Category: Problem Sets

Categories
Exam Questions Harvard Industrial Organization Problem Sets

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

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.

__________________________

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.

  1. American Axe and Tool Co., 1889.
  2. American Bridge Co., 1900. (See No. 123.)
  3. American Iron and Steel Mfg. Co., 1899.
  4. American Steel Foundries Co., 1902.
  5. *American Radiator Co., 1899.
  6. *American Sheet Steel Co., 1900. (See No. 123.)
  7. *American Steel and Wire Co. of New Jersey, 1899, (See No. 123.)
  8. American Steel Casting Co., 1894.
  9. *American Steel Hoop Co., 1899. (See No. 128.)
  10. *American Tin Plate Co., 1898. (See No. 123.)
  11. *Federal Steel Co., 1898. (See No. 123.)
  12. International Steam Pump Co., 1899.
  13. *National Shear Co., 1898.
  14. *National Steel Co., 1899. (See No. 123.)
  15. National Tube Co., 1899. (See No. 123.)
  16. *Otis Elevator Co., 1898.
  17. Republic Iron and Steel Co., 1899.
  18. United Shoe Machinery Co., 1899.
  19. United States Cast Iron Pipe and Foundry Co., 1899.
  20. American Beet Sugar Co., 1899.
  21. *American Chicle Co., 1899.
  22. Corn Products Co., 1902.
  23. *American Sugar Refining Co., 1891.
  24. *Glucose Sugar Refining Co., 1897.
  25. *National Biscuit Co., 1898.
  26. National Sugar Refining Co., 1900.
  27. *Royal Baking Powder Co., 1899.
  28. United States Flour Milling Co., 1899.
  29. *American Fisheries Co., 1899.
  30. American Agricultural Chemical Co., 1899.
  31. *American Cotton Oil Co., 1889.
  32. American Linseed Co., 1898.
  33. *Fisheries Co., The, 1900.
  34. *General Chemical Co., 1899.
  35. *National Salt Co., 1899.
  36. *National Starch Manufacturing Co., 1890.
  37. *Standard Oil Co., 1882.
  38. Virginia-Carolina Chemical Co., 1895.
  39. American Shot and Lead Co., 1890.
  40. American Smelting and Refining Co., 1899.
  41. American Type Founders Co., 1892.
  42. *International Silver Co., 1898.
  43. National Lead Co., 1891.
  44. American Malting Co., 1897.
  45. American Spirits Manufacturing Co., 1895.
  46. Kentucky Distilleries and Warehouse Co., 1899.
  47. Pittsburgh Brewing Co., 1899.
  48. St. Louis Brewing Association, 1889.
  49. Standard Distilling and Distributing Co., 1898.
  50. *American Bicycle Co., 1899. (Now Pope Bicyele Co.)
  51. American Car and Foundry Co., 1899.
  52. *Pressed Steel Car Co., 1899.
  53. Pullman Co., The, 1899.
  54. American Snuff Co., 1900.
  55. *American Tobacco Co., 1890.
  56. *Continental Tobacco Co., 1898.
  57. *National Cordage Co., 1887. (See No. 62.)
  58. American Felt Co., 1899.
  59. *American Thread Co., 1898.
  60. American Woolen Co., 1899.
  61. New England Cotton Yarn Co., 1899.
  62. *Standard Rope and Twine Co., 1895. (See No. 57.)
  63. American Hide and Leather Co., 1899.
  64. *United States Leather Co., 1893-1905.
  65. American Straw Board Co., 1889.
  66. American Writing Paper Co., 1899.
  67. International Paper Co., 1898.
  68. *National Wall Paper Co., 1892-1905.
  69. Union Bag and Paper Co., 1899.
  70. United States Envelope Co., 1898.
  71. American Clay Manufacturing Co., 1900.
  72. American Window Glass Co., 1899.
  73. International Pulp Co., 1893.
  74. National Fire Proofing Co., 1899.
  75. *National Glass Co., 1899,
  76. *Pittsburgh Plate Glass Co., 1895.
  77. United States Glass Co., 1891.
  78. American School Furniture Co., 1899.
  79. Diamond Match Co., 1889,
  80. National Casket Co., 1890
  81. United States Bobbin and Shuttle Co., 1899,
  82. American Glue Co., 1894.
  83. American Ice Co., 1899.
  84. American Shipbuilding Co., 1899.
  85. American Soda Fountain Co., 1891,
  86. *General Aristo Co. (Photography), 1899.
  87. Rubber Goods Manufacturing Co., 1899.
  88. United States Rubber Co., 1892.
  89. Allis-Chalmers Co., 1901.
  90. American Cigar Co., 1901.
  91. American Grass Twine Co., 1899.
  92. American Light and Traction Co., 1901.
  93. American Locomotive Co., 1901.
  94. American Machine and Ordnance Co., 1902.
  95. American Packing Co., 1902.
  96. American Plow Co., 1901.
  97. American Sewer Pipe Co., 1900.
  98. American Steel Foundries Co., 1902.
  99. Associated Merchants Co., 1901.
  100. Chicago Pneumatic Tool Co., 1902.
  101. Consolidated Railway Lighting and Refrig. Co., 1901.
  102. Consolidated Tobacco Co., 1901.
  103. Corn Products Co., 1902.
  104. Crucible Steel Co., of America, 1900.
  105. Eastman Kodak Co., 1901.
  106. International Harvester Co., 1902.
  107. International Salt Co., 1901. (Also National Salt Co.)
  108. *Jones & Laughlin Steel Co., 1902.
  109. *National Asphalt Co., 1900.
  110. New England Consolidated Ice Co., 1902.
  111. New York Dock Co., 1901.
  112. Pacific Hardware and Steel Co., 1902.
  113. Pennsylvania Steel Co., 1901,
  114. Railway Steel Spring Co., 1902.
  115. International Mercantile Marine Co., 1902.
  116. Northern Securities Co., 1901. (See Library Catalogue.)
  117. United Box, Board and Paper Co., 1902.
  118. United Copper Co., 1902.
  119. United States Cotton Duck Corporation, 1901.
  120. United States Realty and Construction Co., 1902.
  121. United States Reduction and Refining Co., 1901.
  122. United States Shipbuilding Co., 1902.
  123. American Tobacco Co., 1903.
  124. Central Leather Co.
  125. American Ice Securities Co.
  126. Amalgamated Copper Co.
  127. General Electric Co.
  128. United Shoe Machinery Co.
  129. American Telephone and Telegraph Co.
  130. United Gas Improvement Co.
  131. Interborough-Metropolitan Co.
  132. Mass. Electric Companies.
  133. Mass. Gas Companies.
  134. Philadelphia Rapid Transit Co.
  135. Brooklyn Rapid Transit Co.
  136. N. Y. Consolidated Gas Co.
  137. American Express Co.
  138. Adams Express Co.
  139. United States Steel Corporation; Promotion.
  140. United States Steel Corporation; Financial Development.
  141. United States Steel Corporation; Bond Conversion.
  142. United States Steel Corporation; Relations to Employees.
  143. 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).]

  1. Canadian Iron Founders’ Association. (See Canadian Commission on Trusts, 1888.)
  2. *Bleachers’ Association, England.
  3. *Iron Combination, France.
  4. *Iron Combination, Germany. (Stahlwerkverband.)
  5. *Rhenish-Westphalian Coal Syndicate.
  6. *Spirits Combination, Germany.
  7. *United Pencil Factories’ Company, Germany.
  8. *Portland Cement Manufacturers’ Association, England.
  9. *Bradford Dyers’ Association, England.
  10. *Brass Bedstead Association, England.
  11. *British Cotton and Wool Dyers’ Association.
  12. *British Oil and Cake Mills.
  13. *Calico Printers’ Association, England.
  14. *Wall Paper Manufacturers’ Association, England.
  15. *English Sewing Cotton Co.
  16. *Petroleum Combination, Germany.
  17. *Petroleum Combination, France.
  18. *Sugar Combination, Germany.
  19. *Sugar Combination, Austria.
  20. German Salt Combination.
  21. German Potash Combination.
  22. 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

  1. Why was the Sherman Act passed when it was? Describe the general situation.
  2. 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?
  3. 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.
  4. What was “an immunity bath”? How was the matter dealt with by Congress?
  5. Meade gives five reasons for the inferior investment value of industrial, as compared with railway bonds. What are they, succinctly stated?
  6. “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.
  7. 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?
  8. 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.
  9. 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.

Categories
Exam Questions Harvard Problem Sets Transportation

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

American Railroad Scene

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
  1. Atchison, Topeka, and Sante Fé.
  2. Baltimore and Ohio.
  3. Canada Southern.
  4. Central of New Jersey.
  5. Chesapeake and Ohio.
  6. Chicago and Alton.
  7. Chicago Great Western.
  8. Chicago, Indiana, and Louisville.
  9. Chicago, Milwaukee, and St. Paul.
  10. Chicago and Northwestern.
  11. Chicago, Rock Island, and Pacific.
  12. Cincinnati, Cleveland, Chicago, and St. Louis. (Big Four.)
  13. Delaware and Hudson.
  14. Delaware, Lackawanna, and Western.
  15. Denver and Rio Grande.
  16. Erie.
  17. Great Northern.
  18. Hocking Valley.
  19. Illinois Central.
  20. Iowa Central.
  21. Lake Erie and Western.
  22. Louisville and Nashville.
  23. Mexican Central.
  24. Missouri, Kansas, and Texas.
  25. Missouri Pacific.
  26. New York Central.
  27. New York, Ontario, and Western.
  28. Norfolk and Western.
  29. Pennsylvania.
  30. Philadelphia and Reading.
  31. St. Louis and San Francisco.
  32. St. Louis Southwestern.
  33. Southern Pacific.
  34. Southern Railway.
  35. Texas and Pacific.
  36. Union Pacific.
  37. Wabash.
  38. Wheeling and Lake Erie.
  39. Wisconsin Central.
  40. Ann Arbor.
  41. Atlantic Coast Line.
  42. Boston and Maine.
  43. Boston and Albany. (See New York Central.)
  44. Buffalo, Rochester, and Pittsburgh.
  45. Central Vermont.
  46. Central Railroad of New Jersey.
  47. Cincinnati, Hamilton, and Dayton.
  48. Chicago, St. Paul, Minneapolis, and Omaha. (See Chicago and Northwestern.)
  49. Chicago and Eastern Illinois.
  50. Pittsburgh, Evansville, and Terre Haute.
  51. Lehigh Valley.
  52. Long Island.
  53. New York, New Haven, and Hartford.
  54. New York, Chicago, and St. Louis.
  55. Lake Shore and Michigan Southern. (See New York Central.)
  56. Maine Central.
  57. Pittsburgh, Bessemer, and Lake Erie.
  58. Western Maryland.
  59. Rio Grande Western.
  60. St. Paul and Duluth.
  61. Northern Pacific. (See Northern Securities Co.)
  62. Burlington, Cedar Rapids, and Northern.
  63. St. Joseph and Grand Island.
  64. Kansas City, Fort Scott, and Memphis.
  65. International and Great Northern.
  66. Nashville, Chattanooga, and St. Louis.
  67. Mobile and Ohio.
  68. Yazoo and Mississippi Valley. (See Illinois Central.)
  69. Plant System.
  70. Georgia Railroad and Banking Company.
  71. Central of Georgia.
  72. Pere Marquette.
  73. Columbus, Sandusky, and Hocking.
  74. Cleveland, Lorain, and Wheeling.
  75. Mexican Central.
  76. Grand Trunk.
  77. Canadian Pacific.
  78. Chicago, Burlington, and Quiney. (See Northern Securities Co.)
  79. Choctaw, Oklahoma, and Gulf.
  80. Rutland.
  81. Seaboard Air Line.
  82. Northern Securities Co.
  83. 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 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 the Reports of the U.S. Industrial Commission, Vol. XIII.

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

  1. State and explain three leading reasons for the issue of preferred stock by a railroad.
  2. What peculiarities of the anthracite coal industry have led to overproduction and irregularity of prices, in absence of monopolistic agreements?
  3. 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
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.)
  1. What is the method of valuation of franchises in Wisconsin? Criticise it.
  2. What, in your judgment, are the three most important provisions of the Hepburn Act of 1906?
  3. What is the Doctrine of Judicial Review? Criticise it.
  4. Is railroad rate regulation in England more or less strict than in the United States? Describe the situation as regards the rate. making power.
  5. 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.

Categories
Business Cycles Exam Questions Harvard Problem Sets

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

Abram Piatt Andrew, Jr. (1911)

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

  1. Neatness is desirable; accuracy essential.
  2. 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.
  3. 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.
  4. 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.
  5. When two or more decades are included mark the decennial years clearly with a heavier line than the other years.
  6. Bring the figures in every case as nearly to date as possible.
  7. Note on bottom of chart in small letters the source of your statistics, volume and page.
  8. Note also on chart whether the statistics are for the fiscal, calendar, or crop year, — or the year ending at what date.
  9. Place title and your own name somewhere on the chart.

II. Concerning the Report

  1. Give your figures in tabular form, naming all of the sources.
  2. Discuss the sources of your statistics, their authority, and their comprehensiveness.
  3. Trace the trade cycles as shown on your chart, showing the relation between the line movements and periods of prosperity or depression.
  4. 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.
  5. When several countries are concerned note the resemblances and differences in their respective movements, explaining any important dissimilarities.
  6. 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
  1. 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.
  2. To what extent have changes in the clearings of the New York banks registered changes in general business?
  3. Explain Juglar’s theory as to the movements of bank loans and reserves, and state how far it is confirmed by American experience.
  4. Explain what was done by the Bank of England to relieve apprehension in 1825, 1847, 1857, 1866, 1890.
  5. Explain and discuss Rodbertus’ theory of crises.
  6. 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?
  7. 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?
  8. What part does “credit” play in the explanation of crises,—
    1. according to Laughlin,
    2. according to Chevalier,
    3. in your own opinion?
  9. 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.

Categories
Exam Questions Harvard Industrial Organization Problem Sets

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

William Zebina Ripley

 

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

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 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

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 & 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].

  1. American Axe and Tool Co., 1889.
  2. American Bridge Co., 1900. (See No. 123.)
  3. American Iron and Steel Mfg. Co., 1899.
  4. American Steel Foundries Co., 1902.
  5. *American Radiator Co., 1899.
  6. *American Sheet Steel Co., 1900. (See No. 123.)
  7. *American Steel and Wire Co. of New Jersey, 1899. (See No. 123.)
  8. American Steel Casting Co., 1894.
  9. *American Steel Hoop Co., 1899. (See No. 123.)
  10. *American Tin Plate Co., 1898. (See No. 123.)
  11. *Federal Steel Co., 1898. (See No. 123.)
  12. International Steam Pump Co., 1899.
  13. *National Shear Co., 1898.
  14. *National Steel Co., 1899. (See No. 123.)
  15. National Tube Co., 1899. (See No. 123.)
  16. *Otis Elevator Co., 1898.
  17. Republic Iron and Steel Co., 1899.
  18. United Shoe Machinery Co., 1899.
  19. United States Cast Iron Pipe and Foundry Co., 1899.
  20. American Beet Sugar Co., 1899.
  21. *American Chicle Co., 1899.
  22. Corn Products Co., 1902.
  23. *American Sugar Refining Co., 1891.
  24. *Glucose Sugar Refining Co., 1897.
  25. *National Biscuit Co., 1898.
  26. National Sugar Refining Co., 1900.
  27. *Royal Baking Powder Co., 1899.
  28. United States Flour Milling Co., 1899.
  29. *American Fisheries Co., 1899.
  30. American Agricultural Chemical Co., 1899.
  31. *American Cotton Oil Co., 1889.
  32. American Linseed Co., 1898.
  33. *Fisheries Co., The, 1900.
  34. *General Chemical Co., 1899.
  35. *National Salt Co., 1899.
  36. *National Starch Manufacturing Co., 1890.
  37. *Standard Oil Co., 1882.
  38. Virginia-Carolina Chemical Co., 1895.
  39. American Shot and Lead Co., 1890.
  40. American Smelting and Refining Co., 1899.
  41. American Type Founders Co., 1892.
  42. *International Silver Co., 1898.
  43. National Lea Co., 1891.
  44. American Malting Co., 1897.
  45. American Spirits Manufacturing Co., 1895.
  46. Kentucky Distilleries and Warehouse Co., 1899.
  47. Pittsburg Brewing Co., 1899.
  48. St. Louis Brewing Association, 1889.
  49. Standard Distilling and Distributing Co., 1898.
  50. *American Bicycle Co., 1899.
  51. American Car and Foundry Co., 1899.
  52. *Pressed Steel Car Co., 1899.
  53. Pullman Co., The, 1899.
  54. American Snuff Co., 1900.
  55. *American Tobacco Co., 1890.
  56. *Continental Tobacco Co., 1898.
  57. * National Cordage Co., 1887. (See No. 62.)
  58. American Felt Co., 1899.
  59. *American Thread Co., 1898.
  60. American Woolen Co., 1899.
  61. New England Cotton Yarn Co., 1899.
  62. *Standard Rope and Twine Co., 1895. (See No. 57.)
  63. American Hide and Leather Co., 1899.
  64. * United States Leather Co., 1893.
  65. American Straw Board Co., 1889.
  66. American Writing Paper Co., 1899.
  67. * International Paper Co., 1898.
  68. * National Wall Paper Co., 1892.
  69. Union Bag and Paper Co., 1899.
  70. United States Envelope Co., 1898.
  71. American Clay Manufacturing Co., 1900.
  72. American Window Glass Co., 1899.
  73. International Pulp Co., 1893.
  74. National Fire Proofing Co., 1899.
  75. *National Glass Co., 1899.
  76. *Pittsburg Plate Glass Co. 1895.
  77. United States Glass Co., 1891.
  78. American School Furniture Co., 1899.
  79. Diamond Match Co., 1889.
  80. National Casket Co., 1890.
  81. United States Bobbin and Shuttle Co., 1899.
  82. American Glue Co., 1894.
  83. American Ice Co., 1899.
  84. American Shipbuilding Co., 1899.
  85. American Soda Fountain Co. 1891.
  86. *General Aristo Co. (Photography), 1899.
  87. Rubber Goods Manufacturing Co., 1899.
  88. United States Rubber Co., 1892.
  89. Allis-Chalmers Co., 1901.
  90. American Cigar Co., 1901.
  91. American Grass Twine Co., 1899.
  92. American Light and Traction Co., 1901.
  93. American Locomotive Co., 1901.
  94. American Machine and Ordnance Co., 1902.
  95. American Packing Co., 1902.
  96. American Plow Co., 1901.
  97. American Sewer Pipe Co., 1900.
  98. American Steel Foundries Co., 1902.
  99. Associated Merchants Co., 1901.
  100. Chicago Pneumatic Tool Co., 1902.
  101. Consolidated Railway Lighting and Refrig. Co., 1901.
  102. Consolidated Tobacco Co., 1901.
  103. Corn Products Co., 1902.
  104. Crucible Steel Co. of America, 1900.
  105. Eastman Kodak Co., 1901.
  106. International Harvester Co., 1902.
  107. International Salt Co., 1901.
  108. Jones & Laughlin Steel Co., 1902.
  109. * National Asphalt Co., 1900.
  110. New England Consolidated Ice Co., 1902.
  111. New York Dock Co., 1901.
  112. Pacific Hardware and Steel Co., 1902.
  113. Pennsylvania Steel Co. 1901.
  114. Railway Steel Spring Co., 1902.
  115. International Mercantile Marine Co., 1902.
  116. Northern Securities Co., 1901. (See Library Catalogue.)
  117. United Box, Board and Paper Co., 1902.
  118. United Copper Co., 1902.
  119. United States Cotton Duck Corporation, 1901.
  120. United States Realty and Construction Co., 1902
  121. United States Reduction and Refining Co., 1901
  122. United States Shipbuilding Co., 1902
  123. *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.]

  1. Canadian Iron Founders’ Association. (See Canadian Commission on Trusts, 1888.)
  2. *Bleachers’ Association, England.
  3. *Iron Combination, France.
  4. *Iron Combination, Germany.
  5. *Rhenish-Westphalian Coal Syndicate.
  6. *Spirits Combination, Germany.
  7. *United Pencil Factories Company, Germany.
  8. *Portland Cement Manufacturers’ Association, England.
  9. *Bradford Dyers’ Association, England.
  10. *Brass Bedstead Association, England.
  11. *British Cotton and Wool Dyers’ Association.
  12. *British Oil and Cake Mills.
  13. *Calico Printers’ Association, England.
  14. *Wall Paper Manufacturers’ Association, England.
  15. *English Sewing Cotton Co.
  16. *Petroleum Combination, Germany.
  17. *Petroleum Combination, France.
  18. *Sugar Combination, Germany.
  19. *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.

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 1903-04”.

_________________________

ECONOMICS 9b
Year-End Examination. 1903-04

Questions should be arranged in regular order as numbered.

  1. In what three ways may legislation attempt to minimize the speculative management of corporations?
  2. Outline the nature, purpose, and results of the U. S. Steel Bond Conversion operation.
  3. What is the attitude of “Trusts” toward labor? What experiments in financial participation have been tried?
  4. 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”?
  5. 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?
  6. Outline the nature of the recent changes in Massachusetts Corporation Law, especially with reference to stock watering.
  7. What are three main characteristics of the so-called “Smith Combination Movement” in England?
  8. What is the main issue involved in recent attempts to amend English Company law? Illustrate fully.
  9. 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.

Categories
Exam Questions Harvard Labor Problem Sets

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

Young William Zebina Ripley

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

  1. Boot and Shoe Workers’ Union.
  2. The United Hatters of North America.
  3. The United Garment Workers of America.
  4. *The Journeymen Tailors’ Union of America.
  5. Custom Clothing Makers’ Union of America.
  6. International Ladies’ Garment Workers’ Union.
  7. The Shirt, Waist and Laundry Workers’ International Union.
  8. National Spinners’ Association of America.
  9. The Elastic Goring Weavers’ Amalgamated Association of the United States of America.
  10. International Union of Textile Workers.
  11. Trunk and Bag Workers’ International Union of America.
  12. *International Typographical Union of North America.
  13. German-American Typographia.
  14. International Printing Pressmen and Assistants’ Union of North America.
  15. International Brotherhood of Bookbinders.
  16. Lithographers’ International Protective and Beneficial Association.
  17. International Steel and Copperplate Printers’ Union of the United States of America.
  18. Bricklayers and Masons’ International Union of America.
  19. *United Brotherhood of Carpenters and Joiners of America.
  20. Amalgamated Society of Carpenters and Joiners.
  21. International Brotherhood of Electrical Workers.
  22. *Granite Cutters’ National Union of the United States of America.
  23. Brotherhood of Painters, Decorators, and Paper Hangers of America.
  24. Operative Plasterers’ International Association.
  25. United Association of Journeymen Plumbers, Gas Fitters, Steam Fitters, and Steam Fitters’ Helpers.
  26. National Association of Steam and Hot-Water Fitters and Helpers.
  27. Journeymen Stone Cutters’ Association of North America.
  28. Mosaic and Encaustic Tile Layers and Helpers’ International Union.
  29. Glass Bottle Blowers’ Association.
  30. American Flint Glassworkers’ Union.
  31. *Amalgamated Glassworkers’ International Association.
  32. National Brotherhood of Operative Potters.
  33. *United Mine Workers of America.
  34. Northern Mineral Mine Workers’ Progressive Union.
  35. Amalgamated Woodworkers’ International Union.
  36. United Order of Box Makers and Sawyers.
  37. *Piano and Organ Workers’ International Union.
  38. International Wood Carvers’ Association.
  39. Coopers’ International Union.
  40. Carriage and Wagon Workers’ International Union.
  41. National Amalgamated Association of Iron, Steel, and Tin Workers.
  42. *International Association of Machinists.
  43. Amalgamated Society of Engineers.
  44. *Brotherhood of Boiler Makers and Iron Ship Builders.
  45. International Association of Allied Metal Mechanics.
  46. Metal Polishers, Buffers, Platers, and Brass Workers’ International Union.
  47. Amalgamated Sheet Metal Workers’ International Association.
  48. *Iron Molders’ Union.
  49. Pattern Makers’ League.
  50. Core Makers’ International Union.
  51. Grand Union of the International Brotherhood of Blacksmiths.
  52. Chain Makers’ National Union.
  53. Stove Mounters and Steel Range Workers’ International Union.
  54. Tin Plate Workers’ International Protective Association.
  55. American Wire Weavers’ Protective Association.
  56. Metal Trades’ Federation of North America.
  57. *International Seamen’s Union.
  58. National Marine Engineers’ Beneficial Association.
  59. International Longshoremen’s Association.
  60. Amalgamated Association of Street Railway Employees.
  61. Switchmen’s Union.
  62. Journeymen Bakers’ and Confectioners’ International Union.
  63. Journeymen Barbers’ International Union.
  64. National Union of the United Brewery Workmen.
  65. *National Brickmaker’s Alliance.
  66. International Broom Makers’ Union.
  67. *Cigar Makers’ International Union.
  68. Retail Clerks’ International Protective Association.
  69. Team Drivers’ International Union.
  70. International Union of Steam Engineers.
  71. National Brotherhood of Coal Hoisting Engineers.
  72. Watch Case Engravers’ International Association.
  73. International Brotherhood of Stationary Firemen.
  74. International Union of Journeymen Horseshoers.
  75. Hotel and Restaurant Employees’ International Alliance and Bartenders’ International League.
  76. International Jewelry Workers.
  77. The United Brotherhood of Leather Workers on Horse Goods.
  78. National Association of Letter Carriers.
  79. *Amalgamated Meat Cutters and Butcher Workmen.
  80. American Federation of Musicians.
  81. International Brotherhood of Oil and Gas Well Workers.
  82. United Brotherhood of Paper Makers.
  83. National Alliance of Theatrical Stage Employees.
  84. National Stogie Makers’ League.
  85. *Tobacco Workers’ International League.
  86. Upholsterers’ International Union.
  87. *Brotherhood of Locomotive Engineers.
  88. *Order of Railway Conductors of America.
  89. *Brotherhood of Locomotive Firemen.
  90. Brotherhood of Railroad Trainmen.
  91. *Order of Railroad Telegraphers.
  92. Brotherhood of Railway Truckmen.
  93. 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

  1. 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?
  2. What is the difference between an Employers’ Liability Act and a Workman’s Compensation Act? On what grounds may the latter be advocated?
  3. What is the English Device of the Common Rule? What are some of its economic effects?
  4. State two important peculiarities of American trades unions as contrasted with Great Britain.
  5. Outline the main features of the industrial arbitration legislation of Australasian colonies.
  6. What is the economic defence for restriction of the number of apprentices in a trade? Is it valid?
  7. What were the three most important strikes in the United States since 1850, and why?
  8. Criticise the recent recommendations of the Massachusetts Commission on Relation of Employer and Employed.

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. 32.

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

Categories
Berkeley Exam Questions Problem Sets Suggested Reading Syllabus

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

 

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

 Course Home page (2004)

Economics 202A: Homepage

Syllabus (2004)

Economics 202A: Syllabus

Lectures (2004)

Lecture 1 (GA) / Lecture 2 (GA) / Lecture 3 (GA) / Lecture 4 (GA) / Lecture 5 (GA) / Lecture 6 (GA) / [Could not find notes for Lectures 7-24]

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)

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) / [Could not find archived copies of Romer’s Lectures]

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.

Categories
Agricultural Economics Harvard Problem Sets

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

 

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.

Categories
Chicago Exam Questions Problem Sets

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

 

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

  1. “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.

  1. 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

  1. “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.”
  2. (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.
  3. “Rent is but the leading species of a large genus.” Discuss.
  4. 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.
  5. 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?
  6. 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.

Categories
Chicago Problem Sets

Chicago. Unions and wages problem set. Murphy, 2008

 

 

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, L2 and 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.

  1. 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 L2 desire 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?
  2. How would your answer to A change if the production function was Y=H(K,L1,L2), where H was CRS?
  3. What would happen in parts A and B if the supply of capital was perfectly elastic? Why?
  4. 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?
  5. 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).

Categories
Harvard Principles Problem Sets Suggested Reading Syllabus Undergraduate

Harvard. Principles of Economics, Ec 10. Feldstein and Li, 2000

 

Harvard’s Principles of Economics Course (Ec 10) has been historically taught as weekly lectures by some big faculty gun with parlour tricks pedagogy conducted in smaller sections run by graduate students or even junior faculty, especially in earlier years. The lecture part of the course has evolved to include more guest lecturers for specific fields but the grand-lecture/small recitation section format has been robust and apparently quite popular.

I thought it would only involve a few short dives into the internet archive, The Wayback Machine, to reconstruct the course around the year 2000. This turned out to be an over-optimistic plan. Still, I did not re-surface empty-handed and I provide links below to the materials I was able to salvage from that time. Perhaps some still young economist from the period, can provide us copies of problem sets and teaching-handouts to complete our collection. But hey, econometricians have to worry about measurement error, so historians of economics are really not allowed to complain about missing observations. Just as long as we are doing the best we can with what we’ve got. And what you see is what I got.

________________

Registrar Identifies Biggest Classes
By Catherine E. Shoichet
Harvard Crimson. October 2, 2000

When it comes to picking Core classes, Harvard students tend to be risk averse.

Preliminary figures show that last fall’s two most popular courses, Social Analysis 10, “Principles of Economics” and Moral Reasoning 22, “Justice,” have taken the top slots again this year.

Social Analysis 10, usually called Ec 10, has 805 students this year, according to preliminary course enrollment numbers released by the Office of the Registrar last week. Justice is a close second with 754.

Judith A. Li, an assistant professor of economics who teaches Ec 10 along with Baker Professor of Economics Martin S. Feldstein ’61, says that despite the class’s large lecture size, most of the basic skills introduced in Ec 10 are taught in smaller sections of about 20 students.

“Our goal for the course is to provide students with a solid and comprehensive foundation in economics,” Li wrote in an e-mail message. “By taking a course like Ec 10, they will be better able to evaluate government policies and political proposals on their own.”

The course is particularly popular among first-year students, many of whom are considering economics as a potential concentration.

“I really enjoy the lectures,” Leah E. Wahba ’04 said. “It’s an honor to be in Marty Feldstein’s class because he has so much extensive experience in the field of economics.” […]

________________

From the Ec 10 home page (2000-2001)

Social Analysis 10

Faculty
Martin Feldstein
Judith Li

Ec 10 is the introductory course for both economics concentrators and those who plan no further work in the field. This course provides an introduction to economic issues and basic economic principles and methods. Fall term focuses on “microeconomics”: supply and demand, labor and financial markets, taxation, and social economic issues of health care, poverty, the environment, and income distribution. Spring term focuses on “macroeconomics”: the impact of both monetary and fiscal policy on inflation, unemployment, interest rates, investment, the exchange rate, and international trade. We study the role of government in the economy, including Social Security, the tax system, and economic change in Eastern Europe, Latin America, and China. By the end of the year, you should be able to use the analysis practiced in the course to form your own judgments about the major economic problems faced by the United States and other countries.

Note: Must be taken as a full course, although in special situations students are permitted to take the second term in a later year. Taught in a mixture of lectures and sections. No calculus is used, and there is no mathematics background requirement. Designed for both potential economics concentrators, and those who plan no further work in the field. The Department of Economics strongly encourages students considering concentration to take this course in their freshman year.

Source: Webpage capture from the Wayback Machine.

________________

Course Syllabi (.pdf files)

Spring 2000, Fall 2000/01

Syllabus Spring 1999-2000 (Macroeconomics)

Syllabus Fall 2000-2001 (Microeconomics)

Course Syllabi (.html files)

Syllabus Spring 1996-1997 (Macroeconomics)

________________

Miscellaneous Course Materials

Spring 1997 (Macroeconomics)

Unit Test Program explained

 

Spring 2000 (Macroeconomics)

Introductory Lecture for Macroeconomics and Growth by Martin Feldstein (Feb.2, 2000)

Future of Social Security by Martin Feldstein by Martin Feldstein (Feb. 9, 2000)

Problem Set 3, Answers (March 14, 2000)

Spring 2001 (Macroeconomics)

July 23, 2001 capture of Social Analysis 10 (Ec 10) homepage

[October 4, 2002 FAQ about unit tests in Ec 10]

Unit 1, Economic Growth: Test 1A solutions

Unit 2, Financial Markets: Test 2A questions

Unit 2, Financial Markets: Test 2A solutions

Unit 2, Financial Markets: Test 2B questions

Unit 2, Financial Markets: Test 2B solutions

Unit 3, Aggregate Supply and Aggregate Demand:  Test A questions

Unit 4, Monetary Policy: Test 1A questions

Unit 4, Monetary Policy: Test 1A solutions

Unit 4, Monetary Policy: Test 1B solutions

Unit 5, Fiscal Policy: Test 1A  questions

Unit 5, Fiscal Policy: Test 1A solutions

Unit 5, Fiscal Policy: Test 1B solutions

 

Fall Semester 2002 (Microeconomics)

From the Fall 2002/03 home page

Social Analysis 10
Principles of Economics
Martin Feldstein

Introduction to economic issues and basic economic principles and methods. Fall term focuses on supply and demand, labor and financial markets, taxation, and social economic issues of health care, poverty, the environment, and income distribution. Spring term focuses on the impact of both monetary and fiscal policy on inflation, unemployment, interest rates, investment, the exchange rate, and international trade. Studies role of government in the economy, including Social Security, the tax system, and economic change in Eastern Europe, Latin America, and Asia. Covers international trade and financial markets.
Source: Webpage capture from the Wayback Machine.

Syllabus Fall 2002-2003 (Microeconomics)

Lecture on Unions by Richard B. Freeman (October 28, 2002)

Lecture on the Economics of Health Care by Martin Feldstein (Nov. 20, 2002)

Ec 10 Hourly Exam Questions (December 11, 2002)

 

Spring Semester 2003 (Macroeconomics)

Introductory Lecture by Martin Feldstein (January 29, 2003)

What Should the Fed do Now? lecture by Martin Feldstein (April 18, 2003)

The Dollar and the Trade Deficit lecture by Martin Feldstein (April 21, 2003)

 

Image Source:  “Das Feldstein-Horioka-Paradoxon” in Finanz und Wirtschaft (November 18, 2014).