Category: Suggested Reading

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Exam Questions Harvard Suggested Reading

Harvard. Programs of Social Reconstruction. Readings and Exam. Mason, 1929

Edward S. Mason took over Thomas Nixon Carver’s course (Economics 7b Programs of Social Reconstruction) beginning in the second term of 1926-27. According to the course description, the course nominally covered the radical programmes of “socialism, communism, anarchism and the single tax”, but the memory of Henry George had faded by this time. Utopian socialism and communism together with anarchism were the focus of the course.  Thanks to the student notes of Albert Gailord Hart from 1929, we are able to sketch an outline of this relatively popular advanced undergraduate/graduate course in the Harvard economics curriculum.

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Thomas Nixon Carver on handing over his course

By bringing [John D.] Black and [Pitirim] Sorokin to Harvard I was helping to make myself unnecessary. They took over two courses which I had created and developed [for agricultural economics and sociology, respectively]. I contributed further to my own elimination by relinquishing another course which I had developed and made influential—my course on methods of social reform. The tutorial system brought into the department a number of young men who were not content to be mere tutors but were anxious to give courses of their own. Among these was a promising young man—Edward S. Mason. I yielded to the suggestion that I let him take over the above-mentioned course, while I concentrated on economic theory. I was planning a course on the economic functions of government, but before I had time to offer it the time came for me to retire. I had reached the retiring age in the year 1932.

Source:   Thomas Nixon Carver, Recollections of an Unplanned Life (1949), p. 212.

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Edward S. Mason remembers…

…My doctoral dissertation had been in the field of international trade, dealing with a type of price discrimination designated by the not very attractive title of “dumping.” It was submitted in 1925 but the appearance, shortly before it was completed, of a book on the same subject, and with the same title, by Jacob Viner, precluded working over the manuscript for publication. I then interested myself in the writings of 19th century socialists and published a number of articles on them in the Quarterly Journal. This trend of thought culminated in the publication of a not very good book on the Paris Commune (of 1871) in 1930. Although I continued to be interested in this field and taught for a number of years Carver’s old course on Socialism and Social Reform, my attention shifted beginning around 1930 to the area of corporations, industrial organization, and the regulation of business….
Source:  Edward S. Mason, A Life in Development: An Autobiography (2004), p. 31. Copy in the Harvard Archive: Box 1 of Papers of Edward Sagendorph Mason.

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Course Announcement

[Economics] 7b 2hf. Programmes of Social Reconstruction

Half-course (second half-year). Mon., Wed., and (at the pleasure of the instructor). Fri., at 10. Asst. Professor Mason.

A comparison of the various radical programmes, such as socialism, communism, anarchism and the single tax, the theories upon which they are based, and the grounds of their attack upon the present industrial system. An examination of the various criteria of distributive justice, and of the social utility of the institution of property. A comparison of the merits of liberalism and authoritarianism, of radicalism and conservatism. An analysis also of the present tendenccies toward equality under liberalism in this country.

Source:  Official Register of Harvard University Vol. XXV, No. 29 (May 26, 1928). Division of History, Government, and Economics, 1928-29, p. 68.

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Course Enrollment

7b 2hf. Asst. Professor Mason.—Programs of Social Reconstruction.

6 Graduates, 38 Seniors, 27 Juniors, 1 Freshman, 5 Other: Total 77.

 

Source: Harvard University. Reports of the President and the Treasurer of Harvard College 1928-1929, p. 72.

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Course Assignments
[from Albert Gailord Hart’s student notes]

Texts and Links

Bober, Mandell Morton. Karl Marx’s Interpretation of History. Cambridge, MA: Harvard University Press, 1927. (2nd edition, 1948).

De Man, Hendrik.  Psychology of Socialism, London, Allen & Unwin. 1928 Translation of  Zur Psychologie des Sozialismus. Jena, E. Diederichs, 1927.

Gide, Charles and Charles Rist. A History of Economic Doctrines from the Time of the Physiocrats to the Present Day. Translation from the second revised and augmented edition of 1913 by R. Richards. London: George G. Harrap & Company, 1915.

Skelton, Oscar Douglas. Socialism: A Critical Analysis. Cambridge, MA: Riverside Press, 1911. [Chicago Ph.D. dissertation].

Marx, Karl and Frederick Engels. Manifesto of the Communist Party (English translation authorized by Engels, 1908).

Report of the Liberal Industrial Inquiry, Britain’s Industrial Future, 1928.

Kropotkin. The Conquest of Bread (1907).  Modern Science & Anarchism (1908).

Webb, Sidney and Beatrice. A Constitution for the Socialist Commonwealth of Great Britain (1920).

Lenin, V. Imperialism, the Highest Stage of Capitalism (1916). The State and Revolution (1917).

Assignments as recorded in Hart’s notes

Gide & Rist II, I-III

Book II: The Antagonists.

Chapter I (Sismondi and the origins of the critical school);
Chapter II (Saint-Simon, the Saint-Simonians, and the beginnings of collectivism);
Chapter III (The associative socialists—Robert Owen, Charles Fourier, and Louis Blanc)]

M. M. Bober—[Karl] Marx[’s] Ec[sic] Int[erpretation of] Hist[ory]

Part I: The Material Basis of History
Part II: The Human Element in History
Part III: The Ideological Element in History]
Part IV. [The Trend of History]

De Man Psychology of Soc[ialism]  Part I;  IV  1-4. Finish De Man in April.

Communist Manifesto—Marx & Engels

Skelton’s “Socialism” I-III, VIII, IX

I: Introduction
II: The Socialist Indictment
III: The Indictment Considered
VIII: The Modern Socialist Ideal
IX: The Modern Movement

 

RP [reading period]

one [of]

  1. Report   Lib[eral] Industr[ial] Committee [sic, ]
  2. Kropotkin. Conquest of Bread  200 [pages]
    [Modern] Science & Anarchism 100 [pages]
  3. S. Webb—Plan of [“a Constitution for the Socialist Commonwealth of Gr[eat] Br[itain]]
  4. V. Lenin—Imperialism
    The State and Revolution

Source: Columbia University Libraries. Manuscript Collections. Albert Gailord Hart Papers. Box 60, Folder “Mason Micro 1929”.

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Final Examination
1928-29
Harvard University
ECONOMICS 7b2

I

Write an hour on one of the following.

  1. Discuss the nature of the state in a capitalist and in a socialist society according to Levin.
  2. What does Kropotkin mean by anarchism?
  3. [✓] To what extent is the report of the Liberal Industrial Enquiry socialist?
  4. Do the essential changes proposed in Sydney Web’s “Plan,” seem to you uneconomic? Why or why not?
  5. Discuss Shaw’s case for the equal distribution of income.

II

Answer two including the first.

  1. [✓] “Marx’s recognition of the fact that profits percent tend towards equality sounded the death knell of his theory of value.” Discuss.
  2. [✓] “In competitive advertising we have a typical waste of the system of production for profit and one which a socialist society could quickly eliminate.” Discuss.
  3. “Granted the best intelligence on the part of mass production industries as to scientific analysis of demand, it still remains true that the domestic market cannot long hope to keep up with the rapidly advancing capacity of machines and skilled management to turn out goods.” Discuss.

III

Answer two including the first.

  1. [✓] De Man maintains that, “the desire for responsible self-government in industry, essentially democratic, is fundamentally alien to Marxist thought.” Why does he think so?
  2. What do the Socialists mean by economic imperialism and how do they explain it?
  3. [✓] Discuss the significance in socialist thought one of the following: Fourier, Proudhon, Louis Blanc, Sismondi, St. Simon.

Source:  Columbia University Libraries, Manuscript Collections. Albert Gailord Hart Papers, Box 60, Folder “Exams CHI Qualifying [sic]”. Note: the checkmarks indicate which questions Hart chose to answer.

Image Source:  Edward S. Mason from the Harvard Classbook, 1934.

Categories
Economic History Exam Questions Harvard Suggested Reading Syllabus

Harvard. Development of Industrial Society. Course outline, readings, exam. Usher, 1933-34

 

An earlier post provides biographical information as well as links to other economic history courses taught by Abbott Payson Usher at Harvard. This post provides course enrollment data, outline and reading assignments, and the final examination questions for Usher’s course on the industrial history of western Europe up through English industrialisation.

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Course Enrollment

[Economics] 10b1 hf. Associate Professor Usher. – The Development of Modern Industrial Society, 1450-1850.

Total, 12: 10 Graduates, 2 Juniors.

 

Source: Harvard University. Report of the President of Harvard College 1933-34, p. 85.

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Reading, Economics 10b.
1933-34.

  1. Industrial Development, 1450-1850. To be completed, Oct. 30.

Bober, M.M. Karl Marx’ Interpretation of History, pp. 192-201.

Parsons, T. Capitalism in recent German Literature, Journal of Political Economy, vol. 36, pp. 641-661; vol. 37, pp. 31-51.

Usher, A.P. History of Mechanical Inventions, pp. 1-31, 221-355.

Mantoux, P. The Industrial Revolution in the 18thCentury, pp. 47-93, 193-317, 349-452.

Nef, J.U. The Rise of the British Coal Industry, I, 19-22, 165-189; II, 319-330.

Usher, A.P. Industrial History of England, 195-224, 247-271, 314-380.

Webb, S. and B. History of Trade Unionism, pp. 57-161.

  1. The reorganization of the agrarian system. To be completed, Nov. 13.

Mantoux, P. The Industrial Revolution in the 18thCentury, pp. 140-160.

Ernle, Lord. English Farmers Past and Present, (ed. 1917, 1919, 1922.) pp. 55-102, 148-175, 290-315.

Clapham, J.H. The Economic Development of France and Germany, pp. 6-52.

Renard, G. and Weulersse, G. Life and Labor in Modern Europe, pp. 205-247. (French ed. pp. 272-330.)

  1. The Rise of Economic Liberalism. To be completed, Nov. 27.

Armitage-Smith, G. Free Trade and its Results, pp. 39-61.

Marshall, Industry and Trade, (1923) 749-766. (British Move. to F.T.)

Barnes, D.G. History of the English Corn Laws, pp. 68-98, 117-156, 239-284.

Ashley, P. Modern Tariff History, (3rd. Ed.) pp. 3-132.

  1. The Beginnings of the Railroad. To be completed, Dec. 8.

Pratt, E.A. A History of Inland Transport in England, pp. 165-185, 195-257.

Usher, A.P. Industrial History of England, pp. 431-458.

Raper, C.L. Railway Transportation, pp. 61-82, 134-149, 166-177.

Clapham, J.H. Economic History of Modern Britain, I, pp. 75-97.

  1. The Rise of the Bank of England, To be completed, Dec. 22.

Richards, R.D. The Early History of Banking in England, pp. 23-64, 132-175, 189-201.

Andreades, A. History of the Bank of England, pp. 60-71, 284-294, 312-331, 370-389.

Silberling, N.J. The Financial and Monetary Policy of Great Britain during the Napoleonic Wars, Q.J.E., vol. 38, pp. 214-233, 397-439.

Clapham, J.H. Economic History of Modern Britain, II, pp. 333-385.

Reading Period

Economics 10b.

Readings for the graduate members of the course will be found posted in the Graduate Economics Library.

Undergraduates are to read 350 pages from any two of the following titles:

(1) Ashton, T.A., Iron and Steel in the Industrial Revolution.
(2) Nef, J.U., The Rise of the British Coal Industry.
(3) Wadsworth, A.P. and J. Mann, The Cotton Trade and Industrial Lancashire.
(4) Chapman, S.J., The Lancashire Cotton Industry.
(5) Daniels, G.W., The Early English Cotton Industry.

 

Source: Harvard University Archives. Syllabi, Course Outlines and Reading Lists, 1895-2003. Box 2, Folder “Economics 1933-34”.

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European Industry and Commerce
1450-1850
Books for review.

Moffit, Louis W. England on the eve of the Industrial Revolution.

Bowden, Witt. Industrial society in England towards the end of the eighteenth century.

Redford, Arthur. Labour migration in England, 1800-1850.

Tawney, R.H. Religion and the rise of capitalism.

Weber, Max. The protestant ethic and the spirit of capitalism.

Warner, Wellman J. The Wesleyan movement in the Industrial Revolution.
and
Grubb, Isabel. Quakerism and Industry before 1800.

Daniels, George W. The early English cotton Industry.

Wadsworth, A.P. and Mann, Julia. The Cotton Trade and Industrial Lancashire, 1600-1780.

Unwin, George. Samuel Oldknow and the Arkwrights.

Heaton, Herbert. The Yorkshire Woollen and Worsted industries.

Ashton, Thomas. Iron and Steel in the Industrial Revolution.

Ashton, T. and Sykes, J. The Coal Industry of the eighteenth century.

Roll, Erich. An experiment in Industrial organization.

Allen G.C. The Industrial development of the Black Country.

Hovell, Mark. The Chartist movement.

Pomfret, J.E. The struggle for land in Ireland.

Albion, Robert. Forests and Sea Power.

Ackworth, A.W. Financial reconstruction in England, 1815-22.

Lord, J. Capital and Steam Power.

Brady, Alexander. William Huskisson.

Ramsay, Anna. Sir Robert Peel.

Cole, G.D.H. Life of William Cobbett.

Jenks, L.H. Migration of British Capital to 1875.

Siegfried, A. La crise Britannique au XXe siècle.

Rappard, William. La révolution industrielle et les origines de la protection légale du travail en Suisse.

Lewinski, Jan de St. L’évolution industrielle de la Belgique.

Hammond, J.L. The age of the Chartists.

Hammond, J.L and B. The skilled labourer.

______________. The rise of modern industry.

Bessemer, Sir Henry. Autobiography.

Wallas, Graham. Life of Francis Place.

Berdrow, W. Krupp: a great business man seen through his letters.

Roe, J. W. British and American Toolmakers.

[handwritten additions follow]

Ballot, Charles. L’introduction du machinisme dan l’industrie française.

Sée, H. Modern Capitalism.

Sée, H. L’Évolution commerciale et industrielle de la France.

Hauser, H. Les débuts du capitalisme.

Boissonnade, G. Colbert et la dictature du travail.

Source: Harvard University Archives. Syllabi, Course Outlines and Reading Lists, 1895-2003. Box 2, Folder “Economics 1933-34”.

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Final Examination

HARVARD UNIVERSITY
ECONOMICS 10b2
June 1934

I
(About one hour.)

  1. Write an essay on one of the following topics:
    1. Graduates:
      the position of Malthus in the light of historical studies of population,
      primary factors affecting the increase of population in the eighteenth or early nineteenth century,
      vital indices and the measurement of material well-being,
      biological laws of population growth,
      the processes of invention and achievement.
    2. Undergraduates:
      an episode in the history of any one of the following industries, cotton, coal, or iron,
      Sée’s concept of modern capitalism and its development, the processes of invention and achievement.

II
(About two hours.)
Answer four questions.

  1. Discuss the development of the factory system in the eighteenth century.
  2. In what ways did the introduction of crop rotations furnish motives for the enclosure of arable land.
  3. What were the purposes of the Corn Laws in the period 1815 to 1840? What was the actual effect of these laws?
  4. Describe the relations between the State and the Railways in France, 1840-1883.
  5. Sketch the development of central banking in England to 1860.

Source: Harvard University. Examination Papers, Finals 1934. (HUC 7000.28) Vol. 76 of 284.

Image Source: Abott Payson Usher faculty picture in Harvard College, Class Album 1939.

Categories
Harvard Socialism Suggested Reading Syllabus Undergraduate

Harvard. Undergraduate economics syllabus. Socialism, O.H. Taylor, 1955

 

 

The economics of socialism was a regular undergraduate course offering at Harvard from the turn of the twentieth century to well into the second half of the century. Besides the syllabus with assigned readings  along with the final examination questions.

Transcriptions of related course materials at the following links:

Economics of Socialism (Ec 111) taught by Taylor in 1952-53

Economics of Socialism (Ec 111) taught by Schumpeter, Taylor with lectures by Gerschenkron and Galenson in 1949-50.

Economics of Socialism (Ec 11b) taught by Schumpeter in 1945-46

Economics of Socialism (Ec 11b) taught by Schumpeter in 1943-44

Economics of Socialism (Ec11b) taught by Sweezy in 1939-40

Economics of Socialism (Ec11b) taught by Mason and Sweezy in 1937-38

Programs of Social Reconstruction  (Ec 7c) taught by Mason  in 1933

Economics of Socialism, Anarchism and the Single Tax  (Ec 7b) taught by Carver  in 1920

Socialism and Communism (Ec 14) taught by Carver and Bushnee in 1901-02

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Course enrollment

[Economics] 111. Socialism. Dr. O. H. Taylor. Half course. (Spring)

Total, 9: 1 Graduate, 3 Seniors. 1 Junior, 1 Sophomore, 3 others.

 

Source:  Harvard University. Report of the President of Harvard College, 1954-55. P. 89.

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Course Syllabus

HARVARD UNIVERSITY
Department of Economics
Spring Term, 1955

Economics 111

  1. Feb. 2-11. Pre-Marxian Socialism.

Reading due Feb. 11: H. Laidler, Social-Economic Movements, chs. [8-12]

Wed., Feb. 2. Introductory Lecture, about the course.

Fri., Feb. 4. Lecture: Antecedents of Socialist thought in European culture — ancient, mediaeval, and early-modern.

Mon., Feb. 7. Lecture: Antecedents of socialist thought, II—The “enlightenment,” liberalism, and socialism; A. Smith, Bentham, Ricardo, and others.

Wed., Feb. 9. Lecture: The “utopian” socialists—St. Simon, Fourier, and R. Owen.

Fri., Feb. 11. Discussion.

  1. Feb. 14-Mar. 4. Marxian Socialism—the Doctrinal System of Karl Marx.

Reading due Feb. 18: Marx and Engels, The Communist Manifesto
J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part I

Mon., Feb. 14. Lecture: “Utopian” socialism, Hegel, Ricardo, and Marx’s “scientific” socialism.

Wed., Feb. 16. Lecture: Hegel and Marx, philosophers of history; and Marx’s “science” of society and history.

Fri., Feb. 18. Discussion.

Reading due Feb. 25: P. M. Sweezy, Theory of Capitalist Development, parts I, II.

Mon., Feb. 21. Lecture: Marx’s economics. 1—Theories of value, wages, surplus value, accumulation of capital, and evolving capitalism.

Wed., Feb. 23. Lecture: Marx’s economics. 2—Theory of capitalism’s evolution and decline or life-cycle; crises (business cycle), change from competitive to monopoly capitalism, and transition to socialism.

Fri. Feb. 25. Discussion.

Reading due Mar. 4: P. M. Sweezy, Theory of Capitalist Development, Part IV.
J.A. Schumpeter, Capitalism, Socialism, and Democracy, Part II.
O. H. Taylor article, “Schumpeter and Marx,” Quarterly Journal of Economics, November 1951.

Mon., Feb. 28. Lecture: Modern Marxist (Communist) additions to Marx’s doctrines about capitalism in decline, and the transition; theory of “imperialism,” etc.

Wed., Mar. 2. Lecture: Schumpeter and Marx—two views of capitalism and its history and destiny—a comparison and contrast, illuminating Marxism.

Fri., Mar. 4. Discussion.

  1. Mar. 7-18. Marxian Socialism in Germany and Europe—Party Histories—to World War I.

Reading due Mar. 11: Schumpeter, Capitalism, Socialism and Democracy, Part V.
P. M. Sweezy, Socialism, Chs.

Mon., Mar. 7. Lecture: Marx, Lasalle, and the German Social Democratic Party, to the Gotha Program.

Wed., Mar. 9. Lecture: The Revisionist Controversy of the German Socialists.

Fri., Mar. 11. Discussion.

Reading due Mar. 18: [blank]

Mon., Mar. 14. Lecture: Histories of French and Italian Socialism.

Wed., Mar. 16. Lecture: History of Scandinavian Socialism.

Fri., Mar. 18. Discussion.

  1. Mar. 21-April 1. English Socialism—History.

Reading due Mar. 25: G.D.H. Cole, A Short History of the British Working Class Movement, Part I, chs. 5-9 incl. and Part II.
The Fabian Essays.

Mon., Mar. 21. Lecture: From Owen to the Fabians.

Wed., Mar. 233. Lecture: Fabian Socialism.

Fri., Mar. 25. Discussion.

Reading due April 1: New Fabian Essays.

Mon., Mar. 28. Lecture: Evolution (since 1900) of the English Labor Party and its Socialism.

Wed., Mar. 30. Lecture: English Socialism, 1945-50—Partial Realization, and Changing Outlook.

Fri., April 1. Discussion.

April 3-10. SPRING RECESS.

  1. April 11-22. Russian Communism and the Soviet System.

Reading due April 15: M. Dobb
A. Baykov, Dev. Soviet Econ. System

Mon., Apr. 11. Lecture: Lenin, the Russian Revolution, and Early Evolution of the Soviet System.

Wed., Apr. 13. Lecture: The Five-Year Plans; Russia’s Industrialization and Economic Policies

Fri., Apr. 15. Discussion

Reading due April 22: [blank]

Mon., Apr. 18. Lecture: The Russian Economy—Operation.

Wed., Apr. 20. Lecture: Russian Society, State, and Civilization—Extra-Economic Features of the System.

Fri., Apr. 22. Discussion.

  1. April 25-May 2. Economic Theory of Liberal Socialism—The Lange Model.

Reading due May 2: Lippincott (ed.), Economics of Socialism

Mon., Apr. 25. Lecture: History of Modern Theory of “Competitive” Socialism: Von Mises, Barone, Lange, etc.

Wed., Apr. 27. Lecture: The O. Lange Model and Argument

Fri., Apr. 29. Lecture: Problems of Full Socialism in Practice.

Mon., May 2. Discussion.

 

Reading Period

David M. Wright. Capitalism (entire book).

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder “Economics, 1954-1955 (1 of 2)”.

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1954-55
HARVARD UNIVERSITY
ECONOMICS 111
[Final Examination. June, 1955]

Write half-hour answers to six of the following questions including no. 8

  1. (a) Explain and discuss (as to its validity) all that you think Marx meant in describing pre-Marxian socialist thought as “utopian,” and in claiming that his own new kind was “scientific.”
    (b) Briefly characterize the outlook and program either of Fourier or of Robert Owen, and discuss the questions whether, how far, and wherein it was “utopian” in Marx’s sense.
  2. Summarize briefly, and discuss critically, Marx’s general theory of the process and pattern of all human history, or social evolution.
  3. Give a general account and criticism of the main ideas in Marx’s critical analysis of capitalism and its prospects—the main things that he claimed to see and/or foresee as the economic system’s destined-to-become-fatal flaws, and the way in which they would develop and bring on its doom and the advent of socialism.
  4. Discuss what have tended to be the chief problems or difficulties of Marxian socialist parties, endeavoring to adhere closely to the teachings of Marx and at the same time to cope with the practical exigencies arising in their careers as political parties. Illustrate your points from the history of the German Social Democratic Party.
  5. Give a general account of English Fabian socialism—its main distinctive characteristics, ideas, aims, and tactics—in comparison and contrast with Marxian socialism.
  6. Explain and discuss what you think are the main attractions and disattractions of present-day Communism for the world’s economically backward countries.
  7. State and explain your opinions about (a) the theoretically possible and (b) the likely actual success of a (realized) socialism that would do its best to carry out Oscar Lange’s proposals, in serving the economic welfare of the people better than it could be served by private capitalism.
  8. Write a critical review of or commentary on Pigou’s essay “Socialism vs. Capitalism.”

Source: Harvard University Archives. Papers Printed for Final Examinations [in] History, History of Religions, … , Economics, … , Naval Science, Air Science, June, 1955. Included in bound volume Final Exams, Social Sciences, June, 1955 (HUC 7000.28, Vol. 110).

Image Source: O.H. Taylor in Harvard College, Class Album 1952.

Categories
LSE Suggested Reading

LSE. Literature list for Economic Analysis. Hayek, 1942.

 

From today’s perspective one doesn’t usually think of Friedrich von Hayek as someone who would be seen swimming in contemporary conventional economic theory. Thus some visitors will be surprised to learn that in the Hayek Papers at the Hoover Institution Archives, one finds a year’s worth of handwritten lecture notes for Hayek’s three term sequence Economic Analysis I (Michaelmas term, 1942), Economic Analysis II (Lent Term, 1943), Economic Analysis III (Summer Term 1943) at LSE that covered conventional consumer and producer theory along with the apparatus of indifference curves, cost curves, Edgeworth-Bowley boxes and imperfect competition theory à la Joan Robinson. There was a war on, and I presume someone just had to cover the core theory course after all.

Hayek’s courses in 1942 were taught to a joint LSE/Cambridge class at Cambridge University. Pigou and Lewis also taught combined LSE/Cambridge courses during the war. [Tip of the hat to Tweetster @FriedrichHayek for this paragraph]

Perhaps someday, some kind person will transcribe those lecture notes for us. For now, I think it suffices to pluck the two pages of literature that would appear to have been discussed in Hayek’s second lecture of the first term. Links to all items have been included (warning: the links to Hicks-Allen Economica, 1934 are to jstor.org) .

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Literature

Assume that you are all familiar with an introductory text like

F. Benham, Economics 1939 [3rd edition 1943]
now also J. R. Hicks, The Social Framework 1942

Shall confine myself to literature on general theory and for non-specialists—specialists will have to master at least this in their first year.

Circulate more comprehensive mimeographed list.

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Alfred Marshall, Principles of Economics 1890! Though fifty years old still the only comprehensive system and in parts still indispensable[,] particularly books III, V, and VI  [8th edition, 1920]

No similar modern survey—of the recent textbooks of the required standard

Relatively the best the American

A. L. Meyers, Elements of Modern Economics 1937—though not quite high enough. [3rd edition, 1948]

The best English work[.]

L. Robbins, The Nature and Significance of Economic Science 2nd ed. 1935.
J. R. Hicks, Value and Capital, 1939, chapters 1-VIII (at least I, II, VI)

Absolutely indispensable [Value and Capital]—the later parts probably too difficult except for specialists some may find the first part of the article by J.R. Hicks and R.G.D. Allen, A re-consideration of the theory of value[,] Economica [1934, Part I ; Part II] an easier exposition of the same subject as in[replaced with a short, illegible word] the first chapters of the book although different terminology may be confusing.

__________

Not absolutely essential, but very strongly to be recommended in general theory are

K. Wicksell, Lectures on Political Economy, vol. I. 1934 One of the most intelligent modern books, combining the Austrian and Walrasian approach.
F. H. Knight, Risk, Uncertainty and Profit 1921 (L.S.E. Reprints) Chapters I-VI

For those who find these difficult and want something easier to introduction to modern theory

Wicksteed, The Common Sense of Political Economy, vol. I
Which I hope some of you have read in their first year.

__________

To return to the essential books.

J. Robinson, The Economics of Imperfect Competition 1933 at least chapters II, IV, XV

The theoretical parts of

G. Haberler, The Theory of International Trade 1936 (not only for the special topics of International Trade but as one of the best exercises in applying the instruments of theory—and for the same reason, if you can spare the time, also the theoretical chapters of

J. Viner, Studies in the Theory of International Trade 1939)

__________

For Money, Fluctuations, and the whole applied side refer to printed list
Remember bibliographies in old School Calendar
[I] shall give references on special topics as I proceed.

__________

Those I have called “essential” you had better read as the course proceeds—the “recommended” ones you might save for next year

Also Pigou, Economics of Welfare 4th ed. 1932 at least parts II & III

Those who have a taste for a very rigorous treatment of central problem also his Economics of Stationary States

Gloss on mathematics [I] shall confine myself to geometry

Those who like algebraic treatment will find R.G.D. Allen, Mathematical Analysis for Economists, 1938 useful.

 

Source:  Hoover Institution Archives.  Papers of Friedrich A. von Hayek. Box 112, Folder 11 (Lectures, LSE, 1942. Economic Analysis I).

Image Source: Mises Institute Website. “Tribute to F.A. von Hayek ” by Ludwig von Mises (May 24, 1962).

Categories
Chicago Suggested Reading

Chicago. Reading list for second core price theory. D. Gale Johnson, 1955.

 

This post adds a reading list from 1955 to ten previous postings of material for University of Chicago core graduate price theory following the second World War. The course was taught by D. Gale Johnson during the Winter Quarter. The copy of the reading list was found in Milton Friedman’s papers.

Chapters on interest rates from Keynes’ General Theory make a brief appearance in this course that focused on functional income distribution (theories of wages, interest, and profits).

___________________

Previous postings for Chicago core price theory.

Econ 300A, Milton Friedman. 1946.

Econ 300 A&B. Milton Friedman ca 1947.

Econ 300 A&B, Milton Friedman, Winter Quarter, 1947.

Econ 300 A&B, Milton Friedman. 1948.

Econ 300 A&B, Lloyd A. Metzler. 1948-49.

Econ 300 A&B, Milton Friedman, 1951-52.

Econ 300 A&B, Lloyd A. Metzler, 1952.

Econ 300A, Arnold Harberger, 1955.

Econ 300A. Gary Becker, 1956.

Econ 300 A&B, Milton Friedman 1958.

___________________

D. Gale Johnson
Winter Quarter 1955

Economics 300B
Reading Assignments

  1. P. H. Douglas, “Are There Laws of Production?” A. E. R., XXXVIII (1948), 1-41.
  2. D. G. Johnson, “The Functional Distribution of Income in the United States, 1850-1952,” R. E. & S., XXXVI (1954), 175-82.
  3. E. J. Working, “What Do Statistical ‘Demand Curves’ Show?” XLI (1927), 212-35. Reprinted in Readings in Price Theory.
  4. F. H. Knight, Risk, Uncertainty and Profit, Ch. IV.
  5. A. Marshall, Principles of Economics, 8th, Book IV, Chs. 1, 2, 3 and Book V, Ch. 6.
  6. A. E. A. Readings in The Theory of Income Distribution. Articles by J. M. Cassels, George Stigler, E. H. Chamberlin and Fritz Machlup.
  7. G. Stigler, Production and Distribution Theories, Chs. IV and XII.
  8. Philip H. Wicksteed, The Co-ordination of the Laws of Distribution.
  9. R. G. D. Allen, Mathematical Analysis for Economists, 11.8; 12.7; 12.8; 12.9; 13.7.
  10. Paul A. Samuelson, Foundations of Economic Analysis. Ch. IV.
  11. J. R. Hicks, The Theory of Wages. Chs. 1-6.
  12. A. Marshall, Principles of Economics, Book VI, Ch. I-V.
  13. Adam Smith, The Wealth of Nations, Book I, Ch. X.
  14. D. H. Robertson, “Wage Grumbles,” in 6.
  15. M. Friedman and S. Kuznets, Income from Independent Professional Practice, pp. v-x, 81-95, 118-37, 142-61.
  16. George Stigler, Domestic Servants in the United States, 1900-1940. (N.B.E.R. Occ. Paper No. 24).
  17. A. Marshall, Principles of Economics, Book VI, Ch. IX. See Index on quasi-rent.
  18. F. H. Knight, “Capital and Interest,” in 6.
  19. J. M. Keynes, The General Theory of Employment, Interest and Money, Chs. 11-14.
  20. R. W. Clower, “Productivity, Thrift and the Rate of Interest,” Economic Journal, March, 1954, 107-15.
  21. R. W. Clower, “An Investigation into the Dynamics of Investment,” American Economic Review, XLIV (1954), 64-81.
  22. A. P. Lerner, “On the Marginal Product of Capital and the Marginal Efficiency of Investment,” J. P. E. LXI (1953), 64-81.
  23. H. Makower and J. Marschak, “Assets, Prices and Monetary Theory,” Economics, 1938, 261-88. Reprinted in Readings in Price Theory.
  24. J. F. Weston, “A Generalized Uncertainty Theory of Profit,” A. E. R., March, 1950, 40-60.
  25. J. F. Weston, “The Profit Concept and Theory: A Restatement,” J. P. E., April, 1954, 152-170.

 

Source:  The Hoover Institution Archives. Papers of Milton Friedman.Box 77. Folder 77.1 “University of Chicago Econ. 300A & B”.

Source: David Gale Johnson portrait from the University of Chicago Photographic Archive,  apf1-10169, Special Collections Research Center, University of Chicago Library

Categories
Harvard Sociology Suggested Reading Syllabus

Harvard. Principles of Sociology, Syllabus and Exams. Carver and Ripley, 1902-1903

 

The discipline of sociology was only a subfield of economics at Harvard long after the University of Chicago had  established an independent department of sociology upon the founding of that university in 1892. William Z. Ripley and Thomas N. Carver were jointly teaching the course at Harvard at the turn of the twentieth century. This course was taught for nearly three decades by Carver, e.g. an earlier post with materials for Economics 8, Principles of Sociology taught by Thomas Nixon Carver in 1917-18.

Note: Updated 31 Jan 2023 with links to all the items on the reading list along with the semester examination questions. Colorized portraits of Carver and Ripley have also been added.

Cf. A few years later Thomas Nixon Carver compiled a book of course readings (over 800 pages!): Sociology and Social Progress: A Handbook for Students of Sociology. Boston: Ginn & Company, 1905.

________________

Course Announcement and Description

[Economics] 3. Principles of Sociology. — Theories of Social Progress. Mon., Wed., and (at the pleasure of the instructor) Fri., at 1.30. Professors Carver and Ripley.

The work of the first term will consist of an outline of the structure and development of social and political institutions, based upon a comparative study of primitive, barbarous, and civilized peoples. Among the topics considered will be the following, viz.: the physical and environmental factors in mental and social evolution, the racial elements in nationality and other social phenomena, with a discussion of modern racial problems in the United States and Europe, the interaction of mental and social evolution, the history and development of the family, and of religious, legal, and political institutions, and the relation of custom to religion and law. The principal authors discussed will be Tylor, Maine, Westermarck, and Spencer. The treatment will in the main be historical and comparative; aiming to afford data for the analytical and critical work of the second term.

In the second term this is followed by an analysis of the factors and forces which have produced modifications of the social structure and secured a greater degree of adaptation between man and his physical and social surroundings. The relation of property, the family, the competitive system, religion, and legal control to social well-being and progress are studied with reference to the problem of social improvement. Bagehot’s Physics and Politics, Ward’s Dynamical Sociology, Giddings’s Principles of Sociology, Patten’s Theory of Social Forces, and Kidd’s Social Evolution are each read in part. Lectures are given at intervals, and students are expected to take part in the discussion of the authors read and the lectures delivered.

Course 3 is open to students who have passed satisfactorily in Course 1 [Outlines of Economics].

 

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

________________

Course enrollment

[Economics] Professors CARVER and RIPLEY. — Principles of Sociology. Theories of Social Progress.

Total 44: 8 Graduates, 17 Seniors, 11 Juniors, 3 Sophomores, 5 Special.

 

Source: Harvard University. Annual Report of the President 1902-03, p. 67.

________________

Economics 3

To be read in full

  1. Herbert Spencer. Principles of Sociology. [3 vols., 3rd rev. ed., 1898]
  2. Walter Bagehot. Physics and Politics.
  3. Benjamin Kidd. Social Evolution.
  4. F. H. Giddings. Principles of Sociology.

Collateral Reading.
Starred references are prescribed.

I. Scope and Method of Sociology
  1. August Comte. Positive Philosophy. Book VI. Chs. 2—4.
  2. Herbert Spencer. Classification of the Sciences, in Essays: Scientific, Political, and Speculative. Vol. II.
  3. _______*. The Study of Sociology. Chs. 1—3.
  4. J. S. Mill. System of Logic. Book VI.
  5. W. S. Jevons. Principles of Science. Ch. 31. Sec. 11.
  6. Lester F. Ward. Outlines of Sociology. Pt. I.
  7. J. W. H. Stuckenberg. Introduction to the Study of Sociology. Chs. 2 and 3.
  8. Émile Durkheim. Les Regles de la Méthode Sociologique.
  9. Guillaume de Greef. Les Lois Sociologiques.
  10. Arthur Fairbanks. Introduction to Sociology. Introduction.
II. The Factors of Social Progress
A. Physical and Biological Factors
  1. Herbert Spencer. The Factors of Organic Evolution, in Essays: Scientific, Political, and Speculative. Vol. I.
  2. _______. Progress, its Law and Cause, in Essays: Scientific, Political, and Speculative. Vol. I.
  3. Auguste Comte. Positive Philosophy. Book VI. Ch. 6.
  4. Lester F. Ward. Dynamical Sociology. Ch. 7.
  5. Simon N. Patten*. The Theory of Social Forces. Ch. 1.
  6. Geddes and Thompson. The Evolution of Sex. Chs. 1, 2, 19, 21.
  7. Robert Mackintosh. From Comte to Benjamin Kidd.
  8. G. de LaPouge. Les Sélections Sociales. Chs. 1—6.
  9. August Weismann. The Germ Plasm: a Theory of Heredity.
  10. George John Romanes. An Examination of Weismannism.
  11. Alfred Russell Wallace. Studies: Scientific and Social. [Volume 1; Volume 2]
  12. R. L. Dugdale. The Jukes.
  13. Oscar C. McCulloch. The Tribe of Ishmael.
  14. Francis Galton. Hereditary Genius.
  15. Arthur Fairbanks. Introduction to Sociology. Pt. III.
B. Psychic
  1. Auguste Comte. Positive Philosophy. Book VI. Ch. 5.
  2. Jeremy Bentham*. Principles of Morals and Legislation. Chs. 1 and 2.
  3. Lester F. Ward. The Psychic Factors of Civilization.
  4. G. Tarde. Social Laws.
  5. _______. Les Lois de l’Imitation.
  6. _______. La Logique Sociale.
  7. Gustav Le Bon. The Crowd.
  8. _______. The Psychology of Peoples.
  9. J. Mark Baldwin. Social and Ethical Interpretations.
  10. _______. Mental Development in the Child and the Race.
  11. John Fisk. The Destiny of Man.
  12. Henry Drummond. The Ascent of Man.
  13. Simon N. Patten*. The Theory of Social Forces. Chs. 2—5.
C. Social and Economic
  1. Lester F. Ward. Outlines of Sociology. Pt. II.
  2. _______*. Dynamical Sociology. Ch. 10.
  3. Brooks Adams. The Law of Civilization and Decay.
  4. D. G. Ritchie. Darwinism and Politics.
  5. A. G. Warner*. American Charities. Pt. I. Ch. 5.
  6. G. de LaPouge. Les Sélections Sociales. Chs. 7—15.
  7. T. R. Malthus. Principle of Population.
  8. Bosanquet. The Standard of Life.
  9. W. H. Mallock. Aristocracy and Evolution.
  10. T. V. Veblen. The Theory of the Leisure Class.
  11. W. S. Jevons. Methods of Social Reform.
  12. Jane Addams and Others. Philanthropy and Social Progress.
  13. E. Demolins. Anglo-Saxon Superiority.
  14. Thomas H. Huxley. Evolution and Ethics.
  15. Georg Simmel. Ueber Sociale Differencierung.
  16. Émile Durkheim. De la Division du Travail Social.
  17. J. H. W. Stuckenberg. Introduction to the Study of Sociology. Ch. 6.
  18. Achille Loria. The Economic Foundations of Society.
  19. _______. Problems Sociaux Contemporains. Ch. 6. [English translation (1911)]
  20. E. A. Ross. Social Control.
D. Political and Legal
  1. Jeremy Bentham. Principles of Morals and Legislation. Chs. 12—17.
  2. F. M. Taylor. The Right of the State to Be.
  3. W. W. Willoughby*. Social Justice. Chs. 5—9.
  4. D. G. Ritchie. Principles of State Interference.
  5. W. S. Jevons. The State in Relation to Labor.
  6. Henry C. Adams. The Relation of the State to Industrial Action, in Publications Am. Econ. Assoc. Vol. I. No. 6.

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003.Box 1, Folder “Economics, 1902-1903”.

________________

Economics 3
Mid-Year Examination
1902-1903

  1. Contrast the status of marriage in the later Roman period, with that in the United States at present, distinguishing causes, direct and indirect results.
  2. What is the primary end of primitive law, and why?
  3. Criticise Spencer’s statement that “political organization is to be understood as that part of social organization which consciously carries on directive and restraining functions for public ends.”
  4. What is the significance of ceremonial in social life? Illustrate by a concrete example.
  5. Need customs be reasonable or logical to be necessarily defensible? Why?
  6. How does Giddings account for the change from metronymic to patronymic societies?
  7. What was the character of Morgan’s contribution to the study of domestic origins? What were its limitations?
  8. Discuss, with illustrations, some of the connections of religious belief and ceremonial with primitive society.

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

________________

Economics 3
Year-End Examination
1902-1903

Discuss eight of the following topics: –

  1. The forms of primitive marriage.
  2. Spencer’s contrast of the industrial with the militant type of society.
  3. Gidding’s elementary social fact.
  4. Kidd’s position as to the function of religion in social development.
  5. The antagonism of interests among the members of society.
  6. Density of population as a condition of a high state of civilization.
  7. The sanctions for conduct.
  8. Social stratification.
  9. The storing of the surplus energy of society.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. 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 (in the bound volume Examination Papers 1902-1903).

Image Source: Thomas Nixon Carver (left). The World’s Work. Vol. XXVI (May-October 1913) p. 127.  William Z. Ripley (right) Harvard Library, Hollis Images. Portrait of William Z. Ripley, ca. 1920. Both images have been colorized by Economics in the Rear-view Mirror.

 

 

 

Categories
Economic History Harvard Suggested Reading

Harvard. Economic Aspects of Western Civilization. Cunningham, 1899.

 

 

William Cunningham (1849-1919) was appointed lecturer on economic history at Harvard September 27, 1898 in order to cover economic history for Professor Ashley who was on leave during the second semester of the 1898-99 academic year.

___________________

During the second half year of 1898-99, the place of Professor Ashley, who is absent on leave, is taken by Dr. Wm. Cunningham, of Trinity College (Cambridge, England). Dr. Cunningham and Professor Ashley are easily the leaders among English-speaking scholars on their subject, economic history; and the Department has cordially welcomed the arrangement by which the scholar from the Cambridge of England fills the place, for the time being, of the scholar of the American Cambridge. Dr. Cunningham gives two courses in the current half year, — one on Western Civilization in its Economic Aspects, Mediaeval and Modern, the other on the Industrial Revolution in England.

Source:  F. W. Taussig’s report on the activities of the economics department in 1898-99 in The Harvard Graduates’ Magazine, vol. 7 (1898-99), p. 427.

___________________

Course Announcement

82 hf. Western Civilization in its Economic Aspects. (Mediaeval and Modern.) Half-course (second half-year). Mon., Wed., and (at the pleasure of the instructor) Fri., at 12.Dr. Cunningham (Trinity College, Cambridge, England).

Source:   Harvard University, Announcement of the Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1898-1899.Cambridge, Massachusetts: 1898, p. 41.

___________________

Course Enrollment

[Economics] 82 hf. Dr. Cunnningham.— Western Civilization, mediaeval and modern, in its Economic Aspects. Lectures (3 hours). 4 reports.

Total 105:  13 Graduates, 41 Seniors, 15 Juniors, 23 Sophomores, 1 Freshman, 12 Others

Source: Harvard University. Annual Report of the President of Harvard College, 1898-99, p. 72.

___________________

ECONOMICS 8.
WESTERN CIVILIZATION.

For Reading: —

Andrews, C. M. Old English Manor, p. 202 to end.
M. Dormer Harris. Life in an Old English Town.
H. Beazley. Prince Henry the Navigator;
Discourse of the Common Weal of this Realm of England, edited by E. Lamond.
Thorold Rogers. Holland.

 

For Consultation: —

Duke of Argyll. Unseen Foundations of Society.
Maitland, S. R. The Dark Ages.
Montalembert. Monks of the West, II.
Levasseur, E. Histoire des Class ouvrières en France jusqu’a la Révolution [Volume I (1859);  Volume  II (1859);
Walter of Henley’s Husbandry, edited by E. Lamond.
Pigeonneau. Histoire du Commerce de la France. [Volume I; Volume II]
von Inama-Sternegg. Deutsche Wirtschaftsgeschichte. [Volume 1 ; Volume 2]
Heyd, W. Geschichte des Levantehandels. [Volume 1 ; Volume 2]
[de] Mas Latrie. Relations et Commerce de l’Afrique Septentrionale.
Ehrenberg, R. Das Zeitalter der Fugger.[Volume 1 ; Volume 2]
Gottlob, A. Aus der Camera.
S. Thomas Aquinas. De regimine Principum.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003.Box 1, Folder “Economics 1898-1899”.

Image Source:  Trinity College Chapel website.

Categories
Exam Questions M.I.T. Principles Suggested Reading Undergraduate

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

 

An earlier post provided links to assorted course materials for Principles of Microeconomics (14.01) taught at M.I.T. from 1994 to 2005.

Perhaps my productivity as an internet archive scavenger has simply improved with practice, but I suspect that the instructors and their teaching assistants for Principles of Macroeconomics (14.02) from 1995 through 2006 at M.I.T. were simply better organized in keeping copies of their syllabi, problem sets, exams etc. available for later cohorts. Anyhow, today I provide the results of several days of trolling (in a good way) the Wayback Machine internet archive for a decade long window spanning the most recent turn of a century.

Below you will find syllabi, class schedules, problem sets and solutions, exams and solutions plus links to lecture slides and supplementary readings where found. 

Fall 1995
Professor Olivier Blanchard

Problem Sets

Problem Set 1  (Solutions)

Problem Set 2  (Solutions)

Problem Set 3  (Solutions)

Problem Set 4  (Solutions)

Problem Set 5  (Solutions)

Problem Set 6 (Solutions )

Problem Set 7 (Solutions )

Problem Set 8  (Solutions )

Problem Set 9 (Solutions)

Exams

Exam 1   (Solutions)

Exam 2 (Solutions)

Final Exam (Solutions not found)

Spring 1996
Professor Ricardo Cabellero

Exams

Exam 1 (Solutions)

Exam 2 (Solutions)

Final Exam (Solutions) [neither questions nor solutions found]

Fall 1996

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Problem Set 8 (Solutions)

Problem Set 9 (Solutions)

Exams

Exam 1 (Solutions)

Exam 2 (Solutions)

Final Exam (Solutions) [neither questions nor solutions found]

Spring 1997
Professor Ricardo Caballero

Home page

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Problem Set 8 (Solutions)

Problem Set 9 (Solutions)

Exams

Exam 1 (Solutions)

Exam 2 (Solutions)

Final Exam (Solutions) [neither questions nor solutions found]

Fall 1997
Professor Paul Krugman

Problem Sets

Problem Set 1 (Solutions) [questions not found]

Problem Set 2 (Solutions) [questions not found]

Problem Set 3 (Solutions) [questions not found]

Problem Set 4 (Solutions) [questions not found]

Problem Set 5 (Solutions) [questions not found]

Problem Set 6 (Solutions) [questions not found]

Problem Set 7 (Solutions) [questions not found]

Problem Set 8 (Solutions) [questions not found]

Problem Set 9 (Solutions) [neither questions nor solutions found]

Exams

Exam 1 (Solutions)

Exam 2 (Solutions)

Final Exam (Solutions)

Spring 1998
Professor Ricardo Caballero

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Problem Set 8 (Solutions)

Problem Set 9 (Solutions)

Exams

Exam 1 with Solutions

Exam 2, Parts I and II with Solutions

Exam 2, Part III (Solutions)

Final Exam with Solutions

Fall 1998
Professor Paul Krugman

For this term we have a cornucopia of material that includes lecture slides and handouts along with syllabus, reading assignments, problem sets and examination questions with solutions. This material has been put together for an earlier post.

 

Spring 1999
Roger Brinner

Textbook: Olivier Blanchard, Macroeconomics

Syllabus and schedule

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4  (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Exams

Exam 1 (Solutions)

Exam 2 (Solutions)

Final Exam [neither questions nor solutions found]

Fall 1999
Professor Ricardo Caballero

Textbook: Olivier Blanchard, Macroeconomics

Course home page

Syllabus

Schedule

Lecture Slides

September 8 — Chapter 1: Tour of the World

September 13 — Chapter 2: Economic Data

September 15 — Chapter 2 and 3: Economic Data and the Goods Market

September 20 — Chapter 3 and 4: The Goods Market and Dynamics

September 22 — Chapter 5: The Financial Market

September 27 — Chapter 5: The Financial Market and the Role of Banks

September 29 — Chapter 6: The Role of Banks and the IS-LM Model

October 4 — Chapter 6: The IS-LM Model

October 6 — Chapter 6 : Review of the IS-LM Model

October 13 — Chapter 11: Openness in Goods and Financial Markets

October 18 — Chapters 11 and 12: Openness in Goods and Financial Markets

October 20 — Chapter 12: Openness in the Goods Market

October 25 — Chapters 12 and 13: Open Economy IS-LM

October 27 — Chapter 13: Open Economy IS-LM

November 1 — Chapters 13, 14.4 and 14.5: Fixed Exchange Rates and Crises

November 3 — Review: a collection of old transparencies, not posted

November 8 — Chapter 15: The Labor Market

November 10 — Chapters 15 and 16: Aggregate Supply and Demand

November 15 — Chapter 16: Aggregate Supply and Demand

November 17 — Chapter 16: Shifting the AS-AD

November 22 — Chapter 17: The Phillips Curve

November 24 — Chapters 18 and 19: Disinflation and Real Interest Rates

November 29 — Chapter 19: Inflation, Real Interest Rates and Exchange Rates

December 1 — Chapters 19, 22 and 23: AS-AD with Fixed Exchange Rates; Growth

December 6 — Chapters 22 and 23: Growth; Review I

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Problem Set 8 (Solutions)

Problem Set 9 (Solutions)

Exams

Exam 1 (Solutions)

Exam 2 with solutions

Final Exam  (Solutions)

Spring 2000
Professor Roger Brinner

Textbook: Olivier Blanchard, Macroeconomics(2nded).

Syllabus

Schedule

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Problem Set 8 (Solutions)

Exams

Exam 1 (Solutions)

Exam 2 (Solutions)

Final Exam (Solutions not found)

Fall 2000
Professor Ricardo Caballero

Textbook: Olivier Blanchard, Macroeconomics

Course home page

Syllabus

Schedule

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Problem Set 8 (Solutions) (Graphs)

Problem Set 9 (Solutions)

Exams

Exam 1 (Solutions)

Exam 2 (Solutions)

Exam 2, conflict (Solutions)

Exam 3 (Solutions)

Exam 3, conflict (Solutions)

Spring 2001
Professor Roger Brinner

Textbook: Olivier Blanchard, Macroeconomics(2nd edition)

Course home page

Syllabus

Schedule

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions not found)

Problem Set 3 (Solutions not found)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions not found)

Problem Set 7 (Solutions)

Exams

Quiz #1 (Solutions)

Quiz #1 Conflict (Solutions)

Quiz #2 (Solutions, htm; Solutions, pdf)

Final Exam:  Book One (.doc); Book Two (.doc)

Fall 2001
Professor Ricardo Caballero

Textbook: Olivier Blanchard, Macroeconomics (2nded)

Syllabus

Schedule

Lecture slides

September 5 — Chapter 1: Tour of the World

September 10 — Chapter 2: Tour of the Book

September 12 — Chapter 3: The Goods Market

September 19 — Chapter 3: The Goods Market (continued)

September 24 — Chapter 4: Financial Markets

September 26 — Chapter 4: Financial Markets (continued)

October 1 — Chapter 5: The IS-LM Model

October 3 — Review Session

October 10 — Chapter 18: The Open Economy

October 15 — Chapter 19: The Goods Market in an Open Economy

October 17 — Chapter 20: Output, the Interest Rate and the Exchange Rate

October 22 — Chapter 20: Output, the Interest Rate and the Exchange Rate (continued)

October 24 — Chapter 21.2: Exchange Rate Crises

October 29 — Chapter 6.3-6.4: Building the Aggregate Supply: The Labor Market

October 31 — Chapter 6.5-7.1: Building the Aggregate Supply (continued)

November 5 — Chapter 7.1-7.3: Aggregate Demand and Aggregate Supply

November 7 — Review Session

November 14 — Chapter 7.4-7.7: AD-AS, Canonical Policy Shocks

November 19 — Chapter 8: The Phillips Curve

November 21 — Chapter 9: The Phillips Curve and the Natural Rate

November 26 — Chapter 14.1, 14.3-14.4: Nominal and Real Interest Rates
Chapter 21.1: Open Economy AS-AD

November 28 — Chapter 13.1-13.2: Productivity Growth in AD-AS.  Chapter 10: Growth – The Facts

December 3 — Chapter 11.1-11.2: Growth – Saving, Capital Accumulation and Output

December 5 — Review

Problem Sets (best seven of nine for 25% of grade)

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions) (Graphs)

Problem Set 5 (Solutions) (Graphs)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Problem Set 8 (Solutions)

Problem Set 9 (Solutions) (Graphs)

Exams (note no final exam, three quizzes for 75% of grade)

Quiz 1 (Solutions)

Quiz 2 (Solutions)

Quiz 3 (Solutions)

Spring 2002
Professor Roger Brinner

Lectures

February 06: Course Objectives and Introductions

February 11: The Policy Tradeoff: Unemployment vs. Changes in Inflation

February 13: The Fiscal Policy

February 19: National Income Accounts and the Government Budget

February 20: Core Growth Theory

February 25;&27: Basic Econometric Tools Used in Macroeconomics

March 1: Basic Econometric Tools Used in Macroeconomics- Handout

March 06: IS-LM Introduction

March 08: Aggregate Supply and Demand

March 11: Review

March 13: Review

March 18: Consumer Spending & House Demand

March 20: Business Investment

April 01: Foreign Trade & Exchange Rates

April 03: Inflation

April 08: Money Demand

April 10: Review by Prof. Brinner

April 17: Growth

April 22: Integrating IS-LM and the Modern Phillips

April 24: Fiscal Policy in the 1990s

April 29: International Growth & Crises

May 01: Stock & Bond Markets

May 06: Monetary Policy in the 1990s

May 08: Social Security and the National Debt

May 13: US Business Cycles: Experience vs. Theory

May 15: Review

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Exams

Quiz #1 (Solutions)

Quiz #2 (Solutions)

Quiz #3 (Solutions)

Fall 2002
Professor Huntley Schaller

Syllabus

Schedule

Readings

Recitations

Recitations by Samer HajYehia (PDF)
“Consumption and Housing” Recitation (PDF)
Class Notes Part 1 (PDF)
Class Notes Part 2 (PDF)

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Problem Set 8 (Solutions)

Exams

Quiz #1 (Solutions)

Quiz #2 (Solutions)

Quiz #3 (Questions and Solutions)

Spring 2003
Professor Olivier Blanchard

Textbook: Olivier Blanchard’s Macroeconomics, 3rd ed.

Course Home Page

Syllabus

Schedule

 REQUIRED READINGS:

 REVIEW ARTICLES:

 ADDITIONAL READINGS:

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Exams

Quiz #1 (Solutions)

Quiz #2 (Solutions)

Quiz #3 (Solutions)

Fall 2003
Professor Ricardo Cabllero

Textbook: Olivier Blanchard’s Macroeconomics.

Course Home Page

Syllabus

Schedule

Ha Yan Notes (zip)

Lectures

Lecture 1. Introduction

Lecture 2. Basic Definitions

Lecture 3. Basic Aggregate Demand Model

Lecture 4. Goods/Financial Markets

Lecture 5. Financial Markets (Cont.)

Lecture 6. IS-LM

Lecture 7. IS-LM (Cont.)

Lecture 8 (review)

Lecture 9. Open Economy

Lecture 10. Goods Market in the Open Economy

Lecture 11. Goods Market and the Exchange Rate

Lecture 12. The Open Economy IS-LM (II)

Lecture 13. Exchange Rate Systems

Lecture 14. Building Aggregate Supply

Lecture 15. Aggregate Supply–Aggregate Demand

Lecture 16. Aggregate Supply, Aggregate Demand (cont.)

Lecture 17. AD-AS + The Phillips Curve

Lecture 18. Inflation and Unemployment

Lecture 19. Devaluations in an AD-AS framework (.ppt)

Lecture 20. Productivity growth (.ppt)

Lecture 21. Growth (.ppt)

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Exams

Quiz #1 (Questions and Solutions)

Quiz #2 (Questions and Solutions)

Quiz #3 (Questions and Solutions)

Spring 2004
Professor Olivier Blanchard

Textbook: Olivier Blanchard’s Macroeconomics, 3rd edition.

Syllabus

Schedule

Readings

Week of 2/9:

Article 1:  “Easy Money”  (The Fed and inflation)

Article 2: “Competitive Sport in Boca Raton”  (Questions about the strength of the dollar)

Week of 2/16:

Article 3: “Irrational Exuberance”

Article 4:  Insanity in the Japanese stock market?

Article 5:  The Unemployment Rate and Economic Health

Article 6: Soaring stocks in Southeast Asia

Article 7:  Are the tech stocks back?

Week of 2/23:

Article 8: Macroeconomic performance in Germany

Week of 3/15:

Article 9: Unemployment rates in Spain and Portugal

Week of 4/5:

Article 10:  Economic Recovery in the U.S.

Week of 4/19:

Article 11:  Chinese economic outlook

Article 12:  U.S. economic outlook

Article 13:  Interest rates in the US

International Monetary Fund’s semi-annual report

Week of 5/3:

Reading (not required): Overview of Argentina

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions) [note: dated 3/17/03, but not same as problem 3 of Spring 2003]

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Exams

Quiz #1 (Solutions)

Quiz #2 (Solutions) (Graphs)

Quiz #3 (Solutions)

Fall 2004
Professor Richard Caballero

Textbook: Olivier Blanchard’s Macroeconomics, 3rd edition.

Course home page

Syllabus

Schedule

All course materials as zip file

Lectures

Lecture 1. Introduction

Lecture 2. Definitions and First Model

Lecture 3. Basic Aggregate Demand Model

Lecture 4. Financial Markets

Lecture 5. IS-LM (1)

Lecture 6. IS-LM (2)

Lecture 7. Open Economy

Lecture 8. Goods Market and Exchange Rate

Lecture 9. Review

Lecture 10. Open Economy IS-LM

Lecture 11. Mundell-Fleming

Lecture 12. Aggregate Supply

Lecture 13. Aggregate Supply and Aggregate Demand

Lecture 14. AD-AS and the Phillips Curve

Lecture 15. Phillips Curve

Lecture 16. Review

Lecture 17. Real Interest Rates/Open economy AD-AS framework

Lecture 18. Growth

Lectures 19 and 20. Solow model (apparently available in zipped files above)

Lecture 21. Technological Progress and Unemployment

Lecture 22. Expected Present Discounted Values

Lecture 23. Bond Prices and Yields

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Exams

Quiz #1 (Solutions)

Quiz #2 (Solutions)

Quiz #3 (Solutions)

Spring 2005
Professor Olivier Blanchard

Textbook:  Olivier Blanchard, Macroeconomics, 3rd edition.

Course Home Page

Syllabus

Schedule

Lectures (only seven found)

Lecture 1 (Feb 2): Introduction and a Tour of the World (Ch 1)

Lecture 6 (Feb 22): The 2001 Recession

Lecture 20 (Apr 20): Open Economy (Ch 18)

Lecture 21 (Apr 25): Open Economy–The Goods Market (Ch 19)

Lecture 22 (Apr 27): Open Economy–The Goods Market (Ch 19)

Lecture 23/24 (May 2/4): Output, Interest Rate, and the Exchange Rate (Ch 20)

Lecture 25/26 (May 9/11): Exchange Rate Regimes (Ch 21)

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Problem Set 7 (Solutions)

Exams

Quiz #1 (Questions and Solutions)

Quiz #2 (Solutions)

Quiz #3 (Questions and Solutions)

Fall 2005
Professor Francesco Giavazzi

Textbook:  Olivier Blanchard. Macroeconomics, 4th ed.

Course Material Folder

Syllabus

Schedule

Lectures. (Only last lecture found)

December 14. Using the book to understand the state of the U.S. economy

Problem Sets

Problem Set 1 (Solutions)

Problem Set 2 (Solutions)

Problem Set 3 (Solutions)

Problem Set 4 (Solutions)

Problem Set 5 (Solutions)

Problem Set 6 (Solutions)

Exams

Quiz #1 (Solutions)

Quiz #2 (Solutions)

Quiz #3 (Solutions)

Spring 2006
Olivier Blanchard

Textbook: Olivier Blanchard. Macroeconomics 4/E (2006)

Course home page

Syllabus

Schedule

Problem Sets with Solutions

Problem set 1

Problem set 2

Report of the President (B4)

Report of the President (B5)

Fed. Funds Rates

Japan (OECD)

Problem set 3

Problem set 4

Spreadsheet for SQ.1

Problem set 5

Problem set 6

ps6sq3.xls

Practice exercise for Chapter 20

Exams

Quiz #1 (Solutions)

Quiz #2 (Solutions)

Quiz #3 (Solutions)

 

Image:  Mr. Peabody (dog) and Sherman (boy) activating the original WABAC Machine.

 

 

Categories
Bibliography Princeton Suggested Reading

Princeton. Reading List for Money. Wallich, 1950

 

I first encountered the name of Henry C. Wallich as the Holy Spirit of the Newsweek trinity of economists (In the Name of Samuelson, Friedman, and Wallich, Amen) back in high-school when my economics teacher (for the record, football coach and business teacher, Mr. Steve Palenchar) assigned us the weekly Newsweek column for reading and discussion. I never had a course with Henry Wallich at Yale so I have no personal impression to share. 

In the meantime I have had the good fortune of meeting and working with his daughter, economist Christine Wallich (a Yale economics Ph.D. and former economist with the World Bank), at the American Academy in Berlin where she sits on the board of trustees.

The following eleven page reading list on money from Wallich’s Princeton days was found in Martin Shubik‘s papers. For exactly mid-20th-century, this list serves as a most comprehensive and convenient benchmark for the state of monetary macroeconomics.

_________________

READING LIST FOR COURSE IN MONEY

Henry C. Wallich
Spring Term—1950

  1. Current Monetary Issues
    1. Minimum Reading
      • Bach, George L.: “Monetary, Fiscal Policy, Debt Policy, and the Price Level,” American Economic Review (Papers and Proceedings of American Economic Association), May 1947, pp. 228-42.
      • Board of Governors of the Federal Reserve System: Postwar Economic Studies, No. 8, Nov. 1947, article by Thomas and Young.
      • Mints, L. W. and others: “A Symposium on Fiscal and Monetary Policy,” Review of Economic Statistics, XXVIII, May 1946, pp. 60-84.
      • Wallich, H. C. “Debt Management as an Instrument of Economic Policy,” American Economic Review, June 1946, pp. 292-310.
    2. Recommended Reading
      • Abbott, Charles C. “The Commercial Banks and the Public Debt,” American Economic Review, May 1947 (Papers and Proceedings of American Economic Association), pp. 265-76.
      • Burkhead, Jesse V. “Full Employment and Interest-Free Borrowing,” Southern Economic Journal, Vol. XIV, July 1947, pp. 1-13.
      • Carr, Hobart C. “The Problem of the Bank-held Government Debt,” American Economic Review, December 1946, pp. 833-42.
      • Committee on National Debt Policy. Our National Debt and the Banks, National Debt Series 2, New York: 26 Liberty Street, 1947, 18 p.
      • Leland, Simeon E. “Management of the Public Debt After the War,” American Economic Review, June 1944 supplement, pp. 89-134.
      • Seltzer, L.H. “The Changed Environment of Monetary-banking Policy,” American Economic Review, XXVI, May 1946.
      • Sproul, Allan. “Monetary Management and Credit Control,” American Economic Review, XXXVII, June 1947, pp. 339-50.
      • Symposium: “How to Manage the National Debt,” Review of Economics and Statistics, XXXI, Feb. 1949.
      • Thomas, Woodlief. “The Heritage of War Finance,”American Economic Review, (Papers and Proceeding of American Economic Association) May 1947.
      • Wallich, H.C. “The Changing Significance of the Interest Rate,” American Economic Review, Dec. 1946, pp. 761-787.
      • U. S. Congress—Joint Committee on the Economic Report. “Monetary, Credit, and Fiscal Policies” (A Collection of Statements Submitted to the Subcommittee on Monetary, Credit, and Fiscal Policies by Government Officials, Bankers, Economists, and Others), Washington, 1949 (especially Chs. 2 and 3).
      • U. S. President. The Economic Report of the President, 1948, 1949, and 1950 (together with the Annual Economic Review of the Council of Economic Affairs), Washington, (sections on monetary and fiscal policies).
      • Willis, J. Brooke. “The Case Against the Maintenance of the Wartime Pattern of Yields on Government Securities,” American Economic Review, May 1947 (Papers and Proceedings of the American Economic Association), pp. 216-27.
      • Woodward, Donald B. “Public Debt and Institutions,” American Economic Review, May 1947 (Papers and Proceedings of American Economic Association), pp. 157-83.
    3. Other Reading
      • Abbott, Charles C. Management of the Public Debt, New York: McGraw-Hill Book Co., Inc., 1946, 194 p.
      • Board of Governors of the Federal Reserve System. Annual Reports for the years 1945-48.
      • Board of Governors of the Federal Reserve System. “Debt Retirement and Bank Credit,” Federal Reserve Bulletin, July 1947, pp. 775-87.
      • Board of Governors of the Federal Reserve System. Public Finance and Full Employment, Postwar Economic Studies No. 3, Washington, December 1945, 157 p.
      • Burgess, W. Randolph. “Free Enterprise and the Management of the Public Debt,” Proceedings of the Academy of Political Science, New York: Columbia University, 116th& Broadway, Vol. XXII, May 1947, pp. 256-67.
      • Chandler, L. V. “Federal Reserve Policy and the Federal Debt,” American Economic Review, XXXIX, March 1949.
      • Domar, Evsey D. “The Distribution of Interest on the Public Debt,” Current Comments, June 5, 1946.
      • Federal Reserve Bank of New York: “Federal Reserve Credit and Credit Policy,” Annual Report, 1947, pp. 24-32.
      • Homan, P. T. and F. Machlup (eds.). Financing American Prosperity, New York: Twentieth Century Fund, 1945.
      • Institute of International Finance. Credit Policies of the United States, Bulletin No. 152, New York: New York University, 90 Trinity Pace, September 1947, 16 p.
      • Institute of International Finance: Management of the Public Debt, Bulletin No. 142, New York: New York University, 90 Trinity Place, February 1946, 18 p.
      • Institute of International Finance. The Means of Payment and Debt Management, Bulletin No. 148, New York: New York University, 90 Trinity Place, February 1947, 15 p.
      • Institute of International Finance. The Public Debt and the Banks. Bulletin No. 137, New York: New York University, 90 Trinity Place, May 1945, 18 p.
      • Lanston, A. G. “Federal Fiscal Policy and Debt Management,” Commercial and Financial Chronicle, June 12, 1947, 165:3112.
      • Ratchford, B. U. “The Economic and Monetary Effects of Public Debts,” Public Finance, No. 4, 1948 and No. 1, 1949.
      • Seltzer, L. H. “Is a Rise in Interest Rates Desirable or Inevitable?” American Economic Review, XXXV, Dec. 1945, pp. 831-50.
      • Whittlesey, C.R. “Federal Reserve Policy in Transition,” Quarterly Journal of Economics, LX, May 1946, pp. 340-50.
  2. Monetary and Banking Organization
    1. Minimum Reading
      • Board of Governors of the Federal Reserve System. Banking Studies. Baltimore: Waverly Press, 1941 (first choice).
        or
        James, F. C. Economics of Money, Credit and Banking. New York: Ronald Press, 1941, 3rd (Chs. 1-26).
        or
        Thomas, Rollin G. Our Modern Banking and Monetary System, New York: Prentice-Hall, 1945, 812 p. (Chs. 1-30).
    2. Recommended Reading
      • Currie, Lauchlin. The Supply and Control of Money in the United States. Cambridge: Harvard University Press, 1934, 199 p. (Harvard Economic Studies, v. 47), (Part I, and Chs. 13 and 14).
      • Gayer, Arthur D. Monetary Policy and Economic Stabilization. New York: MacMillan Co., 1935, 288 p. (Chs. 4 and 5)
      • Jacoby, N. H. and Saulnier, R. J. Business Finance and Banking. National Bureau of Economic Research, 1947.
      • Keynes, John M. A Treatise on Money. New York: Harcourt, Brace and Co., 1930 (Vol. I, Ch. 1).
      • Ratchford, Benjamin U. “History of the Federal Debt in the United States,” American Economic Review, May 1947 (Papers and Proceedings of American Economic Association), pp. 130-41.
    3. Other Reading
      • Burgess, Randolph W. The Reserve Banks and the Money Market. New York and London: Harper and Brothers, 1927.
      • Clapham, Sir John. The Bank of England. Cambridge Univ. Press, 1944.
      • Conant, C.A. History of Modern Banks of Issue. New York, 6th, 1937.
      • De Vegh, Imrie. The Pound Sterling. New York: Scudder, Stevens and Clark, 1939, 130 p.
      • Dulles, E. L. The French Franc, 1914-1928. New York: MacMillan Co., 1929, 570 p.
      • Feaveryear, A. S. The Pound Sterling. Oxford: Clarendon Press, 1931, 367 p.
      • Institute of International Finance. How to Read the New York Money Market, Pamphlet No. 145. New York: New York University, 90 Trinity Place, September 1946.
      • Institute of Bankers. Current Financial Problems and the City of London. Europa Publ. Ltd., 1949, art. By W.T.C. King “The London Discount Market.”
      • Madden, J. T., and Nadler, M. The International Money Markets. New York: Prentice-Hall, Inc., 1935, 548 p.
      • Mints, L. W. A History of Banking Theory. Chicago: University of Chicago Press, 1945, 319 p.
      • Morgan, E. Victor. The Theory and Practice of Central Banking, 1797-1913. Cambridge University Press, 1943, 252 p.
      • Nadler, Marcus. Money Market Primer. New York: Ronald Press, 1948, 212 p.
      • Plumptre, A. F. W. Central Banking in the British Dominions. Toronto: Toronto University Press, 1940, 462 p.
      • Willis, H. P., and Beckhart, B. H., (eds.) Foreign Banking Systems. New York: H. Holt & Co., 1929, 1305 p.
      • Willis, H. P. Theory and Practice of Central Banking. 1939.
  3. Money in Relation to Income and Prices
    1. Minimum Reading
      • American Economic Association (H. S. Ellis, ed.). A Survey of Contemporary Economics. Philadelphia: Blakiston, 1948 (Ch. By Villard).
      • Haberler, G. Prosperity and Depression. Geneva: United Nations, rev. ed., 1946 (Ch. 8).
      • Hansen, A. H. Monetary Theory and Fiscal Policy. New York: McGraw-Hill, 1949.
      • Harris, S. E. (ed.). The New Economics. New York: Knopf, 1947, (Ch. By Lintner).
      • Keynes, John M. The General Theory of Employment, Interest, and Money. New York: Harcourt, Brace, 1936, (esp. Books 3, 4, 5).
      • Mints, Hansen, Ellis, Lerner, Kalecki. “A Symposium on Fiscal and Monetary Policy,” Review of Economic Statistics, May 1946.
      • Saulnier, R. J. Contemporary Monetary Theory, 1938. (all parts not covered by direct readings of the originals).
      • Wilson, T. Fluctuations in Income and Employment. London: Pitman, 1942 (Part I, Chs. 1-6).
    2. Recommended Reading
      • Angell, James W. The Behavior of Money. New York: McGraw-Hill, 1936, 207 p. (Conclusions to Chs. 1-5, and Ch. 6)
      • Economists’ National Committee on Monetary Policy. Two Programs for Monetary Reform. New York: February 1947.
      • Wallich, H. “The Current of Liquidity Preference,” Quarterly Journal of EconomicsAugust 1946, pp. 490-512.
      • Fellner, William. Monetary Policies and Full Employment. Berkeley: University of California Press, 2nd ed., 1947 (especially Part III).
      • Gayer, Arthur, D. Monetary Policy and Economic Stabilization. New York: MacMillan Co., 1935, 288 p. (Ch. 2 and 12).
      • Hansen, A. H. Fiscal Policy and Business Cycles. New York: Norton, 1941.
      • Harrod, Hansen, Haberler and Schumpeter. “Five Views on the Consumption Function,”Review of Economic Statistics, Nov. 1946.
      • Harrod, R. F. Towards a Dynamic Economics. London: MacMillan, 1948 (Lectures 2 and 5).
      • Hawtrey, R. G. Capital and Employment. London: Longmans Green and Co., 1937, 348 p. (Chs. 7-11).
      • Henderson, H. D. “The Significance of the Rate of Interest,” Oxford Economic Papers, October, 1938.
      • Johnson, G. Griffith, Jr. The Treasury and Monetary Policy 1933-38. Cambridge: Harvard University Press, 1939, 224 p. (Ch. 2, 5-7).
      • Kalecki, M. Essays in Economic Fluctuations. New York: Farrar & Rinehart, 1939.
      • Keynes, John M. A Treatise on Money. New York: Harcourt, Brace, 1930 (Vol. 1, Part II).
      • Klein, L. R. The Keynesian Revolution. New York: MacMillan Co., 1946 (Especially Chs. 3, 4, and 6).
      • Marget, Arthur W. The Theory of Prices. New York: Prentice-Hall, Vol. 1, 1938, 624 p. (Chs. 1, 11-16).
      • Robertson, D. H. Essays in Monetary Theory. London: King, 1940 (Especially Chs. 1-13).
      • Ruggles, Richard. An Introduction to National Income and Income Analysis. New York: McGraw-Hill Co., Inc., 1949 (Chs. 9-12).
      • Simons, H. C. Economic Policy for a Free Society. Chicago: University of Chicago Press, 1948 (Especially Chs. 2, 7, 13).
      • Spahr, W. E. “The Management of Our Monetary System,” Commercial and Financial Chronicle, March 20, 1947.
      • Terborgh, George. The Bogey of Economic Maturity. Chicago: Machinery and Allied Products Institute, 1945.
      • Tobin, James. “Liquidity Preference and Monetary Policy,” Review of Economic Statistics, XXIX, May 1947, pp. 124-31.
      • Viner, J. Studies in the Theory of International trade. New York: Harper, 1939 (Chs. 3-7).
      • Williams, John H. “An Appraisal of Keynesian Economics,” American Economic Review, Supplement, XXXVIII, May 1948.
    3. Other Reading
      • Arndt, H. W. The Economic Lessons of the Nineteen-Thirties. London: Oxford University Press, 1944 (especially Dissenting Note).
      • Beveridge, W. H. Full Employment in a Free Society. London: Allen and Unwin, 1944 (Part I, Part IV).
      • Burns, Arthur F. “Economic Research and the Keynesian Thinking of Our Times,” (26thAnnual Report). New York: National Bureau of Economic Research, 1947.
      • Clark, Colin. “Public Finance and Changes in the Value of Money,” Economic Journal, LV, Dec. 1945, pp. 371-89.
      • Crawford, Arthur W. Monetary Management under the New Deal. Washington: American Council on Public Affairs, 1940.
      • Fellner, W. “Monetary Policy and the Elasticity of Liquidity Functions,” Review of Economic Statistics, February 1948, pp. 42-44.
      • Goldenweiser, E. A. Monetary Management (Committee for Economic Development Research Study). New York: McGraw-Hill, 1949.
      • Haberler, G. Prosperity and Depression. Geneva: United Nations, rev. ed., 1946.
      • Hardy, C. O. “Fiscal Operations as Instruments of Economic Stabilization,” American Economic Review, May 1948, pp. 395-416.
      • Harris, Seymour E. (ed.) Economic Reconstruction. New York: McGraw Hill, 1945, article by H. S. Ellis, “Central and Commercial Banking in Postwar Finance”, pp. 237-52.
      • Harrod, R. F. Towards a Dynamic Economics. London: MacMillan, 1948.
      • Hawtrey, R. G. The Art of Central Banking. London: Longmans, 1932.
      • Hawtrey, R. G. Capital and Employment, London: Longmans, 2nd
      • Hawtrey, R. G. Currency and Credit. London: Longmans, 3rd, 1928.
      • Hawtrey, R. G. The Gold Standard in Theory and Practice. London: Longmans, Green & Co., 1947, 280 p.
      • Hayek, F. A. von. Monetary Theory and the Trade Cycle. New York: Harcourt, Brace and Co., 1933, 244 p.
      • Hayek, F. A. von. Prices and Production. London: Routledge, 1935.
      • Hicks, J. R. “Mr. Keynes and the Classics: A Suggested Interpretation,” Econometrica, V, 1937 (Reprinted in Readings in the Theory of Income Distribution, Philadelphia Blakiston, 1946).
      • Hick, J. R. Value and Capital. Oxford: Clarendon Press, 1939.
      • Keynes, J. M. A Tract on Monetary Reform. New York: Harcourt, Brace, 1924.
      • Kuznets, Simon. “Capital Formation, 1879-1938,” in Studies in Economics and Industrial Relations. Philadelphia: University of Pennsylvania Press, 1941.
      • Lerner, Abba P. The Economics of Control. New York: MacMillan, 1944 (especially Chs. 21-25).
      • Lindahl, Erik. Studies in the Theory of Money and Capital. New York: Farrar and Rinehart, 1939 (especially Part II).
      • Marget, Arthur W. The Theory of Prices. New York: Prentice-Hall, Vol. 2, 1942, 802 p. (especially Chs. 1-3, 8,9).
      • Mellon, Helen J. Credit Control: A Study of the Genesis of the Qualitative Approach to Credit Problems. Washington: American Council on Public Affairs, Studies in Economics, 1941, 134 p.
      • Modigliani, F. “Fluctuations in the Saving-income Ratio: A Problem in Economic Forecasting,” Studies in Income and Wealth, XI. New York: National Bureau of Economic Research, 1949.
      • Modigliani, F. “Liquidity Preference and the Theory of Interest,” Econometrica, XII, Jan. 1944, pp. 45-88.
      • Moulton, Harold G. The New Philosophy of Public Debt. Washington: Brookings Institution, 1943, 93 p.
      • Myers, M. G. Monetary Proposals for Social reform. New York: Columbia University Press, 1940, 191 p.
      • Myrdal, Gunnar. Monetary Equilibrium. London W. Hodge, 1939, 214 p.
      • Niebyl, Karl H. Studies in the Classical Theories of Money. New York: Columbia University Press, 1946, 190p.
      • Pigou, A. C. Employment and Equilibrium. London: MacMillan Co., 1941, 283 p.
      • Pigou, A. C. Lapses from Full Employment. London: MacMillan, 1945.
      • Reeve, J. E. Monetary Reform Movements. Washington: American Council on Public Affairs, 1943, 404 p.
      • Rist, Charles. History of Monetary and Credit Theory from John Law to Present Day. London: George Allen, 1940, 442 p. (especially Chs. 3-7).
      • Rueff, J. “The Fallacies of Lord Keynes’ General Theory,” Quarterly Journal of Economics, May, 1947.
      • Samuelson, P. A. “The Effect of Interest Rate Increases on the Banking System,” American Economic Review, March 1945, p. 16ff.
      • Simmons, E. C. “The Role of Selective Credit Control in Monetary Management,” American Economic Review, Sept. 1947, pp. 633-41.
      • Warburton, Clark. “The Monetary Theory of Deficit Financing,” Review of Economic Statistics, May 1945, pp. 74-84.
      • Wicksell, Knut. Interest and Prices. London: MacMillan, 1936.
      • Wright, D. M. The Economics of Disturbance. New York: MacMillan, 1947 (Ch. 2).
      • Wright, D. M. “The Future of Keynesian Economics,” American Economic Review, XXXV, June 1945, pp. 284-307.
      • Wood, E. English Theories of Central Banking Control, 1819-1858, 1938.
  4. International Aspects
    1. [No minimum reading listed]
    2. Recommended Reading
      • Balogh, T. “The Concept of a Dollar Shortage,” The Manchester School, XVII, May 1949, pp. 186-201.
      • Ellis, H. S. “The Dollar Shortage in Theory and Fact,” Canadian Journal of Economics and Political Science, XIV, Aug. 1948, pp. 358-372.
      • Gayer, Arthur D. Monetary Policy and Economic Stabilization. New York: MacMillan Co., 1935, 288 p. (Chs. 1-3).
      • Goldenweiser, E. A. and Bourneuf, A. “Bretton Woods Agreements,” Federal Reserve Bulletin, September, 1944.
      • Graham, Frank D. “The Cause and Cure of ‘Dollar Shortages’,” (Essays in International Finance, No. 10), Princeton: Princeton University Press, Jan. 1949.
      • Haberler, G. “Some Economic Problems of the European Recovery Program,” American Economic Review, XXXVIII, Sept. 1948, pp. 495-525.
      • Johnson, G. Griffith, Jr. The Treasury and Monetary Policy 1933-38. Cambridge: Harvard University Press, 1939, 224 p. (Chs. 2-5).
      • Lary, H. B.: The United States in the World Economy, Washington: Department of Commerce, 1943.
      • League of Nations. International Currency Experience, 1944.
      • Machlup, F. International Trade and the National Income Multiplier, Philadelphia: Blakiston, 1943 (especially Chs. 1-4).
      • Mikesell, R. F. “International Disequilibrium,” American Economics Review, XXXIX, June 1949, pp. 618-45.
      • Nurkse, R. “Conditions of International Monetary Equilibrium,” (Essays in International Finance, Spring 1945. Princeton: Princeton University.
      • Triffin, Robert. “National Central Banking and the International Economy,” Postwar Economic Studies, No. 7, September 1947 of the Board of Governors of the Federal Reserve System.
      • Williams, John H. “Europe after 1952: The Long-term Problem,” Foreign Affairs, April 1949.
      • Williams, John H. Postwar Monetary Plans and Other Essays. New York: Knopf, 1947, 312 p. (Part I).
    3. Other Reading
      • Angell, James W. Theory of International Prices. Cambridge: Harvard University Press, 1926 (Harvard Economic Studies, vol. 28).
      • Balogh, T. “Britain’s Economic Problem,” Quarterly Journal of Economics, LXIII, Feb. 1949, pp. 32-67.
      • Balogh, T. “Britain, O.E.E.C., and the Restoration of a World Economy,” Bulletin of the Oxford Institute of Statistics, XI, Feb.-March 1949.
      • Balogh, T. “Exchange Depreciation and Economic Readjustment,” Review of Economics and Statistics, XXX, Nov. 1948, pp. 276-285.
      • Balogh, T. “The United States and the World Economy,” Bulletin of the Oxford Institute of Statistics, VIII, Oct. 1946.
      • Brown, Wm. Adams. The International Gold Standard Reinterpreted, 1914-34. New York: NBER, 1940, Publ. No. 37, Vols. 1 and 2.
      • Buchanan, N. S. International Investment and Domestic Welfare. New York: H. Holt & Co., 1945.
      • Friedrich, C. J. and Mason, E. S. (eds.) Public Policy. Harvard Univ. Grad. School of Pub. Adm., 1941, article by Salant on “Foreign Trade Policy in the Business Cycle.”
      • Gilbert, Milton. Currency Depreciation and Monetary Policy. Philadelphia: University of Pennsylvania Press, 1939, 167 p.
      • Graham, F. D. Exchanges, Prices and Production in Hyper-Inflation: Germany, 1920-1923. Princeton: Princeton University Press, 1930.
      • Graham, F. D. and Whittlesey. Golden Avalanche. Princeton: Princeton University Press, 1939.
      • Graham, F. D. The Theory of International Values. Princeton: Princeton University Press, 1948.
      • Harris, Seymour E. Exchange Depreciation. Cambridge: Harvard University Press, 1936 (Harvard Economic Studies, vol. 53), especially Chs. 1-2.
      • Hawtrey, R. G. “The Function of Exchange Rates,”Oxford Economic Papers, I, June 1949, pp. 145-56.
      • Henderson, Sir Hubert D. “The Function of Exchange Rates,” Oxford Economic Papers, I, January 1949.
      • Henderson, Sir Hubert D. “The International Problem” (Stamp Memorial Lecture). London: Oxford University Press, 1946.
      • Keynes, John M. “The Balance of Payments of the United States,” Economic Journal, LVI, June 1946, pp. 172-87.
      • Nurkse, Ragnar. “International Monetary Policy and the Search for Economic Stability,” American Economic Review, Supplement, XXXVII, May 1947, pp. 569-80.
      • Polak, J. J. “Exchange Depreciation and International Monetary Stability,” Review of Economics and Statistics, XXIX, Aug. 1947, pp. 173-83.
      • Williams, John H. “The Task of Economic Recovers,” Foreign Affairs, Jul 1948.

 

Source:  Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. Martin Shubick Papers. Box 2, Folder “Notes, Money, Prof. Henry Wallich Spring 1950”.

Image Source: Henry C. Wallich, 1962 John Simon Guggenheim Memorial Foundation Fellow  .

Categories
Brown Suggested Reading Syllabus Undergraduate

Brown. Syllabus for History and Philosophical Context of Economic Thought. Putterman, 1995

 

The Brown economics department has its Louis Putterman (Yale Ph.D., 1980) much as the Harvard economics department had its Overton Hume Taylor (Harvard Ph.D., 1928). Both of these economists have been interested in the philosophical underpinnings of economics  as well as the intersection of politics and economics in the history of economic ideas. 

I presume many visitors to Economics in the Rear-view Mirror are kindred spirits to Taylor and Putterman. This reading list is for you and your students! 

Overton Hume Taylor’s 1948 course (Economics and Political Ideas) reading list was transcribed for an earlier post. Here is a link to Taylor’s A History of Economic Thought (1960).

___________________

The History and Philosophical Context of Economic Thought
[Fall, 1995]

Louis Putterman
Department of Economics

Requirements: You may choose one of the following options. (a) A paper of 8 to 10 double-spaced pages on an assigned theme or themes after each three units of the course, totalling four papers, each worth 20% of term grade; (b) a midterm exam worth 30% and a final exam worth 50% of term grade; (c) a paper on a topic approved by the instructor, worth 20% of term grade, plus midterm and final exams, worth 20% and 40%, respectively. Under (c), your paper is due at the final exam, and will be 10-15 pages in length. Under each option, the remaining 20% of the term grade will be determined by class participation.

Part I: A Short History of Political Economy

  1. Classical Economics: Smith, Malthus, and Ricardo.

Readings:

1. Adam Smith, The Wealth of Nations [1776], Book 1, Ch. 1, 2, 3, 7, and 10 (Part I); Book II, Ch. 2 (pp. 420-423).

2. Thomas Malthus, Essay on Profits [1798], Chapters 2 and 5.

3. David Ricardo, Essay on Profits [1815], pp. 10-31.

4. William Barber, History of Economic Thought (1967), Chapters on Smith, Malthus, and Ricardo (pp. 23-93).

5. (Optional) Encyclopedia of Social Sciences: (a) “Economic Thought”: subsections on Ancient and Medieval Thought, Mercantilist Thought, and Physiocratic Thought; (b) “Adam Smith”; “Thomas Malthus”; “David Ricardo”. NOR.

  1. Marx’s Economics

Readings:

1. Karl Marx, Capital, Volume I: [1867], Ch. 1, Sec. 1 (pp. 35-41); Chs. IV, V, VI, and VII (pp. 146-7, 167-73, 175-6, and 190-5; Ch. XIV, Sec. 4, 5 (pp. 350-363); Ch. XXXII (pp. 761-764). Volume III: [1894], Ch. X (pp. 173-199) but especially pp. 188-191; Chs. XXI-XXIV (pp. 338-399), skim except for pp. 338-9, 391-3.

2. Maurice Dobb, Theories of Value and Distribution Since Adam Smith (1973), Ch. 6: “Karl Marx.”

3. Robert Heilbroner, Marxism for and Against (1980), Ch. “The Socioanalysis of Capitalism.”

4. (Optional) Frederick Engels, Prefaces to Volumes II and III of Capital (pp. 5-19 and 8-21, only), and Appendix to Vol. III, “Law of Value and Rate of Profit” (891-907).

5. (Optional) Mark Blaug, Economic Theory in Retrospect (1968), Chapter 7, “Marxian Economics.”

6. (Optional) Paul Sweezy, The Theory of Capitalist Development, especially first chapters.

7. (Optional) Joseph Schumpeter, Ten Great Economists, Chapter 1, “Karl Marx.”

  1. The Marginalists

Readings:

1. Alfred Marshall, Principles of Economics [1890], Preface to 1st Edition (pp. v-xi); Book 1, Chapter I, Section 4 (pp. 5-10); Book III, Chapters 3, 4, and 6 (pp. 92-116, 124-137); Book V, Chapters 2 and 3 (pp. 331-350); Book VI, Chapter 13, Sections 11-15 (pp. 712-722); (Optional: Appendix B. The Growth of Economic Science, pp. 754-769.

2. Barber, Chapter 6, “Alfred Marshall and the Framework of Neo-Classical Economics.”

3. William Jaffe, “Menger, Jevons and Walras Dehomogenized,” Economic Inquiry, 1976.

4. Mark Blaug, “Was There a Marginal Revolution?” and G.L.S. Shackle, “Marginalism: The Harvest,” in Black, Coats, and Goodwin, eds., The Marginal Revolution in Economics (1973).

5. (Optional) Emil Kauder, A History of Marginal Utility Theory (1965).

6. (Optional) Encyclopedia of the Social Sciences, “Economic Thought”: subsections on the Historical School, The Austrian School, and the Institutional School. NOR.

Part II: Disciplinary Shifts and Disciplinary Boundaries

  1. Political-Economy versus Economics

Readings:

1. Phyllis Deane, The Evolution of Economic Ideas (1978), Chapters 6, 7, and 9 (“Scope and Methodology of Classical Political Economy,” “The Marginal Revolution and the Neoclassical Triumph,” and “The Marxian Alternative”).

2. Philip Mirowski, “Physics and the Marginalist Revolution.”

3. Dobb, Ch. 7, “The Jevonian Revolution,” Section I (pp. 166-183), in Theories of Value…

4. Paul Sweezy, “Editor’s Introduction,” Karl Marx and the Close of His System (1949).

5. Rudolf Hilferding [1904], “Bohm-Bawerk’s Criticism of Marx,” in Sweezy, ed., ibid.: pp. 130-134, 137-140, and 184-189.

6. Assar Lindbeck, The Political Economy of the New Left: An Outsider’s View (1977), Part One, and “Comment” by Stephen Hymer and Frank Roosevelt.

7. (Optional) Frank Hahn, “General Equilibrium Theory,” pp. 123-138 in Daniel Bell and Irving Kristol, eds., The Crisis in Economic Theory, 1981.

8. Ronald Meek, “Marginalism and Marxism,” in The Marginal Revolution in Economics (cited above).

9. (Optional) Thorstein Veblen, “Professor Clark’s Economics,” Quarterly Journal of Economics, 1908 (reprinted in The Place of Science in Modern Civilization).

  1. General Equilibrium Theory

Readings:

1. F.M. Scherer, “General Equilibrium and Economic Efficiency,” The American Economist, 1966.

2. F.M. Bator, “The Simple Analytics of Welfare Maximization,” originally in American Economic Review, March 1957.

  1. The Shift to Ordinal Utility

Readings:

1. Vincent Tarascio, “Paretian Welfare Theory: Some Neglected Aspects,” Journal of Political Economy, 1969.

2. Robert Cooter and Peter Rappaport, “Were the Ordinalists Wrong About Welfare Economics?” Journal of Economic Literature, 1984.

3. Amartya Sen, “Personal Utilities and Public Judgments: or What’s Wrong with Welfare Economics?” Economic Journal, 1979.

Part III: Epistemology and the Methods of Economic Analysis

  1. Background on Method and Epistemology

Readings:

1. Blaug, The Methodology of Economics. Part I: “What you always wanted to know about the philosophy of science but were afraid to ask,” and Part II: “The history of economic methodology,” except Chapter 5 (all listed as “From Received View to View of Popper”).

2. (Optional) Karl Popper, “Three Views Concerning Human Knowledge,” pp. 97-119 in Conjectures and Refutations, 1963.

3. (Optional) Bruce Caldwell, “Clarifying Popper,” Journal of Economic Literature, Vol. 29, No. 1, March 1991.

  1. Contending Views on Methodology; The Making of an Economist

Readings:

1. (Optional) John Neville Keynes, The Scope and Method of Political Economy (1980), pp. 9-30.

2. Daniel Hausman, “Economic Methodology in a Nutshell,” Journal of Economic Perspectives, 2(3) 1989.

3. Ludwig von Mises, “Epistemological Problems of Economics,” pp. 17-22, and “The Scope and Meaning of the System of a Priori Theorems,” pp. 23-30, in Epistemological Problems of Economics [1933].

4. Milton Friedman, “Methodology of Positive Economics,” pp. 3-43 in Essays in Positive Economics, 1953.

5. (Optional) Amartya Sen, “Description as Choice,” Oxford Economic Papers, 1980.

6. (Optional) Axel Leijonhufvud, “Life Among the Econ.,” Western Economic Journal, 1973.

7. Benjamin Ward, “Economics as a Science,” in What’s Wrong with Economics?” (1972), pp. 5-13.

8. David Colander and Arjo Klamer, “The Making of an Economist,” Journal of Economic Perspectives, 1987.

Some additional, strictly optional, material of interest for this topic and topic 10 is:

E.K. Hunt and Howard J. Sherman, excerpts from Economics: An Introduction to Traditional and Radical Views, 1972.

Oscar Lange, “The Scope and Method of Economics,” 1945.

Karl Polanyi, “The Economy as Instituted Process,” (ca.) 1957.

Alfred Marshall, “The Scope and Method of Economics,” 1890.

Ronald Meek, “Economics and Ideology.”

Lionel Robbins, “The Subject Matter of Economics,” in The Nature and Significance of Economic Science, 1932.

Hugh Stretton, “Paul Streeten: An Appreciation,” in Theory and Reality in Development, 1986, especially pp. 4-13 and 26-27.

  1. Examples of Economic Controversy

We will study either the controversy over the effect of “separating” ownership and control in the corporation, or that over the effect of team- versus family-based farming in China, using both theoretical and empirical readings. Readings will be announced after the topic is selected.

Part IV: Economics and Social Philosophy

  1. Political Philosophy and Economics

Readings:

1. John Locke, Treatise of Civil Government [1688], Chapter V, “Of Property.”

2. Selections from Thomas Hobbes, Leviathan [1651], Chapters 13 and 17.

3. S.H. Peterson, ed., Readings in the History of Economic Thought: Bernard de Mandeville, “Fable of the Bees,” [1714], pp. 2-18; Jeremy Bentham, “An Introduction to the Principles of Morals and Legislation,” [1789], pp. 178-182; John Stuart Mill, “On Liberty” [1859] and “Utilitarianism,” [1863], pp. 270-290 (all listed under Mandeville).

4. Gunnar Myrdal, The Political Element in the Development of Economic Thought, 1953 [1929] Chapters 1, 2, 3, and 4 (further reading guidelines to be announced).

  1. Economics and Values

Readings:

1. Frank Knight, “The Ethics of Competition,” (1935).

2. Herbert Gintis, “A Radical Analysis of Welfare Economics and Individual Development,” Quarterly Journal of Economics, 1978.

3. Dan Usher, “The Value of Life for Decision Making in the Public Sector,” in E.F. Paul et al., eds., Ethics and Economics, 1985.

4. Richard Thaler and Sherwin Rosen, “The Value of Saving a Life: Evidence from the Labor Market,” in Terleckyj, ed., Household Production and Consumption,, National Bureau of Economic Research, 1976 (read for general idea).

5. (Optional) J.A. Mirrlees, “The Economic Uses of Utilitarianism,” and Frank Hahn, “On Some Difficulties of the Utilitarian Economist,” in Amartya Sen and Bernard Williams, eds., Utilitarianism and Beyond (1982).

  1. Utilitarianism and Other Views of Justice

Readings:

1. R. M. Hare, “Ethical Theory and Utilitarianism,” and John C. Harsanyi, “Morality and the Theory of Rational Behavior,” in Sen and Williams, Utilitarianism and Beyond.

2. John Rawls, “Justice as Fairness” [1958] in Laslett and Runciman, Philosophy, Politics and Society.

3. John Roemer, “An Historical Materialist Alternative to Welfarism,” 1981 reprinted with revisions in Jon Elster, ed., Foundations of Social Choice Theory.

4. James Buchanan, “A Hobbesian Interpretation of the Rawlsian Difference Principle,” (1979) in Karl Brunner, ed., Economics and Social Institutions.

Optional Readings on The Best of All Possible Worlds

5. Murray Rothbard, “Property and Exchange,” from For a New Liberty (1973) (optional).

6. Shlomo Avineri, “The Stages of Socialism,” from The Social and Political Thought of Karl Marx (1968) (optional).

Source: Internet Archive “Wayback Machine” webpage capture from November 20, 1996.

Image Source: Louis Putterman home page at Brown University. (Screen capture from April 8, 2018)