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Exam Questions Harvard Principles Suggested Reading Syllabus Teaching Undergraduate

Harvard. Principles of Economics. Reading assignments, Exams, 1928

 

Partial course outlines from Harvard’s principles of economics course from 1927-28 and 1928-29 were found filed with the economics course outlines for 1938-39 in the Harvard Archives. The principal instructors for the courses in both years were Harold Hitchings Burbank and Edward Hastings Chamberlin, so combining the first semester outline from 1928-29 with the second semester outline from 1927-28 as transcribed below gives us a synthetic syllabus for the 1927-29 years. This post also includes enrollment figures for the two academic years as well as the corresponding semester final exams for the course. Links to the assigned textbooks have been added to complete the package.

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Course Announcement and Description

ECONOMICS
GENERAL STATEMENT

Course A is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It may not be taken by Freshmen without the consent of the instructor. Students concentrating in Economics should elect Course A in their Sophomore year, except in unusual cases. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economics A…

INTRODUCTORY COURSES
Primarily for Undergraduates

A. Principles of Economics

Tu., Th., Sat., at 11. Professor [Harold Hitchings] Burbank, Dr. [Edward Hastings] Chamberlin, Dr. [Charles Holt] Taylor, and Messrs. [John Bever] Crane, [Melvin Gardner] de Chazeau, [Edgar Jerome] Johnson, [Delmar] Leighton, [Talcott] Parsons, [Carl Johann] Ratzlaff, [James Harold] Shoemaker, [Samuel Sommerville] Stratton, [John Phillip] Wernette, [Harry Dexter] White and [Earle Micajah] Winslow; with lectures on selected subjects by Professor [Frank William] Taussig and other Members of the Department.

Course A gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject. It undertakes an analysis of the present organization of industry, the mechanism of exchange, the determination of value, and the distribution of wealth.

The course is conducted entirely by oral discussion in sections. Taussig’s Principles of Economics is used as the basis of discussion.

Course A may not be taken by Freshmen without the consent of the instructor.

SourceOfficial Register of Harvard University, Vol. XXV, No. 29 (May 26, 1928). Division of History, Government, and Economics 1928-29, pp. 63-64.

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Enrollment in Economics A, 1928-29

[Economics] A. Professor Burbank and Dr. Chamberlin, Dr. Taylor and Messrs. Leighton, Stratton, Winslow, O.H. Taylor, E.J. Johnson, de Chazeau, Parsons, Wernette, H.D. White, and Ratzlaff, Crane and Shoemaker. — Principles of Economics.

Total 477: 55 Seniors, 127 Juniors, 242 Sophomores, 26 Freshmen, 27 Others.

Source: Harvard University. Report of the President of Harvard College, 1928-29, p. 71.

 

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EXHIBIT D
First Half

OUTLINE OF STUDY FOR ECONOMICS A
1928-29

Hubert D. Henderson. Supply and Demand. (New York: 1922).

D. H. Robertson. The Control of Industry (London: 1923).

Frank W. Taussig. Principles of Economics, Vol. I, 3rd edition, (New York: 1921).

Sept. 27
Sept. 29
Lecture.
Lecture.
Oct. 1 – 6 Taussig, Principles 1. Wealth and Labor.
2. Labor in Production.
3. Division of Labor and Development of Modern Industry.
Oct. 8 – 13


Robertson
4. Large Scale Production.
5. Capital.
6. Corporate Organization of Industry.
1 – 3. Control of Industry.
Oct. 15 – 20 Taussig

8. Exchange, Value, Price.
9. Value and Utility.
10. Market Value. Demand and Supply.
Oct. 22 – 27

17. Coinage.
18. Quantity.
19. Secs. 2, 3, 4: History of Prices.
Oct. 29 – Nov. 3

20. Bimetallism.
22. Changes in Prices.
23. Government Paper Money
Nov. 5 – 10
24. Banking and Medium of Exchange.
25. Banking Operations.
Nov. 12 – 17

27. Banking System of United States
28. Crises.
29. Panics.
Nov. 19 – 24

Hour Exam
30. Prices.
31. Reform.
Nov. 26 – Dec. 1


Henderson
Review 8, 9, 10.
12. Constant Cost.
13. Diminishing Returns.
Demand and Supply (Nov. 26 to Dec. 15).
Dec. 3 – 8 Taussig
14. Varying Cost.
15. Monopoly.
Dec. 10 – 15
Henderson:
16. Joint Cost and Joint Demand.
Ch. 5. Demand and Supply.
Dec. 17 – 22 Taussig 32. The Foreign Exchanges
RECESS Dec. 23 to Jan. 2
Reading Period Jan. 2 to 16  [No additional reading requirements]
Jan. 2 – 7 Taussig
33. International Payments.
34. International Trade.
Jan. 9 – 14
36. Protection.
37. Free Trade.
MIDYEARS:

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2; Folder “Economics, 1938-1939 [sic].”

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1928-29
HARVARD UNIVERSITY
ECONOMICS A
[Mid-Year Examination, 1929]

  1. Many business men are hoping for a period of rising prices; some financial writers are prophesying that it is inevitable. Assuming no change in our existing monetary and banking laws, what causes might lead to an increase in prices? How would such rising prices tend to affect the holders of various types of securities?
  2. “Some people argue that price is determined by cost of production; and yet they admit that producers with too high costs have to drop out. Thus it is clear that in reality a producer’s cost is determined by the price he can get, consequently price cannot be determined by cost of production.” Comment on this statement.
  3. What influence has the existence of joint cost upon the development of large scale production?
  4. It has been stated that with the Federal Reserve System in operation there will never be a recurrence in the United States of such (a) crises and (b) panics as occurred in 1893 and 1907. Do you agree?
  5. What attitude toward the tariff would you expect to be taken by a banker who has made large loans abroad, by a manufacturer of woolen cloth, by a professor of economics, by a Louisiana politician?
  6. Explain briefly:
    1. The principles of subsidiary coinage.
    2. The relation between markets and the division of labor.
    3. The distinction between consumers’ goods and producers’ goods.
    4. The significance of the following: “The plentifulness of money is in itself a matter of indifference.”

Source: Harvard University Archives. Mid-Year examinations, 1852-1943. Box 11, Bound volume: Examination Papers: Mid-Years 1929, Papers Printed for Mid-Year Examinations [in] History, New Testament, Government, Economics….Military Science, Naval Science. January-February, 1929.

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Enrollment in Economics A, 1927-28

[Economics] A. Professor Burbank and Dr. Chamberlin and Messrs. K.W. Bigelow, [Theodore John] Kreps, Stratton, Winslow, O.H. Taylor, E.J. Johnson, de Chazeau, Parsons, Wernette, H.D. White, and D.V. Brown, with lectures on selected subjects by Professor Taussig and other Members of the Department. — Principles of Economics.

Total 532: 61 Seniors, 165 Juniors, 258 Sophomores, 20 Freshmen, 28 Others.

Source: Harvard University. Report of the President of Harvard College, 1927-28, p. 74.

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OUTLINE OF ASSIGNMENTS FOR ECONOMICS A
1927-28, 2nd. Half year.

Thomas Nixon Carver. The Distribution of Wealth (New York: 1921).

Hubert D. Henderson. Supply and Demand. (New York: 1922).

D. H. Robertson. The Control of Industry (London: 1923).

Frank W. Taussig. Principles of Economics, 3rd edition, (New York: 1921). Volume I, Volume II.

Feb. 6

Feb. 11

Review
Value
Diminishing Returns
Carver:

Distribution of Wealth
Ch. I. Value
Ch. II. Diminishing Returns
Feb. 13

Feb. 18

Rent Carver:
Taussig:
V. Rent
Ch. 44. Rent (esp. Capitalization)
Ch. 43. Urban Site Rent
Feb. 20

Feb. 25

Interest Carver:
Taussig:
Ch. VI. Interest
Ch. 40. Interest
Feb. 27

Mar. 3

Wages Carver:
Taussig:
Ch. IV. Wages
Ch. 47. Social Stratification
Mar. 5

Mar. 10

Profits, Population Carver:
Taussig:
Ch. VII. Profits
Ch. 53. Population
Ch. 54. Population, continued
Mar. 12

Mar. 17

Inequality Taussig:


Ch. 7. Productiveness
Ch. 45. Monopoly
Ch. 51. Great Fortunes
Ch. 55. Inequality
Mar. 19

Mar. 24

Land, Risk, Labor, etc. Henderson:



Ch. VI. Land
Ch. VII. Risk Bearing Enterprise
Ch. VIII. Capital
Ch. IX. Labor
Ch. X. Real Costs of Production
Mar. 26

Mar. 31

Labor Taussig:

Ch. 56. Wages system
Ch. 57. Labor Unions
Ch. 58. Labor Legislation
Apr. 2

Apr. 7

Labor

Ch. 59. Industrial Peace
Ch. 60. Workmen’s Insurance
Ch. 61. Coöperation
RECESS April 8-14
Apr. 16

Apr. 21

Railways
Ch. 62. Railways
Ch. 63. Railway Problems, continued.
Apr. 23

Apr. 28

Public Ownership & Combinations
Ch. 64. Public Ownership & Control
Ch. 65 Combinations & Trusts
Apr. 30

May 5

Industry and Capitalism Robertson:


Review
Ch. V. Capitalism of Industry
Ch. VI. Finance and Industry
Ch. VII. Survey of CapitalismCh. X. Workers’ Control
May 7
READING PERIOD BEGINS
May 12
Socialism Taussig:
Ch. 66. Socialism
Ch. 67. Socialism, continued.
May 14

May 19

Social Reform Robertson:

Ch. IX. Collectivism
Ch. X. Workers Control
Ch. XI. Joint Control
May 21

May 26

Taxation

Taussig:

Ch. 68. Principles Underlying Taxation
Ch. 69 Income and Inheritance Taxes
REVIEW
EXAMINATIONS

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2; Folder “Economics, 1938-1939 [sic].”

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1927-28
HARVARD UNIVERSITY
ECONOMICS A
[Final End-year Examination]

Allow one hour and one-half for the first question.

  1. Explain how the distribution of wealth is affected by the following:
    1. Large and rapid changes in the supply of money.
    2. Labor saving inventions.
    3. A rise in the standard of living of the wage earning classes.
    4. The opening for settlement of new areas of good agricultural land.
    5. The government regulation of public utilities.
  2. Discuss the accuracy of the following statements:
    “Three generations from shirt sleeves to shirt sleeves.”
    “The rich are becoming richer and the poor poorer.”
    “To abolish wage slavery we must abolish the wages system; only through socialism can the wages system be forced to disappear.”
    “The one way a union can help its members is by limitation of the supply of hands.”
  3. What does each of the following propose: collectivism, single tax, producers’ coöperation, syndicalism?
  4. Explain briefly the case for and against minimum wage laws, unemployment insurance, progressive taxation of incomes, the restriction of immigration.

Source: Harvard University Archives. Examination papers, Finals (HUC 7000.28). Bound Volume 70 (1928). Papers Printed for Final Examinations [in] History, Church History,…Economics,…Military Science, Naval Science, June 1928.

Image Source: Harold Hitchings Burbank from Harvard Class Album 1934.

Categories
Exam Questions Harvard Suggested Reading Syllabus Undergraduate

Harvard. Syllabus and exams for Government Policy Toward Business. Kaysen, 1961

 

Carl Kaysen
from the 1958 Harvard yearbook

Carl Kaysen, who just this year [1958] was promoted to the position of Professor of Economics, has risen quickly up the educational ladder and has a distinguished record of non-academic accomplishments as well. At the age of 20, he served on the National Bureau of Economic Research, two years later he joined the Office of Strategic Services, and he served in the Air Force from 1943 to 1945. At thirty, he became an Assistant Professor of Economics at Harvard, and was promoted to Associate Professor two years ago. He is a member of Phi Beta Kappa, and a Guggenheim Fellow.

Professor Kaysen is primarily interested in industrial organizations and monopoly practices. He is a co-author of The American Business Creed and is currently engaged in a study of the complexity of modern business firms.

Source: Harvard Class Album 1958.

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Course Description

Economics 144. Government Policy Toward Business
Half course (spring term). M., W., F., at 10. Professor Kaysen.

This course surveys the major areas of government regulation of the functioning of markets in the United States. Anti-trust policy, agricultural policy, public utility regulation, and the regulation of transportation are examined with an eye to both their underlying economic rationale and their outcome in practice.

Source: Courses of Instruction: Faculty of Arts and Sciences, Official Register of Harvard University, Vol. LVII, No. 21 (August 29, 1960), p. 96.

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Course Enrollment

[Economics] 144. Government Policy Toward Business. Professor Kaysen. Half course.

(Spring) Total 88: 2 Graduates, 29 Seniors, 32 Juniors, 19 Sophomores, 5 Radcliffe, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1960-61, p. 76.

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Economics 144
Government Policy Toward Business

Professor Kaysen        Littauer 212    MW 11-12
Dr. Fromm                  Littauer 214    MW 11-12
Mr. Wilson                  Littauer 214 Tues 4-6

  1. Policy Goals, Economic Systems, and Policy Instruments (Feb. 6-17)

Watson, Donald S., Economic Policy: Business and Government, Part I, pp. 3-196.

  1. Competition: Enough and Just Enough (Feb. 20 – March 20)

Wilcox, Clair, Public Policies Toward Business, Revised Edition, Chapters 3-5, pp. 49-123.

Bain, Joe S., Industrial Organization, Chapter 13, pp. 477-539.

United States, Department of Justice, Report of the Attorney General’s National Committee to Study the Antitrust Laws, Chapters 1 and 3, pp. 1-64 and 115-128.

Stelzer, Irwin M., Selected Antitrust Cases: Landmark Decisions in Federal Antitrust, Chapter 1 (except Yellow Cab Company, et al.) pp. 3-40, 44-59, Chapter 3, pp. 79-94, Chapter 4, pp. 95-105.

Oppenheim, S. Chesterfield, Recent Cases on Federal Anti-Trust Laws, 1951 Supplement to Cases on Federal Anti-Trust Laws;

United States v. American Can Co., pp. 434-451
Tag Mfrs. Institute, et al. v. Federal Trade Commission, pp. 304-318
United States v. Aluminum Company of America, pp. 209-289

Federal Supplement, United States v. Bethlehem Steel Corporation and Youngstown Sheet and Tube Co., 168 F. Supp. 576.

Levitan, Sar A., Federal Assistance to Labor Surplus Areas, A Report to the Committee on Banking and Currency, United States House of Representatives, 85th Congress, 1st Session, April 15, 1957, pp. 5-35.

Watson, Donald S., Economic Policy: Business and Government, Chapter 25, pp. 658-691.

Joint Economic Committee, Congress of the United States, Staff Report on Employment, Growth, and Price Levels, December 24, 1959, Chapter 7, pp. 189-204.

  1. Monopolies, Near Monopolies (March 22 — April 17)

Wilcox, Clair, Public Policies Toward Business, Revised Edition, Chapters 19-22, pp. 539-642.

Watson, Donald S., Economic Policy: Business and Government, Chapter 16, pp. 391-421.

Meyer, J.R., Peck, M.J., Stenason, J., and Zwick, C., The Economics of Competition in the Transportation Industries, Chapters 6-9, pp. 145-273.

  1. External Effects and Ignorance (April 19-28)

Rostow, Eugene V., A National Policy for the Oil Industry, Chapters 3-6, pp. 16-53.

Bain, Joe S., The Economics of the Pacific Coast Petroleum Industry, Volume III, Chapter III, pp. 23-67.

Owen, Wilfred, Cities in the Motor Age, Chapter 2, pp. 18-41, Chapter 8, pp. 138-150.

Haar, Charles M., “The Master Plan: An Inquiry in Dialogue Form,” Journal of the American Institute of Planners, August 1959, pp. 133-142.

  1. General Overview (May 1-3)

To be announced.

Reading Period assignment to be announced.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 7, Folder “Economics, 1960-1961 (1 of 2)”.

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HARVARD UNIVERSITY
Department of Economics
Reading Period Assignments
Spring Term, 1960-61

Ec. 144:

J. E. Meade, Planning and the Price Mechanism, Ch. I, III, IV, AND W.A. Lewis, Principles of Planning, Ch. I, II, IV, VI, VII-IX
OR E. Devons, Planning in Practice.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 8, Folder “Economics, 1960-1961 (2 of 2)”.

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ECONOMICS 144
Hour Examination
April 14, 1961

Answer ALL questions.

PART I
20 Minutes

  1. Some economists have suggested that a “market power” standard should be used in judging monopolization cases under Section 2 of the Sherman Act. What would the differences between this standard and the exiting performance standard be? What would be achieved by adopting the proposed standard? What new problems might it create?

 

PART II
30 Minutes

  1. Outline the role of government economic policy as interpreted by:
    1. reform liberals
    2. neo-liberals
    3. conservatives
  2. What is the essential economic problem presented by the agricultural sector and the depressed areas? [handwritten note: “allocation of resources + factor mobility”]
  3. There is wide agreement that some regulation of the utility industries, such as electric power, is necessary. What economic facts and judgments underlie this agreement?

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 7, Folder “Economics, 1960-1961 (1 of 2)”.

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ECONOMICS 144
Final Examination

PART I

Answer both questions.

  1. (a) Some problems in anti-trust regulation are:
    1. Parallel pricing vs. collusive behavior
    2. Monopolizing vs. monopoly
    3. Market power vs. monopoly

Discuss each in the light of Sherman Act enforcement and the cases you have read.

  1. Assume that you were an economic adviser to the Anti-trust Division during the Dupont Cellophane case. After you had heard Dupont present its defense, what arguments would you have given the Government’s lawyers in order to help them prepare their reply?
  1. (a) Why does the market fail to allocate resources properly in the oil industry? What possible remedies would you recommend and why?

(b) Discuss briefly the arguments why interference with the market mechanism is necessary in order to achieve an optimal allocation of land uses in a city. What do you consider to be the most difficult problems that an urban planning authority would face?

 

PART II

Answer one question only.

  1. (a) What are some of the difficulties encountered by the regulatory authorities when they attempt to set utility rates so as to guarantee a “fair return on investment”?

(b) Give reasons why the present system of pricing by electric utilities leads to misallocation of power uses. Set up a utility pricing scheme that would remove this misallocation.

  1. (a) What accounts for the existence of natural monopoly elements in the transportation industries? What distinguishes these industries from “pure” natural monopolies, such as electric utilities?

(b) Some economists have argued that railroads should be subject to less rather than more regulation. What arguments can be used to support their position? What problems would arise if the railroads were subject to no special regulation at all?

 

PART III

Answer one question only.

  1. Evaluate some of the arguments put forward by Meade and by Lewis to support their contention that some state planning is necessary to improve the functioning of the economic system. Discuss to what extent each of their proposals is an attempt to improve the functioning of competitive markets and to what extent it is an attempt to supplant market determined goals.
  2. Discuss Devon’s account of the problems that arise when planning is carried out in the absence of prices. Why would the use of prices help to solve some of these problems?

Source: Harvard University Archives. Harvard University. Final Examinations 1853-2001 (HUC 7000.28). Faculty of Arts and Sciences. Papers Printed for Final Examinations [for] History, History of Religions,…, Economics,…Naval Science, Air Science  in (Bound) Volume 134, Social Sciences. Final Examinations, June 1961.

Image Source:  Carl Kaysen in the Harvard Class Album 1958.

Categories
Bibliography Socialism Suggested Reading

League for Industrial Democracy. Updated syllabus on recent history of socialism. Laidler, 1922.

 

American colleges and universities have historically served as an important feeding ground for research and teaching of socialist political and economic ideas. Harry W. Laidler (b. 1884; d. 1970) was the junior among the founding fathers of the Intercollegiate Socialist Society (ISS) in 1905 who included Upton Sinclair and Jack London. Laidler, who received his Ph.D. in economics from Columbia University in 1914, headed the ISS and its successor organization, the League for Industrial Democracy, from 1914 until 1957. Counted among the membership were the University of Chicago economist, later Senator from Illinois, Paul H. Douglas,  the public intellectual Walter Lippmann (himself a member of visiting committees for the Harvard economics department) and the Harvard sociologist, Talcott Parsons.

Harry Laidler served as president of the National Bureau of Economic Research from 1930 to 1932 and from 1948 to 1949. He was the head of the NBER Board of Directors from 1932 to 1934. It may come as a surprise to many of those active in today’s NBER research networks that Laidler was a trusted confidante and campaign adviser of the Socialist Party candidate for the U.S. Presidency in 1928 and 1932, Norman Thomas. In other words, Laidler was sort of a fringe-establishment Bernie Bro and a life-long Brooklynite!

Laidler’s father was a salesman and he was raised by his uncle Theodore Atworth, who himself was a socialist and former president of the Photo Engravers Union. Laidler graduated from Wesleyan University in 1907, having earlier attended the newly established American Socialist College in Wichita, Kansas from 1903-1904. Before earning his doctorate in economics from Columbia, he graduated in 1910 with a law degree from Brooklyn Law School where he attended classes in the evenings while working as a reporter for the Brooklyn Eagle newspaper. Boycotts and the Labor Struggle was the subject of his 1914 doctoral dissertation, supervised by Professor Henry R. Seager. Over his career Harry Laidler wrote or edited some fifty books and pamphlets.  In his New York Times obituary his books Social-Economic Movements (1949) and The History of Socialism (1968) were named.

The Harry W. Laidler Papers are kept at the Tamiment Library and Robert F. Wagner Labor Archive of New York University’s Elmer Holmes Bobst Library.

The following pamphlet provides a very handy bibliographic guide to the enormous changes that took place in the socialist movements across the world in the aftermath of the Russian Revolution and the end of “The Great War”. It updates a 1919 pamphlet that was clearly superseded by subsequent events.

Pro-tip: The keyword “Socialism” links you to many other related artifacts here at Economics in the Rear-view Mirror.

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RECENT DEVELOPMENTS IN SOCIALISM
with Bibliographies and Directory

COMPILED FOR THE
LEAGUE FOR INDUSTRIAL DEMOCRACY
70 FIFTH AVENUE, NEW YORK CITY

BY HARRY W. LAIDLER, PH.D.

Since the armistice of November, 1918, significant changes have taken place within the Socialist and labor movements of the world. At the time of the armistice, revolutions were sweeping Europe. The Russians were celebrating the first anniversary of their November revolution. Hungary was plunging into Communism. Germany and Austria were undergoing political revolutions; new republics, such as Czecho-Slovakia, were springing up almost daily. The Italian workers were in revolt. The Belgians were rejoicing in their new boon of equal suffrage. The Social Democrats were in control in Germany, Austria and Czecho-Slovakia, and exerted a strong influence in the cabinets of other countries. To many the only alternative to a Social Democratic Europe seemed to be a Communist Europe.

The Socialist and Communist offensive, however, spent it self—at least for the time being—and, during the last few years, a distinct capitalist and monarchist reaction has set in. These movements are far stronger than they were before the war, but, at present writing, they are distinctly on the defensive. Their position has been rendered ever more difficult by the numerous splits in their own ranks. The reaction is fortunately welding the workers together again and labor is now preparing to “come back” as the one great, constructive force to be found on the European continent.

These developments have had a profound effect on Socialist theory and tactics. They have given world-wide circulation to the doctrines of Bolshevism or the newer communism, and have brought to the fore the conflict between the ideals of democracy and dictatorship and those of parliamentary representation and Sovietism.

In February, 1919, the Intercollegiate Socialist Society, the predecessor of the League for Industrial Democracy, published a pamphlet, “Study Courses in Socialism”, briefly outlining the developments of the movement to that period.*

The present pamphlet is an attempt to supplement the 1919 publication and bring it up-to-date. It is prepared primarily for college discussion classes, but may be of interest to the general reader.

_______________

*The League has a few more of these pamphlets in stock, for use in study classes. This former pamphlet is rather a detailed syllabus of the theory and practice of the movement until the close of the war.
_______________

THE INTERNATIONALS.

Prior to the World War Socialists of Europe were united in the Second International. The war split this body into two or more hostile camps. It was some months before any conference was called among the Socialists of different nations. In the beginning of 1915, demands that the Socialists act in behalf of peace began to make themselves heard and during the next few years frequent conferences were held by comrades of the allied and neutral nations for the purpose of considering the best way of bringing about an early peace. The 1918 Inter-Allied Socialist conference denounced all imperialistic designs of the warring countries, favored the principle of self-determination, and condemned the idea of an economic war after the peace. The one group of Socialists including in their conferences, comrades from both the Allies and the Central Powers were the “Zimmerwaldians”, most of them extreme, anti-war Socialists. These conferences were in a sense the forerunners of the Third International.

During the war, differences of opinion arose regarding the relation of labor to the warring governments, and later concerning the tactics adopted by the Russian Bolsheviks. With the coming of peace, these differences gave rise to the formation of a number of “internationals” bitterly opposed to one another.

  1. The moderate Socialists who, for the most part, had supported their respective governments during the war, remained in the Second International. These included the British and Belgian Labor parties, the German Social Democratic party, the Swedish Socialists and similar groups.
  2. Those Socialists who had taken a more militantly anti-war position, but who refused to commit themselves to the Bolshevik tactics, formed the so-called “Vienna” or “Second-and-a-Half” International. Under the banner of this organization were included the Austrian and Swiss Social Democracies, the British Independent Labor party, the German Independent Socialists, the French Socialists, and, more recently, the American Socialist party.
  3. The Russian Bolsheviks formed the Third International. The Bolsheviks agreed with the members of the Vienna group in their anti-war position. They differed, however, in their advocacy of the “dictatorship of the proletariat”, of the Soviet form of government, and of immediate social revolutions throughout Europe through the employment of Bolshevik tactics. The last demand was based upon the belief that the European masses were ready for revolution and were waiting only for the leadership of a determined revolutionary minority; furthermore, that only through social revolution in western and central Europe could the fruits of the Russian revolution be preserved. The Third International, organized in Moscow in March, 1919, was dominated almost entirely by the Russian Bolsheviks. The chief members of the party outside of Russia were the French and German communists.
  4. A small group of communists in Germany, England, Holland and one or two other countries formed, in 1921, a Fourth International, in the belief that the Third had become the agent of the compromising Russian government, and could no longer lead the revolution.

A split also developed within the trade union movement of Europe with the organization of the “Red” Trade Union International, as opposed to the “Amsterdam” International Federation of Trade Unions—the latter still representative of the great mass of organized workers outside of Russia.

The formation of communist parties in the various European countries failed to produce the hoped-for revolution. Instead, the spasmodic and often ill-advised rebellions of the communists, the weakened condition of the movement as a result of its internal fights, the intense period of unemployment and the war-weariness of the masses, gave added impetus to the forces of reaction. The unexpected strength of this reaction, among other forces, led “Moscow” to demand that the European workers join once more in a “united front”. During the Spring of 1922, the three Internationals sought some method of federation, but conferences looking to that end were unsuccessful. Present indications point to a union of the Second and Vienna Internationals within the next few months and to a more gradual rapprochement with the Communist International.

EUROPEAN COUNTRIES.

During the last two years, the European Socialists have been engaged largely in defensive warfare.

The British Labor party during 1920–22 gained a number of seats in by-elections and entered the November General Elections with a representation of about 74 in the House of Commons. This was increased as a result of the elections of 1922 to about 140 seats, thus making Labor the second party in the country. In Sweden, the leader of the Swedish Socialists, Branting, was chosen Premier.

In Germany, the Independent Socialists split, a strong minority forming a communist party. The failure of the March “putsch” of 1921 greatly weakened this party, and, at present writing, its influence is waning. The Independent Socialists, in the early fall of 1922, joined forces again with the Majority Socialists, thus forming the most powerful single party in the country. The United Social Democratic party (the new consolidated party) and the communists control over 40 per cent of the seats in the Reichstag. President Ebert, the moderate Social Democratic president, will retain office, as a result of a recent vote in the Reichstag, until 1925. The Socialists and trade unionists in 1920 crushed, largely by means of a general strike, the attempt of Kapp to place the monarchists in power. Many prominent Socialists, including Hugo Haase, were assassinated during the course of the reaction by the bullets of their opponents. While the socialists are at present represented in the Wirth cabinet, they are not as yet in the majority.

Since the social revolution of November, 1917, in Russia, the Soviet government has been compelled to give its main attention to fighting foes without and within. During the last year, on account of insurmountable obstacles confronting a thorough going communist industrial order, they have adopted a new economic policy, and have granted extensive concessions to private owners. They have, however, retained in governmental hands the main industries of the country. Chief attention has of late been directed to the opening up of commercial relations with other countries.

Following the World War, the Italian Socialists won a notable victory, increasing their representation from between 70 and 80 to 156—about one-third the entire parliamentary representation. In the summer and early fall of 1920, during a strike of the metal workers, factories were seized throughout the country, employers were ousted and the metal workers proceeded for a short period to run industry. Later they com promised and returned the factories to their original owners. This action gave to Mussolini, former Socialist, and his followers, the ultra-nationalistic Fascisti, an excuse for a relentless campaign of violence against the Socialist, trade union and cooperative movements. The split of the movement into the Socialist and communist branches further weakened the radicals and whetted the enthusiasm of the Fascisti.

In the 1921 elections Socialists and communists elected 125 representatives, despite the Fascisti terrorism at the polls. Since then scores of labor groups have joined the Fascisti movement, which is now in part a nationalistic syndicalist movement, and the Fascisti have become the undisputed rulers of Italy. Whether it will have to make great concessions to the masses in order to keep their allegiance, or will be the tool of the reaction until driven from power, it is too early to say.

The French Socialists also split, following the war, into the Communist party, the majority group, and the Socialist party. The communists have at present the larger party membership, though the French Socialist party has the greater number of adherents in the Chamber of Deputies. The two parties are represented in the Chamber of Deputies by between 60 and 70 seats, as against 101 prior to the war. The trade union movement has been greatly weakened in recent years.

The 1921 election of the Belgian Labor party gave that party some 66 seats in the lower house and over 40 in the senate. Before the war there were 40 in the house and a mere handful in the senate. Belgium now enjoys universal and equal manhood suffrage.

The Socialists in Austria and Czecho-Slovakia were in power immediately after the revolution, but, as a result of the split, later became minority forces. The Austrian Social Democracy controls between 35 per cent and 40 per cent of the seats in the national chamber. The Czecho-Slovakian Social Democratic party is represented also in the cabinet by several members. In Hungary, Jugo-Slavia and Rumania, the reactionary governments have done their best to suppress the radical movements in their respective countries.

While in the large majority of the European countries, the working class political movements are proportionately far more influential than in 1914, they have, for the most part, been compelled to mark time during the past two years, and in a number of instances have retrogressed. Between 1914 and 1920 the trade union movement more than doubled in numbers. The past year of unemployment and reaction has caused a consider able loss in membership, due in part to economic depression and unemployment, in part to the pressure of the reaction, and in part to excesses and to dissensions within the ranks of labor.

THE UNITED STATES.

The Socialist movement in the United States during and after the war was profoundly influenced by the political and economic currents abroad. Throughout the war the Socialist party maintained a consistent anti-war attitude. In the latter part of 1917 this position led to a considerable increase in its membership. As the war advanced, however, and the government began its prosecutions, the party membership and the party votes decreased.

During the early part of 1919, opposition manifested itself within the party on the ground that its anti-war position had not been militant enough and that it had failed to adopt the tactics of the Russian Bolsheviks. This opposition at first organized itself into a distinct “Left Wing” within the Socialist party. A portion of the Left Wing, composed largely of the Russian federations, broke away from the party during the spring and summer of 1919, and in the fall of that year formed the Communist party. Another portion seceded from the party during the fall convention in Chicago, and organized a Communist Labor party—the chief difference between the Communist party and the Communist Labor party being the dominance in the former of the Russian group. The Communist Labor party later amalgamated with the non-Russian elements in the Communist party. forming the United Communist party.

In the meanwhile many leaders in these organizations were arrested under State syndicalist laws and sentenced to prison. The party headquarters were entered, the literature and other property confiscated or destroyed. “Agents provocateurs” were hired to spy on the members and no stone was left unturned in an effort to suppress the “red peril”.

These parties were thus compelled to function, in part at least, as “underground” organizations. One of the charges which the remnants of the Communist party made against the United Communist party was that the latter made no guaranty in its constitution that it would remain underground. They claimed that it might at any moment come out as an open-and above-board group.

In the meanwhile another Left Wing group was developing within the Socialist party. After the Socialists had refused to join the Third International, this group likewise seceded, joined hands in the late fall of 1921 with various communist elements and formed a “legal communist party”, known as the Workers’ party.

Bereft of its left-wingers, the Socialist party—now greatly reduced in membership—sought an alliance with other groups. In February, 1922, it sent representatives to a conference called by some of the leaders of the railway brotherhoods, and unofficially assisted in launching the rather loose organization known as the Conference for Progressive Political Action.

In New York State, the party participated, in the summer of 1922, in the formation of the American Labor party, consisting of a number of trade unions, the Farmer–Labor party and the Socialist. The American Labor party was modeled somewhat after the British Labor party. The party is now strongest in Wisconsin, where it elected Victor L. Berger to Congress in the November, 1922, elections, and controls the office of mayor in Milwaukee.

Another Labor party was formed in Chicago in 1919, and in the succeeding year, as the Farmer–Labor party, nominated a presidential ticket headed by Parley Parker Christensen, and secured 265,411 votes, as compared with 919,799 obtained by Eugene V. Debs, the Socialist party candidate, then, in prison. Other radical or progressive movements functioning during the past few years have been the National Non-Partisan League, which, at times, completely controlled the State of North Dakota; and the Committee of Forty-eight, which has recently helped in the organization of several Liberal parties, primarily in the western states. The November, 1922, elections which sent to the U. S. Senate Shipstead, representing the Farmer-Labor party in Minnesota, Frazier, of the North Dakota Nonpartisan League, Brookhart of Iowa, Dill of Washington, La Follette of Wisconsin, etc., and that elected Sweet to the governorship of Colorado, is indicative of the wide-spread dissatisfaction existing with the conservative group in the old parties, a dissatisfaction which seems likely ultimately to express itself in a powerful labor and farmer party.

 

BIBLIOGRAPHY ON “POST-WAR DEVELOPMENTS.”

The Internationals: Laidler, “Socialism”, etc., pp. 283-307; Dutt, “The Two Internationals” (London, Labour Pub. Co.); Labour Research Department, “International Labour Handbook” (London, Labour Pub. Co.); Rand School, “American Labor Year Book,” 1919-20, p. 311-20; 1921-22 (N.Y., Hanford Press); Postgate, “Workers’ Internationals” (N.Y., Harcourt, 1920). Zimand, “Modern Social Movements,” p. 127; Lenin, “The Collapse of the Second International,” (Glasgow, Socialist Labor Press). See also files of Labour Monthly, Labor Age, The Nation, Current History, Socialist Review.

Russia.—(1) Bibliography: Zimand, “Modern Social Movements” (N.Y., H. W. Wilson, 1921), pp. 231-251; Clark, Evans, “Facts and Fabrications About Soviet Russia” (N.Y., Rand School, 1920; pamphlet); International Labor Office, Bibliography on Russia, 1920; Bloomfield, in selected articles on Modern Industrial Movement, 1919.

(2) Descriptive: Brailsford, “Russian Workers’ Republic” (N.Y., Harper, 1921); Ransome, “Russia in 1919” (N.Y., Huebsch, 1919); Williams, Albert Rhys, “Through the Russian Revolution” (N.Y., Boni & Liveright, 1921); Goode, “Bolshevism at Work” (N.Y., Harcourt, 1920); Russell, Bertrand, “Bolshevism, Practice and Theory” (N.Y., Harcourt, 1920, Pt. 2); Humphries, “The Structure of Soviet Russia” (Chicago, Kerr, 1920; pamphlet); Hard, William, “Raymond Robins’ Own Story” (N.Y., Harper, 1920); Price, Phillips, “The Old Order in Europe and the New Order in Russia,” (N Y., Soc. Pub. Soc.); Labour Party Delegation, “British Labor Delegation to Russia 1920” (London, Labour Party); Wells, H. G., “Russia in the Shadows” (N.Y., Doran, 1921); Ross, “Russia in Upheaval” (N.Y., Century, 1918); Lansbury, “What I Saw in Russia” (N.Y., Boni & Liveright, 1920); Bullitt, “The Bullitt Mission to Russia” (N.Y., Huebsch, 1919); McBride, “Barbarous Soviet Russia” (N.Y., Seltzer, 1920); Bullard, “The Russian Pendulum” (N.Y., Macmillan, 1919); Williams, A. R., “Lenin, the Man and His Work” (N.Y., Seltzer, 1919); Leary, “Education and Autocracy in Russia” (Buffalo, Univ. of Buffalo, 1919); Lomonossoff, “Memoirs of the Russian Revolution” (N.Y., Rand School, 1919; pamphlet); Albertson, “Fighting Without a War” (N.Y., Harcourt, 1920); Buxton, “In a Russian Village” (London, Labour Pub. Co., 1922); Hunt, A. R., “Facts About Communist Hungary” (N.Y., People’s Print, 1919); Brailsford, H. N., “Across the Blockade” (N.Y., Harcourt, 1919); Heller, “Industrial Revival in Soviet Russia” (N.Y., Seltzer, 1922); Masaryk, “The Spirit of Russia” (N.Y., Macmillan, 1918); Foster, “The Russian Revolution” (Chicago, Trade Union Educational League, 1922).

(3) Documentary: “Decrees and Constitution of Soviet Russia,” Reprinted from The Nation; Magnes, “Russia and Germany at Brest-Litovsk” (N.Y., Rand School, 1919); Gumming and Pettit, “Russian-American Relations” (N.Y., Harcourt, 1920); U.S. State Department, “The Second Congress of the Communist International” (Washington, Government Printing Office, 1920); “Education and Art in Soviet Russia” (N.Y. Socialist Pub. Soc.; pamphlet); Files of The Nation, Class Struggle, Socialist Review, Labour Monthly, etc.

Great Britain. Zimand, “Modern Social Movements”, pp. 168-173; Gleason, “What the Workers Want” (N.Y., Harcourt, 1920); Laidler, “Socialism”, etc., pp. 409-20; Labour Research Department, “International Labour Handbook”, pp. 252-258; Thomas, “When Labour Rules” (London, W. Collins Sons & Co., 1920); Webb, “Constitution for the Socialist Commonwealth of Great Britain” (N.Y., Longmans, 1920); Stewart, “J. Keir Hardie” (London, I.L.P., 1922); Macdonald, “A policy for the Labour Party” (London, Leonard Parsons, 1920); Files of Labour Monthly, Labor Age, Socialist Review, etc.

Continental European Countries, Outside of Russia.—Zimand, “Modern Social Movements”, pp. 160 seq.; Labour Research Department, “International Labour Handbook”, 1919-1920; Young, “The New Germany” (N.Y., Harcourt, 1920); Dannenberg, “Revolution in Germany” (N.Y., Radical Rev. Pub. Assn., 1919); Matthaei, “Germany in Revolution” (N.Y., Harcourt, 1920); Zimand, “German Revolution and After”, in Intercollegiate Socialist, April-May, 1919; Beard, “Cross Currents in Europe Today” (Boston, Marshall Jones Co., 1922); Files of Socialist Review (Dec., 1919, to April-May, 1921); Labor Age (Nov., 1921); The Nation, Labour Monthly, Liberator, Current History, etc.

The United States. Benedict, “The Larger Socialism”; Laidler, “Socialism”, etc., pps. 454-474; in The Socialist Review, “Present Status of Socialism in America”, Jan., 1920; Socialist Party of the U. S., “Political Guide for the Workers” (Chicago, Soc. Pty., 1920); Solomon, Charles, “Albany Trial” (N.Y., Rand School, 1920); Hillquit, “Socialism on Trial” (N.Y., Huebsch, 1920); Karsner, “Debs: His Authorized Life” (N.Y., Boni & Liveright, 1919); Zimand, “Modern Social Movements”, p. 177ff; Rand School, “American Labor Year Book”; see files of The Nation, Labor Age, Liberator, etc.; Russell, C.E., “The Story of the Non-Partisan League” (N.Y., Harper & Bros., 1920); National Non-Partisan League, “Origin, Purpose and Method” (St. Paul, Nat. Non-Partisan League); Gaston, H.E., “Non-Partisan League” (N.Y., Harcourt, 1920).

 

BOLSHEVISM.

Bolshevism or modern communism differs from Socialism not so much in the ends to be attained as in the means used to attain these ends. The ultimate aim of the Bolshevists is similar to that of the Socialists, a system of industry socially owned and democratically managed for the common good. Bolsheviks contend, however, that labor cannot depend upon the ballot or upon political democracy as a means to that goal. If labor had to wait until it elected a majority of representatives to a national legislature, it would, in most countries, contend the Bolsheviks, take many weary years, especially in view of the corrupting power of the press and other forces of public opinion. And even after labor had attained a majority of seats, there still would be no guarantee that the labor representatives would undertake to socialize industry.

The Bolshevik method of procedure is to organize the intelligent, aggressive, militant minority of the working class population for revolutionary action. Efforts should be made toward this end particularly in “strategic” or “key” industries such as the railroads, telegraphs, telephones, electric lights, mines, etc., as well as in the army and navy. The members of these revolutionary groups, Bolsheviks say, should be subjected to strong discipline. Local groups should give implicit obedience to central committees of action, and should do their best to permeate the rank and file of labor with the Bolshevik philosophy.

At a favorable moment, they should begin a concerted effort for the capture of the government. The army and navy or important portions of it should be swung into the ranks of the revolutionists. The agencies of transportation and communication and the public press should be seized, and utilized in behalf of the revolution; old officials should be ousted; the old democratic forms abolished, and Soviets of workers, peasants and soldiers should supplant representative legislatures.

According to Bolshevik tactics, this capture of the state should be succeeded by a “dictatorship of the proletariat”. In establishing this dictatorship, the workers should disfranchise non-producers, extending the right to vote only to workers. The farming population should be represented, but should have proportionately a smaller representation than has the city worker. Opposition papers should be temporarily suppressed; counter-revolutionary movements put down with an iron hand, and the Soviets should proceed immediately upon a comprehensive program of socialization. Side by side with this action, an international of the workers should be formed for the purpose of stimulating immediate revolution in other countries. Following the transition period, freedom of discussion should be restored and, with the elimination of parasitism, the franchise should again be made practically universal.

The Soviet form of government, as advocated by the Bolsheviks, is pyramidal in form. Groups of workers in local districts elect delegates to the local Soviets; these delegates, in turn, elect representatives to the provincial Soviets and the latter chose the representatives to the All-Russian Congress of Soviets. The national congress elects a central executive committee of 200. This executive committee chooses the Commissars, which constitute the most important administrative body. The Commissars are in charge of foreign affairs, education, finance, justice, etc. The economic functions are centralized in the Supreme Economic Council, a cabinet department whose membership of 69 consists of 30 representatives from industrial unions, 20 from regional councils, 10 from the central executive committee, 7 from the council of peoples commissaries, and 2 from cooperatives.

The original Bolshevik tactics have been considerably modified during the past few years, owing largely to the failure of social revolutionary movements in other parts of Europe, and to the fact that the peasants, who constitute the great majority of the population, had to be conciliated. The Bolsheviks have recently granted an increased measure of free discussion to their opponents, have brought numerous non-Bolshevik elements into the government, are granting to private employers the right to own and operate certain industries and are leasing out other industries to private managers.

The critics of Bolshevism maintain that the Bolsheviks erred in basing their tactics so largely on the assumption that revolutions were about to break out in other European countries; in adopting anti-social means, such as violence, to attain social ends; in assuming that such a semi-feudalistic system as existed in Russia could be transformed at a single step into a cooperative commonwealth, and that a highly centralized and comparatively inexperienced Soviet government, after thus socializing the entire industrial structure, could run this structure efficiently; in failing adequately to consider the economic beliefs and the potential power of the large mass of slowly moving peasants; in excluding from the government the non-Bolshevik revolutionary elements; in failing to bring to its aid from the very beginning the technicians and other intellectual forces of the community; and in trying to superimpose upon the labor movements of other countries tactics which may have been necessary and desirable in a semi-feudal, agricultural country like Russia, but which are not adaptable to countries with a widely different economic, social and political background.

The recent change in front of the Soviet government indicates that the Bolsheviks themselves now admit, at least in part, the justice of many of these criticisms.

Socialist, critics of the Bolsheviks, however, maintain that much of the present distress in Russia today is due largely to the blockade and to the fact that the Bolsheviks were compelled to divert most of their attention from economic reconstruction to military operations against internal and external forces that were assisted with money and ammunition supplied by the capitalist governments of Western Europe.

Socialists maintain that the Russian government should be immediately recognized, and that all trade restrictions with Russia should be removed. Russia is now a great laboratory of economic experimentation. The world should know the value of this experiment to economic progress. But it is impossible to know what elements in this experiment may be valuable, what elements should be discarded, unless Russia is given a free hand to work out its own destiny.

It must be added that the success or failure of Bolshevism in a country like Russia proves little regarding the probable success of social ownership in a country where economic and social conditions are more advanced

(1) Favoring: Postgate, “The Bolshevik Theory” (N.Y., Dodd, Mead & Co., 1920); Lenin, “The State and Revolution” (London, Socialist Labour Press); Paul, Eden and Cedar, “Creative Revolution” (London, Geo. Allen & Unwin, 1920); Marchand, Rene, “Why I Support Bolshevism” (London, British Socialist Party); Litvinoff, “The Bolshevik Revolution—Its Rise and Meaning” (Chicago, Socialist Party, 1920); Kameneff, “The Dictatorship of the Proletariat” (London, Communist Party of Great Britain; pamphlet); Lenin, “Will the Bolsheviks Maintain Power?” (London, Labour Pub. Co., 1922); Lenin, “The Land Revolution in Russia” (London, Indep. Labour Party, 1919; pamphlet); Lenin, “Left Wing” Communism (London, Communist Party); Lenin, “The Soviets at Work” (N.Y., Rand School, 1918; pamphlet); Lenin, and Trotsky, “Proletarian Revolution in Russia” (N.Y., Communist Press, 1918); Trotsky, “From October to Brest-Litovsk” (Brooklyn, N.Y., Soc. Pub. Soc., 1919); Trotsky, “A Defence of Terrorism”; Losovsky, “The International Council of Trade and Industrial Unions” (N.Y., Union Pub. Co.; pamphlet); Trotsky, “Dictatorship vs. Democracy” (N.Y., Workers’ Party, 1922).

(2) Critical of: Russell, Bertrand, “Bolshevism; Practice and Theory” (N.Y., Harcourt, Brace & Co., 1920, Part 2); Kautsky, “Dictatorship of the Proletariat” (Girard, Ks. Appeal to Reason, 1920); Spargo, “Bolshevism” (N.Y., Harpers, 1919); Russell, C. E., “Bolshevism and the U. S.” (Indianapolis, Bobbs-Merrill Co., 1919); Walling, W. E., “Sovietism” (N.Y., Dutton, 1920); Kerensky, “Prelude to Bolshevism” (N.Y., Dodd, Mead & Co., 1919); Hillquit, “From Marx to Lenin” (N.Y., Hanford Press, 1921).

 

RECENT LITERATURE ON SOCIALIST THEORY.

“Study Courses in Socialism”, referred to above, mentioned the most important books published prior to 1919 on such phases of Socialism as Utopian Socialism, Marxism, Guild Socialism, etc., as well as on the facts of the present system. In the following pages we are adding to that list some of the most significant additions.

For thorough bibliographies on Socialism, Guild Socialism, Syndicalism, Bolshevism, and other fundamental social solutions, together with summaries of these movements, the student’s attention is called to the recent volume by Savel Zimand’s “Modern Social Movements, published 1921 by the H. W. Wilson Company ($1.00; 260 pages). No group should be without this invaluable guide to social literature the most comprehensive volume of its kind in any language. This volume also contains bibliographies on the trade union movement, cooperation, copartnership, national industrial councils, single tax, anarchism, etc.

May we add to the list of text books presented in our former syllabus, Laidler’s “Socialism in Thought and Action”, published by Macmillan Company in 1920 ($2.60; 574 pages), and used as a text book in more than a score of colleges. This book follows the general outline of the syllabus and describes Socialist development up to January, 1920. Beer’s “History of British Socialism”, in two volumes is the most important contribution of the period to Socialist history. (Published by Harcourt, Brace & Howe). Additions to the literature on various phases of Socialist thought following the 1919 syllabus, include:

 

SECTION I INDICTMENT OF CAPITALISM.

Recent Books: Chase, “The Challenge of Waste”, with bibliography on waste (L.I.D. pamphlet, 1922, 10 cents); Laidler, “Socialism in Thought and Action”, Chs. I-II; Committee of Federated American Engineering Societies (Hoover Engineers), “Waste in Industry” (Chicago, McGraw-Hill Co.); Bruere, “The Coming of Coal” (N.Y., Association Press);Archbald, “The Four-Hour Day in Coal” (N.Y., Harcourt, Brace & Co.); Page, “Industrial Facts” (N.Y., Doran, 10 cents); National Bureau of Economic Research, “The Income in the United States” (N.Y., Harcourt, 1921); Committee of Inquiry of Interchurch World Movement, “Report of the Steel Trust, 1920”, “Public Opinion and the Steel Strikes, 1921” (N.Y., Harcourt); Sinclair, “The Brass Check” (Pasadena, Cal., Sinclair); Veblen, “The Engineers and the Price System” (N.Y., Huebsch, 1921); Howard, “The Labor Spy” (N.Y., New Republic, 1921); Pettigrew, “Triumphant Plutocracy” (N.Y., Academy Press, 1921); Angell, “The Press and the Organization of Society” (London, Labour Pub. Co., 1922); Claessens, “The Trinity of Plunder” (N.Y., Academy Press, 1922); Nearing, “The American Empire” (N, Y., Hanford Press, 1921).

Attention is particularly called to Stuart Chase’s admirable pamphlet referred to above. It would be well for student groups to obtain a copy of this pamphlet for each of their members (special rates for students) and use it as the basis for discussion at one or more meetings. “Industrial Facts”, by Kirby Page, another 10 cent pamphlet, is also strongly urged for study classes. The most comprehensive study of waste is that of the Hoover engineers. The best study of the division of the national income is the National Bureau of Economic Research findings. A most interesting development of recent years has been the growing acknowledgment on the part of engineers and business men that the present way of doing business is exceedingly wasteful and inefficient.

 

SECTION II. UTOPIAN SOCIALISM.

Add: Zimand, “Modern Social Movements,” p. 149.

 

SECTION III. MARXIAN SOCIALISM.

Add: Hillquit, “Socialism from Marx to Lenin” (N.Y., Hanford Press, 1921); Laidler, “Socialism”, etc., Chs. III-IV; Zimand, “Modern Social Movements,” pp. 150-2; Loria, “Karl Marx” (N.Y., Seltzer, 1920); Beer, “The Life and Teachings of Karl Marx” (London, National Labour Press, 1921); Portus, “Marx and Modern Thought” (New South Wales, Workers’ Educational Association, 1921); Benedict, “The Larger Socialism” (N.Y., Macmillan, 1921); Le Rossignol, “What Is Socialism?” (Anti-Marxist), (N.Y., Crowell, 1921).

 

SECTION IV. THE SOCIALIST STATE.

Add: Webb, “A Constitution for the Socialist Commonwealth of Great Britain” (N.Y., Longmans, 1920); Laidler, “Socialism”, etc., Ch. V.; Glasier “The Meaning of Socialism” (N.Y., Seltzer, 1920); Rathenau, “The New Society” (N.Y., Harcourt, 1921); Hunter, “Why We Fail as Christians” (N.Y., Macmillan, 1919); Vandervelde, “Socialism vs. The State” (Chicago, Kerr & Co., 1919); Nearing, “The Next Step” (Ridgewood, N. J., The Author, 1922).

 

SECTION V. GUILD SOCIALISM AND SYNDICALISM.

Add: (1) Cole, “Guild Socialism (Restated)” (N.Y., Fred. Stokes, 1920); Hobson (S. G.), “National Guilds and the State” (N.Y., Macmillan, 1920); Reckitt and Bechhofer, “The Meaning of National Guilds” (Revised edition, N.Y., Macmillan, 1920); Zimand, “Modern Social Movements”, pp. 175-207. (2) Scott, “Syndicalism and Philosophic Realism” (London, A. C. Black, 1919); Laidler, “Socialism”, etc., Ch. VI; Zimand, “Modern Social Movements”, pp. 207-227.

The Guild Socialists of England during the last few years have been rent by a conflict between the communists, who emphasized the need of a strong, centralized state, at least during the transitional period, and those who emphasized decentralized producers’ control. Mr. Cole, the leading figure in the movement, has gradually swung around to the point of view that the guildsmen erred in working out their future state in too great detail. The Orage group in the movement is giving increasing attention to the transformation of the credit system.

 

SECTION VI. TENDENCIES TOWARD SOCIALISM.

Add: Zimand, “Modern Social Movements”, pp. 5-113; Laidler, “Socialism”, etc., Ch. VII; Goodrich, “The Frontier of Control” (N.Y., Harcourt, 1920); Chiozza-Money, “The Triumph of Nationalization (London, Cassell, 1920); Savage, “Industrial Unionism” (N.Y., Button, 1922); Webb, “Consumers’ Cooperative Movement” (N.Y., Longmans, 1922); Woolf, “Cooperation and the Future of Industry” (London, Geo. Allen & Unwin, 1919); Sennichsen, “Consumers’ Cooperation” (N.Y., Macmillan, 1919); Redfern, “The Consumer’s Place in Society” (Manchester, Cooperative Union, 1920); Gleason, “What the Workers Want” (N.Y., Harcourt, 1920); Beer, “History of Socialism” (N.Y., Harcourt, Vol. 2, pp. 363-72, 1920); Howe, “Denmark, A Cooperative Commonwealth” (N.Y., Harcourt, 1921); Nationalization Research Committee, United Mine Workers, “How to Run Coal” (N.Y., Bureau of Industrial Research, 1922); Hodges, Frank, “Nationalization of the Mines” (London, Leonard Parsons, 1920); Foster, “The Railroaders’ Next Step” (Chicago, Trade Union Educational League, 1922); Baker, “The New Industrial Unrest” (N.Y., Harpers, 1920).

The Workers’ Council Movement in Europe is one of the most significant of post-war developments. In this country among the most important steps toward industrial democracy are the gradual emergency of a labor-farmer party, the demand of the miners for social ownership of the mines, the growth of labor banking, labor education, labor research and a labor press service and the increased hold of consumers’ cooperation on the masses.

 

SECTION VII. OBJECTIONS TO SOCIALISM.

Add: Hobson, “Incentives in the New Industrial Order” (N.Y., Seltzer, 1922); Dell, “Socialism and Personal Liberty” (N.Y., Seltzer, 1922); Laidler, “Socialism,” etc., Ch. VIII; Glasier, “The Meaning of Socialism”; Boucke, “Limits of Socialism” (N.Y., Macmillan, 1920).

 

SECTION VIII. DEVELOPMENT OF MODERN SOCIALISM.

Add: Postgate, “The Workers’ Internationals” (N.Y., Harcourt, 1920); Beer, “History of British Socialism”, 2 Vols. (N.Y., Harcourt, 1919-1921); Laidler, “Socialism”, etc., Pt. II; Hillquit, “From Marx to Lenin” (N.Y., Hanford Press, 1921); Files of Socialist Review, Dec., 1919-April, May, 1921; Labour Herald, .Labor Age, Nov., 1921; Labour Monthly (British), August, 1921 to; Bulletin of U. S. Bureau of Labor Statistics, No. 268, “Historical Survey of International Action Affecting Labor” (Washington, U. S. Dept. of Labor, 1920).

 

SECTION IX. SOCIALISM AND THE GREAT WAR.

Add: Kellogg and Gleason; “British Labour and the War” (N.Y., Harcourt, 1919); Bevan, “German Social Democracy During the War” (N.Y., Dutton, 1919); Laidler, “Socialism”, etc., Chs. X-XIV; Zimand, “Modern Social Movements,” pp. 123 ff; Oneal, “Labor and the Next War” (Chicago, Socialist Party, 1922).

 

SECTION X. RECONSTRUCTION NATIONAL AND INTERNATIONAL.

Add: Gleason, “What the Workers Want” (N.Y., Harcourt, 1920); Hobson, “Problems of the New World” (London, George Allen & Unwin, 1921); Committee on the War and Religious Outlook, “The Church and Industrial Reconstruction” (N.Y., Association Press, 1920); Chiozza-Money, “The Triumph of Nationalization” (London, Cassell & Co., 1921); Ward, “The New Social Order” (N.Y., Macmillan, 1919); Villiers, “Britain After the Peace” (N.Y., Dutton, 1918); Carter (Editor), “Industrial Reconstruction,” a Symposium, (N.Y., Dutton, 1918); Nearing, “Irrepressible America”; Brailsford, “After the Peace” (London, Leonard Parsons, 1920); Turner, “Shall It Be Again?” (N.Y., Huebsch, 1922).

Unfortunately most of these reconstruction plans have thus far failed to materialize.

 

PARTIAL DIRECTORY OF SOCIAL AGENCIES.

American Labor Party, 3. W. 16th St., N.Y.C. A New York State party composed of trade unionists, Socialists and Farmer-Laborites.

American Association for Labor Legislation, 131 E. 23rd St., N.Y.C. Publishes monthly, “American Labor Legislation Review.”

American Civil Liberties Union, 100 Fifth Ave., N.Y.C. Distributes a weekly service on civil liberties and publishes numerous pamphlets.

American Federation of Labor, Federation Building, Washington, D.C. Publishes monthly, “American Federationist.”

American Federation of Teachers, 166 W. Washington St., Chicago, Ill.

Bureau of Industrial Research, 289 Fourth Ave., N.Y.C. Special research on reorganization of the coal mining industry. Publishes valuable pamphlets.

Church League for Industrial Democracy, 6140 Cottage Grove Ave., Chicago, Ill. Regular membership confined to members of the Episcopal Church.

Committee of Forty-eight, 15 East Fortieth St., N.Y.C. Seeks to crystallize progressive sentiment of the country into liberal party.

Conference for Progressive Political Action, Machinist Building, Washington, D. C. Formed by the railway brotherhoods, machinists, etc. Contains representatives of the Socialist, Farmer-Labor and other parties. Seeks to work out a program of effective political action in behalf of labor.

Co-operative League of America, The, 167 W. 12th St., N.Y.C. Central education bureau of consumers’ cooperative movement of America. Publishes monthly, “Co-operation” and pamphlets on cooperation.

Farmer-Labor Party, 166 W. Washington St., Chicago, Ill.

Farmers’ National Council, Bliss Building, Washington, D. C. A progressive organization of “dirt” farmers.

The Federated Press, 511 N. Peoria St., Chicago, Ill. Labor press bureau supplying daily news service to more than 100 labor papers. Also issues weekly service.

Fellowship of Reconciliation, 396 Broadway, N.Y.C. Stresses the ethical aspects of pacifism and of industrial reorganization.

Friends of Soviet Russia, 201 W. 13th St., N.Y.C. Organized for relief work for Russia. Publishes monthly, “Soviet Russia.”

Industrial Workers of the World, 1001 W. Madison St., Chicago, Ill. Publishes weekly, “Solidarity”, and pamphlets.

International Relation. Clubs, 419 W. 117th St., N.Y.C. College section of the Institute of International Education, formed to throw light on international problems.

The Labor Bureau, Inc., 1 Union Square, N.Y.C. Formed to supply trade unions with statistical information and advice.

League for Industrial Democracy, 70 Fifth Ave., N.Y.C. Object: “Education for a new social order based on production for use and not for profit.” Works within and without the colleges. Publishes literature, schedules lecturers, conducts research, publicity, etc.

National Association for the Advancement of Colored People, 70 Fifth Ave., N.Y.C. Publishes monthly, “The Crisis.”

National Bureau of Economic Research, 465 W. 13th St., N.Y.C. An impartial fact-finding agency. Has published valuable material on distribution of incomes, unemployment, business cycles, etc.

National Council for Prevention of War, 532 Seventeenth St., N.W., Washington, D.C.

National Consumers’ League, 44 E. 23rd St., N.Y.C. Has specialized on labor legislation for women.

National Student Forum, 2929 Broadway, N.Y.C. Seeks to stimulate students to investigate all phases of public questions.

National Women’s Trade Union League, 311 S. Ashland Blvd., Chicago, Ill.

Nationalization Research Committee, United Mine Workers of America, Merchants’ Bank Building, Indianapolis, Ind.

National Non-Partisan League, St. Paul, Minn.

People’s Legislative Service, Southern Building, Washington, D.C. Seeks to keep the country informed regarding federal legislation.

Public Ownership League of America, 127 N. Dearborn St., Chicago, Ill. Publishes monthly, “Public Ownership,” and pamphlets. Specializes on question of municipal and federal ownership.

Rand School of Social Science, 7 E. 15th St., N.Y.C. The Rand Book Store, connected with the school, has the best equipment of books on industrial democracy of any store in the country.

Research Bureau, Social Service Commission of the Federal Council of Churches of America, 105 E. 22nd St., N.Y.C. A research and publicity organization among the churches on social and labor problems.

Social Service Committee of Methodist Church, 150 Fifth Ave., N.Y.C. Research and publicity service.

Socialist Party, 2418 W. Madison St., Chicago, Ill. Publishes weekly, “The Eye Opener”, monthly, “The Socialist World”, and book and pamphlet literature.

Trade Union Educational League, 118 N. LaSalle St., Chicago, Ill. Seeks to promote program of industrial unionism. Publishes monthly, “Labor Herald”, and pamphlets.

Workers’ Education Bureau, 465 W. 23rd St., N.Y.C. Central bureau of the American workers’ educational movement. Publishes text-books and pamphlets.

The Workers’ Party, 799 Broadway, N.Y.C. The “above-ground” communist party of America. Weekly journal, “The Worker”.

Women’s Peace Society, 505 Fifth Ave., N.Y.C.

Women’s Peace Union of the Western Hemisphere, 70 Fifth Ave., N.Y.C.

 

Among the progressive and radical journals not listed above are:

Monthlies: “Labor Age”, 41 Union Square, N.Y.C.; “World Tomorrow”, 396 Broadway, N.Y.C.; “The National Leader”, 427 Sixth Ave., S. Minneapolis, Minn.; “Locomotive Engineers’ Journal”, B. of L.E. Building, Cleveland, Ohio; “Machinists’ Monthly Journal,” Machinist Bldg., Washington, D.C.; “Survey Graphic”, 112 E. 19th St., N.Y.C.; “Liberator”, 138 W. 13th St., N.Y. C.; “Arbitrator”, 114 E. 31st St., N.Y.C.

Weeklies: “The Nation”, 20 Vesey St., N.Y.C.; “New Republic”, 421 W. 21st St., N.Y.C.; “The Survey”, 112 E. 19th St., N.Y.C.; “New Majority”, 166 W. Washington St., Chicago, Ill.; “The Searchlight”, Woodward Bldg., Washington, D.C.; “Labor”, Machinist Building, Washington, D. C.; “The Freeman”, 116 W. 13th St., N.Y.C.; “Justice” (organ of International Ladies’ Garment Workers’ Union), 3 W. 16th St., N.Y.C.; “Advance” (organ of Amalgamated Clothing Workers), 31 Union Square, N.Y.C..

Labor Dailies: “N.Y. Call”, 112 Fourth Aye., N.Y.C.; “Milwaukee Leader”, Brisbane Bldg., Milwaukee, Wisconsin; “Minneapolis Daily Star,” 427 Sixth Ave., Minneapolis, Minn.; “Seattle Record,” Seattle, Washington.

 

The following publishers have devoted very considerable attention to labor and socialist literature:

Chas. H. Kerr & Co., 341 E. Ohio St., Chicago, Ill.; Hanford Press, 7 E. 15th St., N.Y.C.; Academy Press, 112 Fourth Ave., N.Y.C.; Bureau of Industrial Research, 289 Fourth Ave., N.Y.C.; Thos. Seltzer, 5 W. 50th St.; Macmillan Co., 64 5th Ave., N.Y.C.; Harcourt, Brace & Co., 1 W. 47th St., N.Y.C.; B. W. Huebsch, 116 W. 13th St., N.Y.C.; Boni & Liveright, 105 W. 40th St., N.Y.C.

 

ORGANIZATIONS AND PUBLICATIONS ABROAD.

International Labour Office, Geneva, Switzerland (also 7, Seamore PL, Curzon St., London, W.I. Eng.). The labour bureau of the League of Nations. Publishes a comprehensive monthly, “The International Labour Review”, and a large number of studies on various aspects of the labour movement.

International Cooperative Alliance, 4 Great Smith St., Westminster, London, Eng. The central organization of the international consumers’ movement. Publishes monthly, “The International Cooperative Bulletin”.

The International Federation of Trade Unions, 61 Vondelstraat, Amsterdam, Holland. The federation containing most of the trade unions of the world outside of those in Russia and the United States. Publishes monthly, and supplies a news service.

International Council of Trade and Industrial Unions, Moscow, Russia. The Communist “Red” trade union international.

World Association for Adult Education, 13 John St., Adelphi, London, S.C.2, England.

Political Internationals—For further information concerning the “Second International”, apply to British Labour Party; for “Vienna International”, to Independent Labor Party; for “Third International’ , to Communist Party of Great Britain (address below).

Labour Research Department, 34 Eccleston Square, London, S.W.I., England. A central clearing house for information concerning the international labor, socialist and communist movements. Publishes the “Labour Monthly”, a well-informed journal of the international labor movement, with a communistic slant. Prepared International Labour Handbook and numerous other publications.

Fabian Society, 25 Tothill St., London, S.W.I., England. Makes specialty of scientific and popular pamphlet literature. Publishes monthly, “The Fabian News”.

Guild Socialist League, 39 Cursitor St., London, Eng. Central organization  for Guild Socialist movement in England. Publishes monthly, “The Guild Socialist”, and numerous pamphlets.

Labour Publishing Company, 6 Tavistock Square, London, England. Publishes a large number of important books on the socialist and communist movements.

Daily Herald, 2 Carmelite St., Fleet St., London, E.C.4, England. The official newspaper of the Labour party.

The New Statesman, 10 Great Queen St., London, W.C., England. A weekly of moderate socialist thought.

Foreign Affairs, Great Smith St., Westminster, London, England. A weekly emphasizing the need of a broad internationalism.

The New Age, 38 Cursitor St., London, E.C.4, Eng. Guildsman weekly, interested chiefly in Douglas’ credit plan.

British Labour Party, 33 Eccleston Square, London, S.W.I., England. Publishes weekly news service, a monthly, “The Labour Review” and numerous pamphlets.

Independent Labour Party, 8 and 9 Johnston’s Court, London, E.C.4, Eng. The socialist branch of the British Labour party. Publishes weekly, “The New Leader”, edited by H. N. Brailsford, and monthly, “The Socialist Review”, edited by Ramsay Macdonald.

British Communist Party, 16 King St., Covent Garden, London, W.C.2, Eng. Publishes weekly, “The Communist”, and many leaflets.

University Labour Federation, 33 Eccleston Square, London, S.W.I.,

Eng. University Socialist Federation, 34 Eccleston Square, London, S.W.I., Eng.

For a more complete list of labor and socialist organizations and papers abroad see “International Labour Handbook”, published by Labour Publishing Co., London, Eng., and the “International Labour Directory”, published by the International Labour Office, Geneva, Switzerland.

 

This syllabus is published by the LEAGUE FOR INDUSTRIAL DEMOCRACY. For further information regarding the League’s college and city groups, lectures, literature, conferences, etc., write to the League headquarters, 70 Fifth Avenue, New York City. Among the League pamphlets recommended are “Challenge of Waste”, Stuart Chase (10¢) “Irrepressible America”, Dr. Scott Nearing (10¢); “Express Companies of the U.S.”, Bertram Benedict (10¢); “Freedom in the Workshop”, Felix Grendon (10¢); “Public Ownership Throughout the World”, Harry W. Laidler (10¢); “ Study Courses in Socialism”, Harry W. Laidler (10¢); “A Study Course in Socialism” (a sketch), Jesse Lynch Williams (1¢).

 

LEAGUE FOR INDUSTRIAL DEMOCRACY
70 Fifth Avenue, New York City

This Pamphlet 10¢. a Copy (December, 1922). 15 Copies for $1.00

 

Source: Hathitrust Digital Library. Copy also at archive.org.

Image Source: Poster for League for Industrial Democracy, designed by Anita Willcox during the Great Depression, showing solidarity with struggles of workers and poor in America (Wikipedia).

Categories
Princeton Suggested Reading Syllabus

Princeton. Syllabus and bibliography for public finance. Daniels, 1895

 

 

An original copy of the following twenty page, printed syllabus in public finance for Professor Winthrop More Daniels’ lectures on public finance at Princeton for 1895-96 can apparently be found in the Columbia University Library. According to a handwritten note on the back of the title page, this syllabus was a gift of Professor E.R.A. Seligman.

This post includes some biographical information together with a transcription of the full twenty page syllabus. At the very end of the post you will find links to all the collateral readings as well as the items included in Daniels’ bibliography of “authorities”.

______________________

DANIELS, Winthrop More, 1867-

WINTHROP MORE DANIELS, A.M., Professor of Political Economy at Princeton, was born in Dayton, Ohio, September 30, 1867, son of Edwin Arthur and Mary Billings (Kilburn) Daniels, natives of Massachusetts, but of English ancestry. On the maternal side he is descended from Thomas Kilborne (the common ancestor of all the Kilburns in this country) who was born in the parish of Wood Ditton, County of Cambridge, in 1578, whence he migrated to New England in 1635. The Daniels family came to this country and settled in Massachusetts sometime in the seventeenth century. His early education was obtained at home in the Dayton Public Schools, and at Deaver Collegiate Institute. He was graduated at Princeton in the Class of 1888, and spent part of that year and of the years 1890 and 1891 in foreign travel. He was a teacher of classics in the Princeton Preparatory School in 1888, which position he filled for two years, when he went abroad, and spent two semesters at the University of Leipsic, Germany, studying economics and history. Returning to this country in 1891, he was appointed Instructor in Economics and Social Science at Wesleyan University, Middletown, Connecticut, remaining there for a year, when, in 1892, he was chosen Professor of Political Economy at Princeton, which position he now holds. Professor Daniels is a member of the Reform Club of New York City, the Nassau and Colonial Clubs of Princeton, and a member of the American Economic Association. He is independent in politics, and has made addresses favoring a revenue tariff and opposing free silver. He was married in 1898 to Joan Robertson of Montville, Connecticut. He has recently published a treatise entitled Elements of Public Finance.

Source: Joshua Lawrence Chamberlain, ed., Universities and their Sons: History, Influence and Characteristics of American Universities, with biographical sketches and Portraits of Alumni and Recipients of Honorary Degrees, Vol. 2 (Boston, 1899) p. 71.

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Obituary for Winthrop More Daniels, 1944

M. Daniels Dies; Former Head of ICC

Saybrook Man Succeeded Woodrow Wilson as Professor at Wesleyan and Princeton

Saybrook, Jan. 3.—(AP)—Winthrop More Daniels, 77, transportation expert who succeeded President Woodrow Wilson in professorship at Wesleyan and Princeton and later served under him in New Jersey as a public utility commissioner and in Washington as chairman of the Interstate Commerce Commission, died yesterday after a brief illness.

Daniels, who retired as professor of transportation at Yale several years ago, was a native of Dayton, O., and was an author of numerous books, including a history of American Railroads. He leaves his wife, Joan Robertson, and a son, Robertson Balfour. Funeral services will be held at the Saybrook Congregational Church Wednesday with burial in the local cemetery.

Daniels was on the Board of Public Utility Commissioners, New Jersey, while Wilson was governor of that state, and for a number of years was chairman of the ICC, during Wilson’s term as president. He was also a trustee of the New Haven Railroad from 1935 to 1937.

Served as ‘New Haven’ Trustee.

After taking degrees at Princeton and studying a year at the University of Leipzig, Daniels succeeded Wilson at Wesleyan, and later become professor of political economy at Princeton when Wilson left to become governor of New Jersey.

After three years as a member of the New Jersey Board of Public Utility Commissioners, Daniels accepted President Wilson’s call to become a member of the ICC, a post he held until 1923 when he resigned to come to Yale. He was chairman of the ICC from 1918 to 1919.

During the early stages of the “New Haven” Railroad reorganization proceedings, he agreed to serve as a trustee, finally retiring in 1937 to settle down at the house he built here.

In addition to writing numerous books, he also revised a continuation of Alexander Johnson’s History of the United States, and did a continuation of Johnson’s History of American Politics.

Source: Hartford Courant, January 4, 1944, p. 2.

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Syllabus of lectures upon public finance
by Professor Winthrop More Daniels
Princeton, N.J.  1895-96

 

PUBLIC FINANCE.

LECTURE I. INTRODUCTION.
THE DEFINITION AND SCOPE OF PUBLIC FINANCE.

  1. Definition. Public Finance treats of the collection and expenditure of funds legally devoted to public ends, together with such effects, social, political and economic, which result from this exercise of governmental activity.
    1. Distinction between Public Finance and private finance.
    2. Importance of enforced collection.
    3. The French conception of Finance.
    4. The German conception of Finance.
    5. Derivation and meaning of the term—Finance.
  2. Practical Bearings of Finance.
    1. Allegation that Finance is exclusively an Art.
    2. Bearing of Finance on the individual citizen’s income. Luce’s statement: Leroy Beaulieu’s statement.
    3. Special Importance of Finance in the United States.
  3. Historical Bearings of Finance.
    1. Taxation as a dynamic historical agency: examples.
  4. Political Bearings of Finance.
    1. History and Politics in general; their relation.
    2. Finance, the battlefield of Politics.
    3. Finance, the source of constitutional changes.
  5. Economic Bearings of Finance.
    1. Effect of taxation upon social classes.
    2. Socialist proposals.
  6. Relation of Finance to Cognate Disciplines.
    1. Classification of the Sciences.
    2. Relation of Finance to Law, Politics, Economics.

 

LECTURE II.
HISTORICAL DEVELOPMENT OF MODERN FINANCE.

  1. The Modern Financial Constitution.
    1. The Modem Industrial (Factory) System: its characteristics.
    2. The Modern Financial System.
      1. Normal and calculable field of governmental activity.
      2. Periodic contributions in money.
      3. Popular control over governmental income and expenditure.
      4. Public Credit.
  2. The Economic and Financial Constitution of Athens.
    1. Economic Structure:—Slavery: Family-Industry: Sea Commerce.
    2. Financial Constitution: Revenue: The Liturgies.
  3. The Economic and Financial Constitution of Rome.
    1. Economic Structure:—Slavery: Absence of Manufactures,
    2. Financial Constitution: Revenue: its sources and nature.
  4. Summary, and Comparison of Classical and Modern Systems.
    1. Normal vs. abnormal governmental functions.
    2. Taxation in the modern sense, unknown.
    3. Absence of Public Credit.
  5. The Mediaeval Economic and Financial Structure.
    1. Economic Structure.
      1. Production synonymous with Agriculture.
      2. Serf labor.
      3. Embryonic state of Exchange: a “natural” economy.
    2. Financial Constitution.
      1. The Feudal view of Finance.
      2. The importance of personal services.
      3. Rise of Regalian Rights.

 

LECTURE III
HISTORICAL DEVELOPMENT OF FINANCE.

  1. Municipal Finance.
    1. The Rise of Cities: the Guild System.
    2. Increased cost of city government.
    3. Self-voted taxes arise; become permanent instead of occasional.
    4. Rise of Municipal Credit.
  2. The Development of Financial Constitutionalism in England.
    1. The Feudal System in England (1066).
    2. The Exchequer system.
    3. Origin of the representative theory. Scutage, 1156; Personal property taxes, 1181; Provisions of Magna Carta,
    4. Complete establishment of the representative financial constitution. The Civil War: The Revolution of 1688.
    5. The Extension of commercial constitutionalism. In the U. S.; in France; on the continent generally.

 

PART I.

LECTURE IV.
THE FIELD OF PUBLIC EXPENDITURE.

  1. Theories of the proper domain of State Expenditure.
    1. Their dependence on the prior theory the State’s nature.
    2. Spencer’s “Specialized Administration.”
      Expenditure warranted from this standpoint
    3. Adam Smith’s “Natural Liberty”.
      Expenditure warranted; Justice and Education.
    4. Mill’s modified laissez faire.
      Warranted expenditure, the “open door” for Socialism.
    5. Roscher’s Culturstaat
      Justifiable expenditure, a historic variable.
    6. Wagner’s State Socialism.
      Enlarged scope of expenditure.
    7. The Collectivist view.
      Public expenditure synonymous with Distribution.
  2. Practical Solution of the Question.
    1. Assumption of the Status quo.
    2. Criteria of proposed concrete extensions of expenditure.
      Sir James Fitzjames Stephen’s three tests.
  3. The Categories of Expenditure.
    1. Historical development.
    2. The Expenditure of modern States.
      1. Defence; 2. Justice; 3. Trade and Industry; 4. Social well-being.
  4. The Growth of Expenditure.
    1. The universal increase.
    2. Causes—Nationality; Socialism.

 

LECTURE V.
EXPENDITURE IN THE UNITED STATES.

  1. Expenditure in the U. S. General Survey.
    1. Distribution of expenditure, federal, state, local.
    2. Comparison of expenditure in U. S. with expenditure elsewhere.
  2. Expenditure upon Administrative Bureaux.
    Distribution; Comparison; Tendency.
  3. Defence.
    Distribution, Comparison, Tendency,— increase of naval expenditure.
  4. Justice and Security.
    Distribution; Comparison; Tendency.
  5. Industry, Commerce, Public Works.
    Distribution; Comparison; Tendency.
  6. Education and Religion.
    Distribution; Comparison; Tendency,— industrial education, denominational schools.
  7. Charity and Correction.
    Distribution; Comparison; Tendency.
  8. Interest on Public Indebtedness.
    Distribution; Comparison; Tendency.

 

PART II.

LECTURE VI.
QUASI-ECONOMIC RECEIPTS.

  1. The Classification of Revenues.
    1. Quasi-economic revenues and tax revenues.
      The case of Fees.
    2. Varying proportion of the two kinds of revenue.
      Growing prominence of quasi-economic revenue.
    3. Relegation (1) of the domanial revenue in the U. S.; (2) of the proposed State monopoly of land.
  2. The Economic and Financial Aspect of Quasi-Economic Revenues.
    1. Priority of the economic question.
  3. Definition and Classification of Monopolies.
    1. Definition
    2. Classification: legal, natural, and industrial monopolies.
      Their occasional coalescence.
    3. Extent of monopolies.
  4. The Rise of Modern Monopolies.
    1. Early monopolies, mostly legal.
    2. Status of monopoly in 1800.
    3. Development of modern monopolies.
      1. Caused by city growth.
      2. Caused by industrial growth.
    4. Modification of the doctrine of laissez faire.
    5. Residual Competition.
  5. The Regulation of Natural (urban) Monopolies.
    1. Classes of urban monopolies.
    2. Water supply, its character.
    3. Light supply, its character.
    4. Local transportation, its character.
    5. Miscellaneous urban monopolies.

 

LECTURE VII.
THE GREAT INDUSTRIAL MONOPOLIES. RAILROADS.

  1. Origin and Development of Railroad Systems.
    1. The inception of the systems in various States.
    2. Tendency toward amalgamation.
      1. Linear consolidation.
      2. Parallel consolidation.
    3. Development of the Rate System.
      Tolls; charging “what the traffic will bear.”
    4. Development of Railroad legislation in U. S.
      1. Before 1870 and after.
      2. The Inter State Commerce Act; its provisions.
    5. Inference as to railroad legislation in the U. S.
  2. Possible Relations of the State to Railroads.
    1. State ownership and operation of all roads.
    2. State ownership and operation of some
    3. State operation (as by lease) without ownership.
    4. State ownership not involving State operation.
    5. Regulation (as by Commissions).
  3. State Ownership and Management.
    1. Feasibility viewed from standpoint of construction.
      1. 2. Economy.
        Adverse conclusions to State initiative.
    2. Transportation Rates.
      Prof Hadley’s evidence.
    3. Unjust Discrimination, local and personal.
      1. Natural origin of discrimination against certain localities.
      2. Discrimination against individuals.
    4. Cost of Operation.
      von Scheel’s argument. Leroy Beaulieu’s evidence.
    5. Necessity and advantage of pools.
    6. Alleged Analogy of State management of the Post Office.
      Differences in administration.
    7. Argument from Prussian Railroad management.
  4. The Compromise Systems.
    1. Part ownership and operation.
      Experience of Belgium.
    2. State operation by lease.
    3. State ownership, and corporate operation.
  5. State Regulation.
    1. Limitation of rates. Its inadequacy.
    2. Limitation of dividends. Its inadequacy and disadvantages.
    3. Special taxation, supervision and publicity.
  6. State Control of the Telegraph System.
    1. Monopoly characteristics.
    2. State ownership and operation; in England; on the continent
    3. The transitional period in telegraphic apparatus.
  7. Financial Conclusions.
    1. Governmental assumption of simple monopolies.
    2. Distinction between simple and complex monopolies.
    3. Revenue rule for State-owned monopolies.
    4. Revenue from other monopolies.

 

LECTURE VIII.
THE NATIONAL BANK SYSTEM OF THE U. S.

  1. Previous Banking Systems of the U. S.
    1. The First U. S. Bank: 1791-1811.
    2. The Second U. S. Bank: 1816-1836.
    3. The State Bank System.
    4. Outcome of the State Bank System in New York and Mass.
  2. Origin of the National Bank System.
    1. Financial conditions in 1863.
    2. Legislative Acts creating the National Banks.
  3. Method of Organization.
    1. The Office of Comptroller of the Currency.
    2. Bond deposit and. note issue.
  4. The Bank Note Circulation.
    1. Homogenous in form and security.
    2. Expansion and contraction provisions.
  5. Reserve and Security Funds.
    1. Redemption fund.
    2. Reserve fund held against deposit liabilities.
    3. Priority of obligations in case of failure.
  6. Miscellaneous Banking Regulations.
    1. Prohibited loans.
    2. Examinations and reports.
  7. Earnings — Sources and Limits.
    1. Sources.
    2. Regulations governing profits.
  8. Advantages and Defects of the System.
    1. Character of the currency furnished.
      1. Uniformity and security.
      2. Redemption
      3. Sensitiveness, in normal and abnormal conditions.
    2. Alleged unfair Discrimination.
      1. In favor of bond holders.
      2. Double interest.
  9. The Future Bank Currency of the U. S.
    1. Approaching termination of the present system.
    2. Possible Substitutes.
      1. State Bank Currency.
      2. Exclusive federal issues of paper currency.
      3. The Baltimore Plan for continuing the present system, with a different basis for the note circulation.

 

LECTURE IX.
THE BANK OF ENGLAND.

  1. The Founding of the Bank.
    1. Mixed motives of the Whigs in 1688.
    2. Previous banking; the goldsmiths.
    3. Low credit of the Government in 1694.
    4. Early political character of the Bank.
  2. Original Constitution of the Bank.
    1. Government.
    2. Prohibitions.
    3. Privileges.
  3. Present Constitution of the Bank (since 1844)
      1. Government.
      2. Capital.
      3. Separation of the Banking and Issue Departments.
      4. Suspension of the Act of 1844.
  1. The Position of the Bank in the Money Market.
    1. Sole depository of the reserve.
    2. Regulator of the reserve.
    3. Allayer of panics.

 

PART III.— TAX REVENUE.

LECTURE X.
TAXATION. ITS NATURE.

  1. Taxation.
    1. Definition of a tax.
    2. “Subject” and “Object” of Taxation.
      “Source” of taxation.
    3. Economic Nature of Taxation.
      1. Non-productive, a cost.
      2. Fallacies on the subject
    4. Divisions of the Theory of Taxation.
      1. Incidence, Problems of.
      2. Equity, Problems of.
      3. Administration, Problems

 

LECTURE XI
THE INCIDENCE OF TAXATION.

  1. Incidence.
    1. Definitions.
      Illustrations of the shifting of taxes.
  2. Early Theories of Incidence.
    1. The Physiocratic theory.
      Its inadequacy.
    2. The Diffusion theory.
      Statements of Lord Mansfield, Thiers, Canard, Mr. D. A. Wells.
  3. Incidence, as regards taxed products.
    1. Production under competitive conditions.
      Case I. — Inelastic Demand.
      Case II. — Elastic Demand. Collateral effects.
    2. Production under monopoly conditions.
    3. Actual conditions.
  4. Incidence as regards classes of Income.
    1. Analogy of IV to III sup. cit.
    2. Income by usance.
    3. Income by process of exchange.
      1. Incidence in case of Rent.
      2. Incidence in case of Interest.
      3. Incidence in case of Profits and Salaries.
      4. Incidence in case of Wages.
    4. Qualifications necessary for the application of IV.

 

LECTURE XII
DISTRIBUTION OF TAXATION.

  1. Definition of Distribution.
  2. The Fiscal Theory. McCulloch’s statement.
  3. The Politico-Social Theory.
  4. The Benefit Theory.
    1. Outline of the benefit theory.
    2. Sphere of its application.
    3. Measure of benefits received.
      1. Importance of service rendered.
      2. Cost of service rendered,
    4. Inadequacy of the Benefit-theory.
  5. The Ability Theory.
    1. Outline of the ability theory.
    2. The measure of ability: proportion or progression.
    3. Arguments for and against these tests.
      1. Degree of sacrifice involved.
      2. Socialistic tendency of progression.
      3. Unproductiveness of progression.
      4. Democratic nature of progression.
    4. Conclusions: General Superiority of the proportional system.
      1. In favor of the benefit-theory.
      2. In favor of the progressive rate for specific taxes.

 

LECTURE XIII.
THE TAX SYSTEM; ITS FORMS.

  1. Single vs. Multiple Taxation.
    1. Illustrations of the difference.
    2. Early proposal of a single tax.
      Vauban: the Physiocrats and l’împot unique.
    3. Difficulties of the single system.
      1. Disproportionality.
      2. Necessity of disguising taxation.
      3. Structure of central and local government.
    4. Difficulties of a Single Tax on monopoly gains.
      1. Disclosure difficult.
      2. Revenue inadequate and inelastic.

 

LECTURE XIV.
THE SINGLE TAX THEORY.

Introduction: History of “Progress and Poverty.”

  1. George’s Argument against private property in Land.
    1. The Moral Argument.
      The rightful basis of all property, — the labor basis.
      Criticism of this view. Case cited by Mr. George.
  2. The Economic Argument.
    1. George’s theoretical catena; Criticism thereof.
    2. George’s historical argument.
      Criticism, economic and statistical.
      The increase of poverty, its implications.
  3. Proposed Methods of Land Nationalization.
    1. Classification of Methods.
    2. Criticism of Confiscatory Methods.
    3. Criticism of Compensatory Methods.
      1. Difficulty in discounting rises in value.
      2. Recompense of undeserved losses.
      3. Effect on improvements.
      4. Increase of governmental functions.

 

LECTURE XV.
CLASSIFICATION OF TAXES.

  1. Classification.
    1. Basis of Classification; legal, economic and miscellaneous.
    2. Direct and Indirect Taxes.
  2. Comparison of Direct and Indirect Taxes.
    1. Merits and Defects of Direct Taxes.
      Defects; — do not reach the masses; slow automatic growth.
      Merits;— theoretical fairness where universal; political advantages.
    2. Merits and Defects of Indirect Taxes.
      Merits; — Productivity and relative popularity.
      Defects;— Inequality, hampered production, costliness of collection, and variableness.
  3. Direct and Indirect Taxes in the U. S.
    1. Apportionment of revenue sources.
      Federal and State revenue.
    2. Causes of this Apportionment.
      1. Customs. 2. Internal Revenue. 3. Direct Taxes.

Note:
General Property [&] Corporation and Succession Taxes [->] Direct Taxes:  State Taxes.
Internal Revenue [&] Customs [->] Indirect Taxes:  Federal Taxes.
Income Taxes (direct) States and (formerly) Federal taxes.

 

LECTURE XVI.
THE GENERAL PROPERTY TAX.

  1. Description of the Tax.
    1. Definition.
    2. Distinction between real and personal property.
  2. Operation of the General Property Tax.
    1. Preliminary valuation of property.
      Law of situs: appeals.
    2. Final valuation of property.
    3. Collection of taxes.
  3. Historical Origin of the General Property Tax.
    1. Colonial taxes.
    2. Wolcott’s Report in 1796. Summary.
    3. The Transition Period (1796-1861).
      Growth of wealth: increased amount evidenced by credits; increased import of personal services.
  4. The Defects of the General Property Tax.
    1. False assumption of ability.
    2. Failure to reach personal estate.
    3. Administrative defects.
    4. Regressivity.
  5. The Transformation of the General Property Tax.
    1. Preliminary conditions.
    2. Abolition of the State tax on realty.
    3. Abolition or reduction of Taxes on personal property by local governments.
    4. State taxes on corporations.
    5. Inheritance taxes.

 

LECTURE XVII.
THE INTERNAL REVENUE SYSTEM.

  1. Origin of the Federal System of Internal Revenue.
    1. Earliest Excises.
      The Whiskey Tax; its repeal.
      Excises during the war of 1812.
    2. From 1862.
  2. Taxes on Distilled Spirits.
    1. Previous Condition of Production and Consumption.
    2. Effects of the tax.
      The yield of various rates of taxation.
      Effect on production; on consumption.
      Frauds on the Revenue.
    3. Abatement and Reform of the Tax.
  3. The Tax on Tobacco.
    1. General Features.
    2. Specific Features; steadiness; tendency to increase.
  4. Canons of Excise Taxation.
    1. Taxation as a regulative moral agency.
    2. Productivity, how attained.
    3. Number and nature of articles taxed; raw materials.
    4. Distribution of the burden of excises.

 

LECTURE XVIII
CUSTOMS DUTIES IN THE UNITED STATES.

  1. Origin of Customs.
    1. Historical origin.
    2. “Objects” of customs taxation.
      Transport dues; Export duties; Import duties.
  2. Principles of Revenue and Protective Tariffs.
    1. Definition of protective and revenue Tariffs.
    2. Rates of duty.
    3. Kind and number of articles taxed.
    4. Offsets by excise and drawbacks.
    5. Bases of assessment.
      Ad valorem, specific and minimum duties.
    6. Indirect cost of a protective tariff.
  3. The History of the Customs Policy of the U. S.
    1. Pre-Constitutional Customs Duties.
    2. Early Patristic Legislation, 1789-1808.
    3. Effect of the curtailment of foreign commerce
    4. Rise and Growth of Protection.
      1. Stimulation of domestic manufactures, 1808-1815.
      2. Geographical strength of the policy.
      3. Culmination of the movement in 1828.
    5. The Revenue Period, 1833-1860 [1842-6].
    6. The War Period. 1860-1865.
    7. Post Bellum Legislation.
      1. Repeal of internal revenue taxes.
      2. Repeal of duties on revenue articles.
      3. Protection as a permanent policy, 1890.
        The McKinley Bill: Reciprocity.
      4. The Wilson Bill, 1894.
        The House Bill; the Senate Bill.
    8. Revenue Yield of the Principal Schedules.
      1. Valuation of (total) dutiable imports.
      2. Most important Schedules, their yield.
      3. Other schedules.

 

LECTURE XIX.
INCOME TAXES.

  1. Income Taxes; their history.
    1. Definition.
    2. History of the English Income Tax.
    3. History of the War Income Tax in U. S.
    4. History of the Income Tax of 1894.
  2. Provisions of the Law of 1894.
    1. The two per cent. tax on net income.
    2. Corporation incomes and other incomes.
    3. Exemptions.
    4. Administrative machinery.
  3. Advantages and Defects of Income Taxes in General.
    1. Equalization of Taxation.
      1. Its utility as a fiscal instrument.
    2. Defects.
      1. Failure to discriminate between different kinds of income.
      2. Failure to tax certain kinds of income.
  4. Criticism of the Law of 1894.
    1. Popular (political) criticism.
    2. Effect of the tax on the distribution of taxation.
      1. Incidence of taxation in England.
        Jevons’s estimate. Evidence of Mr. Lowe.
      2. Incidence of Taxation in the United States.
      3. Conclusions as to the probable effect of the law.
    3. Defects of the Law.
      1. High exemption limit.
      2. Minor defects.
  5. The Income Tax Decision.
    1. Explanation of the status of the case.
    2. Contentions of the appellant.
    3. Argument upon the contentions.
    4. Explanation of the Decision.
    5. Probable outcome of the Decision.

 

PART IV.
The Relation of Receipts and Expenditures.

LECTURE XX.
STATE HOARDING.

  1. Time Relation of Receipts and Expenditures.
    1. Normal Equilibrium.
    2. Casual Inequality.
  2. Surplus Financiering.
    1. Its Dangers under representative government.
  3. The War Chest Policy.
    1. History.
      In antiquity: Example of Prussia in modern times.
    2. Criticism of the Policy.
      1. Financial inefficiency.
      2. Effect on industry.
      3. Effect on self-government.

 

LECTURE XXI.
PUBLIC DEBTS.

  1. Historical Development of Public Credit.
    1. Definition of Public Credit.
    2. Its geographical extension.
    3. Nature of the security given.
    4. Time of the loans; rate of interest.
  2. Characteristics of Modern Public Debts.
    1. Preconditions of public Indebtedness.
    2. Extent of public Indebtedness.
    3. Causes of the growth of public debts.
      1. Nationality. 2. Socialism.
  3. The Effect of Public Debts.
    1. Primâ facie economic effects.
    2. Political Effects.
      In municipal politics.
    3. Social and industrial Effects.
    4. Summary of Evils of public Indebtedness.
  4. Public Debts, when justifiable.
    1. General Principles.
      1. Fiscal Deficit. 2. War. 3. Public Works.

 

LECTURE XXII.
FEDERAL INDEBTEDNESS.

  1. Colonial Period, 1607-1775.
    1. Variety in tax systems.
    2. Various media of exchange.
    3. Forced loans by issues of paper currency.
  2. The Revolutionary Period, 1775-1789.
    1. Determinants of the financial policy of the war,
    2. Excessive issue of paper currency.
      Influence of this period upon the Constitution.
  3. The Formative Period, 1789-1861.
    1. Federal Assumption of the Revolutionary Debt.
      Hamilton’s Report; its final adoption.
    2. Funding the Debt.
      The Sinking Fund Policy, its error.
    3. Payment of the Debt under Gallatin,
    4. Financial Policy of the War of 1812.
  4. The Modern Period, 1861-1896.
    1. Financial Policy of the Civil War.
    2. Rapid Growth of the Debt of the United States.
    3. Analysis of the Debt in 1865.
    4. Process of reduction.

 

LECTURE XXIII.
LOCAL INDEBTEDNESS IN THE U. S.

  1. Decline of the financial activity of the States.
    1. Statistical proof of the decline.
    2. Early financial prominence of the States.
    3. Failure of the States’ financial undertakings.
    4. Registry of the failure.
  2. Local Indebtedness; its Causes.
    1. Subsidizing industrial enterprises.
    2. Increase in the expenses of city government.
    3. Municipal misgovernment.
      1. Defective municipal government.
      2. Legislative interference.
      3. Political complications with State and Federal politics.
      4. Underpayment of officials.
  3. Regulation of Local Debts.
    1. Restrictions of floating debts.
    2. Time limit of debts.
    3. Sinking Funds and Repayment.

 

LECTURE XXIV.
BUDGETARY LEGISLATION.

  1. The Budget.
    1. Definition
    2. Historical Origin.
      In England: in France: in the U. S.
  2. The English Budget.
    1. The Estimates, their preparation.
    2. The Parliamentary Presentation.
    3. Execution and Verification.
    4. Merits and Defects.
  3. The French Budget.
    1. Preparation
    2. Legislative Presentation.
    3. Execution and Verification.
    4. Defects of the French System.
  4. The Federal Budget in the U. S.
    1. The Estimates.
    2. The Congressional Presentation.
      In the House of Representatives: in the Senate: Final Outcome.
    3. Execution and Verification.
    4. Defects of the System.

 

Collateral Reading.

Required:

Dunbar [Charles F.]; Theory and History of Banking.  [Chapters on the Theory and History of Banking, 1891]

Taussig [Frank William]; The Silver Situation in the United States [1893].

Recommended:

Adams [Henry Carter]; Public Debts [—An Essay in the Science of Finance (1890)].

Bastable [Charles Francis]; Public Finance [1892].

 

Authorities.

Alexander [E. Porter]: Railway Practice [1887].
Bagehot [Walter]: Lombard Street [1873].
Bastable: [Charles Francis]: Commerce of Nations. [1893].
Bryce [James]: American Commonwealth. [3rd ed., 1893] Volume I: The National Government—The State Governments

[2nd ed., 1889] Volume II: The Party System—Public Opinion—Illustrations and Reflections—Social institutions

Buxton [Sydney]: Finance and Politics. [1888] Volume I; Volume II
Cohn [Gustav]: Nationaloekonomie. [Grundlegung der Nationalökonomie. Ein Lesebuch für Studirende, 1885]
Cooley [Thomas M.]: Taxation. [A Treatise on the Law of Taxation, including the Law of Local Assessments, 2nd ed., 1886]
Dowell [Stephen]: History of Taxation and Taxes. [A History of Taxation and Taxes in England, 2nd edition, 1888.  Volume 1: Taxation, From the Earliest Times to the Civil War; Volume 2: Taxation, From the Civil War to the Present Day; Volume 3: Direct Taxes and Stamp Duties; Volume 4: Taxes on Articles of Consumption.]
Ely [Richard Theodore]: Taxation in American States and Cities [1888].
Enc. Brit.: Art. On Finance by [J. E.]Thorold Rogers.
Eng. Cit. Series: Farrer [Thomas Henry]: The State in its Relation to Trade [1883].
Walpole [Spencer]: The Electorate and the Legislature [1881].
Wilson, [Alexander Johnstone]: The National Budget [—The National Debt, Taxes and Rates (1882)].
George [Henry]: Progress and Poverty [4th edition, 1881].
Von Halle [Ernst]: Trusts or Industrial Combinations [in the United States (1895)].
Leroy Beaulieu [Paul]: [Traité de la] Science des Finances [5th ed. Tome Premier: Des Revenus Publics (1892); Tome Second: Le Budget et le Crédit Public (1891).
Macaulay [Thomas Babington]: History of England from the Accession of James the Second. [Volume I (1877); Volume II (1877)]
Mill [John Stuart]: Political Economy [5th edition. Volume I (1893); Volume II (1893)]; On Liberty [People’s Edition, 1880].
Rae [John]: Contemporary Socialism [2nd ed. (1891)].
Roscher [Wilhelm]: Finanzwissenschaft. [System der Finanzwissenschaft. Ein Hand- und Lesebuch für Geschäftsmänner und Studierende. 3rd edition (1889)]
Schönberg [Gustav von]: Handbuch der politischen Oekonomie. [Third edition.

Volume 1, Volkswirtschaftslehre (1890);

Volume 2, Volkswirtschaftslehre (1891);

Volume 3, Finanzwissenschaft und Verwaltungslehre (1891)]

Seligman [Edwin Robert A.]: Shifting and Incidence of Taxation [1892]: Progressive Taxation [1894]: Taxation of Corporations [Part I (1890); Part II (1890); Part III (1890)].
Shearman [Thomas Gaskell]: Natural Taxation [—An Inquiry into the Practicability, Justice and Effects of a Scientific and Natural Method of Taxation (1895)].
Sumner [William Graham]: The Financier and the Finances of the American Revolution. [Volume I, (1891); Volume II, (1891)]
Supreme Court Reports.
Taussig: The Tariff History of the United States [1888]
Wilson [Woodrow]: Congressional Government [—A Study in American Politics (1885)].
Wells [David Ames]: Recent Economic Changes [and their Effect on the Production and Distribution of Wealth and the Well-Being of Society (1889)].
Practical Economics [—A Collection of Essays Respecting Certain of the Recent Economic Experiences of the United States (1888)].

 

Source: Columbia University Libraries. 308/Z/Box 475. Prof. [Winthrop More] Daniels. Syllabus of Lectures upon Public Finance, 1895-6. Princeton, N.J.: C. S. Robinson & Co., University Printers. “Gift of Prof. E. R. A. Seligman 12.23.39[?]”.

Image Source: Portrait of Winthrop More Daniels in Joshua Lawrence Chamberlain, ed., Universities and their Sons: History, Influence and Characteristics of American Universities, with biographical sketches and Portraits of Alumni and Recipients of Honorary Degrees, Vol. 2 (Boston, 1899) p. 71.

 

Categories
Exam Questions Johns Hopkins Suggested Reading Syllabus

Johns Hopkins. Reading List and Exam for Aggregate Income Theory. Machlup, 1951

 

Materials (reading list and exams) for Fritz Machlup’s course on income distribution, 18-603, have been transcribed and posted earlier. Economics in the Rear-view Mirror also has a transcription of the final exam for his 1956 course on methodology.

________________________

 

Course Announcement

Theory of Aggregate Income 604. Professor Machlup.
Two hours weekly, second term.

A study of the theory of income formation, linking an analysis of the supply and circulation of money with a dynamic process analysis of autonomous and induced disbursements for consumption and investment; an attempt to explain the level and fluctuations of national income.

Source: Johns Hopkins University. School of Higher Studies of the Faculty of Philosophy, Announcements of Courses 1950-51 (The Johns Hopkins Circular, April 1950), p. 99.

________________________

 

JOHNS HOPKINS UNIVERSITY
THE THEORY OF AGGREGATE INCOME
18-604

Prof. Fritz Machlup

READING LIST
Spring Term 1951

Books:

Required:

J. M. Keynes, The General Theory of Employment, Interest and Money. (London: Macmillan, New York: Harcourt Brace, 1936) pp. 1-384.

Recommended:

Richard Ruggles, An Introduction to National Income and Income Analysis. (New York: McGraw-Hill, 1949)

Thomas C. Schelling, National Income Behavior. (New York: McGraw-Hill, 1951)

A.E.A., Readings in Business Cycle Theory. (Philadelphia: Blakiston, 1944)

Seymour E. Harris (ed.), The New Economics. New York: Knopf, 1947)

 

I. Static and Dynamic Analysis

Paul A. Samuelson, “Dynamic Process Analysis,” A Survey of Contemporary Economics, ed. Howard S. Ellis. (Philadelphia: Blakiston, 1948) pp. 352-387.

 

II. Savings, Investment, and National Income

Bertil Ohlin, “Some Notes on the Stockholm Theory of Saving and Investment,” Readings in Business Cycle Theory, pp. 87-131.

Friedrich A. Lutz, “The Outcome of the Saving-Investment Discussion,” Readings in Business Cycle Theory, pp. 131-157.

Abba P. Lerner, “Saving and Investment: Definitions, Assumptions, Objectives,” Readings in Business Cycle Theory, pp. 158-168.

Oscar Lange, “The Rate of Interest and the Optimum Propensity to Consume,” Readings in Business Cycle Theory, pp. 169-192.

Fritz Machlup, “Forced or Induced Saving,” The Review of Economics and Statistics, Vol. 25 (1943), pp. 26-39.

Dennis H. Robertson, “A Survey of Modern Monetary Controversy,” Readings in Business Cycle Theory, pp. 311-329.

 

III. The Multiplier

Fritz Machlup, International Trade and the National Income Multiplier (Philadelphia: Blakiston, 1943) Chapters 1-7, 10.

Gottfried Haberler, “Mr. Keynes’ Theory of the ‘Multiplier’: A Methodological Criticism,” Readings in Business Cycle Theory, pp. 193-202.

Fritz Machlup, “Period Analysis and Multiplier Theory,” Readings in Business Cycle Theory, pp. 203-234.

Robert Eisner, “The Invariant Multiplier,” Review of Economic Studies, Vol. 17 (1949-50), pp. 198-202.

 

IV. Velocity and Time Lags

James W. Angell, “The Components of Circular Velocity of Money,” Quarterly Journal of Economics, Vol. 51 (1937), pp. 224-272.

Lloyd Metzler, “Three Lags in the Circular Flow of Income,” Income, Employment, and Public Policy. (New York: W.W. Norton and Company, 1948), pp. 11-32.

Alvin H. Hansen, “The Robersonian and Swedish Systems of Period Analysis,” Review of Economics and Statistics, Vol. 32 (1959), pp. 24-29.

Harold M. Somers, “A Theory of Income Determination,” Journal of Political Economy, Vol. 58 (1950), pp. 523-541.

 

V. Wage Rate Reductions and Employment

A. C. Pigou, “Real and Money Wage Rates in Relation to Unemployment,” Economic Journal, Vol. 47 (1937), pp. 405-422.

N. Kaldor, “Professor Pigou on Money Wages in Relation to Unemployment,” Economic Journal, Vol. 47 (1937), pp. 745-762.

A. C. Pigou, “Money Wages in Relation to Unemployment,” Economic Journal, Vol. 48, (1938), pp. 134-137.

James Tobin, “Money Wage Rates and Employment”, in The New Economics, pp. 572-587.

 

VI. Tax-Financed Government Expenditures

Trygve Haavelmo, “Multiplier Effects of a Balanced Budget,” Econometrica, Vol. 13 (1945), pp. 311-318.

Gottfried Haberler, “Multiplier Effects of a Balanced Budget: Some Monetary Implications of Mr. Haavelmo’s Paper,” Econometrica, Vol. 14 (1946), pp. 148-149.

R. M. Goodwin, “Multiplier Effects of a Balanced Budget: The Implications of a Lag for M. Haavelmo’s Analysis,” Econometrica, Vol. 14 (1946), pp. 150-151.

Everett E. Hagen, “Multiplier Effects of a Balanced Budget: Further Analysis,” Econometrica, Vol. 14 (1946), pp. 152-55.

T. Haavelmo, “Multiplier Effects of a Balanced Budget: Reply,” Econometrica, Vol. 14 (1946), pp. 156-58.

 

VII. The Accelerator

John M. Clark, “Business Acceleration and the Law of Demand: A Technical Factor,” Readings in Business Cycle Theory, pp. 235-260.

Paul A. Samuelson, “Interactions Between the Multiplier Analysis and the Principle of Acceleration,” Readings in Business Cycle Theory, pp. 261-269.

F. A. Hayek, Profits, Interest, and Investment. (London: Routledge and Sons, 91939) Chapter I, pp. 3-72.

F. A. Hayek, “The Ricardo Effect,” Economica (1942), pp. 126-152.

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Evsey D. Domar Papers, Box 15, Folder “Macroeconomics: Old Reading Lists”.

 

________________________

 

THE JOHNS HOPKINS UNIVERSITY
Theory of Aggregate Income
(18-604)
Final Exam, May 29, 1951

Professor Fritz Machlup

Answer three questions, one of each group, as concisely as possible without omitting significant steps in your reasoning. Write in English rather than in algebra or geometry.

I.

  1. Explain the possibilities of a general cut in money wage rates bringing about an increase in aggregate employment.
  2. Explain the increase in employment that can be brought about by an increase in tax-financed government expenditures, emphasizing alternatively the significance in the causal sequence of changes in (a) the quantity of money or velocity of circulation, (b) liquidity preference, (c) the propensity to consume, (d) the difference between investment and saving.

 

II.

  1. Explain the meaning of the distinctions between the “consumption lag”, the “output lag”, and the “earnings lag”, and their importance, or lack of importance, in the determination of income.
  2. Explain the meaning of the distinctions between “intended” and “unintended” saving, and “intended” and “unintended” investment, and their importance, or lack of importance, in the determination of income.

 

III.

  1. Explain the interactions between multiplier and accelerator.
  2. Explain the meaning of the “Ricardo Effect” and its importance, or lack of importance, in the determination of the accelerator and of the turning points of the business cycle.

 

Source: The Johns Hopkins University. The Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 6, Box 3/1, Folder “Graduate Exams, 1933-1965”.

Image Source: Fritz Machlup is seen presenting in a seminar (note: Evsey Domar is leaning forward on the right side of the table, third from the left). From the Johns Hopkins Yearbook Hullabaloo 1956, p. 15.

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Applied Economic Analysis, Readings and Exams. Duesenberry, 1955-56.

 

The Harvard economics professor, James Stemble Duesenberry (b. 18 July 1918; d. 5 October 2009) was best known for his relative-income hypothesis or at least that hypothesis was something I can recall from my undergraduate course taught by James Tobin almost exactly a half-century ago. Following the official Harvard obituary, you will find the reading lists and exams for his two-term course “Applied Economic Analysis” as taught in 1955-56.

____________________

Duesenberry’s Harvard Obituary

Economist Duesenberry dies at 91
by Amy Lavoie

James Stemble Duesenberry, an eminent economist who was an authority on monetary policy and a faculty member of Harvard University’s Department of Economics for more than half a century, recently passed away at his home in Cambridge at the age of 91.

Duesenberry came to Harvard in 1948 as assistant professor of economics and became associate professor in 1953. He received tenure in 1955, and became professor of economics.

An economic theorist who strove to affect policy and improve economic conditions, Duesenberry was a member of the President’s Council of Economic Advisors from 1966 to 1968, in Lyndon B. Johnson’s administration. From 1969 to 1974 he was chairman of the Board of Directors of the Federal Reserve Bank of Boston, and he led the bank during the construction of the First National Bank Building in downtown Boston.

“Jim Duesenberry was a very insightful man who thought deeply about problems in a way that was relatively unconstrained by the fashionable conditions of the day,” said Benjamin Friedman, William Joseph Maier Professor of Political Economy, who was a colleague of Duesenberry’s. “He thought that the purpose of economics was to speak to the way the economy behaves and what policy can do to improve economic performance.”

In 1969, Duesenberry was named William Joseph Maier Professor of Money and Banking. He was chair of the Department of Economics from 1972 to 1977, and led the department at a time when some called for greater intellectual diversity among the faculty. He retired in 1989, and became William Joseph Maier Professor of Money and Banking Emeritus.

Duesenberry’s first book, “Income Consumption and the Theory of Consumer Behavior” (Harvard University Press), was published in 1949. He is also the author of “Business Cycles and Economic Growth” (McGraw-Hill, 1957), “Money and Credit: Impact and Control” (Prentice-Hall, 1964), “Capital Needs in the Seventies” with Barry Bosworth and Andrew Carron (Brookings Institution, 1975), and “Money, Banking and Economy” with Thomas Mayer and Robert Z. Aliber (W.W. Norton, 1981).

Born in Princeton, W.Va., Duesenberry received his B.A. in 1939, his M.A. in 1941, and his Ph.D. in 1948, all in economics from the University of Michigan.

Duesenberry was a research fellow with the Social Science Research Council in 1941. During World War II, Duesenberry was a statistician in the Air Force, and reached the rank of captain. He was an instructor at the Massachusetts Institute of Technology in 1946, and in 1954, he was a Fulbright fellow at Cambridge University.

Duesenberry is survived by his son John of Brookline, Mass., and daughters Holly of Gouldsboro, Maine, and Peggy of Stirling, Scotland, as well as four grandchildren.

Source: Harvard Gazette, October 15, 2009.

_______________________

Enrollment

[Economics] 106. Applied Economic Analysis. Associate Professor Duesenberry. Full course.

(F) Total 25: 1 Graduate, 1 Other Graduate, 20 Seniors, 3 Juniors.
(S) Total 19: 16 Seniors, 3 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1955-1956, p. 76.

_______________________

HARVARD UNIVERSITY
Department of Economics
Economics 106

Fall Term, 1955

  1. Wages and Labor Allocation and Efficiency
    1. A. Marshall, Principles of Economics, Bk. VI, Chs. 1-5.
    2. Shister, Economics of the Labor Market, Chs. 14, 15, 16.
    3. M. Friedman, “Significance of Labor Unions for Economic Policy,” Ch. X, in Wright, The Impact of the Union.
    4. Meade and Hitch, Introduction to Economic Analysis and Public Policy, Part II, Ch. 3.
    5. Peterson, Economics, Revised Edition, Ch. 20.
    6. Taussig, Principles of Economics, Vol. II, Ch. 52.
    7. M. Friedman and S. Kuznets, Income from Independent Professional Practice, Ch. 4.
    8. T. Parsons, “The Motivation of Economic Activity,” Ch. IX, in Essays in Sociological Theory.
    9. Sanders, Effects of Taxation on Executives, Chs. I and II.

Reading Period Assignment
Fall Term, 1955-56

Economics 106: O. Lange, “Scope and Method of Economics,” Review of Economic Studies, Vol. 13 (1943-46)

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder “Economics, 1955-1956 (1 of 2).

 

1955-56
HARVARD UNIVERSITY
ECONOMICS 106

Mid-year Examination
(January, 1956)

Answer question 1 and four others

  1. (one hour)
    1. The appearance of unions in an otherwise perfectly competitive labor market with perfect mobility of labor is likely to distort the allocation of resources. Why?
      (Assume that unions do influence wages.)
    2. In the type of labor market which actually exists the adverse effect of unions on resource allocation is much less certain. Why?
  2. Wage differentials attributable to the cost of training both help to determine and are determined by the distribution of income. Discuss.
  3. Outline some of the fundamental factors which make an area a low wage area.
  4. Friedman argues that unions do not influence wages. What evidence does he cite in support of his position? What considerations cast doubt on the proposition?
  5. What are the major reasons for the narrowing of skill differentials in American industry? What evidence would you look for to determine whether any misallocation of resources has resulted?
  6. Wages tend to be higher in rapidly growing industries than in others. Why?
  7. Outline Schumpeter’s views on the influence of monopoly on static efficiency (resource allocation) and progress.
  8. Discuss the effects of income taxes on personal incentives to work.

Source:  Harvard University Archives. Harvard University, Final examinations, 1853-2001. Box 23. Papers Printed for Final Examinations: History, History of Religions,…, Economics,…Naval Science, Air Science. January, 1956.

_______________________

HARVARD UNIVERSITY
Department of Economics
Economics 106

Spring Term, 1955-56

Bain, Pricing, Distribution, and Employment, Chs. 5, 6.

P.W.S. Andrews, Manufacturing Business.

T. Scitovsky, Welfare and Competition Ch. 9.

Lutz, Theory of Investment of the Firm, Chs. 2, 8, 9, 10, 14, 15, 16.

Hart, Anticipations, Uncertainty and Dynamic Planning.

Boulding, Economic Analysis, 3rd Edition, Ch. 38.

Durand, “Costs of Debt and Equity Funds” in Conference on Business Finance (National Bureau of Economic Research).

MacLaurin, Invention and Innovation in the Radio Industry.

E.S. Mason, “Current Status of Monopoly Problems,” Harvard Law Review, June 1949.

Butters and Lintner, Effects of Taxation on Corporate Mergers, Chs. IX, X.

HARVARD UNIVERSITY
Economics 106
Reading List (Cont.)

Federal Inter-Agency River Basin Committee, Subcommittee on Benefits and Costs, Proposed Practices for Economic Analysis of River Basin Projects, Chs. 1-5, pp. 1-56.

Smithies, A., The Budgetary Process in the United States, Ch. XIII.

Commission on Organization of the Executive Branch of the Government, Water Resources and Power, June 1955, Vol. I, pp. 1-85.

Commission on Organization of the Executive Branch of the Government, Task Force Report on Water Resources and Power, pp. 1-164.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder “Economics, 1955-1956 (1 of 2).

 

 

HARVARD UNIVERSITY
Department of Economics
Economics 106

Final Examination (May, 1956)

PART I.
(One Hour)

Required.

  1. Discuss the differences between monopoly and oligopoly in terms of (a) relation of prices to costs (b) investment behavior.

PART II.
(Half Hour)

Answer question 2 or 3.

  1. “The possibility that new firms will enter the industry influences the price and investment policies of firms in oligopolistic industries.” Discuss.
  2. The rivalry among oligopolists is more likely to result in product improvement than in price reduction. Why?

PART III.
(45 minutes for each question)

Answer two questions.

  1. What measures would you recommend for the improvement of the Federal Water Resource Program? Give reasons for your recommendations.
  2. The supply of any collective service by government action is likely to involve a redistribution of income. Discuss the possible effects of this on (1) the level at which these services may be supplied; (2) the degree of efficiency of the allocation of resources within a program.
  3. Even in an economy governed by the strongest preferences against government activity some economic needs will be met collectively. Why?

 

Source:  Harvard University Archives. Harvard University, Final examinations, 1853-2001. Box 24. Papers Printed for Final Examinations: History, History of Religions,…, Economics,…Naval Science, Air Science. June, 1956.

 

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Core economic theory. Readings and Exams. Carver, 1900/01-1902/03

 

 

For the academic years 1900/01 through 1902/03 the core course in economic theory at Harvard was taught by Thomas Nixon Carver. He was substituting for Frank Taussig, who later wrote that he had been “compelled by ill health to withdraw from teaching” (1901-03). [Chapter IX Economics (1871-1929) by The Development of Harvard University since the Inauguration of President Eliot, 1869-1929 Cambridge: Harvard University Press, 1930. p. 191].  

Schumpeter provided more detail: “We speak of nervous breakdown in such cases, which indeed are more frequent in the academic profession than one would infer from the general conditions of a professor’s life. He [Taussig] took leave and went abroad for two years, relaxing completely and spending one winter at Meran in the Austrian Alps, another on the Italian Riviera, and the summer between (1902) in Switzerland. Catastrophe was thus avoided, and in the fall of 1903 he was able to return to teaching and the editorship of the Quarterly Journal.” [Joseph A. Schumpeter, Chapter 7 “Frank William Taussig (1859-1940)” in Ten Great Economists from Marx to Keynes. p. 206.]

During the first term of 1903/04 Taussig resumed teaching the core economic theory course with Carver teaching the second term.  Beginning 1904/05 Taussig once again taught the course by himself.

___________________________

Economics 2.
Economic Theory in the Nineteenth Century
1900-01

Enrollment
1900-01

For Undergraduates and Graduates:—

[Economics] 2. Asst. Professor Carver.— Economic Theory in the Nineteenth Century.

Total 45: 6 Graduates, 15 Seniors, 16 Juniors, 5 Sophomores, 3 Other.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

 

Reading list [previously posted]  for the first term

 

ECONOMICS 2
[Mid-year examination, 1901]

  1. Define value and explain why one commodity possesses more value in proportion to its bulk than another.
  2. Explain the various uses of the term diminishing returns, and define it as you think it ought to be defined.
  3. In what sense does a law of diminishing returns apply to all the factors of production.
  4. State briefly Böhm-Bawerk’s explanation of the source of interest.
  5. What, if any, is the relation of abstinence to interest.
  6. Would you make any distinction between the source of wages and the factors which determine rates of wages? If so, what? If not, why not?
  7. Discuss the question: Is a demand for commodities a demand for labor?
  8. What is the relation of the standard of living to wages.
  9. Discuss briefly the following questions relating to speculators’ profits. (a) Do speculators as a class make any profits? (b) Are speculators’ profits in any sense earned?
  10. In what sense, if any, does the value of money come under the law of marginal utility?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

 

ECONOMICS 2
[Final examination, June 1901]

Discuss the following topics.

  1. The bearing of the marginal utility theory of value upon the questions of wages and interest.
  2. The definitions of capital as given by Taussig and Clark.
  3. Clark’s explanation of the place of distribution within the natural divisions of economics.
  4. Clark’s method of distinguishing between the product of labor and the product of capital.
  5. Clark’s distinction between rent and interest.
  6. Böhm-Bawerk’s theory of the nature of capital.
  7. The origin of capital, according to Böhm-Bawerk and Clark.
  8. The meaning of the word “productive” in the following proposition: “Protection is an attempt to attract labor and capital from the naturally more productive, to the naturally less productive industries.”
  9. The incidence of tariff duties.
  10. The theory of production and the theory of valuation as the two principal departments of economics.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 5, Bound volume: Examination Papers, 1900-01. Papers Set for Final Examinations in History, Government, Economics, Philosophy, Education, Fine Arts, Architecture, Landscape Design, Music in Harvard College (June, 1901), pp. 23-24.

___________________________

Economics 2.
Economic Theory
1901-02

Enrollment
1901-02

For Undergraduates and Graduates:—

[Economics] 2. Asst. Professor Carver.— Economic Theory.

Total 32: 5 Graduates, 6 Seniors, 17 Juniors, 2 Sophomores, 2 Others.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1901-02, p. 77.

ECONOMICS 2.
1901-1902

General Reading. Prescribed.

Marshall. Principles of Economics.
Taussig. Wages and Capital.
Böhm-Bawerk. Positive Theory of Capital.
Clark. The Distribution of Wealth.

References for Collateral Reading. Starred references are prescribed.

I. VALUE.

1. Adam Smith. Wealth of Nations. Book I. Chs. 5, 6, and 7.

2. Ricardo. Pol. Econ. Chs. 1 and 4.

3. Mill.          “        “     Book III. Chs. 1-6.

4.  Cairnes     “        “     Part I.

5.*  Jevons. Theory of Pol. Econ. Chs. 2-4.

6.   Sidgwick. Pol. Econ. Book II. Ch. 2.

7.   Wieser. Natural Value.

8.* Clark. Philosophy of Wealth. Ch. 5

II. DIMINISHING RETURNS.

1.    Senior. Pol. Econ. Pp. 81-86.

2*.  Commons. The Distribution of Wealth. Ch. 3.

III. RENT.

1.   Adam Smith. Wealth of Nation. Book I. Ch. 2. Pts. 1-3.

2.* Ricardo. Pol. Econ. Chs. 2 and 3.

3.   Sidgwick. “     “       Book II. Ch. 7.

4.   Walker.     “     “       Pt. IV. Ch. 2.

5.   Walker. Land and its Rent.

6.  Hyde. The Concept of Price Determining Rent. Jour. Pol. Econ. V.6. p. 368.

7.  Fetter. The Passing of the Old Rent Concept. Q.J.E. Vol. XV. P. 416.

IV. CAPITAL

1.   Adam Smith. Wealth of Nations. Book II.

2.   Senior. Pol. Econ. P. 58-81.

3.   Mill.        “       “       Book I. Ch. 4-6.

4.   Roscher. “      “       Book I. Ch. 1. Secs. 42-45.

5.   Cannan. Production and Distribution. Ch. 4.

6.   Jevons. Theory of Political Economy Ch. 7.

7.  Fisher. What is Capital? Economic Journal. Vol. VI. P. 509.

8.  Fetter. Recent Discussion of the Capital Concept. Q.J.E. Vol. XV. P. 1.

9.* Carver. Clark’s Distribution of Wealth. Q.J.E., Aug. 1901.

V. INTEREST.

1.   Adam Smith. Wealth of Nations. Book I. Ch. 9.

2.   Ricardo. Pol. Econ. Ch. 6.

3.   Sidgwick.  “     “        Book II. Ch. 6.

4*.  Carver. Abstinence and the Theory of Interest. Q.J.E, Vol. VIII. P. 40.

5.    Mixter. Theory of Saver’s Rent. Q.J.E. Vol. XIII. P. 345.

VI. WAGES.

1.   Adam Smith. Wealth of Nations. Book I. Ch. 8.

2*. Ricardo. Pol. Econ. Ch. 5.

3.   Senior.       “       “      Pp. 141-180 and 200-216.

4.   Senior. Lectures. Pp. 1-62.

5.   Mill. Pol. Econ. Book II. Chs. 11, 12, 13, and 14.

6.   Cairnes. Pol. Econ. Part II. Chs. 1 and 2.

7. Sidgwick.  “       “      Book II. Ch. 8.

8.  Walker.     “       “      Part IV. Ch. 5.

9.  Hadley. Economics. Ch. 10.

10*. Carver. Wages and the Theory of Value. Q.J.E. Vol. VIII, P. 377.

VII. PROFITS.

1.   Walker. Pol. Econ. Part IV. Ch. 4.

2.   Hobson. The Law of the Three Rents. Quar. Jour. Econ. Vol. V. P. 263.

3.   Clark. Insurance and Business Profits. Quar. Jour. Econ. Vol. VII. P. 40.

4*.  Hawley, F. B. in Quar. Jour. Econ. Vol. VII. P. 459; Vol. XV. Pp. 75 and 603.

5.    MacVane, in in Quar. Jour. Econ.,  Vol. II. P. 1.

6.   Haynes, in               “     “       “     Vol. IX, P. 409.

Source: Harvard University Archives. HUC 8522.2.1, Box 1 of 10 (Syllabi, course outlines and reading lists in Economics, 1895-2003). Folder: 1901-1902.

 

ECONOMICS 2
[Mid-year examination, 1902]

Discuss the following topics.

  1. The relation of utility to value.
  2. The price of commodities and the price of services.
  3. Various uses of the term “diminishing returns.”
  4. The law of diminishing returns as applied to each of the factors of production.
  5. Prime and supplementary cost: illustrate.
  6. Joint and composite demand and join and composite supply.
  7. Quasi rent.
  8. Real and nominal rent.
  9. Consumer’s rent.
  10. The equilibrium of demand and supply

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 6, Bound volume: Examination Papers, Mid-Years, 1901-02.

 

ECONOMICS 2
[Final examination, June 1902]

  1. State some of the different meanings which have been given to the law of diminishing returns, and define the law as you think it ought to be.
  2. Can you apply the law of joint demand to the wages fund questions?
  3. What is meant by an elastic demand and how does it affect monopoly price.
  4. Discuss Clark’s distinction between capital and capital goods.
  5. Under what conditions would there be no rent, and how would these conditions affect the value of products?
  6. Explain Clark’s theory of Economic Causation.
  7. What is the source of interest?
  8. What is the relation of the standard of living to wages?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 6, Bound volume: Examination Papers, 1902-03. Papers Set for Final Examinations in History, Government, Economics, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College (June, 1902), p. 21.

___________________________

Economics 2.
Economic Theory
1902-03

Enrollment
1902-03

For Undergraduates and Graduates:—

[Economics] 2. Professor Carver.— Economic Theory.

Total 25: 5 Graduates, 8 Seniors, 7 Juniors, 3 Sophomores, 2 Others.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1902-03, p. 67.

 

Course Description
1902-03

For Undergraduates and Graduates

[Economics] 2. Economic Theory. Mon., Wed., Fri., at 2.30 Professors Taussig [sic] and Carver.

Course 2 is intended to acquaint the student with some of the later developments of economic thought, and at the same time to train him in the critical consideration of economic principles and the analysis of economic conditions. The exercises are accordingly conducted mainly by the discussion of selected passages from the leading writers: and in this discussion of selected passages from the leading writers; and in this discussion the students are expected to take an active part. Lectures are given at intervals outlining the present condition of economic theory and some of the problems which call for theoretical solution. Theories of value, diminishing returns, rent, wages, interest, profits, the incidence of taxation, the value of money international trade, and monopoly price, will be discussed. Marshall’s Principles of Economics [4th ed., 1898], Böhm-Bawerk’s Positive Theory of Capital [1888; William Smart translation, 1891], Taussig’s Wages and Capital [1896], and Clark’s Distribution of Wealth [1899] will be read and criticized.

Course 2 is open to students who have passed satisfactorily in Course 1.

Source: Harvard University.  Faculty of Arts and Sciences. Division of History and Political Science Comprising the Departments of History and Government and Economics, 1902-03. The University Publications, New Series, No. 55 (June 14, 1902), pp. 40-41.

 

ECONOMICS 2.
1902-1903

General Reading. Prescribed.

Marshall. Principles of Economics.
Taussig. Wages and Capital.
Böhm-Bawerk. Positive Theory of Capital.
Clark. The Distribution of Wealth.

References for Collateral Reading. Starred references are prescribed.

I. VALUE.

1.  Adam Smith. Wealth of Nations. Book I. Chs. 5, 6, and 7.

2.  Ricardo. Pol. Econ. Chs. 1 and 4.

3.   Mill.          “        “     Book III. Chs. 1-6.

4.   Cairnes     “        “     Part I.

5.*  Jevons. Theory of Pol. Econ. Chs. 2-4.

6.   Sidgwick. Pol. Econ. Book II. Ch. 2.

7.   Wieser. Natural Value.

8.* Clark. Philosophy of Wealth. Ch. 5

II. DIMINISHING RETURNS.

1.  Senior. Pol. Econ. Pp. 81-86.

2.  Commons. The Distribution of Wealth. Ch. 3.

3*. Bullock. The Variation of Productive Forces, Q.J.E., August, 1902.

III. RENT.

1.  Adam Smith. Wealth of Nation. Book I. Ch. 2. Pts. 1-3.

2.* Ricardo. Pol. Econ. Chs. 2 and 3.

3.  Sidgwick. “     “       Book II. Ch. 7.

4.  Walker.     “     “       Pt. IV. Ch. 2.

5.  Walker. Land and its Rent.

6.  Hyde. The Concept of Price Determining Rent. Jour. Pol. Econ. V.6. p. 368.

7.  Fetter. The Passing of the Old Rent Concept. Q.J.E. Vol. XV. P. 416.

IV. CAPITAL

1.  Adam Smith. Wealth of Nations. Book II.

2.  Senior. Pol. Econ. P. 58-81.

3.  Mill.        “       “       Book I. Ch. 4-6.

4.  Roscher. “      “       Book I. Ch. 1. Secs. 42-45.

5. Cannan. Production and Distribution. Ch. 4.

6.  Jevons. Theory of Political Economy Ch. 7.

7.  Fisher. What is Capital? Economic Journal. Vol. VI. P. 509.

8.  Fetter. Recent Discussion of the Capital Concept. Q.J.E. Vol. XV. P. 1.

9.* Carver. Clark’s Distribution of Wealth. Q.J.E., Aug. 1901.

V. INTEREST.

1.   Adam Smith. Wealth of Nations. Book I. Ch. 9.

2.   Ricardo. Pol. Econ. Ch. 6.

3.   Sidgwick.  “     “        Book II. Ch. 6.

4*. Carver. Abstinence and the Theory of Interest. Q.J.E, Vol. VIII. P. 40.

5.   Mixter. Theory of Saver’s Rent. Q.J.E. Vol. XIII. P. 345.

VI. WAGES.

1.   Adam Smith. Wealth of Nations. Book I. Ch. 8.

2*. Ricardo. Pol. Econ. Ch. 5.

3.  Senior.       “       “      Pp. 141-180 and 200-216.

4.   Senior. Lectures. Pp. 1-62.

5.   Mill. Pol. Econ. Book II. Chs. 11, 12, 13, and 14.

6.   Cairnes. Pol. Econ. Part II. Chs. 1 and 2.

 7.  Sidgwick.  “       “      Book II. Ch. 8.

8.  Walker.     “       “      Part IV. Ch. 5.

9.  Hadley. Economics. Ch. 10.

10*. Carver. Wages and the Theory of Value. Q.J.E. Vol. VIII, P. 377.

VII. PROFITS.

1.   Walker. Pol. Econ. Part IV. Ch. 4.

2.   Hobson. The Law of the Three Rents. Quar. Jour. Econ. Vol. V. P. 263.

3.   Clark. Insurance and Business Profits. Quar. Jour. Econ. Vol. VII. P. 40.

4*.  Hawley, F. B. in Quar. Jour. Econ. Vol. VII. P. 459; Vol. XV. Pp. 75 and 603.

5.   MacVane, in in Quar. Jour. Econ.,  Vol. II. P. 1.

6.   Haynes, in               “     “       “     Vol. IX, P. 409.

Source: Harvard University Archives. HUC 8522.2.1, Box 1 of 10 (Syllabi, course outlines and reading lists in Economics, 1895-2003). Folder: 1902-1903.

 

ECONOMICS 2
[Mid-year examination, 1903]

Explain and illustrate any twelve of the following subjects.

  1. Marginal utility.
  2. Elasticity of wants.
  3. The law of diminishing returns from land.
  4. The extension of the law of diminishing returns to other factors than land.
  5. The law of economy of organization (Bullock).
  6. The law of varied costs (Bullock).
  7. The cause of rent.
  8. The law of rent.
  9. Quasi rent.
  10. Joint and composite demand.
  11. Joint and composite supply.
  12. Prime and supplementary cost.
  13. The relation of rent to the price of products.
  14. The effect of the shortening of the working day upon the demand for labor.

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 6, Bound volume: Examination Papers, Mid-Years, 1902-03.

 

ECONOMICS 2
[Final examination, June 1903]

  1. Explain the principal of marginal utility.
  2. Explain the law of diminishing returns and extend it to other factors than land.
  3. What is the relation of cost to value?
  4. What is the relation of rent to value?
  5. What is the relation of waiting to interest?
  6. What is capital?
  7. What is the relation of capital to wages?
  8. Explain joint and composite demand and joint and composite supply.
  9. Does the home consumer necessarily pay the whole of the tariff duty?
    Give reasons for your answer.
  10. Is the value of money determined in all particulars as the value of any other commodity?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 6, Bound volume: Examination Papers, 1902-03. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College (June, 1903), p. 21.

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

 

Categories
Courses Popular Economics Suggested Reading Syllabus

Philadelphia. Money and Banking syllabus for six lectures. Thompson, 1894

 

In an earlier post at Economics in the Rear-view Mirror we met the economist Robert Ellis Thompson who was dismissed from the Wharton School for his support of protectionist policies. He started his career as an educational administrator as president of Central High School in Philadelphia in 1894. In that same year he published the following brief syllabus for six lectures that were offered for an extension course in money and banking.

_______________________

[SERIES D.]

University Extension Lectures
UNDER THE AUSPICES OF
THE AMERICAN SOCIETY
FOR THE
EXTENSION OF UNIVERSITY TEACHING.

SYLLABUS
COURSE OF SIX LECTURES
MONEY and BANKING

BY
PROF. ROBERT ELLIS THOMPSON, S.T.D.,
President of Central High School.

No. 3. Price, 10 Cents.

Copyright 1894, by
The American Society for the Extension of University Teaching.

 

The Weekly Papers. — Every student has the privilege of writing and sending to the lecturer each week, while the course is in progress, a paper containing answers to two or more questions from the lists given at the end of the syllabus. The paper should have at the head of the first sheet the name of the writer and the name of the centre.

The Class. — At the close of each lecture a class will be held. All are urged to attend it and to take an active part. The subjects discussed will ordinarily be those treated in the lecture of the same evening. Where possible a conference will be held at a different hour for the benefit of the students who write weekly papers. Where this is not feasible, a part or the whole of the regular class hour will be given to a discussion of the papers, and under such conditions the subjects discussed will be those treated in the lecture of the previous week. Students are invited to add to their papers any questions, or to suggest any topics relevant to the subject, which may seem to them to require more detailed explanation. All persons attending the lecture are invited to attend the class, whether they have sent in weekly papers or not.

The Examination. — Those students whose papers and attendance upon the class exercises have satisfied the lecturer of the thoroughness of their work will be admitted to the examination at the close of the course. Each person who passes the examination successfully will receive from the Society a certificate in testimony thereof.

Reading. — Students who are writing weekly papers will find it advisable to spend the larger part of the spare time available each week in reading on the subjects treated in the preceding lecture, thus preparing themselves for the conference, or class, and for the writing of the papers. Those who are not writing the papers will probably find it more advantageous to read consecutively one or more of the texts recommended, without particular reference to the order in which the subjects are discussed in the lectures. Students with considerable time at their disposal may be able to combine both methods of study.

Students’ Associations. — The formation of Students’ Associations for reading and study before and after the lecture course, as well as during its continuance, is strongly urged. In every case where this is done, the lecturer would be glad of any opportunity to make special suggestions in advance about books and subjects. The suggestions in this syllabus are of too general a nature for the guidance of these associations. They are intended rather for the use of individual readers whose time and previous knowledge vary widely, and to whom, therefore, no specific direction can be given.

MONEY AND BANKING.
LECTURE I.

DEFINITION AND GENERAL HISTORY OF MONEY.

Money is the instrument of association, and therefore of production, as well as of exchange; and is a standard of value only in a limited sense. Importance of economic Association. How the ordinary definition of money originated. The harm it has done.

The age of barter. Use of cattle as money. Then hides or skins (peltries): Job, colonial America and Hudson Bay territory. Silver and gold desired as ornaments by primitive man. Used as money: (1) by weight; (2) in pieces of shape and value of cattle; (3) as coins since Darius Hystaspis († 485 B.C). Phoenicians and Greeks follow Persian example.

Difficulties attending use of gold and silver: (1) diversion of labor to mining; (2) abrasion; (3) uncertainty as to values.

The two metals vary in relative value. Gold cheaper than silver for a time in some places. Adjustment of value to relative scarcity. Greek ratio 1:13; Roman 1:10. Rise of silver in middle ages. Effect of discovery of America in lowering silver and promoting Association. Ratio of 1785, 1:15.5. Lasts till our time.

Depreciation of coinage in middle ages and later. The English “pound” equals sixty-six shillings. Scotch and American parallels.

Introduction of representative money. (1) Bank notes. Bankers of antiquity. Jews and Caursins in middle ages. Venice and Genoa. English “goldsmith’s notes.” The modern bank note first issued by bank of England. (2) Bills of exchange a form of money. (3) Credit money created on the ledger of a bank. Its volume and use in wholesale trade. Panics attending its contraction and its collapse. Effect of credit and paper money on demand for coin.

Substitutes, tried or proposed, for gold and silver coin. Platinum. Goldoid. The complex unit of value (Ricardo and Andrews).

LECTURE II.
THE HUME-TORRENS THEORY OF MONEY.

The mercantilists exaggerate the importance of money. Their justification. Reaction seen in Turgot: “Money is a commodity like any other.” Hume forms a theory of its passivity in relation to the industrial movement: “More money means higher prices; less money means lower prices.” Temporary effect of increase on production admitted. Permanent denied.

Theory not verified by facts, though widely current among economists, even of the latest school. Tooke and Newmarch’s “History of Prices” disproves it for England. American experience and that of Japan and of Portugal.

Rejected by the business world. “Mercantilism of the Money Article” (Stanley Jevons). The struggle for gold.

Relation of the theory to international trade. “Export of money secures more useful commodities in exchange.” Money the most useful of commodities. Like an irreplaceable rolling-stock. Shall we exchange power for the products of power? “Export of money makes a country a good place to buy in by lowering prices, and thus secure a readjustment.” No case given in illustration. Our present situation. The effect of an abundance of money on prices may be to lower them. Carey’s shilling in Thibet. Gold and raw materials move on same lines. “Money goes to where the demand is greatest.” “Demand” is not need, but such a need as carries with it the means of supply. Physical analogies mislead. No “abhorrence of a vacuum” in economics. “To him that hath shall be given.”

LECTURE III.
THE SILVER PROBLEM.

Meaning of value. No fixed values. Progress reduces them steadily. In other things this a gain however fast the reduction. In money, a calamity, if metals fall faster than average of commodities. Equally a calamity if rise in value.

Silver precedes gold. The coinage of the majority. First disturbed by English legislation in 1819, following Bullion Report of 1810. Imitated by the United States in 1835. Rise of a monometallist school. Gold discoveries of 1840-54 alarm economists. Chevalier and Cobden propose its demonetization. Great silver deposits found in Nevada cause a new alarm. Dr. Linderman’s exaggerated estimates. The Latin Union (1865-1881), to sustain silver. First Monetary Conference of 1867, and America’s strange attitude. The Franco-Prussian war-indemnity paid in gold (1871), and used to replace the silver coinage of Germany. Effect on the silver market. Holland and the Scandinavian States abandon silver. First attempt to retrieve silver by Bland Law of 1879. The new ratio, 1:16. Failure of the attempt. Mr. Windrim’s plan of silver certificates redeemable at market rates only partly adopted. The recent depression traced to silver, and its coinage stopped. Why this the best policy.

The Indian situation. A policy of improvements after 1858. Debt contracted in England to be paid in gold. Sale of exchange on Calcutta depends on market price of silver, so long as Indian mints are open. The mints closed to maintain price at sixteen pence for the rupee. Will the policy succeed? Hardships of public servants in India. Relief by bimetallism.

“Why not go on with gold?” Coin rises in value rapidly; amount and supply small; and military chests. All debts increased in real amount, e.g., our national debt. Hence unwillingness to borrow. Equally bad if silver alone. Effect on savings banks. Can an international ratio be maintained?

LECTURE IV.
THE HISTORY OF ENGLISH BANKING.

A bank exists to convert a portion of the property and credit of the community into the instrument of industrial Association. Sometimes the nation undertakes the work by issue of paper money. Some claim this power to borrow from the community without paying interest should be a government monopoly [sic]. Peel and Gladstone. Objections: the excessive centralization of money issues in a big country; and no government could create pure credit money.

Departments of a bank: (1) Discount (or credit) business, making advances on mercantile paper (England and America) or permanent bonds (Scotland). Interest charged and collected in advance; (2) its work as a clearing-house between its own customers, and as a branch of a larger clearing-house; (3) its issue department, supplying money for those who keep no bank account; (4) its acceptance of money on deposit to maintain its reserve. Not to be confounded with the “deposits” of the reports.

First banks simple. Venice an association of public creditors. Genoa an association of usurers. Bank of England (1694) a modern bank. Demand notes, check payments, discounts, etc. Its half-public character: “Run on the bank, and stop the Duke!” Reconstruction in 1844 by Peel’s Bank Act. Objections to that legislation and to its effects. Fear of over-issue since 1810. Helps to make panics.

Recent changes by abolishing monoply [sic]. Joint stock banks. England’s vast loans, e.g., to Argentine Confederation and Australia. The Baring panic of 1891, and its continuance.

LECTURE V.
BANKING IN SCOTLAND AND IN AMERICA.

The condition of Scotland in 1695. Thriftlessness and poverty of the people. Hot tempers. Contrast with the modern Scotchman. Change due to many influences.

The Bank of Scotland (1695), the first private banking corporation. Growth of the system. It includes agriculturists as well as trades, and creates manufactures. It supplies paper money to a moneyless country. Scott’s testimony as to its effects. Copied in Scandinavian States.

(1) Based on mutual responsibility of customers, while English banks deal with individuals or single firms. The joint-bond plan; (2) interest charged only on money used. No pressure to speculate; (3) local banks do local business. Country traders pay cash by check on home bank. No “insurance” in the prices they pay; (4) safety of the method. Three failures in two hundred years.

Scotland accepts the union on condition of keeping her own institutions. Her church and her banks peculiarly her own. England meddles with both. Proposal of 1826 defeated by Scott. Legislation of 1844 forbids extension of Scotch bank circulation.

America copies English banking. Robert Morris refuses loans to farmers. Great debate on repeal of charter of Bank of North America. First bank of the United States (1791-1811). Interregnum of State banks (1811-1816). Free trade in money. “The Little Frenchman.” The Second Bank of the United States (1816-1836) and Jackson’s war on it. Was he right? The Independent Treasury system. Second interregnum of State banks (1836-1863). “Wild cat” banks. The Bank of Athens discovered.

Bank loans to government at opening of the war. Secretary Chase issues treasury notes, convertible into bonds. Plans a banking system to sustain market for bonds. Taxes State bank circulation out of existence. Merits and defects of his plan. The decline of bank-note circulation. Demand for State banks, or for abolition of banks of issue.

LECTURE VI.
THE PRESENT AND THE FUTURE.

Our actual currency: Gold coin diminishing in amount; silver coin and certificates fallen and falling in value; treasury notes fixed in amount, with the fund for redemption disappearing; national bank-notes vanishing with redemption of debt.

Proposals: (A) Unlimited issue of national notes by treasury. (B) Free coinage of silver at present ratio, involving the adoption of the silver standard. (C) The extension of the circulation of the national banks on the basis of a first lien on the bank’s capital. (D) The restoration of State banks of issue of such sort as each State may choose. (E) The establishment of local institutions of credit by the national government to accommodate farmers by loans on their crops. (F) Perseverance in the single gold standard policy and gradual elimination of silver. B and E, and C and generally united. A and B tend to centralization: A, B, and probably D, would be as injurious to creditors as F  to debtors. C offers inadequate security.

To combine all advantages sought: A new banking system, like that of Scotland, with deposits of any kind of government bonds as security for circulation. Features of Land Banks and People’s Banks on the European continent might be included. Mutual responsibility, localization of issues and of business, adjustment of money supply to actual need, its value changing with that of commodities generally.

Works of reference: Stephen Colwell’s “Ways and Means of Payment” (Philadelphia, 1859); A.S. Bolles’s “Financial History of the United States” (New York, 1880-86) [Vol 1, 1774 to 1789; Vol 2, 1789-1860; Vol 3, 1861-1885]; J.L. Laughlin’s “History of Bimetallism in the United States” (New York, 1886); Van Buren Denslow’s “Principles of Economic Philosophy” (New York, 1888); Francis A. Walker’s “Money, Trade and Industry” (New York, 1879); R.H. Patterson’s “Economy of Capital” (Edinburgh, 1870), and “The New Golden Age” (London, 1882) [Volume I; Volume II].

 

Source: Robert Ellis Thompson, Syllabus of a course of six lectures on money and banking. Philadelphia, 1894.

Image Source: Robert Ellis Thompson, ca. 1880. University of Pennsylvania. University Archives & Record Center. Web series “Penn People”.

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Exam Questions Harvard Suggested Reading Syllabus

Harvard. Economics of Social Security. Reading list and exam. Harris, 1951

 

While the following syllabus was filed with the Harvard economics syllabi for 1951-52, Seymour Harris’ course on the economics of social security was actually not offered that year. It was offered during the spring term of 1950-51 for which there is a final exam to be found. Both the course reading list and the exam are transcribed below.

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Course Announcement

Economics 186 (formerly Economics 86a). Economics of Social Security

Half-course (spring term). Mon., Wed., and (at the pleasure of the instructor) Fri., at 12. Professor Harris.

Economics 286 (formerly Economics 186b). Social Security and its Relation to Fiscal and Cycle Problems

Half-course (spring term). Mon., Wed., and (at the pleasure of the instructor) Fri., at 12. Professor Harris.

This course treats of the United States Social Security programs primarily, and foreign areas secondarily. Unemployment, health, old age insurance, education receive much attention; also assistance programs. Methods of finance, relations to economic activity, effects on income distribution are also considered.

Source: Harvard University Archives. Courses of Instruction, Box 6. Official Register of Harvard University vol. 47, no. 23 (September, 1950). Final Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences during 1950-51, pp. 82-83, 89.

____________________

Prof. S. E. Harris

Economics 186 and 286
1951

I. Social Security and the National Economy—Four weeks

Philosophy; problems of distribution; monetary, financial and cyclical aspects; broad outlines of the American and British systems.

Assignment:

E. Burns: The American Social Security System, Chs. 1-3

Haber and Cohen: Readings in Social Security, Chs. 1-3

Suggested readings:

*The Beveridge Report (Social Insurance and Allied Problems)

+*W.R. Robson (Ed.): Social Security

R.C. Davison: The Unemployed

*R.C. Davison: British Unemployment Policy

S.E. Harris: Economics of Social Security, pp. 1-161

A.H. Hansen: Full Recovery or Stagnation? pp. 137-192

III. Attacks on Insecurity

The Old Age Problem—Two weeks

Assignment: Burns, Chs. 4,5; Haber-Cohen, pp. 249-322

Assistance—One week

Assignment: Burns, Chs. 11, 12

Unemployment—Two weeks

Assignment: Burns, Chs. 6,7; Haber-Cohen, Ch. 4

Sickness and Health Insurance—Two weeks

Assignment: The Practitioner, pp. 1-61; Haber-Cohen, Ch. 6

Veterans

Assignment: Burns, Ch. 10

 

Suggested Readings:

H.M. Stationary Office: Social Insurance, Part I, 1944

The Final Report of the Committee on the Costs of Medical Care, 1932

Backman and Meriam: The Issue of Compulsory Health Insurance (The Brookings Institution)

+S.E. Harris: Economics of Social Security, pp. 162-443

*Recommendations for Social Security Legislation: Reports of the Advisory Council on Social Security to the Senate Committee on Finance, 1949.

The Nation’s Health: A Ten Years Program

+Millis and Montgomery: Labor’s Risk and Social Insurance

*Report to the President of the Committee on Economic Security, 1935

*Reading period: Any one of these items.

+Graduate students: Read 300 pages additional from one of these three items (but exclusive of your reading period choice) and write a 2500-word comment on the additional reading.

Source: Harvard University Archives, Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 5, Folder “Economics, 1951-1952 (2 of 2)”.

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1950-51
HARVARD UNIVERSITY

ECONOMICS 186 AND 286
[Final Examination. June, 1951]

Economics 186: Answer five questions, including number 6.

Economics 286: Answer four questions, including numbers 5 and 6.

Indicate Class next to your name.

  1. “Under the British National Health Service Act, the relative position of practitioners, nurses, specialists, dentists, obstetricians, and the relative outlays on various services have been affected.” Discuss this quotation on the basis of your reading in The Practitioner and lectures.
  2. Compare the present status of British and American programs of social security.
  3. Give the main provisions, major weaknesses, and suggest methods of improvement of the U.S. Unemployment Insurance Program.
  4. Under Old Age Insurance (U.S.A.), the problem of appropriate benefits is a difficult one. Consider some of the crucial problems raised in developing appropriate benefits.
  5. Relate the problem of economic fluctuations to the American Social Security program.
  6. Summarize and comment on the reading period assignment. (30 Minutes.)

Source: Harvard University Archives. Final Examinations, 1853-2001. Box 27. Papers Printed for Final Examinations [in] History, History of Religions,…,Economics,…, Air Sciences, Naval Science. June, 1951.

Image Source: Seymour Harris in the Harvard Class Album 1957.

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Exam Questions Harvard Suggested Reading

Harvard. Readings, exams for business cycles. Hansen and Haberler, 1942-44

Materials from the 1941-42 course in business cycles co-taught by Gottfried Haberler and Alvin Hansen have been posted earlier. This post adds material for the same courses offered in the next two years.

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Enrollment, 1942-43

45a. [and 145a] (winter term) Professors Hansen and Haberler.—Business Cycles.

Total 45: 10 Graduates, 15 Seniors, 13 Juniors, 5 Sophomores, 1 Public Administration, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1942-43, pp. 47.

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SPECIFIC READING ASSIGNMENTS IN ECONOMICS 45a
1943

  1. Types of Cycles and Statistical Materials(about 3 weeks)
    1. Haberler: Prosperity and Depression, Chapters 1, 9, 10,11
    2. Hansen: Fiscal Policy and Business Cycles, Chapters 1,2
    3. Schumpeter: Business Cycles, pp. 325-351
    4. Schumpeter: “Analysis of Economic Change,” Review of Economic Statistics, May, 1935
    5. Kondratieff: “The Long Waves in Economic Life,” Review of Economic Statistics, November 1935
    6. Federal Reserve Chart Book (Available at the Coop. 50¢)
  2. General Theoretical Analysis
    1. Hansen: Full Recovery or Stagnation?, Chapters 1-2
    2. Haberler: Prosperity and Depression, Chapters 2-4: 7-8; 13
    3. Hansen: Business Cycle Theory, Chapter 4
    4. Hansen: Fiscal Policy and Business Cycles, Chapters 11,12
    5. Wilson, T., Fluctuations in Income and Employment, (Pitman) 1942.
    6. Hansen: Full Recovery or Stagnation?, Chapters 16-20
  3. Reading Period (Choose A or B):
    1. 1. Mitchell: “Business Cycles,Encyclopedia of the Social Sciences, Vol. 3, pp. 92-106.
      2. Hansen: Fiscal Policy and Business Cycles, Chs. 3-5; 16-17; 23-24.
    2. Clark, J.M.: Strategic Factors in Business Cycles (entire book).

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

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DEPARTMENT OF ECONOMICS
Reading Period
April 26-May 8, 1943

Economics 45a: Choose A or B:

A.

(1) Mitchell, “Business Cycles, Encyclopedia of the Social Sciences, Vol. 3, pp. 92-106.
(2) Hansen, Fiscal Policy and Business Cycles, Chs. 3-5; 16-17; 23-24.

B. Clark, J.M., Strategic Factors in Business Cycles(entire book).

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

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1942-43
HARVARD UNIVERSITY

ECONOMICS 45a
[Final examination, May 1943]

I
(Answer any four questions in Part I)

  1. If the downward movement is cumulative why should it ever come to an end short of zero employment?
  2. Discuss cycles of different length and their possible interrelation and causation. Say something about the literature and state your own opinion.
  3. How is the business cycle as a whole, or particular phases of it, likely to be influenced by the widespread existence of monopolies? State your own opinion and give your reasons for it and, if you like, report about other people’s views.
  4. Is it circular reasoning to say that consumption depends on investment as explained by the multiplier and that investment depends on consumption as stated by the acceleration principle?
  5. “The kind of wave-like movement, which we call the business cycle, is incident to industrial change and would be impossible in an economic world in which there are no industrial innovations and discoveries.” Discuss.
  6. Why is it that the production of durable goods shows wider percentage fluctuations than that of perishable goods? Is this a cause or consequence of the cycle? Suppose by social security payments or otherwise, consumer spending were kept on an even keel (constant or steadily rising), could fluctuations in output and employment then arise?

II
(Answer either A or B)

  1. Discuss the relation of population growth to the business cycle.
  2. What are Clark’s findings about the amplitude of fluctuation in various series? Are these useful in explaining the business cycle?

Source:Harvard University Archives. Final Examinations, 1853-2001. Box 7. Papers Printed for Final Examinations: History, History of Religions,…, Economic,…, Military Science, Naval Science. May, 1943.

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Enrollment, 1943-44

45a. (winter term) Professor Hansen.—Business Cycles.

Total 34: 4 Seniors, 6 Juniors, 2 Sophomores, 2 Freshmen 3 Public Administration, 6 Radcliffe, 9 Navy V-12, 2 ROTC.

145a. (winter term) Professor Hansen.—Business Cycles and Economic Forecasting.

Total 8: 4 Graduates, 3 Public Administration, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1943-44, pp. 56, 58.

______________________

1943-44
HARVARD UNIVERSITY

ECONOMICS 45 and 145
[Final examination, February 1944]

  1. Discuss and compare the explanations of the cycle as developed by the following writers:
    1. Schumpeter
    2. Spiethoff
    3. Keynes
  2. Give a full discussion of the factors that bring about a termination of the boom—in short, an explanation of the upper turning point in the cycle. In this connection introduce the views of different cycle theorists, and consider the role of the acceleration principle.
  3. (Undergraduates should choose one of the following; graduates must write on )
    1. What are the strategic factors in business cycles according to Clark?
    2. With respect to Mitchell, discuss:
      1. “specific cycles” and “business cycles”
      2. The various phases of the business cycle.

Source: Harvard University Archives. Final Examinations, 1853-2001. Box 8. Papers Printed for Final Examinations: History, History of Religions,…, Economic,…, Military Science, Naval Science. February, 1944.

Image Source:  Alvin Hansen and Gottfried Haberler in the Harvard Class Album, 1942.