garment Workers’ Union.
The Shirt, Waist and Laundry Workers’ International Union.
National Spinners’ Association of America.
The Elastic Goring Weavers’ Amalgamated Association of the United States of America.
International Union of Textile Workers.
Trunk and Bag Workers’ International Union of America.
*International Typographical Union of North America.
German-American Typographia.
International Printing Pressmen and Assistants’ Union of North America.
International Brotherhood of Bookbinders.
Lithographers’ International Protective and Beneficial Association.
International Steel and Copperplate Printers’ Union of the United States of America.
Bricklayers and Masons’ International Union of America.
*United Brotherhood of Carpenters and Joiners of America.
Amalgamated Society of Carpenters and Joiners.
International Brotherhood of Electrical Workers.
*Granite Cutters’ National Union of the United States of America.
Brotherhood of Painters, Decorators, and Paper Hangers of America.
Operative Plasterers’ International Association.
United Association of Journeymen Plumbers, Gas Fitters, Steam Fitters, and Steam Fitters’ Helpers.
National Association of Steam and Hot-Water Fitters and Helpers.
Journeymen Stone Cutters’ Association of North America.
Mosaic and Encaustic Tile Layers and Helpers’ International Union.
Glass Bottle Blowers’ Association.
American Flint Glassworkers’ Union.
*Amalgamated Glassworkers’ International Association.
National Brotherhood of Operative Potters.
*United Mine Workers of America.
Northern Mineral Mine Workers’ Progressive Union.
Amalgamated Woodworkers’ International Union.
United Order of Box Makers and Sawyers.
*Piano and Organ Workers’ International Union.
International Wood Carvers’ Association.
Coopers’ International Union.
Carriage and Wagon Workers’ International Union.
National Amalgamated Association of Iron, Steel, and Tin Workers.
*International Association of Machinists.
Amalgamated Society of Engineers.
*Brotherhood of Boiler Makers and Iron Ship Builders.
International Association of Allied Metal Mechanics.
Metal Polishers, Buffers, Platers, and Brass Workers’ International Union.
Amalgamated Sheet Metal Workers’ International Association.
*Iron Molders’ Union.
Pattern Makers’ League.
Core Makers’ International Union.
Grand Union of the International Brotherhood of Blacksmiths.
Chain Makers’ National Union.
Stove Mounters and Steel Range Workers’ International Union.
Tin Plate Workers’ International Protective Association.
American Wire Weavers’ Protective Association.
Metal Trades’ Federation of North America.
*International Seamen’s Union.
National Marine Engineers’ Beneficial Association.
International Longshoremen’s Association.
Amalgamated Association of Street Railway Employees.
Switchmen’s Union.
Journeymen Bakers’ and Confectioners’ International Union.
Journeymen Barbers’ International Union.
National Union of the United Brewery Workmen.
*National Brickmaker’s Alliance.
International Broom Makers’ Union.
*Cigar Makers’ International Union.
Retail Clerks’ International Protective Association.
Team Drivers’ International Union.
International Union of Steam Engineers.
National Brotherhood of Coal Hoisting Engineers.
Watch Case Engravers’ International Association.
International Brotherhood of Stationary Firemen.
International Union of Journeymen Horseshoers.
Hotel and Restaurant Employees’ International Alliance and Bartenders’ International League.
International Jewelry Workers.
The United Brotherhood of Leather Workers on Horse Goods.
National Association of Letter Carriers.
*Amalgamated Meat Cutters and Butcher Workmen.
American Federation of Musicians.
International Brotherhood of Oil and Gas Well Workers.
United Brotherhood of Paper Makers.
National Alliance of Theatrical Stage Employees.
National Stogie Makers’ League.
*Tobacco Workers’ International League.
Upholsterers’ International Union.
*Brotherhood of Locomotive Engineers.
*Order of Railway Conductors of America.
*Brotherhood of Locomotive Firemen.
Brotherhood of Railroad Trainmen.
*Order of Railroad Telegraphers.
Brotherhood of Railway Truckmen.
Switchmen’s Union of North America.

The constitutions of most of the Trades Unions for the United States will be found in Vol. XVII, Reports, U. S. Industrial Commission. Similar data for Great Britain is in the Appendix to “Foreign Reports, Vols. 1-2,”Royal Commission on Labour, pp. 15-324. [Volume I, United States; Volume II, Colonies and Indian Empire] [Both reserved in Gore Hall.] Additional evidence as to labor conditions in each industry will be found in Vols. VII, VIII, XII, XIV, and XVII, U. S. Industrial Commission (consult Digest and Index in each volume); and in the Reports of the British Royal Commission. The student should also consult Charles Booth’s Life and Labor of the People;

[(Original) Volume I, East London; (Original) Volume II, London; (Original) Appendix to Volume II; Note: the previous three original volumes were re-printed as four volumes that then were followed by Volume V, Population Classified by Trades; Volume VI, Population Classified by Trades (cont.); Volume VII, Population Classified by Trades; Volume VIII, Population Classified by Trades (cont.); Volume IX, Comparisons, Survey and Conclusions];

Webbs, Industrial Democracy; and other books reserved in Gore Hall.

Data respecting the various unions among railroad employees in the United States will be found in a separate section on Railway Labor, in Vol. XVII, U. S. Industrial Commission: as also in Vols. IV and IX. (See Digests and Indexes.)

In cases where the American Trade Union journal is not in the library, the student will be expected to procure at least one copy from the Secretary of the Union. [See list of post office addresses posted with the enrolment slip.] These are to be filed with the report.

→ Exact references by title, volume and page must be given in foot notes for all facts cited. This condition is absolutely imperative. Failure to comply with it will vitiate the entire report.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1, Folder “Economics, 1903-1904”.

_____________________

ECONOMICS 9a
Mid-Year Examination. 1903-04

What is the most successful instance of Collective Bargaining in England? What is the status of the same industry in the United States, and why?
What is the difference between an Employers’ Liability Act and a Workman’s Compensation Act? On what grounds may the latter be advocated?
What is the English Device of the Common Rule? What are some of its economic effects?
State two important peculiarities of American trades unions as contrasted with Great Britain.
Outline the main features of the industrial arbitration legislation of Australasian colonies.
What is the economic defence for restriction of the number of apprentices in a trade? Is it valid?
What were the three most important strikes in the United States since 1850, and why?
Criticise the recent recommendations of the Massachusetts Commission on Relation of Employer and Employed.

Image Source: MIT Museum website. William Zebina Ripley. Image colorized by Economics in the Rear-View Mirror.

Tags Ripley

Berkeley Exam Questions Problem Sets Suggested Reading Syllabus

Berkeley. Graduate Macroeconomics à la Akerlof, et al. 1992-2007

Post author By Irwin Collier
Post date 2020-06-19

A few days ago, George Akerlof reached the age of 80. I first met George in the summer of 1973 when I was an intern at the Council of Economic Advisers. I worked as a research assistant to two labor economists and George was on university leave to serve a tour of duty as a senior staff economist at the Council. We only overlapped a few weeks but as we both shared a common undergraduate alma mater, Yale College, we were sort of academic siblings. Almost two decades later George and his wife, Janet Yellen, contacted me regarding details of German Democratic Republic economic statistics for their Brookings paper with Andrew K. Rose and Helga Hessenius “East Germany in from the Cold: The Economic Aftermath of Currency Union” (Brookings Papers on Economic Activity 1:1991). During our long telephone conversation George referred to specific footnotes in my World Bank working paper produced for the project led by Paul Marer that resulted in the book Dollar GNPs of the USSR and Eastern Europe (1985) so naturally I was impressed by his scholarly thoroughness. There were two other encounters that were roughly a decade apart, the last being a conversation in the lobby of the Mt. Washington Hotel at the Bretton Woods conference of INET in 2011.

Like many other economists I have received great inspiration from the work and scientific manner of George Akerlof. So in honor of his eightieth birthday, Economics in the Rear-View Mirror offers this collection of links to internet archived course materials from his graduate macroeconomics course at Berkeley.

P.S. For another shipload of links from the WaybackMachine (not involving George Akerlof), course materials from…

Principles of Macroeconomics at M.I.T. from 1995-2006

Principles of Microeconomics at M.I.T. from 1994-2005

__________________________

Mining the internet archive WaybackMachine

The links to course material for Economics 202A: Macroeconomic Theory taught at the University of California, Berkeley were assembled from the lists created by searches using the internet archive WaybackMachine:

54 URLs captured with: http://emlab.berkeley.edu:80/users/akerlof/index.shtml

167 URLs captured with: http://emlab.berkeley.edu:80/users/webfac/akerlof/e202*

83 URLs captured with: http://emlab.berkeley.edu/users/webfac/akerlof/e202a

It is of course frustrating to have so much that is yet so incomplete. Still what we have extracted is conveniently displayed below and perhaps others will be successful in filling gaps in the record.

_______________________

Economics 202A: Macroeconomic Theory
Spring 1992
George Akerlof

Final exam (1992)

Final Questions

_______________________

Economics 202A: Macroeconomic Theory
Spring 1993
George Akerlof

Final exam (1993)

Final Questions

_______________________

Economics 202A: Macroeconomic Theory
Spring 1995
George Akerlof / G. Mehrez / P. Ghezzi

Final exam (1995)

Final Questions

_______________________

Economics 202A: Macroeconomic Theory
Spring 1996
George Akerlof / G. Mehrez / P. Ghezzi

Final exam (1996)

Final Questions Version 1
Final Questions Version 2

_______________________

Economics 202A: Macroeconomic Theory
Spring 2000
George Akerlof / Andrea De Michelis / Mar-Andreas Muendler

Midterm 2000

Midterm Exam Questions
Midterm Exam Answers

Final exam (2000)

Final Questions Version 1
Final Questions Version 2

_______________________

Economics 202A: Macroeconomic Theory
Spring 2001
George Akerlof / Andrea De Michelis

Course Home page (2001)

Economics 202A: Homepage

Lectures (2001)

[Could not find an archived copies of lectures]

Final Exam (2001)

Final Questions

____________________

Economics 202A: Macroeconomic Theory
Spring 2002
George Akerlof

Course Home page (S2002)

Economics 202A: Homepage

Syllabus (S2002)

[Could not find an archived copy of syllabus]

Lectures (S2002)

[Could not find an archived copies of lectures]

Problem Sets and Solutions (S2002)

[Could not find an archived copies of problems]

Midterm Q’s and A’s (S2002)

Midterm Examination Akerlof/De Michelis (with answers)

Final exam (S2002)

Final Questions

____________________

Economics 202A: Macroeconomic Theory
Fall 2002
George Akerlof

Course Home page (F2002)

Economics 202A: Homepage

Syllabus (F2002)

[Could not find an archived copy of syllabus]

Lectures (F2002)

Lectures 1-5 (GA) / Lecture 6 (GA) / Lecture 7 (GA) / Lecture 8 (GA) / Lecture 9 (GA) / Lecture 10 (GA) / Lecture 11 (GA) / Lecture 12 (GA) / Lecture 13 (GA) / Lecture 14 (GA) / Lecture 15 (GA) / Lecture 16 (GA) / Lecture 17 (GA) / Lecture 18 (GA) / Lecture 19 (GA) / Lecture 20 (GA) / Lecture 21 (GA) / Lecture 22 (GA) / Lecture 23 (GA) / Lecture 24 (GA)

Problem Sets and Solutions (F2002)

Problem Set 1 and Solutions

Problem Set 2 and Solutions

Problem Set 3 and Solutions

Problem Set 4 and Solutions

Problem Set 5 and Solutions

Problem Set 6 and Solutions

Problem Set 7 and Solutions

Problem Set 8 and Solutions

Problem Set 9 and Solutions

Problem Set 10 and Solutions

Problem Set 11 and Solutions

Midterm Q’s and A’s (F2002)

Midterm Examination Questions. Akerlof/De Michelis
Midterm Examination Answers. Akerlof/De Michelis

Final exam (F2002)

Final Questions

____________________

Economics 202A: Macroeconomic Theory
Fall 2003
George Akerlof and David Romer

Course Home page (2003)

Economics 202A: Homepage

Syllabus (2003)

[Could not find an archived copy of syllabus]

Lectures (2003)

[Could not find an archived copies of lectures]

Problem Sets and Solutions (2003)

[Could not find an archived copies of problems]

Midterm Q’s and A’s (2003)

Midterm Examination Akerlof/Goncalves (with answers)

Final exam (2003)

[Could not find an archived copy of questions or answers]

____________________

Economics 202A: Macroeconomic Theory
Fall 2004
George Akerlof

Problem Sets and Solutions (2004)

Problem Set 1 and Solutions

Problem Set 2 and Solutions

Problem Set 3 and Solutions

[Could not find problem sets and solutions for 4-10]

Midterm Q’s and A’s (2004)

Midterm Examination Akerlof/Kroft (with answers)

Final exam (2004)

[Could not find an archived copy of questions or answers]

____________________

Economics 202A: Macroeconomic Theory
Fall 2005
George Akerlof

Course Home page (2005)

[Could not find an archived copy]

Syllabus (2005)

[Could not find an archived copy]

Lectures (2005)

[Could not find archived copies of lectures 1-6] / Lecture 7 (GA) / Lecture 8 (GA) / [Could not find archived copies of lectures 9-15] / Lecture 16 (GA) / [Could not find archived copies of lectures 17-?]

Problem Sets and Solutions (2005)

Problem Set 5 and Solutions

Problem Set 6 and Solutions

Problem Set 7 and Solutions

Midterm Q’s and A’s (2005)

Midterm Examination Akerlof/Halac (with answers)

Final exam (2005)

[Could not find an archived copy of questions or answers]

____________________

Economics 202A: Macroeconomic Theory
Fall 2006
George Akerlof and David Romer

Course Home page (2006)

Economics 202A: Homepage

Syllabus (2006)

Economics 202A: Syllabus

Lectures (2006)

Problem Sets and Solutions (2006)

Problem Set 1 and Solutions

Problem Set 2 and Solutions

Problem Set 3 and Solutions

Problem Set 4 and Solutions

Problem Set 5 and Solutions

Problem Set 6 and Solutions

Problem Set 7 and Solutions

Problem Set 8 and Solutions

Problem Set 9 and Solutions

Problem Set 10 and Solutions

Problem Set 11 and Solutions

Problem Set 12 and Solutions

Problem Set 13 and Solutions

Midterm Q’s and A’s (2006)

Midterm Examination Akerlof/Halac (with answers)

Final exam (2006)

[Could not find an archived copy of questions or answers]

____________________

Economics 202A: Macroeconomic Theory
Fall 2007
George Akerlof (first half) and Maurice Obstfeld (second half)

Course Home page (2007)

Economics 202A: Homepage

Syllabus (2007)

Economics 202A: Syllabus

Lectures (2007)

Lecture 1 (GA) / Lecture 2 (GA) / Lecture 3 (GA) / Lecture 4 (GA) / Lecture 5 (GA) / Lecture 6 (GA) / Lecture 7 (GA) / Lecture 8 (GA) / Lecture 9 (GA) / Lecture 10 (GA) / Lecture 11 (GA) / Lecture 12 (GA) / Lecture 13 (MO) / Lecture 14 (MO) / Lecture 15 (MO) / Lecture 16 (MO) / Lecture 16a (MO) /Lecture 16b (MO) / Lecture 17 (MO) / Lecture 18 (MO) / Lecture 19 (MO) / Lecture 20 (MO)

Problem Sets and Solutions (2007)

[Could not find an archived copy of problems or solutions]

Midterm Q’s and A’s (2007)

[Could not find an archived copy of questions or answers]

Final exam (2007)

Final Questions / Final Answers

____________________

Image Source: George A. Akerlof Facts Page, Nobel Prize Website.

Tags Akerlof, Obstfeld, Romer

Agricultural Economics Harvard Problem Sets

Harvard. Problem set from agricultural economics. Carver, ca. 1904

Post author By Irwin Collier
Post date 2019-11-22

The problem set transcribed below was found in the Harvard University archives collection of syllabi, course outlines and reading lists in economics, 1895-2003; box 1. It was (mis-)filed in the folder “Economics, 1904-05”. The problem set is clearly identified as belonging to Economics 23. This semester course, “The Economics of Agriculture, with special reference to American conditions”, was taught by Professor Thomas Nixon Carver, but according to the annual report of the president of Harvard College, the course was not offered in 1904-05 though it was indeed offered during the immediately preceding academic year. I have assumed that the problem set was printed for the second term of the academic year 1903-1904. This is consistent with the library time stamp on the problem set (March 7, 1905), i.e. it cannot have come from later years.

From Carver’s autobiography, Recollections of an Unplanned Life, we know that his textbook, Principles of Rural Economics (1911) was based upon this course. For a long-form course reading list, one can consult the bibliography, pp. xi-xviii, in the textbook.

Previously transcribed and posted artifacts from Carver’s agricultural economics course:

Course enrollment and final exam for 1914-15.

Course syllabus for 1917.

Course examination from 1918.

________________________

Trace of the 1904 problem set found in Carver’s 1911 textbook

Note: Column (Field A) is Table A p. 180; Column (Field C) is Table B p. 181

Source: Thomas Nixon Carver, Principles of Rural Economics, (1911).

________________________

From Thomas Nixon Carver’s Autobiography.

I have mentioned the three strenuous years 1900 to 1903, and that I served the three following years, 1903-1906, as chairman of the Division of History, Government, and Economics. Before leaving for my sabbatical year abroad in 1906, I had resigned as chairman of the Division. In the fall of 1907 I was back in Cambridge with no administrative responsibilities and ready to settle down to teaching and writing. By this time I had come to be recognized as one of the pioneers in this country in the field of agricultural economics. One of the difficulties in the teaching of that subject was the lack of written material. Textbooks were needed and I began to plan one of my own. Before I got well started Professor Liberty Hyde Bailey of Cornell asked me to write a brief historical sketch of American agriculture for his Cyclopedia of American Agriculture which he was preparing. I under took this, not realizing how much work it would require. The material, such as there was, was widely scattered and there was no guide to indicate where to look for it. However, with much toil and sweat I finished the chapter.

Then came a request for an account of the introduction of various crops and farm animals into this country. That was a still harder job but I finished it in time. I was able, later, to use a part of the material in my book, “Principles of Rural Economics,” which Ginn & Company published in 1911.

This book did a great deal to popularize agricultural economics in this country. Henry C. Taylor’s “Introduction to the Study of Agricultural Economics” had preceded it, but, while an excellent introduction, had not made much of an appeal outside the agricultural colleges. My “Principles” sold well. As I remember it, 40,000 copies were sold the first year, and it was favorably reviewed in a number of journals…

…The course on rural economics appealed to a limited number of students, but continued to be elected by enough to make a fair-sized class…

Source: Thomas Nixon Carver. Recollections of an Unplanned Life, p. 171.

________________________

Course description

[Economics] 23 ²hf. The Economics of Agriculture, with special reference to American conditions. Half-course (second half-year). Tu., Th., at 1.30. Professor Carver.

Omitted in 1904-05.

A study of the relation of agriculture to the whole industrial system, the relative importance of rural and urban economics, the conditions of rural life in different parts of the United States, the forms of land tenure and methods of rent payment, the comparative merits of large and small holdings, the status and wages of farm labor, the influence of farm machinery, farmers’ organizations, the marketing and distribution of farm products, agricultural credit, the economic aspects of public roads, irrigation, forestry, etc., the policy of the government toward agriculture, and the probable future of American agriculture.

The course will be conducted by means of lectures, discussions and reports, with some special investigations of local conditions.

Source: Harvard University. Faculty of Arts and Sciences. Division of History and Political Science comprising the Departments of History and Government and Economics, 1904-05. University Publications, New Series, No. 129 (May 16, 1904), p. 47.

________________________

Course enrollment, 1903-04

[Economics] 23 ²hf. Professor Carver.—The Economics of Agriculture, with special reference to American conditions.

Total 99: 5 Graduates, 32 Seniors, 28 Juniors, 17 Sophomores, 2 Freshmen, 15 Others.

Source: Harvard University. Report of the President of Harvard College, 1903-04, p. 67.

* * * * * * * *

Note: The course was indeed not offered in 1904-05, though course enrollments were reported for Carver’s courses Economic 3 “Principles of Sociology. Theories of Social Progress”; Economics 13 “Methods of Economic Investigation”; Economics 14a “The Distribution of Wealth”; Economics 14b “Methods of Social Reform. Socialism, Communism, the Single Tax, etc.”

Source: Harvard University. Report of the President of Harvard College, 1904-05, pp. 74 ff.

* * * * * * * *

Course enrollment, 1905-06

[Economics] 23 ²hf. Professor Carver.—The Economics of Agriculture, with special reference to American conditions.

Total 42: 4 Graduates, 10 Seniors, 11 Juniors, 14 Sophomores, 1 Freshman, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1905-06, p. 73.

________________________

Time stamp: “Harvard College Library, MAR 7, 1905”

HARVARD UNIVERSITY
ECONOMICS 23

Amount of corn grown with varying amounts of labor on a given amount of land.

Number of days’ labor of a man and team with the appropriate tools.	Product, in bushels, on each of four fields of ten acres each.
	Field A.	Field B.	Field C.	Field D.
5	50	45	40	35
10	150	140	130	120
15	270	255	240	255 [sic]
20	380	360	300	280
25	450	425	350	325
30	510	480	390	360
35	560	520	420	385
40	600	550	440	400
45	630	570	450	410
50	650	575	455	415

The following problems are based on the above table:—

Problem 1. Assuming that the labor of a man and team, with the appropriate tools, costs a farmer five dollars a day, and that corn is worth forty cents a bushel, how many days of such labor could he most profitably devote to the cultivation of each of the four fields?

Problem 2. Assuming that corn is worth only 33 1/3 cents a bushel, how much labor, etc., could he most profitably apply to the cultivation of each field,—the cost of labor, etc., remaining the same?

Problem 3. Assuming that a farmer has only 200 days’ labor to use, but that he can have rent free an indefinite amount of land of the grade of Field A, how much land could he most profitably use? How much land of the grade of Field C could he most profitably use?

Problem 4. How much land of each grade could he most profitably use if he had to pay five dollars an acre rent, corn being worth fifty cents a bushel, other conditions the same as in Problem 3?

Problem 5. Assuming that the two fields A and C are owned by the same farmer, and that he has but 20 days’ labor which he can devote to their cultivation, how could these 20 days be most profitably distributed among them? How could 25 days be most profitably distributed? 35 days? 50 days? 60 days? 70 days? 90 days?

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 1. Folder “Economics, 1904-05”.

Image Source: Thomas Nixon Carver in Harvard Class Album 1906.

Tags Carver

Chicago Exam Questions Problem Sets

Chicago. Price Theory, Part II. Friedman, Spring 1951

Post author By Irwin Collier
Post date 2019-05-02

Milton Friedman’s price theory reading assignments, problem sets, and final exams from his courses Economics 300A and 300B taught during the academic year 1951-52 at the University of Chicago were transcribed in an earlier post. During the previous academic year, W. Allen Wallis and Lloyd A. Metzler taught the first quarter course, Economics 300A. Milton Friedman and Lloyd A. Metzler taught the second quarter course, Economics 300B. Problem set and final exam for Friedman’s section have been transcribed for this post.

________________

ECONOMICS 300B
Problems for Reading Period
Spring, 1951

“Productivity” is a catch-word in most general discussions of wage policy, as for example in the following quotation:

“General increases in wage rates exceeding the average growth of productivity raise costs and will ordinarily result in high prices,” from which it is implied that wage rates “ought” to rise by the same percentage as “productivity”. Sometimes, this argument is carried over to particular industries or occupation; and sometimes, the conclusion is drawn that wages “cannot” “on the average” rise by more than “productivity”.

Discuss from the point of view of price theory, with special reference to the meaning of the concepts used and the validity of the inferences drawn. Do not get involved in business cycle, or income and employment theory.

Consider a hypothetical society in which there is no investment, either net or gross. All capital is completely permanent, not subject to change in form but capable of being used for different purposes. There is no selling or buying of capital goods: whoever owns the capital goods is forced by the laws or conventions of society to hold them and is permitted only to read them out (i.e., all capital is subject to the conventions that now govern human capital). Lending or borrowing is prohibited, so that there is no market rate of interest that matters, and all saving takes the form of hoarding of cash. The total amount of money in society is fixed in nominal units (say dollars).
1. Although this economy is stationary in the aggregate, it is not static. Explain the meaning of the sentence and its bearing on the willingness of people to hold money.
2. Wages are initially rigid (by law or otherwise) and the society is in the state of Keynesian unemployment equilibrium. Explain. What is it that assures that the aggregate amount actually saved is equal to zero? What is it that assures that the aggregate amount people wish to save is equal to zero?
3. Wages are now made flexible. Describe the process of adjustment to a new equilibrium position. Does this new position involve unemployment? What is the equilibrium condition on saving? What forces operate to bring about the satisfaction of this condition?
4. Discuss the factors that determine the rent of capital goods and the wages of labor at equilibrium when both are flexible.
5. Lending and borrowing is [sic] now introduced, but all other assumptions are retained, so that all loans are in essence “consumption loans”. What determines the equilibrium rate of interest? What effect, if any, would the introduction of lending and borrowing have on the price level?

Final Examination
Economics 300B
June 12, 1951

“The statement that wages tend to equal the net product of the worker’s labor… is not, as some have thought, an independent theory of wages, but only a particular way of wording the familiar doctrine that the value of everything tends to be equal to its expense of production.” (Marshall)
1. Explain why “the statement that wages tend to equal the net product of the worker’s labor” is not “an independent [i.e., complete] theory of wages.”
2. Prove that it is “only a particular way of wording the familiar doctrine…” in doing so, interpret “everything” to mean “final products,” not “labor.”
(a) Discuss the meaning of “profits” in connection with the theory of distribution. Outline briefly “a” theory of “profits.”
(b) A private enterprise economy is frequently described as motivated by the desire to maximize “profits.” Is the word “profits” in this statement used in the same sense as in the discussion under (a)? Explain any difference.
“Rent is but the leading species of a large genus.” Discuss.
The income of farmers from the sale of their products depends on the prices at which the products sell. The general level of agricultural prices, in turn, depends primarily on the income of the nonfarm population. But the income of the nonfarm population depends on the prices of nonfarm products which, in turn, depends partly on the income of farmers.
This kind of analysis is often criticized as circular reasoning and hence is incapable of leading to any useful conclusions. Is this criticism valid? Explain your answer.
Beef sold in rural New England is mostly purchased from Chicago. Yet it is said that the retail price of the better cuts of beef is substantially less than in Chicago for the same grade of meat. Assuming that this is in fact the case. How would you explain this phenomenon in strictly economic terms? (I.e., do not give the easy – and probably wrong – explanation of irrationality, gouging, or the like). How would you test the validity of your suggested explanation?
Suppose that legislative hearings were to be held on the following (a) A national bill to make the minimum wage rate very regionally, so it would be lower in the South than in the North; (b) A bill in a particular state to make it legal for manufacturers to enforce a minimum retail price on their products (a so-called “fair-trade” law).
Indicate what groups you would expect to be testifying for and against each bill, and why you would expect them to do so.

Source: Hoover Institution Archives. Milton Friedman Papers, Box 76, Folder 10.

Image Source: Milton Friedman (undated). University of Chicago Photographic Archive, apf1-06230, Special Collections Research Center, University of Chicago Library.

Tags Friedman

Chicago Problem Sets

Chicago. Unions and wages problem set. Murphy, 2008

Post author By Irwin Collier
Post date 2018-12-26

The following problem was assigned by Kevin Murphy in Economics 301 at the University of Chicago during the Autumn quarter of 2008. Marshall Steinbaum, Friend of Economics in the Rear-view Mirror and Research Director at the Roosevelt Institute), provided a copy to share here with the history of economics community.

Marshall Steinbaum writes:

Gary Becker and Kevin Murphy would each give one lecture per week. Every weekly problem set had two questions, one assigned by Becker and one by Murphy. This one on unions was Murphy’s, as indeed were all the ones with a vaguely macro cast to them. It was odd how he both denigrated macro in lectures and assigned a whole shadow macro curriculum.

The problem below can be profitably read in light of the contemporary discussion of monopsony power and unions (e.g. Kate Bahn, “Understanding the importance of monopsony power in the U.S. labor market,” Equitable Growth, July 5, 2018)

_____________________

Links to 1947 Harvard syllabi on unions

Looking back in the rear-view mirror a half-century earlier, it is interesting to note the depth of coverage of unions in the graduate labor sequence at Harvard taught by John Dunlop:

Economics 81a Labor Organization and Collective Bargaining

Economics 81b Labor and Public Policy

_____________________

Problem by Kevin Murphy on unions (2008)

Consider the impact of unions on wages. Consider a simple economy with a fixed supply of labor, L, which is supplied inelastically. Assume that there is a union that sets wages for workers covered by the union contract so as to maximize the income of its members. Assume that there are three inputs to production, L₁, L₂and K. All workers are identical and can provide either type 1 or type 2 labor. Capital is supplied in a competitive market. Assume that all prices are denominated in terms of the output good Y.

If the production function has the form Y=F(K,G(L₁,L₂)), where both F() and G() are CRS, how would a union that can set wages for L₁and L₂desire to set wages? Might the union want to set wages at the competitive level? Would the union want to set equal wages for the two types of labor? Why or why not?
How would your answer to A change if the production function was Y=H(K,L₁,L₂), where H was CRS?
What would happen in parts A and B if the supply of capital was perfectly elastic? Why?
Now assume that markets are initially competitive which results in competitive prices and usage for each type of labor and capital. Assume that those working as type 2 workers form a union so that they can increase their incomes. In particular assume that the newly formed union seeks to maximize the incomes of its initial members. Under the assumption of part A, how would the union set the wage for type 2 labor? What effect would this have on overall labor income? Could it make workers as a whole worse off? If so when and why?
Now assume that there is only one type of labor so that Y=F(L,K) with F() having CRS. Assume that the union is free to set the real wage picks a wage that will maximize the current income of workers and that the demand for labor is inelastic at the steady state wage rate. Assume that the capital stock is fixed initially but that capital is accumulated via investment as in the neo-classical growth model. If we start at the steady state of the neoclassical growth model, what will happen to wages, capital and employment over time? Why?

Source: Transcribed from a personal copy of Marshall Steinbaum made available to Economics in the Rear-view Mirror.

_____________________

Marshall Steinbaum added

“In this case, I believe the point is that when the union causes labor to be paid in excess of its marginal product, the rate of return on capital is driven lower than the capitalists’ rate of time preference, causing them to cease to supply capital. As the capital stock depreciates away, the labor share remains high even as the wage level declines, causing a downward spiral rather than re-equilibration at a lower level of capital and output.

These problem sets were never explicitly tied to real-world events, but the sense I got was that this was intended to be a theory of the declining manufacturing sector in the United States and Western Europe.”

Source: Personal communication.

Image Source: Kevin Murphy in “Chicago Schooled” by Michael Fitzgerald, University of Chicago Magazine (September-October, 2009).

Tags MurphyK, Steinbaum

AEA Members Listing 1991

Economics Ph.D., M.I.T. 1959

LECTURE AND READING LIST

NORTHWESTERN UNIVERSITY DEPARTMENT OF ECONOMICS

Exercise in Balance of Payments Accounting

NOTES ON THE BALANCE OF PAYMENTS PROBLEM

FIRST HOUR EXAMINATION

SECOND HOUR EXAMINATION

FINAL EXAMINATION

Other Corporations/Industrial Organization Related Posts for William Z. Ripley

Course Readings

Course Enrollment 1906-07

1907 ECONOMICS 92

ASSIGNMENT OF REPORTS.

ECONOMICS 9b Year-end Examination, 1906-07

Earlier exams etc. for Economics 5

Course Enrollment 1906-07

HARVARD UNIVERSITY

ECONOMICS 5 ASSIGNMENT OF REPORTS

GROUP A

GROUP B

GROUP C

RAILWAY COMPANIES IN THE UNITED STATES

DIRECTIONS

ECONOMICS 5 Mid-year Examination, 1906-07

Previously posted

Commercial Crises and Cycles of Trade Economics 12b 1905-06

Course Enrollment Commercial Crises and Cycles of Trade 1905-06

ECONOMICS 12b SUGGESTIONS WITH REGARD TO FIRST REPORT AND ACCOMPANYING CHART

ECONOMICS 12b Mid-year Examination, 1904-05

Omit one question

Course Enrollment 1903-1904

ECONOMICS 92 1903 [sic, the second semester began in 1904]

ECONOMICS 92 ASSIGNMENT OF REPORTS

INDUSTRIAL COMBINATIONS IN THE UNITED STATES

INDUSTRIAL COMBINATIONS IN EUROPE

DIRECTIONS

ECONOMICS 9b Year-End Examination. 1903-04

Course Enrollment First Semester, 1903-04

ECONOMICS 9 ASSIGNMENT OF REPORTS

NATIONAL LABOR ORGANIZATIONS IN THE UNITED STATES

ECONOMICS 9a Mid-Year Examination. 1903-04

Mining the internet archive WaybackMachine

Economics 202A: Macroeconomic Theory Spring 1992 George Akerlof

Final exam (1992)

Economics 202A: Macroeconomic Theory Spring 1993 George Akerlof

Final exam (1993)

Economics 202A: Macroeconomic Theory Spring 1995 George Akerlof / G. Mehrez / P. Ghezzi

Final exam (1995)

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Final exam (1996)

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Midterm 2000

Final exam (2000)

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Course Home page (2001)

Lectures (2001)

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Lectures (S2002)

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Syllabus (F2002)

Lectures (F2002)

Problem Sets and Solutions (F2002)

Midterm Q’s and A’s (F2002)

Final exam (F2002)

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Syllabus (2003)

Lectures (2003)

Problem Sets and Solutions (2003)

Midterm Q’s and A’s (2003)

Final exam (2003)

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NORTHWESTERN UNIVERSITY
DEPARTMENT OF ECONOMICS

NOTES ON THE
BALANCE OF PAYMENTS PROBLEM

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for William Z. Ripley

Course Enrollment
1906-07

1907
ECONOMICS 9²

ECONOMICS 9b
Year-end Examination, 1906-07

Course Enrollment
1906-07

ECONOMICS 5
ASSIGNMENT OF REPORTS

ECONOMICS 5
Mid-year Examination, 1906-07

Commercial Crises
and Cycles of Trade
Economics 12b
1905-06

Course Enrollment
Commercial Crises
and Cycles of Trade
1905-06

ECONOMICS 12b
SUGGESTIONS WITH REGARD TO FIRST REPORT AND ACCOMPANYING CHART

ECONOMICS 12b
Mid-year Examination, 1904-05

Course Enrollment
1903-1904

ECONOMICS 9²1903
[sic, the second semester began in 1904]

ECONOMICS 9²ASSIGNMENT OF REPORTS

ECONOMICS 9b
Year-End Examination. 1903-04

Course Enrollment
First Semester, 1903-04

ECONOMICS 9
ASSIGNMENT OF REPORTS

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Mid-Year Examination. 1903-04

Economics 202A: Macroeconomic Theory
Spring 1992
George Akerlof

Economics 202A: Macroeconomic Theory
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Spring 1995
George Akerlof / G. Mehrez / P. Ghezzi

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HARVARD UNIVERSITY
ECONOMICS 23

ECONOMICS 300B
Problems for Reading Period
Spring, 1951

Final Examination
Economics 300B
June 12, 1951